Safehold 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 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	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		67,968,039
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate
Real estate, at cost	$ 2,255,537	$ 1,629,436
Less: accumulated depreciation	(340,538)	(347,405)
Real estate, net	1,914,999	1,282,031
Real estate available and held for sale	37,597	68,588
Total real estate	1,952,596	1,350,619
Land and development, net	641,627	860,311
Loans receivable and other lending investments, net	1,052,872	1,300,655
Other investments	293,017	321,241
Cash and cash equivalents	1,039,591	657,688
Accrued interest and operating lease income receivable, net	10,994	11,957
Deferred operating lease income receivable, net	88,080	86,877
Deferred expenses and other assets, net	279,390	141,730
Total assets	5,358,167	4,731,078
Liabilities:
Accounts payable, accrued expenses and other liabilities	249,494	238,004
Loan participations payable, net	14,709	102,425
Debt obligations, net	3,869,576	3,476,400
Total liabilities	4,133,779	3,816,829
Commitments and contingencies (refer to Note 11)
Redeemable noncontrolling interests	11,814	0
iStar Inc. shareholders' equity:
Common Stock, $0.001 par value, 200,000 shares authorized, 67,968 and 68,236 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	68	68
Additional paid-in capital	3,350,750	3,352,665
Retained deficit	(2,325,291)	(2,470,564)
Accumulated other comprehensive income (loss) (refer to Note 13)	(2,233)	(2,482)
Total iStar Inc. shareholders' equity	1,023,310	879,703
Noncontrolling interests	189,264	34,546
Total equity	1,212,574	914,249
Total liabilities and equity	5,358,167	4,731,078
Preferred Stock Series D, G and I
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	Jun. 30, 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)	67,968,000	68,236,000
Common Stock, shares outstanding (in shares)	67,968,000	68,236,000
Preferred Stock Series D, G and I
Liquidation preference (in dollars per share)	$ 25	$ 25
Preferred Stock Series J
Liquidation preference (in dollars per share)	$ 50	$ 50

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Operating lease income		$ 44,609	$ 47,002	$ 90,407	$ 94,349
Interest income		25,212	28,645	51,909	57,703
Other income		20,823	139,510	36,142	151,374
Land development revenue		80,927	132,710	357,356	152,760
Total revenues		171,571	347,867	535,814	456,186
Costs and expenses:
Interest expense		43,172	48,807	88,353	99,952
Real estate expense		37,043	34,684	73,224	70,274
Land development cost of sales		83,361	122,466	306,768	138,376
Depreciation and amortization		10,767	13,171	21,878	25,451
General and administrative	[1]	23,228	27,218	52,041	52,392
Provision for (recovery of) loan losses		18,892	(600)	18,037	(5,528)
Impairment of assets		6,088	10,284	10,188	14,696
Other expense		3,716	16,276	4,882	18,145
Total costs and expenses		226,267	272,306	575,371	413,758
Income (loss) before earnings from equity method investments and other items		(54,696)	75,561	(39,557)	42,428
Loss on early extinguishment of debt, net		(2,164)	(3,315)	(2,536)	(3,525)
Earnings (losses) from equity method investments		(7,278)	5,515	(3,946)	11,217
Gain on consolidation of equity method investment		67,877	0	67,877	0
Income from continuing operations before income taxes		3,739	77,761	21,838	50,120
Income tax expense		(128)	(1,644)	(249)	(2,251)
Income from continuing operations		3,611	76,117	21,589	47,869
Income from discontinued operations		0	173	0	4,939
Gain from discontinued operations		0	123,418	0	123,418
Income tax expense from discontinued operations		0	(4,545)	0	(4,545)
Income from sales of real estate	[2]	56,895	844	73,943	8,954
Net income		60,506	196,007	95,532	180,635
Net income attributable to noncontrolling interests		(9,509)	(5,710)	(9,604)	(4,610)
Net income attributable to iStar Inc.		50,997	190,297	85,928	176,025
Preferred dividends		(8,124)	(12,830)	(16,248)	(25,660)
Net income allocable to common shareholders		$ 42,873	$ 177,467	$ 69,680	$ 150,365
Income attributable to iStar Inc. from continuing operations:
Basic (in dollars per share)		$ 0.63	$ 0.81	$ 1.03	$ 0.37
Diluted (in dollars per share)		0.54	0.69	0.89	0.35
Net income attributable to iStar Inc.:
Basic (in dollars per share)		0.63	2.46	1.03	2.09
Diluted (in dollars per share)		$ 0.54	$ 2.04	$ 0.89	$ 1.76
Weighted average number of common shares:
Basic (in shares)		67,932	72,142	67,922	72,104
Weighted average common shares outstanding for diluted earnings per common share		83,694	88,195	83,682	88,156
Equity-based compensation		$ 3,503	$ 3,915	$ 12,593	$ 9,796
All Performance Incentive Plans
Weighted average number of common shares:
Equity-based compensation		$ 2,200	$ 2,900	$ 10,200	$ 7,900
[1]	For the three months ended June 30, 2018 and 2017, includes $2.2 million and $2.9 million, respectively, of equity-based compensation associated with iPIP Plans (refer to Note 14). For the six months ended June 30, 2018 and 2017, includes $10.2 million and $7.9 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		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income		$ 60,506	$ 196,007	$ 95,532	$ 180,635
Other comprehensive income (loss):
Impact from adoption of new accounting standards		0	0	276	0
Reclassification of (gains)/losses on cumulative translation adjustment into earnings upon realization	[1]	721	0	721	0
Reclassification of losses on cash flow hedges into earnings upon realization	[2]	(1,795)	(313)	(1,786)	(191)
Unrealized gains (losses) on available-for-sale securities		15	583	(956)	566
Unrealized gains (losses) on cash flow hedges		7	(146)	2,358	394
Unrealized gains (losses) on cumulative translation adjustment		(256)	172	(364)	(229)
Other comprehensive income		(1,308)	296	249	540
Comprehensive income		59,198	196,303	95,781	181,175
Comprehensive (income) attributable to noncontrolling interests		(9,509)	(5,710)	(9,604)	(4,610)
Comprehensive income attributable to iStar Inc.		$ 49,689	$ 190,593	$ 86,177	$ 176,565
[1]	Amounts were reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations.
[2]	Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $60 for the three and six months ended June 30, 2017, respectively. Amount reclassified to "Gain on consolidation of equity method investment" in the Company's consolidated statements of operations is $1,876 for the three and six months ended June 30, 2018. Amounts reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $81 and $90 for the three and six months ended June 30, 2018, respectively, and $70 and $164 for the three and six months ended June 30, 2017, respectively.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reclassification of losses on cash flow hedges into earnings upon realization	[1]	$ (1,795)	$ (313)	$ (1,786)	$ (191)
Interest Expense
Reclassification of losses on cash flow hedges into earnings upon realization			(30)		(60)
Earnings from equity method investments
Reclassification of losses on cash flow hedges into earnings upon realization		81	$ (70)	90	$ (164)
Gain on consolidation of equity method investments
Reclassification of losses on cash flow hedges into earnings upon realization		$ (1,876)		$ (1,876)
[1]	Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $60 for the three and six months ended June 30, 2017, respectively. Amount reclassified to "Gain on consolidation of equity method investment" in the Company's consolidated statements of operations is $1,876 for the three and six months ended June 30, 2018. Amounts reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $81 and $90 for the three and six months ended June 30, 2018, respectively, and $70 and $164 for the three and six months ended June 30, 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		(25,660)							(25,660)
Issuance of stock/restricted stock unit amortization, net		1,699						1,699
Net income for the period	[2]	181,971							176,025		5,946
Change in accumulated other comprehensive income (loss)		540								540
Change in additional paid in capital attributable to redeemable noncontrolling interest		110						110
Distributions to noncontrolling interests		(12,988)									(12,988)
Ending Balance at Jun. 30, 2017		1,205,356	22		4		72	3,603,981	(2,431,123)	(3,678)	36,078
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		(16,248)							(16,248)
Issuance of stock/restricted stock unit amortization, net		6,389					1	6,388
Net income for the period	[2]	95,532							85,928		9,604
Change in accumulated other comprehensive income (loss)		(27)								(27)
Change in accumulated other comprehensive income (loss)		249
Repurchase of stock		(8,304)					(1)	(8,303)
Contributions from noncontrolling interests		9									9
Distributions to noncontrolling interests		(43,174)									(43,174)
Change in noncontrolling interest attributable to consolidation of equity method investment (refer to Note 7)		188,279
Impact from adoption of new accounting standards (refer to Note 3)		75,869							75,593	276
Ending Balance at Jun. 30, 2018		$ 1,212,574	$ 12		$ 4		$ 68	$ 3,350,750	$ (2,325,291)	$ (2,233)	$ 189,264
[1]	Refer to Note 13 for details on the Company's Preferred Stock.
[2]	For the six months ended June 30, 2017, net income (loss) shown above excludes $(1,336) of net loss attributable to redeemable noncontrolling interests.

Consolidated Statements of Cha8

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 95,532	$ 180,635
Adjustments to reconcile net income to cash flows from operating activities:
Provision for (recovery of) loan losses	18,037	(5,528)
Impairment of assets	10,188	14,696
Depreciation and amortization	21,878	26,352
Non-cash expense for stock-based compensation	12,593	9,796
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	7,900	6,615
Amortization of discounts/premiums on loans and deferred interest on loans, net	(18,487)	(31,445)
Deferred interest on loans received	39,254	23,177
Gain from consolidation of equity method investment	(67,877)	0
Gain from discontinued operations	0	(123,418)
(Earnings) losses from equity method investments	3,946	(11,217)
Distributions from operations of other investments	6,745	35,502
Deferred operating lease income	(3,752)	(3,070)
Income from sales of real estate	(73,943)	(9,462)
Land development revenue in excess of cost of sales	(50,588)	(14,384)
Loss on early extinguishment of debt, net	2,536	3,525
Other operating activities, net	3,281	10,606
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable	1,530	2,798
Changes in deferred expenses and other assets, net	(2,426)	(7,567)
Changes in accounts payable, accrued expenses and other liabilities	(27,483)	3,941
Cash flows provided by (used in) operating activities	(21,136)	111,552
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(294,476)	(130,701)
Capital expenditures on real estate assets	(17,805)	(16,346)
Capital expenditures on land and development assets	(61,577)	(53,894)
Acquisitions of real estate assets	(3,390)	0
Repayments of and principal collections on loans receivable and other lending investments, net	552,696	367,028
Net proceeds from sales of real estate	238,834	154,291
Net proceeds from sales of land and development assets	170,662	146,713
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment	13,608	0
Distributions from other investments	22,296	11,275
Contributions to and acquisition of interest in other investments	(53,012)	(139,139)
Other investing activities, net	(1,357)	5,317
Cash flows provided by investing activities	566,479	344,544
Cash flows from financing activities:
Borrowings from debt obligations and convertible notes	332,746	854,637
Repayments and repurchases of debt obligations	(412,215)	(632,237)
Preferred dividends paid	(16,248)	(25,660)
Repurchase of stock	(8,304)	0
Payments for deferred financing costs	(4,921)	(12,243)
Payments for withholding taxes upon vesting of stock-based compensation	(4,008)	(511)
Payments for debt prepayment or extinguishment costs	0	(3,637)
Distributions to noncontrolling interests	(43,174)	(12,759)
Other financing activities, net	8	(661)
Cash flows provided by (used in) financing activities	(156,116)	166,929
Effect of exchange rate changes on cash	30	7
Changes in cash, cash equivalents and restricted cash	389,257	623,032
Cash, cash equivalents and restricted cash at beginning of period	677,733	354,627
Cash, cash equivalents and restricted cash at end of period	1,066,990	977,659
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net	(87,800)	(52,406)
Accounts payable for capital expenditures on land and development assets	12,473	2,984
Accounts payable for capital expenditures on real estate assets	0	1,488
Receivable from sales of real estate and land parcels	0	3,139
Acquisitions of land and development assets through foreclosure	4,600	0
Financing provided on sales of land and development assets, net	142,639	0
Increase in net lease assets upon consolidation of equity method investment	844,550	0
Increase in debt obligations upon consolidation of equity method investment	464,706	0
Increase To Noncontrolling Interest Upon Consolidation Of Equity Method Investment	$ 200,093
Increase in noncontrolling interests upon consolidation of equity method investment		$ 0

