Safehold 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 03, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ISTAR INC.
Entity Central Index Key	1,095,651
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		72,190,312
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate
Real estate, at cost	$ 1,710,915	$ 1,740,893
Less: accumulated depreciation	(367,933)	(353,619)
Real estate, net	1,342,982	1,387,274
Real estate available and held for sale	68,045	237,531
Total real estate	1,411,027	1,624,805
Land and development, net	855,497	945,565
Loans receivable and other lending investments, net	1,170,565	1,450,439
Other investments	276,821	214,406
Cash and cash equivalents	954,279	328,744
Accrued interest and operating lease income receivable, net	10,501	11,254
Deferred operating lease income receivable, net	88,944	88,189
Deferred expenses and other assets, net	147,121	162,112
Total assets	4,914,755	4,825,514
Liabilities:
Accounts payable, accrued expenses and other liabilities	230,259	211,570
Loan participations payable, net	107,442	159,321
Debt obligations, net	3,368,113	3,389,908
Total liabilities	3,705,814	3,760,799
Commitments and contingencies (refer to Note 11)	0	0
Redeemable noncontrolling interests (refer to Note 5)	3,585	5,031
iStar Inc. shareholders' equity:
Common Stock, $0.001 par value, 200,000 shares authorized, 72,190 and 72,042 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	72	72
Additional paid-in capital	3,603,981	3,602,172
Retained earnings (deficit)	(2,431,123)	(2,581,488)
Accumulated other comprehensive income (loss) (refer to Note 13)	(3,678)	(4,218)
Total iStar Inc. shareholders' equity	1,169,278	1,016,564
Noncontrolling interests	36,078	43,120
Total equity	1,205,356	1,059,684
Total liabilities and equity	4,914,755	4,825,514
Series D, E, F, G and I Preferred Stock
iStar Inc. shareholders' equity:
Preferred Stock	22	22
Preferred Stock Series J
iStar Inc. shareholders' equity:
Preferred Stock	$ 4	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2017	Dec. 31, 2016
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	200,000	200,000
Common Stock, shares issued (in shares)	72,190	72,042
Common Stock, shares outstanding (in shares)	72,190	72,042
Series D, E, F, G and I Preferred Stock
Liquidation preference (in dollars per share)	$ 25	$ 25
Preferred Stock Series J
Liquidation preference (in dollars per share)	$ 50	$ 50

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Operating lease income		$ 47,002	$ 49,975	$ 94,349	$ 100,470
Interest income		28,645	34,400	57,703	67,620
Other income		139,510	10,096	151,374	21,636
Land development revenue		132,710	27,888	152,760	42,835
Total revenues		347,867	122,359	456,186	232,561
Costs and expenses:
Interest expense		48,807	56,047	99,952	113,068
Real estate expense		34,684	35,328	70,274	69,572
Land development cost of sales		122,466	17,262	138,376	28,838
Depreciation and amortization		13,171	13,673	25,451	27,581
General and administrative		27,218	19,665	52,392	42,768
(Recovery of) provision for loan losses		(600)	700	(5,528)	2,206
Impairment of assets		10,284	3,012	14,696	3,012
Other expense		16,276	3,182	18,145	3,922
Total costs and expenses		272,306	148,869	413,758	290,967
Income (loss) before earnings from equity method investments and other items		75,561	(26,510)	42,428	(58,406)
Loss on early extinguishment of debt, net		(3,315)	(1,457)	(3,525)	(1,582)
Earnings from equity method investments		5,515	39,447	11,217	47,714
Income (loss) from continuing operations before income taxes		77,761	11,480	50,120	(12,274)
Income tax (expense) benefit		(1,644)	1,190	(2,251)	1,604
Income (loss) from continuing operations		76,117	12,670	47,869	(10,670)
Income from discontinued operations		173	3,633	4,939	7,214
Gain from discontinued operations		123,418	0	123,418	0
Income tax expense from discontinued operations		(4,545)	0	(4,545)	0
Income from sales of real estate	[1]	844	43,484	8,954	53,943
Net income		196,007	59,787	180,635	50,487
Net (income) loss attributable to noncontrolling interests		(5,710)	(8,825)	(4,610)	(7,883)
Comprehensive (income) loss attributable to noncontrolling interests		(5,710)	(8,825)	(4,610)	(7,883)
Net income attributable to iStar Inc.		190,297	50,962	176,025	42,604
Preferred dividends		(12,830)	(12,830)	(25,660)	(25,660)
Net (income) loss allocable to Participating Security holders	[2]	0	(20)	0	(11)
Net income allocable to common shareholders		$ 177,467	$ 38,112	$ 150,365	$ 16,933
Income attributable to iStar Inc. from continuing operations:
Basic (in dollars per share)		$ 0.81	$ 0.47	$ 0.37	$ 0.13
Diluted (in dollars per share)		0.69	0.34	0.35	0.13
Net income attributable to iStar Inc.:
Basic (in dollars per share)		2.46	0.52	2.09	0.22
Diluted (in dollars per share)		$ 2.04	$ 0.37	$ 1.76	$ 0.22
Weighted average number of common shares:
Basic (in shares)		72,142	73,984	72,104	75,522
Weighted average common shares outstanding for diluted earnings per common share		88,195	118,510	88,156	75,872
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations.
[2]	Participating Security holders are non-employee directors who hold common stock equivalents ("CSEs") and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (refer to Note 14 and Note 15).

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income		$ 196,007	$ 59,787	$ 180,635	$ 50,487
Other comprehensive income (loss):
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization	[1]	(313)	118	(191)	375
Unrealized gains/(losses) on available-for-sale securities		583	446	566	465
Unrealized gains/(losses) on cash flow hedges		(146)	(357)	394	(1,319)
Unrealized gains/(losses) on cumulative translation adjustment		172	30	(229)	(10)
Other comprehensive income (loss)		296	237	540	(489)
Comprehensive income		196,303	60,024	181,175	49,998
Comprehensive (income) loss attributable to noncontrolling interests		(5,710)	(8,825)	(4,610)	(7,883)
Comprehensive income attributable to iStar Inc.		$ 190,593	$ 51,199	$ 176,565	$ 42,115
[1]	Reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $60 for the three and six months ended June 30, 2017, respectively, and $23 and $183 for the three and six months ended June 30, 2016, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $70 and $164 for the three and six months ended June 30, 2017, respectively, and $95 and $192 for the three and six months ended June 30, 2016, respectively.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization	[1]	$ (313)	$ 118	$ (191)	$ 375
Interest Expense
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization		30	23	60	183
Earnings from equity method investments
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization		$ 70	$ 95	$ 164	$ 192
[1]	Reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $60 for the three and six months ended June 30, 2017, respectively, and $23 and $183 for the three and six months ended June 30, 2016, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $70 and $164 for the three and six months ended June 30, 2017, respectively, and $95 and $192 for the three and six months ended June 30, 2016, respectively.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Preferred Stock	[1]	Preferred Stock Series J	[1]	Common Stock at Par	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2015		$ 1,101,330	$ 22		$ 4		$ 81	$ 3,689,330	$ (2,625,474)	$ (4,851)	$ 42,218
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred		(25,660)							(25,660)
Issuance of stock/restricted stock unit amortization, net		1,371						1,371
Net income (loss) for the period	[2]	53,124							42,604		10,520
Change in accumulated other comprehensive income (loss)		(489)								(489)
Repurchase of stock		(91,835)					(9)	(91,826)
Change in additional paid in capital attributable to redeemable noncontrolling interest		460						460
Contributions from noncontrolling interests		444									444
Change in noncontrolling interest	[3]	(7,292)									(7,292)
Ending Balance at Jun. 30, 2016		1,031,453	22		4		72	3,599,335	(2,608,530)	(5,340)	45,890
Beginning Balance at Dec. 31, 2016		1,059,684	22		4		72	3,602,172	(2,581,488)	(4,218)	43,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred		(25,660)							(25,660)
Issuance of stock/restricted stock unit amortization, net		1,699						1,699
Net income (loss) for the period	[2]	181,971							176,025		5,946
Change in accumulated other comprehensive income (loss)		540								540
Change in additional paid in capital attributable to redeemable noncontrolling interest		110						110
Distributions to noncontrolling interest		(12,988)									(12,988)
Ending Balance at Jun. 30, 2017		$ 1,205,356	$ 22		$ 4		$ 72	$ 3,603,981	$ (2,431,123)	$ (3,678)	$ 36,078
[1]	Refer to Note 13 for details on the Company's Preferred Stock.
[2]	For the six months ended June 30, 2017 and 2016, net income (loss) shown above excludes $(1,336) and $(2,637) of net loss attributable to redeemable noncontrolling interests.
[3]	Includes a payment to acquire a noncontrolling interest (refer to Note 5).

Consolidated Statements of Cha8

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (1,336)	$ (2,637)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income		$ 180,635	$ 50,487
Adjustments to reconcile net income to cash flows from operating activities:
(Recovery of) provision for loan losses		(5,528)	2,206
Impairment of assets		14,696	3,012
Depreciation and amortization		26,352	29,182
Non-cash expense for stock-based compensation		9,796	6,211
Amortization of discounts/premiums and deferred financing costs on debt obligations, net		6,615	8,901
Amortization of discounts/premiums on loans, net		(6,978)	(7,237)
Deferred interest on loans, net		(1,290)	4,631
Gain from discontinued operations		(123,418)	0
Earnings from equity method investments		(11,217)	(47,714)
Distributions from operations of other investments		35,502	31,479
Deferred operating lease income		(3,204)	(4,993)
Income from sales of real estate		(9,462)	(53,943)
Land development revenue in excess of cost of sales	[1]	(8,954)	(53,943)
Loss on early extinguishment of debt, net		775	1,582
Debt discount on repayments of debt obligations		(5,745)	(5,369)
Other operating activities, net		9,770	2,651
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable, net		2,881	4,436
Changes in deferred expenses and other assets, net		(6,821)	1,677
Changes in accounts payable, accrued expenses and other liabilities		3,941	(13,052)
Cash flows provided by operating activities		102,916	150
Cash flows from investing activities:
Originations and fundings of loans receivable, net		(130,701)	(158,262)
Capital expenditures on real estate assets		(16,346)	(35,674)
Capital expenditures on land and development assets		(53,894)	(58,961)
Acquisitions of real estate assets		0	(3,915)
Repayments of and principal collections on loans receivable and other lending investments, net		367,028	202,014
Net proceeds from sales of real estate		154,291	247,956
Net proceeds from sales of land and development assets		146,713	33,660
Net proceeds from sales of other investments		0	39,810
Distributions from other investments		11,275	8,632
Contributions to other investments		(139,139)	(8,283)
Changes in restricted cash held in connection with investing activities		1,757	3,220
Other investing activities, net		5,317	(5,677)
Cash flows provided by investing activities		346,301	264,520
Cash flows from financing activities:
Borrowings from debt obligations		854,637	646,401
Repayments and repurchases of debt obligations		(626,492)	(991,184)
Proceeds from loan participations payable		0	22,844
Preferred dividends paid		(25,660)	(25,660)
Repurchase of stock		0	(90,481)
Payments for deferred financing costs		(12,243)	(8,003)
Payments for withholding taxes upon vesting of stock-based compensation		(511)	(1,203)
Other financing activities, net		(13,420)	(7,144)
Cash flows provided by (used in) financing activities		176,311	(454,430)
Effect of exchange rate changes on cash		7	22
Changes in cash and cash equivalents		625,535	(189,738)
Cash and cash equivalents at beginning of period		328,744	711,101
Cash and cash equivalents at end of period		954,279	521,363
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net		(52,406)	12,267
Accounts payable for capital expenditures on land and development assets		2,984	5,575
Accounts payable for capital expenditures on real estate assets		1,488	0
Receivable from sales of real estate and land parcels		3,139	1,741
Developer fee payable		0	6,438
Accruals for repurchase of stock		0	2,260
Land and Development
Adjustments to reconcile net income to cash flows from operating activities:
Land development revenue in excess of cost of sales		$ (14,384)	$ (13,997)
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations.

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business —iStar Inc. (the "Company"), doing business as "iStar," finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company also provides management services for its ground lease and net lease equity method investments (refer to Note 7). The Company has invested more than $35 billion over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary business segments are real estate finance, net lease, operating properties and land and development (refer to Note 17). Organization —The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments, as well as through corporate acquisitions.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 (the " 2016 Annual Report"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation. Principles of Consolidation —The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has not provided financial support to those VIEs that it was not previously contractually required to provide. Consolidated VIEs —As of June 30, 2017 , the Company consolidates VIEs for which it is considered the primary beneficiary. As of June 30, 2017 , the total assets of these consolidated VIEs were $326.9 million and total liabilities were $68.9 million . The classifications of these assets are primarily within "Land and development, net" and "Real estate, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" and "debt obligations, net" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of June 30, 2017 . Unconsolidated VIEs —As of June 30, 2017 , the Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of June 30, 2017 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $56.6 million carrying value of the investments, which are classified in "Other investments" and "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets, and $53.8 million of related unfunded commitments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. As of June 30, 2017 , the remainder of the Company's significant accounting policies, which are detailed in the Company's 2016 Annual Report, have not changed materially. New Accounting Pronouncements — In February 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements and expects to adopt the retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard. The Company expects that transactions in assets and businesses in which the Company retains an ownership interest, such as the sale of a controlling interest in its GL business (refer to Note 4), will be impacted by this guidance. As a result, under the retrospective approach, in 2018, the Company expects to record an incremental gain of $55.5 million in its consolidated statements of operations for the three and six months ended June 30, 2017, bringing the Company's full gain on the sale of its GL business to approximately $178.9 million . In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18") which requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows. In addition, ASU 2016-18 requires disclosure of what is included in restricted cash. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. In August 2016 , the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. In June 2016 , the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The Company believes this general reserve component of its total loan loss reserves should minimize the impact of ASU 2016-13. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. For operating lease arrangements for which the Company is the lessee, primarily the lease of office space, the Company expects the impact of ASU 2016-02 to be the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The accounting applied by the Company as a lessor will be largely unchanged from that applied under previous GAAP. However, in certain instances, a new long-term lease of land subsequent to adoption could be classified as a sales-type lease, which could result in the Company derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales . The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. Although most of the Company's revenue is operating lease income generated from lease contracts and interest income generated from financial instruments, certain other of the Company's revenue streams will be impacted by the new guidance. The Company currently expects that income from the sale of residential condominiums, land development revenue and other income will be impacted by ASU 2014-09. The Company does not expect income from the sales of net lease or commercial operating properties to be impacted by ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements and expects to adopt the full retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate	Real Estate The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of June 30, 2017 Land, at cost $ 227,231 $ 211,057 $ 438,288 Buildings and improvements, at cost 950,548 322,079 1,272,627 Less: accumulated depreciation (314,373 ) (53,560 ) (367,933 ) Real estate, net 863,406 479,576 1,342,982 Real estate available and held for sale (2) 924 67,121 68,045 Total real estate $ 864,330 $ 546,697 $ 1,411,027 As of December 31, 2016 Land, at cost $ 231,506 $ 211,054 $ 442,560 Buildings and improvements, at cost 987,050 311,283 1,298,333 Less: accumulated depreciation (307,444 ) (46,175 ) (353,619 ) Real estate, net 911,112 476,162 1,387,274 Real estate available and held for sale (2) 155,051 82,480 237,531 Total real estate $ 1,066,163 $ 558,642 $ 1,624,805 _______________________________________________________________________________ (1) In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee. (2) As of December 31, 2016 , net lease includes the Company's ground lease ("GL") assets that were reclassified to "Real estate available and held for sale" (refer to "Dispositions" below). As of December 31, 2016 , the carrying value of the Company's GL assets were previously classified as $104.5 million in "Real estate, net," $37.5 million in "Deferred expenses and other assets, net," $8.2 million in "Deferred operating lease income receivable, net" and $3.5 million in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheet. As of June 30, 2017 and December 31, 2016 , the Company had $67.1 million and $82.5 million , respectively, of residential properties available for sale in its operating properties portfolio. Real Estate Available and Held for Sale— During the six months ended June 30, 2017 , the Company transferred one net lease asset with a carrying value of $0.9 million to held for sale due to an executed contract with a third party. During the six months ended June 30, 2016 , the Company transferred one net lease asset with a carrying value of $0.7 million and one commercial operating property with a carrying value of $16.1 million to held for sale due to executed contracts with a third parties. Acquisitions— During the six months ended June 30, 2016 , the Company acquired land for $3.9 million and simultaneously entered into a 99 year ground lease with the seller. Disposition of Ground Lease Business— In April 2017, institutional investors acquired a controlling interest in the Company's GL business through the merger of a Company subsidiary and related transactions (the "Acquisition Transactions"). The Company's GL business was a component of the Company's net lease segment and consisted of 12 properties subject to long-term net leases including seven GLs and one master lease (covering five properties). The acquiring entity was a newly formed unconsolidated entity named Safety, Income and Growth, Inc. ("SAFE"). The carrying value of the Company's GL assets was approximately $161.1 million . Shortly before the Acquisition Transactions, the Company completed the $227.0 million 2017 Secured Financing on its GL assets (refer to Note 10). The Company received all of the proceeds of the 2017 Secured Financing. The Company received an additional $113.0 million of proceeds in the Acquisition Transactions, including $55.5 million that the Company contributed to SAFE in its initial capitalization. As a result of the Acquisition Transactions, the Company deconsolidated the 12 properties and the associated 2017 Secured Financing. The Company accounts for its investment in SAFE as an equity method investment (refer to Note 7). The Company accounted for this transaction as an in substance sale of real estate and recognized a gain of $123.4 million , reflecting the aggregate gain less the fair value of the Company's retained interest in SAFE (refer to Note 2 - Summary of Significant Accounting Policies). The carrying value of the 12 properties is classified in "Real estate available and held for sale" on the Company's consolidated balance sheet as of December 31, 2016 and the gain was recorded in "Gain from discontinued operations" in the Company's consolidated statements of operations. Discontinued Operations— The transactions described above involving the Company's GL business qualified for discontinued operations and the following table summarizes income from discontinued operations for the three and six months ended June 30, 2017 and 2016 ($ in thousands) (1)(2) : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenues $ 678 $ 4,543 $ 6,430 $ 8,986 Expenses (505 ) (910 ) (1,491 ) (1,772 ) Income from discontinued operations $ 173 $ 3,633 $ 4,939 $ 7,214 _______________________________________________________________________________ (1) The transactions closed on April 14, 2017 and revenues, expenses and income from discontinued operations excludes the period from April 14, 2017 to June 30, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. (2) For the six months ended June 30, 2017, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $5.7 million and $0.5 million , respectively. For the six months ended June 30, 2016, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $9.4 million and $4.6 million , respectively. Other Dispositions— During the six months ended June 30, 2017 and 2016 , the Company sold residential condominiums for total net proceeds of $17.6 million and $59.2 million , respectively, and recorded income from sales of real estate totaling $2.7 million and $18.8 million , respectively. During the six months ended June 30, 2017 and 2016, the Company sold net lease assets for net proceeds of $19.5 million and $30.2 million , respectively, resulting in gains of $6.2 million and $9.2 million , respectively. During the six months ended June 30, 2016, the Company also sold three commercial operating properties for net proceeds of $158.9 million resulting in gains of $25.9 million . The gains are recorded in "Income from sales of real estate" in the Company's consolidated statements of operations. Impairments— During the six months ended June 30, 2017 , the Company recorded an impairment of $4.4 million on a real estate asset held for sale due to shifting demand in the local condominium market along with a change in the Company's exit strategy. During the six months ended June 30, 2016 , the Company recorded an impairment of $3.0 million on a residential operating property resulting from a slowdown in the local condominium real estate market. Tenant Reimbursements— The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $5.2 million and $10.7 million for the three and six months ended June 30, 2017 , respectively. Tenant expense reimbursements were $5.9 million and $12.1 million for the three and six months ended June 30, 2016 , respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of June 30, 2017 and December 31, 2016 , the allowance for doubtful accounts related to real estate tenant receivables was $1.4 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.1 million and $1.3 million as of June 30, 2017 and December 31, 2016 , respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets.

