Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 22, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ISTAR INC. | ||
Entity Central Index Key | 1,095,651 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 67,539,717 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 833 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Real estate, at cost | $ 1,629,436 | $ 1,740,893 | |
Less: accumulated depreciation | (347,405) | (353,619) | |
Real estate, net | 1,282,031 | 1,387,274 | |
Real estate available and held for sale | 68,588 | 237,531 | |
Total real estate | 1,350,619 | 1,624,805 | |
Land and development, net | 860,311 | 945,565 | |
Loans receivable and other lending investments, net | 1,300,655 | 1,450,439 | |
Other investments | 321,241 | 214,406 | |
Cash and cash equivalents | 657,688 | 328,744 | |
Accrued interest and operating lease income receivable, net | 11,957 | 11,254 | |
Deferred operating lease income receivable, net | 86,877 | 88,189 | |
Deferred expenses and other assets, net | 141,730 | 162,112 | |
Total assets | 4,731,078 | 4,825,514 | |
Liabilities: | |||
Accounts payable, accrued expenses and other liabilities | 238,004 | 211,570 | |
Loan participations payable, net | 102,425 | 159,321 | |
Debt obligations, net | 3,476,400 | 3,389,908 | |
Total liabilities | 3,816,829 | 3,760,799 | |
Commitments and contingencies (refer to Note 11) | 0 | 0 | |
Redeemable noncontrolling interests | 0 | 5,031 | |
iStar Inc. shareholders' equity: | |||
Common Stock, $0.001 par value, 200,000 shares authorized, 68,236 and 72,042 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 68 | 72 | |
Additional paid-in capital | 3,352,665 | 3,602,172 | |
Retained earnings (deficit) | (2,470,564) | (2,581,488) | |
Accumulated other comprehensive income (loss) (refer to Note 13) | (2,482) | (4,218) | |
Total iStar Inc. shareholders' equity | 879,703 | 1,016,564 | |
Noncontrolling interests | 34,546 | 43,120 | |
Total equity | 914,249 | 1,059,684 | |
Total liabilities and equity | 4,731,078 | 4,825,514 | |
Series D, E, F, G and I Preferred Stock | |||
iStar Inc. shareholders' equity: | |||
Preferred Stock | 12 | 22 | |
Series J convertible perpetual preferred stock | |||
iStar Inc. shareholders' equity: | |||
Preferred Stock | 4 | 4 | |
Total equity | [1] | $ 4 | $ 4 |
[1] | Refer to Note 13 for details on the Company's Preferred Stock. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 68,236,000 | 72,042,000 |
Common stock, shares outstanding (in shares) | 68,236,000 | 72,042,000 |
Series D, E, F, G and I Preferred Stock | ||
Liquidation preference (in dollars per share) | $ 25 | $ 25 |
Series J convertible perpetual preferred stock | ||
Liquidation preference (in dollars per share) | $ 50 | $ 50 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues: | ||||
Operating lease income | $ 187,684 | $ 191,180 | $ 211,207 | |
Interest income | 106,548 | 129,153 | 134,687 | |
Other income | 188,091 | 46,514 | 49,924 | |
Land development revenue | 196,879 | 88,340 | 100,216 | |
Total revenues | 679,202 | 455,187 | 496,034 | |
Costs and expenses: | ||||
Interest expense | 194,686 | 221,398 | 224,639 | |
Real estate expense | 147,617 | 137,522 | 146,509 | |
Land development cost of sales | 180,916 | 62,007 | 67,382 | |
Depreciation and amortization | 49,033 | 51,660 | 62,045 | |
General and administrative | 98,882 | 84,027 | 81,277 | |
(Recovery of) provision for loan losses | (5,828) | (12,514) | 36,567 | |
Impairment of assets | 32,379 | 14,484 | 10,524 | |
Other expense | 20,954 | 5,883 | 6,374 | |
Total costs and expenses | 718,639 | 564,467 | 635,317 | |
Income (loss) before earnings from equity method investments and other items | (39,437) | (109,280) | (139,283) | |
Loss on early extinguishment of debt, net | (14,724) | (1,619) | (281) | |
Earnings from equity method investments | 13,015 | 77,349 | 32,153 | |
Income (loss) from continuing operations before income taxes | (41,146) | (33,550) | (107,411) | |
Income tax benefit (expense) | 948 | 10,166 | (7,639) | |
Income (loss) from continuing operations | (40,198) | (23,384) | (115,050) | |
Income from discontinued operations | 4,939 | 18,270 | 15,077 | |
Gain from discontinued operations | 123,418 | 0 | 0 | |
Income from sales of real estate | 92,049 | 105,296 | 93,816 | |
Net income (loss) | 180,208 | 100,182 | (6,157) | |
Net (income) loss attributable to noncontrolling interests | (4,526) | (4,876) | 3,722 | |
Net income (loss) attributable to iStar Inc. | 175,682 | 95,306 | (2,435) | |
Preferred dividends | (64,758) | (51,320) | (51,320) | |
Net (income) loss allocable to HPU holders and Participating Security holders | [1],[2] | 0 | (14) | 1,080 |
Net income (loss) allocable to common shareholders | $ 110,924 | $ 43,972 | $ (52,675) | |
Income (loss) attributable to iStar Inc. from continuing operations: | ||||
Basic (in dollars per share) | $ (0.25) | $ 0.35 | $ (0.79) | |
Diluted (in dollars per share) | (0.25) | 0.35 | (0.79) | |
Net income (loss) attributable to iStar Inc.: | ||||
Basic (in dollars per share) | 1.56 | 0.60 | (0.62) | |
Diluted (in dollars per share) | $ 1.56 | $ 0.60 | $ (0.62) | |
Weighted average number of common shares: | ||||
Basic (in shares) | 71,021 | 73,453 | 84,987 | |
Diluted (in shares) | 71,021 | 73,835 | 84,987 | |
Per HPU share data: | ||||
Income (loss) attributable to iStar Inc. from operations—Basic and diluted (in dollars per share) | [1] | $ 0 | $ 0 | $ (153.67) |
Net income (loss) attributable to iStar Inc.—Basic and diluted (in shares) | [1] | $ 0 | $ 0 | $ (120) |
Weighted average number of HPU share—Basic and diluted (in shares) | [1] | 0 | 0 | 9 |
[1] | All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 13). | |||
[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 | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 180,208 | $ 100,182 | $ (6,157) | |
Other comprehensive income (loss): | ||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization | [1] | 0 | 0 | (2,576) |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | [2] | (168) | 598 | 921 |
Unrealized gains/(losses) on available-for-sale securities | 1,186 | 274 | (532) | |
Unrealized gains/(losses) on cash flow hedges | 847 | (85) | (1,202) | |
Unrealized gains/(losses) on cumulative translation adjustment | (129) | (154) | (491) | |
Other comprehensive income (loss) | 1,736 | 633 | (3,880) | |
Comprehensive income (loss) | 181,944 | 100,815 | (10,037) | |
Comprehensive (income) loss attributable to noncontrolling interests | (4,526) | (4,876) | 3,722 | |
Comprehensive income (loss) attributable to iStar Inc. | $ 177,418 | $ 95,939 | $ (6,315) | |
[1] | Reclassified to "Other income" in the Company's consolidated statements of operations. | |||
[2] | Reclassified to "Interest expense" in the Company's consolidated statements of operations are $64, $217 and $456 for the years ended December 31, 2017, 2016 and 2015, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $304, $381 and $465, respectively, for the years ended December 31, December 31, 2017, 2016 and 2015. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest expense | $ 194,686 | $ 221,398 | $ 224,639 |
Other expense | 20,954 | 5,883 | 6,374 |
Earnings from equity method investments | (13,015) | (77,349) | (32,153) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Interest expense | 64 | 217 | 456 |
Earnings from equity method investments | $ 304 | $ 381 | $ 465 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Series J Preferred Stock | [1] | HPU's | [2] | Series E and F Preferred Stock | Preferred Stock | [1] | Common Stock at Par | Additional Paid-In Capital | Retained Earnings (Deficit) | Retained Earnings (Deficit)Series E and F Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |
Beginning Balance at Dec. 31, 2014 | $ 1,248,348 | $ 4 | $ 9,800 | $ 22 | $ 85 | $ 3,744,621 | $ (2,556,469) | $ (971) | $ 51,256 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared—preferred | (51,320) | (51,320) | |||||||||||||
Issuance of stock/restricted stock unit amortization, net | 4,961 | 4,961 | |||||||||||||
Net income (loss) for the period | [3] | (2,701) | (2,435) | (266) | |||||||||||
Change in accumulated other comprehensive income (loss) | (3,880) | (3,880) | |||||||||||||
Repurchase of stock | (70,416) | (5) | (70,411) | ||||||||||||
Redemption of HPUs | (9,811) | (9,800) | 1 | 15,238 | (15,250) | ||||||||||
Change in additional paid in capital attributable to noncontrolling interests(4) | [4] | (5,079) | (5,079) | ||||||||||||
Contributions from noncontrolling interests | 205 | 205 | |||||||||||||
Distributions to noncontrolling interests | [4] | (8,977) | (8,977) | ||||||||||||
Ending Balance at Dec. 31, 2015 | 1,101,330 | 4 | 0 | 22 | 81 | 3,689,330 | (2,625,474) | (4,851) | 42,218 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared—preferred | (51,320) | (51,320) | |||||||||||||
Issuance of stock/restricted stock unit amortization, net | 2,031 | 2,031 | |||||||||||||
Issuance of common stock for conversion of senior unsecured convertible notes | 9,596 | 1 | 9,595 | ||||||||||||
Net income (loss) for the period | [3] | 106,233 | 95,306 | 10,927 | |||||||||||
Change in accumulated other comprehensive income (loss) | 633 | 633 | |||||||||||||
Repurchase of stock | (98,429) | (10) | (98,419) | ||||||||||||
Change in additional paid in capital attributable to noncontrolling interests(4) | (365) | (365) | |||||||||||||
Contributions from noncontrolling interests | 790 | 790 | |||||||||||||
Distributions to noncontrolling interests | [5] | (10,815) | (10,815) | ||||||||||||
Ending Balance at Dec. 31, 2016 | 1,059,684 | 4 | 0 | 22 | 72 | 3,602,172 | (2,581,488) | (4,218) | 43,120 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared—preferred | (46,614) | $ (1,830) | (46,614) | $ (1,830) | |||||||||||
Issuance of stock/restricted stock unit amortization, net | 2,522 | 2,522 | |||||||||||||
Net income (loss) for the period | [3] | 181,535 | (175,682) | (5,853) | |||||||||||
Change in accumulated other comprehensive income (loss) | 1,736 | 1,736 | |||||||||||||
Repurchase of stock | (45,928) | (4) | (45,924) | ||||||||||||
Issuance of senior unsecured convertible notes | 25,869 | 25,869 | |||||||||||||
Redemption of Series E and F Preferred Stock | (240,000) | (10) | (223,676) | (16,314) | |||||||||||
Change in additional paid in capital attributable to noncontrolling interests(4) | [6] | (8,298) | (8,298) | ||||||||||||
Contributions from noncontrolling interests | 12 | 12 | |||||||||||||
Distributions to noncontrolling interests | (14,439) | (14,439) | |||||||||||||
Ending Balance at Dec. 31, 2017 | $ 914,249 | $ 4 | $ 0 | $ 12 | $ 68 | $ 3,352,665 | $ (2,470,564) | $ (2,482) | $ 34,546 | ||||||
[1] | Refer to Note 13 for details on the Company's Preferred Stock. | ||||||||||||||
[2] | All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). | ||||||||||||||
[3] | For the years ended December 31, 2017, 2016 and 2015 net income (loss) shown above excludes $(1,327), $(6,051) and $(3,456) of net loss attributable to redeemable noncontrolling interests. | ||||||||||||||
[4] | Includes a $6.4 million payment to acquire a noncontrolling interest (refer to Note 4). | ||||||||||||||
[5] | Includes payments of $10.8 million to acquire a noncontrolling interest (refer to Note 5). | ||||||||||||||
[6] | Represents the amount paid in excess of its carrying value to acquire a redeemable noncontrolling interest (refer to Note 4). |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss attributable to redeemable noncontrolling interest | $ (1,327) | $ (6,051) | $ (3,456) |
Payment to redeem a noncontrolling interest | $ 6,400 | ||
Payments to acquire noncontrolling interest | $ 10,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 180,208 | $ 100,182 | $ (6,157) |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
(Recovery of) provision for loan losses | (5,828) | (12,514) | 36,567 |
Impairment of assets | 32,379 | 14,484 | 10,524 |
Depreciation and amortization | 49,934 | 54,329 | 65,247 |
Non-cash expense for stock-based compensation | 18,812 | 10,889 | 12,013 |
Amortization of discounts/premiums and deferred financing costs on debt obligations, net | 13,857 | 16,810 | 17,352 |
Amortization of discounts/premiums on loans, net | (13,323) | (14,873) | (11,606) |
Deferred interest on loans, net | 10,133 | 22,396 | (34,458) |
Gain from discontinued operations | (123,418) | 0 | 0 |
Earnings from equity method investments | (13,015) | (77,349) | (32,153) |
Distributions from operations of other investments | 42,059 | 48,732 | 29,999 |
Deferred operating lease income | (6,830) | (9,921) | (7,950) |
Income from sales of real estate | (92,557) | (105,296) | (93,816) |
Income from sales of real estate and development revenue in excess of cost of sales | (92,049) | (105,296) | (93,816) |
Loss on early extinguishment of debt, net | 3,065 | 1,619 | 281 |
Debt discount on repayments and repurchases of debt obligations | (6,647) | (5,381) | (578) |
Other operating activities, net | 14,429 | 6,897 | 5,889 |
Changes in assets and liabilities: | |||
Changes in accrued interest and operating lease income receivable, net | 1,424 | 3,634 | (2,068) |
Changes in deferred expenses and other assets, net | (15,806) | (6,397) | 2,631 |
Changes in accounts payable, accrued expenses and other liabilities, net | 7,299 | (453) | (17,112) |
Cash flows provided by (used in) operating activities | 80,212 | 21,455 | (58,229) |
Cash flows from investing activities: | |||
Originations and fundings of loans receivable, net | (522,269) | (410,975) | (478,822) |
Capital expenditures on real estate assets | (37,067) | (69,810) | (81,525) |
Capital expenditures on land and development assets | (121,400) | (103,806) | (88,219) |
Acquisitions of real estate assets | (6,600) | (38,433) | 0 |
Repayments of and principal collections on loans receivable and other lending investments, net | 615,620 | 504,844 | 273,454 |
Net proceeds from sales of loans receivable | 0 | 0 | 6,655 |
Net proceeds from sales of real estate | 314,013 | 435,560 | 362,530 |
Net proceeds from sale of other investments | 194,090 | 94,424 | 81,601 |
Net proceeds from sale of other investments | 0 | 43,936 | 0 |
Distributions from other investments | 49,672 | 92,482 | 119,854 |
Contributions to and acquisition of interest in other investments | (224,219) | (58,197) | (11,531) |
Changes in restricted cash held in connection with investing activities | 6,414 | 1,515 | (7,550) |
Other investing activities, net | 1,231 | (24,997) | 7,581 |
Cash flows provided by investing activities | 269,485 | 466,543 | 184,028 |
Cash flows from financing activities: | |||
Borrowings from debt obligations and convertible notes | 2,288,654 | 716,001 | 549,000 |
Repayments and repurchases of debt obligations | (1,915,052) | (1,437,557) | (432,383) |
Proceeds from loan participations payable | 0 | 22,844 | 138,075 |
Preferred dividends paid | (48,444) | (51,320) | (51,320) |
Repurchase of stock | (45,928) | (99,335) | (69,511) |
Redemption of HPUs | 0 | 0 | (9,811) |
Redemption of Series E and F preferred stock | (240,000) | 0 | 0 |
Payments for deferred financing costs | (32,419) | (9,980) | (2,255) |
Payments for withholding taxes upon vesting of stock-based compensation | (724) | (1,451) | (1,718) |
Distributions to and redemption of noncontrolling interests | (26,213) | (10,771) | (8,977) |
Other financing activities, net | (599) | 1,207 | 1,663 |
Cash flows provided by (used in) financing activities | (20,725) | (870,362) | 112,763 |
Effect of exchange rate changes on cash | (28) | 7 | 478 |
Changes in cash and cash equivalents | 328,944 | (382,357) | 239,040 |
Cash and cash equivalents at beginning of period | 328,744 | 711,101 | 472,061 |
Cash and cash equivalents at end of period | 657,688 | 328,744 | 711,101 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest, net of amount capitalized | 179,208 | 199,667 | 207,972 |
Supplemental disclosure of non-cash investing and financing activity: | |||
Fundings and repayments of loan receivables and loan participations, net | (57,514) | (15,594) | 14,075 |
Developer fee payable | 0 | 9,478 | 7,435 |
Acquisitions of real estate and land and development assets through deed-in-lieu | 0 | 40,583 | 13,424 |
Contributions of real estate and land and development assets to equity method investments, net | 0 | 8,828 | 21,096 |
Accounts payable for capital expenditures on land and development assets | 3,775 | 3,674 | 7,143 |
Accounts payable for capital expenditures on real estate assets | 2,709 | 0 | 8,107 |
Conversion of senior unsecured convertible notes into common stock | 0 | 9,596 | 0 |
Redemption of HPUs in exchange for common stock | 0 | 0 | 15,240 |
Receivable from sales of real estate and land parcels | 4,853 | 7,509 | 22,695 |
Land | |||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Income from sales of real estate and development revenue in excess of cost of sales | $ (15,963) | $ (26,333) | $ (32,834) |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 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, land and development, net lease and operating properties (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 | 12 Months Ended |
Dec. 31, 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 audited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. 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. 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 December 31, 2017 , the Company consolidates VIEs for which it is considered the primary beneficiary. As of December 31, 2017 , the total assets of these consolidated VIEs were $297.6 million and total liabilities were $38.6 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" 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 December 31, 2017 . Unconsolidated VIEs —As of December 31, 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 December 31, 2017 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $82.5 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 $34.9 million of related unfunded commitments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Real estate and land and development— Real estate and land and development assets are recorded at cost less accumulated depreciation and amortization, as follows: Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. Purchase price allocation— Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases and in-place leases which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions. Impairments— The Company reviews real estate assets to be held and used and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell. Dispositions— Revenue from sales of land and development assets and gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20 , Real Estate Sales . Sales of land and the associated gains on sales of residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in "Income from sales of real estate" in the Company's consolidated statements of operations. Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" in the Company's consolidated statements of operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development, net," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure. Equity and cost method investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's consolidated balance sheets. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations. Cash and cash equivalents — Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. Restricted cash — Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. Restricted cash is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. Variable interest entities — The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. Deferred expenses and other assets — Deferred expenses and other assets include certain non-tenant receivables, leasing costs, lease incentives and financing fees associated with revolving-debt arrangements. Financing fees associated with other debt obligations are recorded as a reduction of the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets. Lease incentives and leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations. Identified intangible assets and liabilities — Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2017 , all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. Loan participations payable, net — The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing,” as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net". Financial asset activities that are accounted for as sales are removed from the balance sheet with any realized gain (loss) reflected in earnings during the period of sale. Revenue recognition — The Company's revenue recognition policies are as follows: Operating lease income: The Company's leases have all been determined to be operating leases based on analyses performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable, net" on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2017 and 2016 , the allowance for doubtful accounts related to real estate tenant receivables was $1.3 million and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million . Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places loans on non-accrual status 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 it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Prepayment penalties or yield maintenance payments from borrowers are recognized as other income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees and other ancillary income. During the year ended December 31, 2017, the Company recorded $123.4 million of interest income and real estate tax reimbursements resulting from the settlement of litigation involving a dispute over the purchase and sale of land (refer to Note11). Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Reserve for loan losses — The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related reserve will be charged off. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. The general reserve component 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 the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Loss on debt extinguishments — The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” in the Company's consolidated statements of operations. Derivative instruments and hedging activity — The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. The Company recognizes derivatives as either assets or liabilities on the Company's consolidated balance sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. 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 net investment is either sold or substantially liquidated. Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" in the Company's consolidated statements of operations. The Company does not enter into derivatives for trading purposes. Stock-based compensation — Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. Compensation cost for market-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock, which is reflected in the grant date fair value. All compensation cost for market-based awards in which the service conditions are met is recognized regardless of whether the market-condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" in the Company's consolidated statements of operations. 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 |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 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 December 31, 2017 Land, at cost $ 219,092 $ 203,278 $ 422,370 Buildings and improvements, at cost 888,959 318,107 1,207,066 Less: accumulated depreciation (292,268 ) (55,137 ) (347,405 ) Real estate, net 815,783 466,248 1,282,031 Real estate available and held for sale (2) — 68,588 68,588 Total real estate $ 815,783 $ 534,836 $ 1,350,619 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, 2017 and 2016 the Company had $48.5 million and $82.5 million , respectively, of residential properties available for sale in its operating properties portfolio. As of December 31, 2016, net lease includes the Company's ground lease ("Ground Lease") assets that were reclassified to "Real estate available and held for sale" (refer to "Disposition of Ground Lease Business" below). As of December 31, 2016, the carrying value of the Company's Ground Lease 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 $3.5 million in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheet. Real Estate Available and Held for Sale— The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions) (1) : Year Ended December 31, Property Type 2017 2016 2015 Operating Properties (2) $ 20.1 $ 16.1 $ 2.9 Net Lease 0.9 1.8 8.2 Total $ 21.0 $ 17.9 $ 11.1 _______________________________________________________________________________ (1) Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy. (2) During the year ended December 31, 2015, the Company transferred a commercial operating property with a carrying value of $2.9 million to held for investment due to a change in business strategy. During the year ended December 31, 2016, the Company also acquired two residential condominium units for $1.8 million that were held for sale and were sold as of December 31, 2017. Acquisitions— During the year ended December 31, 2017, the Company acquired one net lease asset for $6.6 million . In addition, in the third quarter 2017, in conjunction with the modification of two master leases, the Company exchanged real property with the tenant. The fair value of the property exchanged exceeded the Company's cost basis by approximately $1.5 million which will be deferred and amortized to "Operating lease income" in the Company's consolidated statements of operations over the remaining master lease terms. During the year ended December 31, 2016, the Company acquired one net lease asset for $32.7 million . During the same period, the Company also acquired land for $3.9 million and simultaneously entered into a 99 year Ground Lease with the seller. This asset was one of the 12 properties comprising the Company's Ground Lease business that was disposed of in April 2017 (see "Disposition of Ground Lease Business" below). During the year ended December 31, 2015, the Company acquired, via deed-in-lieu, title to a residential operating property, which had a total fair value of $13.4 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. Disposition of Ground Lease Business— In April 2017, institutional investors acquired a controlling interest in the Company's Ground Lease business through the merger of a Company subsidiary and related transactions (the "Acquisition Transactions"). The Company's Ground Lease business was a component of the Company's net lease segment and consisted of 12 properties subject to long term net leases including seven Ground Leases and one master lease (covering five properties). The acquiring entity was a newly formed unconsolidated entity named Safety, Income & Growth Inc. ("SAFE"). The carrying value of the Company's Ground Lease assets was approximately $161.1 million . Shortly before the Acquisition Transactions, the Company completed the $227.0 million 2017 Secured Financing on its Ground Lease 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 $123.4 million , reflecting the aggregate gain less the fair value of the Company's retained interest in SAFE (refer to Note 2 - Summary of Significant Accounting Policies). The carrying value of the 12 properties is classified in "Real estate available and held for sale" on the Company's consolidated balance sheet as of December 31, 2016 and the gain was recorded in "Gain from discontinued operations" in the Company's consolidated statements of operations. Discontinued Operations— The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the years ended December 31, 2017, 2016 and 2015 ($ in thousands) (1) : Year Ended December 31, 2017 2016 2015 Revenues $ 6,430 $ 21,839 $ 18,520 Expenses (1,491 ) (3,569 ) (3,443 ) Income from discontinued operations $ 4,939 $ 18,270 $ 15,077 _______________________________________________________________________________ (1) Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. For the year ended December 31, 2017, revenues also includes income from sales of real estate. The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the years ended December 31, 2017, 2016 and 2015 ($ in thousands). Year Ended December 31, 2017 2016 2015 Cash flows provided by operating activities $ 5,702 $ 16,662 $ 14,446 Cash flows used in investing activities (534 ) (7,972 ) — Other Dispositions— The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions) (1) : Year Ended December 31, 2017 (1) 2016 2015 (2) Operating Properties Proceeds $ 41.3 $ 326.9 $ 294.9 Income from sales of real estate 4.5 75.4 53.7 Net Lease Proceeds $ 175.4 $ 117.2 $ 100.8 Income from sales of real estate 87.5 21.1 40.1 Total Proceeds $ 216.7 $ 444.1 $ 395.7 Income from sales of real estate 92.0 96.5 93.8 _______________________________________________________________________________ (1) During the year ended December 31, 2017, the Company sold a net lease property and recognized a gain on sale of $62.5 million . Prior to the sale, the Company acquired the noncontrolling interest with a carrying value of $3.5 million for $12.0 million . (2) During the year ended December 31, 2015, the Company sold a commercial operating property for $68.5 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 7). The Company recognized a gain on sale of $13.6 million , reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. During the year ended December 31, 2015, the Company, through a consolidated entity, sold a leasehold interest in a commercial operating property with a carrying value of $126.3 million for net proceeds of $93.5 million and simultaneously entered into a ground lease with the buyer with an initial term of 99 years. The Company sold the leasehold interest at below fair value to incentivize the buyer to enter into an above market ground lease. As a result, the Company recorded no gain or loss on the sale and recorded a lease incentive asset of $32.8 million , which is included in "Real estate available and held for sale" on the Company's consolidated balance sheets. In December 2015, the Company acquired the noncontrolling interest in the entity for $6.4 million . Impairments— During the years ended December 31, 2017 , 2016 and 2015, the Company recorded impairments on real estate assets totaling $11.9 million , $10.7 million and $5.9 million , respectively. The impairments recorded in 2017 were primarily the result of shifting demand in the local condominium markets, changes in our exit strategy on other real estate assets and an impairment recorded in connection with the sale of an outparcel located at a commercial operating property. The impairments recorded in 2016 resulted from unfavorable local market conditions on residential operating properties and impairments upon the execution of sales contracts on net lease assets. The impairments recorded in 2015 resulted from a change in business strategy for two commercial operating properties and unfavorable local market conditions for one residential property. 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 $21.9 million , $23.6 million and $26.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of December 31, 2017 and 2016, the allowance for doubtful accounts related to real estate tenant receivables was $1.3 million and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million . These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets. Future Minimum Operating Lease Payments— Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2017 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2018 $ 101,135 $ 37,009 2019 101,448 33,748 2020 100,894 31,952 2021 101,288 30,075 2022 100,040 20,187 |
Land and Development
Land and Development | 12 Months Ended |
Dec. 31, 2017 | |
Land and Land Improvements [Abstract] | |
Land and Development | Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of December 31, 2017 2016 Land and land development, at cost $ 868,692 $ 952,051 Less: accumulated depreciation (8,381 ) (6,486 ) Total land and development, net $ 860,311 $ 945,565 Acquisitions— During the year ended December 31, 2016, the Company acquired, via deed-in-lieu, title to two land assets which had a total fair value of $40.6 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with these transactions. Dispositions— During the years ended December 31, 2017 , 2016 and 2015 , the Company sold residential lots and parcels and recognized land development revenue of $196.9 million , $88.3 million and $100.2 million , respectively, from its land and development portfolio. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized land development cost of sales of $180.9 million , $62.0 million and $67.4 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 year ended December 31, 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 owned 95.7% of Bevard at the time of resolution. During the year ended December 31, 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 (refer to Note 7). The Company recognized a gain of $8.8 million , reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statement of operations. In April 2015, the Company transferred a land asset to a purchaser at a stated price of $16.1 million , as part of an agreement to construct an amphitheater, for which the Company received immediate payment of $5.3 million , with the remainder to be received upon completion of the development project. Due to the Company's continuing involvement in the project, no sale was recognized and the proceeds were recorded as unearned revenue in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets (refer to Note 8). Impairments— During the year ended December 31, 2017, the Company recorded impairments on land and development assets of $20.5 million resulting from a decrease in expected cash flows on one asset and a change in exit strategy on another asset. During the years ended December 31, 2016 and 2015, the Company recorded impairments on land and development assets of $3.8 million and $4.6 million , respectively. Redeemable Noncontrolling Interest— The Company has a majority interest in a strategic venture that provides the third party minority partner an option to redeem their 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 December 31, 2017 and 2016 , this interest had a carrying value of zero and $1.3 million , respectively. As of December 31, 2017 and 2016 , this interest did not have a redemption value. |
Loans Receivable and Other Lend
Loans Receivable and Other Lending Investments, net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Other Lending Investments, net | Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of December 31, Type of Investment 2017 2016 Senior mortgages $ 791,152 $ 940,738 Corporate/Partnership loans 488,921 490,389 Subordinate mortgages 9,495 24,941 Total gross carrying value of loans 1,289,568 1,456,068 Reserves for loan losses (78,489 ) (85,545 ) Total loans receivable, net 1,211,079 1,370,523 Other lending investments—securities 89,576 79,916 Total loans receivable and other lending investments, net $ 1,300,655 $ 1,450,439 Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Years Ended December 31, 2017 2016 2015 Reserve for loan losses at beginning of period $ 85,545 $ 108,165 $ 98,490 (Recovery of) provision for loan losses (1) (5,828 ) (12,514 ) 36,567 Charge-offs (1,228 ) (10,106 ) (26,892 ) Reserve for loan losses at end of period $ 78,489 $ 85,545 $ 108,165 ______________________________________________________________________________ (1) For the years ended December 31, 2016 and 2015 , the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $13.7 million and $0.6 million , respectively. The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of December 31, 2017 Loans $ 237,877 $ 1,056,944 $ 1,294,821 Less: Reserve for loan losses (60,989 ) (17,500 ) (78,489 ) Total (3) $ 176,888 $ 1,039,444 $ 1,216,332 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 December 31, 2017 and 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. During the year ended December 31, 2016, the Company transferred a loan with a gross carrying value of $157.2 million to non-performing status due to the initiation of bankruptcy proceedings related to the collateral, which resulted in the release of $11.6 million of the general reserve. The Company performed a valuation and recorded a specific reserve of $12.5 million . (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $6.2 million and $1.9 million as of December 31, 2017 and 2016 , respectively. (3) The Company's recorded investment in loans as of December 31, 2017 and 2016 includes accrued interest of $5.3 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 December 31, 2017 and 2016 , excludes $89.6 million and $79.9 million , respectively, of securities that are evaluated for impairment under ASC 320. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of December 31, 2017 2016 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 713,057 2.72 $ 859,250 3.12 Corporate/Partnership loans 334,364 2.85 335,677 3.09 Subordinate mortgages 9,523 3.00 14,135 3.00 Total $ 1,056,944 2.77 $ 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): As of December 31, 2017 Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total Senior mortgages $ 719,057 $ — $ 75,343 $ 75,343 $ 794,400 Corporate/Partnership loans 334,364 — 156,534 156,534 490,898 Subordinate mortgages 9,523 — — — 9,523 Total $ 1,062,944 $ — $ 231,877 $ 231,877 $ 1,294,821 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 December 31, 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 9.0 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 December 31, 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 $ — $ — $ — $ 10,862 $ 10,846 $ — Subtotal $ — $ — $ — $ 10,862 $ 10,846 $ — With an allowance recorded: Senior mortgages $ 81,343 $ 81,431 $ (48,518 ) $ 85,933 $ 85,780 $ (49,774 ) Corporate/Partnership loans 156,534 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subtotal $ 237,877 $ 227,280 $ (60,989 ) $ 243,079 $ 232,563 $ (62,245 ) Total: Senior mortgages $ 81,343 $ 81,431 $ (48,518 ) $ 85,933 $ 85,780 $ (49,774 ) Corporate/Partnership loans 156,534 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subordinate mortgages — — — 10,862 10,846 — Total $ 237,877 $ 227,280 $ (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 Years Ended December 31, 2017 2016 2015 Average Interest Average Interest Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 3,661 $ 226 $ — $ — Subordinate mortgages 6,582 1,127 6,799 — — — Subtotal 6,582 1,127 10,460 226 — — With an allowance recorded: Senior mortgages 82,749 — 118,921 — 129,135 38 Corporate/Partnership loans 156,756 — 66,101 — 24,252 12 Subtotal 239,505 — 185,022 — 153,387 50 Total: Senior mortgages 82,749 — 122,582 226 129,135 38 Corporate/Partnership loans 156,756 — 66,101 — 24,252 12 Subordinate mortgages 6,582 1,127 6,799 — — — Total $ 246,087 $ 1,127 $ 195,482 $ 226 $ 153,387 $ 50 There was no interest income related to the resolution of non-performing loans recorded during the years ended December 31, 2017 , 2016 and 2015 . Troubled Debt Restructurings —During the year ended December 31, 2015, the Company modified two senior loans that were determined to be troubled debt restructurings. The Company restructured one non-performing loan with a recorded investment of $5.8 million to grant a maturity extension of one year. The Company also modified one non-performing loan with a recorded investment of $11.6 million to grant a discounted payoff option and a maturity extension of one year. The Company's recorded investment in these loans was not impacted by the modifications. Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of December 31, 2017 , there were no unfunded commitments associated with modified loans considered troubled debt restructurings. Securities —Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of December 31, 2017 Available-for-Sale Securities Municipal debt securities $ 21,230 $ 21,230 $ 1,612 $ 22,842 $ 22,842 Held-to-Maturity Securities Debt securities 66,618 66,734 1,581 68,315 66,734 Total $ 87,848 $ 87,964 $ 3,193 $ 91,157 $ 89,576 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 As of December 31, 2017 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ 48,468 $ 49,451 $ — $ — After one year through 5 years 18,266 18,864 — — After 5 years through 10 years — — — — After 10 years — — 21,230 22,842 Total $ 66,734 $ 68,315 $ 21,230 $ 22,842 |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands): Carrying Value Equity in Earnings (Losses) As of December 31, For the Years Ended December 31, 2017 2016 2017 2016 2015 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 121,139 $ 92,669 $ 4,534 $ 3,567 $ 5,221 Safety, Income & Growth Inc. ("SAFE") (1) 83,868 — 551 — — Marina Palms, LLC ("Marina Palms") 2,555 35,185 2,621 22,053 23,626 Other real estate equity investments (2) 100,061 53,202 3,899 41,822 (5,280 ) Subtotal 307,623 181,056 11,605 67,442 23,567 Other strategic investments (3) 13,618 33,350 1,410 9,907 8,586 Total $ 321,241 $ 214,406 $ 13,015 $ 77,349 $ 32,153 _______________________________________________________________________________ (1) Equity in earnings is for the period from April 14, 2017 to December 31, 2017. (2) During the year ended December 31, 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 equity in earnings of $31.5 million , of which $10.1 million was attributable to the noncontrolling interest. In addition, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the year ended December 31, 2016 of $11.6 million . (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 years ended December 31, 2016 and 2015, the Company recognized $4.3 million , $2.2 million , respectively, of carried interest income. Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form the Net Lease Venture to acquire and develop net lease assets and gave a right of first refusal to the Net Lease Venture on all new net lease investments. The Company has an equity interest in the Net Lease Venture of approximately 51.9% . This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner. 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 year ended December 31, 2017, the Net Lease Venture acquired industrial properties for $59.0 million . During the year ended December 31, 2017, the Company sold a net lease asset for proceeds of $6.2 million , which approximated its carrying value net of financing, to the Net Lease Venture and derecognized the associated $18.9 million financing. During the year ended December 31, 2017, the Company made contributions of $49.2 million to the Net Lease Venture and received distributions of $26.0 million from the Net Lease Venture. During the year ended December 31, 2016, the Net Lease Venture acquired two office properties and the Company made contributions to the Net Lease Venture of $37.7 million . In November 2016, the Net Lease Venture placed five year non-recourse financing of $29.0 million on one of its net lease assets. Net proceeds from the financing were distributed to the members of which the Company received $13.2 million . In June 2015, the Net Lease Venture placed ten year non-recourse financing of $120.0 million on one of its net lease assets. Net proceeds from the financing were distributed to its members of which the Company received approximately $61.2 million . As of December 31, 2017 and 2016 , the venture's carrying value of total assets was $658.3 million and $511.3 million , respectively. During the years ended December 31, 2017 , 2016 and 2015 , the Company recorded $2.1 million , $1.6 million and $1.5 million , respectively, of management fees from the Net Lease Venture. The management fees are included in "Other income" in the Company's consolidated statements of operations. Safety, Income & Growth Inc. —The Company along with two institutional investors capitalized SIGI Acquisition, Inc. ("SIGI") on April 14, 2017 to acquire, manage and capitalize Ground Leases. 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 Ground Lease business and assets merged with and into SIGI on April 14, 2017 with SIGI surviving the merger and being renamed Safety, Income & Growth Inc. ("SAFE"). Through this merger and related transactions, the institutional investors acquired a controlling interest in the Company's Ground Lease business. The Company's carrying value of the Ground Lease assets was approximately $161.1 million . Shortly before the Acquisition Transactions, the Company completed the $227.0 million 2017 Secured Financing on its Ground Lease 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 were 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 (the "Offering") raising $205.0 million in gross proceeds and concurrently completed a $45.0 million private placement to the Company. In addition, the Company paid $18.9 million in organization and offering costs of the up to $25.0 million in organization and offering costs it agreed to pay in connection with the Offering and concurrent private placement through December 31, 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. Subsequent to the initial public offering and through December 31, 2017, the Company purchased 1.8 million shares of SAFE's common stock for $34.1 million , at an average cost of $18.85 per share, pursuant to two 10b5-1 plans in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which the Company could buy shares of SAFE's common stock in the open market up to an ownership limit of 39.9% . As of December 31, 2017 , the Company owned approximately 37.6% of SAFE's common stock outstanding. In addition, subsequent to SAFE's initial public offering, 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 26 thousand shares in the aggregate of SAFE's common stock for an aggregate $0.5 million , at an average cost of $19.20 per share, pursuant to a 10b5-1 plan in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended. As of December 31, 2017 , the 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, had utilized all of the availability authorized in the 10b5-1 Plan. 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 in cash or 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. The Company has an exclusivity agreement with SAFE pursuant to which it agreed, subject to certain exceptions, that it will not acquire, originate, invest in, or provide financing for a third party’s acquisition of, a Ground Lease unless it has first offered that opportunity to SAFE and a majority of its independent directors has declined the opportunity. In August 2017, the Company committed to provide a $24.