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 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 equity method investment and net lease joint ventures (refer to Note 7). The Company has invested approximately $40 billion of capital 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	6 Months Ended
	Jun. 30, 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 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 provided no financial support to those VIEs that it was not previously contractually required to provide. Consolidated VIEs —The Company consolidates VIEs for which it is considered the primary beneficiary. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of June 30, 2018 . The following table presents the assets and liabilities of the Company's consolidated VIEs as of June 30, 2018 and December 31, 2017 ($ in thousands): As of June 30, 2018 December 31, ASSETS Real estate Real estate, at cost $ 817,979 $ 47,073 Less: accumulated depreciation (4,593 ) (2,732 ) Real estate, net 813,386 44,341 Land and development, net 242,213 212,408 Other investments 88 — Cash and cash equivalents 12,918 10,704 Accrued interest and operating lease income receivable, net 557 230 Deferred expenses and other assets, net 179,129 29,929 Total assets $ 1,248,291 $ 297,612 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 99,784 $ 38,616 Debt obligations, net 464,706 — Total liabilities 564,490 38,616 Unconsolidated VIEs —The Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of June 30, 2018 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $88.5 million carrying value of the investments, which are classified in "Other investments" and "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets, and $22.7 million of related unfunded commitments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 $9.3 million and a decrease to cash flows provided by financing activities of $9.3 million for the six months ended June 30, 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 a decrease to cash flows provided by operating activities of $0.7 million and a decrease to cash flows provided by investing activities of $1.8 million for the six months ended June 30, 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): June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents $ 1,039,591 $ 657,688 $ 954,279 $ 328,744 Restricted cash included in deferred expenses and other assets, net (1) 27,399 20,045 23,380 25,883 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 1,066,990 $ 677,733 $ 977,659 $ 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. In July 2018, the FASB issued ASU 2018-11, Leases (“ASU 2018-11”), to address two requirements of ASU 2016-02. ASU 2018-11 allows entities to recognize a cumulative-effect adjustment from the application of ASU 2016-02 to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors with a practical expedient to not separate non-lease components from the associated lease component if certain conditions are met. 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	6 Months Ended
	Jun. 30, 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 June 30, 2018 Land, at cost $ 335,926 $ 181,973 $ 517,899 Buildings and improvements, at cost 1,495,393 242,245 1,737,638 Less: accumulated depreciation (298,730 ) (41,808 ) (340,538 ) Real estate, net 1,532,589 382,410 1,914,999 Real estate available and held for sale (2) — 37,597 37,597 Total real estate $ 1,532,589 $ 420,007 $ 1,952,596 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) On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $743.6 million to "Real estate, net" on the Company's consolidated balance sheet. (2) As of June 30, 2018 and December 31, 2017 , the Company had $36.7 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 $178.9 million . Discontinued Operations— The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the three and six months ended June 30, 2017 ($ in thousands) (1)(2) : Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Revenues $ 678 $ 5,922 Expenses (505 ) (1,491 ) Income from sales of real estate — 508 Income from discontinued operations $ 173 $ 4,939 _______________________________________________________________________________ (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 six months ended June 30, 2017, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $5.7 million and $0.5 million , respectively. Other Dispositions— The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Six Months Ended June 30, 2018 2017 Operating Properties Proceeds (1) $ 196.2 $ 17.6 Income from sales of real estate (1) 49.0 2.7 Net Lease Proceeds (2) $ 38.4 $ 19.5 Income from sales of real estate (2) 24.9 6.2 Total Proceeds $ 234.6 $ 37.1 Income from sales of real estate 73.9 8.9 _______________________________________________________________________________ (1) During the six months ended June 30, 2018, the Company sold four operating properties and recognized $49.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the six months ended June 30, 2018, the Company sold three net lease assets and recognized $24.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. Impairments— During the six months ended June 30, 2018 , the Company recorded aggregate impairments of $8.9 million resulting from the exercise of a below-market lease renewal option related to a net lease asset and a real estate asset held for sale due to contracts to sell the remaining four condominium units at the property. During the six months ended June 30, 2017 , the Company recorded an impairment of $4.4 million on a real estate asset held for sale due to shifting demand in the local condominium market along with a change in the Company's exit strategy. 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 $5.0 million and $10.6 million for the three and six months ended June 30, 2018 , respectively. Tenant expense reimbursements were $5.2 million and $10.7 million for the three and six months ended June 30, 2017, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of June 30, 2018 and December 31, 2017 , the allowance for doubtful accounts related to real estate tenant receivables was $1.3 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, December 31, 2018 2017 Land and land development, at cost (1) $ 649,783 $ 868,692 Less: accumulated depreciation (8,156 ) (8,381 ) Total land and development, net $ 641,627 $ 860,311 _______________________________________________________________________________ (1) During the six months ended June 30, 2018 , the Company funded capital expenditures on land and development assets of $61.6 million . Acquisitions— During the six months ended June 30, 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 six months ended June 30, 2018 and 2017, the Company sold land parcels and residential lots and units and recognized land development revenue of $357.4 million and $152.8 million , respectively. In connection with the sale of two land parcels totaling 93 acres during the six months ended June 30, 2018 , the Company originated an aggregate $145.0 million of financing to the buyers. $81.2 million was repaid in the second quarter 2018. During the six months ended June 30, 2018 and 2017, the Company recognized land development cost of sales of $306.8 million and $138.4 million , respectively, from its land and development portfolio. In connection with the resolution of litigation involving a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland, during the three and six months ended June 30, 2017, the Company recognized $114.0 million of land development revenue and $106.3 million of land development cost of sales. Impairments— During the six months ended June 30, 2018 , the Company recorded an impairment of $1.3 million on a land and development asset based upon market comparable sales. During the six months ended June 30, 2017, the Company recorded an impairment of $10.1 million on a land and development asset due to a change in the Company's exit strategy.

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	6 Months Ended
	Jun. 30, 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 June 30, December 31, Senior mortgages $ 849,192 $ 791,152 Corporate/Partnership loans (1) 129,988 488,921 Subordinate mortgages 9,822 9,495 Total gross carrying value of loans 989,002 1,289,568 Reserves for loan losses (54,495 ) (78,489 ) Total loans receivable, net 934,507 1,211,079 Other lending investments—securities 118,365 89,576 Total loans receivable and other lending investments, net $ 1,052,872 $ 1,300,655 _______________________________________________________________________________ (1) In the second quarter 2018, the Company resolved a non-performing loan with a carrying value of $145.8 million . Refer to "Impaired Loans" section below. Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Reserve for loan losses at beginning of period $ 69,466 $ 79,389 $ 78,489 $ 85,545 Provision for (recovery of) loan losses 18,892 (600 ) 18,037 (5,528 ) Charge-offs (33,863 ) — (42,031 ) (1,228 ) Reserve for loan losses at end of period $ 54,495 $ 78,789 $ 54,495 $ 78,789 The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of June 30, 2018 Loans $ 67,068 $ 927,074 $ 994,142 Less: Reserve for loan losses (40,395 ) (14,100 ) (54,495 ) Total (3) $ 26,673 $ 912,974 $ 939,647 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 $0.5 million and $0.7 million as of June 30, 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 discounts of $3.7 million and net premiums of $6.2 million as of June 30, 2018 and December 31, 2017 , respectively. (3) The Company's recorded investment in loans as of June 30, 2018 and December 31, 2017 , including accrued interest of $5.1 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 June 30, 2018 and December 31, 2017 , the total amounts exclude $118.4 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 June 30, 2018 As of December 31, 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 786,399 2.78 $ 713,057 2.72 Corporate/Partnership loans 130,823 2.85 334,364 2.85 Subordinate mortgages 9,852 3.00 9,523 3.00 Total $ 927,074 2.79 $ 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 June 30, 2018 Senior mortgages $ 792,399 $ — $ 61,068 $ 61,068 $ 853,467 Corporate/Partnership loans 130,823 — — — 130,823 Subordinate mortgages 9,852 — — — 9,852 Total $ 933,074 $ — $ 61,068 $ 61,068 $ 994,142 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 June 30, 2018 , the Company had two 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 3.0 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 — In the second quarter 2018, the Company resolved a non-performing loan with a carrying value of $145.8 million . The Company received a $45.8 million cash payment and a preferred equity position with a face value of $100.0 million that is mandatorily redeemable in five years. The Company recorded the preferred equity at its fair value of $77.0 million and will accrue interest over the expected duration of the position. In addition, the Company recorded a $21.4 million loan loss provision and simultaneously charged-off of the remaining unpaid balance. The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands) (1) : As of June 30, 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 $ 67,068 $ 67,451 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans — — — 156,534 145,849 (12,471 ) Total $ 67,068 $ 67,451 $ (40,395 ) $ 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Subordinate mortgages $ — $ — $ 11,023 $ — $ — $ 92 $ 10,970 $ — Subtotal — — 11,023 — — 92 10,970 — With an allowance recorded: Senior mortgages 67,252 — 82,368 — 71,949 — 83,556 — Corporate/Partnership loans 78,338 — 156,839 — 104,403 — 156,941 — Subtotal 145,590 — 239,207 — 176,352 — 240,497 — Total: Senior mortgages 67,252 — 82,368 — 71,949 — 83,556 — Corporate/Partnership loans 78,338 — 156,839 — 104,403 — 156,941 — Subordinate mortgages — — 11,023 — — 92 10,970 — Total $ 145,590 $ — $ 250,230 $ — $ 176,352 $ 92 $ 251,467 $ — Securities —Other lending investments—securities include the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of June 30, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 655 $ 21,840 $ 21,840 Held-to-Maturity Securities Debt securities 119,538 96,525 378 96,903 96,525 Total $ 140,723 $ 117,710 $ 1,033 $ 118,743 $ 118,365 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 June 30, 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 $ 19,518 $ 19,896 $ — $ — After one year through 5 years 77,007 77,007 — — After 5 years through 10 years — — — — After 10 years — — 21,185 21,840 Total $ 96,525 $ 96,903 $ 21,185 $ 21,840