Land and Development

Land and Development	6 Months Ended
	Jun. 30, 2017
Land and development [Abstract]
Land and Development	Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of June 30, December 31, 2017 2016 Land and land development, at cost $ 862,774 $ 952,051 Less: accumulated depreciation (7,277 ) (6,486 ) Total land and development, net $ 855,497 $ 945,565 Dispositions— During the six months ended June 30, 2017 , the Company sold one land parcel totaling 1,250 acres (see following paragraph) and residential lots and units and recognized land development revenue of $152.8 million from its land and development portfolio. During the six months ended June 30, 2016, the Company sold residential lots and units and recognized land development revenue of $42.8 million from its land and development portfolio. During the six months ended June 30, 2017 and 2016, the Company recognized land development cost of sales of $138.4 million and $28.8 million , respectively, from its land and development portfolio. In connection with the resolution of litigation involving a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland ("Bevard"), during the three and six months ended June 30, 2017 , the Company recognized $114.0 million of land development revenue and $106.3 million of land development cost of sales (refer to Note 11). In 2016, the Company acquired an additional 10.7% interest in Bevard for $10.8 million and owns 95.7% of Bevard as of June 30, 2017 . Impairments— During the six months ended June 30, 2017 , the Company recorded an impairment of $10.1 million on a land and development asset due to a change in the Company's exit strategy. Redeemable Noncontrolling Interest— The Company has a majority interest in a strategic venture that provides the third party minority partner an option to redeem its interest at fair value. The Company has reflected the partner's noncontrolling interest in this venture as a component of redeemable noncontrolling interest within its consolidated balance sheets. Changes in fair value are being accreted over the term from the date of issuance of the redemption option to the earliest redemption date using the interest method. As of June 30, 2017 and December 31, 2016 , this interest had a carrying value of zero and $1.3 million , respectively. As of June 30, 2017 and December 31, 2016, this interest did not have a redemption value.

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Loans Receivable and Other Lending Investments, net	Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment June 30, December 31, Senior mortgages $ 597,335 $ 940,738 Corporate/Partnership loans 543,589 490,389 Subordinate mortgages 22,841 24,941 Total gross carrying value of loans 1,163,765 1,456,068 Reserves for loan losses (78,789 ) (85,545 ) Total loans receivable, net 1,084,976 1,370,523 Other lending investments—securities 85,589 79,916 Total loans receivable and other lending investments, net $ 1,170,565 $ 1,450,439 Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Reserve for loan losses at beginning of period $ 79,389 $ 109,671 $ 85,545 $ 108,165 (Recovery of) provision for loan losses (600 ) 700 (5,528 ) 2,206 Charge-offs — — (1,228 ) — Reserve for loan losses at end of period $ 78,789 $ 110,371 $ 78,789 $ 110,371 The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of June 30, 2017 Loans $ 249,659 $ 919,793 $ 1,169,452 Less: Reserve for loan losses (60,989 ) (17,800 ) (78,789 ) Total (3) $ 188,670 $ 901,993 $ 1,090,663 As of December 31, 2016 Loans $ 253,941 $ 1,209,062 $ 1,463,003 Less: Reserve for loan losses (62,245 ) (23,300 ) (85,545 ) Total (3) $ 191,696 $ 1,185,762 $ 1,377,458 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.7 million and $0.4 million as of June 30, 2017 and December 31, 2016 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $4.5 million and $1.9 million as of June 30, 2017 and December 31, 2016 , respectively. (3) The Company's recorded investment in loans as of June 30, 2017 and December 31, 2016 includes accrued interest of $5.7 million and $6.9 million , respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of June 30, 2017 and December 31, 2016 , the total excludes $85.6 million and $79.9 million , respectively, of securities that are evaluated for impairment under ASC 320. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of June 30, 2017 As of December 31, 2016 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 518,362 2.53 $ 859,250 3.12 Corporate/Partnership loans 389,550 3.03 335,677 3.09 Subordinate mortgages 11,881 2.55 14,135 3.00 Total $ 919,793 2.74 $ 1,209,062 3.11 The Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of June 30, 2017 Senior mortgages $ 524,362 $ — $ 76,282 $ 76,282 $ 600,644 Corporate/Partnership loans 389,550 — 156,375 156,375 545,925 Subordinate mortgages 22,883 — — — 22,883 Total $ 936,795 $ — $ 232,657 $ 232,657 $ 1,169,452 As of December 31, 2016 Senior mortgages $ 868,505 $ — $ 76,677 $ 76,677 $ 945,182 Corporate/Partnership loans 335,677 — 157,146 157,146 492,823 Subordinate mortgages 24,998 — — — 24,998 Total $ 1,229,180 $ — $ 233,823 $ 233,823 $ 1,463,003 _______________________________________________________________________________ (1) As of June 30, 2017 , the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding. As of December 31, 2016, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding. Impaired Loans —The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands) (1) : As of June 30, 2017 As of December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Subordinate mortgages $ 11,002 $ 10,985 $ — $ 10,862 $ 10,846 $ — Subtotal 11,002 10,985 — 10,862 10,846 — With an allowance recorded: Senior mortgages 82,282 82,390 (48,518 ) 85,933 85,780 (49,774 ) Corporate/Partnership loans 156,375 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subtotal 238,657 228,239 (60,989 ) 243,079 232,563 (62,245 ) Total: Senior mortgages 82,282 82,390 (48,518 ) 85,933 85,780 (49,774 ) Corporate/Partnership loans 156,375 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subordinate mortgages 11,002 10,985 — 10,862 10,846 — Total $ 249,659 $ 239,224 $ (60,989 ) $ 253,941 $ 243,409 $ (62,245 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 9,150 $ 111 $ — $ — $ 6,100 $ 111 Subordinate mortgages 11,023 — 5,785 — 10,970 — 3,857 — Subtotal 11,023 — 14,935 111 10,970 — 9,957 111 With an allowance recorded: Senior mortgages 82,368 — 126,978 — 83,556 — 126,903 — Corporate/Partnership loans 156,839 — 5,224 — 156,941 — 5,396 — Subtotal 239,207 — 132,202 — 240,497 — 132,299 — Total: Senior mortgages 82,368 — 136,128 111 83,556 — 133,003 111 Corporate/Partnership loans 156,839 — 5,224 — 156,941 — 5,396 — Subordinate mortgages 11,023 — 5,785 — 10,970 — 3,857 — Total $ 250,230 $ — $ 147,137 $ 111 $ 251,467 $ — $ 142,256 $ 111 Securities —Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of June 30, 2017 Available-for-Sale Securities Municipal debt securities $ 21,230 $ 21,230 $ 992 $ 22,222 $ 22,222 Held-to-Maturity Securities Debt securities 63,418 63,367 1,544 64,911 63,367 Total $ 84,648 $ 84,597 $ 2,536 $ 87,133 $ 85,589 As of December 31, 2016 Available-for-Sale Securities Municipal debt securities $ 21,240 $ 21,240 $ 426 $ 21,666 $ 21,666 Held-to-Maturity Securities Debt securities 58,454 58,250 2,753 61,003 58,250 Total $ 79,694 $ 79,490 $ 3,179 $ 82,669 $ 79,916

Other Investments

Other Investments	6 Months Ended
	Jun. 30, 2017
Investments, All Other Investments [Abstract]
Other Investments	Other Investments The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings Carrying Value as of For the Three Months Ended June 30, For the Six Months June 30, 2017 December 31, 2016 2017 2016 2017 2016 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 128,997 $ 92,669 $ 1,032 $ 944 $ 2,013 $ 1,890 Safety, Income and Growth, Inc. ("SAFE") (1) 50,287 — 48 — 48 — Marina Palms, LLC ("Marina Palms") 7,191 35,185 1,183 5,180 4,300 13,401 Other real estate equity investments (2) 63,107 53,202 2,892 28,600 4,249 26,898 Subtotal 249,582 181,056 5,155 34,724 10,610 42,189 Other strategic investments (3) 27,239 33,350 360 4,723 607 5,525 Total $ 276,821 $ 214,406 $ 5,515 $ 39,447 $ 11,217 $ 47,714 _______________________________________________________________________________ (1) Equity in earnings is for the period from April 14, 2017 to June 30, 2017. (2) In June 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized a gain of $31.5 million , of which $10.1 million of the gain was attributable to the noncontrolling interest. (3) In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three and six months ended June 30, 2016, the Company recognized $0.5 million and $3.7 million , respectively, of carried interest income. Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form an unconsolidated entity in which the Company has an equity interest of approximately 51.9% . The partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. During the six months ended June 30, 2017 , the Net Lease Venture acquired industrial properties for $59.0 million . During the six months ended June 30, 2017 , the Company sold a net lease asset for proceeds of $6.2 million , which approximated its carrying value, to the Net Lease Venture and derecognized the associated $18.9 million financing. As of June 30, 2017 and December 31, 2016 , the venture's carrying value of total assets was $626.5 million and $511.3 million , respectively. During the three and six months ended June 30, 2017 , the Company recorded management fees of $0.5 million and $0.9 million , respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2016 , respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner. Safety, Income and Growth, Inc. —The Company along with two institutional investors capitalized SIGI Acquisition, Inc. ("SIGI") on April 14, 2017. The Company contributed $55.5 million for an initial 49% noncontrolling interest in SIGI and the two institutional investors contributed an aggregate $57.5 million for an initial 51% controlling interest in SIGI. A wholly-owned subsidiary of the Company that held the Company's GL business and assets merged with and into SIGI on April 14, 2017 with SIGI surviving the merger and being renamed Safety, Income and Growth, Inc. ("SAFE"). Through this merger and related transactions, the institutional investors acquired a controlling interest in the Company's GL business. The Company's carrying value of the GL assets was approximately $161.1 million . Shortly before the Acquisition Transactions, the Company completed the $227.0 million 2017 Secured Financing on its GL assets (refer to Note 10). The Company received all of the proceeds of the 2017 Secured Financing. The Company received an additional $113.0 million of proceeds in the Acquisition Transactions, including $55.5 million that the Company contributed to SAFE in its initial capitalization. As a result of the Acquisition Transactions, the Company deconsolidated the 12 properties and the associated 2017 Secured Financing. The Company accounted for this transaction as an in substance sale of real estate and recognized a gain of $123.4 million , reflecting the aggregate gain less the fair value of the Company's retained interest in SAFE. The carrying value of the 12 properties are classified in "Real estate available and held for sale" on the Company's consolidated balance sheet as of December 31, 2016 and the gain was recorded in "Gain from discontinued operations" in the Company's consolidated statements of operations. On June 27, 2017, SAFE completed its initial public offering (th e "Offeri ng") raising $205.0 million in gross proceeds and concurrently completed a $45.0 million private placement to the Company. In addition, the Company paid $16.6 million in organization and offering costs of the up to $25.0 million in organization and offering costs it has agreed to pay in connection with the Offering and concurrent private placement through June 30, 2017, including commissions payable to the underwriters and other offering expenses. The Company expensed the portion of offering costs that was attributable to other investors in "Other expense" in the Company's consolidated statements of operations and capitalized the portion of offering costs attributable to the Company's ownership interest in "Other investments" on the Company's consolidated balance sheets. As of June 30, 2017 , the Company owned approximately 28% of SAFE's common stock outstanding. A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee, payable solely in shares of SAFE's common stock, equal to the sum of 1.0% of SAFE's total equity up to $2.5 billion and 0.75% of SAFE's total equity in excess of $2.5 billion . The Company is not entitled to receive any performance or incentive compensation. The Company is also entitled to receive expense reimbursements, payable solely in shares of SAFE's common stock, for its personnel that perform certain legal, accounting, due diligence tasks and other services that third-party professionals or outside consultants otherwise would perform. The Company has agreed to waive both the management fee and certain of the expense reimbursements through June 30, 2018. Marina Palms —As of June 30, 2017 , the Company owned a 47.5% equity interest in Marina Palms, a 468 unit, two tower residential condominium development in North Miami Beach, Florida. The 234 unit north tower has one unit remaining for sale as of June 30, 2017 . The 234 unit south tower is 84% sold or pre-sold (based on unit count) as of June 30, 2017 . This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of June 30, 2017 and December 31, 2016 , the venture's carrying value of total assets was $52.7 million and $201.8 million , respectively. Other real estate equity investments —As of June 30, 2017 , the Company's other real estate equity investments included equity interests in real estate ventures ranging from 20% to 85% , comprised of investments of $7.9 million in operating properties and $55.2 million in land assets. As of December 31, 2016 , the Company's other real estate equity investments included $3.6 million in operating properties and $49.6 million in land assets. In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. The Company and its partner both made $7.0 million contributions to the venture and the Company provided financing to the entity in the form of a $27.0 million senior loan commitment, which had a carrying value of $23.6 million and $22.7 million as of June 30, 2017 and December 31, 2016, respectively, and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three and six months ended June 30, 2017 , the Company recorded $0.5 million and $0.9 million of interest income, respectively, on the senior loan. Other strategic investments —As of June 30, 2017 , the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. As of June 30, 2017 and December 31, 2016, the carrying value of the Company's cost method investments was $0.9 million and $1.4 million , respectively. Summarized investee financial information —The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the six months ended June 30, 2017 and 2016 ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Six Months Ended June 30, 2017 Marina Palms $ 31,847 $ (19,771 ) $ 12,076 For the Six Months Ended June 30, 2016 Marina Palms $ 87,494 $ (47,764 ) $ 39,730

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2017
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of June 30, 2017 December 31, 2016 Intangible assets, net (1) $ 20,452 $ 30,727 Other receivables (2) 56,851 52,820 Other assets 29,449 34,351 Restricted cash 23,380 25,883 Leasing costs, net (3) 11,367 11,802 Corporate furniture, fixtures and equipment, net (4) 5,133 5,691 Deferred financing fees, net 489 838 Deferred expenses and other assets, net $ 147,121 $ 162,112 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $33.5 million and $31.9 million as of June 30, 2017 and December 31, 2016 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.6 million for the three and six months ended June 30, 2017 , respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2016 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.7 million and $1.2 million for the three and six months ended June 30, 2017 , respectively, and $0.6 million and $1.1 million for the three and six months ended June 30, 2016 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) As of June 30, 2017 and December 31, 2016 , included $26.0 million of receivables related to the construction and development of an amphitheater. (3) Accumulated amortization of leasing costs was $7.0 million and $6.7 million as of June 30, 2017 and December 31, 2016 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $9.8 million and $9.0 million as of June 30, 2017 and December 31, 2016 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2017 December 31, 2016 Other liabilities (1) $ 81,526 $ 75,993 Accrued expenses (2) 84,174 72,693 Accrued interest payable 56,716 54,033 Intangible liabilities, net (3) 7,843 8,851 Accounts payable, accrued expenses and other liabilities $ 230,259 $ 211,570 _______________________________________________________________________________ (1) As of June 30, 2017 and December 31, 2016 , other liabilities includes $24.0 million related to profit sharing arrangements with developers for certain properties sold. As of June 30, 2017 and December 31, 2016 , includes $1.5 million and $1.2 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of June 30, 2017 and December 31, 2016 , other liabilities also includes $7.3 million and $8.5 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of June 30, 2017 and December 31, 2016 , accrued expenses includes $2.5 million and $1.7 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $7.5 million and $6.4 million as of June 30, 2017 and December 31, 2016 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.0 million for the three and six months ended June 30, 2017 , respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2016 , respectively. Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands): As of June 30, 2017 December 31, 2016 Deferred tax assets (liabilities) $ 82,219 $ 66,498 Valuation allowance (82,219 ) (66,498 ) Net deferred tax assets (liabilities) $ — $ —

Loan Participations Payable, ne

Loan Participations Payable, net	6 Months Ended
	Jun. 30, 2017
Loan Participations Payable [Abstract]
Loan Participations Payable, net	Loan Participations Payable, net The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of June 30, 2017 December 31, 2016 Loan participations payable (1) $ 107,844 $ 160,251 Debt discounts and deferred financing costs, net (402 ) (930 ) Total loan participations payable, net $ 107,442 $ 159,321 _______________________________________________________________________________ (1) As of June 30, 2017 , the Company had two loan participations payable with a weighted average interest rate of 6.2% . As of December 31, 2016, the Company had three loan participations payable with a weighted average interest rate of 4.8% . Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net. As of June 30, 2017 and December 31, 2016 , the corresponding loan receivable balances were $107.1 million and $159.1 million , respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.