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan has an initial term of one year and will be used for the renovation of a medical office building in Atlanta, GA. $5.2 million of the loan was funded as of December 31, 2017 . The transaction was approved by the Company's and SAFE's independent directors. In October 2017, the Company closed on a 99 -year Ground Lease and a $80.5 million construction financing commitment to support the ground-up development of Great Oaks Multifamily, a to-be-built 301 -unit community within the Great Oaks Master Plan of San Jose, CA. The transaction includes a combination of (i) a newly created Ground Lease and up to a $7.2 million leasehold improvement allowance and (ii) a $80.5 million leasehold first mortgage. The Company entered into a forward purchase contract with SAFE under which SAFE would acquire the Ground Lease in November 2020 for approximately $34.0 million . The forward purchase contract was approved by the Company's and SAFE's independent directors. Marina Palms —As of December 31, 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 December 31, 2017 . The 234 unit south tower is 85% sold (based on unit count) as of December 31, 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 December 31, 2017 and 2016 , the venture's carrying value of total assets was $32.4 million and $201.8 million , respectively. Other real estate equity investments —As of December 31, 2017 , the Company's other real estate equity investments included equity interests in real estate ventures ranging from 20% to 95% , comprised of investments of $38.8 million in operating properties and $61.3 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 for $36.0 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 5). The Company recognized a gain of $8.8 million , reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. 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, of which $25.4 million was funded as of December 31, 2017 . The Company received $17.6 million of net proceeds from the sale of the asset. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. During the year ended December 31, 2015, the Company sold a commercial operating property for $68.5 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 4 ). The Company recognized a gain on sale of $13.6 million , reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. The venture placed financing on the property and proceeds from the financing were distributed to its members. Net proceeds received by the Company were $55.4 million , which was net of the Company's $13.6 million non-cash equity contribution to the venture and inclusive of a $21.0 million distribution from the financing proceeds. This entity is not a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. In 2014, the Company contributed land to a newly formed unconsolidated entity in which the Company received an initial equity interest of 85.7% . As of December 31, 2017 , this entity is not a VIE and the Company does not have a controlling interest due to shared control of the entity with the partner. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. In September 2016, the entity secured non-recourse financing from a third-party lender, paid off in full the mezzanine loan from the Company and distributed the excess proceeds from the financing to the partners. The Company received a distribution in excess of its carrying value and recorded equity in earnings of $11.6 million . The Company had no further obligation nor intention to fund the venture in the future. Subsequent to the distribution of the financing proceeds, the operating agreement of the entity was amended and the Company retained a 50% interest in the entity. During the years ended December 31, 2016 and 2015, the Company recorded $3.6 million and $3.9 million of interest income, respectively. As of December 31, 2017 and 2016 , the Company had a recorded equity interest of zero . Other strategic investments —As of December 31, 2017 , the Company also had 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 December 31, 2017 and 2016 , the carrying value of the Company's cost method investments was $0.8 million and $1.4 million , respectively. During the year ended December 31, 2015, the Company sold available-for-sale securities for proceeds of $7.4 million for gains of $2.6 million , which are included in "Other income" in the Company's consolidated statements of operations. The amount reclassified out of accumulated other comprehensive income into earnings was determined based on the specific identification method. Summarized investee financial information —The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands): As of December 31, For the Years Ended December 31, 2017 2016 2017 2016 2015 Balance Sheets Income Statements Total assets $ 2,493,798 $ 2,803,411 Revenues $ 261,867 $ 272,281 $ 481,224 Total liabilities 1,169,125 683,079 Expenses (167,999 ) (227,720 ) (245,968 ) Noncontrolling interests 13,258 23,544 Net income attributable to parent entities 91,633 42,209 234,529 Total equity 1,311,415 2,096,788 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 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 December 31, 2017 2016 Other receivables (1) $ 56,369 $ 52,820 Intangible assets, net (2) 27,124 30,727 Other assets 24,490 35,189 Restricted cash 20,045 25,883 Leasing costs, net (3) 9,050 11,802 Corporate furniture, fixtures and equipment, net (4) 4,652 5,691 Deferred expenses and other assets, net $ 141,730 $ 162,112 _______________________________________________________________________________ (1) As of December 31, 2017 and 2016 , includes $26.0 million of receivables related to the construction and development of an amphitheater (refer to Note 5). (2) Intangible assets, net includes above market, in-place and lease incentive assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $34.9 million and $31.9 million as of December 31, 2017 and 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 $2.5 million , $3.9 million and $6.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $1.9 million , $1.9 million and $3.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of December 31, 2017 , the weighted average amortization period for the Company's intangible assets was approximately 19.2 years. (3) Accumulated amortization of leasing costs was $4.7 million and $6.7 million as of December 31, 2017 and 2016 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $10.5 million and $9.0 million as of December 31, 2017 and 2016 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of December 31, 2017 2016 Accrued expenses (1) $ 101,035 $ 72,693 Other liabilities (2) 79,015 75,993 Accrued interest payable 49,933 54,033 Intangible liabilities, net (3) 8,021 8,851 Accounts payable, accrued expenses and other liabilities $ 238,004 $ 211,570 _______________________________________________________________________________ (1) As of December 31, 2017 and 2016 , accrued expenses includes $2.5 million and $1.8 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (2) As of December 31, 2017 and 2016 , "Other liabilities" includes $29.2 million and $24.0 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of December 31, 2017 and 2016 , includes $1.6 million and $1.7 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2017 and 2016 , "Other liabilities" also includes $6.2 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. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $7.8 million and $6.4 million as of December 31, 2017 and 2016 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $1.3 million , $1.1 million and $1.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , the weighted average amortization period for the Company's intangible liabilities was approximately 19.2 years. Intangible assets— The estimated expense from the amortization of intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): 2018 $ 2,151 2019 2,112 2020 2,084 2021 2,053 2022 2,049 |
Loan Participations Payable, Ne
Loan Participations Payable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [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 December 31, 2017 December 31, 2016 Loan participations payable (1) $ 102,737 $ 160,251 Debt discounts and deferred financing costs, net (312 ) (930 ) Total loan participations payable, net $ 102,425 $ 159,321 _______________________________________________________________________________ (1) As of December 31, 2017 , the Company had two loan participations payable with a weighted average interest rate of 6.5% . 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 December 31, 2017 and 2016. As of December 31, 2017 and 2016 , the corresponding loan receivable balances were $102.3 million and $159.1 million , respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations. |
Debt Obligations, net
Debt Obligations, net | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Obligations, net | Debt Obligations, net In the third and fourth quarters of 2017, the Company completed a comprehensive set of capital markets transactions that addressed all parts of its capital structure, resulting in the Company having: • repaid or refinanced all of the Company's 2017 and 2018 corporate debt maturities, leaving no corporate debt maturities until July 2019; • extended its weighted average debt maturity by 1.5 years to 4.0 years; • reduced annual expenses; • lowered its cost of capital; • established new banking relationships; and • received upgrades to its corporate credit ratings from all three major ratings agencies. As of December 31, 2017 and 2016 , the Company's debt obligations were as follows ($ in thousands): Carrying Value as of December 31, Stated Interest Rates Scheduled Maturity Date 2017 2016 Secured credit facilities and mortgages: 2015 $325 Million Secured Revolving Credit Facility $ 325,000 $ — LIBOR + 2.50% (1) September 2020 2016 Senior Secured Credit Facility 399,000 498,648 LIBOR + 3.00% (2) October 2021 Mortgages collateralized by net lease assets 208,491 249,987 4.102% - 7.26% (3) Various through 2026 Total secured credit facilities and mortgages 932,491 748,635 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 4.00 % November 2017 7.125% senior notes (5) — 300,000 7.125 % February 2018 4.875% senior notes (6) — 300,000 4.875 % July 2018 5.00% senior notes (7) 770,000 770,000 5.00 % July 2019 4.625% senior notes (8) 400,000 — 4.625 % September 2020 6.50% senior notes (9) 275,000 275,000 6.50 % July 2021 6.00% senior notes (10) 375,000 — 6.00 % April 2022 5.25% senior notes (11) 400,000 — 5.25 % September 2022 3.125% senior convertible notes (12) 287,500 — 3.125 % September 2022 Total unsecured notes 2,507,500 2,569,722 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,539,991 3,418,357 Debt discounts and deferred financing costs, net (63,591 ) (28,449 ) Total debt obligations, net (13) $ 3,476,400 $ 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 September 2021. (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 2.0% or (ii) LIBOR subject to a margin of 3.0% with a minimum LIBOR rate of 0.75% . (3) As of December 31, 2017 , the weighted average interest rate of these loans is 5.2% . (4) The Company prepaid these senior notes in October 2017 without penalty. (5) The Company prepaid these senior notes in October 2017 and incurred a make whole premium of $5.25 million . (6) The Company prepaid these senior notes in October 2017 and incurred a make whole premium of $3.66 million . (7) The Company can prepay these senior notes without penalty beginning July 1, 2018. (8) The Company can prepay these senior notes without penalty beginning June 15, 2020. (9) The Company can prepay these senior notes without penalty beginning July 1, 2020. (10) The Company can prepay these senior notes without penalty beginning April 1, 2021. (11) The Company can prepay these senior notes without penalty beginning September 15, 2021. (12) The Company's 3.125% senior convertible fixed rate notes due September 2022 (" 3.125% Convertible Notes") are convertible at the option of the holders at a conversion rate of 64.36 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $15.54 per share, at any time prior to the close of business on the business day immediately preceding September 15, 2022. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the liability component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the liability component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of December 31, 2017, the carrying value of the 3.125% Convertible Notes was $256.7 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $25.2 million , net of fees. During the year ended December 31, 2017, the Company recognized $2.5 million of contractual interest and $1.3 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (13) The Company capitalized interest relating to development activities of $8.5 million , $5.8 million and $5.3 million for the years ended December 31, 2017 2016 and 2015 , respectively. Future Scheduled Maturities —As of December 31, 2017 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2018 $ — $ — $ — 2019 770,000 1,654 771,654 2020 400,000 325,000 725,000 2021 275,000 515,715 790,715 2022 1,062,500 59,052 1,121,552 Thereafter 100,000 31,070 131,070 Total principal maturities 2,607,500 932,491 3,539,991 Unamortized discounts and deferred financing costs, net (55,390 ) (8,201 ) (63,591 ) Total debt obligations, net $ 2,552,110 $ 924,290 $ 3,476,400 2017 Secured Financing —In March 2017, the predecessor of SAFE (which at the time was comprised of the Company's wholly-owned subsidiaries conducting its Ground Lease 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 SAFE's initial portfolio. 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 SAFE's predecessor, prior to SAFE's initial public offering (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 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. In January 2017, the Company repriced the 2016 Senior Secured Credit Facility to LIBOR plus 3.75% with a 1.00% LIBOR floor from LIBOR plus 4.50% with a 1.00% LIBOR floor. In September 2017, the Company reduced, repriced and extended the 2016 Senior Secured Credit Facility to $400.0 million priced at LIBOR plus 3.00% with a 0.75% LIBOR floor and maturing in October 2021. These transactions resulted in an aggregate 1.50% reduction in price. 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 and $1.9 million was recognized in “Other expense” in the Company's consolidated statements of operations. 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. In connection with the repricing of the 2016 Senior Secured Credit Facility in September 2017, the Company incurred an additional $2.6 million in fees, of which $1.5 million was recognized in "Other expense" in the Company's consolidated statements of operations and $1.1 million was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. During the year ended December 31, 2017, repayments of the 2016 Senior Secured Credit Facility resulted in losses on early extinguishment of debt of $0.8 million . 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"). In September 2017, the Company upsized the 2015 Secured Revolving Credit Facility to $325.0 million , added additional lenders to the syndicate, extended the maturity date to September 2020 and made certain other changes. 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 0.30% to 0.50% based on corporate credit ratings. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2021. Unsecured Notes —In September 2017, the Company issued $400.0 million principal amount of 4.625% senior unsecured notes due September 2020, $400.0 million principal amount of 5.25% senior unsecured notes due September 2022 and $250.0 million of 3.125% Convertible Notes due September 2022. The Company incurred approximately $18.6 million dollars in fees related to these offerings, all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. Proceeds from these offerings, together with cash on hand, were used to repay in full the $550.0 million principal amount outstanding of the 4.0% senior unsecured notes due November 2017, the $300.0 million principal amount outstanding of the 7.125% senior unsecured notes due February 2018 and the $300.0 million principal amount outstanding of the 4.875% senior unsecured notes due July 2018. In addition, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible 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 outstanding of the 5.85% senior unsecured notes due March 2017 and repay in full the $275.0 million principal amount outstanding of the 9.00% senior unsecured notes due June 2017 prior to maturity. In March 2016, the Company repaid its $261.4 million principal amount outstanding of the 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 outstanding of the senior unsecured notes due July 2016 and repay $5.0 million of the 2015 Secured Revolving Credit Facility. During the years ended December 31, 2017 and 2016 , repayments of senior unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $13.6 million and $0.4 million , respectively. These amounts are 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 $9.6 million principal amount into 0.8 million shares of our common stock. Collateral Assets —As of December 31, 2017 and 2016 , the carrying value of assets of the Company that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of December 31, 2017 2016 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 795,321 $ 486,710 $ 881,212 $ 506,062 Real estate available and held for sale 20,069 48,519 — 237,531 Land and development, net 25,100 835,211 35,165 910,400 Loans receivable and other lending investments, net (2)(3) 194,529 1,021,340 172,581 1,142,050 Other investments — 321,241 — 214,406 Cash and other assets — 898,252 — 590,299 Total $ 1,035,019 $ 3,611,273 $ 1,088,958 $ 3,600,748 _______________________________________________________________________________ (1) The 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). (2) As of December 31, 2017 and 2016 , the amounts presented exclude general reserves for loan losses of $17.5 million and $23.3 million , respectively. (3) As of December 31, 2017 and 2016 , the amounts presented exclude loan participations of $102.3 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, as such terms are defined in the indentures governing the debt securities, 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 | 12 Months Ended |
Dec. 31, 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 has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of December 31, 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 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 $ 338,290 $ 10,934 $ 28,585 $ 377,809 Strategic Investments — — 10,743 10,743 Total $ 338,290 $ 10,934 $ 39,328 $ 388,552 _______________________________________________________________________________ (1) Excludes $102.1 million of commitments on loan participations sold that are not the obligation of the Company. Other Commitments —Total operating lease expense for the years ended December 31, 2017 , 2016 and 2015 was $5.2 million , $5.9 million and $6.0 million , respectively. Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2018 $ 4,970 2019 3,919 2020 3,812 2021 1,439 2022 837 Thereafter 2,914 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. (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. A portion of the net proceeds received by the Company was paid to the third party that holds a 4.3% participation interest in all proceeds received by the Company. Lennar filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of two specific issues decided in the Company's favor by the lower courts. The Company filed a brief in opposition to the petition. On December 4, 2017, the U.S. Supreme Court issued an order denying Lennar’s petition for a writ of certiorari. The Company has applied for the recovery of attorneys' fees and costs it incurred in connection with the litigation. The amount of attorneys’ fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. A hearing on the Company’s application for attorney’s fees has not yet been scheduled. 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. |
Risk Management and Derivatives
Risk Management and Derivatives | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Derivatives | Risk Management and Derivatives Risk management In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company's lending investments or leases that result from a borrower's or tenant's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of real estate assets by the Company as well as changes in foreign currency exchange rates. Risk concentrations —Concentrations of credit risks arise when a number of borrowers or tenants related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Substantially all of the Company's real estate as well as assets collateralizing its loans receivable are located in the United States. As of December 31, 2017 , the only states with a concentration greater than 10.0% were New York with 21.7% and California with 12.1% . As of December 31, 2017 , the Company's portfolio contains concentrations in the following asset types: land 22.1% , office/industrial 20.1% , entertainment/leisure 11.5% , condominium 11.1% and mixed use/mixed collateral 11.9% . The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have a material adverse effect on the Company. As of December 31, 2017 , the Company's five largest borrowers or tenants collectively accounted for approximately 15.0% of the Company's 2017 revenues, of which no single customer accounts for more than 5.7% . 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 as of December 31, 2017 and 2016 ($ in thousands): Derivative Assets as of December 31, Derivative Liabilities as of December 31, 2017 2016 2017 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 $ — N/A $ — Other Liabilities $ 8 Interest rate swaps N/A — N/A — N/A — Other Liabilities 39 Total $ — $ — $ — $ 47 Derivatives not Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 702 N/A $ — N/A $ — Interest rate cap N/A — Other Assets 25 N/A — N/A — Total $ — $ 727 $ — $ — 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) for the years ended December 31, 2017 , 2016 and 2015 ($ 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 Year Ended December 31, 2017 Interest rate swaps Interest Expense $ 495 $ 339 $ 132 Interest rate cap Earnings from equity method investments (16 ) (16 ) N/A Interest rate swap Earnings from equity method investments 368 (285 ) N/A Foreign exchange contracts Earnings from equity method investments (352 ) — N/A For the Year Ended December 31, 2016 Interest rate cap Interest Expense — (185 ) N/A Interest rate cap Earnings from equity method investments (4 ) (3 ) N/A Interest rate swaps Interest Expense (175 ) (32 ) N/A Interest rate swaps Earnings from equity method investments 94 (378 ) N/A Foreign exchange contracts Earnings from equity method investments (167 ) — N/A For the Year Ended December 31, 2015 Interest rate cap Interest Expense — (626 ) N/A Interest rate cap Earnings from equity method investments (13 ) (1 ) N/A Interest rate swaps Interest Expense (537 ) 170 N/A Interest rate swap Earnings from equity method investments (528 ) (464 ) N/A Foreign exchange contracts Earnings from equity method investments (124 ) — N/A Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Years Ended December 31, Derivatives not Designated in Hedging Relationships 2017 2016 2015 Interest rate cap Other Expense $ 6 $ (1,080 ) $ (3,671 ) Foreign exchange contracts Other Expense (970 ) 1,115 2,403 Foreign Exchange Contracts —The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company used 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. 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." 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 $0.2 million , $0.1 million and $(0.1) million during the years ended December 31, 2017 , 2016 and 2015 , respectively, 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. 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." During the year ended December 31, 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 Ground Lease business (refer to Note 4). 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 December 31, 2016 , the Company posted collateral of $0.4 million 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 December 31, 2017 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock —On October 20, 2017, the Company redeemed all of its issued and outstanding Series E and Series F preferred stock. Each holder of Series E and Series F preferred stock received cash in the amount of the liquidation preference of $25.00 per share, or $240.0 million in the aggregate, plus accrued dividends of $1.1 million and $0.8 million , respectively, on its Series E and Series F Preferred stock. The total carrying value of the Series E and Series F preferred stock was $223.7 million , net of discounts and fees, and was recorded in "Additional paid-in-capital" and "Preferred Stock Series D, E, F, G and I, liquidation preference $25.00 per share" on the Company's consolidated balance sheet as of December 31, 2016. The remaining liquidation premium of $16.3 million represents a return similar to a dividend to the holders of the Series E and Series F preferred stock and, as such, has been recorded in "Retained earnings (deficit)" on the Company's consolidated balance sheet as of December 31, 2017 . The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2017 : 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) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 Total 16,200 $ 476,000 The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of 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) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 E 5,600 0.001 25.00 7.875 % 1.97 127,136 F 4,000 0.001 25.00 7.80 % 1.95 96,550 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 Total 25,800 $ 699,686 _______________________________________________________________________________ (1) Holders of shares of the Series D, 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 $8.0 million , $8.3 million , $5.9 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2017 . In addition, in October 2017, the Company redeemed its Series E and Series F Preferred Stock and paid dividends through the redemption date of $1.1 million and $0.8 million , respectively, on its Series E and Series F Preferred Stock and paid a liquidation premium of $16.3 million representing a return similar to a dividend to the holders of the Series E and Series F Preferred Stock. The Company declared and paid dividends of $8.0 million , $11.0 million , $7.8 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2016 . The Company declared and paid dividends of $9.0 million on its Series J Convertible Perpetual Preferred Stock during the years ended December 31, 2017 and 2016 . The character of the 2017 dividends was 100% capital gain distribution, of which 27.90% represented unrecaptured section 1250 gain and 72.10% long term capital gain. The character of the 2016 dividends was as follows: 47.30% was a capital gain distribution, of which 76.15% represented 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 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. High Performance Unit Program In May 2002, the Company's shareholders approved the iStar HPU Program. The program entitled employee participants ("HPU Holders") to receive distributions if the total rate of return on the Company's common stock (share price appreciation plus dividends) exceeded certain performance thresholds over a specified valuation period. The Company established seven HPU plans that had valuation periods ending between 2002 and 2008 and the Company has not established any new HPU plans since 2005. HPU Holders purchased interests in the High Performance common stock for an aggregate initial purchase price of $9.8 million . The remaining four plans that had valuation periods which ended in 2005, 2006, 2007 and 2008, did not meet their required performance thresholds, none of the plans were funded and the Company redeemed the participants' units. The 2002, 2003 and 2004 plans all exceeded their performance thresholds and were entitled to receive distributions equivalent to the amount of dividends payable on 819,254 shares, 987,149 shares and 1,031,875 shares, respectively, of the Company's common stock as and when such dividends were paid on the Company's common stock. Each of these three plans had 5,000 shares of High Performance common stock associated with it, which was recorded as a separate class of stock within shareholders' equity on the Company's consolidated balance sheets. High Performance common stock carried 0.25 votes per share. Net income allocable to common shareholders is reduced by the HPU holders' share of earnings. In August 2015, the Company repurchased and retired all of its outstanding 14,888 HPUs, representing approximately 2.8 million common stock equivalents. The Company repurchased these HPUs at fair value from current and former employees through an arms-length exchange offer. HPU holders could have elected to receive $9.30 in cash or 0.7 shares of iStar common stock, or a combination thereof, per common stock equivalent underlying the HPUs. Approximately 37% of the outstanding HPUs were exchanged for $9.8 million in cash and approximately 63% of the outstanding HPUs were exchanged for 1.2 million shares of iStar common stock with a fair value of $15.2 million , representing the number of shares issued at the closing price of the Company's common stock on August 13, 2015. The transaction value in excess of the HPUs carrying value of $9.8 million was recorded as a reduction to retained earnings (deficit) in the Company's consolidated statements of changes in equity. 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, 2016 , the Company had $948.8 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 2036 if unused. The amount of NOL carryforwards as of December 31, 2017 will be determined upon finalization of the Company's 2017 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 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 NOL carryforwards), as long as the Company maintains its REIT qualification. The 2016 Senior Secured Credit Facility and the 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 years ended December 31, 2017 and 2016 . Stock Repurchase Program —As of December 31, 2017, the Company had authorization to repurchase up to $50.0 million of common stock from time to time in open market or privately negotiated transactions, including pursuant to one or more trading plans. In December 2017, the Company entered into a 10b5-1 plan (the "10b5-1 Plan") in accordance with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended, to facilitate repurchases. Whether and how many shares will be repurchased is uncertain and dependent on prevailing market prices and trading volumes, which we cannot predict. During the year ended December 31, 2016 , the Company repurchased 10.2 million shares of its outstanding common stock for $98.4 million , at an average cost of $9.67 per share. During the year ended December 31, 2015 , the Company repurchased 5.7 million shares of its outstanding common stock for $70.4 million , at an average cost of $12.25 per share. In addition, in connection with the sale of the 3.125% Convertible Notes in September 2017 (refer to Note 10), the Company repurchased 4.0 million shares of its common stock for $45.9 million at an average cost of $11.51 per share in privately negotiated transactions with purchasers of the 3.125% Convertible Notes. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of December 31, 2017 2016 Unrealized gains (losses) on available-for-sale securities $ 1,335 $ 149 Unrealized gains (losses) on cash flow hedges 707 27 Unrealized losses on cumulative translation adjustment (4,524 ) (4,394 ) Accumulated other comprehensive income (loss) $ (2,482 ) $ (4,218 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 12 Months Ended |
Dec. 31, 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 $18.8 million , $10.9 million and $12.0 million , respectively, for the years ended December 31, 2017 , 2016 and 2015 in "General and administrative" in the Company's consolidated statements of operations. As of December 31, 2017 , there was $1.8 million of total unrecognized compensation cost related to all unvested restricted stock units that is expected to be recognized over a weighted average remaining vesting/service period of 1.70 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 following is a summary of granted iPIP points. • In May 2014, the Company granted 73.0 iPIP points for the initial 2013-2014 investment pool. • In January 2015, the Company granted an additional 10.0 points for the 2013-2014 investment pool and 34.0 iPIP points for the 2015-2016 investment pool. • In January 2016, the Company granted an additional 10.0 iPIP points in the 2013-2014 investment pool and an additional 40.0 iPIP points in the 2015-2016 investment pool. • In June 2016, the Company granted an additional 2.5 points in the 2015-2016 investment pool. • In February 2017, the Company granted an additional 5.0 iPIP points in the 2013-2014 investment pool, an additional 18.0 iPIP points in the 2015-2016 investment pool and 44.0 iPIP points in the 2017-2018 investment pool. As of December 31, 2017 , 11.6 iPIP points from the 2013-2014 investment pool, 10.0 iPIP points from the 2015-2016 investment pool and 4.3 iPIP points from the 2017-2018 investment pool were forfeited. All decisions regarding the granting of points under iPIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The fair value of points is determined using a model that forecasts the Company's projected investment performance. The payout of iPIP is based on the amount of invested capital, investment performance and the Company's total shareholder return ("TSR") as compared to the average TSR of the NAREIT All REIT Index and the Russell 2000 Index during the relevant performance period for the investments in each pool. 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. Point holders will not receive a distribution until the Company has received a full return of its capital plus a preferred return distribution, which is based on a preferred return hurdle rate of 9% per annum. Subject to certain vesting and employment requirements, point holders will be paid a combination of cash and stock. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. Compensation costs relating to iPIP are included in "General and administrative" in the Company's consolidated statements of operations. As of December 31, 2017 and 2016 , the Company had accrued compensation costs relating to iPIP of $38.1 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 shareholders approved the Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") which is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. Shareholders approved amendments to the 2009 LTIP and the performance-based provisions of the 2009 LTIP in 2014. 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. A maximum of 8.0 million shares of common stock may be awarded under the 2009 LTIP. 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. As of December 31, 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 year ended December 31, 2017 , the Company granted 97,697 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 weighted average grant date fair value per share of these share awards was $12.04 and the total fair value was $1.2 million . 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. Restricted Stock Units Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2017 were as follows (number of shares and $ in thousands, except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Non-vested as of December 31, 2016 290 $ 11.33 $ 3,578 Granted 116 $ 12.09 Vested (75 ) $ 12.15 Forfeited (49 ) $ 13.95 Non-vested as of December 31, 2017 282 $ 10.98 $ 3,183 The total fair value of Units vested during the years ended December 31, 2017 , 2016 and 2015 was $0.9 million , $2.9 million and $0.1 million , respectively. The weighted-average grant date fair value per share of Units granted during the years ended December 31, 2017 , 2016 and 2015 was $12.09 , $10.11 and $13.65 , respectively. As of December 31, 2017 , 37,513 market-based Units did not meet the criteria to vest. The market-condition was based on the Company's TSR measured over a performance period ending on the vesting date of December 31, 2017. Under the terms of these Units, vesting ranged 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 and any companies not included in the index at the beginning and end of the performance period were excluded from calculation of the performance of such index. Based on the Company's TSR performance, the Units were below the minimum threshold payout level, resulting in no payout of awards. 2017 Restricted Stock Unit Activity —During the year ended December 31, 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 provisions relating to termination of employment. 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 December 31, 2017 , 111,642 of such service-based Units were outstanding. As of December 31, 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 provisions relating to termination of employment. 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. • 105,285 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 provisions relating to termination of employment. 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 will vest in equal annual installments over three years on each anniversary of the grant date, if the employee remains employed by the Company on the vesting date, subject to certain conditions relating to termination of employment. 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 —Non-employee directors are awarded CSEs or restricted share awards at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. During the year ended December 31, 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. These restricted shares have a vesting term of one year. 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 CSEs and restricted shares of common stock vest and are settled. As of December 31, 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 $3.6 million . 401(k) Plan —The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Company's Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the participant's contributions, up to a maximum of 10% of the participants compensation. The Company made gross contributions of $1.1 million , $1.0 million and $1.0 million , respectively, for the years ended December 31, 2017 , 2016 and 2015 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders were current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. These HPU units were treated as a separate class of common stock. All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data): For the Years Ended December 31, 2017 2016 2015 Income (loss) from continuing operations $ (40,198 ) $ (23,384 ) $ (115,050 ) Income from sales of real estate 92,049 105,296 93,816 Net (income) loss attributable to noncontrolling interests (4,526 ) (4,876 ) 3,722 Preferred dividends (48,444 ) (51,320 ) (51,320 ) Premium above book value on redemption of preferred stock (16,314 ) — — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share (1) $ (17,433 ) $ 25,716 $ (68,832 ) Add: Effect of joint venture shares — 7 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share (1) $ (17,433 ) $ 25,723 $ (68,832 ) _______________________________________________________________________________ (1) For the year ended December 31, 2016, includes income from continuing operations allocable to Participating Security Holders of $8 and $8 on a basic and dilutive basis, respectively. For the Years Ended December 31, 2017 2016 2015 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (17,433 ) $ 25,708 $ (67,449 ) Income from discontinued operations 4,939 18,264 14,774 Gain from discontinued operations 123,418 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 110,924 $ 43,972 $ (52,675 ) Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (17,433 ) $ 25,715 $ (67,449 ) Income from discontinued operations 4,939 18,264 14,774 Gain from discontinued operations 123,418 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 110,924 $ 43,979 $ (52,675 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 71,021 73,453 84,987 Add: Effect of assumed shares issued under treasury stock method or restricted stock units — 84 — Add: Effect of joint venture shares — 298 — Weighted average common shares outstanding for diluted earnings per common share 71,021 73,835 84,987 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.25 ) $ 0.35 $ (0.79 ) Income from discontinued operations 0.07 0.25 0.17 Gain from discontinued operations 1.74 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 1.56 $ 0.60 $ (0.62 ) Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.25 ) $ 0.35 $ (0.79 ) Income from discontinued operations 0.07 0.25 0.17 Gain from discontinued operations 1.74 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 1.56 $ 0.60 $ (0.62 ) For the Years Ended December 31, 2017 2016 2015 Earnings allocable to HPUs (1) : Numerator for basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (1,383 ) Income from discontinued operations — — 303 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (1,080 ) Denominator for basic and diluted earnings per HPU share: Weighted average HPUs outstanding for basic and diluted earnings per share — — 9 Basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (153.67 ) Income from discontinued operations — — 33.67 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (120.00 ) _______________________________________________________________________________ (1) All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). For the years ended December 31, 2017 , 2016 and 2015 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1)(2)(3)(4) : For the Years Ended December 31, 2017 2016 2015 Joint venture shares 255 — 298 3.00% convertible senior unsecured notes — 14,764 16,992 Series J convertible perpetual preferred stock 15,635 15,635 15,635 1.50% convertible senior unsecured notes — 9,868 11,567 _______________________________________________________________________________ (1) For the year ended December 31, 2015, the effect of the Company's unvested Units, market-based Units and CSEs were anti-dilutive. (2) For the year ended December 31, 2016, the effect of 16 and 125 unvested time and market-based Units, respectively, were anti-dilutive. (3) For the year ended December 31, 2017, the effect of 6 and 17 unvested time and market-based Units, respectively, were anti-dilutive. (4) The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the year ended December 31, 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods. |
Fair Values
Fair Values | 12 Months Ended |