Other Investments

Other Investments	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months June 30, 2018 December 31, 2017 2018 2017 2018 2017 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") (1) $ — $ 121,139 $ 2,016 $ 1,032 $ 4,100 $ 2,013 Safety, Income & Growth Inc. ("SAFE") (2) 147,512 83,868 680 48 2,152 48 Other real estate equity investments (2) 138,716 102,616 (295 ) 4,075 (25 ) 8,549 Subtotal 286,228 307,623 2,401 5,155 6,227 10,610 Other strategic investments (3) 6,789 13,618 (9,679 ) 360 (10,173 ) 607 Total $ 293,017 $ 321,241 $ (7,278 ) $ 5,515 $ (3,946 ) $ 11,217 ____________________________________________________________ (1) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (2) 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. (3) For the three and six months ended June 30, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions. Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form a net lease venture (the "Net Lease Venture") to acquire and develop net lease assets and gave a right of first offer to the venture on all new net lease investments. The Company and its partner had joint decision making rights pertaining to the acquisition of new investments. Upon the expiration of the investment period on June 30, 2018, the Company obtained control of the venture through its unilateral rights of management and disposition of the assets. As a result, the expiration of the investment period resulted in a reconsideration event under GAAP and the Company determined that the Net Lease Venture is a VIE for which the Company is the primary beneficiary. Effective June 30, 2018, the Company consolidated the Net Lease Venture as an asset acquisition under ASC 810. The Company recorded a gain of $67.9 million in "Gain on consolidation of equity method investment" in the Company's consolidated statement of operations as a result of the consolidation. The Net Lease Venture had previously been accounted for as an equity method investment. The Company has an equity interest in the Net Lease Venture of approximately 51.9% and recorded a $188.3 million increase to "Noncontrolling interests" and $11.8 million increase to "Redeemable noncontrolling interest" on the Company's consolidated balance sheet as a result of the consolidation. The Company is responsible for managing the venture in exchange for a management fee and incentive fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture have a 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 incentive fee received based on the 47.5% partner's interest. In July 2018, the Company entered into a new venture ("Net Lease Venture II") with similar investment strategies as the Net Lease Venture. The Net Lease Venture II has a right of first offer on all new net lease investments originated by the Company. The Company has an equity interest in the new venture of approximately 51.9% , which will be accounted for as an equity method investment, and is responsible for managing the venture in exchange for a management fee and incentive fee. During the three and six months ended June 30, 2018 , the Company recorded management fees of $0.7 million and $1.3 million , respectively, and $0.5 million and $0.9 million during the three and six months ended June 30, 2017, 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 June 30, 2018 , the Company owned approximately 39.8% 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 waived both the management fee and certain of the expense reimbursements through June 30, 2018. For the three and six months ended June 30, 2018 , the Company waived $0.9 million and $1.8 million , respectively, of management fees and $0.4 million and $0.8 million , respectively, 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. $13.0 million of the loan was funded as of June 30, 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. In May 2018, the Company provided a $19.9 million mortgage 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 acquisition of 100 and 200 Glenridge Point, two multi-tenant office buildings in Atlanta, GA. The transaction was approved by the Company's and SAFE's independent directors. In June 2018, the Company sold two industrial facilities located in Miami, FL to a third-party and simultaneously structured and entered into two Ground Leases. The Company then sold the two Ground Leases to SAFE. Net proceeds from the transactions totaled $36.1 million and the Company recognized a $24.5 million gain on sale. The transactions were approved by the Company's and SAFE's independent directors. Other real estate equity investments —As of June 30, 2018 , the Company's other real estate equity investments include equity interests in real estate ventures ranging from 15.5% to 95.0% , comprised of investments of $62.0 million in operating properties and $76.7 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 $26.8 million and $25.4 million was funded as of June 30, 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 and six months ended June 30, 2018 , the Company recorded $0.5 million and $1.0 million of interest income, respectively, on the senior loan. During the three and six months ended June 30, 2017, the Company recorded $0.5 million and $0.9 million of interest income, respectively, on the senior loan. Other strategic investments —As of June 30, 2018 and December 31, 2017, the Company also had investments in real estate related funds and other strategic investments in real estate entities.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 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 June 30, 2018 December 31, 2017 Intangible assets, net (1) $ 162,014 $ 27,124 Other receivables (2) 47,355 56,369 Other assets (3) 29,952 23,081 Restricted cash 27,399 20,045 Leasing costs, net (4) 7,141 9,050 Corporate furniture, fixtures and equipment, net (5) 4,362 4,652 Deferred financing fees, net 1,167 1,409 Deferred expenses and other assets, net $ 279,390 $ 141,730 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $30.9 million and $34.9 million as of June 30, 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 and six months ended June 30, 2018 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.6 million for the three and six months ended June 30, 2017 , respectively. 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 $0.7 million for the three and six months ended June 30, 2018 , respectively. The amortization expense for in-place leases was $0.7 million and $1.2 million for the three and six months ended June 30, 2017 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $135.3 million of intangible assets to "Deferred expenses and other assets, net" on the Company's consolidated balance sheet. (2) As of June 30, 2018 and December 31, 2017 , includes $26.5 million and $26.0 million , respectively, of reimbursements receivable related to the construction and development of an operating property. (3) Other assets primarily includes prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $3.9 million and $4.7 million as of June 30, 2018 and December 31, 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $11.2 million and $10.5 million as of June 30, 2018 and December 31, 2017 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2018 December 31, 2017 Accrued expenses (1) $ 87,734 $ 101,035 Other liabilities (2) 69,368 79,015 Accrued interest payable 50,359 49,933 Intangible liabilities, net (3) 42,033 8,021 Accounts payable, accrued expenses and other liabilities $ 249,494 $ 238,004 _______________________________________________________________________________ (1) As of June 30, 2018 and December 31, 2017 , accrued expenses includes $2.3 million and $2.5 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (2) As of June 30, 2018 and December 31, 2017 , other liabilities includes $18.5 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of June 30, 2018 and December 31, 2017 , includes $0.7 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of June 30, 2018 and December 31, 2017 , other liabilities also includes $4.3 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. (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 $5.9 million and $7.8 million as of June 30, 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 and six months ended June 30, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.0 million for the three and six months ended June 30, 2017 , respectively. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $34.3 million of intangible liabilities to "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheet.

Loan Participations Payable, ne

Loan Participations Payable, net	6 Months Ended
	Jun. 30, 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 June 30, 2018 December 31, 2017 Loan participations payable (1) $ 14,938 $ 102,737 Debt discounts and deferred financing costs, net (229 ) (312 ) Total loan participations payable, net $ 14,709 $ 102,425 _______________________________________________________________________________ (1) One loan participation payable with a carrying value of $93.8 million and a corresponding loan receivable balance of $93.6 million was fully repaid during the six months ended June 30, 2018. As of June 30, 2018 , the Company had one loan participation payable with an interest rate of 6.6% . 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 June 30, 2018 and December 31, 2017 . As of June 30, 2018 and December 31, 2017 , the corresponding loan receivable balances were $14.7 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	6 Months Ended
	Jun. 30, 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 June 30, 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 Term Loan 650,000 399,000 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 670,872 208,491 3.62% - 7.26% (4) Total secured credit facilities and mortgages 1,320,872 932,491 Unsecured notes: 5.00% senior notes (5) 770,000 770,000 5.00 % July 2019 4.625% senior notes (6) 400,000 400,000 4.625 % September 2020 6.50% senior notes (7) 275,000 275,000 6.50 % July 2021 6.00% senior notes (8) 375,000 375,000 6.00 % April 2022 5.25% senior notes (9) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (10) 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 3,928,372 3,539,991 Debt discounts and deferred financing costs, net (58,796 ) (63,591 ) Total debt obligations, net (11) $ 3,869,576 $ 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 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) On June 30, 2018, the Company consolidated the Net Lease Venture and recorded $464.7 million to "Debt obligations, net" on the Company's consolidated balance sheet. (4) As of June 30, 2018 , the weighted average interest rate of these loans is 4.6% , inclusive of the effect interest rate swaps. (5) The Company can prepay these senior notes without penalty. In July 2018, the Company redeemed $273.0 million of the 5.00% senior notes. (6) The Company can prepay these senior notes without penalty beginning June 15, 2020. (7) The Company can prepay these senior notes without penalty beginning July 1, 2020. (8) The Company can prepay these senior notes without penalty beginning April 1, 2021. (9) The Company can prepay these senior notes without penalty beginning September 15, 2021. (10) 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 June 30, 2018 , the carrying value of the 3.125% Convertible Notes was $259.6 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $22.9 million , net of fees. During the three and six months ended June 30, 2018 , the Company recognized $2.2 million and $4.5 million , respectively, of contractual interest and $1.2 million and $2.3 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (11) The Company capitalized interest relating to development activities of $2.1 million and $4.5 million during the three and six months ended June 30, 2018 , respectively, and $2.0 million and $4.0 million during the three and six months ended June 30, 2017 , respectively. Future Scheduled Maturities —As of June 30, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt (1) Secured Debt Total 2018 (remaining six months) $ — $ 90,186 $ 90,186 2019 770,000 1,054 771,054 2020 400,000 — 400,000 2021 275,000 269,647 544,647 2022 1,062,500 57,992 1,120,492 Thereafter 100,000 901,993 1,001,993 Total principal maturities 2,607,500 1,320,872 3,928,372 Unamortized discounts and deferred financing costs, net (48,784 ) (10,012 ) (58,796 ) Total debt obligations, net $ 2,558,716 $ 1,310,860 $ 3,869,576 _______________________________________________________________________________ (1) In July 2018, the Company redeemed $273.0 million of senior notes. 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 Term Loan —In June 2016, the Company entered into a senior term loan of $450.0 million (the "2016 Senior Term Loan"). In August 2016, the Company upsized the facility to $500.0 million . The initial $450.0 million of the 2016 Senior Term Loan was issued at 99% of par and the upsize was issued at par. In September 2017, the Company reduced, repriced and extended the 2016 Senior Term Loan to $400.0 million priced at LIBOR plus 3.00% with a 0.75% LIBOR floor and maturing in October 2021 . In June 2018, the Company increased the 2016 Senior Term Loan to $650.0 million , re-priced at LIBOR plus 2.75% and extended its maturity to June 2023. The facility was also modified to permit substitution of collateral, subject to overall collateral pool coverage and concentration limits, over the life of the facility. This modification eliminates the mandatory amortization upon payoff or sale of collateral which existed prior to the upsize and broadens the types of collateral permitted under the facility. The Company may 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 and six months ended June 30, 2018 , repayments of the 2016 Senior Term Loan prior to its modification and the modification and upsize of the 2016 Senior Term Loan resulted in losses on early extinguishment of debt of $2.2 million and $2.5 million , respectively. 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 six months ended June 30, 2018 , the Company repaid from cash on hand the $325.0 million outstanding on the 2015 Revolving Credit Facility and as of June 30, 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 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 $37.5 million aggregate principal amount of the 3.125% Convertible Notes. Collateral Assets —The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of June 30, 2018 December 31, 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,583,330 $ 331,669 $ 795,321 $ 486,710 Real estate available and held for sale — 37,597 20,069 48,519 Land and development, net 10,100 631,527 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 523,425 528,812 194,529 1,021,340 Other investments — 293,017 — 321,241 Cash and other assets — 1,418,055 — 898,252 Total $ 2,116,855 $ 3,240,677 $ 1,035,019 $ 3,611,273 _______________________________________________________________________________ (1) The 2016 Senior Term Loan 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). As of June 30, 2018, Collateral Assets includes $423.6 million carrying value of assets held by entities pledged as collateral for the $325.0 million 2015 Revolving Credit Facility that is fully undrawn as of June 30, 2018. (2) As of June 30, 2018 and December 31, 2017 , the amounts presented exclude general reserves for loan losses of $14.1 million and $17.5 million , respectively. (3) As of June 30, 2018 and December 31, 2017 , the amounts presented exclude loan participations of $14.7 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 Term Loan and the 2015 Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, 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 Term Loan 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. The Company may not pay common dividends if it ceases to qualify as a REIT. In June 2018, the Company amended the terms of the 2016 Senior Term Loan and the 2015 Revolving Credit Facility to include the ability to pay common dividends with no restrictions so long as the Company is not in default on any of its debt obligations. The Company's 2016 Senior Term Loan 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	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 505,345 $ 9,774 $ 15,024 $ 530,143 Strategic Investments — — 9,322 9,322 Total $ 505,345 $ 9,774 $ 24,346 $ 539,465 _______________________________________________________________________________ (1) Excludes $35.1 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. The Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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. The Company may have derivatives that are not designated as hedges because they do not meet the strict hedge accounting requirements. Although not designated as hedges, such derivatives are entered into to manage the Company's exposure to interest rate movements, foreign exchange rate movements and other identified risks. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands) (1) : Derivative Assets as of Derivative Liabilities as of June 30, 2018 June 30, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Other assets $ 8,120 Other liabilities $ (1,150 ) Total $ 8,120 $ (1,150 ) _________________________________________________________ (1) The Company did not directly own any derivative financial instruments as of December 31, 2017. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7), including all derivative financial instruments of the venture. Over the next 12 months, the Company expects that $0.4 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of June 30, 2018, the Company would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations. The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended June 30, 2018 Interest rate swaps Earnings from equity method investments $ 1,157 $ 81 Interest rate swaps Interest expense (1,150 ) — For the Three Months Ended June 30, 2017 Interest rate swaps Interest Expense (44 ) 384 Interest rate cap Earnings from equity method investments (9 ) (9 ) Interest rate swap Earnings from equity method investments (93 ) (62 ) Foreign exchange contracts Earnings from equity method investments (70 ) — For the Six Months Ended June 30, 2018 Interest rate swaps Earnings from equity method investments 3,508 90 Interest rate swaps Interest expense (1,150 ) — For the Six Months Ended June 30, 2017 Interest rate swaps Interest Expense 424 355 Interest rate cap Earnings from equity method investments (14 ) (14 ) Interest rate swap Earnings from equity method investments (15 ) (150 ) Foreign exchange contracts Earnings from equity method investments (369 ) — Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Derivatives not Designated in Hedging Relationships For the Three Months Ended June 30, For the Six Months 2018 2017 2018 2017 Interest rate cap Other Expense $ — $ (41 ) $ — $ 6 Foreign exchange contracts Other Expense — (645 ) — (769 ) During the six months ended June 30, 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing and a simultaneous rate lock swap with SAFE. As a result of the settlements, the Company initially recorded a $0.4 million unrealized gain in “Accumulated other comprehensive income” on the Company’s consolidated balance sheets and subsequently derecognized the gain when third parties acquired a controlling interest in the Company's Ground Lease business (refer to Note 4).

