Safehold 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 02, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	ISTAR INC.
Entity Central Index Key	1,095,651
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		67,901,019
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate
Real estate, at cost	$ 1,659,651	$ 1,629,436
Less: accumulated depreciation	(357,508)	(347,405)
Real estate, net	1,302,143	1,282,031
Real estate available and held for sale	41,857	68,588
Total real estate	1,344,000	1,350,619
Land and development, net	681,410	860,311
Loans receivable and other lending investments, net	1,400,474	1,300,655
Other investments	422,853	321,241
Cash and cash equivalents	366,723	657,688
Accrued interest and operating lease income receivable, net	11,030	11,957
Deferred operating lease income receivable, net	88,820	86,877
Deferred expenses and other assets, net	134,749	141,730
Total assets	4,450,059	4,731,078
Liabilities:
Accounts payable, accrued expenses and other liabilities	217,874	238,004
Loan participations payable, net	85,354	102,425
Debt obligations, net	3,130,934	3,476,400
Total liabilities	3,434,162	3,816,829
Commitments and contingencies (refer to Note 11)
iStar Inc. shareholders' equity:
Common Stock, $0.001 par value, 200,000 shares authorized, 67,901 and 68,236 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	68	68
Additional paid-in capital	3,350,250	3,352,665
Retained earnings (deficit)	(2,368,162)	(2,470,564)
Accumulated other comprehensive income (loss) (refer to Note 13)	(925)	(2,482)
Total iStar Inc. shareholders' equity	981,247	879,703
Noncontrolling interests	34,650	34,546
Total equity	1,015,897	914,249
Total liabilities and equity	4,450,059	4,731,078
Series D, G and I Preferred Stock
iStar Inc. shareholders' equity:
Preferred Stock	12	12
Preferred Stock Series J
iStar Inc. shareholders' equity:
Preferred Stock	$ 4	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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)	67,901,000	68,236,000
Common Stock, shares outstanding (in shares)	67,901,000	68,236,000
Series D, G and I Preferred Stock
Liquidation preference (in dollars per share)	$ 25	$ 25
Preferred Stock Series J
Liquidation preference (in dollars per share)	$ 50	$ 50

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenues:
Operating lease income		$ 45,799	$ 47,347
Interest income		26,697	29,058
Other income		15,320	11,864
Land development revenue		276,429	20,050
Total revenues		364,245	108,319
Costs and expenses:
Interest expense		45,182	51,145
Real estate expense		36,180	35,590
Land development cost of sales		223,407	15,910
Depreciation and amortization		11,110	12,280
General and administrative	[1]	28,814	25,173
Recovery of loan losses		(855)	(4,928)
Impairment of assets		4,100	4,413
Other expense		1,166	1,869
Total costs and expenses		349,104	141,452
Income (loss) before earnings from equity method investments and other items		15,141	(33,133)
Loss on early extinguishment of debt, net		(372)	(210)
Earnings from equity method investments		3,332	5,702
Income (loss) from continuing operations before income taxes		18,101	(27,641)
Income tax expense		(121)	(607)
Income (loss) from continuing operations		17,980	(28,248)
Income from discontinued operations		0	4,766
Income from sales of real estate	[2]	17,048	8,110
Net income (loss)		35,028	(15,372)
Net (income) loss attributable to noncontrolling interests		(95)	1,100
Net income (loss) attributable to iStar Inc.		34,933	(14,272)
Preferred dividends		(8,124)	(12,830)
Net income (loss) allocable to common shareholders		$ 26,809	$ (27,102)
Income (loss) attributable to iStar Inc. from continuing operations:
Basic (in dollars per share)		$ 0.39	$ (0.44)
Diluted (in dollars per share)		0.35	(0.44)
Net income (loss) attributable to iStar Inc.:
Basic (in dollars per share)		0.39	(0.38)
Diluted (in dollars per share)		$ 0.35	$ (0.38)
Weighted average number of common shares:
Basic (in shares)		67,913	72,065
Weighted average common shares outstanding for diluted earnings per common share		83,670	72,065
Equity-based compensation		$ 9,091	$ 5,881
All Performance Incentive Plans
Weighted average number of common shares:
Equity-based compensation		$ 7,900	$ 5,000
[1]	For the three months ended March 31, 2018 and 2017, includes $7.9 million and $5.0 million, respectively, of equity-based compensation associated with iPIP Plans (refer to Note 14). These plans are liability-based plans which are marked-to-market quarterly and such marks are based upon the performance of the assets underlying the plans as of the quarterly measurement dates; however, actual amounts cannot be determined until the end date of the plans and the ultimate repayment or monetization of the related assets.
[2]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 35,028	$ (15,372)
Other comprehensive income (loss):
Impact from adoption of new accounting standards		276	0
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization	[1]	9	122
Unrealized losses on available-for-sale securities		(971)	(17)
Unrealized gains on cash flow hedges		2,351	540
Unrealized losses on cumulative translation adjustment		(108)	(401)
Other comprehensive income		1,557	244
Comprehensive income (loss)		36,585	(15,128)
Comprehensive (income) loss attributable to noncontrolling interests		(95)	1,100
Comprehensive income (loss) attributable to iStar Inc.		$ 36,490	$ (14,028)
[1]	Amount reclassified to "Interest expense" in the Company's consolidated statements of operations is $30 for the three months ended March 31, 2017. Amounts reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $9 and $92 for the three months ended March 31, 2018 and 2017, respectively.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization	[1]	$ 9	$ 122
Interest Expense
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization			30
Earnings from equity method investments
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization		$ 9	$ 92
[1]	Amount reclassified to "Interest expense" in the Company's consolidated statements of operations is $30 for the three months ended March 31, 2017. Amounts reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $9 and $92 for the three months ended March 31, 2018 and 2017, respectively.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Preferred Stock	[1]	Preferred Stock Series J	[1]	Common Stock at Par	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2016		$ 1,059,684	$ 22		$ 4		$ 72	$ 3,602,172	$ (2,581,488)	$ (4,218)	$ 43,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred		(12,830)							(12,830)
Issuance of stock/restricted stock unit amortization, net		1,237						1,237
Net income (loss) for the period	[2]	(14,031)							(14,272)		241
Change in accumulated other comprehensive income		244								244
Change in additional paid in capital attributable to redeemable noncontrolling interest		177						177
Ending Balance at Mar. 31, 2017		1,034,481	22		4		72	3,603,586	(2,608,590)	(3,974)	43,361
Beginning Balance at Dec. 31, 2017		914,249	12		4		68	3,352,665	(2,470,564)	(2,482)	34,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred		(8,124)							(8,124)
Issuance of stock/restricted stock unit amortization, net		5,889					1	5,888
Net income (loss) for the period	[2]	35,028							34,933		95
Change in accumulated other comprehensive income		1,281								1,281
Change in accumulated other comprehensive income		1,557
Repurchase of stock		(8,304)					(1)	(8,303)
Contributions from noncontrolling interests		9									9
Impact from adoption of new accounting standards (refer to Note 3)		75,869							75,593	276
Ending Balance at Mar. 31, 2018		$ 1,015,897	$ 12		$ 4		$ 68	$ 3,350,250	$ (2,368,162)	$ (925)	$ 34,650
[1]	Refer to Note 13 for details on the Company's Preferred Stock.
[2]	For the three months ended March 31, 2017, net income (loss) shown above excludes $(1,341) of net loss attributable to redeemable noncontrolling interests.

Consolidated Statements of Cha8

Consolidated Statements of Changes in Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (1,341)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)		$ 35,028	$ (15,372)
Adjustments to reconcile net income to cash flows from operating activities:
Recovery of loan losses		(855)	(4,928)
Impairment of assets		4,100	4,413
Depreciation and amortization		11,110	13,067
Non-cash expense for stock-based compensation		9,091	5,881
Amortization of discounts/premiums and deferred financing costs on debt obligations, net		3,943	3,512
Amortization of discounts/premiums on loans and deferred interest on loans, net		(9,067)	(14,652)
Deferred interest on loans received		17,930	1
Earnings from equity method investments		(3,332)	(5,702)
Distributions from operations of other investments		3,101	20,029
Deferred operating lease income		(2,239)	(2,185)
Income from sales of real estate		(17,048)	(8,618)
Land development revenue in excess of cost of sales	[1]	(17,048)	(8,110)
Loss on early extinguishment of debt, net		372	210
Other operating activities, net		865	3,689
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable		617	2,131
Changes in deferred expenses and other assets, net		(2,016)	(8,035)
Changes in accounts payable, accrued expenses and other liabilities		(45,144)	(24,987)
Cash flows provided by (used in) operating activities		(46,566)	(35,686)
Cash flows from investing activities:
Originations and fundings of loans receivable, net		(103,288)	(61,605)
Capital expenditures on real estate assets		(7,840)	(7,781)
Capital expenditures on land and development assets		(30,954)	(27,604)
Repayments of and principal collections on loans receivable and other lending investments, net		114,525	171,066
Net proceeds from sales of real estate		48,469	30,215
Net proceeds from sales of land and development assets		130,304	20,923
Distributions from other investments		17,813	4,709
Contributions to and acquisition of interest in other investments		(43,391)	(1,813)
Other investing activities, net		491	1,801
Cash flows provided by investing activities		126,129	129,911
Cash flows from financing activities:
Borrowings from debt obligations and convertible notes		0	854,637
Repayments and repurchases of debt obligations		(349,658)	(353,458)
Preferred dividends paid		(8,124)	(12,830)
Repurchase of stock		(8,304)	0
Payments for deferred financing costs		(252)	(11,497)
Payments for withholding taxes upon vesting of stock-based compensation		(3,845)	(420)
Payments for debt prepayment or extinguishment costs		0	(847)
Other financing activities, net		9	(661)
Cash flows provided by (used in) financing activities		(370,174)	474,924
Effect of exchange rate changes on cash		22	1
Changes in cash, cash equivalents and restricted cash		(290,589)	569,150
Cash, cash equivalents and restricted cash at beginning of period		677,733	354,627
Cash, cash equivalents and restricted cash at end of period		387,144	923,777
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net		(17,117)	22,602
Accounts payable for capital expenditures on real estate assets		338	781
Acquisitions of land and development assets through foreclosure		4,600	0
Profit sharing arrangement		28,831	0
Financing provided on sales of land and development assets, net		142,639	0
Land and Development
Adjustments to reconcile net income to cash flows from operating activities:
Land development revenue in excess of cost of sales		$ (53,022)	$ (4,140)
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business —iStar Inc. (the "Company") 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 reportable business segments are real estate finance, net lease, operating properties and land and development (refer to Note 17). Organization —The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments and corporate acquisitions.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 (the " 2017 Annual Report"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation. Principles of Consolidation —The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All 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 March 31, 2018 , the Company consolidates VIEs for which it is considered the primary beneficiary. As of March 31, 2018 , the total assets of these consolidated VIEs were $318.9 million and total liabilities were $43.2 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 March 31, 2018 . Unconsolidated VIEs —As of March 31, 2018 , 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 March 31, 2018 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $92.9 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 $29.7 million of related unfunded commitments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2018. ASU 2014-09 — ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. The Company's revenue within the scope of the guidance is primarily ancillary income related to its operating properties. The Company adopted ASU 2014-09 using the modified retrospective approach and the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2016-01 and ASU 2018-03 — ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, provided technical corrections and improvements to ASU 2016-01. ASU 2016-01 requires entities to measure equity investments not accounted for under the equity method at fair value and recognize changes in fair value in net income. For equity investments without readily determinable fair values, entities may elect a measurement alternative that will allow those investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. Upon adoption, entities must record a cumulative-effect adjustment to the balance sheet as of the beginning of the first reporting period in which the standard is adopted. ASU 2016-01 also eliminated the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The adoption of ASU 2016-01 and ASU 2018-03 did not have a material impact on the Company's consolidated financial statements. ASU 2016-15 — ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), 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. The adoption of ASU 2016-15 was retrospective and resulted in an increase to cash flows provided by operating activities of $1.1 million and a decrease to cash flows provided by financing activities of $1.1 million for the three months ended March 31, 2017 , primarily resulting from the reclassification of cash payments made related to the extinguishment of debt. ASU 2016-18 — ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18"), 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 and requires disclosure of what is included in restricted cash. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. The adoption of ASU 2016-18 was retrospective and resulted in an increase to cash flows provided by operating activities of $0.7 million and a decrease to cash flows provided by investing activities of $0.3 million for the three months ended March 31, 2017 . The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 366,723 $ 657,688 $ 897,487 $ 328,744 Restricted cash included in deferred expenses and other assets, net (1) 20,421 20,045 26,290 25,883 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 387,144 $ 677,733 $ 923,777 $ 354,627 _______________________________________________________________________________ (1) Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. ASU 2017-01 — The adoption of ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01"), did not have a material impact on the Company's consolidated financial statements. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the former accounting guidance will be accounted for as asset acquisitions under ASU 2017-01. As a result, the Company expects more transaction costs to be capitalized relating to real estate acquisitions as a result of ASU 2017-01. ASU 2017-05 — ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05"), simplifies 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. The Company adopted ASU 2017-05 using the modified retrospective approach which was applied to all contracts. On January 1, 2018, the Company recorded a step-up in basis to fair value of its retained noncontrolling interest relating to the sale of its ground lease business (refer to note 4) and other transactions where the Company sold or contributed real estate to a venture and previously recognized partial gains. Prior to the adoption of ASU 2017-05, the Company was required to recognize gains on only the portion of its interest transferred to third parties and was precluded from recognizing a gain on its retained noncontrolling interest which was carried at the Company’s historical cost basis. The adoption of ASU 2017-05 had the following impact on the Company's consolidated financial statements (in thousands): Impact from ASU 2017-05 on January 1, 2018 December 31, 2017 January 1, 2018 Other investments $ 321,241 $ 75,869 $ 397,110 Total assets 4,731,078 75,869 4,806,947 Retained earnings (deficit) $ (2,470,564 ) $ 75,869 $ (2,394,695 ) Total equity 914,249 75,869 990,118 ASU 2017-12 — ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), was issued 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. The Company adopted ASU 2017-12 on January 1, 2018 and the adoption did not have a material impact on the Company's consolidated financial statements. New Accounting Pronouncements — In June 2016 , the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when: (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio; and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. 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 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.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Land, at cost $ 218,261 $ 212,782 $ 431,043 Buildings and improvements, at cost 888,058 340,550 1,228,608 Less: accumulated depreciation (297,881 ) (59,627 ) (357,508 ) Real estate, net 808,438 493,705 1,302,143 Real estate available and held for sale (2) — 41,857 41,857 Total real estate $ 808,438 $ 535,562 $ 1,344,000 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 _______________________________________________________________________________ (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 offer 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 in exchange for a promote and management fee. (2) As of March 31, 2018 and December 31, 2017 , the Company had $40.9 million and $48.5 million , respectively, of residential condominiums available for sale in its operating properties portfolio. 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"). Ground leases generally represent ownership of the land underlying commercial real estate projects that is triple net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Lease"). 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. As a result of the adoption of ASU 2017-05 (refer to Note 3), on January 1, 2018, the Company recorded an increase to retained earnings of $55.5 million , bringing the Company's aggregate gain on the sale of its Ground Lease business to approximately $178.9 million . Discontinued Operations— The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the three months ended March 31, 2017 ($ in thousands) (1)(2) : Revenues $ 5,244 Expenses (986 ) Income from sales of real estate 508 Income from discontinued operations $ 4,766 _______________________________________________________________________________ (1) The transactions closed on April 14, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. (2) For the three months ended March 31, 2017, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $6.3 million and $0.5 million , respectively. Other Dispositions— The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Three Months Ended March 31, 2018 2017 Operating Properties Proceeds $ 41.9 $ 10.2 Income from sales of real estate 16.6 1.9 Net Lease Proceeds $ 2.3 $ 19.5 Income from sales of real estate 0.4 6.2 Total Proceeds $ 44.2 $ 29.7 Income from sales of real estate 17.0 8.1 Impairments— During the three months ended March 31, 2018 , the Company recorded an impairment of $4.1 million on a real estate asset held for sale due to impending contracts to sell the remaining four condominium units at the property. During the three months ended March 31, 2017 , the Company recorded an impairment of $4.4 million on a real estate asset held for sale due to shifting demand in the local condominium market along with a change in the Company's exit strategy. Tenant Reimbursements— The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $5.6 million and $5.5 million for the three months ended March 31, 2018 and 2017, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of March 31, 2018 and December 31, 2017 , the allowance for doubtful accounts related to real estate tenant receivables was $1.6 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.5 million and $1.3 million as of March 31, 2018 and December 31, 2017 , respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets.