Dec. 31, 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 December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (2) 12,400 — — 12,400 Impaired real estate available and held for sale (3) 800 — — 800 Impaired land and development (4) 21,400 — — 21,400 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 (5) 7,200 — — 7,200 Impaired real estate (6) 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 a real estate asset with a fair value of $12.4 million based on market comparable sales. (3) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (4) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period. (5) 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. (6) The Company recorded an impairment on a real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2017 and 2016 ($ in thousands): 2017 2016 Beginning balance $ 21,666 $ 1,161 Purchases — 20,240 Repayments (10 ) (10 ) Unrealized gains recorded in other comprehensive income 1,186 275 Ending balance $ 22,842 $ 21,666 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.3 billion and $3.7 billion , respectively, as of December 31, 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. Given the nature of certain assets and liabilities, clearly determinable market based valuation inputs are often not available, therefore, these assets and liabilities are valued using internal valuation techniques. Subjectivity exists with respect to these internal valuation techniques, therefore, the fair values disclosed may not ultimately be realized by the Company if the assets were sold or the liabilities were settled with third parties. The methods the Company used to estimate the fair values presented in the table above are described more fully below for each type of asset and liability. Derivatives —The Company uses interest rate swaps, interest rate caps and foreign exchange contracts to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Impaired loans —The Company's loans identified as being impaired are nearly all collateral dependent loans and are evaluated for impairment by comparing the estimated fair value of the underlying collateral, less costs to sell, to the carrying value of each loan. Due to the nature of the individual properties collateralizing the Company's loans, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Impaired real estate —If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 3 input under the fair value hierarchy. Loans receivable and other lending investments —The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, that fall within Level 2 of the fair value hierarchy or broker quotes that fall within Level 3 of the fair value hierarchy. Debt obligations, net —For debt obligations traded in secondary markets, the Company uses market quotes, to the extent they are available, to determine fair value and are considered Level 2 on the fair value hierarchy. For debt obligations not traded in secondary markets, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2017 Operating lease income $ — $ 123,685 $ 63,159 $ 840 $ — $ 187,684 Interest income 106,548 — — — — 106,548 Other income 2,633 2,603 49,641 126,259 6,955 188,091 Land development revenue — — — 196,879 — 196,879 Earnings (loss) from equity method investments — 5,086 (772 ) 7,292 1,409 13,015 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 87,512 4,537 — — 92,049 Total revenue and other earnings 109,181 347,243 116,565 331,270 8,364 912,623 Real estate expense — (16,742 ) (89,725 ) (41,150 ) — (147,617 ) Land development cost of sales — — — (180,916 ) — (180,916 ) Other expense (1,413 ) — — — (19,541 ) (20,954 ) Allocated interest expense (40,359 ) (53,710 ) (20,171 ) (28,033 ) (52,413 ) (194,686 ) Allocated general and administrative (2) (15,223 ) (19,563 ) (8,075 ) (16,483 ) (20,726 ) (80,070 ) Segment profit (loss) (3) $ 52,186 $ 257,228 $ (1,406 ) $ 64,688 $ (84,316 ) $ 288,380 Other significant non-cash items: Recovery of loan losses $ (5,828 ) $ — $ — $ — $ — $ (5,828 ) Impairment of assets — 5,486 6,358 20,535 — 32,379 Depreciation and amortization — 28,132 17,684 1,896 1,321 49,033 Capitalized expenditures — 4,838 35,754 125,744 — 166,336 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2016 Operating lease income $ — $ 126,164 $ 64,593 $ 423 $ — $ 191,180 Interest income 129,153 — — — — 129,153 Other income 4,658 1,632 33,216 3,170 3,838 46,514 Land development revenue — — — 88,340 — 88,340 Earnings (loss) from equity method investments — 3,567 33,863 30,012 9,907 77,349 Income from discontinued operations — 18,270 — — — 18,270 Income from sales of real estate — 21,138 75,357 8,801 — 105,296 Total revenue and other earnings 133,811 170,771 207,029 130,746 13,745 656,102 Real estate expense — (18,158 ) (82,401 ) (36,963 ) — (137,522 ) Land development cost of sales — — — (62,007 ) — (62,007 ) Other expense (2,719 ) — — — (3,164 ) (5,883 ) Allocated interest expense (57,787 ) (65,880 ) (23,156 ) (34,888 ) (39,687 ) (221,398 ) Allocated general and administrative (2) (15,311 ) (17,585 ) (6,574 ) (13,693 ) (19,975 ) (73,138 ) Segment profit (loss) (3) $ 57,994 $ 69,148 $ 94,898 $ (16,805 ) $ (49,081 ) $ 156,154 Other significant non-cash items: Recovery of loan losses $ (12,514 ) $ — $ — $ — $ — $ (12,514 ) Impairment of assets — 4,829 5,855 3,800 — 14,484 Depreciation and amortization — 31,380 17,887 1,296 1,097 51,660 Capitalized expenditures — 3,667 56,784 109,548 — 169,999 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2015 Operating lease income $ — $ 132,968 $ 77,454 $ 785 $ — $ 211,207 Interest income 134,687 — — — — 134,687 Other income 9,737 350 34,637 1,219 3,981 49,924 Land development revenue — — — 100,216 — 100,216 Earnings (loss) from equity method investments — 5,221 1,663 16,683 8,586 32,153 Income from discontinued operations — 15,077 — — — 15,077 Income from sales of real estate — 40,082 53,734 — — 93,816 Total revenue and other earnings 144,424 193,698 167,488 118,903 12,567 637,080 Real estate expense — (21,614 ) (95,888 ) (29,007 ) — (146,509 ) Land development cost of sales — — — (67,382 ) — (67,382 ) Other expense (2,291 ) — — — (4,083 ) (6,374 ) Allocated interest expense (57,109 ) (66,504 ) (28,014 ) (32,087 ) (40,925 ) (224,639 ) Allocated general and administrative (2) (13,128 ) (15,569 ) (6,988 ) (11,488 ) (22,091 ) (69,264 ) Segment profit (loss) (3) $ 71,896 $ 90,011 $ 36,598 $ (21,061 ) $ (54,532 ) $ 122,912 Other significant non-cash items: Provision for loan losses $ 36,567 $ — $ — $ — $ — $ 36,567 Impairment of assets — — 5,935 4,589 — 10,524 Depreciation and amortization — 34,936 24,548 1,422 1,139 62,045 Capitalized expenditures — 4,195 84,103 94,971 — 183,269 As of December 31, 2017 Real estate Real estate, net $ — $ 815,783 $ 466,248 $ — $ — $ 1,282,031 Real estate available and held for sale — — 68,588 — — 68,588 Total real estate — 815,783 534,836 — — 1,350,619 Land and development, net — — — 860,311 — 860,311 Loans receivable and other lending investments, net 1,300,655 — — — — 1,300,655 Other investments — 205,007 38,761 63,855 13,618 321,241 Total portfolio assets $ 1,300,655 $ 1,020,790 $ 573,597 $ 924,166 $ 13,618 3,832,826 Cash and other assets 898,252 Total assets $ 4,731,078 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 $18.8 million , $10.9 million and $12.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2017 2016 2015 Segment profit $ 288,380 $ 156,154 $ 122,912 Less: Recovery of (provision for) loan losses 5,828 12,514 (36,567 ) Less: Impairment of assets (32,379 ) (14,484 ) (10,524 ) Less: Depreciation and amortization (49,033 ) (51,660 ) (62,045 ) Less: Stock-based compensation expense (18,812 ) (10,889 ) (12,013 ) Less: Income tax benefit (expense) 948 10,166 (7,639 ) Less: Loss on early extinguishment of debt, net (14,724 ) (1,619 ) (281 ) Net income (loss) $ 180,208 $ 100,182 $ (6,157 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). For the Quarters Ended December 31, September 30, June 30, March 31, 2017: Revenue $ 103,144 $ 119,872 $ 347,867 $ 108,319 Net income (loss) $ 3,290 $ (3,716 ) $ 196,007 $ (15,372 ) Income from discontinued operations $ — $ — $ (173 ) $ (4,766 ) Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic $ (4,910 ) $ (34,530 ) $ 177,467 $ (27,102 ) Diluted $ (4,910 ) $ (34,530 ) $ 179,722 $ (27,102 ) Earnings per share Basic $ (0.07 ) $ (0.48 ) $ 2.46 $ (0.38 ) Diluted $ (0.07 ) $ (0.48 ) $ 2.04 $ (0.38 ) Weighted average number of common shares Basic 68,200 71,713 72,142 72,065 Diluted 68,200 71,713 88,195 72,065 2016: Revenue $ 98,571 $ 124,054 $ 122,360 $ 110,202 Net income (loss) $ (8,461 ) $ 58,155 $ 59,787 $ (9,299 ) Income from discontinued operations $ 7,336 $ 3,721 $ 3,633 $ 3,580 Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic (2) $ (19,252 ) $ 46,292 $ 38,112 $ (21,187 ) Diluted (2) $ (19,252 ) $ 51,453 $ 43,293 $ (21,187 ) Earnings per share Basic $ (0.27 ) $ 0.65 $ 0.52 $ (0.27 ) Diluted $ (0.27 ) $ 0.44 $ 0.37 $ (0.27 ) Weighted average number of common shares Basic 71,603 71,210 73,984 77,060 Diluted 71,603 115,666 118,510 77,060 _______________________________________________________________________________ (1) Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. (2) For the quarter ended June 30, 2016 includes net income attributable to iStar Inc. and allocable to Participating Security Holders of $20 and $14 on a basic and dilutive basis, respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | Schedule II—Valuation and Qualifying Accounts and Reserves ($ in thousands) Balance at Beginning of Period Charged to Costs and Expenses Adjustments to Valuation Accounts Deductions Balance at End of Period For the Year Ended December 31, 2015 Reserve for loan losses (1)(2) $ 98,490 $ 36,567 $ — $ (26,892 ) $ 108,165 Allowance for doubtful accounts (2) 3,646 1,359 — (1,621 ) 3,384 Allowance for deferred tax assets (2) 54,318 (310 ) (98 ) — 53,910 $ 156,454 $ 37,616 $ (98 ) $ (28,513 ) $ 165,459 For the Year Ended December 31, 2016 Reserve for loan losses (1)(2) $ 108,165 $ (12,514 ) $ — $ (10,106 ) $ 85,545 Allowance for doubtful accounts (2) 3,384 985 — (1,781 ) 2,588 Allowance for deferred tax assets (2) 53,910 3,233 15,838 (6,483 ) 66,498 $ 165,459 $ (8,296 ) $ 15,838 $ (18,370 ) $ 154,631 For the Year Ended December 31, 2017 Reserve for loan losses (1)(2) $ 85,545 $ (5,828 ) $ — $ (1,228 ) $ 78,489 Allowance for doubtful accounts (2) 2,588 473 — (451 ) 2,610 Allowance for deferred tax assets (2) 66,498 7,108 (9,318 ) (1,030 ) 63,258 $ 154,631 $ 1,753 $ (9,318 ) $ (2,709 ) $ 144,357 _____________________________________________________________ (1) Refer to Note 6 to the Company's consolidated financial statements. (2) Refer to Note 3 to the Company's consolidated financial statements. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) OFFICE FACILITIES: Tempe, Arizona OAZ002 $ — (1) $ 1,033 $ 6,652 $ 2,942 $ 1,033 $ 9,594 $ 10,627 $ 4,006 1999 40.0 Tempe, Arizona OAZ003 — (1) 1,033 6,652 287 1,033 6,939 7,972 3,142 1999 40.0 Tempe, Arizona OAZ004 — (1) 1,033 6,652 583 1,033 7,235 8,268 3,128 1999 40.0 Tempe, Arizona OAZ005 — (1) 701 4,339 2,180 701 6,519 7,220 1,992 1999 40.0 Ft. Collins, Colorado OCO002 1,654 (1) — 16,752 48 — 16,800 16,800 6,616 2002 40.0 Largo, Maryland OMD001 9,068 (1) 1,800 18,706 741 1,800 19,447 21,247 7,579 2002 40.0 Chelmsford, Massachusetts OMA001 9,187 (1) 1,600 21,947 285 1,600 22,232 23,832 8,852 2002 40.0 Mt. Laurel, New Jersey ONJ001 49,984 7,726 74,429 10 7,724 74,441 82,165 28,032 2002 40.0 Riverview, New Jersey ONJ002 8,491 (1) 1,008 13,763 206 1,008 13,969 14,977 4,780 2004 40.0 Riverview, New Jersey ONJ003 22,579 (1) 2,456 28,955 814 2,456 29,769 32,225 10,237 2004 40.0 Harrisburg, Pennsylvania OPA001 — (1) 690 26,098 (4,578 ) 690 21,520 22,210 10,609 2001 40.0 Irving, Texas OTX001 — (1) 1,364 10,628 5,780 2,373 15,399 17,772 7,279 1999 40.0 Richardson, Texas OTX004 — 1,230 5,660 1,046 1,230 6,706 7,936 2,801 1999 40.0 Subtotal $ 100,963 $ 21,674 $ 241,233 $ 10,344 $ 22,681 $ 250,570 $ 273,251 $ 99,053 INDUSTRIAL FACILITIES: Avondale, Arizona IAZ001 — (1) 2,519 7,481 2,242 2,519 9,723 12,243 2,639 2009 40.0 Avondale, Arizona IAZ002 — (1) 3,279 5,221 5,274 3,279 10,495 13,773 3,308 2009 40.0 Los Angeles, California ICA001 16,756 (1) 11,635 19,515 5,943 11,635 25,458 37,093 6,405 2007 40.0 Fremont, California ICA006 — (1) 1,086 7,964 3,921 1,086 11,885 12,971 5,739 1999 40.0 Golden, Colorado ICO001 — (1) 832 1,379 — 832 1,379 2,211 399 2006 40.0 Jacksonville, Florida IFL002 14,516 (1) 3,510 20,846 8,279 3,510 29,125 32,635 6,979 2007 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Miami, Florida IFL004 — (1) 3,048 8,676 — 3,048 8,676 11,724 3,940 1999 40.0 Miami, Florida IFL005 — (1) 1,612 4,586 (1,408 ) 1,241 3,549 4,790 1,106 1999 40.0 Atlanta, Georgia IGA001 12,635 (1) 2,791 24,637 349 2,791 24,986 27,777 6,361 2007 40.0 Bristol, Indiana IIN001 — (1) 462 9,224 — 462 9,224 9,686 3,180 2007 40.0 Everett, Massachusetts IMA001 17,384 (1) 7,439 21,774 10,979 7,439 32,753 40,192 7,847 2007 40.0 Montague, Michigan IMI001 — (1) 598 9,814 1 598 9,815 10,413 3,419 2007 40.0 Little Falls, Minnesota IMN002 — (1) 6,705 17,690 — 6,225 18,170 24,395 5,865 2005 40.0 Elizabeth, New Jersey INJ001 20,161 (1) 8,368 15,376 21,141 8,368 36,517 44,885 8,824 2007 40.0 La Porte, Texas ITX004 12,545 (1) 1,631 27,858 (416 ) 1,631 27,442 29,073 6,929 2007 40.0 Chesapeake, Virginia IVA001 13,531 (1) 2,619 28,481 142 2,619 28,623 31,242 7,285 2007 40.0 Subtotal $ 107,528 $ 58,134 $ 230,522 $ 56,447 $ 57,283 $ 287,820 $ 345,103 $ 80,225 LAND: Scottsdale, Arizona LAZ003 — 1,400 — — 1,400 — 1,400 — 2011 0 Whittmann, Arizona LAZ001 — 96,700 — — 96,700 — 96,700 — 2010 0 Mammoth Lakes, California LCA002 — (1) 28,464 2,836 (21,064 ) 7,400 2,836 10,236 2,836 2010 0 Mammoth, California LCA007 — 2,382 — — 2,382 — 2,382 — 2007 0 Riverside, California LCA003 — 87,300 — (9,963 ) 77,337 — 77,337 — 2009 0 San Jose, California LCA004 — 68,155 — (25,797 ) 42,358 — 42,358 — 2000 0 San Jose, California LCA009 — 8,921 — — 8,921 — 8,921 — 2017 0 San Pedro, California LCA005 — 84,100 — 44,251 128,351 — 128,351 — 2010 0 Santa Clarita Valley, California LCA006 — 59,100 — — 59,100 — 59,100 — 2010 0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Fort Myers, Florida LFA001 — (1) 7,600 — — 7,600 — 7,600 — 2009 0 Fort Myers, Florida LFA007 — 5,883 — 178 5,883 178 6,061 — 2014 0 Indiantown, Florida LFA002 — 8,100 — — 8,100 — 8,100 — 2009 0 Miami, Florida LFA006 — 9,300 — (252 ) 9,080 (32 ) 9,048 — 2012 0 Naples, Florida LFA003 — 26,600 — 33,162 26,600 33,162 59,762 — 2010 0 St. Lucie, Florida LFA004 — 3,540 — — 3,540 — 3,540 — 2013 0 St. Lucie, Florida LFA008 — 6,900 — — 6,900 — 6,900 — 2017 0 Stuart, Florida LFA005 — 9,300 — — 9,300 — 9,300 — 2010 0 Savannah, Georgia LGA002 — 1,400 — — 1,400 — 1,400 — 2013 0 Chicago, Illinois LIL001 — 31,500 — — 31,500 — 31,500 — 2016 0 Asbury Park, New Jersey LNJ001 — 43,300 — 39,032 82,332 — 82,332 747 2009 0 Asbury Park, New Jersey LNJ002 — 3,992 — 54,894 58,886 — 58,886 — 2009 0 Brooklyn, New York LNY002 — 58,900 — (13,460 ) 45,440 — 45,440 — 2011 0 Brooklyn, New York LNY003 — 3,277 — 24,033 3,277 24,033 27,310 814 2013 0 Long Beach, New York LNY001 — 52,461 — 2,525 52,461 2,525 54,986 — 2009 0 Warrington, Pennsylvania LPA001 — 1,460 — 704 1,460 704 2,164 — 2011 0 Chesterfield County, Virginia LVA001 — 72,138 — 42,187 114,325 — 114,325 3,534 2009 0 Chesterfield County, Virginia LVA002 — 3,291 — — 3,291 — 3,291 — 2009 0 Ranson, West Virginia LWV001 — 9,083 — — 9,083 — 9,083 — 2016 0 Subtotal $ — $ 794,547 $ 2,836 $ 170,430 $ 904,407 $ 63,406 $ 967,813 $ 7,931 ENTERTAINMENT: Decatur, Alabama EAL001 — 277 359 (6 ) 277 353 630 118 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Huntsville, Alabama EAL002 — 319 414 (25 ) 319 389 708 124 2004 40.0 Chandler, Arizona EAZ001 — 793 1,027 (62 ) 793 965 1,758 307 2004 40.0 Chandler, Arizona EAZ002 — 521 673 (10 ) 521 663 1,184 222 2004 40.0 Mesa, Arizona EAZ004 — 630 815 (49 ) 630 766 1,396 244 2004 40.0 Peoria, Arizona EAZ005 — 590 764 (46 ) 590 718 1,308 229 2004 40.0 Phoenix, Arizona EAZ006 — 476 616 (10 ) 476 606 1,082 203 2004 40.0 Phoenix, Arizona EAZ007 — 654 845 (14 ) 654 831 1,485 279 2004 40.0 Phoenix, Arizona EAZ008 — 666 862 (14 ) 666 848 1,514 284 2004 40.0 Tempe, Arizona EAZ009 — 460 596 (36 ) 460 560 1,020 178 2004 40.0 Alameda, California ECA001 — 1,097 1,421 (86 ) 1,097 1,335 2,432 425 2004 40.0 Bakersfield, California ECA002 — 434 560 (33 ) 434 527 961 168 2004 40.0 Bakersfield, California ECA003 — 332 429 (26 ) 332 403 735 129 2004 40.0 Milpitas, California ECA005 — 676 876 (53 ) 676 823 1,499 262 2004 40.0 Riverside, California ECA006 — 720 932 (56 ) 720 876 1,596 279 2004 40.0 Rocklin, California ECA007 — 574 743 (12 ) 574 731 1,305 245 2004 40.0 Sacramento, California ECA008 — 392 508 (8 ) 392 500 892 167 2004 40.0 San Bernardino, California ECA009 — 358 464 (7 ) 358 457 815 153 2004 40.0 San Diego, California ECA010 — (1) — 18,000 — — 18,000 18,000 6,032 2003 40.0 San Marcos, California ECA011 — 852 1,101 (18 ) 852 1,083 1,935 363 2004 40.0 Thousand Oaks, California ECA013 — (1) — 1,953 25,772 — 27,725 27,725 6,121 2008 40.0 Torrance, California ECA014 — 659 852 (14 ) 659 838 1,497 281 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Visalia, California ECA015 — 562 729 (44 ) 562 685 1,247 218 2004 40.0 W. Los Angeles, California ECA004 — 1,642 2,124 (35 ) 1,642 2,089 3,731 700 2004 40.0 Aurora, Colorado ECO002 — 640 827 (49 ) 640 778 1,418 248 2004 40.0 Denver, Colorado ECO003 — 729 944 (57 ) 729 887 1,616 282 2004 40.0 Englewood, Colorado ECO004 — 536 694 (11 ) 536 683 1,219 229 2004 40.0 Littleton, Colorado ECO006 — 901 1,165 (19 ) 901 1,146 2,047 384 2004 40.0 Milford, Connecticut ECT001 — 1,097 1,420 (23 ) 1,097 1,397 2,494 468 2004 40.0 Wilmington, Delaware EDE001 — 1,076 1,390 (80 ) 1,076 1,310 2,386 417 2004 40.0 Boca Raton, Florida EFL001 — (1) — 41,809 — — 41,809 41,809 19,828 2005 27.0 Boynton Beach, Florida EFL002 — 412 531 (7 ) 412 524 936 175 2004 40.0 Boynton Beach, Florida EFL003 — (1) 6,550 — 17,118 6,533 17,135 23,668 4,567 2006 40.0 Bradenton, Florida EFL004 — 1,067 1,382 (83 ) 1,067 1,299 2,366 414 2004 40.0 Davie, Florida EFL006 — 401 520 (31 ) 401 489 890 155 2004 40.0 Lakeland, Florida EFL008 — 282 364 (6 ) 282 358 640 120 2004 40.0 Leesburg, Florida EFL009 — 352 455 (28 ) 352 427 779 136 2004 40.0 Ocala, Florida EFL011 — 437 567 (34 ) 437 533 970 169 2004 40.0 Ocala, Florida EFL012 — 532 689 (42 ) 532 647 1,179 206 2004 40.0 Orange City, Florida EFL014 — 486 629 (38 ) 486 591 1,077 188 2004 40.0 Pembroke Pines, Florida EFL016 — 497 643 (10 ) 497 633 1,130 212 2004 40.0 Sarasota, Florida EFL018 — 643 833 (14 ) 643 819 1,462 274 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) St. Petersburg, Florida EFL019 — (1) 4,200 18,272 — 4,200 18,272 22,472 5,868 2005 40.0 Tampa, Florida EFL020 — 551 714 (12 ) 551 702 1,253 235 2004 40.0 Venice, Florida EFL022 — 507 656 (40 ) 507 616 1,123 196 2004 40.0 W. Palm Beach, Florida EFL023 — (1) — 19,337 — — 19,337 19,337 6,209 2005 40.0 Atlanta, Georgia EGA001 — 510 660 (11 ) 510 649 1,159 217 2004 40.0 Conyers, Georgia EGA003 — 474 613 (37 ) 474 576 1,050 183 2004 40.0 Marietta, Georgia EGA004 — 581 752 (46 ) 581 706 1,287 225 2004 40.0 Savannah, Georgia EGA005 — 718 930 (15 ) 718 915 1,633 306 2004 40.0 Woodstock, Georgia EGA007 — 502 651 (11 ) 502 640 1,142 214 2004 40.0 Chicago, Illinois EIL003 — (1) 8,803 57 30,479 8,803 30,536 39,339 7,875 2006 40.0 Lyons, Illinois EIL004 — 433 560 (10 ) 433 550 983 184 2004 40.0 Naperville, Illinois EIL006 — 1,798 2,894 530 1,798 3,424 5,222 979 2017 40.0 Springfield, Illinois EIL005 — 431 557 (9 ) 431 548 979 184 2004 40.0 Evansville, Indiana EIN001 — 542 701 (11 ) 542 690 1,232 231 2004 40.0 Baltimore, Maryland EMD001 — 428 554 (34 ) 428 520 948 166 2004 40.0 Baltimore, Maryland EMD002 — 575 745 (45 ) 575 700 1,275 223 2004 40.0 Baltimore, Maryland EMD003 — 362 468 (7 ) 362 461 823 154 2004 40.0 Gaithersburg, Maryland EMD004 — 884 1,145 (19 ) 884 1,126 2,010 377 2004 40.0 Hyattsville, Maryland EMD006 — 399 518 (9 ) 399 509 908 170 2004 40.0 Laurel, Maryland EMD007 — 649 839 (14 ) 649 825 1,474 276 2004 40.0 Linthicum, Maryland EMD008 — 366 473 (7 ) 366 466 832 156 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Pikesville, Maryland EMD009 — 398 516 (8 ) 398 508 906 170 2004 40.0 Timonium, Maryland EMD011 — 1,126 1,458 (88 ) 1,126 1,370 2,496 436 2004 40.0 Towson, Maryland EMD012 — 642 788 454 642 1,242 1,884 329 2017 40.0 Auburn, Massachusetts EMA001 — 523 678 (12 ) 523 666 1,189 223 2004 40.0 Chicopee, Massachusetts EMA002 — 548 711 (43 ) 548 668 1,216 213 2004 40.0 Somerset, Massachusetts EMA003 — 519 672 (11 ) 519 661 1,180 221 2004 40.0 Grand Rapids, Michigan EMI003 — 554 718 (43 ) 554 675 1,229 215 2004 40.0 Grand Rapids, Michigan EMI006 — 860 543 670 860 1,213 2,073 362 2017 40.0 Roseville, Michigan EMI005 — 533 691 (12 ) 533 679 1,212 227 2004 40.0 Burnsville, Minnesota EMN002 — (1) 2,962 — 17,164 2,962 17,164 20,126 5,039 2006 40.0 Rochester, Minnesota EMN004 — (1) 2,437 8,715 2,098 2,437 10,813 13,250 3,569 2006 40.0 Columbia, Missouri EMO001 — 334 432 (26 ) 334 406 740 129 2004 40.0 North Kansas City, Missouri EMO004 — 878 1,139 (69 ) 878 1,070 1,948 341 2004 40.0 Aberdeen, New Jersey ENJ001 — 1,560 2,019 (33 ) 1,560 1,986 3,546 665 2004 40.0 Wallington, New Jersey ENJ002 — 830 1,075 (65 ) 830 1,010 1,840 322 2004 40.0 Centereach, New York ENY002 — 442 571 (34 ) 442 537 979 171 2004 40.0 Cheektowaga, New York ENY004 — 385 499 (8 ) 385 491 876 164 2004 40.0 Dewpew, New York ENY005 — 350 453 (28 ) 350 425 775 136 2004 40.0 Melville, New York ENY007 — 494 640 (39 ) 494 601 1,095 191 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Rochester, New York ENY006 — 326 421 (25 ) 326 396 722 126 2004 40.0 Rochester, New York ENY008 — 320 414 (7 ) 320 407 727 136 2004 40.0 Rochester, New York ENY009 — 399 516 (8 ) 399 508 907 170 2004 40.0 Sayville, New York ENY010 — 959 1,240 (20 ) 959 1,220 2,179 409 2004 40.0 Shirley, New York ENY011 — 587 761 (46 ) 587 715 1,302 228 2004 40.0 Smithtown, New York ENY012 — 521 675 (11 ) 521 664 1,185 222 2004 40.0 Syosset, New York ENY013 — 711 920 (56 ) 711 864 1,575 275 2004 40.0 Syracuse, New York ENY014 — 558 723 (12 ) 558 711 1,269 238 2004 40.0 Wantagh, New York ENY015 — 747 967 (58 ) 747 909 1,656 289 2004 40.0 Webster, New York ENY016 — 683 885 (15 ) 683 870 1,553 291 2004 40.0 West Babylon, New York ENY017 — 1,492 1,933 (117 ) 1,492 1,816 3,308 578 2004 40.0 White Plains, New York ENY018 — 1,471 1,904 (31 ) 1,471 1,873 3,344 627 2004 40.0 Asheville, North Carolina ENC001 — 397 513 (31 ) 397 482 879 154 2004 40.0 Cary, North Carolina ENC002 — 476 615 (10 ) 476 605 1,081 203 2004 40.0 Charlotte, North Carolina ENC003 — 410 530 (8 ) 410 522 932 175 2004 40.0 Charlotte, North Carolina ENC004 — 402 520 (9 ) 402 511 913 171 2004 40.0 Durham, North Carolina ENC005 — 948 1,227 (75 ) 948 1,152 2,100 367 2004 40.0 Goldsboro, North Carolina ENC006 — 259 336 (6 ) 259 330 589 111 2004 40.0 Greensboro, North Carolina ENC007 — 349 452 (28 ) 349 424 773 135 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Greenville, North Carolina ENC008 — 640 828 (50 ) 640 778 1,418 248 2004 40.0 Hickory, North Carolina ENC009 — 409 531 (32 ) 409 499 908 159 2004 40.0 Matthews, North Carolina ENC010 — 965 1,249 (21 ) 965 1,228 2,193 411 2004 40.0 Raleigh, North Carolina ENC011 — 475 615 (37 ) 475 578 1,053 184 2004 40.0 Winston-Salem, North Carolina ENC012 — 494 638 (10 ) 494 628 1,122 210 2004 40.0 Canton, Ohio EOH001 — 434 562 (34 ) 434 528 962 168 2004 40.0 Columbus, Ohio EOH002 — 967 1,252 (20 ) 967 1,232 2,199 412 2004 40.0 Grove City, Ohio EOH003 — 281 365 (6 ) 281 359 640 120 2004 40.0 Medina, Ohio EOH004 — 393 508 (30 ) 393 478 871 152 2004 40.0 Edmond, Oklahoma EOK001 — 431 557 (9 ) 431 548 979 184 2004 40.0 Tulsa, Oklahoma EOK002 — 954 1,235 (75 ) 954 1,160 2,114 370 2004 40.0 Salem, Oregon EOR002 — 393 508 (8 ) 393 500 893 167 2004 40.0 Boothwyn, Pennsylvania EPA001 — 407 527 (32 ) 407 495 902 158 2004 40.0 Croydon, Pennsylvania EPA002 — 421 544 (33 ) 421 511 932 163 2004 40.0 Feasterville, Pennsylvania EPA005 — 2,340 2,824 211 2,340 3,035 5,375 940 2017 40.0 Pittsburgh, Pennsylvania EPA003 — 409 528 (8 ) 409 520 929 174 2004 40.0 Pittsburgh, Pennsylvania EPA004 — 407 527 (8 ) 407 519 926 174 2004 40.0 San Juan, Puerto Rico EPR001 — 950 1,230 (74 ) 950 1,156 2,106 368 2004 40.0 Cranston, Rhode Island ERI001 — 850 1,100 (18 ) 850 1,082 1,932 362 2004 40.0 Greenville, South Carolina ESC002 — 332 429 (26 ) 332 403 735 129 2004 40.0 Addison, Texas ETX001 — 1,045 1,353 (82 ) 1,045 1,271 2,316 405 2004 40.0 Arlington, Texas ETX002 — 593 767 (13 ) 593 754 1,347 253 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Conroe, Texas ETX004 — 838 1,083 (17 ) 838 1,066 1,904 357 2004 40.0 Corpus Christi, Texas ETX005 — 528 682 (11 ) 528 671 1,199 225 2004 40.0 Desota, Texas ETX006 — 480 622 (10 ) 480 612 1,092 205 2004 40.0 Euless, Texas ETX007 — 975 1,261 (21 ) 975 1,240 2,215 415 2004 40.0 Garland, Texas ETX008 — 1,108 1,433 (23 ) 1,108 1,410 2,518 472 2004 40.0 Houston, Texas ETX009 — 425 549 (89 ) 425 460 885 155 2004 40.0 Houston, Texas ETX010 — 518 671 (40 ) 518 631 1,149 201 2004 40.0 Houston, Texas ETX011 — 758 981 (59 ) 758 922 1,680 294 2004 40.0 Houston, Texas ETX013 — 375 485 (8 ) 375 477 852 160 2004 40.0 Humble, Texas ETX014 — 438 567 (9 ) 438 558 996 187 2004 40.0 Lewisville, Texas ETX017 — 561 726 (44 ) 561 682 1,243 217 2004 40.0 Midland, Texas ETX023 — 2,360 1,082 2,023 2,360 3,105 5,465 955 2017 40.0 Richardson, Texas ETX018 — 753 976 (59 ) 753 917 1,670 292 2004 40.0 San Antonio, Texas ETX019 — 521 675 (41 ) 521 634 1,155 202 2004 40.0 Stafford, Texas ETX020 — 634 821 (13 ) 634 808 1,442 270 2004 40.0 Waco, Texas ETX021 — 379 491 (8 ) 379 483 862 162 2004 40.0 Webster, Texas ETX022 — 592 766 (46 ) 592 720 1,312 229 2004 40.0 Centreville, Virginia EVA001 — 1,134 1,467 (89 ) 1,134 1,378 2,512 439 2004 40.0 Chesapeake, Virginia EVA002 — 845 1,094 (66 ) 845 1,028 1,873 327 2004 40.0 Chesapeake, Virginia EVA003 — 884 1,145 (19 ) 884 1,126 2,010 377 2004 40.0 Fredericksburg, Virginia EVA004 — 953 1,233 (21 ) 953 1,212 2,165 406 2004 40.0 Grafton, Virginia EVA005 — 487 632 (39 ) 487 593 1,080 189 2004 40.0 Lynchburg, Virginia EVA006 — 425 550 (9 ) 425 541 966 181 2004 40.0 Mechanicsville, Virginia EVA007 — 1,151 1,490 (24 ) 1,151 1,466 2,617 491 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Norfolk, Virginia EVA008 — 546 707 (42 ) 546 665 1,211 212 2004 40.0 Richmond, Virginia EVA010 — 819 1,061 (64 ) 819 997 1,816 317 2004 40.0 Richmond, Virginia EVA011 — 958 1,240 (75 ) 958 1,165 2,123 371 2004 40.0 Virginia Beach, Virginia EVA012 — 788 1,020 (17 ) 788 1,003 1,791 336 2004 40.0 Williamsburg, Virginia EVA013 — 554 716 (12 ) 554 704 1,258 236 2004 40.0 Quincy, Washington EWA001 — (1) 1,500 6,500 — 1,500 6,500 8,000 2,681 2003 40.0 Milwaukee, Wisconsin EWI001 — 521 673 (39 ) 521 634 1,155 202 2004 40.0 Wauwatosa, Wisconsin EWI004 — 793 1,025 (17 ) 793 1,008 1,801 338 2004 40.0 Subtotal $ — $ 121,616 $ 235,592 $ 92,237 $ 121,599 $ 327,846 $ 449,445 $ 106,871 RETAIL: Scottsdale, Arizona RAZ003 — (1) 2,625 4,875 2,849 2,625 7,724 10,349 1,655 2009 40.0 Scottsdale, Arizona RAZ004 — (1) 2,184 4,056 (1,588 ) 2,184 2,468 4,652 372 2009 40.0 Scottsdale, Arizona RAZ005 — (1) 2,657 2,666 (309 ) 2,657 2,357 5,014 601 2011 40.0 Colorado Springs, Colorado RCO001 — (1) 2,631 279 5,195 2,607 5,498 8,105 1,447 2006 40.0 St. Augustine, Florida RFL003 — (1) 3,950 — 10,285 3,908 10,327 14,235 2,899 2005 40.0 Honolulu, Hawaii RHI001 — 3,393 21,155 (9,091 ) 3,393 12,064 15,457 3,223 2009 40.0 Chicago, Illinois RIL002 — 14,934 29,675 27,871 14,934 57,546 72,480 7,817 2012 40.0 Chicago, Illinois RIL001 — (1) — 336 1,830 — 2,166 2,166 1,056 2010 40.0 Albuquerque, New Mexico RNM001 — (1) 1,733 — 8,728 1,705 8,756 10,461 2,580 2005 40.0 Hamburg, New York RNY001 — (1) 731 6,073 699 711 6,792 7,503 2,286 2005 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Columbia, South Carolina RSC001 — 2,126 948 (723 ) 1,337 1,014 2,351 269 2007 40.0 Anthony, Texas RTX001 — (1) 3,538 4,215 (187 ) 3,514 4,052 7,566 1,193 2005 40.0 Draper, Utah RUT001 — (1) 3,502 — 5,975 3,502 5,975 9,477 1,659 2005 40.0 Ashburn, Virginia RVA001 — (1) 4,720 16,711 (174 ) 4,720 16,537 21,257 2,021 2011 40.0 Subtotal $ — $ 48,724 $ 90,989 $ 51,360 $ 47,797 $ 143,276 $ 191,073 $ 29,078 HOTEL: Atlanta, Georgia HGA001 — (1) 6,378 25,514 4,465 6,378 29,979 36,357 6,554 2010 40.0 Honolulu, Hawaii HHI001 — 17,996 17,996 (31,160 ) 3,419 1,413 4,832 4,531 2009 40.0 Lihue, Hawaii HHI002 — 3,000 12,000 5,986 3,000 17,986 20,986 3,061 2009 40.0 Asbury Park, New Jersey HNJ001 — 3,815 40,194 3,064 3,815 43,258 47,073 2,732 2016 40.0 Subtotal $ — $ 31,189 $ 95,704 $ (17,645 ) $ 16,612 $ 92,636 $ 109,248 $ 16,878 APARTMENT/RESIDENTIAL: Mammoth, California ACA002 — 10,078 40,312 (49,631 ) 152 607 759 — 2007 0.0 Atlanta, Georgia AGA001 — 2,963 11,850 6,912 4,345 17,380 21,725 — 2010 0.0 Jersey City, New Jersey ANJ001 — 36,405 64,719 (100,639 ) 174 311 485 — 2009 0.0 Philadelphia, Pennsylvania APA002 — 15,890 29,510 (30,922 ) 15,890 (1,412 ) 14,478 — 2012 0.0 Seattle, Washington AWA002 — 2,342 44,478 (36,679 ) 2,342 7,799 10,141 — 2009 0.0 Subtotal $ — $ 67,678 $ 190,869 $ (210,959 ) $ 22,903 $ 24,685 $ 47,588 $ — MIXED USE: Glendale, Arizona MAZ002 — (1) 10,182 52,544 45,144 10,182 97,688 107,870 16,099 2011 40.0 Riverside, California MCA001 — 5,869 629 2 5,869 631 6,500 451 2010 40.0 Key West, Florida MFL002 — 18,229 20,899 2,499 18,229 23,398 41,627 4,164 2014 40.0 Naples, Florida MFL003 — 2,507 8,155 1,129 2,507 9,284 11,791 1,824 2014 40.0 Tampa, Florida MFL004 — 4,201 14,652 1,201 4,201 15,853 20,054 2,352 2014 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Atlanta, Georgia MGA001 — (1) 4,480 17,916 (16,564 ) 4,480 1,352 5,832 1,339 2010 40.0 Subtotal $ — $ 45,468 $ 114,795 $ 33,411 $ 45,468 $ 148,206 $ 193,674 $ 26,229 Total $ 208,491 $ 1,189,030 $ 1,202,540 $ 185,625 $ 1,238,750 $ 1,338,445 $ 2,577,195 (4) $ 366,265 (5) _______________________________________________________________________________ (1) Consists of properties pledged as collateral under the Company's secured credit facilities with a carrying value of $611.3 million . (2) Includes impairments and unit sales. (3) These properties have land improvements which have depreciable lives of 15 to 20 years. (4) The aggregate cost for Federal income tax purposes was approximately $2.96 billion at December 31, 2017 . (5) Includes $8.3 million and $10.5 million relating to accumulated depreciation for land and development assets and real estate assets held for sale, respectively, as of December 31, 2017 . The following table reconciles real estate from January 1, 2015 to December 31, 2017 : 2017 2016 2015 Balance at January 1 $ 2,997,351 $ 3,246,469 $ 3,448,934 Improvements and additions 167,676 169,999 183,269 Acquisitions through foreclosure — 40,583 14,505 Other acquisitions 5,164 30,618 — Dispositions (561,431 ) (484,810 ) (431,928 ) Other — 4,035 41,869 Impairments (31,565 ) (9,543 ) (10,180 ) Balance at December 31 $ 2,577,195 $ 2,997,351 $ 3,246,469 The following table reconciles accumulated depreciation from January 1, 2015 to December 31, 2017 : 2017 2016 2015 Balance at January 1 $ (426,982 ) $ (467,616 ) $ (482,130 ) Additions (44,270 ) (48,761 ) (57,393 ) Dispositions 104,987 89,395 71,907 Balance at December 31 $ (366,265 ) $ (426,982 ) $ (467,616 ) |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV—Mortgage Loans on Real Estate As of December 31, 2017 ($ in thousands) Type of Loan/Borrower Underlying Property Type Contractual Interest Accrual Rates Contractual Interest Payment Rates Effective Maturity Dates Periodic Payment Terms (1) Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages (2)(3) Senior Mortgages: Borrower A Apartment/Residential LIBOR + 5.25% LIBOR + 5.25% December 2019 IO $ — $ 200,000 $ 199,000 Borrower B Mixed Use/Mixed Collateral LIBOR + 5.15% LIBOR + 5.15% July 2019 IO — 107,196 107,202 Borrower C Apartment/Residential LIBOR + 8% LIBOR + 8% April 2018 IO — 93,782 93,596 Borrower D (4) Hotel LIBOR + 6% LIBOR + 6% July 2018 IO — 86,000 86,714 Borrower E (5) Apartment/Residential LIBOR + 7.25% LIBOR + 7.25% January 2019 IO — 39,729 39,748 Borrower F (6) Office LIBOR + 5.88% LIBOR + 5.88% August 2018 IO — 30,338 30,308 Borrower G Apartment/Residential 8.00% 8.00% January 2024 IO — 25,424 25,201 Senior mortgages individually <3% Apartment/Residential, Retail, Mixed Use/Mixed Collateral, Office, Hotel, Other Fixed: 5% to 9.68% Variable: LIBOR + 3% to LIBOR + 12.35% Fixed: 6% to 9.68% Variable: LIBOR + 3% to LIBOR + 12.35% 2018 to 2024 210,457 160,865 792,926 742,634 Subordinate Mortgages: Subordinate mortgages individually <3% Hotel Fixed: 6.8% to 14.0% Fixed: 6.8% to 14% 2019 to 2057 9,495 9,495 9,495 9,495 Total mortgages $ 802,421 $ 752,129 _______________________________________________________________________________ (1) IO = Interest only. (2) Amounts are presented net of asset-specific reserves of $48.5 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell. (3) The carrying amount of mortgages approximated the federal income tax basis. (4) As of December 31, 2017 , included a LIBOR interest rate floor of 0.18% . (5) As of December 31, 2017 , included a LIBOR interest rate floor of 0.42% . (6) As of December 31, 2017 , included a LIBOR interest rate floor of 0.25% . iStar Inc. Schedule IV—Mortgage Loans on Real Estate (Continued) As of December 31, 2017 ($ in thousands) Reconciliation of Mortgage Loans on Real Estate: The following table reconciles Mortgage Loans on Real Estate from January 1, 2015 to December 31, 2017 (1) : 2017 2016 2015 Balance at January 1 $ 915,905 $ 934,964 $ 726,426 Additions: New mortgage loans 265,966 25,893 237,031 Additions under existing mortgage loans 132,703 165,275 92,887 Other (2) 23,388 30,694 33,080 Deductions (3) : Collections of principal (528,321 ) (247,431 ) (151,464 ) Recovery of (provision for) loan losses 28 9,747 (6,186 ) Transfers (to) from real estate and equity investments (57,505 ) (3,177 ) 3,261 Amortization of premium (35 ) (60 ) (71 ) Balance at December 31 $ 752,129 $ 915,905 $ 934,964 ______________________________________________________________ (1) Balances represent the carrying value of loans, which are net of asset specific reserves. (2) Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates. (3) Amounts are presented net of charge-offs of $1.2 million , $10.1 million and $1.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Capitalization and depreciation | Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. |
Purchase price allocation | Purchase price allocation— Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases and in-place leases which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions |
Impairments | Impairments— The Company reviews real estate assets to be held and used and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. |
Real estate available and held for sale | Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell. |
Dispositions | Dispositions— Revenue from sales of land and development assets and gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20 , Real Estate Sales . Sales of land and the associated gains on sales of residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in "Income from sales of real estate" in the Company's consolidated statements of operations. |
Loans receivable and other lending investments, net | Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. |
Debt securities, other than temporary impairment | For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" in the Company's consolidated statements of operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. |
Loans and leases receivable, real estate acquired through foreclosure | The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development, net," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure. |
Equity and cost method investments | Equity and cost method investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's consolidated balance sheets. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations. |
Cash and cash equivalents | Cash and cash equivalents — Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. |
Restricted cash | Restricted cash — Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. Restricted cash is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. |
Variable interest entities | Variable interest entities — The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. |
Deferred expenses and other assets | Deferred expenses and other assets — Deferred expenses and other assets include certain non-tenant receivables, leasing costs, lease incentives and financing fees associated with revolving-debt arrangements. Financing fees associated with other debt obligations are recorded as a reduction of the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets. Lease incentives and leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations. |
Identified intangible assets and liabilities | Identified intangible assets and liabilities — Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2017 , all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. |
Loan participations payable, net | Loan participations payable, net — The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing,” as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net". Financial asset activities that are accounted for as sales are removed from the balance sheet with any realized gain (loss) reflected in earnings during the period of sale. |
Revenue recognition | Revenue recognition — The Company's revenue recognition policies are as follows: Operating lease income: The Company's leases have all been determined to be operating leases based on analyses performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable, net" on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2017 and 2016 , the allowance for doubtful accounts related to real estate tenant receivables was $1.3 million and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million . Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places loans on non-accrual status 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 it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Prepayment penalties or yield maintenance payments from borrowers are recognized as other income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees and other ancillary income. During the year ended December 31, 2017, the Company recorded $123.4 million of interest income and real estate tax reimbursements resulting from the settlement of litigation involving a dispute over the purchase and sale of land (refer to Note11). Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. |
Reserve for loan losses | Reserve for loan losses — The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related reserve will be charged off. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. The general reserve component 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 the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. |
Loss on debt extinguishments | Loss on debt extinguishments — The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” in the Company's consolidated statements of operations. |
Derivative instruments and hedging activity | Derivative instruments and hedging activity — The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. The Company recognizes derivatives as either assets or liabilities on the Company's consolidated balance sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. 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 net investment is either sold or substantially liquidated. Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" in the Company's consolidated statements of operations. The Company does not enter into derivatives for trading purposes. |
Stock-based compensation | Stock-based compensation — Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. Compensation cost for market-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock, which is reflected in the grant date fair value. All compensation cost for market-based awards in which the service conditions are met is recognized regardless of whether the market-condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" in the Company's consolidated statements of operations. |
Income taxes | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company applied the corporate tax rate enacted December 22, 2017 under the Tax Cuts and Jobs Act effective for years beginning after 2017 to value its deferred tax assets and liabilities and is in the process of determining whether any of deferred tax assets or liabilities would not be realized because of the change in tax law as such information becomes available. The Company evaluates whether its deferred tax assets are realizable and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating whether its deferred tax assets are realizable, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2017 and 2016 , respectively. Changes in estimates of our valuation allowance, if any, are included in "Income tax (expense) benefit" in the consolidated statements of operations. Income taxes — The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income; the Company, however, is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While the Company must distribute at least 90% of its taxable income to maintain its REIT status, the Company typically distributes all of its taxable income, if any, to eliminate any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. The Company intends to operate in a manner consistent with, and its election to be treated as, a REIT for tax purposes. The Company made foreclosure elections for certain properties acquired through foreclosure, or an equivalent legal process, which allows the Company to operate these properties within the REIT and subjects net income from these assets to corporate level tax. The carrying value of assets with foreclosure elections as of December 31, 2017 is $139.7 million . The Tax Cuts and Jobs Act reduced the corporate tax rate to 21% from 35% beginning in 2018 and net income from foreclosure property is subject to the 21% tax rate beginning in 2018. As of December 31, 2016 , the Company had $948.8 million of REIT net operating loss ("NOL") carryforwards at the corporate REIT level, which 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 2036 if unused. The amount of NOL carryforwards as of December 31, 2017 will be subject to finalization of the Company's 2017 tax return. The Tax Cuts and Jobs Act reduced the deduction for net operating losses to 80% of the Company’s taxable income for losses incurred after December 31, 2017. Our net operating loss carryforward for losses incurred in taxable years prior to 2018 remain fully deductible. The Company's tax years from 2014 through 2016 remain subject to examination by major tax jurisdictions. During the year ended December 31, 2017 , the Company is expected to have REIT taxable income before the NOL deduction. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" in the Company's consolidated statements of operations. The Company may participate in certain activities from which it would be otherwise precluded and maintain its qualification as a REIT. These activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRS"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2017 , $759.6 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated with the REIT for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. |
Earnings per share | Earnings per share — The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Vested HPU shares were entitled to dividends of the Company when dividends were declared. Basic earnings per share ("Basic EPS") for the Company's common stock and HPU shares are computed by dividing net income allocable to common shareholders and HPU holders by the weighted average number of shares of common stock and HPU shares outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a "Participating Security" and are included in the computation of earnings per share pursuant to the two-class method. The Company's unvested common stock equivalents and restricted stock awards granted under its Long-Term Incentive Plans that are eligible to participate in dividends are considered Participating Securities and have been included in the two-class method when calculating EPS. |
New accounting pronouncements | New accounting pronouncements — In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. ASU 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. In February 2017, the 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. The Company will adopt ASU 2017-05 using the modified retrospective approach, which will require the Company to record a cumulative adjustment to retained earnings as of the beginning of the period in the year of adoption of the new standard. The Company concluded that transactions in assets and businesses in which the Company retains an ownership interest, such as the sale of a controlling interest in its Ground Lease business (refer to Note 4), and other transactions in which it sold or contributed real estate to a venture in which it retained a noncontrolling interest and recognized a partial gain, will be impacted by this guidance. As a result, under the modified retrospective approach, the Company expects to record incremental gains to beginning retained earnings as of January 1, 2018 in its consolidated statements of changes in equity, including an incremental gain of $55.5 million from the sale of its Ground Lease business, bringing the Company's full gain on the sale of its Ground Lease 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 as a result of the new guidance. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted. 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 has determined the guidance will not 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 has determined the guidance will not 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 determine credit loss estimates. 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 has concluded that ASU 2016-01 will not have a material impact on 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. 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 was permitted beginning January 1, 2017. The Company will adopt ASU 2014-09 using the modified retrospective approach on January 1, 2018. Based on the Company's assessment of the impact of the adoption of ASU 2014-09, it does not expect the adoption to have a material impact on its consolidated financial statements. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of components of income tax expense (benefit) | The following represents the Company's TRS income tax benefit (expense) ($ in thousands): For the Years Ended December 31, 2017 2016 2015 Current tax benefit (expense) (1)(2) $ 531 $ 9,751 $ (7,639 ) Total income tax (expense) benefit $ 531 $ 9,751 $ (7,639 ) _______________________________________________________________________________ (1) For the year ended December 31, 2017, the Company recognized a tax benefit for alternative minimum tax credits generated from a carryback of NOLs to 2014 and 2015. For the year ended December 31, 2016, excludes a REIT income tax benefit of $0.4 million . (2) Under the Tax Cuts and Jobs Act, the alternative minimum tax credit carryforward is a refundable tax credit over a four year period beginning in 2018 and ending in 2021 upon which the full amount of the credit will be allowed. |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): As of December 31, 2017 2016 Deferred tax assets (1)(2) $ 63,258 $ 66,498 Valuation allowance (63,258 ) (66,498 ) Net deferred tax assets (liabilities) $ — $ — _______________________________________________________________________________ (1) Deferred tax assets as of December 31, 2017 include timing differences related primarily to asset basis of $26.1 million , deferred expenses and other items of $13.6 million , NOL carryforwards of $21.3 million and other credits of $2.3 million . Deferred tax assets as of December 31, 2016 include timing differences related primarily to asset basis of $29.7 million , deferred expenses and other items of $21.2 million and NOL carryforwards of $15.6 million . The Company has not yet finalized whether any of its gross deferred tax assets are no longer realizable because of a change in tax law and will adjust its provisional gross deferred tax balances once sufficient information becomes available to make such a determination. Because the Company records a full valuation allowance, the Company does not expect to record a net change in estimate in “Income tax (expense) benefit” in its consolidated statement of operations during the period in which such determination becomes final. (2) Gross deferred tax assets as of December 31, 2017 were valued at the enacted corporate tax rate during the period in which such deferred tax assets are expected to be realized. The Tax Cuts and Jobs Act reduced the federal corporate tax rate to 21% from 35% for taxable years beginning after December 31, 2017. The Company’s TRS’s applied its reduced effective tax rate to compute its gross deferred tax assets before valuation allowance. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of real estate assets | The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of December 31, 2017 Land, at cost $ 219,092 $ 203,278 $ 422,370 Buildings and improvements, at cost 888,959 318,107 1,207,066 Less: accumulated depreciation (292,268 ) (55,137 ) (347,405 ) Real estate, net 815,783 466,248 1,282,031 Real estate available and held for sale (2) — 68,588 68,588 Total real estate $ 815,783 $ 534,836 $ 1,350,619 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, 2017 and 2016 the Company had $48.5 million and $82.5 million , respectively, of residential properties available for sale in its operating properties portfolio. As of December 31, 2016, net lease includes the Company's ground lease ("Ground Lease") assets that were reclassified to "Real estate available and held for sale" (refer to "Disposition of Ground Lease Business" below). As of December 31, 2016, the carrying value of the Company's Ground Lease 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 $3.5 million in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheet. |