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity	Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of June 30, 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 $4.0 million , $3.1 million and $4.7 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the six months ended June 30, 2018 and 2017 , respectively. The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2018 and 2017 . The Company declared and paid dividends of $5.5 million and $3.9 million on its Series E and F Cumulative Redeemable Preferred Stock, respectively, during the six months ended June 30, 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 Term Loan and the 2015 Revolving Credit Facility permit the Company to pay common dividends with no restrictions so long as the Company is not in default on any of its debt obligations. The Company did not declare or pay any common stock dividends for the six months ended June 30, 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. No common stock was repurchased during the three months ended June 30, 2018. As of June 30, 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 June 30, 2018 December 31, 2017 Unrealized gains on available-for-sale securities $ 655 $ 1,335 Unrealized gains on cash flow hedges 1,311 707 Unrealized losses on cumulative translation adjustment (4,199 ) (4,524 ) Accumulated other comprehensive income (loss) $ (2,233 ) $ (2,482 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	6 Months Ended
	Jun. 30, 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 expense related to performance incentive plans (see below), of $3.5 million and $12.6 million for the three and six months ended June 30, 2018 , respectively, and $3.9 million and $9.8 million for the three and six months ended June 30, 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 six months ended June 30, 2018 and the year ended December 31, 2017. Six Months Ended June 30, 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 — 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 six months ended June 30, 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 June 30, 2018 and December 31, 2017 , the Company had accrued compensation costs relating to iPIP of $34.3 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 June 30, 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 six months ended June 30, 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 six months ended June 30, 2018 and the year ended December 31, 2017, are as follows (in thousands): Six Months Ended June 30, 2018 Year Ended December 31, 2017 Nonvested at beginning of period 282 290 Granted 264 116 Vested (40 ) (75 ) Forfeited (49 ) (49 ) Nonvested at end of period 457 282 As of June 30, 2018 , there was $2.9 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 2.0 years. Directors' Awards —During the six months ended June 30, 2018 , the Company awarded to non-employee Directors 67,631 restricted shares of common stock at a fair value of $10.65 at the time of grant. The restricted shares have a vesting term of one year. As of June 30, 2018 , a combined total of 236,996 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 $2.6 million . 401(k) Plan —The Company made contributions of $0.1 million and $0.8 million for the three and six months ended June 30, 2018 , respectively, and $0.1 million and $0.8 million for the three and six months ended June 30, 2017 , respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Income from continuing operations $ 3,611 $ 76,117 $ 21,589 $ 47,869 Income from sales of real estate 56,895 844 73,943 8,954 Net income attributable to noncontrolling interests (9,509 ) (5,710 ) (9,604 ) (4,610 ) Preferred dividends (8,124 ) (12,830 ) (16,248 ) (25,660 ) Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share $ 42,873 $ 58,421 $ 69,680 $ 26,553 Add: Effect of joint venture shares — 5 — 9 Add: Effect of Series J convertible perpetual preferred stock 2,250 2,250 4,500 4,500 Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share $ 45,123 $ 60,676 $ 74,180 $ 31,062 For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Earnings allocable to common shares: Numerator for basic earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 42,873 $ 58,421 $ 69,680 $ 26,553 Income from discontinued operations — 173 — 4,939 Gain from discontinued operations — 123,418 — 123,418 Income tax expense from discontinued operations — (4,545 ) — (4,545 ) Net income attributable to iStar Inc. and allocable to common shareholders $ 42,873 $ 177,467 $ 69,680 $ 150,365 Numerator for diluted earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 45,123 $ 60,676 $ 74,180 $ 31,062 Income from discontinued operations — 173 — 4,939 Gain from discontinued operations — 123,418 — 123,418 Income tax expense from discontinued operations — (4,545 ) — (4,545 ) Net income attributable to iStar Inc. and allocable to common shareholders $ 45,123 $ 179,722 $ 74,180 $ 154,874 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,932 72,142 67,922 72,104 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 127 120 125 119 Add: Effect of joint venture shares — 298 — 298 Add: Effect of series J convertible perpetual preferred stock 15,635 15,635 15,635 15,635 Weighted average common shares outstanding for diluted earnings per common share 83,694 88,195 83,682 88,156 Basic earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.63 $ 0.81 $ 1.03 $ 0.37 Income from discontinued operations — — — 0.07 Gain from discontinued operations — 1.71 — 1.71 Income tax expense from discontinued operations — (0.06 ) — (0.06 ) Net income attributable to iStar Inc. and allocable to common shareholders $ 0.63 $ 2.46 $ 1.03 $ 2.09 Diluted earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.54 $ 0.69 $ 0.89 $ 0.35 Income from discontinued operations — — — 0.06 Gain from discontinued operations — 1.40 — 1.40 Income tax expense from discontinued operations — (0.05 ) — (0.05 ) For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net income attributable to iStar Inc. and allocable to common shareholders $ 0.54 $ 2.04 $ 0.89 $ 1.76

Fair Values

Fair Values	6 Months Ended
	Jun. 30, 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 June 30, 2018 Recurring basis: Derivative assets (1) $ 8,120 $ — $ 8,120 $ — Derivative liabilities (1) 1,150 — 1,150 — Available-for-sale securities (1) 21,840 $ — $ — 21,840 Non-recurring basis: Impaired real estate (2) 5,632 — — 5,632 Impaired land and development (3) 8,873 — — 8,873 Debt security (4) 77,007 — — 77,007 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (5) 12,400 — — 12,400 Impaired real estate available and held for sale (6) 800 — — 800 Impaired land and development (7) 21,400 — — 21,400 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded an impairment on a net lease asset with a fair value of $5.6 million due to the exercise of a below-market lease renewal option related to a net lease asset. (3) The Company recorded an impairment on a land and development asset with a fair value of $8.9 million based on market comparable sales. (4) In connection with the resolution of a non-performing loan, the Company received a preferred equity position with a face value of $100.0 million that is mandatorily redeemable in five years. The Company recorded the preferred equity position at its fair value of $77.0 million based on a discount rate of 7.375% . (5) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (6) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (7) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the six months ended June 30, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (46 ) (10 ) Unrealized gains (losses) recorded in other comprehensive income (956 ) 566 Ending balance $ 21,840 $ 22,222 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.1 billion and $3.9 billion , respectively, as of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2018: Operating lease income $ — $ 29,310 $ 15,199 $ 100 $ — $ 44,609 Interest income 25,212 — — — — 25,212 Other income 3,133 698 13,351 1,313 2,328 20,823 Land development revenue — — — 80,927 — 80,927 Earnings (losses) from equity method investments — 2,694 (1,316 ) 1,023 (9,679 ) (7,278 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,493 32,402 — — 56,895 Total revenue and other earnings 28,345 125,072 59,636 83,363 (7,351 ) 289,065 Real estate expense — (3,433 ) (23,818 ) (9,792 ) — (37,043 ) Land development cost of sales — — — (83,361 ) — (83,361 ) Other expense (290 ) — — — (3,426 ) (3,716 ) Allocated interest expense (10,648 ) (13,591 ) (4,578 ) (5,308 ) (9,047 ) (43,172 ) Allocated general and administrative (2) (3,852 ) (4,853 ) (1,975 ) (3,747 ) (5,298 ) (19,725 ) Segment profit (loss) (3) $ 13,555 $ 103,195 $ 29,265 $ (18,845 ) $ (25,122 ) $ 102,048 Other significant items: Provision for loan losses $ 18,892 $ — $ — $ — $ — $ 18,892 Impairment of assets — 4,342 446 1,300 — 6,088 Depreciation and amortization — 6,341 3,738 318 370 10,767 Capitalized expenditures — 720 4,623 42,603 — 47,946 Three Months Ended June 30, 2017: Operating lease income $ — $ 30,852 $ 15,940 $ 210 $ — $ 47,002 Interest income 28,645 — — — — 28,645 Other income 479 550 13,333 123,871 1,277 139,510 Land development revenue — — — 132,710 — 132,710 Earnings from equity method investments — 1,080 469 3,606 360 5,515 Income from discontinued operations — 173 — — — 173 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — — 844 — — 844 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Total revenue and other earnings 29,124 156,073 30,586 260,397 1,637 477,817 Real estate expense — (4,064 ) (22,653 ) (7,967 ) — (34,684 ) Land development cost of sales — — — (122,466 ) — (122,466 ) Other expense (399 ) — — — (15,877 ) (16,276 ) Allocated interest expense (10,508 ) (13,669 ) (5,006 ) (7,122 ) (12,502 ) (48,807 ) Allocated general and administrative (2) (4,691 ) (5,921 ) (2,364 ) (5,004 ) (5,323 ) (23,303 ) Segment profit (loss) (3) $ 13,526 $ 132,419 $ 563 $ 117,838 $ (32,065 ) $ 232,281 Other significant items: Recovery of loan losses $ (600 ) $ — $ — $ — $ — $ (600 ) Impairment of assets — 219 — 10,065 — 10,284 Depreciation and amortization — 7,400 4,923 521 327 13,171 Capitalized expenditures — 917 8,355 30,286 — 39,558 Six Months Ended June 30, 2018 Operating lease income $ — $ 59,036 $ 31,016 $ 355 $ — $ 90,407 Interest income 51,909 — — — — 51,909 Other income 3,516 1,746 25,496 1,784 3,600 36,142 Land development revenue — — — 357,356 — 357,356 Earnings (losses) from equity method investments — 6,252 (2,591 ) 2,566 (10,173 ) (3,946 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 49,036 — — 73,943 Total revenue and other earnings 55,425 159,818 102,957 362,061 (6,573 ) 673,688 Real estate expense — (7,411 ) (45,443 ) (20,370 ) — (73,224 ) Land development cost of sales — — — (306,768 ) — (306,768 ) Other expense (690 ) — — — (4,192 ) (4,882 ) Allocated interest expense (22,413 ) (27,792 ) (10,106 ) (11,781 ) (16,261 ) (88,353 ) Allocated general and administrative (2) (7,821 ) (9,439 ) (4,018 ) (7,552 ) (10,618 ) (39,448 ) Segment profit (loss) (3) $ 24,501 $ 115,176 $ 43,390 $ 15,590 $ (37,644 ) $ 161,013 Other significant non-cash items: Provision for loan losses $ 18,037 $ — $ — $ — $ — $ 18,037 Impairment of assets — 4,342 4,546 1,300 — 10,188 Depreciation and amortization — 12,652 7,664 832 730 21,878 Capitalized expenditures — 1,198 12,324 74,050 — 87,572 Six Months Ended June 30, 2017: Operating lease income $ — $ 62,104 $ 31,929 $ 316 $ — $ 94,349 Interest income 57,703 — — — — 57,703 Other income 556 1,056 23,688 124,256 1,818 151,374 Land development revenue — — — 152,760 — 152,760 Earnings (losses) from equity method investments — 2,062 1,101 7,448 606 11,217 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 6,212 2,742 — — 8,954 Total revenue and other earnings 58,259 199,791 59,460 284,780 2,424 604,714 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Real estate expense — (8,640 ) (44,171 ) (17,463 ) — (70,274 ) Land development cost of sales — — — (138,376 ) — (138,376 ) Other expense (1,004 ) — — — (17,141 ) (18,145 ) Allocated interest expense (22,396 ) (29,404 ) (10,612 ) (15,240 ) (22,300 ) (99,952 ) Allocated general and administrative (2) (8,287 ) (10,563 ) (4,119 ) (8,930 ) (10,697 ) (42,596 ) Segment profit (loss) (3) $ 26,572 $ 151,184 $ 558 $ 104,771 $ (47,714 ) $ 235,371 Other significant non-cash items: Recovery of loan losses $ (5,528 ) $ — $ — $ — $ — $ (5,528 ) Impairment of assets — 219 4,413 10,064 — 14,696 Depreciation and amortization — 15,039 8,962 791 659 25,451 Capitalized expenditures — 1,687 16,566 56,879 — 75,132 As of June 30, 2018 Real estate Real estate, net $ — $ 1,532,589 $ 382,410 $ — $ — $ 1,914,999 Real estate available and held for sale — — 37,597 — — 37,597 Total real estate — 1,532,589 420,007 — — 1,952,596 Land and development, net — — — 641,627 — 641,627 Loans receivable and other lending investments, net 1,052,872 — — — — 1,052,872 Other investments — 147,512 62,024 76,693 6,788 293,017 Total portfolio assets $ 1,052,872 $ 1,680,101 $ 482,031 $ 718,320 $ 6,788 3,940,112 Cash and other assets 1,418,055 Total assets $ 5,358,167 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 $3.5 million and $12.6 million for the three and six months ended June 30, 2018 , respectively, and $3.9 million and $9.8 million for the three and six months ended June 30, 2017 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Segment profit $ 102,048 $ 232,281 $ 161,013 $ 235,371 Add: (Provision for) recovery of loan losses (18,892 ) 600 (18,037 ) 5,528 Less: Impairment of assets (6,088 ) (10,284 ) (10,188 ) (14,696 ) Less: Stock-based compensation expense (3,503 ) (3,915 ) (12,593 ) (9,796 ) Less: Depreciation and amortization (10,767 ) (13,171 ) (21,878 ) (25,451 ) Less: Income tax expense (128 ) (1,644 ) (249 ) (2,251 ) Less: Income tax expense from discontinued operations — (4,545 ) — (4,545 ) Less: Loss on early extinguishment of debt, net (2,164 ) (3,315 ) (2,536 ) (3,525 ) Net income $ 60,506 $ 196,007 $ 95,532 $ 180,635