Debt Obligations, net

Debt Obligations, net	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Obligations, net	Debt Obligations, net The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled June 30, 2017 December 31, 2016 Secured credit facilities and mortgages: 2015 $250 Million Secured Revolving Credit Facility $ — $ — LIBOR + 2.75% (1) March 2018 2016 Senior Secured Credit Facility 498,750 498,648 LIBOR + 3.75% (2) July 2020 Mortgages collateralized by net lease assets 225,624 249,987 4.851% - 7.26% (3) Various through 2032 Total secured credit facilities and mortgages 724,374 748,635 Unsecured notes: 5.85% senior notes — 99,722 5.85 % March 2017 9.00% senior notes — 275,000 9.00 % June 2017 4.00% senior notes (4) 550,000 550,000 4.00 % November 2017 7.125% senior notes 300,000 300,000 7.125 % February 2018 4.875% senior notes (5) 300,000 300,000 4.875 % July 2018 5.00% senior notes (6) 770,000 770,000 5.00 % July 2019 6.50% senior notes (7) 275,000 275,000 6.50 % July 2021 6.00% senior notes (8) 375,000 — 6.00 % April 2022 Total unsecured notes 2,570,000 2,569,722 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,394,374 3,418,357 Debt discounts and deferred financing costs, net (26,261 ) (28,449 ) Total debt obligations, net (9) $ 3,368,113 $ 3,389,908 _______________________________________________________________________________ (1) The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75% , or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. (2) The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 2.75% or (ii) LIBOR subject to a margin of 3.75% with a minimum LIBOR rate of 1.0% . (3) As of June 30, 2017 and December 31, 2016 , includes a loan with a floating rate of LIBOR plus 2.0% . As of June 30, 2017 , the weighted average interest rate of these loans is 5.2% . (4) The Company can prepay these senior notes without penalty beginning August 1, 2017. (5) The Company can prepay these senior notes without penalty beginning January 1, 2018. (6) The Company can prepay these senior notes without penalty beginning July 1, 2018. (7) The Company can prepay these senior notes without penalty beginning July 1, 2020. (8) The Company can prepay these senior notes without penalty beginning April 1, 2021. (9) The Company capitalized interest relating to development activities of $2.0 million and $4.0 million during the three and six months ended June 30, 2017 , respectively, and $1.4 million and $2.8 million during the three and six months ended June 30, 2016 , respectively. Future Scheduled Maturities —As of June 30, 2017 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2017 (remaining six months) $ 550,000 $ — $ 550,000 2018 600,000 10,091 610,091 2019 770,000 28,350 798,350 2020 — 498,750 498,750 2021 275,000 118,287 393,287 Thereafter 475,000 68,896 543,896 Total principal maturities 2,670,000 724,374 3,394,374 Unamortized discounts and deferred financing costs, net (18,419 ) (7,842 ) (26,261 ) Total debt obligations, net $ 2,651,581 $ 716,532 $ 3,368,113 _____________________________________________________________________________ (1) The Company has $550.0 million of debt obligations maturing during the remainder of 2017, and $610.0 million of other debt obligations maturing before the end of August 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of using cash on hand and accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of August 2, 2017 , the Company had approximately $1.2 billion of cash and available capacity under existing borrowing arrangements. 2017 Secured Financing —In March 2017, the Company (through wholly-owned subsidiaries conducting the Company's GL business) entered into a $227.0 million secured financing transaction (the "2017 Secured Financing") that accrued interest at 3.795% and matures in April 2027 . The 2017 Secured Financing was collateralized by the 12 properties comprising the Company's GL business, including seven GLs and one master lease (covering the accounts of five properties). In connection with the 2017 Secured Financing, the Company incurred $7.3 million of lender and third-party fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. In April 2017, the Company derecognized the 2017 Secured Financing when third parties acquired a controlling interest in the Company's GL business (refer to Note 4). The Company is providing a limited recourse guaranty and environmental indemnity under the 2017 Secured Financing that will remain in effect until SAFE has achieved either an equity market capitalization of at least $500.0 million (inclusive of the initial portfolio that the Company contributed to SAFE) or a net worth of at least $250.0 million (exclusive of the initial portfolio that the Company contributed to SAFE), and SAFE or another replacement guarantor provides similar guaranties and indemnities to the lenders. The management agreement with SAFE provides that SAFE may not terminate the management agreement unless a successor guarantor reasonably acceptable to the Company has agreed to replace the Company as guarantor and indemnitor or has provided the Company with a reasonably acceptable indemnity for any losses suffered by the Company as guarantor and indemnitor. SAFE has generally agreed to indemnify the Company for any amounts the Company is required to pay, or other losses the Company may suffer, under the limited recourse guaranty and environmental indemnity. 2016 Secured Term Loan —In December 2016, the Company arranged a $170.0 million delayed draw secured term loan (the "2016 Secured Term Loan"). In March 2017, the Company allowed the 2016 Secured Term Loan to expire and replaced the 2016 Secured Term Loan with the 2017 Secured Financing. The 2016 Secured Term Loan was collateralized by the 12 properties that served as collateral for the 2017 Secured Financing. 2016 Senior Secured Credit Facility —In June 2016, the Company entered into a senior secured credit facility of $450.0 million (the "2016 Senior Secured Credit Facility"). In August 2016, the Company upsized the facility to $500.0 million . The initial $450.0 million of the 2016 Senior Secured Credit Facility was issued at 99% of par and the upsize was issued at par. The 2016 Senior Secured Credit Facility initially accrued interest at a floating rate of LIBOR plus 4.50% with a 1.00% LIBOR floor. In January 2017, the Company repriced the 2016 Senior Secured Credit Facility to LIBOR plus 3.75% with a 1.00% LIBOR floor. The 2016 Senior Secured Credit Facility is collateralized 1.25 x by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2016 Senior Secured Credit Facility. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The Company may also make optional prepayments, subject to prepayment fees, and is required to repay 0.25% of the principal amount on the first business day of each quarter. Proceeds from the 2016 Senior Secured Credit Facility, together with cash on hand, were primarily used to repay other secured debt. In connection with the 2016 Senior Secured Credit Facility, the Company incurred $4.5 million of lender fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. The Company also incurred $6.2 million in third party fees, of which $4.3 million was capitalized in “Debt obligations, net” on the Company's consolidated balance sheets, as it related to new lenders, and $1.9 million was recognized in “Other expense” in the Company's consolidated statements of operations as it related primarily to those lenders from the original facility that modified their debt under the new facility. In connection with the repricing of the 2016 Senior Secured Credit Facility in January 2017, the Company incurred an additional $0.8 million in fees, substantially all of which was recognized in "Other expense" in the Company's consolidated statements of operations. 2015 Secured Revolving Credit Facility —In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Secured Revolving Credit Facility"). Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.375% to 0.50% , based on average utilization each quarter. Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. As of June 30, 2017 , based on the Company's borrowing base of assets, the Company had $234.6 million of borrowing capacity available under the 2015 Secured Revolving Credit Facility. Unsecured Notes —In March 2017, the Company issued $375.0 million principal amount of 6.00% senior unsecured notes due April 2022. Proceeds from the offering were primarily used to repay in full the $99.7 million principal amount of 5.85% senior unsecured notes due March 2017 and repay in full the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017 prior to maturity. In March 2016, the Company repaid its $261.4 million principal amount of 5.875% senior unsecured notes at maturity using available cash. In addition, the Company issued $275.0 million principal amount of 6.50% senior unsecured notes due July 2021. Proceeds from the offering were primarily used to repay in full the $265.0 million principal amount of senior unsecured notes due July 2016 and repay $5.0 million of the 2015 Secured Revolving Credit Facility. During the three and six months ended June 30, 2017 , repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $3.1 million . During the three and six months ended June 30, 2016, repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $0.4 million . This amount is included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations. In November 2016, in connection with the retirement of the Company's $200.0 million principal amount of 3.0% senior unsecured convertible notes due November 2016, the Company converted $9.6 million principal amount into 0.8 million shares of our common stock. Encumbered/Unencumbered Assets —The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of June 30, 2017 December 31, 2016 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 871,613 $ 471,369 $ 881,212 $ 506,062 Real estate available and held for sale — 68,045 — 237,531 Land and development, net 25,100 830,397 35,165 910,400 Loans receivable and other lending investments, net (1)(2) 137,722 943,592 172,581 1,142,050 Other investments — 276,821 — 214,406 Cash and other assets — 1,200,845 — 590,299 Total $ 1,034,435 $ 3,791,069 $ 1,088,958 $ 3,600,748 _______________________________________________________________________________ (1) As of June 30, 2017 and December 31, 2016 , the amounts presented exclude general reserves for loan losses of $17.8 million and $23.3 million , respectively. (2) As of June 30, 2017 and December 31, 2016 , the amounts presented exclude loan participations of $107.1 million and $159.1 million , respectively. Debt Covenants The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2 x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5 x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures. The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Secured Credit Facility requires the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facility. The 2015 Secured Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both collateral coverage of at least 1.5 x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5 x. The 2015 Secured Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the collateral coverage remains at least 1.5 x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. In addition, for so long as the Company maintains its qualification as a REIT, the 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss ("NOL") carryforwards). The Company may not pay common dividends if it ceases to qualify as a REIT. The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments —The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company sometimes establishes a maximum amount of additional funding which it will make available to a borrower or tenant for an expansion or addition to a project if it approves of the expansion or addition in its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of June 30, 2017 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments (1) Real Estate Other Investments Total Performance-Based Commitments $ 313,615 $ 7,886 $ 21,420 $ 342,921 Strategic Investments — — 45,634 45,634 Total (2) $ 313,615 $ 7,886 $ 67,054 $ 388,555 _______________________________________________________________________________ (1) Excludes $130.3 million of commitments on loan participations sold that are not the obligation of the Company. (2) The Company did not have any Discretionary Fundings as of June 30, 2017 . Legal Proceedings —The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceedings: U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (United States District Court for the District of Maryland, Civil Action No. DKC 08-1863) This litigation involved a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland. Following a trial, in January 2015, the United States District Court for the District of Maryland (the District Court) entered judgment in favor of the Company, finding that the Company was entitled to specific performance of the purchase and sale agreement and awarding the Company the aggregate amount of: (i) the remaining unpaid purchase price; plus (ii) simple interest on the unpaid amount at a rate of 12% annually from 2008; plus (iii) real estate taxes paid by the Company; plus (iv) actual and reasonable attorneys' fees and costs incurred by the Company in connection with the litigation. Lennar appealed the District Court's judgment. On April 12, 2017, the United States Court of Appeals for the Fourth Circuit affirmed the judgment of the District Court in its entirety. Lennar’s petition for rehearing en banc was summarily denied. On April 21, 2017, the Company and Lennar completed the transfer of the land, pursuant to which the Company conveyed the land to Lennar and received net proceeds of $234.1 million after payment of $3.3 million in documentary transfer taxes, consisting of $114.0 million of sales proceeds, $121.8 million of interest and $1.6 million of real estate tax reimbursements. The interest and real estate tax reimbursements are recorded in "Other income" in the Company's consolidated statements of operations. The amount of attorneys’ fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. The Company has applied for attorney’s fees in excess of $17.0 million . A portion of the net proceeds received by the Company has been paid to the third party which holds a 4.3% participation interest in all proceeds received by the Company. On a quarterly basis, the Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial statements.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands): Derivative Assets as of Derivative Liabilities as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Foreign exchange contracts N/A $ — N/A $ — Other Liabilities $ 71 Other Liabilities $ 8 Interest rate swaps Other assets 45 N/A — N/A — Other Liabilities 39 Total $ 45 $ — $ 71 $ 47 Derivatives not Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 702 Other Liabilities $ 680 N/A $ — Interest rate cap Other Assets 30 Other Assets 25 N/A — N/A — Total $ 30 $ 727 $ 680 $ — The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended June 30, 2017 Interest rate swaps Interest Expense (44 ) 384 N/A Interest rate cap Earnings from equity method investments (9 ) (9 ) N/A Interest rate swap Earnings from equity method investments (93 ) (62 ) N/A Foreign exchange contracts Earnings from equity method investments (70 ) — N/A For the Three Months Ended June 30, 2016 Interest rate swaps Interest Expense (192 ) (23 ) N/A Interest rate swap Earnings from equity method investments (165 ) (95 ) N/A Foreign exchange contracts Earnings from equity method investments 38 — N/A For the Six Months Ended June 30, 2017 Interest rate swaps Interest Expense 424 355 N/A Interest rate cap Earnings from equity method investments (14 ) (14 ) N/A Interest rate swap Earnings from equity method investments (15 ) (150 ) N/A Foreign exchange contracts Earnings from equity method investments (369 ) — N/A For the Six Months Ended June 30, 2016 Interest rate cap Interest Expense — (185 ) N/A Interest rate cap Earnings from equity method investments (1 ) — N/A Interest rate swaps Interest Expense (694 ) 2 N/A Interest rate swap Earnings from equity method investments (624 ) (192 ) N/A Foreign exchange contracts Earnings from equity method investments (49 ) — N/A Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income For the Three Months Ended June 30, For the Six Months Derivatives not Designated in Hedging Relationships 2017 2016 2017 2016 Interest rate cap Other Expense $ (41 ) $ (252 ) $ 6 $ (1,055 ) Foreign exchange contracts Other Expense (645 ) 523 (769 ) 341 Foreign Exchange Contracts —The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD for their fair value at or close to their settlement date. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged foreign entity is either sold or substantially liquidated. As of June 30, 2017 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells Indian rupee ("INR")/Buys USD Forward ₨ 350,000 $ 5,344 July 2017 For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of June 30, 2017 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, and £ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells euro ("EUR")/Buys USD Forward € 7,000 $ 7,496 July 2017 Sells pound sterling ("GBP")/Buys USD Forward £ 3,200 $ 3,988 July 2017 The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" in its consolidated statements of operations for loan investments or "Accumulated other comprehensive income (loss)," on its consolidated balance sheets for net investments in foreign subsidiaries. The Company recorded net gains (losses) related to foreign investments of $0.1 million and $0.1 million during the three and six months ended June 30, 2017 , respectively, and $(0.1) million during the three months ended June 30, 2016 in its consolidated statements of operations. Interest Rate Hedges —For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. As of June 30, 2017 , the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate swap $ 26,116 LIBOR + 2.00% 3.47% October 2012 November 2019 During the six months ended June 30, 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing and a simultaneous rate lock swap with SAFE. As a result of the settlements, the Company initially recorded a $0.4 million unrealized gain in “Accumulated other comprehensive income” on the Company’s consolidated balance sheets and subsequently derecognized the gain when third parties acquired a controlling interest in the Company's GL business (refer to Note 4). For derivatives not designated as cash flow hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of June 30, 2017 , the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate cap $ 500,000 LIBOR 1.00% July 2014 July 2017 Over the next 12 months , the Company expects that $0.1 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into earnings. Credit Risk-Related Contingent Features —The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company reports derivative instruments on a gross basis in the consolidated financial statements. In connection with its foreign currency derivatives which were in a liability position as of June 30, 2017 and December 31, 2016 , the Company has posted collateral of $4.5 million and $0.4 million , respectively, and is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The Company's net exposure under these contracts was zero as of June 30, 2017 .

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of June 30, 2017 and December 31, 2016 : Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Equivalent to Fixed Annual Rate (per share) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 E 5,600 0.001 25.00 7.875 % 1.97 F 4,000 0.001 25.00 7.80 % 1.95 G 3,200 0.001 25.00 7.65 % 1.91 I 5,000 0.001 25.00 7.50 % 1.88 J (convertible) 4,000 0.001 50.00 4.50 % 2.25 25,800 _______________________________________________________________________________ (1) Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $4.0 million , $5.5 million , $3.9 million , $3.1 million and $4.7 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the six months ended June 30, 2017 and 2016 . The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2017 and 2016 . The character of the 2016 dividends was as follows: 47.30% was a capital gain distribution, of which 76.15% represents unrecaptured section 1250 gain and 23.85% long term capital gain, and 52.70% was ordinary income. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Dividends —To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2015, the Company had $902.9 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will expire beginning in 2029 and through 2035 if unused. The amount of NOL carryforwards as of December 31, 2016 will be determined upon finalizing the Company's 2016 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards), as long as the Company maintains its REIT qualification. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any common stock dividends for the six months ended June 30, 2017 and 2016 . Stock Repurchase Program —In February 2016, after having substantially utilized the remaining availability previously authorized, the Company's Board of Directors authorized a new $50.0 million stock repurchase program. After having substantially utilized the availability authorized in February 2016, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million , effective August 4, 2016. The program authorizes the repurchase of common stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. During the six months ended June 30, 2017 , the Company did not repurchase any shares of common stock. During the six months ended June 30, 2016 , the Company repurchased 9.5 million shares of its outstanding common stock for $91.8 million , at an average cost of $9.71 per share. As of June 30, 2017 , the Company had remaining authorization to repurchase up to $50.0 million of common stock available to repurchase under its stock repurchase program. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of June 30, 2017 December 31, 2016 Unrealized gains on available-for-sale securities $ 715 $ 149 Unrealized gains on cash flow hedges 230 27 Unrealized losses on cumulative translation adjustment (4,623 ) (4,394 ) Accumulated other comprehensive income (loss) $ (3,678 ) $ (4,218 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans and Employee Benefits	Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation —The Company recorded stock-based compensation expense, including the effect of performance incentive plans (see below), of $3.9 million and $9.8 million for the three and six months ended June 30, 2017 , respectively, and $1.6 million and $6.2 million for the three and six months ended June 30, 2016 , respectively, in "General and administrative" in the Company's consolidated statements of operations. As of June 30, 2017 , there was $2.5 million of total unrecognized compensation cost related to all unvested restricted stock units ("Units") that are expected to be recognized over a weighted average remaining vesting/service period of 1.8 years. Performance Incentive Plans —The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of granted iPIP points. • In May 2014, the Company granted 73 iPIP points in the initial 2013-2014 investment pool. • In January 2015, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and 34 iPIP points in the 2015-2016 investment pool. • In January 2016, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and an additional 40 iPIP points in the 2015-2016 investment pool. • In June 2016, the Company granted an additional 2.5 iPIP points in the 2015-2016 investment pool. • In February 2017, the Company granted an additional 5 iPIP points in the 2013-2014 investment pool, an additional 18 iPIP points in the 2015-2016 investment pool, and 44 iPIP points in the 2017-2018 investment pool. As of June 30, 2017, 7.0 iPIP points from the 2013-2014 investment pool, 7.9 iPIP points from the 2015-2016 investment pool and 3.8 iPIP points from the 2017-2018 investment pool were forfeited. As of June 30, 2017 and December 31, 2016 , the Company had accrued compensation costs relating to iPIP of $31.2 million and $22.4 million , respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. Long-Term Incentive Plan —The Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's shareholders approved the 2009 LTIP in 2009 and approved the performance-based provisions of the 2009 LTIP, as amended, in 2014. As of June 30, 2017 , an aggregate of 3.3 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP. Restricted Share Issuances —During the six months ended June 30, 2017 , the Company granted 97,967 shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 62,704 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to 18 months from the date of grant. 2017 Restricted Stock Unit Activity —During the six months ended June 30, 2017 , the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following: • 115,571 service-based Units granted on February 22, 2017, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2019, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. As of June 30, 2017 , 111,642 of such service-based Units were outstanding. As of June 30, 2017 , the Company had the following additional stock-based compensation awards outstanding: • 60,000 service-based Units granted on June 15, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will vest in equal annual installments over four years on each anniversary of the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Upon vesting of these Units, the holder will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. • 104,026 service-based Units granted on January 29, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2018, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. • 37,514 target amount of performance-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The performance is based on the Company's TSR, measured over a performance period ending on December 31, 2017, which is the date the awards cliff vest. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of common stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock. The assumptions used to estimate the fair value of these performance-based awards were 0.75% for risk-free interest rate and 28.14% for expected stock price volatility. • 54,201 service-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2017, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. • 4,751 service-based Units granted on various dates, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units have an original vesting term of three years. Upon vesting of these Units, holders will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. Directors' Awards —During the six months ended June 30, 2017 , the Company awarded to non-employee Directors 56,817 restricted shares of common stock at a fair value per share of $11.86 at the time of grant. The restricted shares have a vesting term of one year. As of June 30, 2017 , a combined total of 317,664 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.8 million . 401(k) Plan —The Company made gross contributions of $0.1 million and $0.8 million for the three and six months ended June 30, 2017 , respectively, and $0.2 million and $0.8 million for the three and six months ended June 30, 2016 , respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ 76,117 $ 12,670 $ 47,869 $ (10,670 ) Income from sales of real estate 844 43,484 8,954 53,943 Net (income) loss attributable to noncontrolling interests (5,710 ) (8,825 ) (4,610 ) (7,883 ) Preferred dividends (12,830 ) (12,830 ) (25,660 ) (25,660 ) Income from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic earnings per common share (1) $ 58,421 $ 34,499 $ 26,553 $ 9,730 Add: Effect of joint venture shares 5 3 9 2 Add: Effect of 1.50% senior convertible unsecured notes — 1,140 — — Add: Effect of 3.00% senior convertible unsecured notes — 1,782 — — Add: Effect of Series J convertible perpetual preferred stock 2,250 2,250 4,500 — Income from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for diluted earnings per common share (1) $ 60,676 $ 39,674 $ 31,062 $ 9,732 _______________________________________________________________________________ (1) For the three months ended June 30, 2016 , includes income from continuing operations allocable to Participating Security Holders of $20 and $14 on a basic and dilutive basis. For the six months ended June 30, 2016 , includes income from continuing operations allocable to Participating Security Holders of $11 on a basic and dilutive basis. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Earnings allocable to common shares: Numerator for basic earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 58,421 $ 34,481 $ 26,553 $ 9,724 Income from discontinued operations 173 3,631 4,939 7,209 Gain from discontinued operations 123,418 — 123,418 — Income tax expense from discontinued operations (4,545 ) — (4,545 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 177,467 $ 38,112 $ 150,365 $ 16,933 Numerator for diluted earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 60,676 $ 39,661 $ 31,062 $ 9,726 Income from discontinued operations 173 3,632 4,939 7,209 Gain from discontinued operations 123,418 — 123,418 — Income tax expense from discontinued operations (4,545 ) — (4,545 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 179,722 $ 43,293 $ 154,874 $ 16,935 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 72,142 73,984 72,104 75,522 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 120 34 119 52 Add: Effect of joint venture shares 298 298 298 298 Add: Effect of 1.50% senior convertible unsecured notes — 11,567 — — Add: Effect of 3.00% senior convertible unsecured notes — 16,992 — — Add: Effect of series J convertible perpetual preferred stock 15,635 15,635 15,635 — Weighted average common shares outstanding for diluted earnings per common share 88,195 118,510 88,156 75,872 Basic earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.81 $ 0.47 $ 0.37 $ 0.13 Income from discontinued operations — 0.05 0.07 0.09 Gain from discontinued operations 1.71 — 1.71 — Income tax expense from discontinued operations (0.06 ) — (0.06 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 2.46 $ 0.52 $ 2.09 $ 0.22 For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Diluted earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.69 $ 0.34 $ 0.35 $ 0.13 Income from discontinued operations — 0.03 0.06 0.09 Gain from discontinued operations 1.40 — 1.40 — Income tax expense from discontinued operations (0.05 ) — (0.05 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 2.04 $ 0.37 $ 1.76 $ 0.22 The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 3.00% convertible senior unsecured notes — — — 16,992 Series J convertible perpetual preferred stock — — — 15,635 1.50% convertible senior unsecured notes — — — 11,567 Joint venture shares — — — — _______________________________________________________________________________ (1) For the three and six months ended June 30, 2017 , the effect of 5 and 20 unvested time and performance-based Units were anti-dilutive, respectively. (2) For the three and six months ended June 30, 2016 , the effect of 54 and 103 unvested time and performance-based Units were anti-dilutive, respectively.