Disclosure of real estate available and held for sale | The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions) (1) : Year Ended December 31, Property Type 2017 2016 2015 Operating Properties (2) $ 20.1 $ 16.1 $ 2.9 Net Lease 0.9 1.8 8.2 Total $ 21.0 $ 17.9 $ 11.1 _______________________________________________________________________________ (1) Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy. (2) During the year ended December 31, 2015, the Company transferred a commercial operating property with a carrying value of $2.9 million to held for investment due to a change in business strategy. |
Income (loss) from discontinued operations | The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the years ended December 31, 2017, 2016 and 2015 ($ in thousands) (1) : Year Ended December 31, 2017 2016 2015 Revenues $ 6,430 $ 21,839 $ 18,520 Expenses (1,491 ) (3,569 ) (3,443 ) Income from discontinued operations $ 4,939 $ 18,270 $ 15,077 _______________________________________________________________________________ (1) Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. For the year ended December 31, 2017, revenues also includes income from sales of real estate. The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the years ended December 31, 2017, 2016 and 2015 ($ in thousands). Year Ended December 31, 2017 2016 2015 Cash flows provided by operating activities $ 5,702 $ 16,662 $ 14,446 Cash flows used in investing activities (534 ) (7,972 ) — |
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2017 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2018 $ 101,135 $ 37,009 2019 101,448 33,748 2020 100,894 31,952 2021 101,288 30,075 2022 100,040 20,187 Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2018 $ 4,970 2019 3,919 2020 3,812 2021 1,439 2022 837 Thereafter 2,914 |
Schedule of proceeds from other dispositions | The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions) (1) : Year Ended December 31, 2017 (1) 2016 2015 (2) Operating Properties Proceeds $ 41.3 $ 326.9 $ 294.9 Income from sales of real estate 4.5 75.4 53.7 Net Lease Proceeds $ 175.4 $ 117.2 $ 100.8 Income from sales of real estate 87.5 21.1 40.1 Total Proceeds $ 216.7 $ 444.1 $ 395.7 Income from sales of real estate 92.0 96.5 93.8 _______________________________________________________________________________ (1) During the year ended December 31, 2017, the Company sold a net lease property and recognized a gain on sale of $62.5 million . Prior to the sale, the Company acquired the noncontrolling interest with a carrying value of $3.5 million for $12.0 million . (2) During the year ended December 31, 2015, the Company sold a commercial operating property for $68.5 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 7). The Company recognized a gain on sale of $13.6 million , reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. During the year ended December 31, 2015, the Company, through a consolidated entity, sold a leasehold interest in a commercial operating property with a carrying value of $126.3 million for net proceeds of $93.5 million and simultaneously entered into a ground lease with the buyer with an initial term of 99 years. The Company sold the leasehold interest at below fair value to incentivize the buyer to enter into an above market ground lease. As a result, the Company recorded no gain or loss on the sale and recorded a lease incentive asset of $32.8 million , which is included in "Real estate available and held for sale" on the Company's consolidated balance sheets. In December 2015, the Company acquired the noncontrolling interest in the entity for $6.4 million . |
Land and Development (Tables)
Land and Development (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Land and Land Improvements [Abstract] | |
Schedule of land and land improvements | The Company's land and development assets were comprised of the following ($ in thousands): As of December 31, 2017 2016 Land and land development, at cost $ 868,692 $ 952,051 Less: accumulated depreciation (8,381 ) (6,486 ) Total land and development, net $ 860,311 $ 945,565 |
Loans Receivable and Other Le35
Loans Receivable and Other Lending Investments, net (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, Type of Investment 2017 2016 Senior mortgages $ 791,152 $ 940,738 Corporate/Partnership loans 488,921 490,389 Subordinate mortgages 9,495 24,941 Total gross carrying value of loans 1,289,568 1,456,068 Reserves for loan losses (78,489 ) (85,545 ) Total loans receivable, net 1,211,079 1,370,523 Other lending investments—securities 89,576 79,916 Total loans receivable and other lending investments, net $ 1,300,655 $ 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 Years Ended December 31, 2017 2016 2015 Reserve for loan losses at beginning of period $ 85,545 $ 108,165 $ 98,490 (Recovery of) provision for loan losses (1) (5,828 ) (12,514 ) 36,567 Charge-offs (1,228 ) (10,106 ) (26,892 ) Reserve for loan losses at end of period $ 78,489 $ 85,545 $ 108,165 ______________________________________________________________________________ (1) For the years ended December 31, 2016 and 2015 , the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $13.7 million and $0.6 million , respectively. |
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of December 31, 2017 Loans $ 237,877 $ 1,056,944 $ 1,294,821 Less: Reserve for loan losses (60,989 ) (17,500 ) (78,489 ) Total (3) $ 176,888 $ 1,039,444 $ 1,216,332 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 December 31, 2017 and 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. During the year ended December 31, 2016, the Company transferred a loan with a gross carrying value of $157.2 million to non-performing status due to the initiation of bankruptcy proceedings related to the collateral, which resulted in the release of $11.6 million of the general reserve. The Company performed a valuation and recorded a specific reserve of $12.5 million . (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $6.2 million and $1.9 million as of December 31, 2017 and 2016 , respectively. (3) The Company's recorded investment in loans as of December 31, 2017 and 2016 includes accrued interest of $5.3 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 December 31, 2017 and 2016 , excludes $89.6 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 December 31, 2017 2016 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 713,057 2.72 $ 859,250 3.12 Corporate/Partnership loans 334,364 2.85 335,677 3.09 Subordinate mortgages 9,523 3.00 14,135 3.00 Total $ 1,056,944 2.77 $ 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): As of December 31, 2017 Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total Senior mortgages $ 719,057 $ — $ 75,343 $ 75,343 $ 794,400 Corporate/Partnership loans 334,364 — 156,534 156,534 490,898 Subordinate mortgages 9,523 — — — 9,523 Total $ 1,062,944 $ — $ 231,877 $ 231,877 $ 1,294,821 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 December 31, 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 9.0 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 December 31, 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 $ — $ — $ — $ 10,862 $ 10,846 $ — Subtotal $ — $ — $ — $ 10,862 $ 10,846 $ — With an allowance recorded: Senior mortgages $ 81,343 $ 81,431 $ (48,518 ) $ 85,933 $ 85,780 $ (49,774 ) Corporate/Partnership loans 156,534 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subtotal $ 237,877 $ 227,280 $ (60,989 ) $ 243,079 $ 232,563 $ (62,245 ) Total: Senior mortgages $ 81,343 $ 81,431 $ (48,518 ) $ 85,933 $ 85,780 $ (49,774 ) Corporate/Partnership loans 156,534 145,849 (12,471 ) 157,146 146,783 (12,471 ) Subordinate mortgages — — — 10,862 10,846 — Total $ 237,877 $ 227,280 $ (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 Years Ended December 31, 2017 2016 2015 Average Interest Average Interest Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 3,661 $ 226 $ — $ — Subordinate mortgages 6,582 1,127 6,799 — — — Subtotal 6,582 1,127 10,460 226 — — With an allowance recorded: Senior mortgages 82,749 — 118,921 — 129,135 38 Corporate/Partnership loans 156,756 — 66,101 — 24,252 12 Subtotal 239,505 — 185,022 — 153,387 50 Total: Senior mortgages 82,749 — 122,582 226 129,135 38 Corporate/Partnership loans 156,756 — 66,101 — 24,252 12 Subordinate mortgages 6,582 1,127 6,799 — — — Total $ 246,087 $ 1,127 $ 195,482 $ 226 $ 153,387 $ 50 |
Schedule of other lending investments - securities | Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of December 31, 2017 Available-for-Sale Securities Municipal debt securities $ 21,230 $ 21,230 $ 1,612 $ 22,842 $ 22,842 Held-to-Maturity Securities Debt securities 66,618 66,734 1,581 68,315 66,734 Total $ 87,848 $ 87,964 $ 3,193 $ 91,157 $ 89,576 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 |
Schedule of contractual maturities of the Company's securities | As of December 31, 2017 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ 48,468 $ 49,451 $ — $ — After one year through 5 years 18,266 18,864 — — After 5 years through 10 years — — — — After 10 years — — 21,230 22,842 Total $ 66,734 $ 68,315 $ 21,230 $ 22,842 |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 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 (losses) from equity method investments were as follows ($ in thousands): Carrying Value Equity in Earnings (Losses) As of December 31, For the Years Ended December 31, 2017 2016 2017 2016 2015 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 121,139 $ 92,669 $ 4,534 $ 3,567 $ 5,221 Safety, Income & Growth Inc. ("SAFE") (1) 83,868 — 551 — — Marina Palms, LLC ("Marina Palms") 2,555 35,185 2,621 22,053 23,626 Other real estate equity investments (2) 100,061 53,202 3,899 41,822 (5,280 ) Subtotal 307,623 181,056 11,605 67,442 23,567 Other strategic investments (3) 13,618 33,350 1,410 9,907 8,586 Total $ 321,241 $ 214,406 $ 13,015 $ 77,349 $ 32,153 _______________________________________________________________________________ (1) Equity in earnings is for the period from April 14, 2017 to December 31, 2017. (2) During the year ended December 31, 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 equity in earnings of $31.5 million , of which $10.1 million was attributable to the noncontrolling interest. In addition, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the year ended December 31, 2016 of $11.6 million . (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 years ended December 31, 2016 and 2015, the Company recognized $4.3 million , $2.2 million , respectively, of carried interest income. |
Summary of financial information of the equity method investments | The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands): As of December 31, For the Years Ended December 31, 2017 2016 2017 2016 2015 Balance Sheets Income Statements Total assets $ 2,493,798 $ 2,803,411 Revenues $ 261,867 $ 272,281 $ 481,224 Total liabilities 1,169,125 683,079 Expenses (167,999 ) (227,720 ) (245,968 ) Noncontrolling interests 13,258 23,544 Net income attributable to parent entities 91,633 42,209 234,529 Total equity 1,311,415 2,096,788 |
Other Assets and Other Liabil37
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 2016 Other receivables (1) $ 56,369 $ 52,820 Intangible assets, net (2) 27,124 30,727 Other assets 24,490 35,189 Restricted cash 20,045 25,883 Leasing costs, net (3) 9,050 11,802 Corporate furniture, fixtures and equipment, net (4) 4,652 5,691 Deferred expenses and other assets, net $ 141,730 $ 162,112 _______________________________________________________________________________ (1) As of December 31, 2017 and 2016 , includes $26.0 million of receivables related to the construction and development of an amphitheater (refer to Note 5). (2) Intangible assets, net includes above market, in-place and lease incentive assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $34.9 million and $31.9 million as of December 31, 2017 and 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 $2.5 million , $3.9 million and $6.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $1.9 million , $1.9 million and $3.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of December 31, 2017 , the weighted average amortization period for the Company's intangible assets was approximately 19.2 years. (3) Accumulated amortization of leasing costs was $4.7 million and $6.7 million as of December 31, 2017 and 2016 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $10.5 million and $9.0 million as of December 31, 2017 and 2016 , respectively. |
Schedule of accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of December 31, 2017 2016 Accrued expenses (1) $ 101,035 $ 72,693 Other liabilities (2) 79,015 75,993 Accrued interest payable 49,933 54,033 Intangible liabilities, net (3) 8,021 8,851 Accounts payable, accrued expenses and other liabilities $ 238,004 $ 211,570 _______________________________________________________________________________ (1) As of December 31, 2017 and 2016 , accrued expenses includes $2.5 million and $1.8 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (2) As of December 31, 2017 and 2016 , "Other liabilities" includes $29.2 million and $24.0 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of December 31, 2017 and 2016 , includes $1.6 million and $1.7 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2017 and 2016 , "Other liabilities" also includes $6.2 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. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $7.8 million and $6.4 million as of December 31, 2017 and 2016 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $1.3 million , $1.1 million and $1.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , the weighted average amortization period for the Company's intangible liabilities was approximately 19.2 years. |
Schedule of expense from the amortization of lease intangible assets and liabilities | The estimated expense from the amortization of intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): 2018 $ 2,151 2019 2,112 2020 2,084 2021 2,053 2022 2,049 |
Loan Participations Payable, 38
Loan Participations Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Schedule of Participating Mortgage Loans | The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of December 31, 2017 December 31, 2016 Loan participations payable (1) $ 102,737 $ 160,251 Debt discounts and deferred financing costs, net (312 ) (930 ) Total loan participations payable, net $ 102,425 $ 159,321 _______________________________________________________________________________ (1) As of December 31, 2017 , the Company had two loan participations payable with a weighted average interest rate of 6.5% . 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) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | As of December 31, 2017 and 2016 , the Company's debt obligations were as follows ($ in thousands): Carrying Value as of December 31, Stated Interest Rates Scheduled Maturity Date 2017 2016 Secured credit facilities and mortgages: 2015 $325 Million Secured Revolving Credit Facility $ 325,000 $ — LIBOR + 2.50% (1) September 2020 2016 Senior Secured Credit Facility 399,000 498,648 LIBOR + 3.00% (2) October 2021 Mortgages collateralized by net lease assets 208,491 249,987 4.102% - 7.26% (3) Various through 2026 Total secured credit facilities and mortgages 932,491 748,635 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 4.00 % November 2017 7.125% senior notes (5) — 300,000 7.125 % February 2018 4.875% senior notes (6) — 300,000 4.875 % July 2018 5.00% senior notes (7) 770,000 770,000 5.00 % July 2019 4.625% senior notes (8) 400,000 — 4.625 % September 2020 6.50% senior notes (9) 275,000 275,000 6.50 % July 2021 6.00% senior notes (10) 375,000 — 6.00 % April 2022 5.25% senior notes (11) 400,000 — 5.25 % September 2022 3.125% senior convertible notes (12) 287,500 — 3.125 % September 2022 Total unsecured notes 2,507,500 2,569,722 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,539,991 3,418,357 Debt discounts and deferred financing costs, net (63,591 ) (28,449 ) Total debt obligations, net (13) $ 3,476,400 $ 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 September 2021. (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 2.0% or (ii) LIBOR subject to a margin of 3.0% with a minimum LIBOR rate of 0.75% . (3) As of December 31, 2017 , the weighted average interest rate of these loans is 5.2% . (4) The Company prepaid these senior notes in October 2017 without penalty. (5) The Company prepaid these senior notes in October 2017 and incurred a make whole premium of $5.25 million . (6) The Company prepaid these senior notes in October 2017 and incurred a make whole premium of $3.66 million . (7) The Company can prepay these senior notes without penalty beginning July 1, 2018. (8) The Company can prepay these senior notes without penalty beginning June 15, 2020. (9) The Company can prepay these senior notes without penalty beginning July 1, 2020. (10) The Company can prepay these senior notes without penalty beginning April 1, 2021. (11) The Company can prepay these senior notes without penalty beginning September 15, 2021. (12) The Company's 3.125% senior convertible fixed rate notes due September 2022 (" 3.125% Convertible Notes") are convertible at the option of the holders at a conversion rate of 64.36 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $15.54 per share, at any time prior to the close of business on the business day immediately preceding September 15, 2022. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the liability component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the liability component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of December 31, 2017, the carrying value of the 3.125% Convertible Notes was $256.7 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $25.2 million , net of fees. During the year ended December 31, 2017, the Company recognized $2.5 million of contractual interest and $1.3 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (13) The Company capitalized interest relating to development activities of $8.5 million , $5.8 million and $5.3 million for the years ended December 31, 2017 2016 and 2015 , respectively. |
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | As of December 31, 2017 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2018 $ — $ — $ — 2019 770,000 1,654 771,654 2020 400,000 325,000 725,000 2021 275,000 515,715 790,715 2022 1,062,500 59,052 1,121,552 Thereafter 100,000 31,070 131,070 Total principal maturities 2,607,500 932,491 3,539,991 Unamortized discounts and deferred financing costs, net (55,390 ) (8,201 ) (63,591 ) Total debt obligations, net $ 2,552,110 $ 924,290 $ 3,476,400 |
Schedule of carrying value of encumbered assets by asset type | As of December 31, 2017 and 2016 , the carrying value of assets of the Company that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of December 31, 2017 2016 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 795,321 $ 486,710 $ 881,212 $ 506,062 Real estate available and held for sale 20,069 48,519 — 237,531 Land and development, net 25,100 835,211 35,165 910,400 Loans receivable and other lending investments, net (2)(3) 194,529 1,021,340 172,581 1,142,050 Other investments — 321,241 — 214,406 Cash and other assets — 898,252 — 590,299 Total $ 1,035,019 $ 3,611,273 $ 1,088,958 $ 3,600,748 _______________________________________________________________________________ (1) The 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). (2) As of December 31, 2017 and 2016 , the amounts presented exclude general reserves for loan losses of $17.5 million and $23.3 million , respectively. (3) As of December 31, 2017 and 2016 , the amounts presented exclude loan participations of $102.3 million and $159.1 million , respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of unfunded commitments | As of December 31, 2017 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments (1) Real Estate Other Investments Total Performance-Based Commitments $ 338,290 $ 10,934 $ 28,585 $ 377,809 Strategic Investments — — 10,743 10,743 Total $ 338,290 $ 10,934 $ 39,328 $ 388,552 _______________________________________________________________________________ (1) Excludes $102.1 million of commitments on loan participations sold that are not the obligation of the Company. |
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2017 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2018 $ 101,135 $ 37,009 2019 101,448 33,748 2020 100,894 31,952 2021 101,288 30,075 2022 100,040 20,187 Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2018 $ 4,970 2019 3,919 2020 3,812 2021 1,439 2022 837 Thereafter 2,914 |
Risk Management and Derivativ41
Risk Management and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 as of December 31, 2017 and 2016 ($ in thousands): Derivative Assets as of December 31, Derivative Liabilities as of December 31, 2017 2016 2017 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 $ — N/A $ — Other Liabilities $ 8 Interest rate swaps N/A — N/A — N/A — Other Liabilities 39 Total $ — $ — $ — $ 47 Derivatives not Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 702 N/A $ — N/A $ — Interest rate cap N/A — Other Assets 25 N/A — N/A — Total $ — $ 727 $ — $ — |
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) for the years ended December 31, 2017 , 2016 and 2015 ($ 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 Year Ended December 31, 2017 Interest rate swaps Interest Expense $ 495 $ 339 $ 132 Interest rate cap Earnings from equity method investments (16 ) (16 ) N/A Interest rate swap Earnings from equity method investments 368 (285 ) N/A Foreign exchange contracts Earnings from equity method investments (352 ) — N/A For the Year Ended December 31, 2016 Interest rate cap Interest Expense — (185 ) N/A Interest rate cap Earnings from equity method investments (4 ) (3 ) N/A Interest rate swaps Interest Expense (175 ) (32 ) N/A Interest rate swaps Earnings from equity method investments 94 (378 ) N/A Foreign exchange contracts Earnings from equity method investments (167 ) — N/A For the Year Ended December 31, 2015 Interest rate cap Interest Expense — (626 ) N/A Interest rate cap Earnings from equity method investments (13 ) (1 ) N/A Interest rate swaps Interest Expense (537 ) 170 N/A Interest rate swap Earnings from equity method investments (528 ) (464 ) N/A Foreign exchange contracts Earnings from equity method investments (124 ) — N/A Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Years Ended December 31, Derivatives not Designated in Hedging Relationships 2017 2016 2015 Interest rate cap Other Expense $ 6 $ (1,080 ) $ (3,671 ) Foreign exchange contracts Other Expense (970 ) 1,115 2,403 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding | Preferred Stock —On October 20, 2017, the Company redeemed all of its issued and outstanding Series E and Series F preferred stock. Each holder of Series E and Series F preferred stock received cash in the amount of the liquidation preference of $25.00 per share, or $240.0 million in the aggregate, plus accrued dividends of $1.1 million and $0.8 million , respectively, on its Series E and Series F Preferred stock. The total carrying value of the Series E and Series F preferred stock was $223.7 million , net of discounts and fees, and was recorded in "Additional paid-in-capital" and "Preferred Stock Series D, E, F, G and I, liquidation preference $25.00 per share" on the Company's consolidated balance sheet as of December 31, 2016. The remaining liquidation premium of $16.3 million represents a return similar to a dividend to the holders of the Series E and Series F preferred stock and, as such, has been recorded in "Retained earnings (deficit)" on the Company's consolidated balance sheet as of December 31, 2017 . The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2017 : 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) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 Total 16,200 $ 476,000 The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of 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) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 E 5,600 0.001 25.00 7.875 % 1.97 127,136 F 4,000 0.001 25.00 7.80 % 1.95 96,550 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 Total 25,800 $ 699,686 _______________________________________________________________________________ (1) Holders of shares of the Series D, 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 $8.0 million , $8.3 million , $5.9 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2017 . In addition, in October 2017, the Company redeemed its Series E and Series F Preferred Stock and paid dividends through the redemption date of $1.1 million and $0.8 million , respectively, on its Series E and Series F Preferred Stock and paid a liquidation premium of $16.3 million representing a return similar to a dividend to the holders of the Series E and Series F Preferred Stock. The Company declared and paid dividends of $8.0 million , $11.0 million , $7.8 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2016 . The Company declared and paid dividends of $9.0 million on its Series J Convertible Perpetual Preferred Stock during the years ended December 31, 2017 and 2016 . The character of the 2017 dividends was 100% capital gain distribution, of which 27.90% represented unrecaptured section 1250 gain and 72.10% long term capital gain. The character of the 2016 dividends was as follows: 47.30% was a capital gain distribution, of which 76.15% represented 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 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 $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. |
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of December 31, 2017 2016 Unrealized gains (losses) on available-for-sale securities $ 1,335 $ 149 Unrealized gains (losses) on cash flow hedges 707 27 Unrealized losses on cumulative translation adjustment (4,524 ) (4,394 ) Accumulated other comprehensive income (loss) $ (2,482 ) $ (4,218 ) |
Stock-Based Compensation Plan43
Stock-Based Compensation Plans and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of changes in non-vested restricted stock units | Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2017 were as follows (number of shares and $ in thousands, except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Non-vested as of December 31, 2016 290 $ 11.33 $ 3,578 Granted 116 $ 12.09 Vested (75 ) $ 12.15 Forfeited (49 ) $ 13.95 Non-vested as of December 31, 2017 282 $ 10.98 $ 3,183 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 Years Ended December 31, 2017 2016 2015 Income (loss) from continuing operations $ (40,198 ) $ (23,384 ) $ (115,050 ) Income from sales of real estate 92,049 105,296 93,816 Net (income) loss attributable to noncontrolling interests (4,526 ) (4,876 ) 3,722 Preferred dividends (48,444 ) (51,320 ) (51,320 ) Premium above book value on redemption of preferred stock (16,314 ) — — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share (1) $ (17,433 ) $ 25,716 $ (68,832 ) Add: Effect of joint venture shares — 7 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share (1) $ (17,433 ) $ 25,723 $ (68,832 ) _______________________________________________________________________________ (1) For the year ended December 31, 2016, includes income from continuing operations allocable to Participating Security Holders of $8 and $8 on a basic and dilutive basis, respectively. |
Schedule of earnings per share allocable to common shares and HPU shares | For the Years Ended December 31, 2017 2016 2015 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (17,433 ) $ 25,708 $ (67,449 ) Income from discontinued operations 4,939 18,264 14,774 Gain from discontinued operations 123,418 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 110,924 $ 43,972 $ (52,675 ) Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (17,433 ) $ 25,715 $ (67,449 ) Income from discontinued operations 4,939 18,264 14,774 Gain from discontinued operations 123,418 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 110,924 $ 43,979 $ (52,675 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 71,021 73,453 84,987 Add: Effect of assumed shares issued under treasury stock method or restricted stock units — 84 — Add: Effect of joint venture shares — 298 — Weighted average common shares outstanding for diluted earnings per common share 71,021 73,835 84,987 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.25 ) $ 0.35 $ (0.79 ) Income from discontinued operations 0.07 0.25 0.17 Gain from discontinued operations 1.74 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 1.56 $ 0.60 $ (0.62 ) Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.25 ) $ 0.35 $ (0.79 ) Income from discontinued operations 0.07 0.25 0.17 Gain from discontinued operations 1.74 — — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 1.56 $ 0.60 $ (0.62 ) For the Years Ended December 31, 2017 2016 2015 Earnings allocable to HPUs (1) : Numerator for basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (1,383 ) Income from discontinued operations — — 303 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (1,080 ) Denominator for basic and diluted earnings per HPU share: Weighted average HPUs outstanding for basic and diluted earnings per share — — 9 Basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (153.67 ) Income from discontinued operations — — 33.67 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ — $ (120.00 ) _______________________________________________________________________________ (1) All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). |
Schedule of anti-dilutive shares | For the years ended December 31, 2017 , 2016 and 2015 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1)(2)(3)(4) : For the Years Ended December 31, 2017 2016 2015 Joint venture shares 255 — 298 3.00% convertible senior unsecured notes — 14,764 16,992 Series J convertible perpetual preferred stock 15,635 15,635 15,635 1.50% convertible senior unsecured notes — 9,868 11,567 _______________________________________________________________________________ (1) For the year ended December 31, 2015, the effect of the Company's unvested Units, market-based Units and CSEs were anti-dilutive. (2) For the year ended December 31, 2016, the effect of 16 and 125 unvested time and market-based Units, respectively, were anti-dilutive. (3) For the year ended December 31, 2017, the effect of 6 and 17 unvested time and market-based Units, respectively, were anti-dilutive. (4) The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the year ended December 31, 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods. |
Fair Values (Tables)
Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recorded at fair value on a recurring and 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 December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (2) 12,400 — — 12,400 Impaired real estate available and held for sale (3) 800 — — 800 Impaired land and development (4) 21,400 — — 21,400 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 (5) 7,200 — — 7,200 Impaired real estate (6) 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 a real estate asset with a fair value of $12.4 million based on market comparable sales. (3) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (4) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period. (5) 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. (6) The Company recorded an impairment on a real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period. |
Summary of changes in Level 3 available-for-sale securities reported at fair value | The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2017 and 2016 ($ in thousands): 2017 2016 Beginning balance $ 21,666 $ 1,161 Purchases — 20,240 Repayments (10 ) (10 ) Unrealized gains recorded in other comprehensive income 1,186 275 Ending balance $ 22,842 $ 21,666 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2017 Operating lease income $ — $ 123,685 $ 63,159 $ 840 $ — $ 187,684 Interest income 106,548 — — — — 106,548 Other income 2,633 2,603 49,641 126,259 6,955 188,091 Land development revenue — — — 196,879 — 196,879 Earnings (loss) from equity method investments — 5,086 (772 ) 7,292 1,409 13,015 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 87,512 4,537 — — 92,049 Total revenue and other earnings 109,181 347,243 116,565 331,270 8,364 912,623 Real estate expense — (16,742 ) (89,725 ) (41,150 ) — (147,617 ) Land development cost of sales — — — (180,916 ) — (180,916 ) Other expense (1,413 ) — — — (19,541 ) (20,954 ) Allocated interest expense (40,359 ) (53,710 ) (20,171 ) (28,033 ) (52,413 ) (194,686 ) Allocated general and administrative (2) (15,223 ) (19,563 ) (8,075 ) (16,483 ) (20,726 ) (80,070 ) Segment profit (loss) (3) $ 52,186 $ 257,228 $ (1,406 ) $ 64,688 $ (84,316 ) $ 288,380 Other significant non-cash items: Recovery of loan losses $ (5,828 ) $ — $ — $ — $ — $ (5,828 ) Impairment of assets — 5,486 6,358 20,535 — 32,379 Depreciation and amortization — 28,132 17,684 1,896 1,321 49,033 Capitalized expenditures — 4,838 35,754 125,744 — 166,336 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2016 Operating lease income $ — $ 126,164 $ 64,593 $ 423 $ — $ 191,180 Interest income 129,153 — — — — 129,153 Other income 4,658 1,632 33,216 3,170 3,838 46,514 Land development revenue — — — 88,340 — 88,340 Earnings (loss) from equity method investments — 3,567 33,863 30,012 9,907 77,349 Income from discontinued operations — 18,270 — — — 18,270 Income from sales of real estate — 21,138 75,357 8,801 — 105,296 Total revenue and other earnings 133,811 170,771 207,029 130,746 13,745 656,102 Real estate expense — (18,158 ) (82,401 ) (36,963 ) — (137,522 ) Land development cost of sales — — — (62,007 ) — (62,007 ) Other expense (2,719 ) — — — (3,164 ) (5,883 ) Allocated interest expense (57,787 ) (65,880 ) (23,156 ) (34,888 ) (39,687 ) (221,398 ) Allocated general and administrative (2) (15,311 ) (17,585 ) (6,574 ) (13,693 ) (19,975 ) (73,138 ) Segment profit (loss) (3) $ 57,994 $ 69,148 $ 94,898 $ (16,805 ) $ (49,081 ) $ 156,154 Other significant non-cash items: Recovery of loan losses $ (12,514 ) $ — $ — $ — $ — $ (12,514 ) Impairment of assets — 4,829 5,855 3,800 — 14,484 Depreciation and amortization — 31,380 17,887 1,296 1,097 51,660 Capitalized expenditures — 3,667 56,784 109,548 — 169,999 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2015 Operating lease income $ — $ 132,968 $ 77,454 $ 785 $ — $ 211,207 Interest income 134,687 — — — — 134,687 Other income 9,737 350 34,637 1,219 3,981 49,924 Land development revenue — — — 100,216 — 100,216 Earnings (loss) from equity method investments — 5,221 1,663 16,683 8,586 32,153 Income from discontinued operations — 15,077 — — — 15,077 Income from sales of real estate — 40,082 53,734 — — 93,816 Total revenue and other earnings 144,424 193,698 167,488 118,903 12,567 637,080 Real estate expense — (21,614 ) (95,888 ) (29,007 ) — (146,509 ) Land development cost of sales — — — (67,382 ) — (67,382 ) Other expense (2,291 ) — — — (4,083 ) (6,374 ) Allocated interest expense (57,109 ) (66,504 ) (28,014 ) (32,087 ) (40,925 ) (224,639 ) Allocated general and administrative (2) (13,128 ) (15,569 ) (6,988 ) (11,488 ) (22,091 ) (69,264 ) Segment profit (loss) (3) $ 71,896 $ 90,011 $ 36,598 $ (21,061 ) $ (54,532 ) $ 122,912 Other significant non-cash items: Provision for loan losses $ 36,567 $ — $ — $ — $ — $ 36,567 Impairment of assets — — 5,935 4,589 — 10,524 Depreciation and amortization — 34,936 24,548 1,422 1,139 62,045 Capitalized expenditures — 4,195 84,103 94,971 — 183,269 As of December 31, 2017 Real estate Real estate, net $ — $ 815,783 $ 466,248 $ — $ — $ 1,282,031 Real estate available and held for sale — — 68,588 — — 68,588 Total real estate — 815,783 534,836 — — 1,350,619 Land and development, net — — — 860,311 — 860,311 Loans receivable and other lending investments, net 1,300,655 — — — — 1,300,655 Other investments — 205,007 38,761 63,855 13,618 321,241 Total portfolio assets $ 1,300,655 $ 1,020,790 $ 573,597 $ 924,166 $ 13,618 3,832,826 Cash and other assets 898,252 Total assets $ 4,731,078 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 $18.8 million , $10.9 million and $12.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2017 2016 2015 Segment profit $ 288,380 $ 156,154 $ 122,912 Less: Recovery of (provision for) loan losses 5,828 12,514 (36,567 ) Less: Impairment of assets (32,379 ) (14,484 ) (10,524 ) Less: Depreciation and amortization (49,033 ) (51,660 ) (62,045 ) Less: Stock-based compensation expense (18,812 ) (10,889 ) (12,013 ) Less: Income tax benefit (expense) 948 10,166 (7,639 ) Less: Loss on early extinguishment of debt, net (14,724 ) (1,619 ) (281 ) Net income (loss) $ 180,208 $ 100,182 $ (6,157 ) |
Reconciliation of segment profit to income (loss) from continuing operations | The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2017 2016 2015 Segment profit $ 288,380 $ 156,154 $ 122,912 Less: Recovery of (provision for) loan losses 5,828 12,514 (36,567 ) Less: Impairment of assets (32,379 ) (14,484 ) (10,524 ) Less: Depreciation and amortization (49,033 ) (51,660 ) (62,045 ) Less: Stock-based compensation expense (18,812 ) (10,889 ) (12,013 ) Less: Income tax benefit (expense) 948 10,166 (7,639 ) Less: Loss on early extinguishment of debt, net (14,724 ) (1,619 ) (281 ) Net income (loss) $ 180,208 $ 100,182 $ (6,157 ) |
Quarterly Financial Informati47
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). For the Quarters Ended December 31, September 30, June 30, March 31, 2017: Revenue $ 103,144 $ 119,872 $ 347,867 $ 108,319 Net income (loss) $ 3,290 $ (3,716 ) $ 196,007 $ (15,372 ) Income from discontinued operations $ — $ — $ (173 ) $ (4,766 ) Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic $ (4,910 ) $ (34,530 ) $ 177,467 $ (27,102 ) Diluted $ (4,910 ) $ (34,530 ) $ 179,722 $ (27,102 ) Earnings per share Basic $ (0.07 ) $ (0.48 ) $ 2.46 $ (0.38 ) Diluted $ (0.07 ) $ (0.48 ) $ 2.04 $ (0.38 ) Weighted average number of common shares Basic 68,200 71,713 72,142 72,065 Diluted 68,200 71,713 88,195 72,065 2016: Revenue $ 98,571 $ 124,054 $ 122,360 $ 110,202 Net income (loss) $ (8,461 ) $ 58,155 $ 59,787 $ (9,299 ) Income from discontinued operations $ 7,336 $ 3,721 $ 3,633 $ 3,580 Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic (2) $ (19,252 ) $ 46,292 $ 38,112 $ (21,187 ) Diluted (2) $ (19,252 ) $ 51,453 $ 43,293 $ (21,187 ) Earnings per share Basic $ (0.27 ) $ 0.65 $ 0.52 $ (0.27 ) Diluted $ (0.27 ) $ 0.44 $ 0.37 $ (0.27 ) Weighted average number of common shares Basic 71,603 71,210 73,984 77,060 Diluted 71,603 115,666 118,510 77,060 _______________________________________________________________________________ (1) Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. (2) For the quarter ended June 30, 2016 includes net income attributable to iStar Inc. and allocable to Participating Security Holders of $20 and $14 on a basic and dilutive basis, respectively. |
Business and Organization (Deta
Business and Organization (Details) $ in Billions | Dec. 31, 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 billion) | $ 35 |
Basis of Presentation and Pri49
Basis of Presentation and Principles of Consolidation (Details) $ in Millions | Dec. 31, 2017USD ($) |
Consolidated VIEs | |
Total revenues and total expenses related to consolidated VIEs | |
Variable interest entity, consolidated, carrying amount, assets | $ 297.6 |
Variable interest entity, consolidated, carrying amount, liabilities | 38.6 |
Unconsolidated VIEs | |
Total revenues and total expenses related to consolidated VIEs | |
Carrying value of the investments | 82.5 |
Variable interest entity unfunded commitment | $ 34.9 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Real Estate and Land Development) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Furniture and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Millions | Apr. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Tenant Receivables | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for doubtful accounts receivable | $ 1.3 | $ 1.3 | |
Deferred Operating Lease | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for doubtful accounts receivable | $ 1.3 | $ 1.3 | |
Real Estate Sales | Lennar | |||
Financing Receivable, Impaired [Line Items] | |||
Interest income from settlement of real estate tax reimbursements | $ 123.4 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Entity Information [Line Items] | |||
Assets with foreclosure elections | $ 139,700 | ||
Operating loss carryforwards | $ 948,800 | ||
Total income tax (expense) benefit | 948 | 10,166 | $ (7,639) |
Provision adjustment | (2,800) | ||
Taxable REIT Subsidiaries | |||
Entity Information [Line Items] | |||
Operating loss carryforwards | 21,300 | 15,600 | |
Assets owned taxable subsidiaries | 759,600 | ||
Current tax benefit (expense) | 531 | 9,751 | (7,639) |
Total income tax (expense) benefit | 531 | 9,751 | (7,639) |
REIT income tax benefit | 400 | ||
Income (loss) of subsidiaries | (33,100) | 49,400 | 17,000 |
Income taxes paid | 6,000 | 200 | $ 8,400 |
Deferred tax assets | 63,258 | 66,498 | |
Valuation allowance | (63,258) | (66,498) | |
Net deferred tax assets (liabilities) | 0 | 0 | |
Real estate asset basis differences | 26,100 | 29,700 | |
Other credits | 2,300 | ||
Deferred expenses and other items | $ 13,600 | $ 21,200 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (New Accounting Pronouncements) (Details) - Accounting Standards Update 2017-05 - New Accounting Pronouncement, Early Adoption, Effect $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Gain on sale of ground lease business | $ 178.9 |
Expected incremental gain to be recorded retrospectively | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Gain on sale of ground lease business | $ 55.5 |
Real Estate (Schedule of Real E
Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Real estate, net | $ 1,282,031 | $ 1,387,274 |
Real estate available and held for sale | 68,588 | 237,531 |
Total real estate | 1,350,619 | 1,624,805 |
Deferred expenses and other assets, net | 141,730 | 162,112 |
Deferred operating lease income receivable, net | 86,877 | 88,189 |
Accrued Interest and Operating Lease Income Receivable Net | 11,957 | 11,254 |
Net Lease | ||
Real Estate Properties [Line Items] | ||
Land, at cost | 219,092 | 231,506 |
Buildings and improvements, at cost | 888,959 | 987,050 |
Less: accumulated depreciation | (292,268) | (307,444) |
Real estate, net | 815,783 | 911,112 |
Real estate available and held for sale | 0 | 155,051 |
Total real estate | 815,783 | 1,066,163 |
Operating Properties | ||
Real Estate Properties [Line Items] | ||
Land, at cost | 203,278 | 211,054 |
Buildings and improvements, at cost | 318,107 | 311,283 |
Less: accumulated depreciation | (55,137) | (46,175) |
Real estate, net | 466,248 | 476,162 |
Real estate available and held for sale | 68,588 | 82,480 |
Total real estate | 534,836 | 558,642 |
Real Estate Properties | ||
Real Estate Properties [Line Items] | ||
Land, at cost | 422,370 | 442,560 |
Buildings and improvements, at cost | 1,207,066 | 1,298,333 |
Less: accumulated depreciation | (347,405) | (353,619) |
Real estate, net | 1,282,031 | 1,387,274 |
Real estate available and held for sale | 68,588 | 237,531 |
Total real estate | 1,350,619 | 1,624,805 |
Residential Operating Properties | ||
Real Estate Properties [Line Items] | ||
Real estate available and held for sale | $ 48,500 | 82,500 |
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 |
Real Estate (Real Estate Availa
Real Estate (Real Estate Available and Held for Sale) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)lease_asset | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | |||
Property transferred to held for sale, aggregate, carrying value | $ 21,000 | $ 17,900 | $ 11,100 |
Commercial Operating Properties | |||
Real Estate Properties [Line Items] | |||
Property transferred from held for sale, aggregate, carrying value | 2,900,000 | ||
Operating Properties | |||
Real Estate Properties [Line Items] | |||
Property transferred to held for sale, aggregate, carrying value | 20,100 | 16,100 | 2,900 |
Net Lease | |||
Real Estate Properties [Line Items] | |||
Property transferred to held for sale, aggregate, carrying value | $ 900 | $ 1,800 | $ 8,200 |
Condominium Units | |||
Real Estate Properties [Line Items] | |||
Number of residential units | lease_asset | 2 | ||
Property transferred from held for sale, aggregate, carrying value | $ 1,800,000 |
Real Estate (Acquisitions) (Det
Real Estate (Acquisitions) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2017leaseproperty | Sep. 30, 2017USD ($)lease | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)lease_assetproperty | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | |||||
Number of net lease assets | lease_asset | 1 | ||||
Acquisitions of real estate assets | $ 6,600 | $ 38,433 | $ 0 | ||
Payments for land and funded tenant improvements | $ 3,900 | ||||
Number of properties acquired | property | 2 | ||||
Net Lease Asset | |||||
Real Estate Properties [Line Items] | |||||
Acquisitions of real estate assets | $ 6,600 | $ 32,700 | |||
Fair value in excess of carrying value | $ 1,500 | ||||
Operating leases, term | 99 years | ||||
Real Estate Acquired in Satisfaction of Debt | |||||
Real Estate Properties [Line Items] | |||||
Fair value of assets acquired | $ 13,400 | ||||
Ground Net Lease Business | Safety, Income and Growth, Inc. | |||||
Real Estate Properties [Line Items] | |||||
Number of net lease assets | lease | 7 | ||||
Number of properties acquired | property | 12 | ||||
Master Lease | |||||
Real Estate Properties [Line Items] | |||||
Number of leases modified | lease | 2 |
Real Estate (Disposition of Gro
Real Estate (Disposition of Ground Lease Business) (Details) | Apr. 14, 2017USD ($) | Apr. 30, 2017USD ($)leaseproperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)lease_assetproperty | Dec. 31, 2015USD ($) | Mar. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties acquired | property | 2 | |||||
Number of net lease assets | lease_asset | 1 | |||||
Net proceeds from sales of real estate | $ 314,013,000 | $ 435,560,000 | $ 362,530,000 | |||
Income from sales of real estate | $ 92,049,000 | $ 105,296,000 | $ 93,816,000 | |||
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 | |||||
Income from sales of real estate | $ 123,400,000 | |||||
Ground Net Lease Business | Safety, Income and Growth, Inc. | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties acquired | property | 12 | |||||