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 $9.3 million and a decrease to cash flows provided by financing activities of $9.3 million for the six months ended June 30, 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 a decrease to cash flows provided by operating activities of $0.7 million and a decrease to cash flows provided by investing activities of $1.8 million for the six months ended June 30, 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. In July 2018, the FASB issued ASU 2018-11, Leases (“ASU 2018-11”), to address two requirements of ASU 2016-02. ASU 2018-11 allows entities to recognize a cumulative-effect adjustment from the application of ASU 2016-02 to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors with a practical expedient to not separate non-lease components from the associated lease component if certain conditions are met. 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.

Basis of Presentation and Pri28

Basis of Presentation and Principles of Consolidation (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities of consolidated Variable Interest Entities	The following table presents the assets and liabilities of the Company's consolidated VIEs as of June 30, 2018 and December 31, 2017 ($ in thousands): As of June 30, 2018 December 31, ASSETS Real estate Real estate, at cost $ 817,979 $ 47,073 Less: accumulated depreciation (4,593 ) (2,732 ) Real estate, net 813,386 44,341 Land and development, net 242,213 212,408 Other investments 88 — Cash and cash equivalents 12,918 10,704 Accrued interest and operating lease income receivable, net 557 230 Deferred expenses and other assets, net 179,129 29,929 Total assets $ 1,248,291 $ 297,612 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 99,784 $ 38,616 Debt obligations, net 464,706 — Total liabilities 564,490 38,616

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Reconciliation of cash, cash equivalents and restricted cash	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): June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents $ 1,039,591 $ 657,688 $ 954,279 $ 328,744 Restricted cash included in deferred expenses and other assets, net (1) 27,399 20,045 23,380 25,883 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 1,066,990 $ 677,733 $ 977,659 $ 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.
Schedule of impact of new accounting standard	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

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 Land, at cost $ 335,926 $ 181,973 $ 517,899 Buildings and improvements, at cost 1,495,393 242,245 1,737,638 Less: accumulated depreciation (298,730 ) (41,808 ) (340,538 ) Real estate, net 1,532,589 382,410 1,914,999 Real estate available and held for sale (2) — 37,597 37,597 Total real estate $ 1,532,589 $ 420,007 $ 1,952,596 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) On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $743.6 million to "Real estate, net" on the Company's consolidated balance sheet. (2) As of June 30, 2018 and December 31, 2017 , the Company had $36.7 million and $48.5 million , respectively, of residential condominiums available for sale in its operating properties portfolio.
Schedule of income (loss) from discontinued operations	The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the three and six months ended June 30, 2017 ($ in thousands) (1)(2) : Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Revenues $ 678 $ 5,922 Expenses (505 ) (1,491 ) Income from sales of real estate — 508 Income from discontinued operations $ 173 $ 4,939 _______________________________________________________________________________ (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 six months ended June 30, 2017, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $5.7 million and $0.5 million , respectively.
Schedule of other dispositions	The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Six Months Ended June 30, 2018 2017 Operating Properties Proceeds (1) $ 196.2 $ 17.6 Income from sales of real estate (1) 49.0 2.7 Net Lease Proceeds (2) $ 38.4 $ 19.5 Income from sales of real estate (2) 24.9 6.2 Total Proceeds $ 234.6 $ 37.1 Income from sales of real estate 73.9 8.9 _______________________________________________________________________________ (1) During the six months ended June 30, 2018, the Company sold four operating properties and recognized $49.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the six months ended June 30, 2018, the Company sold three net lease assets and recognized $24.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations.

Land and Development (Tables)

Land and Development (Tables)	6 Months Ended
	Jun. 30, 2018
Land and development [Abstract]
Schedule of land and development assets	The Company's land and development assets were comprised of the following ($ in thousands): As of June 30, December 31, 2018 2017 Land and land development, at cost (1) $ 649,783 $ 868,692 Less: accumulated depreciation (8,156 ) (8,381 ) Total land and development, net $ 641,627 $ 860,311 _______________________________________________________________________________ (1) During the six months ended June 30, 2018 , the Company funded capital expenditures on land and development assets of $61.6 million .

Loans Receivable and Other Le32

Loans Receivable and Other Lending Investments, net (Tables)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Senior mortgages $ 849,192 $ 791,152 Corporate/Partnership loans (1) 129,988 488,921 Subordinate mortgages 9,822 9,495 Total gross carrying value of loans 989,002 1,289,568 Reserves for loan losses (54,495 ) (78,489 ) Total loans receivable, net 934,507 1,211,079 Other lending investments—securities 118,365 89,576 Total loans receivable and other lending investments, net $ 1,052,872 $ 1,300,655 _______________________________________________________________________________ (1) In the second quarter 2018, the Company resolved a non-performing loan with a carrying value of $145.8 million . Refer to "Impaired Loans" section below.
Schedule of changes in the Company's reserve for loan losses	Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Reserve for loan losses at beginning of period $ 69,466 $ 79,389 $ 78,489 $ 85,545 Provision for (recovery of) loan losses 18,892 (600 ) 18,037 (5,528 ) Charge-offs (33,863 ) — (42,031 ) (1,228 ) Reserve for loan losses at end of period $ 54,495 $ 78,789 $ 54,495 $ 78,789
Schedule of recorded investment in loans and associated reserve for loan losses	The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of June 30, 2018 Loans $ 67,068 $ 927,074 $ 994,142 Less: Reserve for loan losses (40,395 ) (14,100 ) (54,495 ) Total (3) $ 26,673 $ 912,974 $ 939,647 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 $0.5 million and $0.7 million as of June 30, 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 discounts of $3.7 million and net premiums of $6.2 million as of June 30, 2018 and December 31, 2017 , respectively. (3) The Company's recorded investment in loans as of June 30, 2018 and December 31, 2017 , including accrued interest of $5.1 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 June 30, 2018 and December 31, 2017 , the total amounts exclude $118.4 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 June 30, 2018 As of December 31, 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 786,399 2.78 $ 713,057 2.72 Corporate/Partnership loans 130,823 2.85 334,364 2.85 Subordinate mortgages 9,852 3.00 9,523 3.00 Total $ 927,074 2.79 $ 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 June 30, 2018 Senior mortgages $ 792,399 $ — $ 61,068 $ 61,068 $ 853,467 Corporate/Partnership loans 130,823 — — — 130,823 Subordinate mortgages 9,852 — — — 9,852 Total $ 933,074 $ — $ 61,068 $ 61,068 $ 994,142 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 June 30, 2018 , the Company had two 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 3.0 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 June 30, 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 $ 67,068 $ 67,451 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans — — — 156,534 145,849 (12,471 ) Total $ 67,068 $ 67,451 $ (40,395 ) $ 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Subordinate mortgages $ — $ — $ 11,023 $ — $ — $ 92 $ 10,970 $ — Subtotal — — 11,023 — — 92 10,970 — With an allowance recorded: Senior mortgages 67,252 — 82,368 — 71,949 — 83,556 — Corporate/Partnership loans 78,338 — 156,839 — 104,403 — 156,941 — Subtotal 145,590 — 239,207 — 176,352 — 240,497 — Total: Senior mortgages 67,252 — 82,368 — 71,949 — 83,556 — Corporate/Partnership loans 78,338 — 156,839 — 104,403 — 156,941 — Subordinate mortgages — — 11,023 — — 92 10,970 — Total $ 145,590 $ — $ 250,230 $ — $ 176,352 $ 92 $ 251,467 $ —
Schedule of other lending investments - securities	Other lending investments—securities include the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of June 30, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 655 $ 21,840 $ 21,840 Held-to-Maturity Securities Debt securities 119,538 96,525 378 96,903 96,525 Total $ 140,723 $ 117,710 $ 1,033 $ 118,743 $ 118,365 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 securities	As of June 30, 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 $ 19,518 $ 19,896 $ — $ — After one year through 5 years 77,007 77,007 — — After 5 years through 10 years — — — — After 10 years — — 21,185 21,840 Total $ 96,525 $ 96,903 $ 21,185 $ 21,840

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, All Other Investments [Abstract]
Schedule of other investments and proportionate share of earnings from 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 June 30, For the Six Months June 30, 2018 December 31, 2017 2018 2017 2018 2017 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") (1) $ — $ 121,139 $ 2,016 $ 1,032 $ 4,100 $ 2,013 Safety, Income & Growth Inc. ("SAFE") (2) 147,512 83,868 680 48 2,152 48 Other real estate equity investments (2) 138,716 102,616 (295 ) 4,075 (25 ) 8,549 Subtotal 286,228 307,623 2,401 5,155 6,227 10,610 Other strategic investments (3) 6,789 13,618 (9,679 ) 360 (10,173 ) 607 Total $ 293,017 $ 321,241 $ (7,278 ) $ 5,515 $ (3,946 ) $ 11,217 ____________________________________________________________ (1) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (2) 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. (3) For the three and six months ended June 30, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions.