Fair Values

Fair Values	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Values	Fair Values Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis. The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2017 Recurring basis: Derivative assets (1) $ 75 $ — $ 75 $ — Derivative liabilities (1) 751 — 751 — Available-for-sale securities (1) 22,222 — — 22,222 Non-recurring basis: Impaired land and development (2) 7,400 — — 7,400 As of December 31, 2016 Recurring basis: Derivative assets (1) $ 727 $ — $ 727 $ — Derivative liabilities (1) 47 — 47 — Available-for-sale securities (1) 21,666 — — 21,666 Non-recurring basis: Impaired loans (3) 7,200 — — 7,200 Impaired real estate (4) 3,063 — — 3,063 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded an impairment on one land and development asset with a fair value of $7.4 million based on a discount rate of 15% using discounted cash flows over a two year sellout period. (3) The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $2.0 million based on proceeds to be received. (4) The Company recorded an impairment on one real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the six months ended June 30, 2017 and 2016 ($ in thousands): 2017 2016 Beginning balance $ 21,666 $ 1,161 Purchases — 4,366 Repayments (10 ) (10 ) Unrealized gains recorded in other comprehensive income 566 464 Ending balance $ 22,222 $ 5,981 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.2 billion and $3.6 billion , respectively, as of June 30, 2017 and $1.5 billion and $3.6 billion , respectively, as of December 31, 2016 . The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended June 30, 2017: Operating lease income $ — $ 30,852 $ 15,940 $ 210 $ — $ 47,002 Interest income 28,645 — — — — 28,645 Other income 479 550 13,333 123,871 1,277 139,510 Land development revenue — — — 132,710 — 132,710 Earnings from equity method investments — 1,080 469 3,606 360 5,515 Income from discontinued operations — 173 — — — 173 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — — 844 — — 844 Total revenue and other earnings 29,124 156,073 30,586 260,397 1,637 477,817 Real estate expense — (4,064 ) (22,653 ) (7,967 ) — (34,684 ) Land development cost of sales — — — (122,466 ) — (122,466 ) Other expense (399 ) — — — (15,877 ) (16,276 ) Allocated interest expense (10,508 ) (13,669 ) (5,006 ) (7,122 ) (12,502 ) (48,807 ) Allocated general and administrative (2) (4,691 ) (5,921 ) (2,364 ) (5,004 ) (5,323 ) (23,303 ) Segment profit (loss) (3) $ 13,526 $ 132,419 $ 563 $ 117,838 $ (32,065 ) $ 232,281 Other significant items: Recovery of loan losses $ (600 ) $ — $ — $ — $ — $ (600 ) Impairment of assets — 219 — 10,065 — 10,284 Depreciation and amortization — 7,400 4,923 521 327 13,171 Capitalized expenditures — 917 8,355 30,286 — 39,558 Three Months Ended June 30, 2016: Operating lease income $ — $ 32,042 $ 17,828 $ 105 $ — $ 49,975 Interest income 34,400 — — — — 34,400 Other income 323 432 7,213 1,167 961 10,096 Land development revenue — — — 27,888 — 27,888 Earnings from equity method investments — 944 31,076 2,688 4,739 39,447 Income from discontinued operations — 3,633 — — — 3,633 Income from sales of real estate — 4,338 39,146 — — 43,484 Total revenue and other earnings 34,723 41,389 95,263 31,848 5,700 208,923 Real estate expense — (4,618 ) (20,796 ) (9,914 ) — (35,328 ) Land development cost of sales — — — (17,262 ) — (17,262 ) Other expense (925 ) — — — (2,257 ) (3,182 ) Allocated interest expense (14,631 ) (16,464 ) (5,849 ) (8,668 ) (10,435 ) (56,047 ) Allocated general and administrative (2) (3,786 ) (4,313 ) (1,638 ) (3,327 ) (4,968 ) (18,032 ) Segment profit (loss) (3) $ 15,381 $ 15,994 $ 66,980 $ (7,323 ) $ (11,960 ) $ 79,072 Other significant items: Provision for loan losses $ 700 $ — $ — $ — $ — $ 700 Impairment of assets — — 3,012 — — 3,012 Depreciation and amortization — 7,977 5,022 400 274 13,673 Capitalized expenditures — 1,625 12,446 32,006 — 46,077 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Six Months Ended June 30, 2017: Operating lease income $ — $ 62,104 $ 31,929 $ 316 $ — $ 94,349 Interest income 57,703 — — — — 57,703 Other income 556 1,056 23,688 124,256 1,818 151,374 Land development revenue — — — 152,760 — 152,760 Earnings from equity method investments — 2,062 1,101 7,448 606 11,217 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 6,212 2,742 — — 8,954 Total revenue and other earnings 58,259 199,791 59,460 284,780 2,424 604,714 Real estate expense — (8,640 ) (44,171 ) (17,463 ) — (70,274 ) Land development cost of sales — — — (138,376 ) — (138,376 ) Other expense (1,004 ) — — — (17,141 ) (18,145 ) Allocated interest expense (22,396 ) (29,404 ) (10,612 ) (15,240 ) (22,300 ) (99,952 ) Allocated general and administrative (2) (8,287 ) (10,563 ) (4,119 ) (8,930 ) (10,697 ) (42,596 ) Segment profit (loss) (3) $ 26,572 $ 151,184 $ 558 $ 104,771 $ (47,714 ) $ 235,371 Other significant non-cash items: Recovery of loan losses $ (5,528 ) $ — $ — $ — $ — $ (5,528 ) Impairment of assets — 219 4,413 10,064 — 14,696 Depreciation and amortization — 15,039 8,962 791 659 25,451 Capitalized expenditures — 1,687 16,566 56,879 — 75,132 Six Months Ended June 30, 2016: Operating lease income $ — $ 63,350 $ 36,909 $ 211 $ — $ 100,470 Interest income 67,620 — — — — 67,620 Other income 1,620 512 14,557 2,232 2,715 21,636 Land development revenue — — — 42,835 — 42,835 Earnings from equity method investments — 1,890 30,934 9,348 5,542 47,714 Income from discontinued operations — 7,214 — — — 7,214 Income from sales of real estate — 9,267 44,676 — — 53,943 Total revenue and other earnings 69,240 82,233 127,076 54,626 8,257 341,432 Real estate expense — (9,065 ) (41,916 ) (18,591 ) — (69,572 ) Land development cost of sales — — — (28,838 ) — (28,838 ) Other expense (839 ) — — — (3,083 ) (3,922 ) Allocated interest expense (29,333 ) (32,700 ) (12,469 ) (17,027 ) (21,539 ) (113,068 ) Allocated general and administrative (2) (7,617 ) (8,609 ) (3,508 ) (6,597 ) (10,226 ) (36,557 ) Segment profit (loss) (3) $ 31,451 $ 31,859 $ 69,183 $ (16,427 ) $ (26,591 ) $ 89,475 Other significant non-cash items: Provision for loan losses $ 2,206 $ — $ — $ — $ — $ 2,206 Impairment of assets — — 3,012 — — 3,012 Depreciation and amortization — 16,028 10,305 699 549 27,581 Capitalized expenditures — 2,476 28,243 66,274 — 96,993 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of June 30, 2017 Real estate Real estate, net $ — $ 863,406 $ 479,576 $ — $ — $ 1,342,982 Real estate available and held for sale — 924 67,121 — — 68,045 Total real estate — 864,330 546,697 — — 1,411,027 Land and development, net — — — 855,497 — 855,497 Loans receivable and other lending investments, net 1,170,565 — — — — 1,170,565 Other investments — 179,284 7,882 62,417 27,238 276,821 Total portfolio assets $ 1,170,565 $ 1,043,614 $ 554,579 $ 917,914 $ 27,238 3,713,910 Cash and other assets 1,200,845 Total assets $ 4,914,755 As of December 31, 2016 Real estate Real estate, net $ — $ 911,112 $ 476,162 $ — $ — $ 1,387,274 Real estate available and held for sale — 155,051 82,480 — — 237,531 Total real estate — 1,066,163 558,642 — — 1,624,805 Land and development, net — — — 945,565 — 945,565 Loans receivable and other lending investments, net 1,450,439 — — — — 1,450,439 Other investments — 92,669 3,583 84,804 33,350 214,406 Total portfolio assets $ 1,450,439 $ 1,158,832 $ 562,225 $ 1,030,369 $ 33,350 4,235,215 Cash and other assets 590,299 Total assets $ 4,825,514 _______________________________________________________________________________ (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $3.9 million and $9.8 million for the three and six months ended June 30, 2017 respectively, and $1.6 million and $6.2 million for the three and six months ended June 30, 2016 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Segment profit $ 232,281 $ 79,072 $ 235,371 $ 89,475 Less: Recovery of (provision for) loan losses 600 (700 ) 5,528 (2,206 ) Less: Impairment of assets (10,284 ) (3,012 ) (14,696 ) (3,012 ) Less: Stock-based compensation expense (3,915 ) (1,633 ) (9,796 ) (6,211 ) Less: Depreciation and amortization (13,171 ) (13,673 ) (25,451 ) (27,581 ) Less: Income tax (expense) benefit (1,644 ) 1,190 (2,251 ) 1,604 Less: Income tax expense from discontinued operations (4,545 ) — (4,545 ) — Less: Loss on early extinguishment of debt, net (3,315 ) (1,457 ) (3,525 ) (1,582 ) Net income $ 196,007 $ 59,787 $ 180,635 $ 50,487

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to June 30, 2017, the Company, trusts established by Jay Sugarman, the Company's Chairman and Chief Executive Officer, and Geoffrey Jervis, the Company's Chief Operating Officer and Chief Financial Officer, purchased an aggregate $5.1 million in shares of SAFE's common stock pursuant to a 10b5-1 plan (the “10b5-1 Plan") in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which they may buy in the open market up to $25.0 million in the aggregate of SAFE's common stock. Shares will be purchased under the 10b5-1 Plan when the market price per share is below $20.00 and will accelerate with declines in the market price. Purchases will be allocated 98% to the Company, 1% to the trusts established by Mr. Sugarman and 1% to Mr. Jervis.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements	On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. As of June 30, 2017 , the remainder of the Company's significant accounting policies, which are detailed in the Company's 2016 Annual Report, have not changed materially. New Accounting Pronouncements — In February 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements and expects to adopt the retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard. The Company expects that transactions in assets and businesses in which the Company retains an ownership interest, such as the sale of a controlling interest in its GL business (refer to Note 4), will be impacted by this guidance. As a result, under the retrospective approach, in 2018, the Company expects to record an incremental gain of $55.5 million in its consolidated statements of operations for the three and six months ended June 30, 2017, bringing the Company's full gain on the sale of its GL business to approximately $178.9 million . In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18") which requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows. In addition, ASU 2016-18 requires disclosure of what is included in restricted cash. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. In August 2016 , the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. In June 2016 , the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The Company believes this general reserve component of its total loan loss reserves should minimize the impact of ASU 2016-13. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. For operating lease arrangements for which the Company is the lessee, primarily the lease of office space, the Company expects the impact of ASU 2016-02 to be the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The accounting applied by the Company as a lessor will be largely unchanged from that applied under previous GAAP. However, in certain instances, a new long-term lease of land subsequent to adoption could be classified as a sales-type lease, which could result in the Company derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales . The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. Although most of the Company's revenue is operating lease income generated from lease contracts and interest income generated from financial instruments, certain other of the Company's revenue streams will be impacted by the new guidance. The Company currently expects that income from the sale of residential condominiums, land development revenue and other income will be impacted by ASU 2014-09. The Company does not expect income from the sales of net lease or commercial operating properties to be impacted by ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements and expects to adopt the full retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of real estate assets	The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of June 30, 2017 Land, at cost $ 227,231 $ 211,057 $ 438,288 Buildings and improvements, at cost 950,548 322,079 1,272,627 Less: accumulated depreciation (314,373 ) (53,560 ) (367,933 ) Real estate, net 863,406 479,576 1,342,982 Real estate available and held for sale (2) 924 67,121 68,045 Total real estate $ 864,330 $ 546,697 $ 1,411,027 As of December 31, 2016 Land, at cost $ 231,506 $ 211,054 $ 442,560 Buildings and improvements, at cost 987,050 311,283 1,298,333 Less: accumulated depreciation (307,444 ) (46,175 ) (353,619 ) Real estate, net 911,112 476,162 1,387,274 Real estate available and held for sale (2) 155,051 82,480 237,531 Total real estate $ 1,066,163 $ 558,642 $ 1,624,805 _______________________________________________________________________________ (1) In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee. (2) As of December 31, 2016 , net lease includes the Company's ground lease ("GL") assets that were reclassified to "Real estate available and held for sale" (refer to "Dispositions" below). As of December 31, 2016 , the carrying value of the Company's GL assets were previously classified as $104.5 million in "Real estate, net," $37.5 million in "Deferred expenses and other assets, net," $8.2 million in "Deferred operating lease income receivable, net" and $3.5 million in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheet. As of June 30, 2017 and December 31, 2016 , the Company had $67.1 million and $82.5 million , respectively, of residential properties available for sale in its operating properties portfolio.
Income (loss) from discontinued operations	The transactions described above involving the Company's GL business qualified for discontinued operations and the following table summarizes income from discontinued operations for the three and six months ended June 30, 2017 and 2016 ($ in thousands) (1)(2) : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenues $ 678 $ 4,543 $ 6,430 $ 8,986 Expenses (505 ) (910 ) (1,491 ) (1,772 ) Income from discontinued operations $ 173 $ 3,633 $ 4,939 $ 7,214 _______________________________________________________________________________ (1) The transactions closed on April 14, 2017 and revenues, expenses and income from discontinued operations excludes the period from April 14, 2017 to June 30, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. (2) For the six months ended June 30, 2017, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $5.7 million and $0.5 million , respectively. For the six months ended June 30, 2016, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $9.4 million and $4.6 million , respectively.

Land and Development (Tables)

Land and Development (Tables)	6 Months Ended
	Jun. 30, 2017
Land and development [Abstract]
Land and land development assets	The Company's land and development assets were comprised of the following ($ in thousands): As of June 30, December 31, 2017 2016 Land and land development, at cost $ 862,774 $ 952,051 Less: accumulated depreciation (7,277 ) (6,486 ) Total land and development, net $ 855,497 $ 945,565

Loans Receivable and Other Le31

Loans Receivable and Other Lending Investments, net (Tables)	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Schedule of the Company's loans and other lending investments by class	The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment June 30, December 31, Senior mortgages $ 597,335 $ 940,738 Corporate/Partnership loans 543,589 490,389 Subordinate mortgages 22,841 24,941 Total gross carrying value of loans 1,163,765 1,456,068 Reserves for loan losses (78,789 ) (85,545 ) Total loans receivable, net 1,084,976 1,370,523 Other lending investments—securities 85,589 79,916 Total loans receivable and other lending investments, net $ 1,170,565 $ 1,450,439
Schedule of changes in the Company's reserve for loan losses	Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Reserve for loan losses at beginning of period $ 79,389 $ 109,671 $ 85,545 $ 108,165 (Recovery of) provision for loan losses (600 ) 700 (5,528 ) 2,206 Charge-offs — — (1,228 ) — Reserve for loan losses at end of period $ 78,789 $ 110,371 $ 78,789 $ 110,371
Schedule of recorded investment in loans and associated reserve for loan losses	The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of June 30, 2017 Loans $ 249,659 $ 919,793 $ 1,169,452 Less: Reserve for loan losses (60,989 ) (17,800 ) (78,789 ) Total (3) $ 188,670 $ 901,993 $ 1,090,663 As of December 31, 2016 Loans $ 253,941 $ 1,209,062 $ 1,463,003 Less: Reserve for loan losses (62,245 ) (23,300 ) (85,545 ) Total (3) $ 191,696 $ 1,185,762 $ 1,377,458 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.7 million and $0.4 million as of June 30, 2017 and December 31, 2016 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $4.5 million and $1.9 million as of June 30, 2017 and December 31, 2016 , respectively. (3) The Company's recorded investment in loans as of June 30, 2017 and December 31, 2016 includes accrued interest of $5.7 million and $6.9 million , respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of June 30, 2017 and December 31, 2016 , the total excludes $85.6 million and $79.9 million , respectively, of securities that are evaluated for impairment under ASC 320.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of June 30, 2017 As of December 31, 2016 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 518,362 2.53 $ 859,250 3.12 Corporate/Partnership loans 389,550 3.03 335,677 3.09 Subordinate mortgages 11,881 2.55 14,135 3.00 Total $ 919,793 2.74 $ 1,209,062 3.11
Schedule of recorded investment in loans, aged by payment status and presented by class	The Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of June 30, 2017 Senior mortgages $ 524,362 $ — $ 76,282 $ 76,282 $ 600,644 Corporate/Partnership loans 389,550 — 156,375 156,375 545,925 Subordinate mortgages 22,883 — — — 22,883 Total $ 936,795 $ — $ 232,657 $ 232,657 $ 1,169,452 As of December 31, 2016 Senior mortgages $ 868,505 $ — $ 76,677 $ 76,677 $ 945,182 Corporate/Partnership loans 335,677 — 157,146 157,146 492,823 Subordinate mortgages 24,998 — — — 24,998 Total $ 1,229,180 $ — $ 233,823 $ 233,823 $ 1,463,003 _______________________________________________________________________________ (1) As of June 30, 2017 , the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding. As of December 31, 2016, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding.
Schedule of recorded investment in impaired loans, presented by class	The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands) (1) : As of June 30, 2017 As of December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Subordinate mortgages $ 11,002 $ 10,985 $ — $ 10,862 $ 10,846 $ — Subtotal 11,002 10,985 — 10,862 10,846 — With an allowance recorded: Senior mortgages 82,282 82,390 (48,518 ) 85,933 85,780 (49,774 ) Corporate/Partnership loans 156,375 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subtotal 238,657 228,239 (60,989 ) 243,079 232,563 (62,245 ) Total: Senior mortgages 82,282 82,390 (48,518 ) 85,933 85,780 (49,774 ) Corporate/Partnership loans 156,375 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subordinate mortgages 11,002 10,985 — 10,862 10,846 — Total $ 249,659 $ 239,224 $ (60,989 ) $ 253,941 $ 243,409 $ (62,245 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class	The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 9,150 $ 111 $ — $ — $ 6,100 $ 111 Subordinate mortgages 11,023 — 5,785 — 10,970 — 3,857 — Subtotal 11,023 — 14,935 111 10,970 — 9,957 111 With an allowance recorded: Senior mortgages 82,368 — 126,978 — 83,556 — 126,903 — Corporate/Partnership loans 156,839 — 5,224 — 156,941 — 5,396 — Subtotal 239,207 — 132,202 — 240,497 — 132,299 — Total: Senior mortgages 82,368 — 136,128 111 83,556 — 133,003 111 Corporate/Partnership loans 156,839 — 5,224 — 156,941 — 5,396 — Subordinate mortgages 11,023 — 5,785 — 10,970 — 3,857 — Total $ 250,230 $ — $ 147,137 $ 111 $ 251,467 $ — $ 142,256 $ 111
Schedule of other lending investments - securities	Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of June 30, 2017 Available-for-Sale Securities Municipal debt securities $ 21,230 $ 21,230 $ 992 $ 22,222 $ 22,222 Held-to-Maturity Securities Debt securities 63,418 63,367 1,544 64,911 63,367 Total $ 84,648 $ 84,597 $ 2,536 $ 87,133 $ 85,589 As of December 31, 2016 Available-for-Sale Securities Municipal debt securities $ 21,240 $ 21,240 $ 426 $ 21,666 $ 21,666 Held-to-Maturity Securities Debt securities 58,454 58,250 2,753 61,003 58,250 Total $ 79,694 $ 79,490 $ 3,179 $ 82,669 $ 79,916

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Investments, All Other Investments [Abstract]
Schedule of other investments and its proportionate share of results for equity method investments	The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings Carrying Value as of For the Three Months Ended June 30, For the Six Months June 30, 2017 December 31, 2016 2017 2016 2017 2016 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 128,997 $ 92,669 $ 1,032 $ 944 $ 2,013 $ 1,890 Safety, Income and Growth, Inc. ("SAFE") (1) 50,287 — 48 — 48 — Marina Palms, LLC ("Marina Palms") 7,191 35,185 1,183 5,180 4,300 13,401 Other real estate equity investments (2) 63,107 53,202 2,892 28,600 4,249 26,898 Subtotal 249,582 181,056 5,155 34,724 10,610 42,189 Other strategic investments (3) 27,239 33,350 360 4,723 607 5,525 Total $ 276,821 $ 214,406 $ 5,515 $ 39,447 $ 11,217 $ 47,714 _______________________________________________________________________________ (1) Equity in earnings is for the period from April 14, 2017 to June 30, 2017. (2) In June 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized a gain of $31.5 million , of which $10.1 million of the gain was attributable to the noncontrolling interest. (3) In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three and six months ended June 30, 2016, the Company recognized $0.5 million and $3.7 million , respectively, of carried interest income.
Summarized investee financial information	The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the six months ended June 30, 2017 and 2016 ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Six Months Ended June 30, 2017 Marina Palms $ 31,847 $ (19,771 ) $ 12,076 For the Six Months Ended June 30, 2016 Marina Palms $ 87,494 $ (47,764 ) $ 39,730

Other Assets and Other Liabil33

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Other Assets and Other Liabilities [Abstract]
Schedule of deferred expenses and other assets, net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of June 30, 2017 December 31, 2016 Intangible assets, net (1) $ 20,452 $ 30,727 Other receivables (2) 56,851 52,820 Other assets 29,449 34,351 Restricted cash 23,380 25,883 Leasing costs, net (3) 11,367 11,802 Corporate furniture, fixtures and equipment, net (4) 5,133 5,691 Deferred financing fees, net 489 838 Deferred expenses and other assets, net $ 147,121 $ 162,112 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $33.5 million and $31.9 million as of June 30, 2017 and December 31, 2016 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.6 million for the three and six months ended June 30, 2017 , respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2016 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.7 million and $1.2 million for the three and six months ended June 30, 2017 , respectively, and $0.6 million and $1.1 million for the three and six months ended June 30, 2016 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) As of June 30, 2017 and December 31, 2016 , included $26.0 million of receivables related to the construction and development of an amphitheater. (3) Accumulated amortization of leasing costs was $7.0 million and $6.7 million as of June 30, 2017 and December 31, 2016 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $9.8 million and $9.0 million as of June 30, 2017 and December 31, 2016 , respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2017 December 31, 2016 Other liabilities (1) $ 81,526 $ 75,993 Accrued expenses (2) 84,174 72,693 Accrued interest payable 56,716 54,033 Intangible liabilities, net (3) 7,843 8,851 Accounts payable, accrued expenses and other liabilities $ 230,259 $ 211,570 _______________________________________________________________________________ (1) As of June 30, 2017 and December 31, 2016 , other liabilities includes $24.0 million related to profit sharing arrangements with developers for certain properties sold. As of June 30, 2017 and December 31, 2016 , includes $1.5 million and $1.2 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of June 30, 2017 and December 31, 2016 , other liabilities also includes $7.3 million and $8.5 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of June 30, 2017 and December 31, 2016 , accrued expenses includes $2.5 million and $1.7 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $7.5 million and $6.4 million as of June 30, 2017 and December 31, 2016 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.0 million for the three and six months ended June 30, 2017 , respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2016 , respectively.
Schedule of deferred tax assets and liabilities	Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands): As of June 30, 2017 December 31, 2016 Deferred tax assets (liabilities) $ 82,219 $ 66,498 Valuation allowance (82,219 ) (66,498 ) Net deferred tax assets (liabilities) $ — $ —

Loan Participations Payable, 34

Loan Participations Payable, net (Tables)	6 Months Ended
	Jun. 30, 2017
Loan Participations Payable [Abstract]
Schedule of Participating Mortgage Loans	The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of June 30, 2017 December 31, 2016 Loan participations payable (1) $ 107,844 $ 160,251 Debt discounts and deferred financing costs, net (402 ) (930 ) Total loan participations payable, net $ 107,442 $ 159,321 _______________________________________________________________________________ (1) As of June 30, 2017 , the Company had two loan participations payable with a weighted average interest rate of 6.2% . As of December 31, 2016, the Company had three loan participations payable with a weighted average interest rate of 4.8% .