Number of net lease assets | lease | 7 | |||||
Number of master lease assets | 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 | ||||
2017 Secured Financing | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Debt instrument, face amount | $ 227,000,000 |
Real Estate (Discontinued Opera
Real Estate (Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash flows provided by operating activities | $ 5,702 | $ 16,662 | $ 14,446 |
Cash flows used in investing activities | (534) | (7,972) | 0 |
Ground Net Lease Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 6,430 | 21,839 | 18,520 |
Expenses | (1,491) | (3,569) | (3,443) |
Income from discontinued operations | $ 4,939 | $ 18,270 | $ 15,077 |
Real Estate (Other Dispositions
Real Estate (Other Dispositions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from sales of real estate | $ 92,049 | $ 105,296 | $ 93,816 | ||
Noncontrolling interest at carrying value | $ 5,031 | 0 | 5,031 | ||
Total | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sales of real estate | 216,700 | 444,100 | 395,700 | ||
Income from sales of real estate | 92,000 | 96,500 | 93,800 | ||
Operating Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sales of real estate | 41,300 | 326,900 | 294,900 | ||
Income from sales of real estate | $ 4,500 | 75,400 | 53,700 | ||
Operating Properties | RCC | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from sales of real estate | 8,800 | 13,600 | |||
Sales price of real estate held for investment | $ 36,000 | $ 68,500 | |||
iStar's ownership percentage | 50.00% | 50.00% | 50.00% | ||
Net Lease | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sales of real estate | $ 175,400 | 117,200 | $ 100,800 | ||
Income from sales of real estate | 87,500 | $ 21,100 | 40,100 | ||
Net Lease Asset | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from sales of real estate | 62,500 | ||||
Noncontrolling interest at carrying value | 3,500 | ||||
Payments for repurchase of redeemable noncontrolling interest | $ 12,000 | ||||
Operating Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sales of real estate | 93,500 | ||||
Payments for repurchase of redeemable noncontrolling interest | $ 6,400 | ||||
Property sold, aggregate, carrying value | $ 126,300 | ||||
Operating leases, term | 99 years | ||||
Other finite-lived intangible assets | $ 32,800 | $ 32,800 | |||
Operating Properties | RCC | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from sales of real estate | 13,600 | ||||
Sales price of real estate held for investment | $ 68,500 | ||||
iStar's ownership percentage | 50.00% | 50.00% |
Real Estate (Impairments) (Deta
Real Estate (Impairments) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)property | |
Property, Plant and Equipment [Line Items] | |||
Impairment of real estate | $ | $ 11.9 | $ 10.7 | $ 5.9 |
Commercial Operating Properties | |||
Property, Plant and Equipment [Line Items] | |||
Number of properties impaired | 2 | ||
Residential Operating Properties | |||
Property, Plant and Equipment [Line Items] | |||
Number of properties impaired | 1 |
Real Estate (Tenant Reimburseme
Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate [Abstract] | |||
Tenant reimbursements | $ 21.9 | $ 23.6 | $ 26.6 |
Real Estate (Allowance for doub
Real Estate (Allowance for doubtful accounts) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Tenant Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.3 | $ 1.3 |
Deferred Operating Lease | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.3 | $ 1.3 |
Real Estate (Future Minimum Ope
Real Estate (Future Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Net Lease | |
Real Estate Properties [Line Items] | |
2,018 | $ 101,135 |
2,019 | 101,448 |
2,020 | 100,894 |
2,021 | 101,288 |
2,022 | 100,040 |
Operating Properties | |
Real Estate Properties [Line Items] | |
2,018 | 37,009 |
2,019 | 33,748 |
2,020 | 31,952 |
2,021 | 30,075 |
2,022 | $ 20,187 |
Land and Development (Schedule
Land and Development (Schedule of Land and Development Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Total land and development, net | $ 860,311 | $ 945,565 |
Land | ||
Real Estate Properties [Line Items] | ||
Land and land development, at cost | 868,692 | 952,051 |
Less: accumulated depreciation | (8,381) | (6,486) |
Total land and development, net | $ 860,311 | $ 945,565 |
Land and Development (Additiona
Land and Development (Additional Information) (Details) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($)real_estate_asset | Dec. 31, 2015USD ($) | Apr. 21, 2017 | Apr. 30, 2015USD ($) | |
Real Estate Properties [Line Items] | |||||
Land development revenue | $ 196,879,000 | $ 88,340,000 | $ 100,216,000 | ||
Land development cost of sales | 180,916,000 | 62,007,000 | 67,382,000 | ||
Payment to redeem a noncontrolling interest | 6,400,000 | ||||
Income from sales of real estate | 92,049,000 | 105,296,000 | 93,816,000 | ||
Impairment of land and development assets | 20,500,000 | 3,800,000 | $ 4,600,000 | ||
Redeemable noncontrolling interests | 0 | 5,031,000 | |||
Redemption value | 0 | $ 0 | |||
Newly Formed Unconsolidated Entity | |||||
Real Estate Properties [Line Items] | |||||
iStar's ownership percentage | 50.00% | ||||
Income from sales of real estate | $ 8,800,000 | ||||
Real Estate Acquired in Satisfaction of Debt | |||||
Real Estate Properties [Line Items] | |||||
Fair value of assets acquired | $ 13,400,000 | ||||
Land | |||||
Real Estate Properties [Line Items] | |||||
Purchase price | $ 16,100,000 | ||||
Deferred revenue | $ 5,300,000 | ||||
Land | Real Estate Acquired in Satisfaction of Debt | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties acquired | real_estate_asset | 2 | ||||
Fair value of assets acquired | $ 40,600,000 | ||||
Not Currently Redeemable | |||||
Real Estate Properties [Line Items] | |||||
Redeemable noncontrolling interests | 0 | $ 1,300,000 | |||
Prince George's County, Maryland | |||||
Real Estate Properties [Line Items] | |||||
Land development revenue | 114,000,000 | ||||
Land development cost of sales | $ 106,300,000 | ||||
Land subject to litigation (in acres) | a | 1,250 | ||||
Bevard | |||||
Real Estate Properties [Line Items] | |||||
Increase in ownership percentage | 10.70% | ||||
Payment to redeem a noncontrolling interest | $ 10,800,000 | ||||
Noncontrolling interest, ownership percentage by parent | 95.70% |
Loans Receivable and Other Le66
Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross carrying value of loans | $ 1,289,568 | $ 1,456,068 |
Reserves for loan losses | (78,489) | (85,545) |
Total loans receivable, net | 1,211,079 | 1,370,523 |
Other lending investments—securities | 89,576 | 79,916 |
Total loans receivable and other lending investments, net | 1,300,655 | 1,450,439 |
Senior mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross carrying value of loans | 791,152 | 940,738 |
Corporate/Partnership loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross carrying value of loans | 488,921 | 490,389 |
Subordinate mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross carrying value of loans | $ 9,495 | $ 24,941 |
Loans Receivable and Other Le67
Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan Losses [Roll Forward] | |||
Provision for (recovery of) loan losses | $ 1,753 | $ (8,296) | $ 37,616 |
Charge-offs | (2,709) | (18,370) | (28,513) |
Recoveries of previously recorded loan loss reserves | 13,700 | 600 | |
Loans Receivable Allowance | |||
Allowance for Loan Losses [Roll Forward] | |||
Reserve for loan losses at beginning of period | 85,545 | 108,165 | 98,490 |
Provision for (recovery of) loan losses | (5,828) | (12,514) | 36,567 |
Charge-offs | (1,228) | (10,106) | (26,892) |
Reserve for loan losses at end of period | $ 78,489 | $ 85,545 | $ 108,165 |
Loans Receivable and Other Le68
Loans Receivable and Other Lending Investments, net (Schedule of Investment in Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||
Financing receivable, gross | $ 1,294,821 | $ 1,463,003 |
Individually evaluated for impairment, reserves for loan losses | (78,489) | (85,545) |
Total | 1,216,332 | 1,377,458 |
Individually evaluated for impairment, net discount | (700) | (400) |
Collectively evaluated for impairment, net discount | 6,200 | 1,900 |
Interest receivable | 5,300 | 6,900 |
Other lending investments—securities | 89,576 | 79,916 |
Individually Evaluated for Impairment | ||
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||
Financing receivable, gross | 237,877 | 253,941 |
Individually evaluated for impairment, reserves for loan losses | (60,989) | (62,245) |
Total | 176,888 | 191,696 |
Individually Evaluated for Impairment | Nonperforming Financial Instruments | ||
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||
Financing receivable, gross | 157,200 | |
Individually evaluated for impairment, reserves for loan losses | (12,500) | |
Release of general reserve | 11,600 | |
Collectively Evaluated for Impairment | ||
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||
Financing receivable, gross | 1,056,944 | 1,209,062 |
Individually evaluated for impairment, reserves for loan losses | (17,500) | (23,300) |
Total | $ 1,039,444 | $ 1,185,762 |
Loans Receivable and Other Le69
Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 1,216,332 | $ 1,377,458 |
Real Estate Finance | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 1,056,944 | $ 1,209,062 |
Weighted Average Risk Ratings | 2.77 | 3.11 |
Real Estate Finance | Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 713,057 | $ 859,250 |
Weighted Average Risk Ratings | 2.72 | 3.12 |
Real Estate Finance | Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 334,364 | $ 335,677 |
Weighted Average Risk Ratings | 2.85 | 3.09 |
Real Estate Finance | Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 9,523 | $ 14,135 |
Weighted Average Risk Ratings | 3 | 3 |
Loans Receivable and Other Le70
Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 1,062,944 | $ 1,229,180 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 231,877 | 233,823 |
Total Past Due | 231,877 | 233,823 |
Financing receivable, total | $ 1,294,821 | $ 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 | 9 years | 8 years |
Senior mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 719,057 | $ 868,505 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 75,343 | 76,677 |
Total Past Due | 75,343 | 76,677 |
Financing receivable, total | 794,400 | 945,182 |
Corporate/Partnership loans | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 334,364 | 335,677 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 156,534 | 157,146 |
Total Past Due | 156,534 | 157,146 |
Financing receivable, total | 490,898 | 492,823 |
Subordinate mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 9,523 | 24,998 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Financing receivable, total | $ 9,523 | $ 24,998 |
Loans Receivable and Other Le71
Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 237,877,000 | $ 253,941,000 | |
Unpaid Principal Balance | 227,280,000 | 243,409,000 | |
Related Allowance | (60,989,000) | (62,245,000) | |
Average Recorded Investment | 246,087,000 | 195,482,000 | $ 153,387,000 |
Interest Income Recognized | 1,127,000 | 226,000 | 50,000 |
Subordinate mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 10,862,000 | |
Unpaid Principal Balance | 0 | 10,846,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 6,582,000 | 6,799,000 | 0 |
Interest Income Recognized | 1,127,000 | 0 | 0 |
Senior mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 81,343,000 | 85,933,000 | |
Unpaid Principal Balance | 81,431,000 | 85,780,000 | |
Related Allowance | (48,518,000) | (49,774,000) | |
Average Recorded Investment | 82,749,000 | 122,582,000 | 129,135,000 |
Interest Income Recognized | 0 | 226,000 | 38,000 |
Corporate/Partnership loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 156,534,000 | 157,146,000 | |
Unpaid Principal Balance | 145,849,000 | 146,783,000 | |
Related Allowance | (12,471,000) | (12,471,000) | |
Average Recorded Investment | 156,756,000 | 66,101,000 | 24,252,000 |
Interest Income Recognized | 0 | 0 | 12,000 |
Nonperforming Financial Instruments | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, interest income, cash basis method | 0 | 0 | |
With no related allowance recorded | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 10,862,000 | |
Unpaid Principal Balance | 0 | 10,846,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 6,582,000 | 10,460,000 | 0 |
Interest Income Recognized | 1,127,000 | 226,000 | 0 |
With no related allowance recorded | Subordinate mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 10,862,000 | |
Unpaid Principal Balance | 0 | 10,846,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 6,582,000 | 6,799,000 | |
Interest Income Recognized | 1,127,000 | 0 | 0 |
With no related allowance recorded | Senior mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 3,661,000 | 0 |
Interest Income Recognized | 0 | 226,000 | 0 |
With an allowance recorded | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 237,877,000 | 243,079,000 | |
Unpaid Principal Balance | 227,280,000 | 232,563,000 | |
Related Allowance | (60,989,000) | (62,245,000) | |
Average Recorded Investment | 239,505,000 | 185,022,000 | 153,387,000 |
Interest Income Recognized | 0 | 0 | 50,000 |
With an allowance recorded | Senior mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 81,343,000 | 85,933,000 | |
Unpaid Principal Balance | 81,431,000 | 85,780,000 | |
Related Allowance | (48,518,000) | (49,774,000) | |
Average Recorded Investment | 82,749,000 | 118,921,000 | 129,135,000 |
Interest Income Recognized | 0 | 0 | 38,000 |
With an allowance recorded | Corporate/Partnership loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 156,534,000 | 157,146,000 | |
Unpaid Principal Balance | 145,849,000 | 146,783,000 | |
Related Allowance | (12,471,000) | (12,471,000) | |
Average Recorded Investment | 156,756,000 | 66,101,000 | 24,252,000 |
Interest Income Recognized | $ 0 | $ 0 | $ 12,000 |
Loans Receivable and Other Le72
Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 2 | |
Pre-modification outstanding recorded investment | $ 11,600,000 | |
Unfunded commitments, troubled debt restructurings | $ 0 | |
Individually Evaluated for Impairment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pre-modification outstanding recorded investment | $ 5,800,000 |
Loans Receivable and Other Le73
Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Total | $ 21,230 | |
Estimated Fair Value | 22,842 | |
Held-to-Maturity Securities, Debt Maturities [Abstract] | ||
Total | 66,734 | |
Estimated Fair Value | 68,315 | |
Investments, Debt and Equity Securities [Abstract] | ||
Face Value | 87,848 | $ 79,694 |
Amortized Cost Basis | 87,964 | 79,490 |
Net Unrealized Gain (Loss) | 3,193 | 3,179 |
Estimated Fair Value | 91,157 | 82,669 |
Net Carrying Value | 89,576 | 79,916 |
Municipal Bonds | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Face Value | 21,230 | 21,240 |
Total | 21,230 | 21,240 |
Net Unrealized Gain (Loss) | 1,612 | 426 |
Estimated Fair Value | 22,842 | 21,666 |
Net Carrying Value | 22,842 | 21,666 |
Corporate Debt Securities | ||
Held-to-Maturity Securities, Debt Maturities [Abstract] | ||
Face Value | 66,618 | 58,454 |
Total | 66,734 | 58,250 |
Net Unrealized Gain | 1,581 | 2,753 |
Estimated Fair Value | 68,315 | 61,003 |
Net Carrying Value | $ 66,734 | $ 58,250 |
Loans Receivable and Other Le74
Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Held-to-Maturity Securities, Amortized Cost Basis | |
Within one year | $ 48,468 |
After one year through 5 years | 18,266 |
After 5 years through 10 years | 0 |
After 10 years | 0 |
Total | 66,734 |
Held-to-Maturity Securities, Estimated Fair Value | |
Within one year | 49,451 |
After one year through 5 years | 18,864 |
After 5 years through 10 years | 0 |
After 10 years | 0 |
Total | 68,315 |
Available-for-Sale Securities, Amortized Cost Basis | |
Within one year | 0 |
After one year through 5 years | 0 |
After 5 years through 10 years | 0 |
After 10 years | 21,230 |
Total | 21,230 |
Available-for-Sale Securities, Estimated Fair Value | |
Within one year | 0 |
After one year through 5 years | 0 |
After 5 years through 10 years | 0 |
After 10 years | 22,842 |
Total | $ 22,842 |
Other Investments (Other Invest
Other Investments (Other Investments and Share of Earnings (Loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Distributions from other investments | $ 49,672 | $ 92,482 | $ 119,854 | ||
Carrying value | 321,241 | 214,406 | |||
Earnings (loss) from equity method investments | 13,015 | 77,349 | 32,153 | ||
Net proceeds from sale of other investments | 0 | 43,936 | 0 | ||
iStar Net Lease I LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Distributions from other investments | $ 13,200 | $ 61,200 | 26,000 | ||
Other real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings (loss) from equity method investments | 11,600 | ||||
Net proceeds from sale of other investments | 39,800 | ||||
Recognized earnings | 31,500 | ||||
Other Strategic Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 13,618 | 33,350 | |||
Earnings (loss) from equity method investments | 1,410 | 9,907 | 8,586 | ||
Oak Hill Funds Group | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings (loss) from equity method investments | 4,300 | 2,200 | |||
Real Estate Investment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 307,623 | 181,056 | |||
Earnings (loss) from equity method investments | 11,605 | 67,442 | 23,567 | ||
Real Estate Investment | iStar Net Lease I LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 121,139 | 92,669 | |||
Earnings (loss) from equity method investments | 4,534 | 3,567 | 5,221 | ||
Real Estate Investment | Safety, Income and Growth, Inc. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 83,868 | 0 | |||
Earnings (loss) from equity method investments | 551 | 0 | 0 | ||
Real Estate Investment | Marina Palms | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 2,555 | 35,185 | |||
Earnings (loss) from equity method investments | 2,621 | 22,053 | 23,626 | ||
Real Estate Investment | Other real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 100,061 | 53,202 | |||
Earnings (loss) from equity method investments | $ 3,899 | 41,822 | $ (5,280) | ||
Noncontrolling Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Recognized earnings | $ 10,100 |
Other Investments (Narrative) (
Other Investments (Narrative) (Details) $ / shares in Units, shares in Thousands | Jun. 27, 2017USD ($) | Apr. 14, 2017USD ($) | Oct. 31, 2017USD ($)unit | Aug. 31, 2017USD ($) | Apr. 30, 2017USD ($)property | Dec. 31, 2016USD ($) | Nov. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2017USD ($)unitplan$ / sharesshares | Dec. 31, 2017USD ($)unit | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2014USD ($) | Feb. 28, 2014USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Acquisitions of real estate assets | $ 6,600,000 | $ 38,433,000 | $ 0 | |||||||||||||
Net proceeds from sales of real estate | 314,013,000 | $ 435,560,000 | 362,530,000 | |||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||
Contributions to other investments | 224,219,000 | $ 58,197,000 | 11,531,000 | |||||||||||||
Total assets | $ 2,803,411,000 | $ 2,493,798,000 | 2,493,798,000 | 2,803,411,000 | ||||||||||||
Assets | 4,825,514,000 | 4,731,078,000 | 4,731,078,000 | 4,825,514,000 | ||||||||||||
Gain from discontinued operations | 123,418,000 | 0 | 0 | |||||||||||||
Debt obligation | 3,418,357,000 | 3,539,991,000 | 3,539,991,000 | 3,418,357,000 | ||||||||||||
Total gross carrying value of loans | 1,456,068,000 | 1,289,568,000 | 1,289,568,000 | 1,456,068,000 | ||||||||||||
Carrying value | 214,406,000 | 321,241,000 | 321,241,000 | 214,406,000 | ||||||||||||
Income from sales of real estate | 92,049,000 | 105,296,000 | 93,816,000 | |||||||||||||
Distributions from other investments | 49,672,000 | 92,482,000 | 119,854,000 | |||||||||||||
Earnings (loss) from equity method investments | 13,015,000 | 77,349,000 | 32,153,000 | |||||||||||||
Cost investments | 1,400,000 | 800,000 | 800,000 | 1,400,000 | ||||||||||||
Proceeds from sale of available-for-sale securities | 7,400,000 | |||||||||||||||
Available-for-sale securities, realized gain | 2,600,000 | |||||||||||||||
2017 Secured Financing | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Debt instrument, face amount | $ 227,000,000 | |||||||||||||||
Net Lease | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Income from sales of real estate | 87,500,000 | 21,100,000 | 40,100,000 | |||||||||||||
Operating Properties | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Income from sales of real estate | 4,500,000 | 75,400,000 | 53,700,000 | |||||||||||||
iStar Net Lease I LLC | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Acquisitions of real estate assets | 59,000,000 | |||||||||||||||
Net proceeds from sales of real estate | 6,200,000 | |||||||||||||||
Financing derecognized during sale | 18,900,000 | |||||||||||||||
Payments to acquire equity method investments | 49,200,000 | |||||||||||||||
Contributions to other investments | 37,700,000 | |||||||||||||||
Distributions from other investments | $ 13,200,000 | $ 61,200,000 | 26,000,000 | |||||||||||||
iStar Net Lease I LLC | Net Lease | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Debt instrument term | 5 years | 10 years | ||||||||||||||
Debt instrument, face amount | $ 29,000,000 | $ 120,000,000 | ||||||||||||||
iStar Net Lease I LLC | Net Lease | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
iStar's ownership percentage | 51.90% | |||||||||||||||
Partners' capital account, contributions (up to) | $ 500,000,000 | |||||||||||||||
Equity method investment, related party ownership percentage | 0.60% | |||||||||||||||
Equity method investment, related party promote fee percentage | 50.00% | |||||||||||||||
Equity method investment, partner ownership percentage | 47.50% | |||||||||||||||
Total assets | 511,300,000 | $ 658,300,000 | 658,300,000 | 511,300,000 | ||||||||||||
iStar Net Lease I LLC | Other Income | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Management fees revenue | $ 2,100,000 | 1,600,000 | $ 1,500,000 | |||||||||||||
Great Oaks | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Operating leases, term | 99 years | |||||||||||||||
Number of units in real estate property to be built | unit | 301 | |||||||||||||||
Leasehold improvement allowance | $ 7,200,000 | |||||||||||||||
Marina Palms | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
iStar's ownership percentage | 47.50% | 47.50% | ||||||||||||||
Number of units | unit | 468 | 468 | ||||||||||||||
Marina Palms | Land | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Total assets | 201,800,000 | $ 32,400,000 | $ 32,400,000 | 201,800,000 | ||||||||||||
Marine Palms, LLC, North Tower | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of units for sale | unit | 1 | 1 | ||||||||||||||
Number of units | unit | 234 | 234 | ||||||||||||||
Marine Palms, LLC, South Tower | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of units | unit | 234 | 234 | ||||||||||||||
Percentage of units pre-sold | 85.00% | |||||||||||||||
Other real estate equity investments | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Earnings (loss) from equity method investments | 11,600,000 | |||||||||||||||
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 | 95.00% | 95.00% | ||||||||||||||
Other real estate equity investments | Land | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Carrying value | 49,600,000 | $ 61,300,000 | $ 61,300,000 | 49,600,000 | ||||||||||||
Other real estate equity investments | Operating Properties | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Carrying value | 3,600,000 | $ 38,800,000 | $ 38,800,000 | 3,600,000 | ||||||||||||
RCC | Operating Properties | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
iStar's ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||
Contributions to other investments | $ 13,600,000 | |||||||||||||||
Sales price of real estate held for investment | 36,000,000 | 68,500,000 | ||||||||||||||
Income from sales of real estate | 8,800,000 | 13,600,000 | ||||||||||||||
Proceeds from sale of other real estate, net of equity contribution | 7,000,000 | 55,400,000 | ||||||||||||||
Loans commitment | $ 27,000,000 | $ 27,000,000 | ||||||||||||||
Payments for funding under loan commitments | $ 25,400,000 | 25,400,000 | ||||||||||||||
Distributions from other investments | $ 17,600,000 | 21,000,000 | ||||||||||||||
Equity Method Investee Two | Land | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
iStar's ownership percentage | 50.00% | 50.00% | 85.70% | |||||||||||||
Carrying value | $ 0 | 0 | ||||||||||||||
Loans commitment | $ 45,700,000 | |||||||||||||||
Earnings (loss) from equity method investments | $ 11,600,000 | |||||||||||||||
Interest and fee income | $ 3,600,000 | $ 3,900,000 | ||||||||||||||
Safety, Income and Growth, Inc. | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
iStar's ownership percentage | 37.60% | 37.60% | ||||||||||||||
Payments to acquire interest in joint venture | $ 57,500,000 | |||||||||||||||
Assets | 161,100,000 | |||||||||||||||
Gain from discontinued operations | $ 123,400,000 | |||||||||||||||
Maximum allowable ownership interest (as a percent) | 39.90% | |||||||||||||||
Income from sales of real estate | 123,400,000 | |||||||||||||||
Safety, Income and Growth, Inc. | Ground Lease | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Debt instrument term | 1 year | |||||||||||||||
Commitment to extend credit to customer | $ 24,000,000 | |||||||||||||||
Commitment to extend credit, amount funded | $ 5,200,000 | $ 5,200,000 | ||||||||||||||
Safety, Income and Growth, Inc. | Ground Net Lease Business | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
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 | ||||||||||||||
Number of properties acquired | property | 12 | |||||||||||||||
Ownership interest by noncontrolling owners (as a percent) | 49.00% | |||||||||||||||
Noncontrolling interest, ownership percentage by parent | 51.00% | |||||||||||||||
Private Placement | Safety, Income and Growth, Inc. | ||||||||||||||||
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 | |||||||||||||||
IPO | Safety, Income and Growth, Inc. | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Payments of stock issuance costs | $ 18,900,000 | |||||||||||||||
Offering costs | $ 25,000,000 | |||||||||||||||
10b5-1 Plan | Safety, Income and Growth, Inc. | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of shares purchased | shares | 1,800 | |||||||||||||||
Aggregate value of common stock purchased | $ 34,100,000 | |||||||||||||||
Average share price of common stock purchased (in dollars per share) | $ / shares | $ 18.85 | |||||||||||||||
Number of common stock purchase plans | plan | 2 | |||||||||||||||
Chief Executive Officer and Chief Financial Officer | 10b5-1 Plan | Safety, Income and Growth, Inc. | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of shares purchased | shares | 26 | |||||||||||||||
Aggregate value of common stock purchased | $ 500,000 | |||||||||||||||
Average share price of common stock purchased (in dollars per share) | $ / shares | $ 19.20 | |||||||||||||||
Subsidiaries | Safety, Income and Growth, Inc. | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Management fee, percent of equity below threshold | 1.00% | |||||||||||||||
Management fee, shareholders' equity threshold amount | $ 2,500,000,000 | 2,500,000,000 | ||||||||||||||
Management fee, percent of equity above threshold | 0.75% | |||||||||||||||
Leasehold First Mortgage | Great Oaks | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Debt obligation | 80,500,000 | |||||||||||||||
Total gross carrying value of loans | $ 80,500,000 | |||||||||||||||
Safety, Income and Growth, Inc. | Great Oaks | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Forward purchase contract, purchase agreement, amount | $ 34,000,000 | $ 34,000,000 |
Other Investments (Summarized f
Other Investments (Summarized financial information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |||
Total assets | $ 2,493,798 | $ 2,803,411 | |
Total liabilities | 1,169,125 | 683,079 | |
Noncontrolling interests | 13,258 | 23,544 | |
Total equity | 1,311,415 | 2,096,788 | |
Revenues | 261,867 | 272,281 | $ 481,224 |
Expenses | (167,999) | (227,720) | (245,968) |
Net income attributable to parent entities | $ 91,633 | $ 42,209 | $ 234,529 |
Other Assets and Other Liabil78
Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |||
Other receivables | $ 56,369 | $ 52,820 | |
Intangible assets, net | 27,124 | 30,727 | |
Other assets | 24,490 | 35,189 | |
Restricted cash | 20,045 | 25,883 | |
Leasing costs, net | 9,050 | 11,802 | |
Corporate furniture, fixtures and equipment, net | 4,652 | 5,691 | |
Deferred expenses and other assets, net | 141,730 | 162,112 | |
Intangible assets, accumulated amortization | 34,900 | 31,900 | |
Amortization of above market lease and lease incentives | 2,500 | 3,900 | $ 6,400 |
Amortization of intangible assets | $ 1,900 | 1,900 | $ 3,600 |
Weighted average useful life | 19 years 2 months 12 days | ||
Accumulated amortization on leasing costs | $ 4,700 | 6,700 | |
Accumulated depreciation on corporate furniture, fixtures and equipment | 10,500 | 9,000 | |
Operating Properties | |||
Real Estate Properties [Line Items] | |||
Other receivables | $ 26,000 | $ 26,000 |
Other Assets and Other Liabil79
Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Significant Noncash Transactions [Line Items] | |||
Accrued expenses | $ 101,035 | $ 72,693 | |
Other liabilities | 79,015 | 75,993 | |
Accrued interest payable | 49,933 | 54,033 | |
Intangible liabilities, net | 8,021 | 8,851 | |
Accounts payable, accrued expenses and other liabilities | 238,004 | 211,570 | |
Profit sharing payable | 29,200 | 24,000 | |
Special assessment bond | 6,200 | 8,500 | |
Below market lease, accumulated amortization | 7,800 | 6,400 | |
Amortization of below market lease | $ 1,300 | 1,100 | $ 1,500 |
Weighted average useful life | 19 years 2 months 12 days | ||
Assets Held-for-Sale | |||
Other Significant Noncash Transactions [Line Items] | |||
Accrued expenses | $ 2,500 | 1,800 | |
Other liabilities | $ 1,600 | $ 1,700 |
Other Assets and Other Liabil80
Other Assets and Other Liabilities (Intangible assets) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Other Assets and Other Liabilities [Abstract] | |
2,018 | $ 2,151 |
2,019 | 2,112 |
2,020 | 2,084 |
2,021 | 2,053 |
2,022 | $ 2,049 |
Loan Participations Payable, 81
Loan Participations Payable, Net (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)debt_instrument | Dec. 31, 2016USD ($)debt_instrument | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Debt discounts and deferred financing costs, net | $ (63,591) | $ (28,449) |
Loan participations payable, net | 102,425 | $ 159,321 |
Number of debt instruments | debt_instrument | 3 | |
Loans receivable | 1,211,079 | $ 1,370,523 |
Loan Participations Payable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan Participations Payable, gross | 102,737 | 160,251 |
Debt discounts and deferred financing costs, net | (312) | (930) |
Loan participations payable, net | $ 102,425 | 159,321 |
Loan Participation Payable One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of debt instruments | debt_instrument | 2 | |
Loan Participations Payable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 102,300 | $ 159,100 |
Loan Participations Payable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted average interest rate | 6.50% | 4.80% |
Debt Obligations, net (Schedule
Debt Obligations, net (Schedule of Debt) (Details) - USD ($) | 1 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2017 | Sep. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | Aug. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | $ 3,418,357,000 | $ 3,539,991,000 | $ 3,418,357,000 | ||||||||
Debt discounts and deferred financing costs, net | (28,449,000) | (63,591,000) | (28,449,000) | ||||||||
Total long-term debt obligations, net | 3,389,908,000 | 3,476,400,000 | 3,389,908,000 | ||||||||
Conversion of senior unsecured convertible notes into common stock | 0 | 9,596,000 | $ 0 | ||||||||
Interest costs capitalized | 8,500,000 | 5,800,000 | $ 5,300,000 | ||||||||
2015 $325 Million Secured Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 0 | 325,000,000 | 0 | ||||||||
Debt instrument, face amount | $ 325,000,000 | ||||||||||
2015 $325 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 2.50% | ||||||||||
Debt instrument term | 1 year | ||||||||||
2015 $325 Million Secured Revolving Credit Facility | Federal Funds Effective Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 0.50% | ||||||||||
2015 $325 Million Secured Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 1.00% | ||||||||||
Debt instrument, margin | 2.25% | ||||||||||
2015 $325 Million Secured Revolving Credit Facility | Minimum | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, margin | 1.25% | ||||||||||
2015 $325 Million Secured Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, margin | 2.75% | ||||||||||
2015 $325 Million Secured Revolving Credit Facility | Maximum | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, margin | 1.75% | ||||||||||
2016 Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | $ 498,648,000 | $ 399,000,000 | 498,648,000 | ||||||||
Debt instrument, face amount | $ 400,000,000 | $ 500,000,000 | $ 450,000,000 | ||||||||
Variable interest rate, spread (as a percent) | 1.00% | ||||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 3.00% | 3.75% | 4.50% | 3.00% | |||||||
2016 Senior Secured Credit Facility | Federal Funds Effective Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 0.50% | ||||||||||
2016 Senior Secured Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 0.75% | 1.00% | 1.00% | 0.75% | |||||||
2016 Senior Secured Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 2.00% | ||||||||||
Mortgages collateralized by net lease assets | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | $ 249,987,000 | $ 208,491,000 | 249,987,000 | ||||||||
Weighted average interest rate | 5.20% | ||||||||||
Total secured credit facilities and mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 748,635,000 | $ 932,491,000 | 748,635,000 | ||||||||
5.85% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 99,722,000 | $ 0 | 99,722,000 | ||||||||
Stated interest rate (as a percent) | 5.85% | 5.85% | |||||||||
9.00% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 275,000,000 | $ 0 | 275,000,000 | ||||||||
Stated interest rate (as a percent) | 9.00% | 9.00% | |||||||||
4.00% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 550,000,000 | $ 0 | 550,000,000 | ||||||||
Stated interest rate (as a percent) | 4.00% | 4.00% | |||||||||
Make whole premium for extinguishment of debt | $ 5,250,000 | ||||||||||
7.125% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 300,000,000 | $ 0 | 300,000,000 | ||||||||
Stated interest rate (as a percent) | 7.125% | 7.125% | |||||||||
Make whole premium for extinguishment of debt | 3,660,000 | ||||||||||
4.875% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 300,000,000 | $ 0 | 300,000,000 | ||||||||
Stated interest rate (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 rate (as a percent) | 5.00% | ||||||||||
4.625% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 0 | $ 400,000,000 | 0 | ||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||
Stated interest rate (as a percent) | 4.625% | 4.625% | |||||||||
6.50% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 275,000,000 | $ 275,000,000 | 275,000,000 | ||||||||
Debt instrument, face amount | $ 275,000,000 | ||||||||||
Stated interest rate (as a percent) | 6.50% | 6.50% | |||||||||
6.00% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 0 | $ 375,000,000 | 0 | ||||||||
Debt instrument, face amount | $ 375,000,000 | ||||||||||
Stated interest rate (as a percent) | 6.00% | 6.00% | |||||||||
5.25% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 0 | $ 400,000,000 | 0 | ||||||||
Stated interest rate (as a percent) | 5.25% | 5.25% | |||||||||
3.125% senior convertible notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 0 | $ 287,500,000 | 0 | ||||||||
Total long-term debt obligations, net | $ 256,700,000 | ||||||||||
Debt instrument, face amount | 37,500,000 | $ 250,000,000 | |||||||||
Stated interest rate (as a percent) | 3.125% | 3.125% | |||||||||
Convertible debt conversion ratio | 0.06436 | ||||||||||
Conversion price (in dollars per share) | $ 15.54 | ||||||||||
Convertible debt | 34,000,000 | $ 221,800,000 | |||||||||
Equity component of convertible debt | $ 3,400,000 | $ 22,500,000 | |||||||||
Unamortized discount | $ 25,200,000 | ||||||||||
Contractual interest | 2,500,000 | ||||||||||
Amortization of debt discount | $ 1,300,000 | ||||||||||
Effective interest rate (as a percent) | 5.20% | ||||||||||
Trust preferred securities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | 100,000,000 | $ 100,000,000 | 100,000,000 | ||||||||
Unsecured Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt obligations | $ 2,569,722,000 | $ 2,507,500,000 | $ 2,569,722,000 | ||||||||
Mortgages collateralized by net lease assets | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 2.00% | ||||||||||
Mortgages collateralized by net lease assets | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (as a percent) | 4.102% | ||||||||||
Mortgages collateralized by net lease assets | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (as a percent) | 7.26% | ||||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 3.00% | ||||||||||
Trust preferred securities | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable interest rate, spread (as a percent) | 1.50% |
Debt Obligations, net (Future S
Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Maturities of Long-term Debt [Abstract] | ||
2,018 | $ 0 | |
2,019 | 771,654 | |
2,020 | 725,000 | |
2,021 | 790,715 | |
2,022 | 1,121,552 | |
Thereafter | 131,070 | |
Total principal maturities | 3,539,991 | $ 3,418,357 |
Debt discounts and deferred financing costs, net | (63,591) | (28,449) |
Total long-term debt obligations, net | 3,476,400 | $ 3,389,908 |
Unsecured Debt | ||
Maturities of Long-term Debt [Abstract] | ||
2,018 | 0 | |
2,019 | 770,000 | |
2,020 | 400,000 | |
2,021 | 275,000 | |
2,022 | 1,062,500 | |
Thereafter | 100,000 | |
Total principal maturities | 2,607,500 | |
Debt discounts and deferred financing costs, net | (55,390) | |
Total long-term debt obligations, net | 2,552,110 | |
Secured Debt | ||
Maturities of Long-term Debt [Abstract] | ||
2,018 | 0 | |
2,019 | 1,654 | |
2,020 | 325,000 | |
2,021 | 515,715 | |
2,022 | 59,052 | |
Thereafter | 31,070 | |
Total principal maturities | 932,491 | |
Debt discounts and deferred financing costs, net | (8,201) | |
Total long-term debt obligations, net | $ 924,290 |
Debt Obligations, net (Narrativ
Debt Obligations, net (Narrative) (Details) shares in Millions | 1 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($)property | Jan. 31, 2017USD ($) | Nov. 30, 2016USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 31, 2017USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Increase of weighted average debt maturity | 1 year 6 months | |||||||||||||
Weighted average debt maturity | 4 years | |||||||||||||
Repayment of principal amount | $ 1,915,052,000 | $ 1,437,557,000 | $ 432,383,000 | |||||||||||
Loss on early extinguishment of debt, net | 14,724,000 | 1,619,000 | 281,000 | |||||||||||
Conversion of senior unsecured convertible notes into common stock | $ 0 | 9,596,000 | $ 0 | |||||||||||
2017 Secured Financing | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 227,000,000 | |||||||||||||
Stated interest rate (as a percent) | 3.795% | |||||||||||||
Number of properties collateralizing loan | property | 12 | |||||||||||||
Debt issuance costs | $ 7,300,000 | |||||||||||||
2016 Senior Secured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 400,000,000 | $ 500,000,000 | $ 450,000,000 | |||||||||||
Debt issuance costs | $ 2,600,000 | $ 6,200,000 | 6,200,000 | |||||||||||
Percentage of par credit facilities were issued at | 99.00% | |||||||||||||
Variable interest rate, spread (as a percent) | 1.00% | |||||||||||||
Price reduction (as a percent) | 1.50% | |||||||||||||
Multiple of the minimum collateral coverage on outstanding borrowings | 1.25 | 1.25 | ||||||||||||
Periodic principal payment (as a percent) | 0.25% | |||||||||||||
Lender fees | 4,500,000 | |||||||||||||
Third party fees capitalized | $ 4,300,000 | |||||||||||||
Noncash debt issuance costs | $ 800,000 | |||||||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable interest rate, spread (as a percent) | 3.00% | 3.75% | 4.50% | 3.00% | ||||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable interest rate, spread (as a percent) | 0.75% | 1.00% | 1.00% | 0.75% | ||||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable interest rate, spread (as a percent) | 2.00% | |||||||||||||
2015 Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||||||||
Repayment of principal amount | $ 5,000,000 | |||||||||||||
2015 $325 Million Secured Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 325,000,000 | $ 325,000,000 | ||||||||||||
Maximum borrowing capacity | $ 325,000,000 | $ 325,000,000 | ||||||||||||
2015 $325 Million Secured Revolving Credit Facility | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fee percentage | 0.30% | |||||||||||||
2015 $325 Million Secured Revolving Credit Facility | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fee percentage | 0.50% | |||||||||||||
2015 $325 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable interest rate, spread (as a percent) | 2.50% | |||||||||||||
2015 $325 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable interest rate, spread (as a percent) | 1.00% | |||||||||||||
4.625% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||||||
Stated interest rate (as a percent) | 4.625% | 4.625% | 4.625% | |||||||||||
5.25% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 5.25% | 5.25% | 5.25% | |||||||||||
3.125% senior convertible notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 250,000,000 | $ 37,500,000 | ||||||||||||
Stated interest rate (as a percent) | 3.125% | 3.125% | 3.125% | |||||||||||
Unsecured Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issuance costs | $ 18,600,000 | |||||||||||||
Loss on early extinguishment of debt, net | $ 13,600,000 | $ 400,000 | ||||||||||||
4.00% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 4.00% | 4.00% | 4.00% | |||||||||||
Extinguishment of debt | $ 550,000,000 | |||||||||||||
7.125% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 7.125% | 7.125% | 7.125% | |||||||||||
Extinguishment of debt | $ 300,000,000 | |||||||||||||
4.875% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 4.875% | 4.875% | 4.875% | |||||||||||
Extinguishment of debt | $ 300,000,000 | |||||||||||||
6.00% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 375,000,000 | |||||||||||||
Stated interest rate (as a percent) | 6.00% | 6.00% | 6.00% | |||||||||||
5.85% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 5.85% | 5.85% | 5.85% | |||||||||||
Extinguishment of debt | $ 99,700,000 | |||||||||||||
9.00% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 9.00% | 9.00% | 9.00% | |||||||||||
Extinguishment of debt | $ 275,000,000 | |||||||||||||
5.875% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 5.875% | |||||||||||||
Extinguishment of debt | $ 261,400,000 | |||||||||||||
6.50% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 275,000,000 | |||||||||||||
Stated interest rate (as a percent) | 6.50% | 6.50% | 6.50% | |||||||||||
Unsecured Notes 3.875 Percent Senior Notes Due July 2016 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Extinguishment of debt | $ 265,000,000 | |||||||||||||
3.00% senior convertible notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 3.00% | |||||||||||||
Repayment of principal amount | $ 200,000,000 | |||||||||||||
Conversion of senior unsecured convertible notes into common stock | $ 9,600,000 | |||||||||||||
Shares of common stock converted (in shares) | shares | 0.8 | |||||||||||||
Safety, Income and Growth, Inc. | 2017 Secured Financing | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Recourse triggering event, equity capitalization amount | 500,000,000 | |||||||||||||
Recourse triggering event, net assets | 250,000,000 | |||||||||||||
Other Expense | 2016 Senior Secured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Lender fees | 1,100,000 | |||||||||||||
Third party fees recognized | $ 1,500,000 | $ 1,900,000 | ||||||||||||
Loss on early extinguishment of debt, net | $ 800,000 |
Debt Obligations, net (Collater
Debt Obligations, net (Collateral Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Real estate, net | $ 1,282,031 | $ 1,387,274 |
Real estate available and held for sale | 68,588 | 237,531 |
Land and development, net | 860,311 | 945,565 |
Loans receivable and other lending investments, net | 1,300,655 | 1,450,439 |
Other investments | 321,241 | 214,406 |
Cash and other assets | 898,252 | 590,299 |
Total assets | 4,731,078 | 4,825,514 |
General reserves for loan losses | 78,489 | 85,545 |
Loan participations | 1,211,079 | 1,370,523 |
Collectively Evaluated for Impairment | ||
Debt Instrument [Line Items] | ||
General reserves for loan losses | 17,500 | 23,300 |
Loan Participations Payable | ||
Debt Instrument [Line Items] | ||
Loan participations | 102,300 | 159,100 |
Collateral Assets | ||
Debt Instrument [Line Items] | ||
Real estate, net | 795,321 | 881,212 |
Real estate available and held for sale | 20,069 | 0 |
Land and development, net | 25,100 | 35,165 |
Loans receivable and other lending investments, net | 194,529 | 172,581 |
Other investments | 0 | 0 |
Cash and other assets | 0 | 0 |
Total assets | 1,035,019 | 1,088,958 |
Non-Collateral Assets | ||
Debt Instrument [Line Items] | ||
Real estate, net | 486,710 | 506,062 |
Real estate available and held for sale | 48,519 | 237,531 |
Land and development, net | 835,211 | 910,400 |
Loans receivable and other lending investments, net | 1,021,340 | 1,142,050 |
Other investments | 321,241 | 214,406 |
Cash and other assets | 898,252 | 590,299 |
Total assets | $ 3,611,273 | $ 3,600,748 |
Debt Obligations, net (Debt Cov
Debt Obligations, net (Debt Covenants) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Unsecured Credit Facilities | |
Debt Instrument [Line Items] | |
Minimum ratio of unencumbered assets to unsecured indebtedness | 1.2 |
Multiple of minimum fixed charges on outstanding borrowings | 1.5 |