Land and Development

Land and Development	3 Months Ended
	Mar. 31, 2018
Land and development [Abstract]
Land and Development	Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of March 31, December 31, 2018 2017 Land and land development, at cost (1) $ 689,249 $ 868,692 Less: accumulated depreciation (7,839 ) (8,381 ) Total land and development, net $ 681,410 $ 860,311 _______________________________________________________________________________ (1) During the three months ended March 31, 2018, the Company funded capital expenditures on land and development assets of $31.0 million . Acquisitions— During the three months ended March 31, 2018, the Company acquired, via foreclosure, title to a land asset which had a total fair value of $4.6 million and had previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. Dispositions— During the three months ended March 31, 2018 and 2017, the Company sold land parcels and residential lots and units and recognized land development revenue of $276.4 million and $20.1 million , respectively, from its land and development portfolio. In connection with the sale of two land parcels during the three months ended March 31, 2018, the Company originated an aggregate $145.0 million of financing to the buyers. $81.2 million was repaid subsequent to March 31, 2018. During the three months ended March 31, 2018 and 2017, the Company recognized land development cost of sales of $223.4 million and $15.9 million , respectively, from its land and development portfolio.

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Loans Receivable and Other Lending Investments, net	Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment March 31, December 31, Senior mortgages $ 906,482 $ 791,152 Corporate/Partnership loans 513,088 488,921 Subordinate mortgages 9,657 9,495 Total gross carrying value of loans 1,429,227 1,289,568 Reserves for loan losses (69,466 ) (78,489 ) Total loans receivable, net 1,359,761 1,211,079 Other lending investments—securities 40,713 89,576 Total loans receivable and other lending investments, net $ 1,400,474 $ 1,300,655 Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended March 31, 2018 2017 Reserve for loan losses at beginning of period $ 78,489 $ 85,545 Recovery of loan losses (855 ) (4,928 ) Charge-offs (8,168 ) (1,228 ) Reserve for loan losses at end of period $ 69,466 $ 79,389 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 March 31, 2018 Loans $ 224,113 $ 1,211,138 $ 1,435,251 Less: Reserve for loan losses (52,866 ) (16,600 ) (69,466 ) Total (3) $ 171,247 $ 1,194,538 $ 1,365,785 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 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.7 million and $0.7 million as of March 31, 2018 and December 31, 2017 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $5.5 million and $6.2 million as of March 31, 2018 and December 31, 2017 , respectively. (3) The Company's recorded investment in loans as of March 31, 2018 and December 31, 2017 , including accrued interest of $6.0 million and $5.3 million , respectively, is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of March 31, 2018 and December 31, 2017 , the total amounts exclude $40.7 million and $89.6 million , respectively, of securities that are evaluated for impairment under ASC 320. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments, which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of March 31, 2018 As of December 31, 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 842,509 2.52 $ 713,057 2.72 Corporate/Partnership loans 358,943 2.47 334,364 2.85 Subordinate mortgages 9,686 3.00 9,523 3.00 Total $ 1,211,138 2.51 $ 1,056,944 2.77 The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of March 31, 2018 Senior mortgages $ 848,509 $ — $ 61,437 $ 61,437 $ 909,946 Corporate/Partnership loans 358,943 — 156,676 156,676 515,619 Subordinate mortgages 9,686 — — — 9,686 Total $ 1,217,138 $ — $ 218,113 $ 218,113 $ 1,435,251 As of December 31, 2017 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 _______________________________________________________________________________ (1) As of March 31, 2018 , the Company had three loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 2.0 to 9.0 years outstanding. 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 and foreclosure-related proceedings and environmental matters, and ranged from 1.0 to 9.0 years outstanding. Impaired Loans —The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands) (1) : As of March 31, 2018 As of December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 67,437 $ 67,871 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans 156,676 145,849 (12,471 ) 156,534 145,849 (12,471 ) Total $ 224,113 $ 213,720 $ (52,866 ) $ 237,877 $ 227,280 $ (60,989 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended March 31, 2018 2017 Average Interest Average Interest With no related allowance recorded: Subordinate mortgages $ — $ 92 $ 10,953 $ — Subtotal — 92 10,953 — With an allowance recorded: Senior mortgages 74,390 — 84,194 — Corporate/Partnership loans 156,605 — 157,224 — Subtotal 230,995 — 241,418 — Total: Senior mortgages 74,390 — 84,194 — Corporate/Partnership loans 156,605 — 157,224 — Subordinate mortgages — 92 10,953 — Total $ 230,995 $ 92 $ 252,371 $ — Securities —Other lending investments—securities include the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of March 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,195 $ 21,195 $ 640 $ 21,835 $ 21,835 Held-to-Maturity Securities Debt securities 18,903 18,878 403 19,281 18,878 Total $ 40,098 $ 40,073 $ 1,043 $ 41,116 $ 40,713 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 March 31, 2018 , 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 $ — $ — $ — $ — After one year through 5 years 18,878 19,281 — — After 5 years through 10 years — — — — After 10 years — — 21,195 21,835 Total $ 18,878 $ 19,281 $ 21,195 $ 21,835

Other Investments

Other Investments	3 Months Ended
	Mar. 31, 2018
Investments, All Other Investments [Abstract]
Other Investments	Other Investments The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended March 31, March 31, 2018 December 31, 2017 2018 2017 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 132,103 $ 121,139 $ 2,084 $ 981 Safety, Income & Growth Inc. ("SAFE") (1) 146,991 83,868 1,472 — Marina Palms, LLC ("Marina Palms") (1) 4,670 2,555 1,489 3,117 Other real estate equity investments (1) 126,855 100,061 (1,219 ) 1,357 Subtotal 410,619 307,623 3,826 5,455 Other strategic investments 12,234 13,618 (494 ) 247 Total $ 422,853 $ 321,241 $ 3,332 $ 5,702 ____________________________________________________________ (1) On January 1, 2018, the Company recorded a step-up in basis to fair value of its retained noncontrolling interest relating to the sale of its Ground Lease business (refer to note 4) and other transactions where the Company sold or contributed real estate to a venture and previously recognized partial gains. Prior to the adoption of ASU 2017-05 (refer to Note 3), the Company was required to recognize gains on only the portion of its interest transferred to third parties and was precluded from recognizing a gain on its retained noncontrolling interest, which was carried at the Company’s historical cost basis. 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 offer 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 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 50.0% of any promote payment received based on the 47.5% partner's interest. The Net Lease Venture's investment period was extended from March 31, 2018 to June 30, 2018 during the first quarter 2018. As of March 31, 2018 and December 31, 2017 , the venture's carrying value of total assets was $740.7 million and $658.3 million , respectively. During the three months ended March 31, 2018 and 2017, the Company recorded management fees of $0.6 million and $0.5 million , respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. Safety, Income & Growth Inc. —The Company and 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 49.1% noncontrolling interest in SIGI and the two institutional investors contributed an aggregate $57.5 million for an initial 50.9% 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. As a result of the adoption of ASU 2017-05, on January 1, 2018, the Company recorded an increase to retained earnings of $55.5 million , bringing the Company's aggregate gain on the sale of its Ground Lease business to approximately $178.9 million . 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. 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, the Company purchased 2.2 million shares of SAFE's common stock for $41.7 million , representing an average cost of $18.67 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. As of March 31, 2018 , the Company had utilized all of the availability authorized in the 10b5-1 Plans and owned approximately 39.9% 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 former Chief Operating Officer and former Chief Financial Officer, purchased 26,000 shares in the aggregate of SAFE's common stock for an aggregate $0.5 million , representing 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. 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, including for the allocable costs of 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. For the three months ended March 31, 2018 , the Company waived $0.9 million of management fees and $0.4 million of expense reimbursements. 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. $10.3 million of the loan was funded as of March 31, 2018 . 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 March 31, 2018 , 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 March 31, 2018 . The 234 unit south tower has 30 units remaining for sale as of March 31, 2018 . 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 March 31, 2018 and December 31, 2017 , the venture's carrying value of total assets was $30.9 million and $32.4 million , respectively. Other real estate equity investments —As of March 31, 2018 , the Company's other real estate equity investments include equity interests in real estate ventures ranging from 20.0% to 95.0% , comprised of investments of $55.9 million in operating properties and $71.0 million in land assets. As of December 31, 2017 , the Company's other real estate equity investments included $38.8 million in operating properties and $61.3 million in land assets. In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. The Company and its partner each made a $7.0 million contribution to the venture and the Company provided financing to the entity in the form of a $27.0 million senior loan commitment, of which $26.0 million and $25.4 million was funded as of March 31, 2018 and December 31, 2017 , respectively, and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three months ended March 31, 2018 and 2017, the Company recorded $0.5 million and $0.4 million of interest income, respectively, on the senior loan. Other strategic investments —As of March 31, 2018 and December 31, 2017, the Company also had investments in real estate related funds and other strategic investments in real estate entities. Summarized investee financial information —The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries, for the three months ended March 31, 2018 and 2017 ($ in thousands): Revenues Expenses Net Income For the Three Months Ended March 31, 2018 Marina Palms $ 12,315 $ (7,873 ) $ 4,442 For the Three Months Ended March 31, 2017 Marina Palms $ 23,669 $ (14,911 ) $ 8,758

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 December 31, 2017 Other receivables (1) $ 48,232 $ 56,369 Intangible assets, net (2) 27,410 27,124 Other assets (3) 23,125 24,490 Restricted cash 20,421 20,045 Leasing costs, net (4) 9,675 9,050 Corporate furniture, fixtures and equipment, net (5) 4,598 4,652 Deferred financing fees, net 1,288 — Deferred expenses and other assets, net $ 134,749 $ 141,730 _______________________________________________________________________________ (1) As of March 31, 2018 and December 31, 2017 , included $26.0 million of reimbursements receivable related to the construction and development of an operating property. (2) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $35.1 million and $34.9 million as of March 31, 2018 and December 31, 2017 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.4 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.4 million and $0.5 million for the three months ended March 31, 2018 and 2017, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (3) Other assets primarily includes prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $4.6 million and $4.7 million as of March 31, 2018 and December 31, 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $10.8 million and $10.5 million as of March 31, 2018 and December 31, 2017 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of March 31, 2018 December 31, 2017 Other liabilities (1) $ 104,261 $ 79,015 Accrued expenses (2) 75,995 101,035 Accrued interest payable 29,741 49,933 Intangible liabilities, net (3) 7,877 8,021 Accounts payable, accrued expenses and other liabilities $ 217,874 $ 238,004 _______________________________________________________________________________ (1) As of March 31, 2018 and December 31, 2017 , other liabilities includes $58.0 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of March 31, 2018 and December 31, 2017 , includes $0.9 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2018 and December 31, 2017 , other liabilities also includes $4.8 million and $6.2 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of March 31, 2018 and December 31, 2017 , accrued expenses includes $4.2 million and $2.5 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $7.1 million and $7.8 million as of March 31, 2018 and December 31, 2017 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.1 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively.