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled June 30, 2017 December 31, 2016 Secured credit facilities and mortgages: 2015 $250 Million Secured Revolving Credit Facility $ — $ — LIBOR + 2.75% (1) March 2018 2016 Senior Secured Credit Facility 498,750 498,648 LIBOR + 3.75% (2) July 2020 Mortgages collateralized by net lease assets 225,624 249,987 4.851% - 7.26% (3) Various through 2032 Total secured credit facilities and mortgages 724,374 748,635 Unsecured notes: 5.85% senior notes — 99,722 5.85 % March 2017 9.00% senior notes — 275,000 9.00 % June 2017 4.00% senior notes (4) 550,000 550,000 4.00 % November 2017 7.125% senior notes 300,000 300,000 7.125 % February 2018 4.875% senior notes (5) 300,000 300,000 4.875 % July 2018 5.00% senior notes (6) 770,000 770,000 5.00 % July 2019 6.50% senior notes (7) 275,000 275,000 6.50 % July 2021 6.00% senior notes (8) 375,000 — 6.00 % April 2022 Total unsecured notes 2,570,000 2,569,722 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,394,374 3,418,357 Debt discounts and deferred financing costs, net (26,261 ) (28,449 ) Total debt obligations, net (9) $ 3,368,113 $ 3,389,908 _______________________________________________________________________________ (1) The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75% , or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. (2) The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 2.75% or (ii) LIBOR subject to a margin of 3.75% with a minimum LIBOR rate of 1.0% . (3) As of June 30, 2017 and December 31, 2016 , includes a loan with a floating rate of LIBOR plus 2.0% . As of June 30, 2017 , the weighted average interest rate of these loans is 5.2% . (4) The Company can prepay these senior notes without penalty beginning August 1, 2017. (5) The Company can prepay these senior notes without penalty beginning January 1, 2018. (6) The Company can prepay these senior notes without penalty beginning July 1, 2018. (7) The Company can prepay these senior notes without penalty beginning July 1, 2020. (8) The Company can prepay these senior notes without penalty beginning April 1, 2021. (9) The Company capitalized interest relating to development activities of $2.0 million and $4.0 million during the three and six months ended June 30, 2017 , respectively, and $1.4 million and $2.8 million during the three and six months ended June 30, 2016 , respectively.
Schedule of future scheduled maturities of outstanding long-term debt obligations, net	As of June 30, 2017 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2017 (remaining six months) $ 550,000 $ — $ 550,000 2018 600,000 10,091 610,091 2019 770,000 28,350 798,350 2020 — 498,750 498,750 2021 275,000 118,287 393,287 Thereafter 475,000 68,896 543,896 Total principal maturities 2,670,000 724,374 3,394,374 Unamortized discounts and deferred financing costs, net (18,419 ) (7,842 ) (26,261 ) Total debt obligations, net $ 2,651,581 $ 716,532 $ 3,368,113 _____________________________________________________________________________ (1) The Company has $550.0 million of debt obligations maturing during the remainder of 2017, and $610.0 million of other debt obligations maturing before the end of August 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of using cash on hand and accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of August 2, 2017 , the Company had approximately $1.2 billion of cash and available capacity under existing borrowing arrangements.
Schedule of carrying value of encumbered assets by asset type	The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of June 30, 2017 December 31, 2016 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 871,613 $ 471,369 $ 881,212 $ 506,062 Real estate available and held for sale — 68,045 — 237,531 Land and development, net 25,100 830,397 35,165 910,400 Loans receivable and other lending investments, net (1)(2) 137,722 943,592 172,581 1,142,050 Other investments — 276,821 — 214,406 Cash and other assets — 1,200,845 — 590,299 Total $ 1,034,435 $ 3,791,069 $ 1,088,958 $ 3,600,748 _______________________________________________________________________________ (1) As of June 30, 2017 and December 31, 2016 , the amounts presented exclude general reserves for loan losses of $17.8 million and $23.3 million , respectively. (2) As of June 30, 2017 and December 31, 2016 , the amounts presented exclude loan participations of $107.1 million and $159.1 million , respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of June 30, 2017 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments (1) Real Estate Other Investments Total Performance-Based Commitments $ 313,615 $ 7,886 $ 21,420 $ 342,921 Strategic Investments — — 45,634 45,634 Total (2) $ 313,615 $ 7,886 $ 67,054 $ 388,555 _______________________________________________________________________________ (1) Excludes $130.3 million of commitments on loan participations sold that are not the obligation of the Company. (2) The Company did not have any Discretionary Fundings as of June 30, 2017 .

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands): Derivative Assets as of Derivative Liabilities as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Foreign exchange contracts N/A $ — N/A $ — Other Liabilities $ 71 Other Liabilities $ 8 Interest rate swaps Other assets 45 N/A — N/A — Other Liabilities 39 Total $ 45 $ — $ 71 $ 47 Derivatives not Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 702 Other Liabilities $ 680 N/A $ — Interest rate cap Other Assets 30 Other Assets 25 N/A — N/A — Total $ 30 $ 727 $ 680 $ —
Schedule of derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended June 30, 2017 Interest rate swaps Interest Expense (44 ) 384 N/A Interest rate cap Earnings from equity method investments (9 ) (9 ) N/A Interest rate swap Earnings from equity method investments (93 ) (62 ) N/A Foreign exchange contracts Earnings from equity method investments (70 ) — N/A For the Three Months Ended June 30, 2016 Interest rate swaps Interest Expense (192 ) (23 ) N/A Interest rate swap Earnings from equity method investments (165 ) (95 ) N/A Foreign exchange contracts Earnings from equity method investments 38 — N/A For the Six Months Ended June 30, 2017 Interest rate swaps Interest Expense 424 355 N/A Interest rate cap Earnings from equity method investments (14 ) (14 ) N/A Interest rate swap Earnings from equity method investments (15 ) (150 ) N/A Foreign exchange contracts Earnings from equity method investments (369 ) — N/A For the Six Months Ended June 30, 2016 Interest rate cap Interest Expense — (185 ) N/A Interest rate cap Earnings from equity method investments (1 ) — N/A Interest rate swaps Interest Expense (694 ) 2 N/A Interest rate swap Earnings from equity method investments (624 ) (192 ) N/A Foreign exchange contracts Earnings from equity method investments (49 ) — N/A Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income For the Three Months Ended June 30, For the Six Months Derivatives not Designated in Hedging Relationships 2017 2016 2017 2016 Interest rate cap Other Expense $ (41 ) $ (252 ) $ 6 $ (1,055 ) Foreign exchange contracts Other Expense (645 ) 523 (769 ) 341
Foreign exchange contracts | Designated as hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2017 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells Indian rupee ("INR")/Buys USD Forward ₨ 350,000 $ 5,344 July 2017
Foreign exchange contracts | Not designated as hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2017 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, and £ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells euro ("EUR")/Buys USD Forward € 7,000 $ 7,496 July 2017 Sells pound sterling ("GBP")/Buys USD Forward £ 3,200 $ 3,988 July 2017
Interest rate swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2017 , the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate swap $ 26,116 LIBOR + 2.00% 3.47% October 2012 November 2019
Interest rate cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2017 , the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate cap $ 500,000 LIBOR 1.00% July 2014 July 2017

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series	The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of June 30, 2017 and December 31, 2016 : Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Equivalent to Fixed Annual Rate (per share) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 E 5,600 0.001 25.00 7.875 % 1.97 F 4,000 0.001 25.00 7.80 % 1.95 G 3,200 0.001 25.00 7.65 % 1.91 I 5,000 0.001 25.00 7.50 % 1.88 J (convertible) 4,000 0.001 50.00 4.50 % 2.25 25,800 _______________________________________________________________________________ (1) Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $4.0 million , $5.5 million , $3.9 million , $3.1 million and $4.7 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the six months ended June 30, 2017 and 2016 . The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2017 and 2016 . The character of the 2016 dividends was as follows: 47.30% was a capital gain distribution, of which 76.15% represents unrecaptured section 1250 gain and 23.85% long term capital gain, and 52.70% was ordinary income. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity	"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of June 30, 2017 December 31, 2016 Unrealized gains on available-for-sale securities $ 715 $ 149 Unrealized gains on cash flow hedges 230 27 Unrealized losses on cumulative translation adjustment (4,623 ) (4,394 ) Accumulated other comprehensive income (loss) $ (3,678 ) $ (4,218 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations	The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ 76,117 $ 12,670 $ 47,869 $ (10,670 ) Income from sales of real estate 844 43,484 8,954 53,943 Net (income) loss attributable to noncontrolling interests (5,710 ) (8,825 ) (4,610 ) (7,883 ) Preferred dividends (12,830 ) (12,830 ) (25,660 ) (25,660 ) Income from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic earnings per common share (1) $ 58,421 $ 34,499 $ 26,553 $ 9,730 Add: Effect of joint venture shares 5 3 9 2 Add: Effect of 1.50% senior convertible unsecured notes — 1,140 — — Add: Effect of 3.00% senior convertible unsecured notes — 1,782 — — Add: Effect of Series J convertible perpetual preferred stock 2,250 2,250 4,500 — Income from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for diluted earnings per common share (1) $ 60,676 $ 39,674 $ 31,062 $ 9,732 _______________________________________________________________________________ (1) For the three months ended June 30, 2016 , includes income from continuing operations allocable to Participating Security Holders of $20 and $14 on a basic and dilutive basis. For the six months ended June 30, 2016 , includes income from continuing operations allocable to Participating Security Holders of $11 on a basic and dilutive basis.
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Earnings allocable to common shares: Numerator for basic earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 58,421 $ 34,481 $ 26,553 $ 9,724 Income from discontinued operations 173 3,631 4,939 7,209 Gain from discontinued operations 123,418 — 123,418 — Income tax expense from discontinued operations (4,545 ) — (4,545 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 177,467 $ 38,112 $ 150,365 $ 16,933 Numerator for diluted earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 60,676 $ 39,661 $ 31,062 $ 9,726 Income from discontinued operations 173 3,632 4,939 7,209 Gain from discontinued operations 123,418 — 123,418 — Income tax expense from discontinued operations (4,545 ) — (4,545 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 179,722 $ 43,293 $ 154,874 $ 16,935 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 72,142 73,984 72,104 75,522 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 120 34 119 52 Add: Effect of joint venture shares 298 298 298 298 Add: Effect of 1.50% senior convertible unsecured notes — 11,567 — — Add: Effect of 3.00% senior convertible unsecured notes — 16,992 — — Add: Effect of series J convertible perpetual preferred stock 15,635 15,635 15,635 — Weighted average common shares outstanding for diluted earnings per common share 88,195 118,510 88,156 75,872 Basic earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.81 $ 0.47 $ 0.37 $ 0.13 Income from discontinued operations — 0.05 0.07 0.09 Gain from discontinued operations 1.71 — 1.71 — Income tax expense from discontinued operations (0.06 ) — (0.06 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 2.46 $ 0.52 $ 2.09 $ 0.22 For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Diluted earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.69 $ 0.34 $ 0.35 $ 0.13 Income from discontinued operations — 0.03 0.06 0.09 Gain from discontinued operations 1.40 — 1.40 — Income tax expense from discontinued operations (0.05 ) — (0.05 ) — Net income attributable to iStar Inc. and allocable to common shareholders $ 2.04 $ 0.37 $ 1.76 $ 0.22
Schedule of anti-dilutive shares	The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 3.00% convertible senior unsecured notes — — — 16,992 Series J convertible perpetual preferred stock — — — 15,635 1.50% convertible senior unsecured notes — — — 11,567 Joint venture shares — — — — _______________________________________________________________________________ (1) For the three and six months ended June 30, 2017 , the effect of 5 and 20 unvested time and performance-based Units were anti-dilutive, respectively. (2) For the three and six months ended June 30, 2016 , the effect of 54 and 103 unvested time and performance-based Units were anti-dilutive, respectively.

Fair Values (Tables)

Fair Values (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels	The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2017 Recurring basis: Derivative assets (1) $ 75 $ — $ 75 $ — Derivative liabilities (1) 751 — 751 — Available-for-sale securities (1) 22,222 — — 22,222 Non-recurring basis: Impaired land and development (2) 7,400 — — 7,400 As of December 31, 2016 Recurring basis: Derivative assets (1) $ 727 $ — $ 727 $ — Derivative liabilities (1) 47 — 47 — Available-for-sale securities (1) 21,666 — — 21,666 Non-recurring basis: Impaired loans (3) 7,200 — — 7,200 Impaired real estate (4) 3,063 — — 3,063 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded an impairment on one land and development asset with a fair value of $7.4 million based on a discount rate of 15% using discounted cash flows over a two year sellout period. (3) The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $2.0 million based on proceeds to be received. (4) The Company recorded an impairment on one real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the six months ended June 30, 2017 and 2016 ($ in thousands): 2017 2016 Beginning balance $ 21,666 $ 1,161 Purchases — 4,366 Repayments (10 ) (10 ) Unrealized gains recorded in other comprehensive income 566 464 Ending balance $ 22,222 $ 5,981

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of financial measures for each segment based on which performance is evaluated	The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended June 30, 2017: Operating lease income $ — $ 30,852 $ 15,940 $ 210 $ — $ 47,002 Interest income 28,645 — — — — 28,645 Other income 479 550 13,333 123,871 1,277 139,510 Land development revenue — — — 132,710 — 132,710 Earnings from equity method investments — 1,080 469 3,606 360 5,515 Income from discontinued operations — 173 — — — 173 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — — 844 — — 844 Total revenue and other earnings 29,124 156,073 30,586 260,397 1,637 477,817 Real estate expense — (4,064 ) (22,653 ) (7,967 ) — (34,684 ) Land development cost of sales — — — (122,466 ) — (122,466 ) Other expense (399 ) — — — (15,877 ) (16,276 ) Allocated interest expense (10,508 ) (13,669 ) (5,006 ) (7,122 ) (12,502 ) (48,807 ) Allocated general and administrative (2) (4,691 ) (5,921 ) (2,364 ) (5,004 ) (5,323 ) (23,303 ) Segment profit (loss) (3) $ 13,526 $ 132,419 $ 563 $ 117,838 $ (32,065 ) $ 232,281 Other significant items: Recovery of loan losses $ (600 ) $ — $ — $ — $ — $ (600 ) Impairment of assets — 219 — 10,065 — 10,284 Depreciation and amortization — 7,400 4,923 521 327 13,171 Capitalized expenditures — 917 8,355 30,286 — 39,558 Three Months Ended June 30, 2016: Operating lease income $ — $ 32,042 $ 17,828 $ 105 $ — $ 49,975 Interest income 34,400 — — — — 34,400 Other income 323 432 7,213 1,167 961 10,096 Land development revenue — — — 27,888 — 27,888 Earnings from equity method investments — 944 31,076 2,688 4,739 39,447 Income from discontinued operations — 3,633 — — — 3,633 Income from sales of real estate — 4,338 39,146 — — 43,484 Total revenue and other earnings 34,723 41,389 95,263 31,848 5,700 208,923 Real estate expense — (4,618 ) (20,796 ) (9,914 ) — (35,328 ) Land development cost of sales — — — (17,262 ) — (17,262 ) Other expense (925 ) — — — (2,257 ) (3,182 ) Allocated interest expense (14,631 ) (16,464 ) (5,849 ) (8,668 ) (10,435 ) (56,047 ) Allocated general and administrative (2) (3,786 ) (4,313 ) (1,638 ) (3,327 ) (4,968 ) (18,032 ) Segment profit (loss) (3) $ 15,381 $ 15,994 $ 66,980 $ (7,323 ) $ (11,960 ) $ 79,072 Other significant items: Provision for loan losses $ 700 $ — $ — $ — $ — $ 700 Impairment of assets — — 3,012 — — 3,012 Depreciation and amortization — 7,977 5,022 400 274 13,673 Capitalized expenditures — 1,625 12,446 32,006 — 46,077 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Six Months Ended June 30, 2017: Operating lease income $ — $ 62,104 $ 31,929 $ 316 $ — $ 94,349 Interest income 57,703 — — — — 57,703 Other income 556 1,056 23,688 124,256 1,818 151,374 Land development revenue — — — 152,760 — 152,760 Earnings from equity method investments — 2,062 1,101 7,448 606 11,217 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 6,212 2,742 — — 8,954 Total revenue and other earnings 58,259 199,791 59,460 284,780 2,424 604,714 Real estate expense — (8,640 ) (44,171 ) (17,463 ) — (70,274 ) Land development cost of sales — — — (138,376 ) — (138,376 ) Other expense (1,004 ) — — — (17,141 ) (18,145 ) Allocated interest expense (22,396 ) (29,404 ) (10,612 ) (15,240 ) (22,300 ) (99,952 ) Allocated general and administrative (2) (8,287 ) (10,563 ) (4,119 ) (8,930 ) (10,697 ) (42,596 ) Segment profit (loss) (3) $ 26,572 $ 151,184 $ 558 $ 104,771 $ (47,714 ) $ 235,371 Other significant non-cash items: Recovery of loan losses $ (5,528 ) $ — $ — $ — $ — $ (5,528 ) Impairment of assets — 219 4,413 10,064 — 14,696 Depreciation and amortization — 15,039 8,962 791 659 25,451 Capitalized expenditures — 1,687 16,566 56,879 — 75,132 Six Months Ended June 30, 2016: Operating lease income $ — $ 63,350 $ 36,909 $ 211 $ — $ 100,470 Interest income 67,620 — — — — 67,620 Other income 1,620 512 14,557 2,232 2,715 21,636 Land development revenue — — — 42,835 — 42,835 Earnings from equity method investments — 1,890 30,934 9,348 5,542 47,714 Income from discontinued operations — 7,214 — — — 7,214 Income from sales of real estate — 9,267 44,676 — — 53,943 Total revenue and other earnings 69,240 82,233 127,076 54,626 8,257 341,432 Real estate expense — (9,065 ) (41,916 ) (18,591 ) — (69,572 ) Land development cost of sales — — — (28,838 ) — (28,838 ) Other expense (839 ) — — — (3,083 ) (3,922 ) Allocated interest expense (29,333 ) (32,700 ) (12,469 ) (17,027 ) (21,539 ) (113,068 ) Allocated general and administrative (2) (7,617 ) (8,609 ) (3,508 ) (6,597 ) (10,226 ) (36,557 ) Segment profit (loss) (3) $ 31,451 $ 31,859 $ 69,183 $ (16,427 ) $ (26,591 ) $ 89,475 Other significant non-cash items: Provision for loan losses $ 2,206 $ — $ — $ — $ — $ 2,206 Impairment of assets — — 3,012 — — 3,012 Depreciation and amortization — 16,028 10,305 699 549 27,581 Capitalized expenditures — 2,476 28,243 66,274 — 96,993 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of June 30, 2017 Real estate Real estate, net $ — $ 863,406 $ 479,576 $ — $ — $ 1,342,982 Real estate available and held for sale — 924 67,121 — — 68,045 Total real estate — 864,330 546,697 — — 1,411,027 Land and development, net — — — 855,497 — 855,497 Loans receivable and other lending investments, net 1,170,565 — — — — 1,170,565 Other investments — 179,284 7,882 62,417 27,238 276,821 Total portfolio assets $ 1,170,565 $ 1,043,614 $ 554,579 $ 917,914 $ 27,238 3,713,910 Cash and other assets 1,200,845 Total assets $ 4,914,755 As of December 31, 2016 Real estate Real estate, net $ — $ 911,112 $ 476,162 $ — $ — $ 1,387,274 Real estate available and held for sale — 155,051 82,480 — — 237,531 Total real estate — 1,066,163 558,642 — — 1,624,805 Land and development, net — — — 945,565 — 945,565 Loans receivable and other lending investments, net 1,450,439 — — — — 1,450,439 Other investments — 92,669 3,583 84,804 33,350 214,406 Total portfolio assets $ 1,450,439 $ 1,158,832 $ 562,225 $ 1,030,369 $ 33,350 4,235,215 Cash and other assets 590,299 Total assets $ 4,825,514 _______________________________________________________________________________ (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $3.9 million and $9.8 million for the three and six months ended June 30, 2017 respectively, and $1.6 million and $6.2 million for the three and six months ended June 30, 2016 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Segment profit $ 232,281 $ 79,072 $ 235,371 $ 89,475 Less: Recovery of (provision for) loan losses 600 (700 ) 5,528 (2,206 ) Less: Impairment of assets (10,284 ) (3,012 ) (14,696 ) (3,012 ) Less: Stock-based compensation expense (3,915 ) (1,633 ) (9,796 ) (6,211 ) Less: Depreciation and amortization (13,171 ) (13,673 ) (25,451 ) (27,581 ) Less: Income tax (expense) benefit (1,644 ) 1,190 (2,251 ) 1,604 Less: Income tax expense from discontinued operations (4,545 ) — (4,545 ) — Less: Loss on early extinguishment of debt, net (3,315 ) (1,457 ) (3,525 ) (1,582 ) Net income $ 196,007 $ 59,787 $ 180,635 $ 50,487
Reconciliation of segment profit to income (loss)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Segment profit $ 232,281 $ 79,072 $ 235,371 $ 89,475 Less: Recovery of (provision for) loan losses 600 (700 ) 5,528 (2,206 ) Less: Impairment of assets (10,284 ) (3,012 ) (14,696 ) (3,012 ) Less: Stock-based compensation expense (3,915 ) (1,633 ) (9,796 ) (6,211 ) Less: Depreciation and amortization (13,171 ) (13,673 ) (25,451 ) (27,581 ) Less: Income tax (expense) benefit (1,644 ) 1,190 (2,251 ) 1,604 Less: Income tax expense from discontinued operations (4,545 ) — (4,545 ) — Less: Loss on early extinguishment of debt, net (3,315 ) (1,457 ) (3,525 ) (1,582 ) Net income $ 196,007 $ 59,787 $ 180,635 $ 50,487