Other Assets and Other Liabil34

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 December 31, 2017 Intangible assets, net (1) $ 162,014 $ 27,124 Other receivables (2) 47,355 56,369 Other assets (3) 29,952 23,081 Restricted cash 27,399 20,045 Leasing costs, net (4) 7,141 9,050 Corporate furniture, fixtures and equipment, net (5) 4,362 4,652 Deferred financing fees, net 1,167 1,409 Deferred expenses and other assets, net $ 279,390 $ 141,730 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $30.9 million and $34.9 million as of June 30, 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 and six months ended June 30, 2018 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.6 million for the three and six months ended June 30, 2017 , respectively. 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 $0.7 million for the three and six months ended June 30, 2018 , respectively. The amortization expense for in-place leases was $0.7 million and $1.2 million for the three and six months ended June 30, 2017 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $135.3 million of intangible assets to "Deferred expenses and other assets, net" on the Company's consolidated balance sheet. (2) As of June 30, 2018 and December 31, 2017 , includes $26.5 million and $26.0 million , respectively, of reimbursements receivable related to the construction and development of an operating property. (3) Other assets primarily includes prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $3.9 million and $4.7 million as of June 30, 2018 and December 31, 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $11.2 million and $10.5 million as of June 30, 2018 and December 31, 2017 , respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2018 December 31, 2017 Accrued expenses (1) $ 87,734 $ 101,035 Other liabilities (2) 69,368 79,015 Accrued interest payable 50,359 49,933 Intangible liabilities, net (3) 42,033 8,021 Accounts payable, accrued expenses and other liabilities $ 249,494 $ 238,004 _______________________________________________________________________________ (1) As of June 30, 2018 and December 31, 2017 , accrued expenses includes $2.3 million and $2.5 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (2) As of June 30, 2018 and December 31, 2017 , other liabilities includes $18.5 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of June 30, 2018 and December 31, 2017 , includes $0.7 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of June 30, 2018 and December 31, 2017 , other liabilities also includes $4.3 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. (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 $5.9 million and $7.8 million as of June 30, 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 and six months ended June 30, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.8 million and $1.0 million for the three and six months ended June 30, 2017 , respectively. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $34.3 million of intangible liabilities to "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheet.

Loan Participations Payable, 35

Loan Participations Payable, net (Tables)	6 Months Ended
	Jun. 30, 2018
Loan Participations Payable [Abstract]
Schedule of loan participations payable	The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of June 30, 2018 December 31, 2017 Loan participations payable (1) $ 14,938 $ 102,737 Debt discounts and deferred financing costs, net (229 ) (312 ) Total loan participations payable, net $ 14,709 $ 102,425 _______________________________________________________________________________ (1) One loan participation payable with a carrying value of $93.8 million and a corresponding loan receivable balance of $93.6 million was fully repaid during the six months ended June 30, 2018. As of June 30, 2018 , the Company had one loan participation payable with an interest rate of 6.6% . 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)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled June 30, 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 Term Loan 650,000 399,000 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 670,872 208,491 3.62% - 7.26% (4) Total secured credit facilities and mortgages 1,320,872 932,491 Unsecured notes: 5.00% senior notes (5) 770,000 770,000 5.00 % July 2019 4.625% senior notes (6) 400,000 400,000 4.625 % September 2020 6.50% senior notes (7) 275,000 275,000 6.50 % July 2021 6.00% senior notes (8) 375,000 375,000 6.00 % April 2022 5.25% senior notes (9) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (10) 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 3,928,372 3,539,991 Debt discounts and deferred financing costs, net (58,796 ) (63,591 ) Total debt obligations, net (11) $ 3,869,576 $ 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 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) On June 30, 2018, the Company consolidated the Net Lease Venture and recorded $464.7 million to "Debt obligations, net" on the Company's consolidated balance sheet. (4) As of June 30, 2018 , the weighted average interest rate of these loans is 4.6% , inclusive of the effect interest rate swaps. (5) The Company can prepay these senior notes without penalty. In July 2018, the Company redeemed $273.0 million of the 5.00% senior notes. (6) The Company can prepay these senior notes without penalty beginning June 15, 2020. (7) The Company can prepay these senior notes without penalty beginning July 1, 2020. (8) The Company can prepay these senior notes without penalty beginning April 1, 2021. (9) The Company can prepay these senior notes without penalty beginning September 15, 2021. (10) 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 June 30, 2018 , the carrying value of the 3.125% Convertible Notes was $259.6 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $22.9 million , net of fees. During the three and six months ended June 30, 2018 , the Company recognized $2.2 million and $4.5 million , respectively, of contractual interest and $1.2 million and $2.3 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (11) The Company capitalized interest relating to development activities of $2.1 million and $4.5 million during the three and six months ended June 30, 2018 , respectively, and $2.0 million and $4.0 million during the three and six months ended June 30, 2017 , respectively.
Schedule of future scheduled maturities of outstanding debt obligations	As of June 30, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt (1) Secured Debt Total 2018 (remaining six months) $ — $ 90,186 $ 90,186 2019 770,000 1,054 771,054 2020 400,000 — 400,000 2021 275,000 269,647 544,647 2022 1,062,500 57,992 1,120,492 Thereafter 100,000 901,993 1,001,993 Total principal maturities 2,607,500 1,320,872 3,928,372 Unamortized discounts and deferred financing costs, net (48,784 ) (10,012 ) (58,796 ) Total debt obligations, net $ 2,558,716 $ 1,310,860 $ 3,869,576 _______________________________________________________________________________ (1) In July 2018, the Company redeemed $273.0 million of senior notes.
Schedule of carrying value of encumbered assets by asset type	The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of June 30, 2018 December 31, 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,583,330 $ 331,669 $ 795,321 $ 486,710 Real estate available and held for sale — 37,597 20,069 48,519 Land and development, net 10,100 631,527 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 523,425 528,812 194,529 1,021,340 Other investments — 293,017 — 321,241 Cash and other assets — 1,418,055 — 898,252 Total $ 2,116,855 $ 3,240,677 $ 1,035,019 $ 3,611,273 _______________________________________________________________________________ (1) The 2016 Senior Term Loan 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). As of June 30, 2018, Collateral Assets includes $423.6 million carrying value of assets held by entities pledged as collateral for the $325.0 million 2015 Revolving Credit Facility that is fully undrawn as of June 30, 2018. (2) As of June 30, 2018 and December 31, 2017 , the amounts presented exclude general reserves for loan losses of $14.1 million and $17.5 million , respectively. (3) As of June 30, 2018 and December 31, 2017 , the amounts presented exclude loan participations of $14.7 million and $102.3 million , respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of June 30, 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 $ 505,345 $ 9,774 $ 15,024 $ 530,143 Strategic Investments — — 9,322 9,322 Total $ 505,345 $ 9,774 $ 24,346 $ 539,465 _______________________________________________________________________________ (1) Excludes $35.1 million of commitments on loan participations sold that are not the obligation of the Company.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments on consolidated balance sheet	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands) (1) : Derivative Assets as of Derivative Liabilities as of June 30, 2018 June 30, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Other assets $ 8,120 Other liabilities $ (1,150 ) Total $ 8,120 $ (1,150 ) _________________________________________________________ (1) The Company did not directly own any derivative financial instruments as of December 31, 2017. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7), including all derivative financial instruments of the venture. Over the next 12 months, the Company expects that $0.4 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of June 30, 2018, the Company would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations.
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income	The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended June 30, 2018 Interest rate swaps Earnings from equity method investments $ 1,157 $ 81 Interest rate swaps Interest expense (1,150 ) — For the Three Months Ended June 30, 2017 Interest rate swaps Interest Expense (44 ) 384 Interest rate cap Earnings from equity method investments (9 ) (9 ) Interest rate swap Earnings from equity method investments (93 ) (62 ) Foreign exchange contracts Earnings from equity method investments (70 ) — For the Six Months Ended June 30, 2018 Interest rate swaps Earnings from equity method investments 3,508 90 Interest rate swaps Interest expense (1,150 ) — For the Six Months Ended June 30, 2017 Interest rate swaps Interest Expense 424 355 Interest rate cap Earnings from equity method investments (14 ) (14 ) Interest rate swap Earnings from equity method investments (15 ) (150 ) Foreign exchange contracts Earnings from equity method investments (369 ) — Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Derivatives not Designated in Hedging Relationships For the Three Months Ended June 30, For the Six Months 2018 2017 2018 2017 Interest rate cap Other Expense $ — $ (41 ) $ — $ 6 Foreign exchange contracts Other Expense — (645 ) — (769 )

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $4.0 million , $3.1 million and $4.7 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the six months ended June 30, 2018 and 2017 , respectively. The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2018 and 2017 . The Company declared and paid dividends of $5.5 million and $3.9 million on its Series E and F Cumulative Redeemable Preferred Stock, respectively, during the six months ended June 30, 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 June 30, 2018 December 31, 2017 Unrealized gains on available-for-sale securities $ 655 $ 1,335 Unrealized gains on cash flow hedges 1,311 707 Unrealized losses on cumulative translation adjustment (4,199 ) (4,524 ) Accumulated other comprehensive income (loss) $ (2,233 ) $ (2,482 )

Stock-Based Compensation Plan40

Stock-Based Compensation Plans and Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of iPip Activity	The following is a summary of the status of the Company’s iPIP points and changes during the six months ended June 30, 2018 and the year ended December 31, 2017. Six Months Ended June 30, 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 — 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	A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the six months ended June 30, 2018 and the year ended December 31, 2017, are as follows (in thousands): Six Months Ended June 30, 2018 Year Ended December 31, 2017 Nonvested at beginning of period 282 290 Granted 264 116 Vested (40 ) (75 ) Forfeited (49 ) (49 ) Nonvested at end of period 457 282