Loan Participations Payable, ne

Loan Participations Payable, net	3 Months Ended
	Mar. 31, 2018
Loan Participations Payable [Abstract]
Loan Participations Payable, net	Loan Participations Payable, net The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of March 31, 2018 December 31, 2017 Loan participations payable (1) $ 85,621 $ 102,737 Debt discounts and deferred financing costs, net (267 ) (312 ) Total loan participations payable, net $ 85,354 $ 102,425 _______________________________________________________________________________ (1) As of March 31, 2018 , the Company had two loan participations payable with a weighted average interest rate of 6.8% . As of December 31, 2017, the Company had two loan participations payable with a weighted average interest rate of 6.5% . 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 March 31, 2018 and December 31, 2017 . As of March 31, 2018 and December 31, 2017 , the corresponding loan receivable balances were $85.3 million and $102.3 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	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt Obligations, net	Debt Obligations, net The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled March 31, 2018 December 31, 2017 Secured credit facilities and mortgages: 2015 $325 million Revolving Credit Facility $ — $ 325,000 LIBOR + 2.50% (1) September 2020 2016 Senior Credit Facility 376,671 399,000 LIBOR + 3.00% (2) October 2021 Mortgages collateralized by net lease assets 206,162 208,491 4.102% - 7.26% (3) Various through 2026 Total secured credit facilities and mortgages 582,833 932,491 Unsecured notes: 5.00% senior notes (4) 770,000 770,000 5.00 % July 2019 4.625% senior notes (5) 400,000 400,000 4.625 % September 2020 6.50% senior notes (6) 275,000 275,000 6.50 % July 2021 6.00% senior notes (7) 375,000 375,000 6.00 % April 2022 5.25% senior notes (8) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (9) 287,500 287,500 3.125 % September 2022 Total unsecured notes 2,507,500 2,507,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,190,333 3,539,991 Debt discounts and deferred financing costs, net (59,399 ) (63,591 ) Total debt obligations, net (10) $ 3,130,934 $ 3,476,400 _______________________________________________________________________________ (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 2.00% ; or (ii) LIBOR subject to a margin of 3.00% with a minimum LIBOR rate of 0.75% . (3) As of March 31, 2018 , the weighted average interest rate of these loans is 5.2% . (4) The Company can prepay these senior notes without penalty beginning July 1, 2018. (5) The Company can prepay these senior notes without penalty beginning June 15, 2020. (6) The Company can prepay these senior notes without penalty beginning July 1, 2020. (7) The Company can prepay these senior notes without penalty beginning April 1, 2021. (8) The Company can prepay these senior notes without penalty beginning September 15, 2021. (9) 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 debt 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 debt 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 March 31, 2018 , the carrying value of the 3.125% Convertible Notes was $258.2 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $24.0 million , net of fees. During the three months ended March 31, 2018, the Company recognized $2.2 million of contractual interest and $1.2 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (10) The Company capitalized interest relating to development activities of $2.4 million and $2.0 million during the three months ended March 31, 2018 and 2017, respectively. Future Scheduled Maturities —As of March 31, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2018 (remaining nine months) $ — $ — $ — 2019 770,000 1,356 771,356 2020 400,000 — 400,000 2021 275,000 492,552 767,552 2022 1,062,500 58,519 1,121,019 Thereafter 100,000 30,406 130,406 Total principal maturities 2,607,500 582,833 3,190,333 Unamortized discounts and deferred financing costs, net (52,109 ) (7,290 ) (59,399 ) Total debt obligations, net $ 2,555,391 $ 575,543 $ 3,130,934 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 Credit Facility —In June 2016, the Company entered into a senior credit facility of $450.0 million (the "2016 Senior Credit Facility"). In August 2016, the Company upsized the facility to $500.0 million . The initial $450.0 million of the 2016 Senior Credit Facility was issued at 99% of par and the upsize was issued at par. In January 2017, the Company repriced the 2016 Senior 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 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 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 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. During the three months ended March 31, 2018 , repayments of the 2016 Senior Credit Facility resulted in losses on early extinguishment of debt of $0.4 million . 2015 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 Revolving Credit Facility"). In September 2017, the Company upsized the 2015 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. This facility is secured by a pledge of the equity interest in a pool of assets which provide asset value coverage for borrowings under the facility. Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.30% 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. During the three months ended March 31, 2018, the Company repaid from cash on hand the $325.0 million outstanding on the 2015 Revolving Credit Facility and as of March 31, 2018 , based on the Company's borrowing base of assets, the Company had $325.0 million of borrowing capacity available under the 2015 Revolving Credit Facility. 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 $275.0 million principal amount outstanding of the 9.00% senior unsecured notes due June 2017 prior to maturity. Collateral Assets —The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of March 31, 2018 December 31, 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 790,545 $ 511,598 $ 795,321 $ 486,710 Real estate available and held for sale — 41,857 20,069 48,519 Land and development, net 25,100 656,310 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 185,161 1,146,571 194,529 1,021,340 Other investments — 422,853 — 321,241 Cash and other assets — 601,322 — 898,252 Total $ 1,000,806 $ 3,380,511 $ 1,035,019 $ 3,611,273 _______________________________________________________________________________ (1) The 2016 Senior Credit Facility and the 2015 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 March 31, 2018 and December 31, 2017 , the amounts presented exclude general reserves for loan losses of $16.6 million and $17.5 million , respectively. (3) As of March 31, 2018 and December 31, 2017 , the amounts presented exclude loan participations of $85.3 million and $102.3 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 Credit Facility and the 2015 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 Credit Facility requires the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facility. The 2015 Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both borrowing base asset value 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 Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the borrowing base asset value 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 Credit Facility and the 2015 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 Credit Facility and the 2015 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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , 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 $ 436,639 $ 10,630 $ 24,587 $ 471,856 Strategic Investments — — 9,427 9,427 Total $ 436,639 $ 10,630 $ 34,014 $ 481,283 _______________________________________________________________________________ (1) Excludes $83.7 million of commitments on loan participations sold that are not the obligation of the Company. 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 foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceeding: U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (United States District Court for the District of Maryland, Civil Action No. DKC 08-1863) On December 4, 2017, the U.S. Supreme Court issued an order denying Lennar’s petition for a writ of certiorari in this matter. The amount of attorneys’ fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. The Company has applied for attorney’s fees in excess of $17.0 million . A hearing on the Company’s application for attorney’s fees has not yet been scheduled. Please refer to the Company's 2017 Annual Report for a more complete description of this matter.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company's use of derivative financial instruments has historically been 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 Company did not directly own any derivative financial instruments as of March 31, 2018 and December 31, 2017 . The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended March 31, 2018 Interest rate swaps Earnings from equity method investments 2,351 (9 ) N/A For the Three Months Ended March 31, 2017 Interest rate cap Earnings from equity method investments (5 ) (5 ) N/A Interest rate swaps Interest Expense 467 (30 ) N/A Interest rate swap Earnings from equity method investments 78 (87 ) N/A Foreign exchange contracts Earnings from equity method investments (299 ) — N/A Amount of Gain (Loss) Recognized in Income For the Three Months Ended March 31, 2017 Location of Gain (Loss) Recognized in Income Derivatives not Designated in Hedging Relationships Interest rate cap Other Expense $ 47 Foreign exchange contracts Other Expense (125 ) During the three months ended March 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).

Equity

Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2018 and 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 16,200 $ 476,000 ________________________________________ (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 $2.0 million , $1.5 million and $2.3 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2018 and 2017 , respectively. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2018 and 2017 . The Company declared and paid dividends of $2.8 million and $2.0 million on its Series E and F Cumulative Redeemable Preferred Stock, respectively, during the three months ended March 31, 2017. The Company redeemed all of its issued and outstanding Series E and F Cumulative Redeemable Preferred Stock in October 2017. The character of the 2017 dividends was 100% capital gain distribution, of which 27.90% represented unrecaptured section 1250 gain and 72.10% represented long term capital gain. 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. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Dividends —To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 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 Company estimates that the amount of NOL carryforwards as of December 31, 2017 will be approximately $588 million ; however, the actual NOL carryforward as of December 31, 2017 will be determined upon filing 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 Credit Facility and the 2015 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 Credit Facility and 2015 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 three months ended March 31, 2018 and 2017 . Stock Repurchase Program —The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. During the three months ended March 31, 2018 , the Company repurchased 0.8 million shares of its outstanding common stock for $8.3 million , representing an average cost of $10.22 per share. As of March 31, 2018 , the Company had remaining authorization to repurchase up to $41.7 million of common stock under its stock repurchase program. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of March 31, 2018 December 31, 2017 Unrealized gains on available-for-sale securities $ 640 $ 1,335 Unrealized gains on cash flow hedges 3,068 707 Unrealized losses on cumulative translation adjustment (4,633 ) (4,524 ) Accumulated other comprehensive income $ (925 ) $ (2,482 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	3 Months Ended
	Mar. 31, 2018
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 $9.1 million and $5.9 million for the three months ended March 31, 2018 and 2017, respectively, in "General and administrative" in the Company's consolidated statements of operations. Performance Incentive Plans —The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award, which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of the status of the Company’s iPIP points and changes during the three months ended March 31, 2018 and the year ended December 31, 2017. Three Months Ended March 31, 2018 Year Ended December 31, 2017 iPIP Investment Pool iPIP Investment Pool 2013-2014 2015-2016 2017-2018 2013-2014 2015-2016 2017-2018 Points at beginning of period 86.57 84.16 40.97 92.00 74.10 0 Granted 0.50 0 49.08 5.00 17.88 41.68 Forfeited (0.15 ) (0.89 ) (4.56 ) (10.43 ) (7.82 ) (0.71 ) Points at end of period 86.92 83.27 85.49 86.57 84.16 40.97 During the three months ended March 31, 2018 , the Company made initial distributions to participants in the 2013-2014 investment pool following a determination that, as of December 31, 2017, the Company had realized a return of all invested capital in the assets included in the 2013-2014 investment pool, together with a return based on leverage and a preferred return hurdle of 9.0% . After the amount distributable to participants was reduced based on the Company's total shareholder return in accordance with the provisions of the iPIP, iPIP participants received total distributions in the amount of $13.6 million as compensation, comprised of $6.8 million in cash and 595,869 shares of the Company's common stock, with a fair value of $6.8 million or $11.41 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 328,074 shares of the Company's common stock were issued. As of March 31, 2018 and December 31, 2017 , the Company had accrued compensation costs relating to iPIP of $32.2 million and $38.1 million , respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. Long-Term Incentive Plan —The Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's shareholders approved the 2009 LTIP in 2009 and approved the performance-based provisions of the 2009 LTIP, as amended, in 2014. As of March 31, 2018 , an aggregate of 2.7 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP. Restricted Share Issuances —During the three months ended March 31, 2018 , the Company granted 213,609 shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 135,503 shares were issued net of required, statutory minimum tax withholdings. The employees are restricted from selling these shares for up to 18 months from the date of grant. Restricted Stock Unit Activity —A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the three months ended March 31, 2018 and the year ended December 31, 2017, are as follows (in thousands): Three Months Ended March 31, 2018 Year Ended December 31, 2017 Nonvested at beginning of period 282 290 Granted 264 116 Vested (20 ) (75 ) Forfeited (40 ) (49 ) Nonvested at end of period 486 282 As of March 31, 2018, there was $3.5 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 2.2 years. Directors' Awards —As of March 31, 2018 , a combined total of 226,182 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 $2.3 million . 401(k) Plan —The Company made gross contributions of $0.7 million and $0.6 million for the three months ended March 31, 2018 and 2017, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted Earnings per share ("EPS") calculations ($ in thousands, except for per share data): For the Three Months Ended March 31, 2018 2017 Income (loss) from continuing operations $ 17,980 $ (28,248 ) Income from sales of real estate 17,048 8,110 Net (income) loss attributable to noncontrolling interests (95 ) 1,100 Preferred dividends (8,124 ) (12,830 ) Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share (1) $ 26,809 $ (31,868 ) Add: Effect of Series J convertible perpetual preferred stock 2,250 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share (1) $ 29,059 $ (31,868 ) For the Three Months Ended March 31, 2018 2017 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 $ 26,809 $ (31,868 ) Income from discontinued operations — 4,766 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 26,809 $ (27,102 ) Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 29,059 $ (31,868 ) Income from discontinued operations — 4,766 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 29,059 $ (27,102 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,913 72,065 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 122 — Add: Effect of series J convertible perpetual preferred stock 15,635 — Weighted average common shares outstanding for diluted earnings per common share 83,670 72,065 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.39 $ (0.44 ) Income from discontinued operations — 0.06 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.39 $ (0.38 ) Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.35 $ (0.44 ) Income from discontinued operations — 0.06 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.35 $ (0.38 ) The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1) : For the Three Months Ended March 31, 2018 2017 Series J convertible perpetual preferred stock — 15,635 Joint venture shares — 298 _______________________________________________________________________________ (1) For the three months ended March 31, 2017 , the effect of the Company's Series J convertible preferred stock, unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. 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 three months ended March 31, 2018 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.

Fair Values

Fair Values	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Recurring basis: Available-for-sale securities (1) $ 21,835 $ — $ — $ 21,835 Non-recurring basis: Impaired real estate available and held for sale (2) 6,041 — — 6,041 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (3) 12,400 — — 12,400 Impaired real estate available and held for sale (4) 800 — — 800 Impaired land and development (5) 21,400 — — 21,400 ____________________________________________________________ (1) 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 residential real estate asset available and held for sale with a fair value of $6.0 million due to impending contracts to sell the remaining four condominium units at the property. (3) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (4) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (5) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (36 ) (10 ) Unrealized gains recorded in other comprehensive income (971 ) (17 ) Ending balance $ 21,835 $ 21,639 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.4 billion and $3.3 billion , respectively, as of March 31, 2018 and $1.3 billion and $3.7 billion , respectively, as of December 31, 2017 . 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, is included in the fair value hierarchy table above.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended March 31, 2018: Operating lease income $ — $ 29,727 $ 15,817 $ 255 $ — $ 45,799 Interest income 26,697 — — — — 26,697 Other income 384 1,049 12,144 471 1,272 15,320 Land development revenue — — — 276,429 — 276,429 Earnings (losses) from equity method investments — 3,556 (1,275 ) 1,545 (494 ) 3,332 Income from sales of real estate — 414 16,634 — — 17,048 Total revenue and other earnings 27,081 34,746 43,320 278,700 778 384,625 Real estate expense — (3,948 ) (21,626 ) (10,606 ) — (36,180 ) Land development cost of sales — — — (223,407 ) — (223,407 ) Other expense (400 ) — — — (766 ) (1,166 ) Allocated interest expense (11,765 ) (14,201 ) (5,528 ) (6,473 ) (7,215 ) (45,182 ) Allocated general and administrative (2) (3,969 ) (4,586 ) (2,043 ) (3,805 ) (5,320 ) (19,723 ) Segment profit (loss) (3) $ 10,947 $ 12,011 $ 14,123 $ 34,409 $ (12,523 ) $ 58,967 Other significant items: Recovery of loan losses $ (855 ) $ — $ — $ — $ — $ (855 ) Impairment of assets — — 4,100 — — 4,100 Depreciation and amortization — 6,309 3,926 515 360 11,110 Capitalized expenditures — 478 7,700 31,447 — 39,625 Three Months Ended March 31, 2017: Operating lease income $ — $ 31,252 $ 15,989 $ 106 $ — $ 47,347 Interest income 29,058 — — — — 29,058 Other income 76 506 10,355 386 541 11,864 Land development revenue — — — 20,050 — 20,050 Earnings from equity method investments — 981 632 3,842 247 5,702 Income from discontinued operations — 4,766 — — — 4,766 Income from sales of real estate — 6,212 1,898 — — 8,110 Total revenue and other earnings 29,134 43,717 28,874 24,384 788 126,897 Real estate expense — (4,575 ) (21,518 ) (9,497 ) — (35,590 ) Land development cost of sales — — — (15,910 ) — (15,910 ) Other expense (605 ) — — — (1,264 ) (1,869 ) Allocated interest expense (11,888 ) (15,735 ) (5,606 ) (8,118 ) (9,798 ) (51,145 ) Allocated general and administrative (2) (3,596 ) (4,642 ) (1,755 ) (3,926 ) (5,373 ) (19,292 ) Segment profit (loss) (3) $ 13,045 $ 18,765 $ (5 ) $ (13,067 ) $ (15,647 ) $ 3,091 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Other significant items: Recovery of loan losses $ (4,928 ) $ — $ — $ — $ — $ (4,928 ) Impairment of assets — — 4,413 — — 4,413 Depreciation and amortization — 7,641 4,039 270 330 12,280 Capitalized expenditures — 771 8,210 26,592 — 35,573 As of March 31, 2018 Real estate Real estate, net $ — $ 808,438 $ 493,705 $ — $ — $ 1,302,143 Real estate available and held for sale — — 41,857 — — 41,857 Total real estate — 808,438 535,562 — — 1,344,000 Land and development, net — — — 681,410 — 681,410 Loans receivable and other lending investments, net 1,400,474 — — — — 1,400,474 Other investments — 279,094 55,929 75,596 12,234 422,853 Total portfolio assets $ 1,400,474 $ 1,087,532 $ 591,491 $ 757,006 $ 12,234 3,848,737 Cash and other assets 601,322 Total assets $ 4,450,059 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 _______________________________________________________________________________ (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 $9.1 million and $5.9 million for the three months ended March 31, 2018 and 2017, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2018 2017 Segment profit $ 58,967 $ 3,091 Add: Recovery of loan losses 855 4,928 Less: Impairment of assets (4,100 ) (4,413 ) Less: Stock-based compensation expense (9,091 ) (5,881 ) Less: Depreciation and amortization (11,110 ) (12,280 ) Less: Income tax expense (121 ) (607 ) Less: Loss on early extinguishment of debt, net (372 ) (210 ) Net income (loss) $ 35,028 $ (15,372 )