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Jun. 30, 2017USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment across a range of real estate sectors over the past two decades (more than)	$ 35

Basis of Presentation and Pri43

Basis of Presentation and Principles of Consolidation (VIEs) (Details) $ in Millions	Jun. 30, 2017USD ($)
Consolidated VIEs
Variable interest entities
Variable interest entity, consolidated, carrying amount, assets	$ 326.9
Variable interest entity, consolidated, carrying amount, liabilities	68.9
Unconsolidated VIEs
Variable interest entities
Carrying value of the investments	56.6
Variable interest entity unfunded commitment	$ 53.8

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Narrative) (Details) - New Accounting Pronouncement, Early Adoption, Effect - Accounting Standards Update 2017-05 - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
New Accounting Pronouncement, Early Adoption [Line Items]
Gain on sale of ground lease business	$ 178.9	$ 178.9
Expected Incremental Gain to be Recorded Retrospectively
New Accounting Pronouncement, Early Adoption [Line Items]
Gain on sale of ground lease business	$ 55.5	$ 55.5

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Land, at cost	$ 438,288	$ 442,560
Buildings and improvements, at cost	1,272,627	1,298,333
Less: accumulated depreciation	(367,933)	(353,619)
Real estate, net	1,342,982	1,387,274
Real estate available and held for sale	68,045	237,531
Total real estate	1,411,027	1,624,805
Deferred expenses and other assets, net	147,121	162,112
Deferred operating lease income receivable, net	88,944	88,189
Accrued interest and operating lease income receivable, net	10,501	11,254
Net Lease
Real Estate Properties [Line Items]
Land, at cost	227,231	231,506
Buildings and improvements, at cost	950,548	987,050
Less: accumulated depreciation	(314,373)	(307,444)
Real estate, net	863,406	911,112
Real estate available and held for sale	924	155,051
Total real estate	864,330	1,066,163
Operating Properties
Real Estate Properties [Line Items]
Land, at cost	211,057	211,054
Buildings and improvements, at cost	322,079	311,283
Less: accumulated depreciation	(53,560)	(46,175)
Real estate, net	479,576	476,162
Real estate available and held for sale	67,121	82,480
Total real estate	546,697	558,642
Ground Net Lease Business
Real Estate Properties [Line Items]
Real estate, net		104,500
Deferred expenses and other assets, net		37,500
Deferred operating lease income receivable, net		8,200
Accrued interest and operating lease income receivable, net		3,500
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 67,100	$ 82,500

Real Estate (Real Estate Availa

Real Estate (Real Estate Available and Held for Sale) (Details) - Executed Contract with Third Party $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)lease_asset	Jun. 30, 2016USD ($)
Net Lease
Real Estate Properties [Line Items]
Net lease asset transferred | lease_asset	1
Property transferred to held for sale, carrying value	$ 0.9	$ 0.7
Commercial Operating Properties
Real Estate Properties [Line Items]
Property transferred to held for sale, carrying value		$ 16.1

Real Estate (Acquisitions) (Det

Real Estate (Acquisitions) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Abstract]
Acquisitions of real estate assets	$ 0	$ 3,915
Term of ground lease		99 years

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details)		Apr. 14, 2017USD ($)	Apr. 30, 2017USD ($)leaseproperty	Mar. 31, 2017USD ($)property	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate							$ 154,291,000	$ 247,956,000
Gain sale of properties	[1]				$ 844,000	$ 43,484,000	$ 8,954,000	53,943,000
Noncontrolling interest, ownership percentage by parent					95.70%		95.70%
Earnings from equity method investments					$ 5,515,000	$ 39,447,000	$ 11,217,000	47,714,000
Residential Condominiums
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain sale of properties							2,700,000	18,800,000
Proceeds from sale of other real estate							17,600,000	59,200,000
Net Lease Asset Two
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain sale of properties							6,200,000	9,200,000
Net proceeds from sales of real estate							19,500,000	30,200,000
Commercial Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain sale of properties								25,900,000
Net proceeds from sales of real estate								$ 158,900,000
Safety, Income and Growth, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of properties			$ 161,100,000
Gain sale of properties			$ 123,400,000
Safety, Income and Growth, Inc. | Ground Net Lease Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | property			12
Number of ground net leases | lease			7
Number of master leases | lease			1
Number of properties covered under master lease agreement | property			5
Net proceeds from sales of real estate		$ 113,000,000	$ 113,000,000
Payments to acquire equity method investments		$ 55,500,000	$ 55,500,000
Noncontrolling interest, ownership percentage by parent		51.00%
2017 Secured Financing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties covered under master lease agreement | property				5
Debt instrument, face amount		$ 227,000,000		$ 227,000,000	$ 227,000,000		$ 227,000,000
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations.

Real Estate (Discontinued Opera

Real Estate (Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash flows provided by discontinued operations, operating activities			$ 5,700	$ 9,400
Cash flows used in discontinued operations, investing activities			500	4,600
Ground Net Lease Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 678	$ 4,543	6,430	8,986
Expenses	(505)	(910)	(1,491)	(1,772)
Income from discontinued operations	$ 173	$ 3,633	$ 4,939	$ 7,214

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investment [Line Items]
Impairment of assets	$ 10,284	$ 3,012	$ 14,696	$ 3,012
Held-for-Sale, Change in Business Strategy
Investment [Line Items]
Impairment of assets			$ 4,400	$ 3,000

Real Estate (Tenant Reimburseme

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating Lease Income
Real Estate Properties [Line Items]
Tenant reimbursements	$ 5.2	$ 5.9	$ 10.7	$ 12.1

Real Estate (Allowance for Doub

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Real Estate Tenant Receivables
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.4	$ 1.3
Deferred Operating Lease
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.1	$ 1.3

Land and Development (Schedule

Land and Development (Schedule of Land and Development) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total land and development, net	$ 855,497	$ 945,565
Land & Development
Property, Plant and Equipment [Line Items]
Land and land development, at cost	862,774	952,051
Less: accumulated depreciation	(7,277)	(6,486)
Total land and development, net	$ 855,497	$ 945,565

Land and Development (Acquisiti

Land and Development (Acquisitions, Dispositions, and Redeemable Noncontrolling Interest) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)aparcel	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Jan. 22, 2015a
Property, Plant and Equipment [Line Items]
Number of land parcels sold | parcel			1
Area of land parcels sold | a			1,250
Land development revenue	$ 132,710,000	$ 27,888,000	$ 152,760,000	$ 42,835,000
Land development cost of sales	$ 122,466,000	17,262,000	$ 138,376,000	28,838,000
Noncontrolling interest increase (percent)					10.70%
Noncontrolling interest, decrease from redemptions or purchase of interests					$ 10,800,000
Noncontrolling interest, ownership percentage by parent	95.70%		95.70%
Impairment of assets	$ 10,284,000	$ 3,012,000	$ 14,696,000	$ 3,012,000
Redeemable noncontrolling interests	3,585,000		3,585,000		5,031,000
Land & Development
Property, Plant and Equipment [Line Items]
Impairment of assets			10,100,000
Not Currently Redeemable
Property, Plant and Equipment [Line Items]
Redeemable noncontrolling interests	0		0		$ 1,300,000
Lennar
Property, Plant and Equipment [Line Items]
Area of land subject to litigation (in acres) | a						1,250
Prince George's County, Maryland
Property, Plant and Equipment [Line Items]
Land development revenue	114,000,000		114,000,000
Land development cost of sales	$ 106,300,000		$ 106,300,000

Loans Receivable and Other Le55

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 1,163,765		$ 1,456,068
Reserves for loan losses	(78,789)	$ (79,389)	(85,545)	$ (110,371)	$ (109,671)	$ (108,165)
Total loans receivable, net	1,084,976		1,370,523
Other lending investments—securities	85,589		79,916
Total loans receivable and other lending investments, net	1,170,565		1,450,439
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	597,335		940,738
Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	543,589		490,389
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 22,841		$ 24,941

Loans Receivable and Other Le56

Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Allowance for Loan Losses [Roll Forward]
Reserve for loan losses at beginning of period	$ 79,389	$ 109,671	$ 85,545	$ 108,165
(Recovery of) provision for loan losses	(600)		(5,528)
(Recovery of) provision for loan losses	(600)	700	(5,528)	2,206
Charge-offs	0	0	(1,228)	0
Reserve for loan losses at end of period	$ 78,789	$ 110,371	$ 78,789	$ 110,371

Loans Receivable and Other Le57

Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	$ 1,169,452		$ 1,169,452			$ 1,463,003
Less: Reserve for loan losses	(78,789)	$ (110,371)	(78,789)	$ (110,371)	$ (79,389)	(85,545)	$ (109,671)	$ (108,165)
Total	1,090,663		1,090,663			1,377,458
Release of general reserve	0	$ 0	1,228	$ 0
Interest receivable	5,700		5,700			6,900
Held-to-maturity and available-for-sale securities	85,589		85,589			79,916
Individually Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	249,659		249,659			253,941
Less: Reserve for loan losses	(60,989)		(60,989)			(62,245)
Total	188,670		188,670			191,696
Unamortized discounts, premiums, deferred fees and costs	(700)		(700)			(400)
Collectively Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	919,793		919,793			1,209,062
Less: Reserve for loan losses	(17,800)		(17,800)			(23,300)
Total	901,993		901,993			1,185,762
Unamortized discounts, premiums, deferred fees and costs	$ 4,500		$ 4,500			$ 1,900

Loans Receivable and Other Le58

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 1,169,452	$ 1,463,003
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	600,644	945,182
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	545,925	492,823
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	22,883	24,998
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 919,793	$ 1,209,062
Weighted Average Risk Ratings	2.74	3.11
Real Estate Finance | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 518,362	$ 859,250
Weighted Average Risk Ratings	2.53	3.12
Real Estate Finance | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 389,550	$ 335,677
Weighted Average Risk Ratings	3.03	3.09
Real Estate Finance | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 11,881	$ 14,135
Weighted Average Risk Ratings	2.55	3

Loans Receivable and Other Le59

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Recorded investment in loans, aged by payment status and presented by class
Current	$ 936,795	$ 1,229,180
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	232,657	233,823
Total Past Due	232,657	233,823
Loans	$ 1,169,452	$ 1,463,003
Financing receivable, number of loans greater than 90 days past due | loan	4	4
Financing receivables, past due time period	90 days	90 days
Minimum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period	1 year	1 year
Maximum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period	8 years	8 years
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	$ 524,362	$ 868,505
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	76,282	76,677
Total Past Due	76,282	76,677
Loans	600,644	945,182
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	389,550	335,677
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	156,375	157,146
Total Past Due	156,375	157,146
Loans	545,925	492,823
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	22,883	24,998
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	$ 22,883	$ 24,998

Loans Receivable and Other Le60

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Financing Receivable, Impaired [Line Items]
Recorded Investment	$ 249,659		$ 249,659		$ 253,941
Unpaid Principal Balance	239,224		239,224		243,409
Related Allowance	(60,989)		(60,989)		(62,245)
Average Recorded Investment	250,230	$ 147,137	251,467	$ 142,256
Interest Income Recognized	0	111	0	111
Senior mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	82,282		82,282		85,933
Unpaid Principal Balance	82,390		82,390		85,780
Related Allowance	(48,518)		(48,518)		(49,774)
Average Recorded Investment	82,368	136,128	83,556	133,003
Interest Income Recognized	0	111	0	111
Subordinate mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	11,002		11,002		10,862
Unpaid Principal Balance	10,985		10,985		10,846
Related Allowance	0		0		0
Average Recorded Investment	11,023	5,785	10,970	3,857
Interest Income Recognized	0	0	0	0
Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Recorded Investment	156,375		156,375		157,146
Unpaid Principal Balance	145,849		145,849		146,783
Related Allowance	(12,471)		(12,471)		(12,471)
Average Recorded Investment	156,839	5,224	156,941	5,396
Interest Income Recognized	0	0	0	0
With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Recorded Investment	11,002		11,002		10,862
Unpaid Principal Balance	10,985		10,985		10,846
Related Allowance	0		0		0
Average Recorded Investment	11,023	14,935	10,970	9,957
Interest Income Recognized	0	111	0	111
With no related allowance recorded | Senior mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	0	9,150	0	6,100
Interest Income Recognized	0	111	0	111
With no related allowance recorded | Subordinate mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	11,002		11,002		10,862
Unpaid Principal Balance	10,985		10,985		10,846
Related Allowance	0		0		0
Average Recorded Investment	11,023	5,785	10,970	3,857
Interest Income Recognized	0	0	0	0
With an allowance recorded
Financing Receivable, Impaired [Line Items]
Recorded Investment	238,657		238,657		243,079
Unpaid Principal Balance	228,239		228,239		232,563
Related Allowance	(60,989)		(60,989)		(62,245)
Average Recorded Investment	239,207	132,202	240,497	132,299
Interest Income Recognized	0	0	0	0
With an allowance recorded | Senior mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	82,282		82,282		85,933
Unpaid Principal Balance	82,390		82,390		85,780
Related Allowance	(48,518)		(48,518)		(49,774)
Average Recorded Investment	82,368	126,978	83,556	126,903
Interest Income Recognized	0	0	0	0
With an allowance recorded | Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Recorded Investment	156,375		156,375		157,146
Unpaid Principal Balance	145,849		145,849		146,783
Related Allowance	(12,471)		(12,471)		$ (12,471)
Average Recorded Investment	156,839	5,224	156,941	5,396
Interest Income Recognized	$ 0	$ 0	$ 0	$ 0

Loans Receivable and Other Le61

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Face Value	$ 84,648	$ 79,694
Amortized Cost Basis	84,597	79,490
Net Unrealized Gain (Loss)	2,536	3,179
Estimated Fair Value	87,133	82,669
Net Carrying Value	85,589	79,916
Municipal debt securities
Available-for-Sale Securities
Face Value	21,230	21,240
Amortized Cost Basis	21,230	21,240
Net Unrealized Gain (Loss)	992	426
Estimated Fair Value	22,222	21,666
Net Carrying Value	22,222	21,666
Debt securities
Held-to-Maturity Securities
Face Value	63,418	58,454
Amortized Cost Basis	63,367	58,250
Net Unrealized Gain (Loss)	1,544	2,753
Estimated Fair Value	64,911	61,003
Net Carrying Value	$ 63,367	$ 58,250

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	$ 276,821		$ 276,821		$ 214,406
Earnings from equity method investments	5,515	$ 39,447	11,217	$ 47,714
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	27,239		27,239		33,350
Earnings from equity method investments	360	4,723	607	5,525
Oak Hill Funds
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments		500		3,700
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	249,582		249,582		181,056
Earnings from equity method investments	5,155	34,724	10,610	42,189
Real estate equity investments | Net lease venture
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	128,997		128,997		92,669
Earnings from equity method investments	1,032	944	2,013	1,890
Real estate equity investments | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	50,287		50,287		0
Earnings from equity method investments		0	48	0
Real estate equity investments | Marina Palms
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	7,191		7,191		35,185
Earnings from equity method investments	1,183	5,180	4,300	13,401
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	63,107		63,107		$ 53,202
Earnings from equity method investments	$ 2,892	$ 28,600	$ 4,249	$ 26,898

Other Investments (Narrative) (

Other Investments (Narrative) (Details)		Jun. 27, 2017USD ($)	Apr. 14, 2017USD ($)	Apr. 30, 2017USD ($)property	Dec. 31, 2016USD ($)	Jun. 30, 2017USD ($)unit	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)unit	Jun. 30, 2016USD ($)	Mar. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of other investments								$ 0	$ 39,810,000
Earnings from equity method investments						$ 5,515,000	$ 39,447,000	11,217,000	47,714,000
Acquisitions of real estate assets								0	3,915,000
Net proceeds from sales of real estate								154,291,000	247,956,000
Carrying value of assets					$ 4,825,514,000	4,914,755,000		4,914,755,000
Gain sale of properties	[1]					$ 844,000	43,484,000	$ 8,954,000	53,943,000
Noncontrolling interest, ownership percentage by parent						95.70%		95.70%
Equity method investments, carrying value					214,406,000	$ 276,821,000		$ 276,821,000
Contributions								139,139,000	8,283,000
Cost method investments					1,400,000	900,000		900,000
Other real estate equity investments | Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value					3,600,000	7,900,000		7,900,000
Contributions					7,000,000
Loan commitments					27,000,000
Loans receivable, carrying value					22,700,000	23,600,000		23,600,000
Interest income						500,000		900,000
Other real estate equity investments | Land & Development
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value					49,600,000	$ 55,200,000		$ 55,200,000
Other real estate equity investments | Minimum
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage						20.00%		20.00%
Other real estate equity investments | Maximum
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage						85.00%		85.00%
Oak Hill Funds
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments							500,000		3,700,000
Net lease venture
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage						51.90%		51.90%
Partners' capital account, contributions (up to)						$ 500,000,000		$ 500,000,000
Equity method investment, related party ownership percentage						0.60%		0.60%
Equity method investment, related party promote fee percentage						50.00%		50.00%
Equity method investment, partner ownership percentage						47.50%		47.50%
Acquisitions of real estate assets								$ 59,000,000
Net proceeds from sales of real estate								6,200,000
Financing derecognized after sale								18,900,000
Total assets carrying value					511,300,000	$ 626,500,000		626,500,000
Net lease venture | Other income
Schedule of Equity Method Investments [Line Items]
Management fees revenue						$ 500,000	400,000	$ 900,000	800,000
Marina Palms
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage						47.50%		47.50%
Total assets carrying value					$ 201,800,000	$ 52,700,000		$ 52,700,000
Number of units | unit						468		468
Marine Palms North Tower
Schedule of Equity Method Investments [Line Items]
Number of units | unit						234		234
Number of units remaining for sale | unit						1		1
Marine Palms South Tower
Schedule of Equity Method Investments [Line Items]
Number of units | unit						234		234
Percentage of units pre-sold								84.00%
Newly formed unconsolidated entity
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage					50.00%
Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage						28.00%		28.00%
Contributions by majority shareholders			$ 57,500,000
Carrying value of assets				$ 161,100,000
Gain sale of properties				123,400,000
Safety, Income and Growth, Inc. | IPO
Schedule of Equity Method Investments [Line Items]
Payments of Stock Issuance Costs		$ 16,600,000
Offering costs		25,000,000
Safety, Income and Growth, Inc. | Private Placement
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance initial public offering		205,000,000
Proceeds from issuance of private placement		$ 45,000,000
Wholly-owned Subsidiary | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of other investments									39,800,000
Gain on sale of equity method investment									31,500,000
Gain on sale of equity method investment attributable to noncontrolling interest									10,100,000
Wholly-owned Subsidiary | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Management fee, percent of equity below threshold								1.00%
Management fee, percent of equity above threshold								0.75%
Management fee, shareholders' equity threshold amount						$ 2,500,000,000		$ 2,500,000,000
Ground Net Lease Business | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of real estate			113,000,000	$ 113,000,000
Number of properties | property				12
Payments to acquire equity method investments			$ 55,500,000	$ 55,500,000
Noncontrolling interest (as a percent)			49.00%
Noncontrolling interest, ownership percentage by parent			51.00%
2017 Secured Financing
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount			$ 227,000,000			227,000,000		227,000,000		$ 227,000,000
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments						5,155,000	34,724,000	10,610,000	42,189,000
Equity method investments, carrying value					$ 181,056,000	249,582,000		249,582,000
Real estate equity investments | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments							0	48,000	0
Equity method investments, carrying value					0	50,287,000		50,287,000
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments						2,892,000	28,600,000	4,249,000	26,898,000
Equity method investments, carrying value					53,202,000	63,107,000		63,107,000
Real estate equity investments | Net lease venture
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments						1,032,000	944,000	2,013,000	1,890,000
Equity method investments, carrying value					92,669,000	128,997,000		128,997,000
Real estate equity investments | Marina Palms
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments						1,183,000	$ 5,180,000	4,300,000	$ 13,401,000
Equity method investments, carrying value					$ 35,185,000	7,191,000		$ 7,191,000
Real estate equity investments | Safety, Income and Growth, Inc. | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments						$ 48,000
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations.