2012 Secured Credit Facilities | |
Debt Instrument [Line Items] | |
Multiple of the minimum collateral coverage on outstanding borrowings | 1.25 |
2015 Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Multiple of minimum fixed charges on outstanding borrowings | 1.5 |
Multiple of the minimum collateral coverage on outstanding borrowings | 1.5 |
Total secured credit facilities and mortgages | |
Debt Instrument [Line Items] | |
Percentage of REIT taxable income permitted for distribution under debt convenants | 100.00% |
Commitments and Contingencies87
Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Percentage of capital committed to strategic investments that may be drawn down | 100.00% |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | $ 377,809 |
Strategic Investments | 10,743 |
Total | 388,552 |
Loans and Other Lending Investments | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 338,290 |
Strategic Investments | 0 |
Total | 338,290 |
Real Estate | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 10,934 |
Strategic Investments | 0 |
Total | 10,934 |
Other Investments | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 28,585 |
Strategic Investments | 10,743 |
Total | 39,328 |
Loan Participations Payable | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | $ 102,100 |
Commitments and Contingencies88
Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 5,200 | $ 5,900 | $ 6,000 |
2,018 | 4,970 | ||
2,019 | 3,919 | ||
2,020 | 3,812 | ||
2,021 | 1,439 | ||
2,022 | 837 | ||
Thereafter | $ 2,914 |
Commitments and Contingencies89
Commitments and Contingencies (Narrative) (Details) - Lennar $ in Millions | Apr. 21, 2017USD ($) | Jan. 22, 2015a |
Other Commitments [Line Items] | ||
Land subject to litigation (in acres) | a | 1,250 | |
Real Estate Sales | ||
Other Commitments [Line Items] | ||
Net prceeds from sales of land and development assets | $ 234.1 | |
Payments for documentary transfer taxes | 3.3 | |
Sales proceeds from sale of land | 114 | |
Proceeds from interest received | 121.8 | |
Proceeds from real estate tax reimbursements | $ 1.6 | |
Participation interests h by held by third party (as a percent) | 4.30% | |
Land | Real Estate Sales | ||
Other Commitments [Line Items] | ||
Unpaid purchase price, interest rate (as a percent) | 12.00% |
Risk Management and Derivativ90
Risk Management and Derivatives (Risk Concentration) (Details) | 12 Months Ended |
Dec. 31, 2017borrower | |
Land | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 22.10% |
Office/Industrial | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 20.10% |
Commercial Entertainment and Leisure Real Estate | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 11.50% |
Condominium Units | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 11.10% |
Mixed Use Collateral | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 11.90% |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Number of large borrowers or tenants | 5 |
Concentration risk percentage of revenue (no more than) | 15.00% |
Concentration risk percentage of one single customer, revenue (no more than) | 5.70% |
New York | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 21.70% |
California | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 12.10% |
Risk Management and Derivativ91
Risk Management and Derivatives (Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Designated as hedge | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | $ 0 | $ 0 |
Derivative Liabilities, Fair Value | 0 | 47 |
Designated as hedge | Foreign exchange contracts | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 0 | 0 |
Derivative Liabilities, Fair Value | 0 | |
Designated as hedge | Foreign exchange contracts | Other Liabilities | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Liabilities, Fair Value | 8 | |
Designated as hedge | Interest rate swaps | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 0 | 0 |
Derivative Liabilities, Fair Value | 0 | |
Designated as hedge | Interest rate swaps | Other Liabilities | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Liabilities, Fair Value | 39 | |
Not designated as hedge | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 0 | 727 |
Derivative Liabilities, Fair Value | 0 | 0 |
Not designated as hedge | Foreign exchange contracts | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 0 | |
Derivative Liabilities, Fair Value | 0 | 0 |
Not designated as hedge | Foreign exchange contracts | Other Assets | ||
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 Assets, Fair Value | 0 | |
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 | $ 25 |
Risk Management and Derivativ92
Risk Management and Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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) | $ 495 | $ 0 | $ 0 |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 339 | (185) | (626) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) | 132 | ||
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) | (175) | (537) | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (32) | 170 | |
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) | (16) | (4) | (13) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (16) | (3) | (1) |
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) | 368 | 94 | (528) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (285) | (378) | (464) |
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) | (352) | (167) | (124) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 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 | 6 | (1,080) | (3,671) |
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 | $ (970) | $ 1,115 | $ 2,403 |
Risk Management and Derivativ93
Risk Management and Derivatives (Foreign Exchange Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Foreign currency transaction gain (loss) | $ 0.2 | $ 0.1 | $ (0.1) |
Risk Management and Derivativ94
Risk Management and Derivatives (Interest Rate Hedges) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Unrealized gain recognized and subsequently derecognized | $ 0.4 |
Risk Management and Derivativ95
Risk Management and Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Net exposure under contracts | $ 0 | |
Forward Contracts | ||
Derivative [Line Items] | ||
Collateral posted for hedges | $ 0.4 |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 20, 2017 | |
Class of Stock [Line Items] | ||||
Shares Issued and Outstanding | 16,200,000 | 25,800,000 | ||
Carrying Value | $ 476,000,000 | $ 699,686,000 | ||
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 percentage | 100.00% | 47.30% | ||
Unrecaptured Section 1250 gain percentage | 27.90% | 76.15% | ||
Long term capital gain percentage | 72.10% | 23.85% | ||
Ordinary income percentage | 52.70% | |||
Amount of preferred dividends in arrears | $ 0 | |||
Shares issued upon conversion | 3.9087 | |||
Redemption price as a percentage of liquidation preference | 100.00% | 100.00% | ||
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 E and F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Liquidation preference, value | $ 240,000,000 | |||
Redemption premium | $ 16,300,000 | |||
Liquidation Preference (in dollars per share) | $ 25 | |||
Carrying Value | $ 223,700,000 | |||
Series D, E, F, G and I Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 | ||
Series D | ||||
Class of Stock [Line Items] | ||||
Shares Issued and Outstanding | 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 (as a percent) | 8.00% | 8.00% | ||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 2 | $ 2 | ||
Carrying Value | $ 89,041,000 | $ 89,041,000 | ||
Dividends declared and paid | 8,000,000 | $ 8,000,000 | ||
Series E | ||||
Class of Stock [Line Items] | ||||
Shares Issued and Outstanding | 5,600,000 | |||
Par Value (in dollars per share) | $ 0.001 | |||
Liquidation Preference (in dollars per share) | $ 25 | |||
Rate per Annum (as a percent) | 7.875% | |||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.97 | |||
Carrying Value | $ 127,136,000 | |||
Dividends declared and paid | $ 1,100,000 | 8,300,000 | $ 11,000,000 | |
Series F | ||||
Class of Stock [Line Items] | ||||
Shares Issued and Outstanding | 4,000,000 | |||
Par Value (in dollars per share) | $ 0.001 | |||
Liquidation Preference (in dollars per share) | $ 25 | |||
Rate per Annum (as a percent) | 7.80% | |||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.95 | |||
Carrying Value | $ 96,550,000 | |||
Dividends declared and paid | $ 800,000 | $ 5,900,000 | $ 7,800,000 | |
Series G | ||||
Class of Stock [Line Items] | ||||
Shares Issued and Outstanding | 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 (as a percent) | 7.65% | 7.65% | ||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.91 | $ 1.91 | ||
Carrying Value | $ 72,664,000 | $ 72,664,000 | ||
Dividends declared and paid | $ 6,100,000 | $ 6,100,000 | ||
Series I | ||||
Class of Stock [Line Items] | ||||
Shares Issued and Outstanding | 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 (as a percent) | 7.50% | 7.50% | ||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.88 | $ 1.88 | ||
Carrying Value | $ 120,785,000 | $ 120,785,000 | ||
Dividends declared and paid | $ 9,400,000 | $ 9,400,000 | ||
Series J (convertible) | ||||
Class of Stock [Line Items] | ||||
Shares Issued and Outstanding | 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 (as a percent) | 4.50% | 4.50% | ||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 2.25 | $ 2.25 | ||
Carrying Value | $ 193,510,000 | $ 193,510,000 | ||
Dividends declared and paid | $ 9,000,000 | $ 9,000,000 | ||
Conversion price (in dollars per share) | $ 12.79 | $ 12.79 | ||
Redemption price as a percentage of liquidation preference | 100.00% | 100.00% | ||
Class D, E, F, G, I | ||||
Class of Stock [Line Items] | ||||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 |
Equity (High Performance Unit P
Equity (High Performance Unit Program) (Details) $ / shares in Units, $ in Millions | Aug. 13, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($)voteplanshares |
Class of Stock [Line Items] | ||
HPUs outstanding (in shares) | 14,888 | |
Common stock equivalent underlying HPUs (in shares) | 2,800,000 | |
Cash exchange rate for CSE underlying HPU (in dollars per share) | $ / shares | $ 9.30 | |
Common stock exchange rate for CSE underlying HPU, Shares | 0.7 | |
HPU cash value acquired | $ | $ 9.8 | |
Stock issued during period (in shares) | 1,200,000 | |
Stock issued | $ | $ 15.2 | |
High performance units, value | $ | $ 9.8 | |
HPU | ||
Class of Stock [Line Items] | ||
Stock performance award, number of voting rights per share | vote | 0.25 | |
Percentage of holders with binding commitments to tender, cash redemption | 37.00% | |
Percentage of holders with binding commitments to tender | 63.00% | |
High Performance Unit Program | ||
Class of Stock [Line Items] | ||
Stock performance award initial purchase price of participant interest | $ | $ 9.8 | |
Stock performance award, number of plans, not meet performance thresholds | plan | 4 | |
High Performance Unit Program 2002 Plan | Employee Stock Performance Award Participant | HPU | ||
Class of Stock [Line Items] | ||
Stock performance award common stock shares basis for distribution calculation | 819,254 | |
Stock performance award, shares outstanding, number | 5,000 | |
High Performance Unit Program 2003 Plan | Employee Stock Performance Award Participant | HPU | ||
Class of Stock [Line Items] | ||
Stock performance award common stock shares basis for distribution calculation | 987,149 | |
Stock performance award, shares outstanding, number | 5,000 | |
High Performance Unit Program 2004 Plan | Employee Stock Performance Award Participant | HPU | ||
Class of Stock [Line Items] | ||
Stock performance award common stock shares basis for distribution calculation | 1,031,875 | |
Stock performance award, shares outstanding, number | 5,000 |
Equity (Dividends) (Details)
Equity (Dividends) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends [Abstract] | ||
Minimum percentage of taxable income excluding capital gains | 90.00% | |
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT | 100.00% | |
Operating loss carryforwards | $ 948.8 |
Equity (Stock Repurchase Progra
Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||||
Repurchase of common stock, authorized amount | $ 50,000,000 | |||
Stock repurchased and retired during period, shares | 10.2 | 5.7 | ||
Common stock value acquired including acquisition costs | $ 98,400,000 | $ 70,400,000 | ||
Average cost per share | $ 11.51 | $ 9.67 | $ 12.25 | |
Class of Stock [Line Items] | ||||
Shares repurchased during period | 4 | |||
Repurchase of stock | $ 45,900,000 | $ 45,928,000 | $ 98,429,000 | $ 70,416,000 |
3.125% senior convertible notes | ||||
Class of Stock [Line Items] | ||||
Stated interest rate (as a percent) | 3.125% | 3.125% |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | ||
Unrealized gains (losses) on available-for-sale securities | $ 1,335 | $ 149 |
Unrealized gains (losses) on cash flow hedges | 707 | 27 |
Unrealized losses on cumulative translation adjustment | (4,524) | (4,394) |
Accumulated other comprehensive income (loss) | $ (2,482) | $ (4,218) |
Stock-Based Compensation Pla101
Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) $ / shares in Units, $ in Thousands | Feb. 22, 2017shares | Feb. 28, 2017shares | Jun. 30, 2016shares | Jan. 31, 2016shares | Jan. 31, 2015shares | May 31, 2014shares | Dec. 31, 2017USD ($)pointInstallment$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation expense | $ | $ 18,812 | $ 10,889 | $ 12,013 | ||||||
Unrecognized compensation cost | $ | $ 1,800 | ||||||||
Weighted-average period to recognize the unrecognized compensation cost | 1 year 8 months 12 days | ||||||||
Accrued expenses | $ | $ 101,035 | 72,693 | |||||||
Forfeited (in shares) | 37,513 | ||||||||
Long-term Incentive Plan 2009 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized | 8,000,000 | ||||||||
Shares available for issuance | 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 (in shares) | point | 11.55 | ||||||||
Preferred return (as a percent) | 9.00% | ||||||||
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 (in shares) | point | 10 | ||||||||
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 (in shares) | point | 4.3 | ||||||||
All Performance Incentive Plans | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Accrued expenses | $ | $ 38,100 | $ 22,400 | |||||||
Common stock subject to sales restriction | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued | 97,697 | ||||||||
Non-vested weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 12.04 | ||||||||
Non-vested, aggregate intrinsic value | $ | $ 1,200 | ||||||||
Restricted shares awarded | 62,704 | ||||||||
Sale restriction period | 18 months | ||||||||
Restricted stock units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-vested weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 10.98 | $ 11.33 | |||||||
Non-vested, aggregate intrinsic value | $ | $ 3,183 | $ 3,578 | |||||||
Non-vested, outstanding (in shares) | 282,000 | 290,000 | |||||||
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, 2019 | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted units (in shares) | 115,571 | ||||||||
Number of cliff installments | Installment | 1 | ||||||||
Non-vested, outstanding (in shares) | 111,642 | ||||||||
Service Based Restricted Stock Units Vesting on each Anniversary Date | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-vested, outstanding (in shares) | 60,000 | ||||||||
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) | 105,285 | ||||||||
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 | ||||||||
Vesting period | 3 years |
Stock-Based Compensation Pla102
Stock-Based Compensation Plans and Emploiyee Benefits (Restricted Stock Unit Activity) (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | |||
Non-vested at Beginning of Period (in shares) | 290 | ||
Granted (in shares) | 116 | ||
Vested (in shares) | (75) | ||
Forfeited (in shares) | (49) | ||
Non-vested at End of Period (in shares) | 282 | 290 | |
Weighted Average Grant Date Fair Value Per Share | |||
Non-vested at Beginning of Period (in dollars per share) | $ 11.33 | ||
Granted (in dollars per share) | 12.09 | $ 10.11 | $ 13.65 |
Vested (in dollars per share) | 12.15 | ||
Forfeited (in dollars per share) | 13.95 | ||
Non-vested at End of Period (in dollars per share) | $ 10.98 | $ 11.33 | |
Fair value of units vested during period | $ 900 | $ 2,900 | $ 100 |
Non-vested, aggregate intrinsic value | $ 3,183 | $ 3,578 |
Stock-Based Compensation Pla103
Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Director [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares granted | 56,817 |
Vesting period | 1 year |
CSE and Restricted Stock Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.86 |
Non-vested, outstanding (in shares) | 317,664 |
Aggregate intrinsic value for directors | $ | $ 3.6 |
Stock-Based Compensation Pla104
Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Requisite service period | 3 months | ||
Defined contribution plan maximum percentage of matching contribution | 50.00% | ||
Defined contribution plan maximum percentage of employee compensation | 10.00% | ||
Gross contributions made by the Company | $ 1.1 | $ 1 | $ 1 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Income (loss) from continuing operations | $ (40,198) | $ (23,384) | $ (115,050) |
Income from sales of real estate | 92,049 | 105,296 | 93,816 |
Net (income) loss attributable to noncontrolling interests | (4,526) | (4,876) | 3,722 |
Preferred dividends | (48,444) | (51,320) | (51,320) |
Premium above book value on redemption of preferred stock | (16,314) | 0 | 0 |
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share | (17,433) | 25,716 | (68,832) |
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share | (17,433) | 25,723 | (68,832) |
Undistributed earnings (loss) allocated to participating securities, basic | 8 | ||
Undistributed earnings (loss) allocated to participating securities, diluted | 8 | ||
Joint venture shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | $ 0 | $ 7 | $ 0 |
Earnings Per Share (Earnings Al
Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Numerator for basic earnings per share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | $ (17,433) | $ 25,708 | $ (67,449) | |
Income from discontinued operations | 4,939 | 18,264 | 14,774 | |
Gain from discontinued operations | 123,418 | 0 | 0 | |
Net income (loss) allocable to common shareholders | 110,924 | 43,972 | (52,675) | |
Numerator for diluted earnings per share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | (17,433) | 25,715 | (67,449) | |
Income from discontinued operations | 4,939 | 18,264 | 14,774 | |
Gain from discontinued operations | 123,418 | 0 | 0 | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders | $ 110,924 | $ 43,979 | $ (52,675) | |
Denominator for basic and diluted earnings per share: | ||||
Weighted average number of shares, Basic (in shares) | 71,021 | 73,453 | 84,987 | |
Add: Effect of assumed shares issued under treasury stock method or restricted stock units (in shares) | 0 | 84 | 0 | |
Add: Effect of joint venture shares (in shares) | 0 | 298 | 0 | |
Weighted average common shares outstanding for diluted earnings per common share (in shares) | 71,021 | 73,835 | 84,987 | |
Basic earnings per common share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | $ (0.25) | $ 0.35 | $ (0.79) | |
Income from discontinued operations (in dollars per share) | 0.07 | 0.25 | 0.17 | |
Gain from discontinued operations (in dollars per share) | 1.74 | 0 | 0 | |
Earnings per share, basic (in dollars per share) | 1.56 | 0.60 | (0.62) | |
Diluted earnings per common share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | (0.25) | 0.35 | (0.79) | |
Income from discontinued operations (in dollars per share) | 0.07 | 0.25 | 0.17 | |
Gain from discontinued operations (in dollars per share) | 1.74 | 0 | 0 | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | $ 1.56 | $ 0.60 | $ (0.62) | |
Denominator for basic and diluted earnings per HPU share: | ||||
Weighted average number of HPU share—Basic and diluted (in shares) | [1] | 0 | 0 | 9 |
Basic and diluted earnings per HPU share: | ||||
Net income (loss) attributable to iStar Inc. and allocable to HPU holders (in dollars per share) | [1] | $ 0 | $ 0 | $ (153.67) |
HPU's | ||||
Numerator for basic and diluted earnings per HPU share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders | $ 0 | $ 0 | $ (1,383) | |
Income from discontinued operations | 0 | 0 | 303 | |
Net income (loss) attributable to iStar Inc. and allocable to HPU holders | $ 0 | $ 0 | $ (1,080) | |
Denominator for basic and diluted earnings per HPU share: | ||||
Weighted average number of HPU share—Basic and diluted (in shares) | 0 | 0 | 9 | |
Basic and diluted earnings per HPU share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders | $ 0 | $ 0 | $ (153.67) | |
Income from discontinued operations | 0 | 0 | 33.67 | |
Net income (loss) attributable to iStar Inc. and allocable to HPU holders (in dollars per share) | $ 0 | $ 0 | $ (120) | |
[1] | All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 13). |
Earnings Per Share (Anti-diluti
Earnings Per Share (Anti-dilutive Shares) (Details) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2017trading_dayshares | Dec. 31, 2016shares | Dec. 31, 2015shares | Sep. 30, 2017 | |
Joint venture shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 255 | 0 | 298 | |
3.00% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 14,764 | 16,992 | |
Stated interest rate (as a percent) | 3.00% | |||
Series J convertible perpetual preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 15,635 | 15,635 | 15,635 | |
1.50% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 9,868 | 11,567 | |
Stated interest rate (as a percent) | 1.50% | |||
Unvested Time Based Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 6 | 16 | ||
Market-based Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 17 | 125 | ||
3.125% senior convertible notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stated interest rate (as a percent) | 3.125% | 3.125% | ||
Threshold consecutive trading days | trading_day | 40 |
Fair Values (Schedule of Fair V
Fair Values (Schedule of Fair Value Measurement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Assets and liabilities recorded at fair value | ||
Sellout period | 2 years | |
Recurring basis | Quoted market prices in active markets (Level 1) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | $ 0 | |
Derivative liabilities | 0 | |
Available-for-sale securities | $ 0 | 0 |
Recurring basis | Significant other observable inputs (Level 2) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 727 | |
Derivative liabilities | 47 | |
Available-for-sale securities | 0 | 0 |
Recurring basis | Significant unobservable inputs (Level 3) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Available-for-sale securities | 22,842 | 21,666 |
Recurring basis | Total | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 727 | |
Derivative liabilities | 47 | |
Available-for-sale securities | 22,842 | 21,666 |
Non-recurring basis | Liquidation | Loans Receivable One | ||
Assets and liabilities recorded at fair value | ||
Impaired loans | 5,200 | |
Non-recurring basis | Comparable sales | Loans Receivable | ||
Assets and liabilities recorded at fair value | ||
Impaired loans | 2,000 | |
Non-recurring basis | Discounted cash flow | Loans Receivable | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | 3,100 | |
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 | 0 |
Impaired real estate available and held for sale | 0 | |
Impaired land and development | 0 | |
Non-recurring basis | Significant other observable inputs (Level 2) | ||
Assets and liabilities recorded at fair value | ||
Impaired loans | 0 | |
Impaired real estate | 0 | 0 |
Impaired real estate available and held for sale | 0 | |
Impaired land and development | 0 | |
Non-recurring basis | Significant unobservable inputs (Level 3) | ||
Assets and liabilities recorded at fair value | ||
Impaired loans | 7,200 | |
Impaired real estate | 12,400 | 3,063 |
Impaired real estate available and held for sale | 800 | |
Impaired land and development | 21,400 | |
Non-recurring basis | Total | ||
Assets and liabilities recorded at fair value | ||
Impaired loans | 7,200 | |
Impaired real estate | 12,400 | $ 3,063 |
Impaired real estate available and held for sale | 800 | |
Impaired land and development | $ 21,400 | |
Weighted average discount rate | 11.00% | |
Land and Land Development Assets | Non-recurring basis | Total | ||
Assets and liabilities recorded at fair value | ||
Weighted average discount rate | 6.00% | |
Estimated sales period | 10 years |
Fair Values (Schedule of Level
Fair Values (Schedule of Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 21,666 | $ 1,161 |
Purchases | 0 | 20,240 |
Repayments | (10) | (10) |
Unrealized gains recorded in other comprehensive income | 1,186 | 275 |
Ending balance | $ 22,842 | $ 21,666 |
Fair Values (Narrative) (Detail
Fair Values (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Loans receivable and other lending investments, net | $ 1,300,655 | $ 1,450,439 |
Financial liabilities: | ||
Debt obligations, net | 3,476,400 | 3,389,908 |
Fair Value | ||
Financial assets: | ||
Loans receivable and other lending investments, net | 1,300,000 | 1,500,000 |
Financial liabilities: | ||
Debt obligations, net | $ 3,700,000 | $ 3,600,000 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segments) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segments | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segments | 4 | ||||||||||
Segment Reporting | |||||||||||
Operating lease income | $ 187,684 | $ 191,180 | $ 211,207 | ||||||||
Interest income | 106,548 | 129,153 | 134,687 | ||||||||
Other income | 188,091 | 46,514 | 49,924 | ||||||||
Land development revenue | 196,879 | 88,340 | 100,216 | ||||||||
Earnings (loss) from equity method investments | 13,015 | 77,349 | 32,153 | ||||||||
Income from discontinued operations | $ 0 | $ 0 | $ (173) | $ (4,766) | $ 7,336 | $ 3,721 | $ 3,633 | $ 3,580 | 4,939 | 18,270 | 15,077 |
Gain from discontinued operations | 123,418 | 0 | 0 | ||||||||
Income from sales of real estate | 92,049 | 105,296 | 93,816 | ||||||||
Total revenue and other earnings | 912,623 | 656,102 | 637,080 | ||||||||
Real estate expense | (147,617) | (137,522) | (146,509) | ||||||||
Land development cost of sales | (180,916) | (62,007) | (67,382) | ||||||||
Other expense | (20,954) | (5,883) | (6,374) | ||||||||
Allocated interest expense | (194,686) | (221,398) | (224,639) | ||||||||
Allocated general and administrative | (80,070) | (73,138) | (69,264) | ||||||||
Segment profit (loss) | 288,380 | 156,154 | 122,912 | ||||||||
(Recovery of) provision for loan losses | (5,828) | (12,514) | 36,567 | ||||||||
Impairment of assets | 32,379 | 14,484 | 10,524 | ||||||||
Depreciation and amortization | 49,033 | 51,660 | 62,045 | ||||||||
Capitalized expenditures | 166,336 | 169,999 | 183,269 | ||||||||
Real estate, net | 1,282,031 | 1,387,274 | 1,282,031 | 1,387,274 | |||||||
Real estate available and held for sale | 68,588 | 237,531 | 68,588 | 237,531 | |||||||
Total real estate | 1,350,619 | 1,624,805 | 1,350,619 | 1,624,805 | |||||||
Land and development, net | 860,311 | 945,565 | 860,311 | 945,565 | |||||||
Loans receivable and other lending investments, net | 1,300,655 | 1,450,439 | 1,300,655 | 1,450,439 | |||||||
Other investments | 321,241 | 214,406 | 321,241 | 214,406 | |||||||
Total portfolio assets | 3,832,826 | 4,235,215 | 3,832,826 | 4,235,215 | |||||||
Cash and other assets | 898,252 | 590,299 | 898,252 | 590,299 | |||||||
Total assets | 4,731,078 | 4,825,514 | 4,731,078 | 4,825,514 | |||||||
Stock-based compensation expense | 18,812 | 10,889 | 12,013 | ||||||||
Land and Development | |||||||||||
Segment Reporting | |||||||||||
Income from sales of real estate | 15,963 | 26,333 | 32,834 | ||||||||
Operating Segments | Real Estate Finance | |||||||||||
Segment Reporting | |||||||||||
Operating lease income | 0 | 0 | 0 | ||||||||
Interest income | 106,548 | 129,153 | 134,687 | ||||||||
Other income | 2,633 | 4,658 | 9,737 | ||||||||
Land development revenue | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity method investments | 0 | 0 | 0 | ||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Gain from discontinued operations | 0 | ||||||||||
Income from sales of real estate | 0 | 0 | 0 | ||||||||
Total revenue and other earnings | 109,181 | 133,811 | 144,424 | ||||||||
Real estate expense | 0 | 0 | 0 | ||||||||
Land development cost of sales | 0 | 0 | 0 | ||||||||
Other expense | (1,413) | (2,719) | (2,291) | ||||||||
Allocated interest expense | (40,359) | (57,787) | (57,109) | ||||||||
Allocated general and administrative | (15,223) | (15,311) | (13,128) | ||||||||
Segment profit (loss) | 52,186 | 57,994 | 71,896 | ||||||||
(Recovery of) provision for loan losses | (5,828) | (12,514) | 36,567 | ||||||||
Impairment of assets | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Capitalized expenditures | 0 | 0 | 0 | ||||||||
Real estate, net | 0 | 0 | 0 | 0 | |||||||
Real estate available and held for sale | 0 | 0 | 0 | 0 | |||||||
Total real estate | 0 | 0 | 0 | 0 | |||||||
Land and development, net | 0 | 0 | 0 | 0 | |||||||
Loans receivable and other lending investments, net | 1,300,655 | 1,450,439 | 1,300,655 | 1,450,439 | |||||||
Other investments | 0 | 0 | 0 | 0 | |||||||
Total portfolio assets | 1,300,655 | 1,450,439 | 1,300,655 | 1,450,439 | |||||||
Total assets | |||||||||||
Operating Segments | Net Lease | |||||||||||
Segment Reporting | |||||||||||
Operating lease income | 123,685 | 126,164 | 132,968 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income | 2,603 | 1,632 | 350 | ||||||||
Land development revenue | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity method investments | 5,086 | 3,567 | 5,221 | ||||||||
Income from discontinued operations | 4,939 | 18,270 | 15,077 | ||||||||
Gain from discontinued operations | 123,418 | ||||||||||
Income from sales of real estate | 87,512 | 21,138 | 40,082 | ||||||||
Total revenue and other earnings | 347,243 | 170,771 | 193,698 | ||||||||
Real estate expense | (16,742) | (18,158) | (21,614) | ||||||||
Land development cost of sales | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Allocated interest expense | (53,710) | (65,880) | (66,504) | ||||||||
Allocated general and administrative | (19,563) | (17,585) | (15,569) | ||||||||
Segment profit (loss) | 257,228 | 69,148 | 90,011 | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | ||||||||
Impairment of assets | 5,486 | 4,829 | 0 | ||||||||
Depreciation and amortization | 28,132 | 31,380 | 34,936 | ||||||||
Capitalized expenditures | 4,838 | 3,667 | 4,195 | ||||||||
Real estate, net | 815,783 | 911,112 | 815,783 | 911,112 | |||||||
Real estate available and held for sale | 0 | 155,051 | 0 | 155,051 | |||||||
Total real estate | 815,783 | 1,066,163 | 815,783 | 1,066,163 | |||||||
Land and development, net | 0 | 0 | 0 | 0 | |||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | |||||||
Other investments | 205,007 | 92,669 | 205,007 | 92,669 | |||||||
Total portfolio assets | 1,020,790 | 1,158,832 | 1,020,790 | 1,158,832 | |||||||
Total assets | |||||||||||
Operating Segments | Operating Properties | |||||||||||
Segment Reporting | |||||||||||
Operating lease income | 63,159 | 64,593 | 77,454 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income | 49,641 | 33,216 | 34,637 | ||||||||
Land development revenue | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity method investments | (772) | 33,863 | 1,663 | ||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Gain from discontinued operations | 0 | ||||||||||
Income from sales of real estate | 4,537 | 75,357 | 53,734 | ||||||||
Total revenue and other earnings | 116,565 | 207,029 | 167,488 | ||||||||
Real estate expense | (89,725) | (82,401) | (95,888) | ||||||||
Land development cost of sales | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Allocated interest expense | (20,171) | (23,156) | (28,014) | ||||||||
Allocated general and administrative | (8,075) | (6,574) | (6,988) | ||||||||
Segment profit (loss) | (1,406) | 94,898 | 36,598 | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | ||||||||
Impairment of assets | 6,358 | 5,855 | 5,935 | ||||||||
Depreciation and amortization | 17,684 | 17,887 | 24,548 | ||||||||
Capitalized expenditures | 35,754 | 56,784 | 84,103 | ||||||||
Real estate, net | 466,248 | 476,162 | 466,248 | 476,162 | |||||||
Real estate available and held for sale | 68,588 | 82,480 | 68,588 | 82,480 | |||||||
Total real estate | 534,836 | 558,642 | 534,836 | 558,642 | |||||||
Land and development, net | 0 | 0 | 0 | 0 | |||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | |||||||
Other investments | 38,761 | 3,583 | 38,761 | 3,583 | |||||||
Total portfolio assets | 573,597 | 562,225 | 573,597 | 562,225 | |||||||
Total assets | |||||||||||
Operating Segments | Land and Development | |||||||||||
Segment Reporting | |||||||||||
Operating lease income | 840 | 423 | 785 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income | 126,259 | 3,170 | 1,219 | ||||||||
Land development revenue | 196,879 | 88,340 | 100,216 | ||||||||
Earnings (loss) from equity method investments | 7,292 | 30,012 | 16,683 | ||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Gain from discontinued operations | 0 | ||||||||||
Income from sales of real estate | 0 | 8,801 | 0 | ||||||||
Total revenue and other earnings | 331,270 | 130,746 | 118,903 | ||||||||
Real estate expense | (41,150) | (36,963) | (29,007) | ||||||||
Land development cost of sales | (180,916) | (62,007) | (67,382) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Allocated interest expense | (28,033) | (34,888) | (32,087) | ||||||||
Allocated general and administrative | (16,483) | (13,693) | (11,488) | ||||||||
Segment profit (loss) | 64,688 | (16,805) | (21,061) | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | ||||||||
Impairment of assets | 20,535 | 3,800 | 4,589 | ||||||||
Depreciation and amortization | 1,896 | 1,296 | 1,422 | ||||||||
Capitalized expenditures | 125,744 | 109,548 | 94,971 | ||||||||
Real estate, net | 0 | 0 | 0 | 0 | |||||||
Real estate available and held for sale | 0 | 0 | 0 | 0 | |||||||
Total real estate | 0 | 0 | 0 | 0 | |||||||
Land and development, net | 860,311 | 945,565 | 860,311 | 945,565 | |||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | |||||||
Other investments | 63,855 | 84,804 | 63,855 | 84,804 | |||||||
Total portfolio assets | 924,166 | 1,030,369 | 924,166 | 1,030,369 | |||||||
Total assets | |||||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting | |||||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Gain from discontinued operations | 0 | ||||||||||
Corporate/Other | |||||||||||
Segment Reporting | |||||||||||
Operating lease income | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income | 6,955 | 3,838 | 3,981 | ||||||||
Land development revenue | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity method investments | 1,409 | 9,907 | 8,586 | ||||||||
Income from sales of real estate | 0 | 0 | 0 | ||||||||
Total revenue and other earnings | 8,364 | 13,745 | 12,567 | ||||||||
Real estate expense | 0 | 0 | 0 | ||||||||
Land development cost of sales | 0 | 0 | 0 | ||||||||
Other expense | (19,541) | (3,164) | (4,083) | ||||||||
Allocated interest expense | (52,413) | (39,687) | (40,925) | ||||||||
Allocated general and administrative | (20,726) | (19,975) | (22,091) | ||||||||
Segment profit (loss) | (84,316) | (49,081) | (54,532) | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | ||||||||
Impairment of assets | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 1,321 | 1,097 | 1,139 | ||||||||
Capitalized expenditures | 0 | 0 | $ 0 | ||||||||
Real estate, net | 0 | 0 | 0 | 0 | |||||||
Real estate available and held for sale | 0 | 0 | 0 | 0 | |||||||
Total real estate | 0 | 0 | 0 | 0 | |||||||
Land and development, net | 0 | 0 | 0 | 0 | |||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | |||||||
Other investments | 13,618 | 33,350 | 13,618 | 33,350 | |||||||
Total portfolio assets | $ 13,618 | 33,350 | $ 13,618 | 33,350 | |||||||
Total assets |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of segment profit (loss) to income (loss) from continuing operations | |||||||||||
Segment profit | $ 288,380 | $ 156,154 | $ 122,912 | ||||||||
Less: Recovery of (provision for) loan losses | (5,828) | (12,514) | 36,567 | ||||||||
Less: Impairment of assets | 32,379 | 14,484 | 10,524 | ||||||||
Less: Depreciation and amortization | (49,033) | (51,660) | (62,045) | ||||||||
Less: Stock-based compensation expense | (18,812) | (10,889) | (12,013) | ||||||||
Less: Income tax benefit (expense) | (948) | (10,166) | 7,639 | ||||||||
Less: Loss on early extinguishment of debt, net | (14,724) | (1,619) | (281) | ||||||||
Net income (loss) | $ 3,290 | $ (3,716) | $ 196,007 | $ (15,372) | $ (8,461) | $ 58,155 | $ 59,787 | $ (9,299) | $ 180,208 | $ 100,182 | $ (6,157) |
Quarterly Financial Informat113
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||||||||||
Revenue | $ 103,144 | $ 119,872 | $ 347,867 | $ 108,319 | $ 98,571 | $ 124,054 | $ 122,360 | $ 110,202 | $ 679,202 | $ 455,187 | $ 496,034 |
Net income (loss) | 3,290 | (3,716) | 196,007 | (15,372) | (8,461) | 58,155 | 59,787 | (9,299) | 180,208 | 100,182 | (6,157) |
Income from discontinued operations | 0 | 0 | (173) | (4,766) | 7,336 | 3,721 | 3,633 | 3,580 | 4,939 | 18,270 | 15,077 |
Earnings per common share data: | |||||||||||
Net income (loss) attributable to iStar Inc. | $ 175,682 | $ 95,306 | $ (2,435) | ||||||||
Basic (in dollars per share) | $ 1.56 | $ 0.60 | $ (0.62) | ||||||||
Diluted (in dollars per share) | $ 1.56 | $ 0.60 | $ (0.62) | ||||||||
Weighted average number of shares, Basic (in shares) | 71,021 | 73,453 | 84,987 | ||||||||
Weighted average number of shares, Diluted (in shares) | 71,021 | 73,835 | 84,987 | ||||||||
Undistributed earnings (loss) allocated to participating securities, basic | 20 | ||||||||||
Undistributed earnings (loss) allocated to participating securities, diluted | 14 | ||||||||||
Common Stock | |||||||||||
Earnings per common share data: | |||||||||||
Net income (loss) attributable to iStar Inc. | (4,910) | (34,530) | 177,467 | (27,102) | (19,252) | 46,292 | 38,112 | (21,187) | |||
Net income (loss) attributable to iStar Inc., diluted | $ (4,910) | $ (34,530) | $ 179,722 | $ (27,102) | $ (19,252) | $ 51,453 | $ 43,293 | $ (21,187) | |||
Basic (in dollars per share) | $ (0.07) | $ (0.48) | $ 2.46 | $ (0.38) | $ (0.27) | $ 0.65 | $ 0.52 | $ (0.27) | |||
Diluted (in dollars per share) | $ (0.07) | $ (0.48) | $ 2.04 | $ (0.38) | $ (0.27) | $ 0.44 | $ 0.37 | $ (0.27) | |||
Weighted average number of shares, Basic (in shares) | 68,200 | 71,713 | 72,142 | 72,065 | 71,603 | 71,210 | 73,984 | 77,060 | |||
Weighted average number of shares, Diluted (in shares) | 68,200 | 71,713 | 88,195 | 72,065 | 71,603 | 115,666 | 118,510 | 77,060 |
Schedule II - Valuation and 114
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 154,631 | $ 165,459 | $ 156,454 | |
Charged to Costs and Expenses | 1,753 | (8,296) | 37,616 | |
Adjustments to Valuation Accounts | (9,318) | 15,838 | (98) | |
Deductions | (2,709) | (18,370) | (28,513) | |
Balance at End of Period | 154,631 | 165,459 | 156,454 | $ 144,357 |
Reserve for loan losses | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 85,545 | 108,165 | 98,490 | |
Charged to Costs and Expenses | (5,828) | (12,514) | 36,567 | |
Adjustments to Valuation Accounts | 0 | 0 | 0 | |
Deductions | (1,228) | (10,106) | (26,892) | |
Balance at End of Period | 85,545 | 108,165 | 98,490 | 78,489 |
Allowance for doubtful accounts | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 2,588 | 3,384 | 3,646 | |
Charged to Costs and Expenses | 473 | 985 | 1,359 | |
Adjustments to Valuation Accounts | 0 | 0 | 0 | |
Deductions | (451) | (1,781) | (1,621) | |
Balance at End of Period | 2,588 | 3,384 | 3,646 | 2,610 |
Allowance for deferred tax assets | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 66,498 | 53,910 | 54,318 | |
Charged to Costs and Expenses | 7,108 | 3,233 | (310) | |
Adjustments to Valuation Accounts | (9,318) | 15,838 | (98) | |
Deductions | (1,030) | (6,483) | 0 | |
Balance at End of Period | $ 66,498 | $ 53,910 | $ 54,318 | $ 63,258 |
Schedule III - Real Estate a115
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 208,491 | |||
Initial Cost to Company, Land | 1,189,030 | |||
Initial Cost to Company, Building and Improvements | 1,202,540 | |||
Cost Capitalized Subsequent to Acquisition | 185,625 | |||
Gross Amount Carried at Close of Period, Land | 1,238,750 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,338,445 | |||
Gross Amount Carried at Close of Period, Total | 2,577,195 | $ 2,997,351 | $ 3,246,469 | $ 3,448,934 |
Accumulated Depreciation | 366,265 | $ 426,982 | $ 467,616 | $ 482,130 |
Properties pledged as collateral | 611,300 | |||
Aggregate cost for federal income tax purposes | 2,960,000 | |||
Office Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 100,963 | |||
Initial Cost to Company, Land | 21,674 | |||
Initial Cost to Company, Building and Improvements | 241,233 | |||
Cost Capitalized Subsequent to Acquisition | 10,344 | |||
Gross Amount Carried at Close of Period, Land | 22,681 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 250,570 | |||
Gross Amount Carried at Close of Period, Total | 273,251 | |||
Accumulated Depreciation | 99,053 | |||
Office Facilities | Arizona OAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 2,942 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,594 | |||
Gross Amount Carried at Close of Period, Total | 10,627 | |||
Accumulated Depreciation | $ 4,006 | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 287 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,939 | |||
Gross Amount Carried at Close of Period, Total | 7,972 | |||
Accumulated Depreciation | $ 3,142 | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 583 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,235 | |||
Gross Amount Carried at Close of Period, Total | 8,268 | |||
Accumulated Depreciation | $ 3,128 | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 701 | |||
Initial Cost to Company, Building and Improvements | 4,339 | |||
Cost Capitalized Subsequent to Acquisition | 2,180 | |||
Gross Amount Carried at Close of Period, Land | 701 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,519 | |||
Gross Amount Carried at Close of Period, Total | 7,220 | |||
Accumulated Depreciation | $ 1,992 | |||
Depreciable Life | 40 years | |||
Office Facilities | Colorado OCO 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,654 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 16,752 | |||
Cost Capitalized Subsequent to Acquisition | 48 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 16,800 | |||
Gross Amount Carried at Close of Period, Total | 16,800 | |||
Accumulated Depreciation | $ 6,616 | |||
Depreciable Life | 40 years | |||
Office Facilities | Maryland OMD 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,068 | |||
Initial Cost to Company, Land | 1,800 | |||
Initial Cost to Company, Building and Improvements | 18,706 | |||
Cost Capitalized Subsequent to Acquisition | 741 | |||
Gross Amount Carried at Close of Period, Land | 1,800 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 19,447 | |||
Gross Amount Carried at Close of Period, Total | 21,247 | |||
Accumulated Depreciation | $ 7,579 | |||
Depreciable Life | 40 years | |||
Office Facilities | Massachusetts OMA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,187 | |||
Initial Cost to Company, Land | 1,600 | |||
Initial Cost to Company, Building and Improvements | 21,947 | |||
Cost Capitalized Subsequent to Acquisition | 285 | |||
Gross Amount Carried at Close of Period, Land | 1,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 22,232 | |||
Gross Amount Carried at Close of Period, Total | 23,832 | |||
Accumulated Depreciation | $ 8,852 | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 49,984 | |||
Initial Cost to Company, Land | 7,726 | |||
Initial Cost to Company, Building and Improvements | 74,429 | |||
Cost Capitalized Subsequent to Acquisition | 10 | |||
Gross Amount Carried at Close of Period, Land | 7,724 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 74,441 | |||
Gross Amount Carried at Close of Period, Total | 82,165 | |||
Accumulated Depreciation | $ 28,032 | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,491 | |||
Initial Cost to Company, Land | 1,008 | |||
Initial Cost to Company, Building and Improvements | 13,763 | |||
Cost Capitalized Subsequent to Acquisition | 206 | |||
Gross Amount Carried at Close of Period, Land | 1,008 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 13,969 | |||
Gross Amount Carried at Close of Period, Total | 14,977 | |||
Accumulated Depreciation | $ 4,780 | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,579 | |||
Initial Cost to Company, Land | 2,456 | |||
Initial Cost to Company, Building and Improvements | 28,955 | |||
Cost Capitalized Subsequent to Acquisition | 814 | |||
Gross Amount Carried at Close of Period, Land | 2,456 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 29,769 | |||
Gross Amount Carried at Close of Period, Total | 32,225 | |||
Accumulated Depreciation | $ 10,237 | |||
Depreciable Life | 40 years | |||
Office Facilities | Texas OTX 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,364 | |||
Initial Cost to Company, Building and Improvements | 10,628 | |||
Cost Capitalized Subsequent to Acquisition | 5,780 | |||
Gross Amount Carried at Close of Period, Land | 2,373 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,399 | |||
Gross Amount Carried at Close of Period, Total | 17,772 | |||
Accumulated Depreciation | $ 7,279 | |||
Depreciable Life | 40 years | |||
Office Facilities | Texas OTX 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,230 | |||
Initial Cost to Company, Building and Improvements | 5,660 | |||
Cost Capitalized Subsequent to Acquisition | 1,046 | |||
Gross Amount Carried at Close of Period, Land | 1,230 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,706 | |||
Gross Amount Carried at Close of Period, Total | 7,936 | |||
Accumulated Depreciation | $ 2,801 | |||
Depreciable Life | 40 years | |||
Office Facilities | Pennsylvania OPA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 690 | |||
Initial Cost to Company, Building and Improvements | 26,098 | |||