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements	The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2018. ASU 2014-09 — ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. The Company's revenue within the scope of the guidance is primarily ancillary income related to its operating properties. The Company adopted ASU 2014-09 using the modified retrospective approach and the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2016-01 and ASU 2018-03 — ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, provided technical corrections and improvements to ASU 2016-01. ASU 2016-01 requires entities to measure equity investments not accounted for under the equity method at fair value and recognize changes in fair value in net income. For equity investments without readily determinable fair values, entities may elect a measurement alternative that will allow those investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. Upon adoption, entities must record a cumulative-effect adjustment to the balance sheet as of the beginning of the first reporting period in which the standard is adopted. ASU 2016-01 also eliminated the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The adoption of ASU 2016-01 and ASU 2018-03 did not have a material impact on the Company's consolidated financial statements. ASU 2016-15 — ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), 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. The adoption of ASU 2016-15 was retrospective and resulted in an increase to cash flows provided by operating activities of $1.1 million and a decrease to cash flows provided by financing activities of $1.1 million for the three months ended March 31, 2017 , primarily resulting from the reclassification of cash payments made related to the extinguishment of debt. ASU 2016-18 — ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18"), 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 and requires disclosure of what is included in restricted cash. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. The adoption of ASU 2016-18 was retrospective and resulted in an increase to cash flows provided by operating activities of $0.7 million and a decrease to cash flows provided by investing activities of $0.3 million for the three months ended March 31, 2017 . ASU 2017-12 — ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), was issued 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. The Company adopted ASU 2017-12 on January 1, 2018 and the adoption did not have a material impact on the Company's consolidated financial statements. New Accounting Pronouncements — In June 2016 , the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when: (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio; and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. 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 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. ASU 2017-01 — The adoption of ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01"), did not have a material impact on the Company's consolidated financial statements. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the former accounting guidance will be accounted for as asset acquisitions under ASU 2017-01. As a result, the Company expects more transaction costs to be capitalized relating to real estate acquisitions as a result of ASU 2017-01. ASU 2017-05 — ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05"), simplifies 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. The Company adopted ASU 2017-05 using the modified retrospective approach which was applied to all contracts. On January 1, 2018, the Company recorded a step-up in basis to fair value of its retained noncontrolling interest relating to the sale of its ground lease business (refer to note 4) and other transactions where the Company sold or contributed real estate to a venture and previously recognized partial gains. Prior to the adoption of ASU 2017-05, the Company was required to recognize gains on only the portion of its interest transferred to third parties and was precluded from recognizing a gain on its retained noncontrolling interest which was carried at the Company’s historical cost basis.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The adoption of ASU 2017-05 had the following impact on the Company's consolidated financial statements (in thousands): Impact from ASU 2017-05 on January 1, 2018 December 31, 2017 January 1, 2018 Other investments $ 321,241 $ 75,869 $ 397,110 Total assets 4,731,078 75,869 4,806,947 Retained earnings (deficit) $ (2,470,564 ) $ 75,869 $ (2,394,695 ) Total equity 914,249 75,869 990,118 The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 366,723 $ 657,688 $ 897,487 $ 328,744 Restricted cash included in deferred expenses and other assets, net (1) 20,421 20,045 26,290 25,883 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 387,144 $ 677,733 $ 923,777 $ 354,627 _______________________________________________________________________________ (1) Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Land, at cost $ 218,261 $ 212,782 $ 431,043 Buildings and improvements, at cost 888,058 340,550 1,228,608 Less: accumulated depreciation (297,881 ) (59,627 ) (357,508 ) Real estate, net 808,438 493,705 1,302,143 Real estate available and held for sale (2) — 41,857 41,857 Total real estate $ 808,438 $ 535,562 $ 1,344,000 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 _______________________________________________________________________________ (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 offer 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 in exchange for a promote and management fee. (2) As of March 31, 2018 and December 31, 2017 , the Company had $40.9 million and $48.5 million , respectively, of residential condominiums available for sale in its operating properties portfolio.
Income (loss) from discontinued operations	The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the three months ended March 31, 2017 ($ in thousands) (1)(2) : Revenues $ 5,244 Expenses (986 ) Income from sales of real estate 508 Income from discontinued operations $ 4,766 _______________________________________________________________________________ (1) The transactions closed on April 14, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. (2) For the three months ended March 31, 2017, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $6.3 million and $0.5 million , respectively.
Schedule of other dispositions	Other Dispositions— The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Three Months Ended March 31, 2018 2017 Operating Properties Proceeds $ 41.9 $ 10.2 Income from sales of real estate 16.6 1.9 Net Lease Proceeds $ 2.3 $ 19.5 Income from sales of real estate 0.4 6.2 Total Proceeds $ 44.2 $ 29.7 Income from sales of real estate 17.0 8.1

Land and Development (Tables)

Land and Development (Tables)	3 Months Ended
	Mar. 31, 2018
Land and development [Abstract]
Land and land development assets	The Company's land and development assets were comprised of the following ($ in thousands): As of March 31, December 31, 2018 2017 Land and land development, at cost (1) $ 689,249 $ 868,692 Less: accumulated depreciation (7,839 ) (8,381 ) Total land and development, net $ 681,410 $ 860,311 _______________________________________________________________________________ (1) During the three months ended March 31, 2018, the Company funded capital expenditures on land and development assets of $31.0 million .

Loans Receivable and Other Le31

Loans Receivable and Other Lending Investments, net (Tables)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Schedule of the Company's loans and other lending investments by class	The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment March 31, December 31, Senior mortgages $ 906,482 $ 791,152 Corporate/Partnership loans 513,088 488,921 Subordinate mortgages 9,657 9,495 Total gross carrying value of loans 1,429,227 1,289,568 Reserves for loan losses (69,466 ) (78,489 ) Total loans receivable, net 1,359,761 1,211,079 Other lending investments—securities 40,713 89,576 Total loans receivable and other lending investments, net $ 1,400,474 $ 1,300,655
Schedule of changes in the Company's reserve for loan losses	Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended March 31, 2018 2017 Reserve for loan losses at beginning of period $ 78,489 $ 85,545 Recovery of loan losses (855 ) (4,928 ) Charge-offs (8,168 ) (1,228 ) Reserve for loan losses at end of period $ 69,466 $ 79,389
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 March 31, 2018 Loans $ 224,113 $ 1,211,138 $ 1,435,251 Less: Reserve for loan losses (52,866 ) (16,600 ) (69,466 ) Total (3) $ 171,247 $ 1,194,538 $ 1,365,785 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 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.7 million and $0.7 million as of March 31, 2018 and December 31, 2017 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $5.5 million and $6.2 million as of March 31, 2018 and December 31, 2017 , respectively. (3) The Company's recorded investment in loans as of March 31, 2018 and December 31, 2017 , including accrued interest of $6.0 million and $5.3 million , respectively, is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of March 31, 2018 and December 31, 2017 , the total amounts exclude $40.7 million and $89.6 million , respectively, of securities that are evaluated for impairment under ASC 320.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of March 31, 2018 As of December 31, 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 842,509 2.52 $ 713,057 2.72 Corporate/Partnership loans 358,943 2.47 334,364 2.85 Subordinate mortgages 9,686 3.00 9,523 3.00 Total $ 1,211,138 2.51 $ 1,056,944 2.77
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, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of March 31, 2018 Senior mortgages $ 848,509 $ — $ 61,437 $ 61,437 $ 909,946 Corporate/Partnership loans 358,943 — 156,676 156,676 515,619 Subordinate mortgages 9,686 — — — 9,686 Total $ 1,217,138 $ — $ 218,113 $ 218,113 $ 1,435,251 As of December 31, 2017 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 _______________________________________________________________________________ (1) As of March 31, 2018 , the Company had three loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 2.0 to 9.0 years outstanding. 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 and foreclosure-related proceedings and environmental matters, and ranged from 1.0 to 9.0 years outstanding.
Schedule of recorded investment in impaired loans, presented by class	The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands) (1) : As of March 31, 2018 As of December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 67,437 $ 67,871 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans 156,676 145,849 (12,471 ) 156,534 145,849 (12,471 ) Total $ 224,113 $ 213,720 $ (52,866 ) $ 237,877 $ 227,280 $ (60,989 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class	The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended March 31, 2018 2017 Average Interest Average Interest With no related allowance recorded: Subordinate mortgages $ — $ 92 $ 10,953 $ — Subtotal — 92 10,953 — With an allowance recorded: Senior mortgages 74,390 — 84,194 — Corporate/Partnership loans 156,605 — 157,224 — Subtotal 230,995 — 241,418 — Total: Senior mortgages 74,390 — 84,194 — Corporate/Partnership loans 156,605 — 157,224 — Subordinate mortgages — 92 10,953 — Total $ 230,995 $ 92 $ 252,371 $ —
Schedule of other lending investments - securities	Other lending investments—securities include the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of March 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,195 $ 21,195 $ 640 $ 21,835 $ 21,835 Held-to-Maturity Securities Debt securities 18,903 18,878 403 19,281 18,878 Total $ 40,098 $ 40,073 $ 1,043 $ 41,116 $ 40,713 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
Schedule of contractual maturities of the Company's securities	As of March 31, 2018 , 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 $ — $ — $ — $ — After one year through 5 years 18,878 19,281 — — After 5 years through 10 years — — — — After 10 years — — 21,195 21,835 Total $ 18,878 $ 19,281 $ 21,195 $ 21,835

Other Investments (Tables)

Other Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, All Other Investments [Abstract]
Schedule of other investments and its proportionate share of results for equity method investments	The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended March 31, March 31, 2018 December 31, 2017 2018 2017 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 132,103 $ 121,139 $ 2,084 $ 981 Safety, Income & Growth Inc. ("SAFE") (1) 146,991 83,868 1,472 — Marina Palms, LLC ("Marina Palms") (1) 4,670 2,555 1,489 3,117 Other real estate equity investments (1) 126,855 100,061 (1,219 ) 1,357 Subtotal 410,619 307,623 3,826 5,455 Other strategic investments 12,234 13,618 (494 ) 247 Total $ 422,853 $ 321,241 $ 3,332 $ 5,702 ____________________________________________________________ (1) On January 1, 2018, the Company recorded a step-up in basis to fair value of its retained noncontrolling interest relating to the sale of its Ground Lease business (refer to note 4) and other transactions where the Company sold or contributed real estate to a venture and previously recognized partial gains. Prior to the adoption of ASU 2017-05 (refer to Note 3), the Company was required to recognize gains on only the portion of its interest transferred to third parties and was precluded from recognizing a gain on its retained noncontrolling interest, which was carried at the Company’s historical cost basis.
Summarized investee financial information	The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries, for the three months ended March 31, 2018 and 2017 ($ in thousands): Revenues Expenses Net Income For the Three Months Ended March 31, 2018 Marina Palms $ 12,315 $ (7,873 ) $ 4,442 For the Three Months Ended March 31, 2017 Marina Palms $ 23,669 $ (14,911 ) $ 8,758

Other Assets and Other Liabil33

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 December 31, 2017 Other receivables (1) $ 48,232 $ 56,369 Intangible assets, net (2) 27,410 27,124 Other assets (3) 23,125 24,490 Restricted cash 20,421 20,045 Leasing costs, net (4) 9,675 9,050 Corporate furniture, fixtures and equipment, net (5) 4,598 4,652 Deferred financing fees, net 1,288 — Deferred expenses and other assets, net $ 134,749 $ 141,730 _______________________________________________________________________________ (1) As of March 31, 2018 and December 31, 2017 , included $26.0 million of reimbursements receivable related to the construction and development of an operating property. (2) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $35.1 million and $34.9 million as of March 31, 2018 and December 31, 2017 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.4 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.4 million and $0.5 million for the three months ended March 31, 2018 and 2017, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (3) Other assets primarily includes prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $4.6 million and $4.7 million as of March 31, 2018 and December 31, 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $10.8 million and $10.5 million as of March 31, 2018 and December 31, 2017 , respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of March 31, 2018 December 31, 2017 Other liabilities (1) $ 104,261 $ 79,015 Accrued expenses (2) 75,995 101,035 Accrued interest payable 29,741 49,933 Intangible liabilities, net (3) 7,877 8,021 Accounts payable, accrued expenses and other liabilities $ 217,874 $ 238,004 _______________________________________________________________________________ (1) As of March 31, 2018 and December 31, 2017 , other liabilities includes $58.0 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of March 31, 2018 and December 31, 2017 , includes $0.9 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2018 and December 31, 2017 , other liabilities also includes $4.8 million and $6.2 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of March 31, 2018 and December 31, 2017 , accrued expenses includes $4.2 million and $2.5 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $7.1 million and $7.8 million as of March 31, 2018 and December 31, 2017 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.1 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively.

Loan Participations Payable, 34

Loan Participations Payable, net (Tables)	3 Months Ended
	Mar. 31, 2018
Loan Participations Payable [Abstract]
Schedule of Participating Mortgage Loans	The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of March 31, 2018 December 31, 2017 Loan participations payable (1) $ 85,621 $ 102,737 Debt discounts and deferred financing costs, net (267 ) (312 ) Total loan participations payable, net $ 85,354 $ 102,425 _______________________________________________________________________________ (1) As of March 31, 2018 , the Company had two loan participations payable with a weighted average interest rate of 6.8% . As of December 31, 2017, the Company had two loan participations payable with a weighted average interest rate of 6.5% .