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Income from continuing operations $ 3,611 $ 76,117 $ 21,589 $ 47,869 Income from sales of real estate 56,895 844 73,943 8,954 Net income attributable to noncontrolling interests (9,509 ) (5,710 ) (9,604 ) (4,610 ) Preferred dividends (8,124 ) (12,830 ) (16,248 ) (25,660 ) Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share $ 42,873 $ 58,421 $ 69,680 $ 26,553 Add: Effect of joint venture shares — 5 — 9 Add: Effect of Series J convertible perpetual preferred stock 2,250 2,250 4,500 4,500 Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share $ 45,123 $ 60,676 $ 74,180 $ 31,062
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Earnings allocable to common shares: Numerator for basic earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 42,873 $ 58,421 $ 69,680 $ 26,553 Income from discontinued operations — 173 — 4,939 Gain from discontinued operations — 123,418 — 123,418 Income tax expense from discontinued operations — (4,545 ) — (4,545 ) Net income attributable to iStar Inc. and allocable to common shareholders $ 42,873 $ 177,467 $ 69,680 $ 150,365 Numerator for diluted earnings per share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 45,123 $ 60,676 $ 74,180 $ 31,062 Income from discontinued operations — 173 — 4,939 Gain from discontinued operations — 123,418 — 123,418 Income tax expense from discontinued operations — (4,545 ) — (4,545 ) Net income attributable to iStar Inc. and allocable to common shareholders $ 45,123 $ 179,722 $ 74,180 $ 154,874 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,932 72,142 67,922 72,104 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 127 120 125 119 Add: Effect of joint venture shares — 298 — 298 Add: Effect of series J convertible perpetual preferred stock 15,635 15,635 15,635 15,635 Weighted average common shares outstanding for diluted earnings per common share 83,694 88,195 83,682 88,156 Basic earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.63 $ 0.81 $ 1.03 $ 0.37 Income from discontinued operations — — — 0.07 Gain from discontinued operations — 1.71 — 1.71 Income tax expense from discontinued operations — (0.06 ) — (0.06 ) Net income attributable to iStar Inc. and allocable to common shareholders $ 0.63 $ 2.46 $ 1.03 $ 2.09 Diluted earnings per common share: Income from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.54 $ 0.69 $ 0.89 $ 0.35 Income from discontinued operations — — — 0.06 Gain from discontinued operations — 1.40 — 1.40 Income tax expense from discontinued operations — (0.05 ) — (0.05 ) For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net income attributable to iStar Inc. and allocable to common shareholders $ 0.54 $ 2.04 $ 0.89 $ 1.76

Fair Values (Tables)

Fair Values (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis	The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2018 Recurring basis: Derivative assets (1) $ 8,120 $ — $ 8,120 $ — Derivative liabilities (1) 1,150 — 1,150 — Available-for-sale securities (1) 21,840 $ — $ — 21,840 Non-recurring basis: Impaired real estate (2) 5,632 — — 5,632 Impaired land and development (3) 8,873 — — 8,873 Debt security (4) 77,007 — — 77,007 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (5) 12,400 — — 12,400 Impaired real estate available and held for sale (6) 800 — — 800 Impaired land and development (7) 21,400 — — 21,400 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded an impairment on a net lease asset with a fair value of $5.6 million due to the exercise of a below-market lease renewal option related to a net lease asset. (3) The Company recorded an impairment on a land and development asset with a fair value of $8.9 million based on market comparable sales. (4) In connection with the resolution of a non-performing loan, the Company received a preferred equity position with a face value of $100.0 million that is mandatorily redeemable in five years. The Company recorded the preferred equity position at its fair value of $77.0 million based on a discount rate of 7.375% . (5) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (6) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (7) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the six months ended June 30, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (46 ) (10 ) Unrealized gains (losses) recorded in other comprehensive income (956 ) 566 Ending balance $ 21,840 $ 22,222

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018: Operating lease income $ — $ 29,310 $ 15,199 $ 100 $ — $ 44,609 Interest income 25,212 — — — — 25,212 Other income 3,133 698 13,351 1,313 2,328 20,823 Land development revenue — — — 80,927 — 80,927 Earnings (losses) from equity method investments — 2,694 (1,316 ) 1,023 (9,679 ) (7,278 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,493 32,402 — — 56,895 Total revenue and other earnings 28,345 125,072 59,636 83,363 (7,351 ) 289,065 Real estate expense — (3,433 ) (23,818 ) (9,792 ) — (37,043 ) Land development cost of sales — — — (83,361 ) — (83,361 ) Other expense (290 ) — — — (3,426 ) (3,716 ) Allocated interest expense (10,648 ) (13,591 ) (4,578 ) (5,308 ) (9,047 ) (43,172 ) Allocated general and administrative (2) (3,852 ) (4,853 ) (1,975 ) (3,747 ) (5,298 ) (19,725 ) Segment profit (loss) (3) $ 13,555 $ 103,195 $ 29,265 $ (18,845 ) $ (25,122 ) $ 102,048 Other significant items: Provision for loan losses $ 18,892 $ — $ — $ — $ — $ 18,892 Impairment of assets — 4,342 446 1,300 — 6,088 Depreciation and amortization — 6,341 3,738 318 370 10,767 Capitalized expenditures — 720 4,623 42,603 — 47,946 Three Months Ended June 30, 2017: Operating lease income $ — $ 30,852 $ 15,940 $ 210 $ — $ 47,002 Interest income 28,645 — — — — 28,645 Other income 479 550 13,333 123,871 1,277 139,510 Land development revenue — — — 132,710 — 132,710 Earnings from equity method investments — 1,080 469 3,606 360 5,515 Income from discontinued operations — 173 — — — 173 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — — 844 — — 844 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Total revenue and other earnings 29,124 156,073 30,586 260,397 1,637 477,817 Real estate expense — (4,064 ) (22,653 ) (7,967 ) — (34,684 ) Land development cost of sales — — — (122,466 ) — (122,466 ) Other expense (399 ) — — — (15,877 ) (16,276 ) Allocated interest expense (10,508 ) (13,669 ) (5,006 ) (7,122 ) (12,502 ) (48,807 ) Allocated general and administrative (2) (4,691 ) (5,921 ) (2,364 ) (5,004 ) (5,323 ) (23,303 ) Segment profit (loss) (3) $ 13,526 $ 132,419 $ 563 $ 117,838 $ (32,065 ) $ 232,281 Other significant items: Recovery of loan losses $ (600 ) $ — $ — $ — $ — $ (600 ) Impairment of assets — 219 — 10,065 — 10,284 Depreciation and amortization — 7,400 4,923 521 327 13,171 Capitalized expenditures — 917 8,355 30,286 — 39,558 Six Months Ended June 30, 2018 Operating lease income $ — $ 59,036 $ 31,016 $ 355 $ — $ 90,407 Interest income 51,909 — — — — 51,909 Other income 3,516 1,746 25,496 1,784 3,600 36,142 Land development revenue — — — 357,356 — 357,356 Earnings (losses) from equity method investments — 6,252 (2,591 ) 2,566 (10,173 ) (3,946 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 49,036 — — 73,943 Total revenue and other earnings 55,425 159,818 102,957 362,061 (6,573 ) 673,688 Real estate expense — (7,411 ) (45,443 ) (20,370 ) — (73,224 ) Land development cost of sales — — — (306,768 ) — (306,768 ) Other expense (690 ) — — — (4,192 ) (4,882 ) Allocated interest expense (22,413 ) (27,792 ) (10,106 ) (11,781 ) (16,261 ) (88,353 ) Allocated general and administrative (2) (7,821 ) (9,439 ) (4,018 ) (7,552 ) (10,618 ) (39,448 ) Segment profit (loss) (3) $ 24,501 $ 115,176 $ 43,390 $ 15,590 $ (37,644 ) $ 161,013 Other significant non-cash items: Provision for loan losses $ 18,037 $ — $ — $ — $ — $ 18,037 Impairment of assets — 4,342 4,546 1,300 — 10,188 Depreciation and amortization — 12,652 7,664 832 730 21,878 Capitalized expenditures — 1,198 12,324 74,050 — 87,572 Six Months Ended June 30, 2017: Operating lease income $ — $ 62,104 $ 31,929 $ 316 $ — $ 94,349 Interest income 57,703 — — — — 57,703 Other income 556 1,056 23,688 124,256 1,818 151,374 Land development revenue — — — 152,760 — 152,760 Earnings (losses) from equity method investments — 2,062 1,101 7,448 606 11,217 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 6,212 2,742 — — 8,954 Total revenue and other earnings 58,259 199,791 59,460 284,780 2,424 604,714 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Real estate expense — (8,640 ) (44,171 ) (17,463 ) — (70,274 ) Land development cost of sales — — — (138,376 ) — (138,376 ) Other expense (1,004 ) — — — (17,141 ) (18,145 ) Allocated interest expense (22,396 ) (29,404 ) (10,612 ) (15,240 ) (22,300 ) (99,952 ) Allocated general and administrative (2) (8,287 ) (10,563 ) (4,119 ) (8,930 ) (10,697 ) (42,596 ) Segment profit (loss) (3) $ 26,572 $ 151,184 $ 558 $ 104,771 $ (47,714 ) $ 235,371 Other significant non-cash items: Recovery of loan losses $ (5,528 ) $ — $ — $ — $ — $ (5,528 ) Impairment of assets — 219 4,413 10,064 — 14,696 Depreciation and amortization — 15,039 8,962 791 659 25,451 Capitalized expenditures — 1,687 16,566 56,879 — 75,132 As of June 30, 2018 Real estate Real estate, net $ — $ 1,532,589 $ 382,410 $ — $ — $ 1,914,999 Real estate available and held for sale — — 37,597 — — 37,597 Total real estate — 1,532,589 420,007 — — 1,952,596 Land and development, net — — — 641,627 — 641,627 Loans receivable and other lending investments, net 1,052,872 — — — — 1,052,872 Other investments — 147,512 62,024 76,693 6,788 293,017 Total portfolio assets $ 1,052,872 $ 1,680,101 $ 482,031 $ 718,320 $ 6,788 3,940,112 Cash and other assets 1,418,055 Total assets $ 5,358,167 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 $3.5 million and $12.6 million for the three and six months ended June 30, 2018 , respectively, and $3.9 million and $9.8 million for the three and six months ended June 30, 2017 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Segment profit $ 102,048 $ 232,281 $ 161,013 $ 235,371 Add: (Provision for) recovery of loan losses (18,892 ) 600 (18,037 ) 5,528 Less: Impairment of assets (6,088 ) (10,284 ) (10,188 ) (14,696 ) Less: Stock-based compensation expense (3,503 ) (3,915 ) (12,593 ) (9,796 ) Less: Depreciation and amortization (10,767 ) (13,171 ) (21,878 ) (25,451 ) Less: Income tax expense (128 ) (1,644 ) (249 ) (2,251 ) Less: Income tax expense from discontinued operations — (4,545 ) — (4,545 ) Less: Loss on early extinguishment of debt, net (2,164 ) (3,315 ) (2,536 ) (3,525 ) Net income $ 60,506 $ 196,007 $ 95,532 $ 180,635
Reconciliation of segment profit to income (loss)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Segment profit $ 102,048 $ 232,281 $ 161,013 $ 235,371 Add: (Provision for) recovery of loan losses (18,892 ) 600 (18,037 ) 5,528 Less: Impairment of assets (6,088 ) (10,284 ) (10,188 ) (14,696 ) Less: Stock-based compensation expense (3,503 ) (3,915 ) (12,593 ) (9,796 ) Less: Depreciation and amortization (10,767 ) (13,171 ) (21,878 ) (25,451 ) Less: Income tax expense (128 ) (1,644 ) (249 ) (2,251 ) Less: Income tax expense from discontinued operations — (4,545 ) — (4,545 ) Less: Loss on early extinguishment of debt, net (2,164 ) (3,315 ) (2,536 ) (3,525 ) Net income $ 60,506 $ 196,007 $ 95,532 $ 180,635

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Jun. 30, 2018USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment across a range of real estate sectors over the past two decades (more than)	$ 40