Other Investments (Schedule o64

Other Investments (Schedule of Summarized Investee Financial Information) (Details) - Marina Palms - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Equity Method Investments, Summarized Financial Information [Line Items]
Revenues	$ 31,847	$ 87,494
Expenses	(19,771)	(47,764)
Net Income Attributable to Parent Entities	$ 12,076	$ 39,730

Other Assets and Other Liabil65

Other Assets and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Operating Leased Assets [Line Items]
Intangible assets, net	$ 20,452		$ 20,452		$ 30,727
Other receivables	56,851		56,851		52,820
Other assets	29,449		29,449		34,351
Restricted cash	23,380		23,380		25,883
Leasing costs, net	11,367		11,367		11,802
Corporate furniture, fixtures and equipment, net	5,133		5,133		5,691
Deferred financing fees, net	489		489		838
Deferred expenses and other assets, net	147,121		147,121		162,112
Intangible assets, accumulated amortization	33,500		33,500		31,900
Amortization of above market lease	800	$ 1,100	1,600	$ 2,200
Accumulated amortization on leasing costs	7,000		7,000		6,700
Accumulated depreciation on corporate furniture, fixtures and equipment	9,800		9,800		9,000
Depreciation and Amortization
Operating Leased Assets [Line Items]
Amortization of intangible assets	700	$ 600	1,200	$ 1,100
Operating Properties
Operating Leased Assets [Line Items]
Other receivables	$ 26,000		$ 26,000		$ 26,000

Other Assets and Other Liabil66

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Other liabilities	$ 81,526		$ 81,526		$ 75,993
Accrued expenses	84,174		84,174		72,693
Accrued interest payable	56,716		56,716		54,033
Intangible liabilities, net	7,843		7,843		8,851
Accounts payable, accrued expenses and other liabilities	230,259		230,259		211,570
Developer fee payable	24,000		24,000		24,000
Special assessment bond	7,300		7,300		8,500
Below market lease, accumulated amortization	7,500		7,500		6,400
Amortization of below market lease	800	$ 300	1,000	$ 600
Real Estate Available and Held for Sale
Real Estate Properties [Line Items]
Accrued expenses	2,500		$ 2,500		1,700
Residential Real Estate | Master Planned Community
Real Estate Properties [Line Items]
Number of properties | property			2
Real Estate Assets Held-for-Sale
Real Estate Properties [Line Items]
Other liabilities	$ 1,500		$ 1,500		$ 1,200

Other Assets and Other Liabil67

Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) - Taxable REIT Subsidiaries - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of deferred tax assets and liabilities [Line Items]
Deferred tax assets (liabilities)	$ 82,219	$ 66,498
Valuation allowance	(82,219)	(66,498)
Net deferred tax assets (liabilities)	$ 0	$ 0

Loan Participations Payable, 68

Loan Participations Payable, net (Details) $ in Thousands	Jun. 30, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Loan Participations Payable, net [Line Items]
Unamortized discounts and deferred financing costs, net	$ (26,261)	$ (28,449)
Loan participations payable, net	107,442	159,321
Loans receivable, net	$ 1,084,976	$ 1,370,523
Total loan participations payable, net
Loan Participations Payable, net [Line Items]
Number of loan participations payable | loan	2	3
Weighted average interest rate (as a percent)	6.20%	4.80%
Total loan participations payable, net
Loan Participations Payable, net [Line Items]
Loan participations payable, gross	$ 107,844	$ 160,251
Unamortized discounts and deferred financing costs, net	(402)	(930)
Total loan participations payable, net
Loan Participations Payable, net [Line Items]
Loans receivable, net	$ 107,100	$ 159,100

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($)	3 Months Ended		6 Months Ended		7 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Apr. 12, 2017	Aug. 31, 2016
Debt Instrument [Line Items]
Total debt obligations	$ 3,394,374,000		$ 3,394,374,000		$ 3,418,357,000
Debt discounts and deferred financing costs, net	(26,261,000)		(26,261,000)		(28,449,000)
Total debt obligations, net	3,368,113,000		3,368,113,000		3,389,908,000
Interest costs capitalized	2,000,000	$ 1,400,000	4,000,000	$ 2,800,000
2015 $250 Million Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	250,000,000		250,000,000
Total debt obligations	0		$ 0		0
Converted term loan, term			1 year
2015 $250 Million Secured Revolving Credit Facility | Minimum | Interest Rate Category One
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			1.25%
2015 $250 Million Secured Revolving Credit Facility | Minimum | Interest Rate Category Two
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			2.25%
2015 $250 Million Secured Revolving Credit Facility | Maximum | Interest Rate Category One
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			1.75%
2015 $250 Million Secured Revolving Credit Facility | Maximum | Interest Rate Category Two
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			2.75%
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.75%
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.00%
2015 $250 Million Secured Revolving Credit Facility | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			0.50%
2016 Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount					450,000,000		$ 500,000,000
Total debt obligations	498,750,000		$ 498,750,000		$ 498,648,000
Basis point spread on variable interest rate (as a percent)			1.00%
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			3.75%		4.50%
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.00%		1.00%
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.75%
2016 Senior Secured Credit Facility | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			0.50%
Mortgages collateralized by net lease assets
Debt Instrument [Line Items]
Total debt obligations	$ 225,624,000		$ 225,624,000		$ 249,987,000
Weighted average interest rate (as a percent)	5.20%		5.20%
Mortgages collateralized by net lease assets | Minimum
Debt Instrument [Line Items]
Stated interest rates (as a percent)	3.875%		3.875%
Mortgages collateralized by net lease assets | Maximum
Debt Instrument [Line Items]
Stated interest rates (as a percent)	7.26%		7.26%
Mortgages collateralized by net lease assets | London Interbank Offered Rate (LIBOR) | Property One
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.00%
Total secured credit facilities and mortgages
Debt Instrument [Line Items]
Total debt obligations	$ 724,374,000		$ 724,374,000		748,635,000
5.85% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 0		$ 0		99,722,000
Stated interest rates (as a percent)	5.85%		5.85%
9.00% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 0		$ 0		275,000,000
Stated interest rates (as a percent)	9.00%		9.00%			9.00%
4.00% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 550,000,000		$ 550,000,000		550,000,000
Stated interest rates (as a percent)	4.00%		4.00%
7.125% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 300,000,000		$ 300,000,000		300,000,000
Stated interest rates (as a percent)	7.125%		7.125%
4.875% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 300,000,000		$ 300,000,000		300,000,000
Stated interest rates (as a percent)	4.875%		4.875%
5.00% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 770,000,000		$ 770,000,000		770,000,000
Stated interest rates (as a percent)	5.00%		5.00%
6.50% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 275,000,000		$ 275,000,000
Total debt obligations	$ 275,000,000		$ 275,000,000		275,000,000
Stated interest rates (as a percent)	6.50%	6.50%	6.50%	6.50%
6.00% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 375,000,000		$ 375,000,000
Total debt obligations	$ 375,000,000		$ 375,000,000		0
Stated interest rates (as a percent)	6.00%		6.00%
Unsecured Notes
Debt Instrument [Line Items]
Total debt obligations	$ 2,570,000,000		$ 2,570,000,000		2,569,722,000
Trust preferred securities
Debt Instrument [Line Items]
Total debt obligations	$ 100,000,000		$ 100,000,000		$ 100,000,000
Basis point spread on variable interest rate (as a percent)			1.50%

Debt Obligations, net (Future S

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	Aug. 02, 2017	Jun. 30, 2017	Dec. 31, 2016
Maturities of Long-term Debt [Abstract]
2017 (remaining six months)		$ 550,000
2,018		610,091
2,019		798,350
2,020		498,750
2,021		393,287
Thereafter		543,896
Total principal maturities		3,394,374	$ 3,418,357
Unamortized discounts and deferred financing costs, net		(26,261)	(28,449)
Total debt obligations, net		3,368,113	$ 3,389,908
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2017 (remaining six months)		550,000
2,018		600,000
2,019		770,000
2,020		0
2,021		275,000
Thereafter		475,000
Total principal maturities		2,670,000
Unamortized discounts and deferred financing costs, net		(18,419)
Total debt obligations, net		2,651,581
Secured Debt
Maturities of Long-term Debt [Abstract]
2017 (remaining six months)		0
2,018		10,091
2,019		28,350
2,020		498,750
2,021		118,287
Thereafter		68,896
Total principal maturities		724,374
Unamortized discounts and deferred financing costs, net		(7,842)
Total debt obligations, net		716,532
Other Debt Obligations
Maturities of Long-term Debt [Abstract]
2,018		$ 610,000
Subsequent Event
Maturities of Long-term Debt [Abstract]
Remaining borrowing capacity	$ 1,200,000

Debt Obligations, net (Secured

Debt Obligations, net (Secured Credit Facility Narrative) (Details)	1 Months Ended				6 Months Ended	7 Months Ended
	Mar. 31, 2017USD ($)leaseproperty	Jan. 31, 2017USD ($)	Dec. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Apr. 14, 2017USD ($)	Aug. 31, 2016USD ($)
2017 Secured Financing
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 227,000,000				$ 227,000,000		$ 227,000,000
Stated interest rates (as a percent)	3.795%
Number of properties collateralizing loan | property	12
Number of ground net leases collateralizing loan | lease	7
Number of master lease collateralizing loan | lease	1
Number of properties covered under master lease agreement | property	5
Deferred financing costs	$ 7,300,000
2016 Senior Secured Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 450,000,000			$ 450,000,000		$ 500,000,000
Percentage of par credit facilities were issued at					99.00%
Basis point spread on variable interest rate (as a percent)					1.00%
Multiple of the minimum collateral coverage on outstanding borrowings (at least)					1.25
Required quarterly principal payment (as a percent)					0.25%
Deferred finance costs, gross						4,500,000
Debt instrument, thirst party fees, amount recognized						6,200,000
Debt issuance fees		$ 800,000
Debt instrument, third party fees, amount capitalized						4,300,000
2016 Senior Secured Credit Facility | Other Expense
Line of Credit Facility [Line Items]
Debt instrument, thirst party fees, amount recognized						$ 1,900,000
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					3.75%	4.50%
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					1.00%	1.00%
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					2.75%
2015 $250 Million Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 250,000,000
Multiple of the minimum collateral coverage on outstanding borrowings (at least)					1.5
Line of credit facility, maximum borrowing capacity				$ 250,000,000	$ 234,600,000
Converted term loan, term					1 year
2015 $250 Million Secured Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage				0.375%
2015 $250 Million Secured Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage				0.50%
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					2.75%
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					1.00%
2016 Secured Term Loan | Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 170,000,000			$ 170,000,000
Number of properties collateralizing loan | property			12
Safety, Income and Growth, Inc. | 2017 Secured Financing
Line of Credit Facility [Line Items]
Equity capitalization amount, at least					$ 500,000,000
Net worth, at least					$ 250,000,000

Debt Obligations, net (Unsecure

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) shares in Millions	Apr. 12, 2017	Mar. 31, 2017	Nov. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Repayments of debt							$ 626,492,000	$ 991,184,000
Loss on early extinguishment of debt, net					$ 3,315,000	$ 1,457,000	3,525,000	$ 1,582,000
6.00% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 375,000,000		$ 375,000,000
Stated interest rates (as a percent)					6.00%		6.00%
5.85% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)					5.85%		5.85%
Repayments of debt		$ 99,700,000
9.00% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)	9.00%				9.00%		9.00%
Repayments of debt	$ 275,000,000
5.875% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)						5.875%		5.875%
Repayments of debt				$ 261,400,000
6.50% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 275,000,000		$ 275,000,000
Stated interest rates (as a percent)					6.50%	6.50%	6.50%	6.50%
3.875% senior notes
Debt Instrument [Line Items]
Repayments of debt				265,000,000
Loss on early extinguishment of debt, net					$ 3,100,000	$ 400,000	$ 3,100,000	$ 400,000
2015 $250 Million Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount					$ 250,000,000		$ 250,000,000
Repayments of debt				$ 5,000,000
3.00% senior convertible notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)			3.00%
Repayments of debt			$ 200,000,000
Conversion of senior unsecured convertible notes into common stock			$ 9,600,000
Shares of common stock converted (in shares)			0.8

Debt Obligations, net (Encumber

Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Real estate, net	$ 1,342,982	$ 1,387,274
Real estate available and held for sale	68,045	237,531
Land and development, net	855,497	945,565
Loans receivable and other lending investments, net	1,170,565	1,450,439
Other investments	276,821	214,406
Cash and other assets	1,200,845	590,299
Total assets	4,914,755	4,825,514
Loans receivable, net	1,084,976	1,370,523
Total loan participations payable, net
Debt Instrument [Line Items]
Loans receivable, net	107,100	159,100
Collectively Evaluated for Impairment
Debt Instrument [Line Items]
General reserves for loan losses	17,800	23,300
Encumbered Assets
Debt Instrument [Line Items]
Real estate, net	871,613	881,212
Real estate available and held for sale	0	0
Land and development, net	25,100	35,165
Loans receivable and other lending investments, net	137,722	172,581
Other investments	0	0
Cash and other assets	0	0
Total assets	1,034,435	1,088,958
Unencumbered Assets
Debt Instrument [Line Items]
Real estate, net	471,369	506,062
Real estate available and held for sale	68,045	237,531
Land and development, net	830,397	910,400
Loans receivable and other lending investments, net	943,592	1,142,050
Other investments	276,821	214,406
Cash and other assets	1,200,845	590,299
Total assets	$ 3,791,069	$ 3,600,748

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details)	6 Months Ended
	Jun. 30, 2017
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness (at least)	1.2
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
2016 Senior Secured Credit Facility
Debt Instrument [Line Items]
Multiple of the minimum collateral coverage on outstanding borrowings (at least)	1.25
2015 $250 Million Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
Multiple of the minimum collateral coverage on outstanding borrowings (at least)	1.5
Total secured credit facilities and mortgages
Debt Instrument [Line Items]
Percentage of REIT taxable income permitted for distribution under debt covenants	100.00%

Commitments and Contingencies75

Commitments and Contingencies (Narrative) (Details)	Apr. 21, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jan. 22, 2015a
Other Commitments [Line Items]
Percentage of capital committed to strategic investments that may be drawn down		100.00%
Net proceeds from sales of land and development assets		$ 146,713,000	$ 33,660,000
Lennar
Other Commitments [Line Items]
Area of land subject to litigation (in acres) | a				1,250
Lennar | Real Estate Sales
Other Commitments [Line Items]
Net proceeds from sales of land and development assets	$ 234,100,000
Payments for documentary transfer taxes	3,300,000
Sales proceeds from sale of land	114,000,000
Proceeds from interest received	121,800,000
Proceeds from real estate tax reimbursements	1,600,000
Damages sought for legal fees, in excess of	$ 17,000,000
Participation interests held by third party (as a percent)	4.30%
Lennar | Land & Development | Real Estate Sales
Other Commitments [Line Items]
Unpaid purchase price, interest rate (as a percent)				12.00%

Commitments and Contingencies76

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Other Commitments [Line Items]
Performance-Based Commitments	$ 342,921
Strategic Investments	45,634
Total	388,555
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments	313,615
Strategic Investments	0
Total	313,615
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	7,886
Strategic Investments	0
Total	7,886
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	21,420
Strategic Investments	45,634
Total	67,054
Loan participations, not the obligation of the Company
Other Commitments [Line Items]
Performance-Based Commitments	$ 130,300

Derivatives (Fair Value of Deri

Derivatives (Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	$ 45	$ 0
Derivative liabilities, fair value	71	47
Designated as hedge | Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	0
Designated as hedge | Foreign exchange contracts | Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value		0
Derivative liabilities, fair value	71	8
Designated as hedge | Interest rate swaps
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	45	0
Designated as hedge | Interest rate swaps | Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative liabilities, fair value	0	39
Not designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	30	727
Derivative liabilities, fair value	680	0
Not designated as hedge | Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative liabilities, fair value	680	0
Not designated as hedge | Foreign exchange contracts | Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	0
Not designated as hedge | Foreign exchange contracts | Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value		702
Not designated as hedge | Interest rate cap
Derivative financial instruments on consolidated balance sheets
Derivative liabilities, fair value	0	0
Not designated as hedge | Interest rate cap | Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	$ 30	$ 25

Derivatives (Classification on

Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Expense | Interest rate swaps | Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	$ (44)	$ (192)		$ (694)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	384	(23)		2
Interest Expense | Interest rate cap | Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)			$ 424	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)			355	(185)
Earnings from equity method investments | Interest rate swaps | Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(93)	(165)	(15)	(624)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(62)	(95)	(150)	(192)
Earnings from equity method investments | Interest rate cap | Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(9)		(14)	(1)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(9)		(14)	0
Earnings from equity method investments | Foreign exchange contracts | Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(70)	38	(369)	(49)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0	0	0	0
Other Expense | Interest rate cap | Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income	(41)	(252)	6	(1,055)
Other Expense | Foreign exchange contracts | Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income	$ (645)	$ 523	$ (769)	$ 341

Derivatives (Foreign Exchange C

Derivatives (Foreign Exchange Contracts) (Details) € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017EUR (€)	Jun. 30, 2017GBP (£)	Jun. 30, 2017INR (₨)
Derivative [Line Items]
Foreign currency transaction gain (loss)	$ 100	$ (100)	$ 100	$ (100)
Sells Indian rupee (INR)/Buys USD Forward
Derivative [Line Items]
Notional Amount	5,344		5,344				₨ 350,000
Sells euro (EUR)/Buys USD Forward
Derivative [Line Items]
Notional Amount	7,496		7,496		€ 7,000
Sells pound sterling (GBP)/Buys USD Forward
Derivative [Line Items]
Notional Amount	$ 3,988		$ 3,988			£ 3,200

Derivatives (Interest Rate Hedg

Derivatives (Interest Rate Hedges) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Derivative [Line Items]
Gain (loss) recognized in accumulated other comprehensive income	$ 400
Interest rate swap
Derivative [Line Items]
Notional Amount	$ 26,116
Fixed Rate (as a percent)	3.47%
Interest rate swap | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Variable Rate (as a percent)	2.00%
Interest rate cap
Derivative [Line Items]
Notional Amount	$ 500,000
Fixed Rate (as a percent)	1.00%
Terminated interest rate swap
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 100

Derivatives (Credit Risk-Relate

Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Credit derivative, maximum exposure, undiscounted	$ 0
Deferred Expenses and Other Assets, Net | Forward Contracts
Derivative [Line Items]
Collateral posted for hedges	$ 4,500,000	$ 400,000

Equity (Preferred Stock) (Detai

Equity (Preferred Stock) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	25,800,000		25,800,000
Number of days in year used in the computation of preferred stock dividends for any partial dividend period	360 days		360 days
Number of months used in the computation of preferred stock dividends for any partial dividend period	12 months		12 months
Number of days in month, dividends computation of dividends payable for any partial dividend period	30 days		30 days
Capital gains distribution (as a percent)			47.30%
Unrecaptured Section 1250 gain (s a percent)			76.15%
Long term capital gain (as a percent)			23.85%
Ordinary income (as a percent)			52.70%
Amount of preferred dividends in arrears	$ 0	$ 0
Redemption price as a percentage of liquidation preference	100.00%	100.00%
Shares issued upon conversion	3.9087		3.9087
Maximum
Class of Stock [Line Items]
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	30 days		30 days
Minimum
Class of Stock [Line Items]
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	10 days		10 days
Series D
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation preference (in dollars per share)	$ 25	$ 25	$ 25
Rate per Annum	8.00%		8.00%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 2		$ 2
Dividends declared and paid	$ 4,000,000	$ 4,000,000
Series E
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	5,600,000		5,600,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.875%		7.875%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.97		$ 1.97
Dividends declared and paid	$ 5,500,000	5,500,000
Series F
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.80%		7.80%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.95		$ 1.95
Dividends declared and paid	$ 3,900,000	3,900,000
Series G
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	3,200,000		3,200,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.65%		7.65%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.91		$ 1.91
Dividends declared and paid	$ 3,100,000	3,100,000
Series I
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	5,000,000		5,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.50%		7.50%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.88		$ 1.88
Dividends declared and paid	$ 4,700,000	4,700,000
Series J
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation preference (in dollars per share)	$ 50		$ 50
Rate per Annum	4.50%		4.50%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 2.25		$ 2.25
Dividends declared and paid	$ 4,500,000	$ 4,500,000
Redemption price as a percentage of liquidation preference			100.00%
Conversion price per share (in dollars per share)	$ 12.79		$ 12.79