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled March 31, 2018 December 31, 2017 Secured credit facilities and mortgages: 2015 $325 million Revolving Credit Facility $ — $ 325,000 LIBOR + 2.50% (1) September 2020 2016 Senior Credit Facility 376,671 399,000 LIBOR + 3.00% (2) October 2021 Mortgages collateralized by net lease assets 206,162 208,491 4.102% - 7.26% (3) Various through 2026 Total secured credit facilities and mortgages 582,833 932,491 Unsecured notes: 5.00% senior notes (4) 770,000 770,000 5.00 % July 2019 4.625% senior notes (5) 400,000 400,000 4.625 % September 2020 6.50% senior notes (6) 275,000 275,000 6.50 % July 2021 6.00% senior notes (7) 375,000 375,000 6.00 % April 2022 5.25% senior notes (8) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (9) 287,500 287,500 3.125 % September 2022 Total unsecured notes 2,507,500 2,507,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,190,333 3,539,991 Debt discounts and deferred financing costs, net (59,399 ) (63,591 ) Total debt obligations, net (10) $ 3,130,934 $ 3,476,400 _______________________________________________________________________________ (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 2.00% ; or (ii) LIBOR subject to a margin of 3.00% with a minimum LIBOR rate of 0.75% . (3) As of March 31, 2018 , the weighted average interest rate of these loans is 5.2% . (4) The Company can prepay these senior notes without penalty beginning July 1, 2018. (5) The Company can prepay these senior notes without penalty beginning June 15, 2020. (6) The Company can prepay these senior notes without penalty beginning July 1, 2020. (7) The Company can prepay these senior notes without penalty beginning April 1, 2021. (8) The Company can prepay these senior notes without penalty beginning September 15, 2021. (9) 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 debt 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 debt 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 March 31, 2018 , the carrying value of the 3.125% Convertible Notes was $258.2 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $24.0 million , net of fees. During the three months ended March 31, 2018, the Company recognized $2.2 million of contractual interest and $1.2 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (10) The Company capitalized interest relating to development activities of $2.4 million and $2.0 million during the three months ended March 31, 2018 and 2017, respectively.
Schedule of future scheduled maturities of outstanding long-term debt obligations, net	As of March 31, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2018 (remaining nine months) $ — $ — $ — 2019 770,000 1,356 771,356 2020 400,000 — 400,000 2021 275,000 492,552 767,552 2022 1,062,500 58,519 1,121,019 Thereafter 100,000 30,406 130,406 Total principal maturities 2,607,500 582,833 3,190,333 Unamortized discounts and deferred financing costs, net (52,109 ) (7,290 ) (59,399 ) Total debt obligations, net $ 2,555,391 $ 575,543 $ 3,130,934
Schedule of carrying value of encumbered assets by asset type	The carrying value of the Company's assets 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 March 31, 2018 December 31, 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 790,545 $ 511,598 $ 795,321 $ 486,710 Real estate available and held for sale — 41,857 20,069 48,519 Land and development, net 25,100 656,310 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 185,161 1,146,571 194,529 1,021,340 Other investments — 422,853 — 321,241 Cash and other assets — 601,322 — 898,252 Total $ 1,000,806 $ 3,380,511 $ 1,035,019 $ 3,611,273 _______________________________________________________________________________ (1) The 2016 Senior Credit Facility and the 2015 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 March 31, 2018 and December 31, 2017 , the amounts presented exclude general reserves for loan losses of $16.6 million and $17.5 million , respectively. (3) As of March 31, 2018 and December 31, 2017 , the amounts presented exclude loan participations of $85.3 million and $102.3 million , respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of March 31, 2018 , 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 $ 436,639 $ 10,630 $ 24,587 $ 471,856 Strategic Investments — — 9,427 9,427 Total $ 436,639 $ 10,630 $ 34,014 $ 481,283 _______________________________________________________________________________ (1) Excludes $83.7 million of commitments on loan participations sold that are not the obligation of the Company.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended March 31, 2018 Interest rate swaps Earnings from equity method investments 2,351 (9 ) N/A For the Three Months Ended March 31, 2017 Interest rate cap Earnings from equity method investments (5 ) (5 ) N/A Interest rate swaps Interest Expense 467 (30 ) N/A Interest rate swap Earnings from equity method investments 78 (87 ) N/A Foreign exchange contracts Earnings from equity method investments (299 ) — N/A Amount of Gain (Loss) Recognized in Income For the Three Months Ended March 31, 2017 Location of Gain (Loss) Recognized in Income Derivatives not Designated in Hedging Relationships Interest rate cap Other Expense $ 47 Foreign exchange contracts Other Expense (125 )

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series	The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2018 and 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 16,200 $ 476,000 ________________________________________ (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 $2.0 million , $1.5 million and $2.3 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2018 and 2017 , respectively. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2018 and 2017 . The Company declared and paid dividends of $2.8 million and $2.0 million on its Series E and F Cumulative Redeemable Preferred Stock, respectively, during the three months ended March 31, 2017. The Company redeemed all of its issued and outstanding Series E and F Cumulative Redeemable Preferred Stock in October 2017. The character of the 2017 dividends was 100% capital gain distribution, of which 27.90% represented unrecaptured section 1250 gain and 72.10% represented long term capital gain. 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. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity	"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of March 31, 2018 December 31, 2017 Unrealized gains on available-for-sale securities $ 640 $ 1,335 Unrealized gains on cash flow hedges 3,068 707 Unrealized losses on cumulative translation adjustment (4,633 ) (4,524 ) Accumulated other comprehensive income $ (925 ) $ (2,482 )

Stock-Based Compensation Plan39

Stock-Based Compensation Plans and Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of iPip Activity	Three Months Ended March 31, 2018 Year Ended December 31, 2017 iPIP Investment Pool iPIP Investment Pool 2013-2014 2015-2016 2017-2018 2013-2014 2015-2016 2017-2018 Points at beginning of period 86.57 84.16 40.97 92.00 74.10 0 Granted 0.50 0 49.08 5.00 17.88 41.68 Forfeited (0.15 ) (0.89 ) (4.56 ) (10.43 ) (7.82 ) (0.71 ) Points at end of period 86.92 83.27 85.49 86.57 84.16 40.97
Schedule of Restricted Stock Units Activity	Three Months Ended March 31, 2018 Year Ended December 31, 2017 Nonvested at beginning of period 282 290 Granted 264 116 Vested (20 ) (75 ) Forfeited (40 ) (49 ) Nonvested at end of period 486 282

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 Earnings per share ("EPS") calculations ($ in thousands, except for per share data): For the Three Months Ended March 31, 2018 2017 Income (loss) from continuing operations $ 17,980 $ (28,248 ) Income from sales of real estate 17,048 8,110 Net (income) loss attributable to noncontrolling interests (95 ) 1,100 Preferred dividends (8,124 ) (12,830 ) Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share (1) $ 26,809 $ (31,868 ) Add: Effect of Series J convertible perpetual preferred stock 2,250 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share (1) $ 29,059 $ (31,868 )
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended March 31, 2018 2017 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 $ 26,809 $ (31,868 ) Income from discontinued operations — 4,766 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 26,809 $ (27,102 ) Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 29,059 $ (31,868 ) Income from discontinued operations — 4,766 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 29,059 $ (27,102 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,913 72,065 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 122 — Add: Effect of series J convertible perpetual preferred stock 15,635 — Weighted average common shares outstanding for diluted earnings per common share 83,670 72,065 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.39 $ (0.44 ) Income from discontinued operations — 0.06 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.39 $ (0.38 ) Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.35 $ (0.44 ) Income from discontinued operations — 0.06 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.35 $ (0.38 )
Schedule of anti-dilutive shares	The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1) : For the Three Months Ended March 31, 2018 2017 Series J convertible perpetual preferred stock — 15,635 Joint venture shares — 298 _______________________________________________________________________________ (1) For the three months ended March 31, 2017 , the effect of the Company's Series J convertible preferred stock, unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. 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 three months ended March 31, 2018 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.

Fair Values (Tables)

Fair Values (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels	The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of March 31, 2018 Recurring basis: Available-for-sale securities (1) $ 21,835 $ — $ — $ 21,835 Non-recurring basis: Impaired real estate available and held for sale (2) 6,041 — — 6,041 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (3) 12,400 — — 12,400 Impaired real estate available and held for sale (4) 800 — — 800 Impaired land and development (5) 21,400 — — 21,400 ____________________________________________________________ (1) 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 residential real estate asset available and held for sale with a fair value of $6.0 million due to impending contracts to sell the remaining four condominium units at the property. (3) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (4) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (5) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (36 ) (10 ) Unrealized gains recorded in other comprehensive income (971 ) (17 ) Ending balance $ 21,835 $ 21,639

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of financial measures for each segment based on which performance is evaluated	The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended March 31, 2018: Operating lease income $ — $ 29,727 $ 15,817 $ 255 $ — $ 45,799 Interest income 26,697 — — — — 26,697 Other income 384 1,049 12,144 471 1,272 15,320 Land development revenue — — — 276,429 — 276,429 Earnings (losses) from equity method investments — 3,556 (1,275 ) 1,545 (494 ) 3,332 Income from sales of real estate — 414 16,634 — — 17,048 Total revenue and other earnings 27,081 34,746 43,320 278,700 778 384,625 Real estate expense — (3,948 ) (21,626 ) (10,606 ) — (36,180 ) Land development cost of sales — — — (223,407 ) — (223,407 ) Other expense (400 ) — — — (766 ) (1,166 ) Allocated interest expense (11,765 ) (14,201 ) (5,528 ) (6,473 ) (7,215 ) (45,182 ) Allocated general and administrative (2) (3,969 ) (4,586 ) (2,043 ) (3,805 ) (5,320 ) (19,723 ) Segment profit (loss) (3) $ 10,947 $ 12,011 $ 14,123 $ 34,409 $ (12,523 ) $ 58,967 Other significant items: Recovery of loan losses $ (855 ) $ — $ — $ — $ — $ (855 ) Impairment of assets — — 4,100 — — 4,100 Depreciation and amortization — 6,309 3,926 515 360 11,110 Capitalized expenditures — 478 7,700 31,447 — 39,625 Three Months Ended March 31, 2017: Operating lease income $ — $ 31,252 $ 15,989 $ 106 $ — $ 47,347 Interest income 29,058 — — — — 29,058 Other income 76 506 10,355 386 541 11,864 Land development revenue — — — 20,050 — 20,050 Earnings from equity method investments — 981 632 3,842 247 5,702 Income from discontinued operations — 4,766 — — — 4,766 Income from sales of real estate — 6,212 1,898 — — 8,110 Total revenue and other earnings 29,134 43,717 28,874 24,384 788 126,897 Real estate expense — (4,575 ) (21,518 ) (9,497 ) — (35,590 ) Land development cost of sales — — — (15,910 ) — (15,910 ) Other expense (605 ) — — — (1,264 ) (1,869 ) Allocated interest expense (11,888 ) (15,735 ) (5,606 ) (8,118 ) (9,798 ) (51,145 ) Allocated general and administrative (2) (3,596 ) (4,642 ) (1,755 ) (3,926 ) (5,373 ) (19,292 ) Segment profit (loss) (3) $ 13,045 $ 18,765 $ (5 ) $ (13,067 ) $ (15,647 ) $ 3,091 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Other significant items: Recovery of loan losses $ (4,928 ) $ — $ — $ — $ — $ (4,928 ) Impairment of assets — — 4,413 — — 4,413 Depreciation and amortization — 7,641 4,039 270 330 12,280 Capitalized expenditures — 771 8,210 26,592 — 35,573 As of March 31, 2018 Real estate Real estate, net $ — $ 808,438 $ 493,705 $ — $ — $ 1,302,143 Real estate available and held for sale — — 41,857 — — 41,857 Total real estate — 808,438 535,562 — — 1,344,000 Land and development, net — — — 681,410 — 681,410 Loans receivable and other lending investments, net 1,400,474 — — — — 1,400,474 Other investments — 279,094 55,929 75,596 12,234 422,853 Total portfolio assets $ 1,400,474 $ 1,087,532 $ 591,491 $ 757,006 $ 12,234 3,848,737 Cash and other assets 601,322 Total assets $ 4,450,059 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 _______________________________________________________________________________ (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 $9.1 million and $5.9 million for the three months ended March 31, 2018 and 2017, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2018 2017 Segment profit $ 58,967 $ 3,091 Add: Recovery of loan losses 855 4,928 Less: Impairment of assets (4,100 ) (4,413 ) Less: Stock-based compensation expense (9,091 ) (5,881 ) Less: Depreciation and amortization (11,110 ) (12,280 ) Less: Income tax expense (121 ) (607 ) Less: Loss on early extinguishment of debt, net (372 ) (210 ) Net income (loss) $ 35,028 $ (15,372 )
Reconciliation of segment profit to income (loss)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2018 2017 Segment profit $ 58,967 $ 3,091 Add: Recovery of loan losses 855 4,928 Less: Impairment of assets (4,100 ) (4,413 ) Less: Stock-based compensation expense (9,091 ) (5,881 ) Less: Depreciation and amortization (11,110 ) (12,280 ) Less: Income tax expense (121 ) (607 ) Less: Loss on early extinguishment of debt, net (372 ) (210 ) Net income (loss) $ 35,028 $ (15,372 )

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Mar. 31, 2018USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment across a range of real estate sectors over the past two decades (more than)	$ 35

Basis of Presentation and Pri44

Basis of Presentation and Principles of Consolidation (VIEs) (Details) $ in Millions	Mar. 31, 2018USD ($)
Consolidated VIEs
Variable interest entities
Variable interest entity, consolidated, carrying amount, assets	$ 318.9
Variable interest entity, consolidated, carrying amount, liabilities	43.2
Unconsolidated VIEs
Variable interest entities
Carrying value of the investments	92.9
Variable interest entity unfunded commitment	$ 29.7

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncement, Early Adoption [Line Items]
Increase to cash flows provided by operating activities	$ (46,566)	$ (35,686)
Decrease to cash flows provided by investing activities	370,174	(474,924)
Cash and cash equivalents	366,723	897,487		$ 657,688	$ 328,744
Restricted cash included in deferred expenses and other assets, net	20,421	26,290		20,045	25,883
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	387,144	923,777		677,733	354,627
Other investments	422,853			321,241
Total assets	4,450,059			4,731,078
Retained earnings (deficit)	(2,368,162)			(2,470,564)
Total equity	$ 1,015,897	1,034,481		$ 914,249	$ 1,059,684
Accounting Standards Update 2016-15
New Accounting Pronouncement, Early Adoption [Line Items]
Increase to cash flows provided by operating activities		1,100
Decrease to cash flows provided by investing activities		1,100
Accounting Standards Update 2016-18
New Accounting Pronouncement, Early Adoption [Line Items]
Increase to cash flows provided by operating activities		700
Decrease to cash flows provided by investing activities		$ 300
Accounting Standards Update 2017-05
New Accounting Pronouncement, Early Adoption [Line Items]
Other investments			$ 397,110
Total assets			4,806,947
Retained earnings (deficit)			(2,394,695)
Total equity			990,118
Adjustment [Member] | Accounting Standards Update 2017-05
New Accounting Pronouncement, Early Adoption [Line Items]
Other investments			75,869
Total assets			75,869
Retained earnings (deficit)			75,869
Total equity			$ 75,869