Cost Capitalized Subsequent to Acquisition | (4,578) | |||
Gross Amount Carried at Close of Period, Land | 690 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 21,520 | |||
Gross Amount Carried at Close of Period, Total | 22,210 | |||
Accumulated Depreciation | $ 10,609 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 107,528 | |||
Initial Cost to Company, Land | 58,134 | |||
Initial Cost to Company, Building and Improvements | 230,522 | |||
Cost Capitalized Subsequent to Acquisition | 56,447 | |||
Gross Amount Carried at Close of Period, Land | 57,283 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 287,820 | |||
Gross Amount Carried at Close of Period, Total | 345,103 | |||
Accumulated Depreciation | 80,225 | |||
Industrial Facilities | Arizona IAZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,519 | |||
Initial Cost to Company, Building and Improvements | 7,481 | |||
Cost Capitalized Subsequent to Acquisition | 2,242 | |||
Gross Amount Carried at Close of Period, Land | 2,519 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,723 | |||
Gross Amount Carried at Close of Period, Total | 12,243 | |||
Accumulated Depreciation | $ 2,639 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Arizona IAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,279 | |||
Initial Cost to Company, Building and Improvements | 5,221 | |||
Cost Capitalized Subsequent to Acquisition | 5,274 | |||
Gross Amount Carried at Close of Period, Land | 3,279 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,495 | |||
Gross Amount Carried at Close of Period, Total | 13,773 | |||
Accumulated Depreciation | $ 3,308 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 16,756 | |||
Initial Cost to Company, Land | 11,635 | |||
Initial Cost to Company, Building and Improvements | 19,515 | |||
Cost Capitalized Subsequent to Acquisition | 5,943 | |||
Gross Amount Carried at Close of Period, Land | 11,635 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 25,458 | |||
Gross Amount Carried at Close of Period, Total | 37,093 | |||
Accumulated Depreciation | $ 6,405 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,086 | |||
Initial Cost to Company, Building and Improvements | 7,964 | |||
Cost Capitalized Subsequent to Acquisition | 3,921 | |||
Gross Amount Carried at Close of Period, Land | 1,086 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 11,885 | |||
Gross Amount Carried at Close of Period, Total | 12,971 | |||
Accumulated Depreciation | $ 5,739 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Colorado ICO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 832 | |||
Initial Cost to Company, Building and Improvements | 1,379 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 832 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,379 | |||
Gross Amount Carried at Close of Period, Total | 2,211 | |||
Accumulated Depreciation | $ 399 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,516 | |||
Initial Cost to Company, Land | 3,510 | |||
Initial Cost to Company, Building and Improvements | 20,846 | |||
Cost Capitalized Subsequent to Acquisition | 8,279 | |||
Gross Amount Carried at Close of Period, Land | 3,510 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 29,125 | |||
Gross Amount Carried at Close of Period, Total | 32,635 | |||
Accumulated Depreciation | $ 6,979 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,048 | |||
Initial Cost to Company, Building and Improvements | 8,676 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,048 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,676 | |||
Gross Amount Carried at Close of Period, Total | 11,724 | |||
Accumulated Depreciation | $ 3,940 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,612 | |||
Initial Cost to Company, Building and Improvements | 4,586 | |||
Cost Capitalized Subsequent to Acquisition | (1,408) | |||
Gross Amount Carried at Close of Period, Land | 1,241 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,549 | |||
Gross Amount Carried at Close of Period, Total | 4,790 | |||
Accumulated Depreciation | $ 1,106 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Georgia IGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,635 | |||
Initial Cost to Company, Land | 2,791 | |||
Initial Cost to Company, Building and Improvements | 24,637 | |||
Cost Capitalized Subsequent to Acquisition | 349 | |||
Gross Amount Carried at Close of Period, Land | 2,791 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 24,986 | |||
Gross Amount Carried at Close of Period, Total | 27,777 | |||
Accumulated Depreciation | $ 6,361 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Indiana IIN 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 462 | |||
Initial Cost to Company, Building and Improvements | 9,224 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 462 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,224 | |||
Gross Amount Carried at Close of Period, Total | 9,686 | |||
Accumulated Depreciation | $ 3,180 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Massachusetts IMA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,384 | |||
Initial Cost to Company, Land | 7,439 | |||
Initial Cost to Company, Building and Improvements | 21,774 | |||
Cost Capitalized Subsequent to Acquisition | 10,979 | |||
Gross Amount Carried at Close of Period, Land | 7,439 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 32,753 | |||
Gross Amount Carried at Close of Period, Total | 40,192 | |||
Accumulated Depreciation | $ 7,847 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Michigan IMI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 598 | |||
Initial Cost to Company, Building and Improvements | 9,814 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 598 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,815 | |||
Gross Amount Carried at Close of Period, Total | 10,413 | |||
Accumulated Depreciation | $ 3,419 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Minnesota IMN 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,705 | |||
Initial Cost to Company, Building and Improvements | 17,690 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 6,225 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,170 | |||
Gross Amount Carried at Close of Period, Total | 24,395 | |||
Accumulated Depreciation | $ 5,865 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | New Jersey INJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,161 | |||
Initial Cost to Company, Land | 8,368 | |||
Initial Cost to Company, Building and Improvements | 15,376 | |||
Cost Capitalized Subsequent to Acquisition | 21,141 | |||
Gross Amount Carried at Close of Period, Land | 8,368 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 36,517 | |||
Gross Amount Carried at Close of Period, Total | 44,885 | |||
Accumulated Depreciation | $ 8,824 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Texas ITX 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,545 | |||
Initial Cost to Company, Land | 1,631 | |||
Initial Cost to Company, Building and Improvements | 27,858 | |||
Cost Capitalized Subsequent to Acquisition | (416) | |||
Gross Amount Carried at Close of Period, Land | 1,631 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 27,442 | |||
Gross Amount Carried at Close of Period, Total | 29,073 | |||
Accumulated Depreciation | $ 6,929 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Virginia IVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,531 | |||
Initial Cost to Company, Land | 2,619 | |||
Initial Cost to Company, Building and Improvements | 28,481 | |||
Cost Capitalized Subsequent to Acquisition | 142 | |||
Gross Amount Carried at Close of Period, Land | 2,619 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 28,623 | |||
Gross Amount Carried at Close of Period, Total | 31,242 | |||
Accumulated Depreciation | $ 7,285 | |||
Depreciable Life | 40 years | |||
Land | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 794,547 | |||
Initial Cost to Company, Building and Improvements | 2,836 | |||
Cost Capitalized Subsequent to Acquisition | 170,430 | |||
Gross Amount Carried at Close of Period, Land | 904,407 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 63,406 | |||
Gross Amount Carried at Close of Period, Total | 967,813 | |||
Accumulated Depreciation | $ 7,931 | |||
Land | Minimum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life | 15 years | |||
Land | Maximum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life | 20 years | |||
Land | Arizona LAZ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,400 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,400 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 1,400 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Arizona LAZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 96,700 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 96,700 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 96,700 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28,464 | |||
Initial Cost to Company, Building and Improvements | 2,836 | |||
Cost Capitalized Subsequent to Acquisition | (21,064) | |||
Gross Amount Carried at Close of Period, Land | 7,400 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,836 | |||
Gross Amount Carried at Close of Period, Total | 10,236 | |||
Accumulated Depreciation | $ 2,836 | |||
Depreciable Life | 0 years | |||
Land | California LCA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,382 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,382 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 2,382 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 87,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (9,963) | |||
Gross Amount Carried at Close of Period, Land | 77,337 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 77,337 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 68,155 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (25,797) | |||
Gross Amount Carried at Close of Period, Land | 42,358 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 42,358 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | San Jose, California LCA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,921 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 8,921 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 8,921 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 84,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 44,251 | |||
Gross Amount Carried at Close of Period, Land | 128,351 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 128,351 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 59,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 59,100 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 59,100 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,600 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 7,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 7,600 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 8,100 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 8,100 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,883 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 178 | |||
Gross Amount Carried at Close of Period, Land | 5,883 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 178 | |||
Gross Amount Carried at Close of Period, Total | 6,061 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Flordia LFA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (252) | |||
Gross Amount Carried at Close of Period, Land | 9,080 | |||
Gross Amount Carried at Close of Period, Building and Improvements | (32) | |||
Gross Amount Carried at Close of Period, Total | 9,048 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 26,600 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 33,162 | |||
Gross Amount Carried at Close of Period, Land | 26,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 33,162 | |||
Gross Amount Carried at Close of Period, Total | 59,762 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,540 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,540 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 3,540 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,900 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 6,900 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 6,900 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 9,300 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 9,300 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Georgia LGA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,400 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,400 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 1,400 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Illinois LIL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 31,500 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 31,500 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 31,500 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New Jersey LNJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 43,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 39,032 | |||
Gross Amount Carried at Close of Period, Land | 82,332 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 82,332 | |||
Accumulated Depreciation | $ 747 | |||
Depreciable Life | 0 years | |||
Land | New Jersey LNJ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,992 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 54,894 | |||
Gross Amount Carried at Close of Period, Land | 58,886 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 58,886 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 58,900 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (13,460) | |||
Gross Amount Carried at Close of Period, Land | 45,440 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 45,440 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,277 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 24,033 | |||
Gross Amount Carried at Close of Period, Land | 3,277 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 24,033 | |||
Gross Amount Carried at Close of Period, Total | 27,310 | |||
Accumulated Depreciation | $ 814 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 52,461 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,525 | |||
Gross Amount Carried at Close of Period, Land | 52,461 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,525 | |||
Gross Amount Carried at Close of Period, Total | 54,986 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Pennsylvania LPA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,460 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 704 | |||
Gross Amount Carried at Close of Period, Land | 1,460 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 704 | |||
Gross Amount Carried at Close of Period, Total | 2,164 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Virginia LVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 72,138 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 42,187 | |||
Gross Amount Carried at Close of Period, Land | 114,325 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 114,325 | |||
Accumulated Depreciation | $ 3,534 | |||
Depreciable Life | 0 years | |||
Land | Chesterfield County, Virginia LVA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,291 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,291 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 3,291 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | West Virginia LWV 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,083 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 9,083 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 9,083 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Entertainment | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 121,616 | |||
Initial Cost to Company, Building and Improvements | 235,592 | |||
Cost Capitalized Subsequent to Acquisition | 92,237 | |||
Gross Amount Carried at Close of Period, Land | 121,599 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 327,846 | |||
Gross Amount Carried at Close of Period, Total | 449,445 | |||
Accumulated Depreciation | 106,871 | |||
Entertainment | Alabama EAL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 277 | |||
Initial Cost to Company, Building and Improvements | 359 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 277 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 353 | |||
Gross Amount Carried at Close of Period, Total | 630 | |||
Accumulated Depreciation | $ 118 | |||
Depreciable Life | 40 years | |||
Entertainment | Alabama EAL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 319 | |||
Initial Cost to Company, Building and Improvements | 414 | |||
Cost Capitalized Subsequent to Acquisition | (25) | |||
Gross Amount Carried at Close of Period, Land | 319 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 389 | |||
Gross Amount Carried at Close of Period, Total | 708 | |||
Accumulated Depreciation | $ 124 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 793 | |||
Initial Cost to Company, Building and Improvements | 1,027 | |||
Cost Capitalized Subsequent to Acquisition | (62) | |||
Gross Amount Carried at Close of Period, Land | 793 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 965 | |||
Gross Amount Carried at Close of Period, Total | 1,758 | |||
Accumulated Depreciation | $ 307 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 673 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 663 | |||
Gross Amount Carried at Close of Period, Total | 1,184 | |||
Accumulated Depreciation | $ 222 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 630 | |||
Initial Cost to Company, Building and Improvements | 815 | |||
Cost Capitalized Subsequent to Acquisition | (49) | |||
Gross Amount Carried at Close of Period, Land | 630 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 766 | |||
Gross Amount Carried at Close of Period, Total | 1,396 | |||
Accumulated Depreciation | $ 244 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 590 | |||
Initial Cost to Company, Building and Improvements | 764 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 590 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 718 | |||
Gross Amount Carried at Close of Period, Total | 1,308 | |||
Accumulated Depreciation | $ 229 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Building and Improvements | 616 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 476 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 606 | |||
Gross Amount Carried at Close of Period, Total | 1,082 | |||
Accumulated Depreciation | $ 203 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 654 | |||
Initial Cost to Company, Building and Improvements | 845 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 654 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 831 | |||
Gross Amount Carried at Close of Period, Total | 1,485 | |||
Accumulated Depreciation | $ 279 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 666 | |||
Initial Cost to Company, Building and Improvements | 862 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 666 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 848 | |||
Gross Amount Carried at Close of Period, Total | 1,514 | |||
Accumulated Depreciation | $ 284 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 460 | |||
Initial Cost to Company, Building and Improvements | 596 | |||
Cost Capitalized Subsequent to Acquisition | (36) | |||
Gross Amount Carried at Close of Period, Land | 460 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 560 | |||
Gross Amount Carried at Close of Period, Total | 1,020 | |||
Accumulated Depreciation | $ 178 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,097 | |||
Initial Cost to Company, Building and Improvements | 1,421 | |||
Cost Capitalized Subsequent to Acquisition | (86) | |||
Gross Amount Carried at Close of Period, Land | 1,097 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,335 | |||
Gross Amount Carried at Close of Period, Total | 2,432 | |||
Accumulated Depreciation | $ 425 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 434 | |||
Initial Cost to Company, Building and Improvements | 560 | |||
Cost Capitalized Subsequent to Acquisition | (33) | |||
Gross Amount Carried at Close of Period, Land | 434 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 527 | |||
Gross Amount Carried at Close of Period, Total | 961 | |||
Accumulated Depreciation | $ 168 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Building and Improvements | 429 | |||
Cost Capitalized Subsequent to Acquisition | (26) | |||
Gross Amount Carried at Close of Period, Land | 332 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 403 | |||
Gross Amount Carried at Close of Period, Total | 735 | |||
Accumulated Depreciation | $ 129 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 676 | |||
Initial Cost to Company, Building and Improvements | 876 | |||
Cost Capitalized Subsequent to Acquisition | (53) | |||
Gross Amount Carried at Close of Period, Land | 676 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 823 | |||
Gross Amount Carried at Close of Period, Total | 1,499 | |||
Accumulated Depreciation | $ 262 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 720 | |||
Initial Cost to Company, Building and Improvements | 932 | |||
Cost Capitalized Subsequent to Acquisition | (56) | |||
Gross Amount Carried at Close of Period, Land | 720 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 876 | |||
Gross Amount Carried at Close of Period, Total | 1,596 | |||
Accumulated Depreciation | $ 279 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 574 | |||
Initial Cost to Company, Building and Improvements | 743 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 574 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 731 | |||
Gross Amount Carried at Close of Period, Total | 1,305 | |||
Accumulated Depreciation | $ 245 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 392 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 392 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 500 | |||
Gross Amount Carried at Close of Period, Total | 892 | |||
Accumulated Depreciation | $ 167 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 358 | |||
Initial Cost to Company, Building and Improvements | 464 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 358 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 457 | |||
Gross Amount Carried at Close of Period, Total | 815 | |||
Accumulated Depreciation | $ 153 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 18,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,000 | |||
Gross Amount Carried at Close of Period, Total | 18,000 | |||
Accumulated Depreciation | $ 6,032 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 852 | |||
Initial Cost to Company, Building and Improvements | 1,101 | |||
Cost Capitalized Subsequent to Acquisition | (18) | |||
Gross Amount Carried at Close of Period, Land | 852 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,083 | |||
Gross Amount Carried at Close of Period, Total | 1,935 | |||
Accumulated Depreciation | $ 363 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 1,953 | |||
Cost Capitalized Subsequent to Acquisition | 25,772 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 27,725 | |||
Gross Amount Carried at Close of Period, Total | 27,725 | |||
Accumulated Depreciation | $ 6,121 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 659 | |||
Initial Cost to Company, Building and Improvements | 852 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 659 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 838 | |||
Gross Amount Carried at Close of Period, Total | 1,497 | |||
Accumulated Depreciation | $ 281 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 562 | |||
Initial Cost to Company, Building and Improvements | 729 | |||
Cost Capitalized Subsequent to Acquisition | (44) | |||
Gross Amount Carried at Close of Period, Land | 562 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 685 | |||
Gross Amount Carried at Close of Period, Total | 1,247 | |||
Accumulated Depreciation | $ 218 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,642 | |||
Initial Cost to Company, Building and Improvements | 2,124 | |||
Cost Capitalized Subsequent to Acquisition | (35) | |||
Gross Amount Carried at Close of Period, Land | 1,642 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,089 | |||
Gross Amount Carried at Close of Period, Total | 3,731 | |||
Accumulated Depreciation | $ 700 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Building and Improvements | 827 | |||
Cost Capitalized Subsequent to Acquisition | (49) | |||
Gross Amount Carried at Close of Period, Land | 640 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 778 | |||
Gross Amount Carried at Close of Period, Total | 1,418 | |||
Accumulated Depreciation | $ 248 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 729 | |||
Initial Cost to Company, Building and Improvements | 944 | |||
Cost Capitalized Subsequent to Acquisition | (57) | |||
Gross Amount Carried at Close of Period, Land | 729 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 887 | |||
Gross Amount Carried at Close of Period, Total | 1,616 | |||
Accumulated Depreciation | $ 282 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 536 | |||
Initial Cost to Company, Building and Improvements | 694 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 536 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 683 | |||
Gross Amount Carried at Close of Period, Total | 1,219 | |||
Accumulated Depreciation | $ 229 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 901 | |||
Initial Cost to Company, Building and Improvements | 1,165 | |||
Cost Capitalized Subsequent to Acquisition | (19) | |||
Gross Amount Carried at Close of Period, Land | 901 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,146 | |||
Gross Amount Carried at Close of Period, Total | 2,047 | |||
Accumulated Depreciation | $ 384 | |||
Depreciable Life | 40 years | |||
Entertainment | Connecticut ECT 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,097 | |||
Initial Cost to Company, Building and Improvements | 1,420 | |||
Cost Capitalized Subsequent to Acquisition | (23) | |||
Gross Amount Carried at Close of Period, Land | 1,097 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,397 | |||
Gross Amount Carried at Close of Period, Total | 2,494 | |||
Accumulated Depreciation | $ 468 | |||
Depreciable Life | 40 years | |||
Entertainment | Delaware EDE 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,076 | |||
Initial Cost to Company, Building and Improvements | 1,390 | |||
Cost Capitalized Subsequent to Acquisition | (80) | |||
Gross Amount Carried at Close of Period, Land | 1,076 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,310 | |||
Gross Amount Carried at Close of Period, Total | 2,386 | |||
Accumulated Depreciation | $ 417 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 41,809 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 41,809 | |||
Gross Amount Carried at Close of Period, Total | 41,809 | |||
Accumulated Depreciation | $ 19,828 | |||
Depreciable Life | 27 years | |||
Entertainment | Florida EFL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 412 | |||
Initial Cost to Company, Building and Improvements | 531 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 412 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 524 | |||
Gross Amount Carried at Close of Period, Total | 936 | |||
Accumulated Depreciation | $ 175 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,550 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,118 | |||
Gross Amount Carried at Close of Period, Land | 6,533 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,135 | |||
Gross Amount Carried at Close of Period, Total | 23,668 | |||
Accumulated Depreciation | $ 4,567 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,067 | |||
Initial Cost to Company, Building and Improvements | 1,382 | |||
Cost Capitalized Subsequent to Acquisition | (83) | |||
Gross Amount Carried at Close of Period, Land | 1,067 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,299 | |||
Gross Amount Carried at Close of Period, Total | 2,366 | |||
Accumulated Depreciation | $ 414 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 401 | |||
Initial Cost to Company, Building and Improvements | 520 | |||
Cost Capitalized Subsequent to Acquisition | (31) | |||
Gross Amount Carried at Close of Period, Land | 401 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 489 | |||
Gross Amount Carried at Close of Period, Total | 890 | |||
Accumulated Depreciation | $ 155 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 282 | |||
Initial Cost to Company, Building and Improvements | 364 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 282 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 358 | |||
Gross Amount Carried at Close of Period, Total | 640 | |||
Accumulated Depreciation | $ 120 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 352 | |||
Initial Cost to Company, Building and Improvements | 455 | |||
Cost Capitalized Subsequent to Acquisition | (28) | |||
Gross Amount Carried at Close of Period, Land | 352 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 427 | |||
Gross Amount Carried at Close of Period, Total | 779 | |||
Accumulated Depreciation | $ 136 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 437 | |||
Initial Cost to Company, Building and Improvements | 567 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 437 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 533 | |||
Gross Amount Carried at Close of Period, Total | 970 | |||
Accumulated Depreciation | $ 169 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 532 | |||
Initial Cost to Company, Building and Improvements | 689 | |||
Cost Capitalized Subsequent to Acquisition | (42) | |||
Gross Amount Carried at Close of Period, Land | 532 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 647 | |||
Gross Amount Carried at Close of Period, Total | 1,179 | |||
Accumulated Depreciation | $ 206 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 486 | |||
Initial Cost to Company, Building and Improvements | 629 | |||
Cost Capitalized Subsequent to Acquisition | (38) | |||
Gross Amount Carried at Close of Period, Land | 486 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 591 | |||
Gross Amount Carried at Close of Period, Total | 1,077 | |||
Accumulated Depreciation | $ 188 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 497 | |||
Initial Cost to Company, Building and Improvements | 643 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 497 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 633 | |||
Gross Amount Carried at Close of Period, Total | 1,130 | |||
Accumulated Depreciation | $ 212 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 018 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 643 | |||
Initial Cost to Company, Building and Improvements | 833 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 643 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 819 | |||
Gross Amount Carried at Close of Period, Total | 1,462 | |||
Accumulated Depreciation | $ 274 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 019 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,200 | |||
Initial Cost to Company, Building and Improvements | 18,272 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 4,200 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,272 | |||
Gross Amount Carried at Close of Period, Total | 22,472 | |||
Accumulated Depreciation | $ 5,868 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 020 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 551 | |||
Initial Cost to Company, Building and Improvements | 714 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 551 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 702 | |||
Gross Amount Carried at Close of Period, Total | 1,253 | |||
Accumulated Depreciation | $ 235 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 022 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 507 | |||
Initial Cost to Company, Building and Improvements | 656 | |||
Cost Capitalized Subsequent to Acquisition | (40) | |||
Gross Amount Carried at Close of Period, Land | 507 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 616 | |||
Gross Amount Carried at Close of Period, Total | 1,123 | |||
Accumulated Depreciation | $ 196 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 023 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 19,337 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 19,337 | |||
Gross Amount Carried at Close of Period, Total | 19,337 | |||
Accumulated Depreciation | $ 6,209 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 510 | |||
Initial Cost to Company, Building and Improvements | 660 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 510 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 649 | |||
Gross Amount Carried at Close of Period, Total | 1,159 | |||
Accumulated Depreciation | $ 217 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 474 | |||
Initial Cost to Company, Building and Improvements | 613 | |||
Cost Capitalized Subsequent to Acquisition | (37) | |||
Gross Amount Carried at Close of Period, Land | 474 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 576 | |||
Gross Amount Carried at Close of Period, Total | 1,050 | |||
Accumulated Depreciation | $ 183 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 581 | |||
Initial Cost to Company, Building and Improvements | 752 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 581 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 706 | |||
Gross Amount Carried at Close of Period, Total | 1,287 | |||
Accumulated Depreciation | $ 225 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 718 | |||
Initial Cost to Company, Building and Improvements | 930 | |||
Cost Capitalized Subsequent to Acquisition | (15) | |||
Gross Amount Carried at Close of Period, Land | 718 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 915 | |||
Gross Amount Carried at Close of Period, Total | 1,633 | |||
Accumulated Depreciation | $ 306 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 502 | |||
Initial Cost to Company, Building and Improvements | 651 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 502 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 640 | |||
Gross Amount Carried at Close of Period, Total | 1,142 | |||
Accumulated Depreciation | $ 214 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,803 | |||
Initial Cost to Company, Building and Improvements | 57 | |||
Cost Capitalized Subsequent to Acquisition | 30,479 | |||
Gross Amount Carried at Close of Period, Land | 8,803 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 30,536 | |||
Gross Amount Carried at Close of Period, Total | 39,339 | |||
Accumulated Depreciation | $ 7,875 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 433 | |||
Initial Cost to Company, Building and Improvements | 560 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 433 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 550 | |||
Gross Amount Carried at Close of Period, Total | 983 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,798 | |||
Initial Cost to Company, Building and Improvements | 2,894 | |||
Cost Capitalized Subsequent to Acquisition | 530 | |||
Gross Amount Carried at Close of Period, Land | 1,798 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,424 | |||
Gross Amount Carried at Close of Period, Total | 5,222 | |||
Accumulated Depreciation | $ 979 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 431 | |||
Initial Cost to Company, Building and Improvements | 557 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 431 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 548 | |||
Gross Amount Carried at Close of Period, Total | 979 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | Indiana EIN 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 542 | |||
Initial Cost to Company, Building and Improvements | 701 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 542 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 690 | |||
Gross Amount Carried at Close of Period, Total | 1,232 | |||
Accumulated Depreciation | $ 231 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 428 | |||
Initial Cost to Company, Building and Improvements | 554 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 428 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 520 | |||
Gross Amount Carried at Close of Period, Total | 948 | |||
Accumulated Depreciation | $ 166 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 575 | |||
Initial Cost to Company, Building and Improvements | 745 | |||
Cost Capitalized Subsequent to Acquisition | (45) | |||
Gross Amount Carried at Close of Period, Land | 575 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 700 | |||
Gross Amount Carried at Close of Period, Total | 1,275 | |||
Accumulated Depreciation | $ 223 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 362 | |||
Initial Cost to Company, Building and Improvements | 468 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 362 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 461 | |||
Gross Amount Carried at Close of Period, Total | 823 | |||
Accumulated Depreciation | $ 154 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 884 | |||
Initial Cost to Company, Building and Improvements | 1,145 | |||
Cost Capitalized Subsequent to Acquisition | (19) | |||
Gross Amount Carried at Close of Period, Land | 884 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,126 | |||
Gross Amount Carried at Close of Period, Total | 2,010 | |||
Accumulated Depreciation | $ 377 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Building and Improvements | 518 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 399 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 509 | |||
Gross Amount Carried at Close of Period, Total | 908 | |||
Accumulated Depreciation | $ 170 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 649 | |||
Initial Cost to Company, Building and Improvements | 839 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 649 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 825 | |||
Gross Amount Carried at Close of Period, Total | 1,474 | |||
Accumulated Depreciation | $ 276 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 366 | |||
Initial Cost to Company, Building and Improvements | 473 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 366 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 466 | |||
Gross Amount Carried at Close of Period, Total | 832 | |||
Accumulated Depreciation | $ 156 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 398 | |||
Initial Cost to Company, Building and Improvements | 516 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 398 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 508 | |||
Gross Amount Carried at Close of Period, Total | 906 | |||
Accumulated Depreciation | $ 170 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,126 | |||
Initial Cost to Company, Building and Improvements | 1,458 | |||
Cost Capitalized Subsequent to Acquisition | (88) | |||
Gross Amount Carried at Close of Period, Land | 1,126 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,370 | |||
Gross Amount Carried at Close of Period, Total | 2,496 | |||
Accumulated Depreciation | $ 436 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 642 | |||
Initial Cost to Company, Building and Improvements | 788 | |||
Cost Capitalized Subsequent to Acquisition | 454 | |||
Gross Amount Carried at Close of Period, Land | 642 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,242 | |||
Gross Amount Carried at Close of Period, Total | 1,884 | |||
Accumulated Depreciation | $ 329 | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 523 | |||
Initial Cost to Company, Building and Improvements | 678 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 523 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 666 | |||
Gross Amount Carried at Close of Period, Total | 1,189 | |||
Accumulated Depreciation | $ 223 | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 548 | |||
Initial Cost to Company, Building and Improvements | 711 | |||
Cost Capitalized Subsequent to Acquisition | (43) | |||
Gross Amount Carried at Close of Period, Land | 548 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 668 | |||
Gross Amount Carried at Close of Period, Total | 1,216 | |||
Accumulated Depreciation | $ 213 | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 519 | |||
Initial Cost to Company, Building and Improvements | 672 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 519 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 661 | |||
Gross Amount Carried at Close of Period, Total | 1,180 | |||
Accumulated Depreciation | $ 221 | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,437 | |||
Initial Cost to Company, Building and Improvements | 8,715 | |||
Cost Capitalized Subsequent to Acquisition | 2,098 | |||
Gross Amount Carried at Close of Period, Land | 2,437 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,813 | |||
Gross Amount Carried at Close of Period, Total | 13,250 | |||
Accumulated Depreciation | $ 3,569 | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 554 | |||
Initial Cost to Company, Building and Improvements | 718 | |||
Cost Capitalized Subsequent to Acquisition | (43) | |||
Gross Amount Carried at Close of Period, Land | 554 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 675 | |||
Gross Amount Carried at Close of Period, Total | 1,229 | |||
Accumulated Depreciation | $ 215 | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 860 | |||
Initial Cost to Company, Building and Improvements | 543 | |||
Cost Capitalized Subsequent to Acquisition | 670 | |||
Gross Amount Carried at Close of Period, Land | 860 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,213 | |||
Gross Amount Carried at Close of Period, Total | 2,073 | |||
Accumulated Depreciation | $ 362 | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 533 | |||
Initial Cost to Company, Building and Improvements | 691 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 533 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 679 | |||
Gross Amount Carried at Close of Period, Total | 1,212 | |||
Accumulated Depreciation | $ 227 | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,962 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,164 | |||
Gross Amount Carried at Close of Period, Land | 2,962 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,164 | |||
Gross Amount Carried at Close of Period, Total | 20,126 | |||
Accumulated Depreciation | $ 5,039 | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 334 | |||
Initial Cost to Company, Building and Improvements | 432 | |||
Cost Capitalized Subsequent to Acquisition | (26) | |||
Gross Amount Carried at Close of Period, Land | 334 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 406 | |||
Gross Amount Carried at Close of Period, Total | 740 | |||
Accumulated Depreciation | $ 129 | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 878 | |||
Initial Cost to Company, Building and Improvements | 1,139 | |||
Cost Capitalized Subsequent to Acquisition | (69) | |||
Gross Amount Carried at Close of Period, Land | 878 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,070 | |||
Gross Amount Carried at Close of Period, Total | 1,948 | |||
Accumulated Depreciation | $ 341 | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,560 | |||
Initial Cost to Company, Building and Improvements | 2,019 | |||
Cost Capitalized Subsequent to Acquisition | (33) | |||
Gross Amount Carried at Close of Period, Land | 1,560 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,986 | |||
Gross Amount Carried at Close of Period, Total | 3,546 | |||
Accumulated Depreciation | $ 665 | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 830 | |||
Initial Cost to Company, Building and Improvements | 1,075 | |||
Cost Capitalized Subsequent to Acquisition | (65) | |||
Gross Amount Carried at Close of Period, Land | 830 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,010 | |||
Gross Amount Carried at Close of Period, Total | 1,840 | |||
Accumulated Depreciation | $ 322 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 442 | |||
Initial Cost to Company, Building and Improvements | 571 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 442 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 537 | |||
Gross Amount Carried at Close of Period, Total | 979 | |||
Accumulated Depreciation | $ 171 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 385 | |||
Initial Cost to Company, Building and Improvements | 499 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 385 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 491 | |||
Gross Amount Carried at Close of Period, Total | 876 | |||
Accumulated Depreciation | $ 164 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 350 | |||
Initial Cost to Company, Building and Improvements | 453 | |||
Cost Capitalized Subsequent to Acquisition | (28) | |||
Gross Amount Carried at Close of Period, Land | 350 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 425 | |||
Gross Amount Carried at Close of Period, Total | 775 | |||
Accumulated Depreciation | $ 136 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Building and Improvements | 640 | |||
Cost Capitalized Subsequent to Acquisition | (39) | |||
Gross Amount Carried at Close of Period, Land | 494 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 601 | |||
Gross Amount Carried at Close of Period, Total | 1,095 | |||
Accumulated Depreciation | $ 191 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 326 | |||
Initial Cost to Company, Building and Improvements | 421 | |||
Cost Capitalized Subsequent to Acquisition | (25) | |||
Gross Amount Carried at Close of Period, Land | 326 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 396 | |||
Gross Amount Carried at Close of Period, Total | 722 | |||
Accumulated Depreciation | $ 126 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 320 | |||
Initial Cost to Company, Building and Improvements | 414 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 320 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 407 | |||
Gross Amount Carried at Close of Period, Total | 727 | |||
Accumulated Depreciation | $ 136 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Building and Improvements | 516 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 399 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 508 | |||
Gross Amount Carried at Close of Period, Total | 907 | |||
Accumulated Depreciation | $ 170 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 959 | |||