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Dividends [Abstract]
Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT	90.00%
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT	100.00%
Operating loss carryforwards		$ 902.9

Equity (Stock Repurchase Progra

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Aug. 04, 2016	Feb. 15, 2016
Stock Repurchase Program
Repurchase of common stock, authorized amount			$ 50,000,000	$ 50,000,000
Treasury stock, shares, acquired	9.5
Treasury stock value acquired including acquisition costs	$ 91,800,000
Treasury stock acquired, average cost per share (in dollars per share)	$ 9.71
Available repurchase of common stock, authorized amount (up to)		$ 50,000,000

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	$ 715	$ 149
Unrealized gains on cash flow hedges	230	27
Unrealized losses on cumulative translation adjustment	(4,623)	(4,394)
Accumulated other comprehensive income (loss)	$ (3,678)	$ (4,218)

Stock-Based Compensation Plan86

Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) $ in Thousands

Feb. 22, 2017shares

Jun. 15, 2016shares

Jan. 29, 2016Installmentshares

Jan. 30, 2015Installmentshares

Feb. 28, 2017shares

Jun. 30, 2016shares

Jan. 31, 2016shares

Jan. 31, 2015shares

May 31, 2014shares

Jun. 30, 2017USD ($)shares

Jun. 30, 2016USD ($)

Jun. 30, 2017USD ($)pointshares

Jun. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Gross contributions made by the Company | $

$ 100

$ 200

$ 800

$ 800

Stock-based compensation expense | $

3,915

$ 1,633

9,796

$ 6,211

Unrecognized compensation cost | $

2,500

$ 2,500

Weighted-average period to recognize the unrecognized compensation cost

1 year 9 months 14 days

Accrued expenses | $

$ 84,174

$ 84,174

$ 72,693

Long-term Incentive Plan 2009

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares available for issuance

3,300,000

3,300,000

2013-2014 Performance Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of points issued (in shares)

5

10

10

73

Number of points forfeited | point

7

2015-2016 Performance Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of points issued (in shares)

18

2.5

40

34

Number of points forfeited | point

7.9

2017-2018 Performance Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of points issued (in shares)

44

Number of points forfeited | point

3.8

All Performance Incentive Plans

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Accrued expenses | $

$ 31,200

$ 31,200

$ 22,400

Common Stock Subject to Sales Restriction | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vested, number of shares

97,967

Restricted shares awarded

62,704

Sale restriction period

18 months

Service Based Restricted Stock Units Vesting on December 31, 2019 | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted units (in share)

115,571

Number of vesting installments | Installment

1

Non-vested, outstanding (in shares)

111,642

111,642

Service Based Restricted Stock Units Vesting 20% on each Anniversary Date

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Non-vested, outstanding (in shares)

60,000

Vesting term

4 years

Service Based Restricted Stock Units Vesting on December 31, 2018 | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Non-vested, outstanding (in shares)

104,026

Performance Based Restricted Stock Units Vesting on December 31, 2017 | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Non-vested, outstanding (in shares)

37,514

Risk-free interest rate (as a percent)

0.75%

Expected stock price volatility (as a percent)

28.14%

Performance Based Restricted Stock Units Vesting on December 31, 2017 | Employees | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

0.00%

Performance Based Restricted Stock Units Vesting on December 31, 2017 | Employees | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

200.00%

Service Based Restricted Stock Units Vesting on December 31, 2017 | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of vesting installments | Installment

1

Non-vested, outstanding (in shares)

54,201

Service Based Restricted Stock Units with specified vesting dates | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Non-vested, outstanding (in shares)

4,751

4,751

Vesting term

3 years

Stock-Based Compensation Plan87

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors - CSE and Restricted Stock Units $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	56,817
Fair value per share (in dollars per share) | $ / shares	$ 11.86
Vesting term	1 year
Non-vested, outstanding (in shares)	317,664
Aggregate intrinsic value for directors | $	$ 3.8

Stock-Based Compensation Plan88

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.2	$ 0.8	$ 0.8

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income (loss) from continuing operations		$ 76,117	$ 12,670	$ 47,869	$ (10,670)
Income from sales of real estate	[1]	844	43,484	8,954	53,943
Net (income) loss attributable to noncontrolling interests		(5,710)	(8,825)	(4,610)	(7,883)
Preferred dividends		(12,830)	(12,830)	(25,660)	(25,660)
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic earnings per common share		58,421	34,499	26,553	9,730
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for diluted earnings per common share		60,676	39,674	31,062	9,732
Income from continuing operations allocable to Participating Security Holders, basic	[2]	0	20	0	11
Income from continuing operations allocable to Participating Security Holders, diluted			14
Income from continuing operations allocable to Participating Security Holders, basic and diluted					11
Joint venture shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive convertible securities		5	3	9	2
1.50% convertible senior unsecured notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive convertible securities		0	1,140	0	0
3.00% convertible senior unsecured notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive convertible securities		0	1,782	0	0
Series J convertible perpetual preferred stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive convertible securities		$ 2,250	$ 2,250	$ 4,500	$ 0
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations.
[2]	Participating Security holders are non-employee directors who hold common stock equivalents ("CSEs") and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (refer to Note 14 and Note 15).

Earnings Per Share (Earnings Al

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	$ 58,421	$ 34,481	$ 26,553	$ 9,724
Income from discontinued operations	173	3,631	4,939	7,209
Gain from discontinued operations	123,418	0	123,418	0
Income tax expense from discontinued operations	(4,545)	0	(4,545)	0
Net income allocable to common shareholders	177,467	38,112	150,365	16,933
Numerator for diluted earnings per share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders	60,676	39,661	31,062	9,726
Income from discontinued operations	173	3,632	4,939	7,209
Gain from discontinued operations	123,418	0	123,418	0
Income tax expense from discontinued operations	(4,545)	0	(4,545)	0
Net income attributable to iStar Inc. and allocable to common shareholders	$ 179,722	$ 43,293	$ 154,874	$ 16,935
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	72,142	73,984	72,104	75,522
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	120	34	119	52
Add: Effect of joint venture shares	298	298	298	298
Weighted average common shares outstanding for diluted earnings per common share	88,195	118,510	88,156	75,872
Basic earnings per common share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ 0.81	$ 0.47	$ 0.37	$ 0.13
Income (loss) from discontinued operations (in dollars per share)	0	0.05	0.07	0.09
Gain from discontinued operations (in dollars per share)	1.71	0	1.71	0
Income tax expense from discontinued operations (in dollars per share)	(0.06)	0	(0.06)	0
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	2.46	0.52	2.09	0.22
Diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	0.69	0.34	0.35	0.13
Income (loss) from discontinued operations (in dollars per share)	0	0.03	0.06	0.09
Gain from discontinued operations (in dollars per share)	1.40	0	1.40	0
Income tax expense from discontinued operations (in dollars per share)	(0.05)	0	(0.05)	0
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ 2.04	$ 0.37	$ 1.76	$ 0.22
Add: Effect of 1.50% senior convertible unsecured notes
Denominator for basic and diluted earnings per share:
Add: Effect of senior convertible unsecured notes	0	11,567	0	0
Add: Effect of 3.00% senior convertible unsecured notes
Denominator for basic and diluted earnings per share:
Add: Effect of senior convertible unsecured notes	0	16,992	0	0
Preferred Stock Series J
Denominator for basic and diluted earnings per share:
Add: Effect of series J convertible perpetual preferred stock	15,635	15,635	15,635	0

Earnings Per Share (Anti-diluti

Earnings Per Share (Anti-dilutive Shares) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
3.00% convertible senior unsecured notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	0	0	16,992
Stated interest rates (as a percent)	3.00%		3.00%
Series J convertible perpetual preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	0	0	15,635
1.50% convertible senior unsecured notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	0	0	11,567
Stated interest rates (as a percent)	1.50%		1.50%
Joint venture shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	0	0	0
Time and Performance-based Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	5	54	20	103

Fair Values (Schedule of Fair V

Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Available-for-sale securities	0	0
Recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Derivative assets	75	727
Derivative liabilities	751	47
Recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Available-for-sale securities	$ 22,222	$ 21,666
Non-recurring basis
Assets and liabilities recorded at fair value
Sellout period		2 years
Non-recurring basis | Loans Receivable One
Assets and liabilities recorded at fair value
Number of impaired loans | loan	1
Sellout period	2 years
Non-recurring basis | Comparable Sales | Loans Receivable One
Assets and liabilities recorded at fair value
Impaired loans		$ 5,200
Number of impaired loans | loan	1
Non-recurring basis | Comparable Sales | Loans Receivable Two
Assets and liabilities recorded at fair value
Impaired loans		$ 2,000
Number of impaired loans | loan		1
Non-recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Impaired loans		$ 0
Impaired real estate	$ 0
Non-recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired loans		7,200
Impaired real estate	7,400	$ 3,063
Number of impaired loans | loan		1
Fair Value | Recurring basis
Assets and liabilities recorded at fair value
Derivative assets	75	$ 727
Derivative liabilities	751	47
Available-for-sale securities	22,222	21,666
Fair Value | Non-recurring basis
Assets and liabilities recorded at fair value
Impaired loans		7,200
Impaired real estate	$ 7,400	$ 3,063
Fair Value | Non-recurring basis | Discounted Cash Flow Valuation Technique
Assets and liabilities recorded at fair value
Discount rate	15.00%	11.00%

Fair Values (Schedule of Level

Fair Values (Schedule of Level 3 Assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 21,666	$ 1,161
Purchases	0	4,366
Repayments	(10)	(10)
Unrealized gains recorded in other comprehensive income	566	464
Ending balance	$ 22,222	$ 5,981

Fair Values (Narrative) (Detail

Fair Values (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	$ 1,170,565	$ 1,450,439
Debt obligations, net	3,368,113	3,389,908
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	1,200,000	1,500,000
Debt obligations, net	$ 3,600,000	$ 3,600,000

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segments	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segments				4
Segment Reporting
Operating lease income		$ 47,002	$ 49,975	$ 94,349	$ 100,470
Interest income		28,645	34,400	57,703	67,620
Other income		139,510	10,096	151,374	21,636
Land development revenue		132,710	27,888	152,760	42,835
Earnings from equity method investments		5,515	39,447	11,217	47,714
Income from discontinued operations		173	3,633	4,939	7,214
Gain from discontinued operations		123,418	0	123,418	0
Income from sales of real estate	[1]	844	43,484	8,954	53,943
Total revenue and other earnings		477,817	208,923	604,714	341,432
Real estate expense		(34,684)	(35,328)	(70,274)	(69,572)
Land development cost of sales		(122,466)	(17,262)	(138,376)	(28,838)
Other expense		(16,276)	(3,182)	(18,145)	(3,922)
Allocated interest expense		(48,807)	(56,047)	(99,952)	(113,068)
Allocated general and administrative		(23,303)	(18,032)	(42,596)	(36,557)
Segment profit (loss)		232,281	79,072	235,371	89,475
Other significant items:
Recovery of loan losses		(600)		(5,528)
(Recovery of) provision for loan losses		(600)	700	(5,528)	2,206
Impairment of assets		10,284	3,012	14,696	3,012
Depreciation and amortization		13,171	13,673	25,451	27,581
Capitalized expenditures		39,558	46,077	75,132	96,993
Real estate, net		1,342,982		1,342,982		$ 1,387,274
Real estate available and held for sale		68,045		68,045		237,531
Total real estate		1,411,027		1,411,027		1,624,805
Land and development, net		855,497		855,497		945,565
Loans receivable and other lending investments, net		1,170,565		1,170,565		1,450,439
Other investments		276,821		276,821		214,406
Total portfolio assets		3,713,910		3,713,910		4,235,215
Cash and other assets		1,200,845		1,200,845		590,299
Total assets		4,914,755		4,914,755		4,825,514
Stock-based compensation expense		3,915	1,633	9,796	6,211
Land and Development
Segment Reporting
Income from sales of real estate				14,384	13,997
Operating Segments | Real Estate Finance
Segment Reporting
Operating lease income		0	0	0	0
Interest income		28,645	34,400	57,703	67,620
Other income		479	323	556	1,620
Land development revenue		0	0	0	0
Earnings from equity method investments		0	0	0	0
Income from discontinued operations		0	0	0	0
Gain from discontinued operations		0		0
Income from sales of real estate		0	0	0	0
Total revenue and other earnings		29,124	34,723	58,259	69,240
Real estate expense		0	0	0	0
Land development cost of sales		0	0	0	0
Other expense		(399)	(925)	(1,004)	(839)
Allocated interest expense		(10,508)	(14,631)	(22,396)	(29,333)
Allocated general and administrative		(4,691)	(3,786)	(8,287)	(7,617)
Segment profit (loss)		13,526	15,381	26,572	31,451
Other significant items:
Recovery of loan losses		(600)		(5,528)
(Recovery of) provision for loan losses			700		2,206
Impairment of assets		0	0	0	0
Depreciation and amortization		0	0	0	0
Capitalized expenditures		0	0	0	0
Real estate, net		0		0		0
Real estate available and held for sale		0		0		0
Total real estate		0		0		0
Land and development, net		0		0		0
Loans receivable and other lending investments, net		1,170,565		1,170,565		1,450,439
Other investments		0		0		0
Total portfolio assets		1,170,565		1,170,565		1,450,439
Operating Segments | Net Lease
Segment Reporting
Operating lease income		30,852	32,042	62,104	63,350
Interest income		0	0	0	0
Other income		550	432	1,056	512
Land development revenue		0	0	0	0
Earnings from equity method investments		1,080	944	2,062	1,890
Income from discontinued operations		173	3,633	4,939	7,214
Gain from discontinued operations		123,418		123,418
Income from sales of real estate		0	4,338	6,212	9,267
Total revenue and other earnings		156,073	41,389	199,791	82,233
Real estate expense		(4,064)	(4,618)	(8,640)	(9,065)
Land development cost of sales		0	0	0	0
Other expense		0	0	0	0
Allocated interest expense		(13,669)	(16,464)	(29,404)	(32,700)
Allocated general and administrative		(5,921)	(4,313)	(10,563)	(8,609)
Segment profit (loss)		132,419	15,994	151,184	31,859
Other significant items:
Recovery of loan losses		0		0
(Recovery of) provision for loan losses			0		0
Impairment of assets		219	0	219	0
Depreciation and amortization		7,400	7,977	15,039	16,028
Capitalized expenditures		917	1,625	1,687	2,476
Real estate, net		863,406		863,406		911,112
Real estate available and held for sale		924		924		155,051
Total real estate		864,330		864,330		1,066,163
Land and development, net		0		0		0
Loans receivable and other lending investments, net		0		0		0
Other investments		179,284		179,284		92,669
Total portfolio assets		1,043,614		1,043,614		1,158,832
Operating Segments | Operating Properties
Segment Reporting
Operating lease income		15,940	17,828	31,929	36,909
Interest income		0	0	0	0
Other income		13,333	7,213	23,688	14,557
Land development revenue		0	0	0	0
Earnings from equity method investments		469	31,076	1,101	30,934
Income from discontinued operations		0	0	0	0
Gain from discontinued operations		0		0
Income from sales of real estate		844	39,146	2,742	44,676
Total revenue and other earnings		30,586	95,263	59,460	127,076
Real estate expense		(22,653)	(20,796)	(44,171)	(41,916)
Land development cost of sales		0	0	0	0
Other expense		0	0	0	0
Allocated interest expense		(5,006)	(5,849)	(10,612)	(12,469)
Allocated general and administrative		(2,364)	(1,638)	(4,119)	(3,508)
Segment profit (loss)		563	66,980	558	69,183
Other significant items:
Recovery of loan losses		0		0
(Recovery of) provision for loan losses			0		0
Impairment of assets		0	3,012	4,413	3,012
Depreciation and amortization		4,923	5,022	8,962	10,305
Capitalized expenditures		8,355	12,446	16,566	28,243
Real estate, net		479,576		479,576		476,162
Real estate available and held for sale		67,121		67,121		82,480
Total real estate		546,697		546,697		558,642
Land and development, net		0		0		0
Loans receivable and other lending investments, net		0		0		0
Other investments		7,882		7,882		3,583
Total portfolio assets		554,579		554,579		562,225
Operating Segments | Land and Development
Segment Reporting
Operating lease income		210	105	316	211
Interest income		0	0	0	0
Other income		123,871	1,167	124,256	2,232
Land development revenue		132,710	27,888	152,760	42,835
Earnings from equity method investments		3,606	2,688	7,448	9,348
Income from discontinued operations		0	0	0	0
Gain from discontinued operations		0		0
Income from sales of real estate		0	0	0	0
Total revenue and other earnings		260,397	31,848	284,780	54,626
Real estate expense		(7,967)	(9,914)	(17,463)	(18,591)
Land development cost of sales		(122,466)	(17,262)	(138,376)	(28,838)
Other expense		0	0	0	0
Allocated interest expense		(7,122)	(8,668)	(15,240)	(17,027)
Allocated general and administrative		(5,004)	(3,327)	(8,930)	(6,597)
Segment profit (loss)		117,838	(7,323)	104,771	(16,427)
Other significant items:
Recovery of loan losses		0		0
(Recovery of) provision for loan losses			0		0
Impairment of assets		10,065	0	10,064	0
Depreciation and amortization		521	400	791	699
Capitalized expenditures		30,286	32,006	56,879	66,274
Real estate, net		0		0		0
Real estate available and held for sale		0		0		0
Total real estate		0		0		0
Land and development, net		855,497		855,497		945,565
Loans receivable and other lending investments, net		0		0		0
Other investments		62,417		62,417		84,804
Total portfolio assets		917,914		917,914		1,030,369
Corporate/Other
Segment Reporting
Operating lease income		0	0	0	0
Interest income		0	0	0	0
Other income		1,277	961	1,818	2,715
Land development revenue		0	0	0	0
Earnings from equity method investments		360	4,739	606	5,542
Income from discontinued operations		0	0	0	0
Gain from discontinued operations		0		0
Income from sales of real estate		0	0	0	0
Total revenue and other earnings		1,637	5,700	2,424	8,257
Real estate expense		0	0	0	0
Land development cost of sales		0	0	0	0
Other expense		(15,877)	(2,257)	(17,141)	(3,083)
Allocated interest expense		(12,502)	(10,435)	(22,300)	(21,539)
Allocated general and administrative		(5,323)	(4,968)	(10,697)	(10,226)
Segment profit (loss)		(32,065)	(11,960)	(47,714)	(26,591)
Other significant items:
Recovery of loan losses		0		0
(Recovery of) provision for loan losses			0		0
Impairment of assets		0	0	0	0
Depreciation and amortization		327	274	659	549
Capitalized expenditures		0	$ 0	0	$ 0
Real estate, net		0		0		0
Real estate available and held for sale		0		0		0
Total real estate		0		0		0
Land and development, net		0		0		0
Loans receivable and other lending investments, net		0		0		0
Other investments		27,238		27,238		33,350
Total portfolio assets		$ 27,238		$ 27,238		$ 33,350
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations.

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reconciliation of segment profit (loss) to income (loss) from continuing operations
Segment profit	$ 232,281	$ 79,072	$ 235,371	$ 89,475
Less: Recovery of (provision for) loan losses		(700)		(2,206)
Less: Recovery of (provision for) loan losses	600		5,528
Less: Impairment of assets	(10,284)	(3,012)	(14,696)	(3,012)
Less: Stock-based compensation expense	(3,915)	(1,633)	(9,796)	(6,211)
Less: Depreciation and amortization	(13,171)	(13,673)	(25,451)	(27,581)
Less: Income tax (expense) benefit	(1,644)	1,190	(2,251)	1,604
Income tax expense from discontinued operations	(4,545)	0	(4,545)	0
Less: Loss on early extinguishment of debt, net	(3,315)	(1,457)	(3,525)	(1,582)
Net income	$ 196,007	$ 59,787	$ 180,635	$ 50,487

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - 10b5-1 Plan - Subsequent Event	1 Months Ended
	Aug. 04, 2017USD ($)$ / shares
Subsequent Event [Line Items]
Purchase allocation (as a percent)	98.00%
Safety, Income and Growth, Inc.
Subsequent Event [Line Items]
Aggregate value of common stock purchased	$ 5,100,000
Amount authorized for purchase	$ 25,000,000
Purchase threshold, share price trigger (in dollars per share) | $ / shares	$ 20
Chief Executive Officer
Subsequent Event [Line Items]
Purchase allocation (as a percent)	1.00%
Chief Financial Officer
Subsequent Event [Line Items]
Purchase allocation (as a percent)	1.00%