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Land, at cost	$ 431,043	$ 422,370
Buildings and improvements, at cost	1,228,608	1,207,066
Less: accumulated depreciation	(357,508)	(347,405)
Real estate, net	1,302,143	1,282,031
Real estate available and held for sale	41,857	68,588
Total real estate	1,344,000	1,350,619
Net Lease
Real Estate Properties [Line Items]
Land, at cost	218,261	219,092
Buildings and improvements, at cost	888,058	888,959
Less: accumulated depreciation	(297,881)	(292,268)
Real estate, net	808,438	815,783
Real estate available and held for sale	0	0
Total real estate	808,438	815,783
Operating Properties
Real Estate Properties [Line Items]
Land, at cost	212,782	203,278
Buildings and improvements, at cost	340,550	318,107
Less: accumulated depreciation	(59,627)	(55,137)
Real estate, net	493,705	466,248
Real estate available and held for sale	41,857	68,588
Total real estate	535,562	534,836
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 40,900	$ 48,500

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details)		Apr. 14, 2017USD ($)	Apr. 30, 2017USD ($)leaseproperty	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Jan. 01, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate				$ 48,469,000	$ 30,215,000
Payments to acquire equity method investments				43,391,000	1,813,000
Income from sales of real estate	[1]			17,048,000	8,110,000
Retained earnings (deficit)				$ (2,368,162,000)		$ (2,470,564,000)
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
Safety, Income and Growth, Inc. | Ground Net Lease Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | property			12
Number of ground net leases | lease			7
Number of master leases | lease			1
Number of properties covered under master lease agreement | property			5
Net proceeds from sales of real estate		$ 113,000,000	$ 113,000,000
Payments to acquire equity method investments		$ 55,500,000	$ 55,500,000
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
Accounting Standards Update 2017-05
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained earnings (deficit)							$ (2,394,695,000)
Accounting Standards Update 2017-05 | New Accounting Pronouncement, Early Adoption, Effect
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained earnings (deficit)							$ 55,500,000
Accounting Standards Update 2017-05 | New Accounting Pronouncement, Early Adoption, Effect | Ground Net Lease Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business						$ 178,900,000
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Real Estate (Discontinued Opera

Real Estate (Discontinued Operations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash flows provided by discontinued operations, operating activities	$ 6,300
Cash flows used in discontinued operations, investing activities	500
Ground Net Lease Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	5,244
Expenses	(986)
Income sales of real estate	508
Income from discontinued operations	$ 4,766

Real Estate (Other Dispositions

Real Estate (Other Dispositions) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate	[1]	$ 17,048	$ 8,110
Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds		41,900	10,200
Income from sales of real estate		16,600	1,900
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds		2,300	19,500
Income from sales of real estate		400	6,200
Total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds		44,200	29,700
Income from sales of real estate		$ 17,000	$ 8,100
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investment [Line Items]
Impairment of assets	$ 4,100	$ 4,413
Held-for-Sale, Impending Contract to Sell Condominiums
Investment [Line Items]
Impairment of assets	$ 4,100
Held-for-Sale, Change in Business Strategy
Investment [Line Items]
Impairment of assets		$ 4,400

Real Estate (Tenant Reimburseme

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Lease Income
Real Estate Properties [Line Items]
Tenant reimbursements	$ 5.6	$ 5.5

Real Estate (Allowance for Doub

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Real Estate Tenant Receivables
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.6	$ 1.3
Deferred Operating Lease
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.5	$ 1.3

Land and Development (Schedule

Land and Development (Schedule of Land and Development) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total land and development, net	$ 681,410		$ 860,311
Capital expenditures on land and development assets	30,954	$ 27,604
Land & Development
Property, Plant and Equipment [Line Items]
Land and land development, at cost	689,249		868,692
Less: accumulated depreciation	(7,839)		(8,381)
Total land and development, net	$ 681,410		$ 860,311

Land and Development (Acquisiti

Land and Development (Acquisitions, Dispositions, and Redeemable Noncontrolling Interest) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 03, 2018USD ($)	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
Number of land parcels sold | property		2
Land development revenue		$ 276,429	$ 20,050
Land development cost of sales		223,407	$ 15,910
Land & Development
Property, Plant and Equipment [Line Items]
Notes receivable issued for sale of land		145,000
Land & Development | Foreclosure
Property, Plant and Equipment [Line Items]
Fair value of assets acquired		$ 4,600
Subsequent Event | Land & Development
Property, Plant and Equipment [Line Items]
Proceeds from collection of notes receivable	$ 81,200

Loans Receivable and Other Le55

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 1,429,227	$ 1,289,568
Reserves for loan losses	(69,466)	(78,489)	$ (79,389)	$ (85,545)
Total loans receivable, net	1,359,761	1,211,079
Other lending investments—securities	40,713	89,576
Total loans receivable and other lending investments, net	1,400,474	1,300,655
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	906,482	791,152
Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	513,088	488,921
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 9,657	$ 9,495

Loans Receivable and Other Le56

Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allowance for Loan Losses [Roll Forward]
Reserve for loan losses at beginning of period	$ 78,489	$ 85,545
Recovery of loan losses	(855)	(4,928)
Charge-offs	(8,168)	(1,228)
Reserve for loan losses at end of period	$ 69,466	$ 79,389

Loans Receivable and Other Le57

Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	$ 1,435,251		$ 1,294,821
Less: Reserve for loan losses	(69,466)	$ (79,389)	(78,489)	$ (85,545)
Total	1,365,785		1,216,332
Release of general reserve	8,168	$ 1,228
Interest receivable	6,000		5,300
Held-to-maturity and available-for-sale securities	40,713		89,576
Individually Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	224,113		237,877
Less: Reserve for loan losses	(52,866)		(60,989)
Total	171,247		176,888
Unamortized discounts, premiums, deferred fees and costs, net (discount) or premium	(700)		(700)
Collectively Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	1,211,138		1,056,944
Less: Reserve for loan losses	(16,600)		(17,500)
Total	1,194,538		1,039,444
Unamortized discounts, premiums, deferred fees and costs, net (discount) or premium	$ 5,500		$ 6,200

Loans Receivable and Other Le58

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 1,435,251	$ 1,294,821
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	909,946	794,400
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	515,619	490,898
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	9,686	9,523
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 1,211,138	$ 1,056,944
Weighted Average Risk Ratings	2.51	2.77
Real Estate Finance | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 842,509	$ 713,057
Weighted Average Risk Ratings	2.52	2.72
Real Estate Finance | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 358,943	$ 334,364
Weighted Average Risk Ratings	2.47	2.85
Real Estate Finance | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 9,686	$ 9,523
Weighted Average Risk Ratings	3	3

Loans Receivable and Other Le59

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Recorded investment in loans, aged by payment status and presented by class
Current	$ 1,217,138	$ 1,062,944
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	218,113	231,877
Total Past Due	218,113	231,877
Loans	$ 1,435,251	$ 1,294,821
Financing receivable, number of loans greater than 90 days past due | loan	3	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	2 years	1 year
Maximum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period	9 years	9 years
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	$ 848,509	$ 719,057
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	61,437	75,343
Total Past Due	61,437	75,343
Loans	909,946	794,400
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	358,943	334,364
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	156,676	156,534
Total Past Due	156,676	156,534
Loans	515,619	490,898
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	9,686	9,523
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	$ 9,686	$ 9,523

Loans Receivable and Other Le60

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Financing Receivable, Impaired [Line Items]
Recorded Investment	$ 224,113		$ 237,877
Unpaid Principal Balance	213,720		227,280
Related Allowance	(52,866)		(60,989)
Average Recorded Investment	230,995	$ 252,371
Interest Income Recognized	92	0
Senior mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	67,437		81,343
Unpaid Principal Balance	67,871		81,431
Related Allowance	(40,395)		(48,518)
Average Recorded Investment	74,390	84,194
Interest Income Recognized	0	0
Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Recorded Investment	156,676		156,534
Unpaid Principal Balance	145,849		145,849
Related Allowance	(12,471)		$ (12,471)
Average Recorded Investment	156,605	157,224
Interest Income Recognized	0	0
Subordinate mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	0	10,953
Interest Income Recognized	92	0
With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	0	10,953
Interest Income Recognized	92	0
With no related allowance recorded | Subordinate mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	0	10,953
Interest Income Recognized	92	0
With an allowance recorded
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	230,995	241,418
Interest Income Recognized	0	0
With an allowance recorded | Senior mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	74,390	84,194
Interest Income Recognized	0	0
With an allowance recorded | Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	156,605	157,224
Interest Income Recognized	$ 0	$ 0

Loans Receivable and Other Le61

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-Sale Securities
Amortized Cost Basis	$ 21,195
Estimated Fair Value	21,835
Held-to-Maturity Securities
Amortized Cost Basis	18,878
Estimated Fair Value	19,281
Investments, Debt and Equity Securities [Abstract]
Face Value	40,098	$ 87,848
Amortized Cost Basis	40,073	87,964
Net Unrealized Gain (Loss)	1,043	3,193
Estimated Fair Value	41,116	91,157
Net Carrying Value	40,713	89,576
Municipal debt securities
Available-for-Sale Securities
Face Value	21,195	21,230
Amortized Cost Basis	21,195	21,230
Net Unrealized Gain (Loss)	640	1,612
Estimated Fair Value	21,835	22,842
Net Carrying Value	21,835	22,842
Debt securities
Held-to-Maturity Securities
Face Value	18,903	66,618
Amortized Cost Basis	18,878	66,734
Net Unrealized Gain (Loss)	403	1,581
Estimated Fair Value	19,281	68,315
Net Carrying Value	$ 18,878	$ 66,734

Loans Receivable and Other Le62

Loans Receivable and Other Lending Investments, net (Maturities) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	18,878
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	18,878
Estimated Fair Value
Within one year	0
After one year through 5 years	19,281
After 5 years through 10 years	0
After 10 years	0
Total	19,281
Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	21,195
Amortized Cost Basis	21,195
Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	21,835
Total	$ 21,835

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	$ 422,853		$ 321,241
Earnings (losses) from equity method investments	3,332	$ 5,702
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	12,234		13,618
Earnings (losses) from equity method investments	(494)	247
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	410,619		307,623
Earnings (losses) from equity method investments	3,826	5,455
Real estate equity investments | Net lease venture
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	132,103		121,139
Earnings (losses) from equity method investments	2,084	981
Real estate equity investments | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	146,991		83,868
Earnings (losses) from equity method investments	1,472	0
Real estate equity investments | Marina Palms
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	4,670		2,555
Earnings (losses) from equity method investments	1,489	3,117
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	126,855		$ 100,061
Earnings (losses) from equity method investments	$ (1,219)	$ 1,357

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 ($)property	Dec. 31, 2016USD ($)	Mar. 31, 2018USD ($)planunit	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)unit$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Jan. 01, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments							$ 43,391,000	$ 1,813,000
Carrying value of assets							4,450,059,000		$ 4,450,059,000	$ 4,731,078,000
Net proceeds from sales of real estate							48,469,000	30,215,000
Retained earnings (deficit)							(2,368,162,000)		(2,368,162,000)	(2,470,564,000)
Total debt obligations							3,190,333,000		3,190,333,000	3,539,991,000
Total gross carrying value of loans							1,429,227,000		1,429,227,000	1,289,568,000
Equity method investments, carrying value							$ 422,853,000		$ 422,853,000	321,241,000
Net lease venture
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage							51.90%		51.90%
Partners' capital account, contributions (up to)							$ 500,000,000		$ 500,000,000
Equity method investment, related party ownership percentage							0.60%		0.60%
Equity method investment, related party promote fee percentage							50.00%		50.00%
Equity method investment, partner ownership percentage							47.50%		47.50%
Total assets carrying value							$ 740,700,000		$ 740,700,000	658,300,000
Net lease venture | Other income
Schedule of Equity Method Investments [Line Items]
Management fees revenue							600,000	500,000
Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Management fees waived							900,000
Reimbursement revenue waived							400,000
Other real estate equity investments | Operating Properties
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments						$ 7,000,000
Equity method investments, carrying value							55,900,000		55,900,000	38,800,000
Loan commitments										27,000,000
Loans receivable, carrying value							26,000,000		26,000,000	25,400,000
Interest income							500,000	400,000
Other real estate equity investments | Land & Development
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value							$ 71,000,000		$ 71,000,000	61,300,000
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%
Great Oaks
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract			99 years
Number of units in real estate property to be built | unit			301
Real estate, leasehold improvement allowance			$ 7,200,000
Great Oaks | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Forward purchase contract, purchase agreement, amount										34,000,000
Great Oaks | Leasehold First Mortgage
Schedule of Equity Method Investments [Line Items]
Total debt obligations			80,500,000
Total gross carrying value of loans			$ 80,500,000
Marina Palms
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage							47.50%		47.50%
Total assets carrying value							$ 30,900,000		$ 30,900,000	$ 32,400,000
Number of units | unit							468		468
Marine Palms North Tower
Schedule of Equity Method Investments [Line Items]
Number of units | unit							234		234
Number of units remaining for sale | unit							1		1
Marine Palms South Tower
Schedule of Equity Method Investments [Line Items]
Number of units | unit							234		234
Number of units remaining for sale | unit							30		30
Newly formed unconsolidated entity
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage							50.00%		50.00%
Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage							39.90%		39.90%
Contributions by majority shareholders		$ 57,500,000
Carrying value of assets		161,100,000
Gain from discontinued operations					$ 123,400,000
Safety, Income and Growth, Inc. | Ground Lease
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee				$ 24,000,000
Loan term				1 year
Amount of loan funded							$ 10,300,000		$ 10,300,000
Safety, Income and Growth, Inc. | Private Placement
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance initial public offering	$ 205,000,000
Proceeds from issuance of private placement	45,000,000
Safety, Income and Growth, Inc. | IPO
Schedule of Equity Method Investments [Line Items]
Payments of stock issuance costs	18,900,000
Offering costs	$ 25,000,000
Wholly-owned Subsidiary | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Management fee, percent of equity below threshold							1.00%
Management fee, shareholders' equity threshold amount							$ 2,500,000,000		$ 2,500,000,000
Management fee, percent of equity above threshold							0.75%
Ground Net Lease Business | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 55,500,000			55,500,000
Noncontrolling interest (as a percent)		49.10%
Noncontrolling interest, ownership percentage by parent		50.90%
Net proceeds from sales of real estate		$ 113,000,000			$ 113,000,000
Number of properties | property					12
2017 Secured Financing
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount								$ 227,000,000
10b5-1 Plan | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Number of shares purchased | shares									2,200
Aggregate value of common stock purchased									$ 41,700,000
Average share price (in dollars per share) | $ / shares									$ 18.67
Common stock purchase plan, number of 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 (in dollars per share) | $ / shares										$ 19.20
Accounting Standards Update 2017-05
Schedule of Equity Method Investments [Line Items]
Carrying value of assets											$ 4,806,947,000
Retained earnings (deficit)											(2,394,695,000)
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-05
Schedule of Equity Method Investments [Line Items]
Retained earnings (deficit)											$ 55,500,000
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-05 | Ground Net Lease Business
Schedule of Equity Method Investments [Line Items]
Gain on sale of business										$ 178,900,000