Initial Cost to Company, Building and Improvements | 1,240 | |||
Cost Capitalized Subsequent to Acquisition | (20) | |||
Gross Amount Carried at Close of Period, Land | 959 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,220 | |||
Gross Amount Carried at Close of Period, Total | 2,179 | |||
Accumulated Depreciation | $ 409 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 587 | |||
Initial Cost to Company, Building and Improvements | 761 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 587 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 715 | |||
Gross Amount Carried at Close of Period, Total | 1,302 | |||
Accumulated Depreciation | $ 228 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 675 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 664 | |||
Gross Amount Carried at Close of Period, Total | 1,185 | |||
Accumulated Depreciation | $ 222 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 711 | |||
Initial Cost to Company, Building and Improvements | 920 | |||
Cost Capitalized Subsequent to Acquisition | (56) | |||
Gross Amount Carried at Close of Period, Land | 711 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 864 | |||
Gross Amount Carried at Close of Period, Total | 1,575 | |||
Accumulated Depreciation | $ 275 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 558 | |||
Initial Cost to Company, Building and Improvements | 723 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 558 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 711 | |||
Gross Amount Carried at Close of Period, Total | 1,269 | |||
Accumulated Depreciation | $ 238 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 747 | |||
Initial Cost to Company, Building and Improvements | 967 | |||
Cost Capitalized Subsequent to Acquisition | (58) | |||
Gross Amount Carried at Close of Period, Land | 747 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 909 | |||
Gross Amount Carried at Close of Period, Total | 1,656 | |||
Accumulated Depreciation | $ 289 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 683 | |||
Initial Cost to Company, Building and Improvements | 885 | |||
Cost Capitalized Subsequent to Acquisition | (15) | |||
Gross Amount Carried at Close of Period, Land | 683 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 870 | |||
Gross Amount Carried at Close of Period, Total | 1,553 | |||
Accumulated Depreciation | $ 291 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 017 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,492 | |||
Initial Cost to Company, Building and Improvements | 1,933 | |||
Cost Capitalized Subsequent to Acquisition | (117) | |||
Gross Amount Carried at Close of Period, Land | 1,492 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,816 | |||
Gross Amount Carried at Close of Period, Total | 3,308 | |||
Accumulated Depreciation | $ 578 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 018 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,471 | |||
Initial Cost to Company, Building and Improvements | 1,904 | |||
Cost Capitalized Subsequent to Acquisition | (31) | |||
Gross Amount Carried at Close of Period, Land | 1,471 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,873 | |||
Gross Amount Carried at Close of Period, Total | 3,344 | |||
Accumulated Depreciation | $ 627 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 397 | |||
Initial Cost to Company, Building and Improvements | 513 | |||
Cost Capitalized Subsequent to Acquisition | (31) | |||
Gross Amount Carried at Close of Period, Land | 397 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 482 | |||
Gross Amount Carried at Close of Period, Total | 879 | |||
Accumulated Depreciation | $ 154 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Building and Improvements | 615 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 476 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 605 | |||
Gross Amount Carried at Close of Period, Total | 1,081 | |||
Accumulated Depreciation | $ 203 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 410 | |||
Initial Cost to Company, Building and Improvements | 530 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 410 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 522 | |||
Gross Amount Carried at Close of Period, Total | 932 | |||
Accumulated Depreciation | $ 175 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 402 | |||
Initial Cost to Company, Building and Improvements | 520 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 402 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 511 | |||
Gross Amount Carried at Close of Period, Total | 913 | |||
Accumulated Depreciation | $ 171 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 948 | |||
Initial Cost to Company, Building and Improvements | 1,227 | |||
Cost Capitalized Subsequent to Acquisition | (75) | |||
Gross Amount Carried at Close of Period, Land | 948 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,152 | |||
Gross Amount Carried at Close of Period, Total | 2,100 | |||
Accumulated Depreciation | $ 367 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 259 | |||
Initial Cost to Company, Building and Improvements | 336 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 259 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 330 | |||
Gross Amount Carried at Close of Period, Total | 589 | |||
Accumulated Depreciation | $ 111 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 349 | |||
Initial Cost to Company, Building and Improvements | 452 | |||
Cost Capitalized Subsequent to Acquisition | (28) | |||
Gross Amount Carried at Close of Period, Land | 349 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 424 | |||
Gross Amount Carried at Close of Period, Total | 773 | |||
Accumulated Depreciation | $ 135 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Building and Improvements | 828 | |||
Cost Capitalized Subsequent to Acquisition | (50) | |||
Gross Amount Carried at Close of Period, Land | 640 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 778 | |||
Gross Amount Carried at Close of Period, Total | 1,418 | |||
Accumulated Depreciation | $ 248 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Building and Improvements | 531 | |||
Cost Capitalized Subsequent to Acquisition | (32) | |||
Gross Amount Carried at Close of Period, Land | 409 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 499 | |||
Gross Amount Carried at Close of Period, Total | 908 | |||
Accumulated Depreciation | $ 159 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 965 | |||
Initial Cost to Company, Building and Improvements | 1,249 | |||
Cost Capitalized Subsequent to Acquisition | (21) | |||
Gross Amount Carried at Close of Period, Land | 965 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,228 | |||
Gross Amount Carried at Close of Period, Total | 2,193 | |||
Accumulated Depreciation | $ 411 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 475 | |||
Initial Cost to Company, Building and Improvements | 615 | |||
Cost Capitalized Subsequent to Acquisition | (37) | |||
Gross Amount Carried at Close of Period, Land | 475 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 578 | |||
Gross Amount Carried at Close of Period, Total | 1,053 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Building and Improvements | 638 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 494 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 628 | |||
Gross Amount Carried at Close of Period, Total | 1,122 | |||
Accumulated Depreciation | $ 210 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 434 | |||
Initial Cost to Company, Building and Improvements | 562 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 434 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 528 | |||
Gross Amount Carried at Close of Period, Total | 962 | |||
Accumulated Depreciation | $ 168 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 967 | |||
Initial Cost to Company, Building and Improvements | 1,252 | |||
Cost Capitalized Subsequent to Acquisition | (20) | |||
Gross Amount Carried at Close of Period, Land | 967 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,232 | |||
Gross Amount Carried at Close of Period, Total | 2,199 | |||
Accumulated Depreciation | $ 412 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 281 | |||
Initial Cost to Company, Building and Improvements | 365 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 281 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 359 | |||
Gross Amount Carried at Close of Period, Total | 640 | |||
Accumulated Depreciation | $ 120 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 393 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (30) | |||
Gross Amount Carried at Close of Period, Land | 393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 478 | |||
Gross Amount Carried at Close of Period, Total | 871 | |||
Accumulated Depreciation | $ 152 | |||
Depreciable Life | 40 years | |||
Entertainment | Oklahoma EOK 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 431 | |||
Initial Cost to Company, Building and Improvements | 557 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 431 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 548 | |||
Gross Amount Carried at Close of Period, Total | 979 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | Oklahoma EOK 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 954 | |||
Initial Cost to Company, Building and Improvements | 1,235 | |||
Cost Capitalized Subsequent to Acquisition | (75) | |||
Gross Amount Carried at Close of Period, Land | 954 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,160 | |||
Gross Amount Carried at Close of Period, Total | 2,114 | |||
Accumulated Depreciation | $ 370 | |||
Depreciable Life | 40 years | |||
Entertainment | Oregon EOR 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 393 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 500 | |||
Gross Amount Carried at Close of Period, Total | 893 | |||
Accumulated Depreciation | $ 167 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407 | |||
Initial Cost to Company, Building and Improvements | 527 | |||
Cost Capitalized Subsequent to Acquisition | (32) | |||
Gross Amount Carried at Close of Period, Land | 407 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 495 | |||
Gross Amount Carried at Close of Period, Total | 902 | |||
Accumulated Depreciation | $ 158 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 421 | |||
Initial Cost to Company, Building and Improvements | 544 | |||
Cost Capitalized Subsequent to Acquisition | (33) | |||
Gross Amount Carried at Close of Period, Land | 421 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 511 | |||
Gross Amount Carried at Close of Period, Total | 932 | |||
Accumulated Depreciation | $ 163 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,340 | |||
Initial Cost to Company, Building and Improvements | 2,824 | |||
Cost Capitalized Subsequent to Acquisition | 211 | |||
Gross Amount Carried at Close of Period, Land | 2,340 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,035 | |||
Gross Amount Carried at Close of Period, Total | 5,375 | |||
Accumulated Depreciation | $ 940 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Building and Improvements | 528 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 409 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 520 | |||
Gross Amount Carried at Close of Period, Total | 929 | |||
Accumulated Depreciation | $ 174 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407 | |||
Initial Cost to Company, Building and Improvements | 527 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 407 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 519 | |||
Gross Amount Carried at Close of Period, Total | 926 | |||
Accumulated Depreciation | $ 174 | |||
Depreciable Life | 40 years | |||
Entertainment | Puerto Rico EPR 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 950 | |||
Initial Cost to Company, Building and Improvements | 1,230 | |||
Cost Capitalized Subsequent to Acquisition | (74) | |||
Gross Amount Carried at Close of Period, Land | 950 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,156 | |||
Gross Amount Carried at Close of Period, Total | 2,106 | |||
Accumulated Depreciation | $ 368 | |||
Depreciable Life | 40 years | |||
Entertainment | Rhode Island ERI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 850 | |||
Initial Cost to Company, Building and Improvements | 1,100 | |||
Cost Capitalized Subsequent to Acquisition | (18) | |||
Gross Amount Carried at Close of Period, Land | 850 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,082 | |||
Gross Amount Carried at Close of Period, Total | 1,932 | |||
Accumulated Depreciation | $ 362 | |||
Depreciable Life | 40 years | |||
Entertainment | South Carolina ESC 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Building and Improvements | 429 | |||
Cost Capitalized Subsequent to Acquisition | (26) | |||
Gross Amount Carried at Close of Period, Land | 332 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 403 | |||
Gross Amount Carried at Close of Period, Total | 735 | |||
Accumulated Depreciation | $ 129 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,045 | |||
Initial Cost to Company, Building and Improvements | 1,353 | |||
Cost Capitalized Subsequent to Acquisition | (82) | |||
Gross Amount Carried at Close of Period, Land | 1,045 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,271 | |||
Gross Amount Carried at Close of Period, Total | 2,316 | |||
Accumulated Depreciation | $ 405 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 593 | |||
Initial Cost to Company, Building and Improvements | 767 | |||
Cost Capitalized Subsequent to Acquisition | (13) | |||
Gross Amount Carried at Close of Period, Land | 593 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 754 | |||
Gross Amount Carried at Close of Period, Total | 1,347 | |||
Accumulated Depreciation | $ 253 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 838 | |||
Initial Cost to Company, Building and Improvements | 1,083 | |||
Cost Capitalized Subsequent to Acquisition | (17) | |||
Gross Amount Carried at Close of Period, Land | 838 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,066 | |||
Gross Amount Carried at Close of Period, Total | 1,904 | |||
Accumulated Depreciation | $ 357 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 528 | |||
Initial Cost to Company, Building and Improvements | 682 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 528 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 671 | |||
Gross Amount Carried at Close of Period, Total | 1,199 | |||
Accumulated Depreciation | $ 225 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 480 | |||
Initial Cost to Company, Building and Improvements | 622 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 480 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 612 | |||
Gross Amount Carried at Close of Period, Total | 1,092 | |||
Accumulated Depreciation | $ 205 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 975 | |||
Initial Cost to Company, Building and Improvements | 1,261 | |||
Cost Capitalized Subsequent to Acquisition | (21) | |||
Gross Amount Carried at Close of Period, Land | 975 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,240 | |||
Gross Amount Carried at Close of Period, Total | 2,215 | |||
Accumulated Depreciation | $ 415 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,108 | |||
Initial Cost to Company, Building and Improvements | 1,433 | |||
Cost Capitalized Subsequent to Acquisition | (23) | |||
Gross Amount Carried at Close of Period, Land | 1,108 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,410 | |||
Gross Amount Carried at Close of Period, Total | 2,518 | |||
Accumulated Depreciation | $ 472 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Building and Improvements | 549 | |||
Cost Capitalized Subsequent to Acquisition | (89) | |||
Gross Amount Carried at Close of Period, Land | 425 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 460 | |||
Gross Amount Carried at Close of Period, Total | 885 | |||
Accumulated Depreciation | $ 155 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 518 | |||
Initial Cost to Company, Building and Improvements | 671 | |||
Cost Capitalized Subsequent to Acquisition | (40) | |||
Gross Amount Carried at Close of Period, Land | 518 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 631 | |||
Gross Amount Carried at Close of Period, Total | 1,149 | |||
Accumulated Depreciation | $ 201 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 758 | |||
Initial Cost to Company, Building and Improvements | 981 | |||
Cost Capitalized Subsequent to Acquisition | (59) | |||
Gross Amount Carried at Close of Period, Land | 758 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 922 | |||
Gross Amount Carried at Close of Period, Total | 1,680 | |||
Accumulated Depreciation | $ 294 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 375 | |||
Initial Cost to Company, Building and Improvements | 485 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 375 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 477 | |||
Gross Amount Carried at Close of Period, Total | 852 | |||
Accumulated Depreciation | $ 160 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 438 | |||
Initial Cost to Company, Building and Improvements | 567 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 438 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 558 | |||
Gross Amount Carried at Close of Period, Total | 996 | |||
Accumulated Depreciation | $ 187 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 017 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 561 | |||
Initial Cost to Company, Building and Improvements | 726 | |||
Cost Capitalized Subsequent to Acquisition | (44) | |||
Gross Amount Carried at Close of Period, Land | 561 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 682 | |||
Gross Amount Carried at Close of Period, Total | 1,243 | |||
Accumulated Depreciation | $ 217 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 023 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,360 | |||
Initial Cost to Company, Building and Improvements | 1,082 | |||
Cost Capitalized Subsequent to Acquisition | 2,023 | |||
Gross Amount Carried at Close of Period, Land | 2,360 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,105 | |||
Gross Amount Carried at Close of Period, Total | 5,465 | |||
Accumulated Depreciation | $ 955 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 018 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 753 | |||
Initial Cost to Company, Building and Improvements | 976 | |||
Cost Capitalized Subsequent to Acquisition | (59) | |||
Gross Amount Carried at Close of Period, Land | 753 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 917 | |||
Gross Amount Carried at Close of Period, Total | 1,670 | |||
Accumulated Depreciation | $ 292 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 019 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 675 | |||
Cost Capitalized Subsequent to Acquisition | (41) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 634 | |||
Gross Amount Carried at Close of Period, Total | 1,155 | |||
Accumulated Depreciation | $ 202 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 020 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 634 | |||
Initial Cost to Company, Building and Improvements | 821 | |||
Cost Capitalized Subsequent to Acquisition | (13) | |||
Gross Amount Carried at Close of Period, Land | 634 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 808 | |||
Gross Amount Carried at Close of Period, Total | 1,442 | |||
Accumulated Depreciation | $ 270 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 021 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 379 | |||
Initial Cost to Company, Building and Improvements | 491 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 379 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 483 | |||
Gross Amount Carried at Close of Period, Total | 862 | |||
Accumulated Depreciation | $ 162 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 022 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 592 | |||
Initial Cost to Company, Building and Improvements | 766 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 592 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 720 | |||
Gross Amount Carried at Close of Period, Total | 1,312 | |||
Accumulated Depreciation | $ 229 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,134 | |||
Initial Cost to Company, Building and Improvements | 1,467 | |||
Cost Capitalized Subsequent to Acquisition | (89) | |||
Gross Amount Carried at Close of Period, Land | 1,134 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,378 | |||
Gross Amount Carried at Close of Period, Total | 2,512 | |||
Accumulated Depreciation | $ 439 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 845 | |||
Initial Cost to Company, Building and Improvements | 1,094 | |||
Cost Capitalized Subsequent to Acquisition | (66) | |||
Gross Amount Carried at Close of Period, Land | 845 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,028 | |||
Gross Amount Carried at Close of Period, Total | 1,873 | |||
Accumulated Depreciation | $ 327 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 884 | |||
Initial Cost to Company, Building and Improvements | 1,145 | |||
Cost Capitalized Subsequent to Acquisition | (19) | |||
Gross Amount Carried at Close of Period, Land | 884 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,126 | |||
Gross Amount Carried at Close of Period, Total | 2,010 | |||
Accumulated Depreciation | $ 377 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 953 | |||
Initial Cost to Company, Building and Improvements | 1,233 | |||
Cost Capitalized Subsequent to Acquisition | (21) | |||
Gross Amount Carried at Close of Period, Land | 953 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,212 | |||
Gross Amount Carried at Close of Period, Total | 2,165 | |||
Accumulated Depreciation | $ 406 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 487 | |||
Initial Cost to Company, Building and Improvements | 632 | |||
Cost Capitalized Subsequent to Acquisition | (39) | |||
Gross Amount Carried at Close of Period, Land | 487 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 593 | |||
Gross Amount Carried at Close of Period, Total | 1,080 | |||
Accumulated Depreciation | $ 189 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Building and Improvements | 550 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 425 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 541 | |||
Gross Amount Carried at Close of Period, Total | 966 | |||
Accumulated Depreciation | $ 181 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,151 | |||
Initial Cost to Company, Building and Improvements | 1,490 | |||
Cost Capitalized Subsequent to Acquisition | (24) | |||
Gross Amount Carried at Close of Period, Land | 1,151 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,466 | |||
Gross Amount Carried at Close of Period, Total | 2,617 | |||
Accumulated Depreciation | $ 491 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 546 | |||
Initial Cost to Company, Building and Improvements | 707 | |||
Cost Capitalized Subsequent to Acquisition | (42) | |||
Gross Amount Carried at Close of Period, Land | 546 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 665 | |||
Gross Amount Carried at Close of Period, Total | 1,211 | |||
Accumulated Depreciation | $ 212 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 819 | |||
Initial Cost to Company, Building and Improvements | 1,061 | |||
Cost Capitalized Subsequent to Acquisition | (64) | |||
Gross Amount Carried at Close of Period, Land | 819 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 997 | |||
Gross Amount Carried at Close of Period, Total | 1,816 | |||
Accumulated Depreciation | $ 317 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 958 | |||
Initial Cost to Company, Building and Improvements | 1,240 | |||
Cost Capitalized Subsequent to Acquisition | (75) | |||
Gross Amount Carried at Close of Period, Land | 958 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,165 | |||
Gross Amount Carried at Close of Period, Total | 2,123 | |||
Accumulated Depreciation | $ 371 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 788 | |||
Initial Cost to Company, Building and Improvements | 1,020 | |||
Cost Capitalized Subsequent to Acquisition | (17) | |||
Gross Amount Carried at Close of Period, Land | 788 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,003 | |||
Gross Amount Carried at Close of Period, Total | 1,791 | |||
Accumulated Depreciation | $ 336 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 554 | |||
Initial Cost to Company, Building and Improvements | 716 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 554 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 704 | |||
Gross Amount Carried at Close of Period, Total | 1,258 | |||
Accumulated Depreciation | $ 236 | |||
Depreciable Life | 40 years | |||
Entertainment | Washington EWA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,500 | |||
Initial Cost to Company, Building and Improvements | 6,500 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,500 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,500 | |||
Gross Amount Carried at Close of Period, Total | 8,000 | |||
Accumulated Depreciation | $ 2,681 | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 673 | |||
Cost Capitalized Subsequent to Acquisition | (39) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 634 | |||
Gross Amount Carried at Close of Period, Total | 1,155 | |||
Accumulated Depreciation | $ 202 | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 793 | |||
Initial Cost to Company, Building and Improvements | 1,025 | |||
Cost Capitalized Subsequent to Acquisition | (17) | |||
Gross Amount Carried at Close of Period, Land | 793 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,008 | |||
Gross Amount Carried at Close of Period, Total | 1,801 | |||
Accumulated Depreciation | $ 338 | |||
Depreciable Life | 40 years | |||
Retail | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 48,724 | |||
Initial Cost to Company, Building and Improvements | 90,989 | |||
Cost Capitalized Subsequent to Acquisition | 51,360 | |||
Gross Amount Carried at Close of Period, Land | 47,797 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 143,276 | |||
Gross Amount Carried at Close of Period, Total | 191,073 | |||
Accumulated Depreciation | 29,078 | |||
Retail | Arizona RAZ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,625 | |||
Initial Cost to Company, Building and Improvements | 4,875 | |||
Cost Capitalized Subsequent to Acquisition | 2,849 | |||
Gross Amount Carried at Close of Period, Land | 2,625 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,724 | |||
Gross Amount Carried at Close of Period, Total | 10,349 | |||
Accumulated Depreciation | $ 1,655 | |||
Depreciable Life | 40 years | |||
Retail | Arizona RAZ 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,184 | |||
Initial Cost to Company, Building and Improvements | 4,056 | |||
Cost Capitalized Subsequent to Acquisition | (1,588) | |||
Gross Amount Carried at Close of Period, Land | 2,184 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,468 | |||
Gross Amount Carried at Close of Period, Total | 4,652 | |||
Accumulated Depreciation | $ 372 | |||
Depreciable Life | 40 years | |||
Retail | Arizona RAZ 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,657 | |||
Initial Cost to Company, Building and Improvements | 2,666 | |||
Cost Capitalized Subsequent to Acquisition | (309) | |||
Gross Amount Carried at Close of Period, Land | 2,657 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,357 | |||
Gross Amount Carried at Close of Period, Total | 5,014 | |||
Accumulated Depreciation | $ 601 | |||
Depreciable Life | 40 years | |||
Retail | Colorado RCO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,631 | |||
Initial Cost to Company, Building and Improvements | 279 | |||
Cost Capitalized Subsequent to Acquisition | 5,195 | |||
Gross Amount Carried at Close of Period, Land | 2,607 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,498 | |||
Gross Amount Carried at Close of Period, Total | 8,105 | |||
Accumulated Depreciation | $ 1,447 | |||
Depreciable Life | 40 years | |||
Retail | Florida RFL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,950 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 10,285 | |||
Gross Amount Carried at Close of Period, Land | 3,908 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,327 | |||
Gross Amount Carried at Close of Period, Total | 14,235 | |||
Accumulated Depreciation | $ 2,899 | |||
Depreciable Life | 40 years | |||
Retail | Hawaii RHI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,393 | |||
Initial Cost to Company, Building and Improvements | 21,155 | |||
Cost Capitalized Subsequent to Acquisition | (9,091) | |||
Gross Amount Carried at Close of Period, Land | 3,393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 12,064 | |||
Gross Amount Carried at Close of Period, Total | 15,457 | |||
Accumulated Depreciation | $ 3,223 | |||
Depreciable Life | 40 years | |||
Retail | Illinois RIL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 14,934 | |||
Initial Cost to Company, Building and Improvements | 29,675 | |||
Cost Capitalized Subsequent to Acquisition | 27,871 | |||
Gross Amount Carried at Close of Period, Land | 14,934 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 57,546 | |||
Gross Amount Carried at Close of Period, Total | 72,480 | |||
Accumulated Depreciation | $ 7,817 | |||
Depreciable Life | 40 years | |||
Retail | Illinois RIL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 336 | |||
Cost Capitalized Subsequent to Acquisition | 1,830 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,166 | |||
Gross Amount Carried at Close of Period, Total | 2,166 | |||
Accumulated Depreciation | $ 1,056 | |||
Depreciable Life | 40 years | |||
Retail | New Mexico RNM 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,733 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,728 | |||
Gross Amount Carried at Close of Period, Land | 1,705 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,756 | |||
Gross Amount Carried at Close of Period, Total | 10,461 | |||
Accumulated Depreciation | $ 2,580 | |||
Depreciable Life | 40 years | |||
Retail | New York RNY 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 731 | |||
Initial Cost to Company, Building and Improvements | 6,073 | |||
Cost Capitalized Subsequent to Acquisition | 699 | |||
Gross Amount Carried at Close of Period, Land | 711 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,792 | |||
Gross Amount Carried at Close of Period, Total | 7,503 | |||
Accumulated Depreciation | $ 2,286 | |||
Depreciable Life | 40 years | |||
Retail | South Carolina RSC 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,126 | |||
Initial Cost to Company, Building and Improvements | 948 | |||
Cost Capitalized Subsequent to Acquisition | (723) | |||
Gross Amount Carried at Close of Period, Land | 1,337 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,014 | |||
Gross Amount Carried at Close of Period, Total | 2,351 | |||
Accumulated Depreciation | $ 269 | |||
Depreciable Life | 40 years | |||
Retail | Texas RTX 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,538 | |||
Initial Cost to Company, Building and Improvements | 4,215 | |||
Cost Capitalized Subsequent to Acquisition | (187) | |||
Gross Amount Carried at Close of Period, Land | 3,514 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,052 | |||
Gross Amount Carried at Close of Period, Total | 7,566 | |||
Accumulated Depreciation | $ 1,193 | |||
Depreciable Life | 40 years | |||
Retail | Utah RUT 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,502 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,975 | |||
Gross Amount Carried at Close of Period, Land | 3,502 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,975 | |||
Gross Amount Carried at Close of Period, Total | 9,477 | |||
Accumulated Depreciation | $ 1,659 | |||
Depreciable Life | 40 years | |||
Retail | Virginia RVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,720 | |||
Initial Cost to Company, Building and Improvements | 16,711 | |||
Cost Capitalized Subsequent to Acquisition | (174) | |||
Gross Amount Carried at Close of Period, Land | 4,720 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 16,537 | |||
Gross Amount Carried at Close of Period, Total | 21,257 | |||
Accumulated Depreciation | $ 2,021 | |||
Depreciable Life | 40 years | |||
Hotel | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 31,189 | |||
Initial Cost to Company, Building and Improvements | 95,704 | |||
Cost Capitalized Subsequent to Acquisition | (17,645) | |||
Gross Amount Carried at Close of Period, Land | 16,612 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 92,636 | |||
Gross Amount Carried at Close of Period, Total | 109,248 | |||
Accumulated Depreciation | 16,878 | |||
Hotel | Georgia HGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 6,378 | |||
Initial Cost to Company, Building and Improvements | 25,514 | |||
Cost Capitalized Subsequent to Acquisition | 4,465 | |||
Gross Amount Carried at Close of Period, Land | 6,378 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 29,979 | |||
Gross Amount Carried at Close of Period, Total | 36,357 | |||
Accumulated Depreciation | $ 6,554 | |||
Depreciable Life | 40 years | |||
Hotel | Hawaii HHI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 17,996 | |||
Initial Cost to Company, Building and Improvements | 17,996 | |||
Cost Capitalized Subsequent to Acquisition | (31,160) | |||
Gross Amount Carried at Close of Period, Land | 3,419 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,413 | |||
Gross Amount Carried at Close of Period, Total | 4,832 | |||
Accumulated Depreciation | $ 4,531 | |||
Depreciable Life | 40 years | |||
Hotel | Hawaii HHI 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,000 | |||
Initial Cost to Company, Building and Improvements | 12,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,986 | |||
Gross Amount Carried at Close of Period, Land | 3,000 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,986 | |||
Gross Amount Carried at Close of Period, Total | 20,986 | |||
Accumulated Depreciation | $ 3,061 | |||
Depreciable Life | 40 years | |||
Hotel | New Jersey HNJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,815 | |||
Initial Cost to Company, Building and Improvements | 40,194 | |||
Cost Capitalized Subsequent to Acquisition | 3,064 | |||
Gross Amount Carried at Close of Period, Land | 3,815 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 43,258 | |||
Gross Amount Carried at Close of Period, Total | 47,073 | |||
Accumulated Depreciation | $ 2,732 | |||
Depreciable Life | 40 years | |||
Apartment/Residential | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 67,678 | |||
Initial Cost to Company, Building and Improvements | 190,869 | |||
Cost Capitalized Subsequent to Acquisition | (210,959) | |||
Gross Amount Carried at Close of Period, Land | 22,903 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 24,685 | |||
Gross Amount Carried at Close of Period, Total | 47,588 | |||
Accumulated Depreciation | 0 | |||
Apartment/Residential | California ACA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 10,078 | |||
Initial Cost to Company, Building and Improvements | 40,312 | |||
Cost Capitalized Subsequent to Acquisition | (49,631) | |||
Gross Amount Carried at Close of Period, Land | 152 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 607 | |||
Gross Amount Carried at Close of Period, Total | 759 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Georgia AGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,963 | |||
Initial Cost to Company, Building and Improvements | 11,850 | |||
Cost Capitalized Subsequent to Acquisition | 6,912 | |||
Gross Amount Carried at Close of Period, Land | 4,345 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,380 | |||
Gross Amount Carried at Close of Period, Total | 21,725 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | New Jersey ANJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 36,405 | |||
Initial Cost to Company, Building and Improvements | 64,719 | |||
Cost Capitalized Subsequent to Acquisition | (100,639) | |||
Gross Amount Carried at Close of Period, Land | 174 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 311 | |||
Gross Amount Carried at Close of Period, Total | 485 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Pennsylvania APA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 15,890 | |||
Initial Cost to Company, Building and Improvements | 29,510 | |||
Cost Capitalized Subsequent to Acquisition | (30,922) | |||
Gross Amount Carried at Close of Period, Land | 15,890 | |||
Gross Amount Carried at Close of Period, Building and Improvements | (1,412) | |||
Gross Amount Carried at Close of Period, Total | 14,478 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Washington AWA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,342 | |||
Initial Cost to Company, Building and Improvements | 44,478 | |||
Cost Capitalized Subsequent to Acquisition | (36,679) | |||
Gross Amount Carried at Close of Period, Land | 2,342 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,799 | |||
Gross Amount Carried at Close of Period, Total | 10,141 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Mixed Use Collateral | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 45,468 | |||
Initial Cost to Company, Building and Improvements | 114,795 | |||
Cost Capitalized Subsequent to Acquisition | 33,411 | |||
Gross Amount Carried at Close of Period, Land | 45,468 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 148,206 | |||
Gross Amount Carried at Close of Period, Total | 193,674 | |||
Accumulated Depreciation | 26,229 | |||
Mixed Use Collateral | Arizona MAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 10,182 | |||
Initial Cost to Company, Building and Improvements | 52,544 | |||
Cost Capitalized Subsequent to Acquisition | 45,144 | |||
Gross Amount Carried at Close of Period, Land | 10,182 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 97,688 | |||
Gross Amount Carried at Close of Period, Total | 107,870 | |||
Accumulated Depreciation | $ 16,099 | |||
Depreciable Life | 40 years | |||
Mixed Use Collateral | California MCA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,869 | |||
Initial Cost to Company, Building and Improvements | 629 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Gross Amount Carried at Close of Period, Land | 5,869 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 631 | |||
Gross Amount Carried at Close of Period, Total | 6,500 | |||
Accumulated Depreciation | $ 451 | |||
Depreciable Life | 40 years | |||
Mixed Use Collateral | Florida MFL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 18,229 | |||
Initial Cost to Company, Building and Improvements | 20,899 | |||
Cost Capitalized Subsequent to Acquisition | 2,499 | |||
Gross Amount Carried at Close of Period, Land | 18,229 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 23,398 | |||
Gross Amount Carried at Close of Period, Total | 41,627 | |||
Accumulated Depreciation | $ 4,164 | |||
Depreciable Life | 40 years | |||
Mixed Use Collateral | Florida MFL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,507 | |||
Initial Cost to Company, Building and Improvements | 8,155 | |||
Cost Capitalized Subsequent to Acquisition | 1,129 | |||
Gross Amount Carried at Close of Period, Land | 2,507 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,284 | |||
Gross Amount Carried at Close of Period, Total | 11,791 | |||
Accumulated Depreciation | $ 1,824 | |||
Depreciable Life | 40 years | |||
Mixed Use Collateral | Florida MFL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,201 | |||
Initial Cost to Company, Building and Improvements | 14,652 | |||
Cost Capitalized Subsequent to Acquisition | 1,201 | |||
Gross Amount Carried at Close of Period, Land | 4,201 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,853 | |||
Gross Amount Carried at Close of Period, Total | 20,054 | |||
Accumulated Depreciation | $ 2,352 | |||
Depreciable Life | 40 years | |||
Mixed Use Collateral | Georgia MGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,480 | |||
Initial Cost to Company, Building and Improvements | 17,916 | |||
Cost Capitalized Subsequent to Acquisition | (16,564) | |||
Gross Amount Carried at Close of Period, Land | 4,480 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,352 | |||
Gross Amount Carried at Close of Period, Total | 5,832 | |||
Accumulated Depreciation | $ 1,339 | |||
Depreciable Life | 40 years | |||
Land and Land Development Assets | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 8,300 | |||
Assets Held-for-Sale | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 10,500 |
Schedule III - Real Estate a116
Schedule III - Real Estate and Accumulated Depreciation - Real Estate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at January 1 | $ 2,997,351 | $ 3,246,469 | $ 3,448,934 |
Improvements and additions | 167,676 | 169,999 | 183,269 |
Acquisitions through foreclosure | 0 | 40,583 | 14,505 |
Other acquisitions | 5,164 | 30,618 | 0 |
Dispositions | (561,431) | (484,810) | (431,928) |
Other | 0 | 4,035 | 41,869 |
Impairments | (31,565) | (9,543) | (10,180) |
Balance at December 31 | $ 2,577,195 | $ 2,997,351 | $ 3,246,469 |
Schedule III - Real Estate a117
Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at January 1 | $ (426,982) | $ (467,616) | $ (482,130) |
Additions | (44,270) | (48,761) | (57,393) |
Dispositions | 104,987 | 89,395 | 71,907 |
Balance at December 31 | $ (366,265) | $ (426,982) | $ (467,616) |
Schedule IV - Mortgage Loans118
Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 802,421 | |||
Carrying Amount of Mortgages | 752,129 | $ 915,905 | $ 934,964 | $ 726,426 |
Reserves on impaired loans | 48,500 | |||
Borrower A | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 0 | |||
Face Amount of Mortgages | 200,000 | |||
Carrying Amount of Mortgages | $ 199,000 | |||
Borrower A | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 5.25% | |||
Borrower A | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 5.25% | |||
Borrower A | Minimum | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 0.18% | |||
Borrower B | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 107,196 | |||
Carrying Amount of Mortgages | $ 107,202 | |||
Borrower B | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 5.15% | |||
Borrower B | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 5.15% | |||
Borrower C | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 93,782 | |||
Carrying Amount of Mortgages | $ 93,596 | |||
Borrower C | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 8.00% | |||
Borrower C | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 8.00% | |||
Borrower D | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 86,000 | |||
Carrying Amount of Mortgages | $ 86,714 | |||
Borrower D | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 6.00% | |||
Borrower D | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 6.00% | |||
Borrower D | Minimum | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 0.42% | |||
Borrower E | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 39,729 | |||
Carrying Amount of Mortgages | $ 39,748 | |||
Borrower E | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 7.25% | |||
Borrower E | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 7.25% | |||
Borrower F | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 30,338 | |||
Carrying Amount of Mortgages | $ 30,308 | |||
Borrower F | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 5.88% | |||
Borrower F | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 5.88% | |||
Borrower F | Minimum | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 0.25% | |||
Borrower G | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 25,424 | |||
Carrying Amount of Mortgages | $ 25,201 | |||
Borrower G | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 8.00% | |||
Borrower G | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 8.00% | |||
Senior Mortgages Individually Less than 3 Percent | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 210,457 | |||
Carrying Amount of Mortgages | $ 160,865 | |||
Senior Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 3.00% | |||
Contractual interest rate (as a percent) | 5.00% | |||
Senior Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 3.00% | |||
Contractual interest rate (as a percent) | 6.00% | |||
Senior Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 12.35% | |||
Contractual interest rate (as a percent) | 9.68% | |||
Senior Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR (as a percent) | 12.35% | |||
Contractual interest rate (as a percent) | 9.68% | |||
Senior Mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 792,926 | |||
Carrying Amount of Mortgages | 742,634 | |||
Subordinate Mortgages Individually Less than 3 Percent | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | 9,495 | |||
Carrying Amount of Mortgages | $ 9,495 | |||
Subordinate Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Contractual interest rate (as a percent) | 6.80% | |||
Subordinate Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Contractual interest rate (as a percent) | 6.80% | |||
Subordinate Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Accrual Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Contractual interest rate (as a percent) | 14.00% | |||
Subordinate Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Payment Rates | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Contractual interest rate (as a percent) | 14.00% | |||
Subordinate Mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 9,495 | |||
Carrying Amount of Mortgages | $ 9,495 |
Schedule IV - Mortgage Loans119
Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at January 1 | $ 915,905 | $ 934,964 | $ 726,426 |
Additions: | |||
New mortgage loans | 265,966 | 25,893 | 237,031 |
Additions under existing mortgage loans | 132,703 | 165,275 | 92,887 |
Other | 23,388 | 30,694 | 33,080 |
Deductions: | |||
Collections of principal | (528,321) | (247,431) | (151,464) |
Recovery of (provision for) loan losses | 28 | 9,747 | (6,186) |
Transfers (to) from real estate and equity investments | (57,505) | (3,177) | 3,261 |
Amortization of premium | (35) | (60) | (71) |
Balance at December 31 | 752,129 | 915,905 | 934,964 |
Charge offs | $ 1,200 | $ 10,100 | $ 1,000 |