Other Investments (Schedule o65

Other Investments (Schedule of Summarized Investee Financial Information) (Details) - Marina Palms - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity Method Investments, Summarized Financial Information [Line Items]
Revenues	$ 12,315	$ 23,669
Expenses	(7,873)	(14,911)
Net Income Attributable to Parent Entities	$ 4,442	$ 8,758

Other Assets and Other Liabil66

Other Assets and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Operating Leased Assets [Line Items]
Other receivables	$ 48,232		$ 56,369
Intangible assets, net	27,410		27,124
Other assets	23,125		24,490
Restricted cash	20,421	$ 26,290	20,045	$ 25,883
Leasing costs, net	9,675		9,050
Corporate furniture, fixtures and equipment, net	4,598		4,652
Deferred financing fees, net	1,288		0
Deferred expenses and other assets, net	134,749		141,730
Intangible assets, accumulated amortization	35,100		34,900
Amortization of above market lease	400	800
Accumulated amortization on leasing costs	4,600		4,700
Accumulated depreciation on corporate furniture, fixtures and equipment	10,800		10,500
Depreciation and Amortization
Operating Leased Assets [Line Items]
Amortization of intangible assets	400	$ 500
Operating Properties
Operating Leased Assets [Line Items]
Other receivables	$ 26,000		$ 26,000

Other Assets and Other Liabil67

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Other liabilities	$ 104,261		$ 79,015
Accrued expenses	75,995		101,035
Accrued interest payable	29,741		49,933
Intangible liabilities, net	7,877		8,021
Accounts payable, accrued expenses and other liabilities	217,874		238,004
Developer fee payable	58,000		29,200
Special assessment bond	4,800		6,200
Below market lease, accumulated amortization	7,100		7,800
Amortization of below market lease	100	$ 300
Real Estate Available and Held for Sale
Real Estate Properties [Line Items]
Accrued expenses	$ 4,200		2,500
Residential Real Estate | Master Planned Community
Real Estate Properties [Line Items]
Number of properties | property	2
Real Estate Assets Held-for-Sale
Real Estate Properties [Line Items]
Other liabilities	$ 900		$ 1,600

Loan Participations Payable, 68

Loan Participations Payable, net (Details) $ in Thousands	Mar. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Loan Participations Payable, net [Line Items]
Unamortized discounts and deferred financing costs, net	$ (59,399)	$ (63,591)
Loan participations payable, net	85,354	102,425
Loans receivable, net	$ 1,359,761	$ 1,211,079
Total loan participations payable, net
Loan Participations Payable, net [Line Items]
Number of loan participations payable | loan	2	2
Weighted average interest rate (as a percent)	6.80%	6.50%
Total loan participations payable, net
Loan Participations Payable, net [Line Items]
Loan participations payable, gross	$ 85,621	$ 102,737
Unamortized discounts and deferred financing costs, net	(267)	(312)
Total loan participations payable, net
Loan Participations Payable, net [Line Items]
Loans receivable, net	$ 85,300	$ 102,300

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($)	1 Months Ended		3 Months Ended		7 Months Ended
	Sep. 30, 2017	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Oct. 31, 2017	Oct. 20, 2017	Aug. 31, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Total debt obligations			$ 3,190,333,000			$ 3,539,991,000
Debt discounts and deferred financing costs, net			(59,399,000)			(63,591,000)
Total debt obligations, net			3,130,934,000			3,476,400,000
Interest costs capitalized			2,400,000	$ 2,000,000
2015 $325 million Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount			325,000,000
Total debt obligations			$ 0			325,000,000
Converted term loan, term			1 year
2015 $325 million Revolving Credit Facility | Minimum | Interest Rate Category One
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			1.25%
2015 $325 million Revolving Credit Facility | Minimum | Interest Rate Category Two
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			2.25%
2015 $325 million Revolving Credit Facility | Maximum | Interest Rate Category One
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			1.75%
2015 $325 million Revolving Credit Facility | Maximum | Interest Rate Category Two
Debt Instrument [Line Items]
Debt instrument, margin (as a percent)			2.75%
2015 $325 million Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.50%
2015 $325 million Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.00%
2015 $325 million Revolving Credit Facility | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			0.50%
2016 Senior Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000								$ 500,000,000	$ 450,000,000
Total debt obligations			$ 376,671,000			399,000,000
Basis point spread on variable interest rate (as a percent)			1.00%
2016 Senior Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	3.00%	3.75%	3.00%		4.50%
2016 Senior Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	0.75%	1.00%	0.75%		1.00%
2016 Senior Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.00%
2016 Senior Credit Facility | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			0.50%
Mortgages collateralized by net lease assets
Debt Instrument [Line Items]
Total debt obligations			$ 206,162,000			208,491,000
Weighted average interest rate (as a percent)			5.20%
Mortgages collateralized by net lease assets | Minimum
Debt Instrument [Line Items]
Stated interest rates (as a percent)			4.102%
Mortgages collateralized by net lease assets | Maximum
Debt Instrument [Line Items]
Stated interest rates (as a percent)			7.26%
Total secured credit facilities and mortgages
Debt Instrument [Line Items]
Total debt obligations			$ 582,833,000			932,491,000
5.00% senior notes
Debt Instrument [Line Items]
Total debt obligations			$ 770,000,000			770,000,000
Stated interest rates (as a percent)			5.00%
4.625% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Total debt obligations			$ 400,000,000			400,000,000
Stated interest rates (as a percent)	4.625%		4.625%
6.50% senior notes
Debt Instrument [Line Items]
Total debt obligations			$ 275,000,000			275,000,000
Stated interest rates (as a percent)			6.50%
6.00% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 375,000,000
Total debt obligations			$ 375,000,000			375,000,000
Stated interest rates (as a percent)			6.00%	6.00%
5.25% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Total debt obligations			$ 400,000,000			400,000,000
Stated interest rates (as a percent)	5.25%		5.25%
3.125% senior convertible notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000						$ 37,500,000	$ 37,500,000
Total debt obligations			$ 287,500,000			287,500,000
Total debt obligations, net			$ 258,200,000
Stated interest rates (as a percent)	3.125%		3.125%				3.125%	3.125%
Convertible debt, conversion ratio (in shares per par value)			64.36
Convertible debt, conversion price (in dollars per share)			$ 15.54
Liability component of convertible debt	$ 221,800,000						$ 34,000,000
Carrying value of equity component of convertible debt	$ 22,500,000						$ 3,400,000
Debt Instrument, Unamortized Discount			$ 24,000,000
Interest Expense, Debt			2,200,000
Amortization of Debt Discount (Premium)			$ 1,200,000
Effective interest rate			5.20%
Unsecured Notes
Debt Instrument [Line Items]
Total debt obligations			$ 2,507,500,000			2,507,500,000
Trust preferred securities
Debt Instrument [Line Items]
Total debt obligations			$ 100,000,000			$ 100,000,000
Basis point spread on variable interest rate (as a percent)			1.50%

Debt Obligations, net (Future S

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Maturities of Long-term Debt [Abstract]
2018 (remaining nine months)	$ 0
2,018	771,356
2,019	400,000
2,020	767,552
2,021	1,121,019
Thereafter	130,406
Total principal maturities	3,190,333	$ 3,539,991
Unamortized discounts and deferred financing costs, net	(59,399)	(63,591)
Total debt obligations, net	3,130,934	$ 3,476,400
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2018 (remaining nine months)	0
2,018	770,000
2,019	400,000
2,020	275,000
2,021	1,062,500
Thereafter	100,000
Total principal maturities	2,607,500
Unamortized discounts and deferred financing costs, net	(52,109)
Total debt obligations, net	2,555,391
Secured Debt
Maturities of Long-term Debt [Abstract]
2018 (remaining nine months)	0
2,018	1,356
2,019	0
2,020	492,552
2,021	58,519
Thereafter	30,406
Total principal maturities	582,833
Unamortized discounts and deferred financing costs, net	(7,290)
Total debt obligations, net	$ 575,543

Debt Obligations, net (Secured

Debt Obligations, net (Secured Credit Facility Narrative) (Details)	1 Months Ended			3 Months Ended		7 Months Ended
	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)property	Jan. 31, 2017	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016	Aug. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt, net				$ 372,000	$ 210,000
2017 Secured Financing
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 227,000,000			$ 227,000,000
Stated interest rates (as a percent)		3.795%			3.795%
Number of properties collateralizing loan | property		12
Deferred financing costs		$ 7,300,000			$ 7,300,000
2016 Senior Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 400,000,000						$ 500,000,000	$ 450,000,000
Percentage of par credit facilities were issued at								99.00%
Basis point spread on variable interest rate (as a percent)				1.00%
Aggregate price reduction (as a percent)	1.50%
Multiple of the minimum collateral coverage on outstanding borrowings (at least)				1.25
Required quarterly principal payment (as a percent)				0.25%
2016 Senior Credit Facility | Other Expense
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt, net				$ 400,000
2016 Senior Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	3.00%		3.75%	3.00%		4.50%
2016 Senior Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	0.75%		1.00%	0.75%		1.00%
2016 Senior Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)				2.00%
2015 $325 million Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount				$ 325,000,000
Line of credit facility, maximum borrowing capacity	$ 325,000,000			$ 325,000,000					$ 250,000,000
Converted term loan, term				1 year
Repayments of credit facility				$ 325,000,000
2015 $325 million Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage				0.30%
2015 $325 million Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage				0.50%
2015 $325 million Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)				2.50%
2015 $325 million Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)				1.00%
Safety, Income and Growth, Inc. | 2017 Secured Financing
Line of Credit Facility [Line Items]
Equity capitalization amount, at least				$ 500,000,000
Net worth, at least				$ 250,000,000

Debt Obligations, net (Unsecure

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($)	Oct. 20, 2017	Apr. 12, 2017	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Oct. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Repayments of debt				$ 349,658,000	$ 353,458,000
4.625% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 400,000,000
Stated interest rates (as a percent)				4.625%			4.625%
5.25% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 400,000,000
Stated interest rates (as a percent)				5.25%			5.25%
3.125% senior convertible notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 37,500,000					$ 37,500,000	$ 250,000,000
Stated interest rates (as a percent)	3.125%			3.125%		3.125%	3.125%
Unsecured Notes
Debt Instrument [Line Items]
Deferred financing costs							$ 18,600,000
6.00% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 375,000,000		$ 375,000,000
Stated interest rates (as a percent)			6.00%	6.00%	6.00%
5.85% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)			5.85%		5.85%
Repayments of debt			$ 99,700,000
9.00% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)		9.00%
Repayments of debt		$ 275,000,000
Unsecured Notes Four Percent Senior Notes Due November 2017
Debt Instrument [Line Items]
Stated interest rates (as a percent)	4.00%
Extinguishment of debt, amount	$ 550,000,000
Unsecured Notes Seven Point One Two Five Percent Senior Notes Due February 2018
Debt Instrument [Line Items]
Stated interest rates (as a percent)	7.125%
Extinguishment of debt, amount	$ 300,000,000
Unsecured Notes 4 point 875 Percent Senior Notes Due July 2018
Debt Instrument [Line Items]
Stated interest rates (as a percent)	4.875%
Extinguishment of debt, amount	$ 300,000,000

Debt Obligations, net (Encumber

Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Real estate, net	$ 1,302,143	$ 1,282,031
Real estate available and held for sale	41,857	68,588
Land and development, net	681,410	860,311
Loans receivable and other lending investments, net	1,400,474	1,300,655
Other investments	422,853	321,241
Cash and other assets	601,322	898,252
Total assets	4,450,059	4,731,078
Loans receivable, net	1,359,761	1,211,079
Total loan participations payable, net
Debt Instrument [Line Items]
Loans receivable, net	85,300	102,300
Collectively Evaluated for Impairment
Debt Instrument [Line Items]
General reserves for loan losses	16,600	17,500
Collateral Assets
Debt Instrument [Line Items]
Real estate, net	790,545	795,321
Real estate available and held for sale	0	20,069
Land and development, net	25,100	25,100
Loans receivable and other lending investments, net	185,161	194,529
Other investments	0	0
Cash and other assets	0	0
Total assets	1,000,806	1,035,019
Non-Collateral Assets
Debt Instrument [Line Items]
Real estate, net	511,598	486,710
Real estate available and held for sale	41,857	48,519
Land and development, net	656,310	835,211
Loans receivable and other lending investments, net	1,146,571	1,021,340
Other investments	422,853	321,241
Cash and other assets	601,322	898,252
Total assets	$ 3,380,511	$ 3,611,273

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details)	3 Months Ended
	Mar. 31, 2018
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness (at least)	1.2
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
2016 Senior Credit Facility
Debt Instrument [Line Items]
Multiple of the minimum collateral coverage on outstanding borrowings (at least)	1.25
2015 $325 Million Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
Multiple of the minimum collateral coverage on outstanding borrowings (at least)	1.5
Total secured credit facilities and mortgages
Debt Instrument [Line Items]
Percentage of REIT taxable income permitted for distribution under debt covenants	100.00%

Commitments and Contingencies75

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 04, 2017
Other Commitments [Line Items]
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Positive Outcome of Litigation [Member] | Lennar
Other Commitments [Line Items]
Legal fee recovery, applied amount		$ 17

Commitments and Contingencies76

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Other Commitments [Line Items]
Performance-Based Commitments	$ 471,856
Strategic Investments	9,427
Total	481,283
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments	436,639
Strategic Investments	0
Total	436,639
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	10,630
Strategic Investments	0
Total	10,630
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	24,587
Strategic Investments	9,427
Total	34,014
Loan participations, not the obligation of the Company
Other Commitments [Line Items]
Performance-Based Commitments	$ 83,700

Derivatives (Classification on

Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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)	$ 2,351	$ 78
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	$ (9)	(87)
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)		(5)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)		(5)
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)		(299)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)		0
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)		467
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)		(30)
Other Expense | Interest rate cap | Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Income For the Three Months Ended March 31, 2017		47
Other Expense | Foreign exchange contracts | Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Income For the Three Months Ended March 31, 2017		$ (125)

Derivatives (Interest Rate Hedg

Derivatives (Interest Rate Hedges) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) recognized in accumulated other comprehensive income	$ 0.4

Equity (Preferred Stock) (Detai

Equity (Preferred Stock) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Operating loss carryforwards			$ 588,000,000	$ 948,800,000
Shares Issued and Outstanding (in shares)	16,200,000		16,200,000
Carrying value of preferred stock	$ 476,000,000		$ 476,000,000
Number of days in year used in the computation of preferred stock dividends for any partial dividend period	360 days		360 days
Number of months used in the computation of preferred stock dividends for any partial dividend period	12 months		12 months
Number of days in month, dividends computation of dividends payable for any partial dividend period	30 days		30 days
Capital gains distribution (as a percent)			100.00%
Unrecaptured Section 1250 gain (s a percent)			27.90%
Long term capital gain (as a percent)			72.10%
Amount of preferred dividends in arrears	$ 0
Shares issued upon conversion	3.9087
Maximum
Class of Stock [Line Items]
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	30 days		30 days
Minimum
Class of Stock [Line Items]
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	10 days		10 days
Series D
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	8.00%		8.00%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 2		$ 2
Carrying value of preferred stock	$ 89,041,000		$ 89,041,000
Dividends declared and paid	$ 2,000,000	$ 2,000,000
Series G
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	3,200,000		3,200,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.65%		7.65%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.91		$ 1.91
Carrying value of preferred stock	$ 72,664,000		$ 72,664,000
Dividends declared and paid	$ 1,500,000	1,500,000
Series I
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	5,000,000		5,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.50%		7.50%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.88		$ 1.88
Carrying value of preferred stock	$ 120,785,000		$ 120,785,000
Dividends declared and paid	$ 2,300,000	2,300,000
Series J
Class of Stock [Line Items]
Shares Issued and Outstanding (in shares)	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 50		$ 50
Rate per Annum	4.50%		4.50%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 2.25		$ 2.25
Carrying value of preferred stock	$ 193,510,000		$ 193,510,000
Dividends declared and paid	$ 2,300,000	2,300,000
Conversion price per share (in dollars per share)	$ 12.79
Series E
Class of Stock [Line Items]
Dividends declared and paid		2,800,000
Series F
Class of Stock [Line Items]
Dividends declared and paid		$ 2,000,000
Series G And Series I Preferred Stock [Member]
Class of Stock [Line Items]
Redemption price as a percentage of liquidation preference	100.00%

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends [Abstract]
Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT	90.00%
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT	100.00%
Operating loss carryforwards		$ 588	$ 948.8

Equity (Stock Repurchase Progra

Equity (Stock Repurchase Program) (Details) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Equity [Abstract]
Treasury stock, shares, acquired (in shares) | shares	0.8
Treasury stock value acquired including acquisition costs	$ 8,300,000
Treasury stock acquired, average cost per share (in dollars per share) | $ / shares	$ 10.22
Available repurchase of common stock, authorized amount (up to)	$ 41,710,000

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	$ 640	$ 1,335
Unrealized gains on cash flow hedges	3,068	707
Unrealized losses on cumulative translation adjustment	(4,633)	(4,524)
Accumulated other comprehensive income	$ (925)	$ (2,482)

Stock-Based Compensation Plan83

Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)point$ / sharesshares	Mar. 31, 2017USD ($)pointshares	Dec. 31, 2017USD ($)pointshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 9,091	$ 5,881
Number of Points Outstanding [Roll Forward]
Accrued expenses | $	$ 75,995		$ 101,035
Long-term Incentive Plan 2009
Number of Points Outstanding [Roll Forward]
Shares available for issuance | shares	2,700,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) | shares	282,000	290,000	290,000
Granted | shares	264,000		116,000
Vested | shares	(20,000)		(75,000)
Forfeited | shares	(40,000)		(49,000)
Non-vested at end of period (in shares) | shares	486,000		282,000
Unrecognized compensation cost | $	$ 3,500
Weighted-average period to recognize the unrecognized compensation cost	2 years 2 months 12 days
2013-2014 Performance Incentive Plan
Number of Points Outstanding [Roll Forward]
Points at beginning of period	86.57	92	92
Granted (points)	0.50		5
Forfeited (points)	(0.15)		(10.43)
Points at end of period	86.92		86.57
Preferred return hurdle			9.00%
Compensation value of total distribution | $	$ 13,600
Cash portion of points distribution | $	$ 6,800
Number of shares issued in points distribution | shares	595,869
Value of shares issued in points distribution | $	$ 6,800
Fair value of shares in points distribution | $ / shares	$ 11.41
Number of shares issued, net of tax withholding in points distribution | shares	328,074
2015-2016 Performance Plan
Number of Points Outstanding [Roll Forward]
Points at beginning of period	84.16	74.10	74.10
Granted (points)	0		17.88
Forfeited (points)	(0.89)		(7.82)
Points at end of period	83.27		84.16
2017-2018 Performance Incentive Plan
Number of Points Outstanding [Roll Forward]
Points at beginning of period	40.97	0	0
Granted (points)	49.08		41.68
Forfeited (points)	(4.56)		(0.71)
Points at end of period	85.49		40.97
All Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 7,900	$ 5,000
Number of Points Outstanding [Roll Forward]
Accrued expenses | $	$ 32,200		$ 38,100
Common Stock Subject to Sales Restriction | Employees
Number of Points Outstanding [Roll Forward]
Vested, number of shares | shares	213,609
Restricted shares awarded | shares	135,503
Sale restriction period	18 months

Stock-Based Compensation Plan84

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors - CSE and Restricted Stock Units $ in Millions	Mar. 31, 2018USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares) | shares	226,182
Aggregate intrinsic value for directors | $	$ 2.3

Stock-Based Compensation Plan85

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Gross contributions made by the Company	$ 0.7	$ 0.6

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Income (loss) from continuing operations		$ 17,980	$ (28,248)
Income from sales of real estate	[1]	17,048	8,110
Net (income) loss attributable to noncontrolling interests		(95)	1,100
Preferred dividends		(8,124)	(12,830)
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share		26,809	(31,868)
Add: Effect of Series J convertible perpetual preferred stock		2,250	0
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share		$ 29,059	$ (31,868)
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Earnings Per Share (Earnings Al

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	$ 26,809	$ (31,868)
Income from discontinued operations	0	4,766
Net income (loss) allocable to common shareholders	26,809	(27,102)
Numerator for diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	29,059	(31,868)
Income from discontinued operations	0	4,766
Net income (loss) attributable to iStar Inc. and allocable to common shareholders	$ 29,059	$ (27,102)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share (in shares)	67,913	72,065
Add: Effect of assumed shares issued under treasury stock method for restricted stock units (in shares)	122	0
Weighted average common shares outstanding for diluted earnings per common share (in shares)	83,670	72,065
Basic earnings per common share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ 0.39	$ (0.44)
Income (loss) from discontinued operations (in dollars per share)	0	0.06
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	0.39	(0.38)
Diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	0.35	(0.44)
Income from discontinued operations (in dollars per share)	0	0.06
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ 0.35	$ (0.38)
Preferred Stock Series J
Denominator for basic and diluted earnings per share:
Add: Effect of series J convertible perpetual preferred stock (in shares)	15,635	0

Earnings Per Share (Anti-diluti

Earnings Per Share (Anti-dilutive Shares) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2018trading_dayshares	Mar. 31, 2017shares	Oct. 31, 2017	Oct. 20, 2017	Sep. 30, 2017
Series J convertible perpetual preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	15,635
Joint venture shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	298
3.125% senior convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rates (as a percent)	3.125%		3.125%	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	Mar. 31, 2018
Recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Net Carrying Value	$ 0	$ 0
Recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Net Carrying Value	22,842	21,835
Non-recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Impaired real estate available and held for sale	0	0
Impaired land and development	0
Non-recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Impaired land and development	0
Non-recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired real estate	12,400
Impaired real estate available and held for sale	800	6,041
Impaired land and development	21,400
Fair Value | Recurring basis
Assets and liabilities recorded at fair value
Net Carrying Value	22,842	21,835
Fair Value | Non-recurring basis
Assets and liabilities recorded at fair value
Impaired real estate	12,400
Impaired real estate available and held for sale	800	$ 6,041
Impaired land and development	$ 21,400
Land and Land Development Asset | Fair Value | Non-recurring basis
Assets and liabilities recorded at fair value
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	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 22,842	$ 21,666
Repayments	(36)	(10)
Unrealized gains recorded in other comprehensive income	(971)	(17)
Ending balance	$ 21,835	$ 21,639

Fair Values (Narrative) (Detail

Fair Values (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	$ 1,400,474	$ 1,300,655
Debt obligations, net	3,130,934	3,476,400
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	1,400,000	1,300,000
Debt obligations, net	$ 3,300,000	$ 3,700,000

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2018USD ($)segments	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segments		4
Segment Reporting
Operating lease income		$ 45,799	$ 47,347
Interest income		26,697	29,058
Other income		15,320	11,864
Land development revenue		276,429	20,050
Earnings (losses) from equity method investments		3,332	5,702
Income from discontinued operations		0	4,766
Income from sales of real estate	[1]	17,048	8,110
Total revenue and other earnings		384,625	126,897
Real estate expense		(36,180)	(35,590)
Land development cost of sales		(223,407)	(15,910)
Other expense		(1,166)	(1,869)
Allocated interest expense		(45,182)	(51,145)
Allocated general and administrative		(19,723)	(19,292)
Segment profit (loss)		58,967	3,091
Other significant items:
Recovery of loan losses		(855)	(4,928)
Impairment of assets		4,100	4,413
Depreciation and amortization		11,110	12,280
Capitalized expenditures		39,625	35,573
Real estate, net		1,302,143		$ 1,282,031
Real estate available and held for sale		41,857		68,588
Total real estate		1,344,000		1,350,619
Land and development, net		681,410		860,311
Loans receivable and other lending investments, net		1,400,474		1,300,655
Other investments		422,853		321,241
Total portfolio assets		3,848,737		3,832,826
Cash and other assets		601,322		898,252
Total assets		4,450,059		4,731,078
Stock-based compensation expense		9,091	5,881
Land and Development
Segment Reporting
Income from sales of real estate		53,022	4,140
Operating Segments | Real Estate Finance
Segment Reporting
Operating lease income		0	0
Interest income		26,697	29,058
Other income		384	76
Land development revenue		0	0
Earnings (losses) from equity method investments		0	0
Income from discontinued operations			0
Income from sales of real estate		0	0
Total revenue and other earnings		27,081	29,134
Real estate expense		0	0
Land development cost of sales		0	0
Other expense		(400)	(605)
Allocated interest expense		(11,765)	(11,888)
Allocated general and administrative		(3,969)	(3,596)
Segment profit (loss)		10,947	13,045
Other significant items:
Recovery of loan losses		(855)	(4,928)
Impairment of assets		0	0
Depreciation and amortization		0	0
Capitalized expenditures		0	0
Real estate, net		0		0
Real estate available and held for sale		0		0
Total real estate		0		0
Land and development, net		0		0
Loans receivable and other lending investments, net		1,400,474		1,300,655
Other investments		0		0
Total portfolio assets		1,400,474		1,300,655
Operating Segments | Net Lease
Segment Reporting
Operating lease income		29,727	31,252
Interest income		0	0
Other income		1,049	506
Land development revenue		0	0
Earnings (losses) from equity method investments		3,556	981
Income from discontinued operations			4,766
Income from sales of real estate		414	6,212
Total revenue and other earnings		34,746	43,717
Real estate expense		(3,948)	(4,575)
Land development cost of sales		0	0
Other expense		0	0
Allocated interest expense		(14,201)	(15,735)
Allocated general and administrative		(4,586)	(4,642)
Segment profit (loss)		12,011	18,765
Other significant items:
Recovery of loan losses		0	0
Impairment of assets		0	0
Depreciation and amortization		6,309	7,641
Capitalized expenditures		478	771
Real estate, net		808,438		815,783
Real estate available and held for sale		0		0
Total real estate		808,438		815,783
Land and development, net		0		0
Loans receivable and other lending investments, net		0		0
Other investments		279,094		205,007
Total portfolio assets		1,087,532		1,020,790
Operating Segments | Operating Properties
Segment Reporting
Operating lease income		15,817	15,989
Interest income		0	0
Other income		12,144	10,355
Land development revenue		0	0
Earnings (losses) from equity method investments		(1,275)	632
Income from discontinued operations			0
Income from sales of real estate		16,634	1,898
Total revenue and other earnings		43,320	28,874
Real estate expense		(21,626)	(21,518)
Land development cost of sales		0	0
Other expense		0	0
Allocated interest expense		(5,528)	(5,606)
Allocated general and administrative		(2,043)	(1,755)
Segment profit (loss)		14,123	(5)
Other significant items:
Recovery of loan losses		0	0
Impairment of assets		4,100	4,413
Depreciation and amortization		3,926	4,039
Capitalized expenditures		7,700	8,210
Real estate, net		493,705		466,248
Real estate available and held for sale		41,857		68,588
Total real estate		535,562		534,836
Land and development, net		0		0
Loans receivable and other lending investments, net		0		0
Other investments		55,929		38,761
Total portfolio assets		591,491		573,597
Operating Segments | Land and Development
Segment Reporting
Operating lease income		255	106
Interest income		0	0
Other income		471	386
Land development revenue		276,429	20,050
Earnings (losses) from equity method investments		1,545	3,842
Income from discontinued operations			0
Income from sales of real estate		0	0
Total revenue and other earnings		278,700	24,384
Real estate expense		(10,606)	(9,497)
Land development cost of sales		(223,407)	(15,910)
Other expense		0	0
Allocated interest expense		(6,473)	(8,118)
Allocated general and administrative		(3,805)	(3,926)
Segment profit (loss)		34,409	(13,067)
Other significant items:
Recovery of loan losses		0	0
Impairment of assets		0	0
Depreciation and amortization		515	270
Capitalized expenditures		31,447	26,592
Real estate, net		0		0
Real estate available and held for sale		0		0
Total real estate		0		0
Land and development, net		681,410		860,311
Loans receivable and other lending investments, net		0		0
Other investments		75,596		63,855
Total portfolio assets		757,006		924,166
Corporate/Other
Segment Reporting
Operating lease income		0	0
Interest income		0	0
Other income		1,272	541
Land development revenue		0	0
Earnings (losses) from equity method investments		(494)	247
Income from discontinued operations			0
Income from sales of real estate		0	0
Total revenue and other earnings		778	788
Real estate expense		0	0
Land development cost of sales		0	0
Other expense		(766)	(1,264)
Allocated interest expense		(7,215)	(9,798)
Allocated general and administrative		(5,320)	(5,373)
Segment profit (loss)		(12,523)	(15,647)
Other significant items:
Recovery of loan losses		0	0
Impairment of assets		0	0
Depreciation and amortization		360	330
Capitalized expenditures		0	$ 0
Real estate, net		0		0
Real estate available and held for sale		0		0
Total real estate		0		0
Land and development, net		0		0
Loans receivable and other lending investments, net		0		0
Other investments		12,234		13,618
Total portfolio assets		$ 12,234		$ 13,618
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reconciliation of segment profit (loss) to income (loss) from continuing operations
Segment profit	$ 58,967	$ 3,091
Add: Recovery of loan losses	855	4,928
Less: Impairment of assets	(4,100)	(4,413)
Less: Stock-based compensation expense	(9,091)	(5,881)
Less: Depreciation and amortization	(11,110)	(12,280)
Less: Income tax expense	(121)	(607)
Less: Loss on early extinguishment of debt, net	(372)	(210)
Net income (loss)	$ 35,028	$ (15,372)