Basis of Presentation and Pri45

Basis of Presentation and Principles of Consolidation (VIEs) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Real estate
Real estate, at cost	$ 2,255,537	$ 1,629,436
Less: accumulated depreciation	(340,538)	(347,405)
Real estate, net	1,914,999	1,282,031
Land and development, net	641,627	860,311
Other investments	293,017	321,241
Cash and cash equivalents	1,039,591	657,688	$ 954,279	$ 328,744
Accrued interest and operating lease income receivable, net	10,994	11,957
Deferred expenses and other assets, net	279,390	141,730
Total assets	5,358,167	4,731,078
Liabilities:
Accounts payable, accrued expenses and other liabilities	249,494	238,004
Debt obligations, net	3,869,576	3,476,400
Total liabilities	4,133,779	3,816,829
Consolidated VIEs
Real estate
Real estate, at cost	817,979	47,073
Less: accumulated depreciation	(4,593)	(2,732)
Real estate, net	813,386	44,341
Land and development, net	242,213	212,408
Other investments	88	0
Cash and cash equivalents	12,918	10,704
Accrued interest and operating lease income receivable, net	557	230
Deferred expenses and other assets, net	179,129	29,929
Total assets	1,248,291	297,612
Liabilities:
Accounts payable, accrued expenses and other liabilities	99,784	38,616
Debt obligations, net	464,706	0
Total liabilities	564,490	$ 38,616
Unconsolidated VIEs
Liabilities:
Carrying value of the investments	88,500
Variable interest entity unfunded commitment	$ 22,700

Summary of Significant Accoun46

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements
Increase (decrease) to cash flows provided by operating activities	$ (21,136)	$ 111,552
Decrease to cash flows provided by investing activities	156,116	(166,929)
Decrease to net cash provided by investing activities	(566,479)	(344,544)
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	1,039,591	954,279		$ 657,688	$ 328,744
Restricted cash included in deferred expenses and other assets, net	27,399	23,380		20,045	25,883
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	1,066,990	977,659		677,733	354,627
Impact of Adoption on Consolidated Financial Statements
Other investments	293,017			321,241
Total assets	5,358,167			4,731,078
Retained deficit	(2,325,291)			(2,470,564)
Total equity	$ 1,212,574	1,205,356		$ 914,249	$ 1,059,684
Accounting Standards Update 2016-15
New Accounting Pronouncements
Increase (decrease) to cash flows provided by operating activities		9,300
Decrease to cash flows provided by investing activities		9,300
Accounting Standards Update 2016-18
New Accounting Pronouncements
Increase (decrease) to cash flows provided by operating activities		(700)
Decrease to net cash provided by investing activities		$ 1,800
Accounting Standards Update 2017-05
Impact of Adoption on Consolidated Financial Statements
Other investments			$ 397,110
Total assets			4,806,947
Retained deficit			(2,394,695)
Total equity			990,118
Impact of Adoption of ASU | Accounting Standards Update 2017-05
Impact of Adoption on Consolidated Financial Statements
Other investments			75,869
Total assets			75,869
Retained deficit			75,869
Total equity			$ 75,869

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Land, at cost	$ 517,899	$ 422,370
Buildings and improvements, at cost	1,737,638	1,207,066
Less: accumulated depreciation	(340,538)	(347,405)
Real estate, net	1,914,999	1,282,031
Real estate available and held for sale	37,597	68,588
Total real estate	1,952,596	1,350,619
Net Lease
Real Estate Properties [Line Items]
Land, at cost	335,926	219,092
Buildings and improvements, at cost	1,495,393	888,959
Less: accumulated depreciation	(298,730)	(292,268)
Real estate, net	1,532,589	815,783
Real estate available and held for sale	0	0
Total real estate	1,532,589	815,783
Net Lease | Net lease venture
Real Estate Properties [Line Items]
Real estate, net	743,600
Operating Properties
Real Estate Properties [Line Items]
Land, at cost	181,973	203,278
Buildings and improvements, at cost	242,245	318,107
Less: accumulated depreciation	(41,808)	(55,137)
Real estate, net	382,410	466,248
Real estate available and held for sale	37,597	68,588
Total real estate	420,007	534,836
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 36,700	$ 48,500

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details)

Apr. 14, 2017USD ($)

Jun. 30, 2018USD ($)

Apr. 30, 2017USD ($)leaseproperty

Jun. 30, 2018USD ($)

Jun. 30, 2017USD ($)

Jun. 30, 2018USD ($)

Jun. 30, 2017USD ($)

Dec. 31, 2017USD ($)

Jan. 01, 2018USD ($)

Mar. 31, 2017USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net proceeds from sales of real estate

$ 36,100,000

$ 238,834,000

$ 154,291,000

Payments to acquire equity method investments

53,012,000

139,139,000

Income from sales of real estate

24,500,000

$ 56,895,000

[1]

$ 844,000

[1]

73,943,000

[1]

8,954,000

[1]

Retained deficit

$ (2,325,291,000)

$ (2,325,291,000)

$ (2,325,291,000)

$ (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

$ 227,000,000

$ 227,000,000

Accounting Standards Update 2017-05

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Retained 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 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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash flows provided by discontinued operations, operating activities		$ 5,700
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	$ 678	5,922
Expenses	(505)	(1,491)
Income sales of real estate	0	508
Income from discontinued operations	$ 173	$ 4,939

Real Estate (Other Dispositions

Real Estate (Other Dispositions) (Details) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	[1]	Jun. 30, 2017USD ($)	[1]	Jun. 30, 2018USD ($)property		Jun. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate	$ 24,500	$ 56,895		$ 844		$ 73,943	[1]	$ 8,954	[1]
Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties Sold | property						4
Proceeds						$ 196,200		17,600
Income from sales of real estate						$ 49,000		2,700
Operating Properties, Noncontrolling Interest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties Sold | property						1
Income from sales of real estate						$ 9,800
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties Sold | property						3
Proceeds						$ 38,400		19,500
Income from sales of real estate						24,900		6,200
Total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds						234,600		37,100
Income from sales of real estate						$ 73,900		$ 8,900
[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) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)Condominium_Unit	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)Condominium_Unit	Jun. 30, 2017USD ($)
Investment [Line Items]
Impairment of assets	$ 6,088	$ 10,284	$ 10,188	$ 14,696
Number of units to be sold per contract | Condominium_Unit	4		4
Held-for-Sale, Impending Contract to Sell Condominiums
Investment [Line Items]
Impairment of assets			$ 8,900
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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating Lease Income
Real Estate Properties [Line Items]
Tenant reimbursements	$ 5	$ 5.2	$ 10.6	$ 10.7

Real Estate (Allowance for Doub

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Real Estate Tenant Receivables
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.3	$ 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	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Land and Development Assets
Total land and development, net	$ 641,627		$ 860,311
Capital expenditures on land and development assets	61,577	$ 53,894
Land & Development
Land and Development Assets
Land and land development, at cost	649,783		868,692
Less: accumulated depreciation	(8,156)		(8,381)
Total land and development, net	$ 641,627		$ 860,311

Land and Development (Acquisiti

Land and Development (Acquisitions, Dispositions, Impairments) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)a	Jun. 30, 2018USD ($)aproperty	Jun. 30, 2017USD ($)a
Property, Plant and Equipment [Line Items]
Increase in net lease assets upon consolidation of equity method investment			$ 844,550	$ 0
Land development revenue	$ 80,927	$ 132,710	$ 357,356	152,760
Number of land parcels sold | property			2
Area of land parcels sold (acres) | a			93
Land development cost of sales	83,361	122,466	$ 306,768	138,376
Prince George's County, Maryland
Property, Plant and Equipment [Line Items]
Land development revenue		114,000		114,000
Land development cost of sales		$ 106,300		$ 106,300
Land subject to litigation (acres) | a		1,250		1,250
Land & Development
Property, Plant and Equipment [Line Items]
Notes receivable issued for sale of land			145,000
Proceeds from collection of notes receivable	$ 81,200
Impairment charges			1,300	$ 10,100
Land & Development | Foreclosure
Property, Plant and Equipment [Line Items]
Increase in net lease assets upon consolidation of equity method investment			$ 4,600

Loans Receivable and Other Le56

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 989,002		$ 1,289,568
Reserves for loan losses	(54,495)	$ (69,466)	(78,489)	$ (78,789)	$ (79,389)	$ (85,545)
Total loans receivable, net	934,507		1,211,079
Other lending investments—securities	118,365		89,576
Total loans receivable and other lending investments, net	1,052,872		1,300,655
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	849,192		791,152
Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	129,988		488,921
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	9,822		$ 9,495
Non-performing loan | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 145,800

Loans Receivable and Other Le57

Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Allowance for Loan Losses [Roll Forward]
Reserve for loan losses at beginning of period	$ 69,466	$ 79,389	$ 78,489	$ 85,545
Provision for (recovery of) loan losses	18,892	(600)	18,037	(5,528)
Charge-offs	(33,863)	0	(42,031)	(1,228)
Reserve for loan losses at end of period	$ 54,495	$ 78,789	$ 54,495	$ 78,789

Loans Receivable and Other Le58

Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	$ 994,142		$ 1,294,821
Less: Reserve for loan losses	(54,495)	$ (69,466)	(78,489)	$ (78,789)	$ (79,389)	$ (85,545)
Total	939,647		1,216,332
Interest receivable	5,100		5,300
Held-to-maturity and available-for-sale securities	118,365		89,576
Individually Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	67,068		237,877
Less: Reserve for loan losses	(40,395)		(60,989)
Total	26,673		176,888
Unamortized discounts, premiums, deferred fees and costs, net (discount) or premium	(500)		(700)
Collectively Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	927,074		1,056,944
Less: Reserve for loan losses	(14,100)		(17,500)
Total	912,974		1,039,444
Unamortized discounts, premiums, deferred fees and costs, net (discount) or premium	$ (3,700)		$ 6,200

Loans Receivable and Other Le59

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 994,142	$ 1,294,821
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	853,467	794,400
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	130,823	490,898
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	9,852	9,523
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 927,074	$ 1,056,944
Weighted Average Risk Ratings	2.79	2.77
Real Estate Finance | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 786,399	$ 713,057
Weighted Average Risk Ratings	2.78	2.72
Real Estate Finance | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 130,823	$ 334,364
Weighted Average Risk Ratings	2.85	2.85
Real Estate Finance | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 9,852	$ 9,523
Weighted Average Risk Ratings	3	3

Loans Receivable and Other Le60

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Recorded investment in loans, aged by payment status and presented by class
Current	$ 933,074	$ 1,062,944
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	61,068	231,877
Total Past Due	61,068	231,877
Loans	$ 994,142	$ 1,294,821
Financing receivable, number of loans greater than 90 days past due | loan	2	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	3 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	$ 792,399	$ 719,057
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	61,068	75,343
Total Past Due	61,068	75,343
Loans	853,467	794,400
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	130,823	334,364
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	156,534
Total Past Due	0	156,534
Loans	130,823	490,898
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	9,852	9,523
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	$ 9,852	$ 9,523

Loans Receivable and Other Le61

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	$ 145,590	$ 250,230	$ 176,352	$ 251,467
Interest Income Recognized	0	0	92	0
Non-performing loan
Total gross carrying value of loans	989,002		989,002		$ 1,289,568
Preferred equity security, face value	$ 100,000		100,000
Preferred equity security, mandatory redemption period	5 years
Senior mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	$ 67,252	82,368	71,949	83,556
Interest Income Recognized	0	0	0	0
Non-performing loan
Total gross carrying value of loans	849,192		849,192		791,152
Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	78,338	156,839	104,403	156,941
Interest Income Recognized	0	0	0	0
Non-performing loan
Total gross carrying value of loans	129,988		129,988		488,921
Subordinate mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	0	11,023	0	10,970
Interest Income Recognized	0	0	92	0
Non-performing loan
Total gross carrying value of loans	9,822		9,822		9,495
With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	0	11,023	0	10,970
Interest Income Recognized	0	0	92	0
With no related allowance recorded | Subordinate mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	0	11,023	0	10,970
Interest Income Recognized	0	0	92	0
With an allowance recorded
Financing Receivable, Impaired [Line Items]
Recorded Investment	67,068		67,068		237,877
Unpaid Principal Balance	67,451		67,451		227,280
Related Allowance	(40,395)		(40,395)		(60,989)
Average Recorded Investment	145,590	239,207	176,352	240,497
Interest Income Recognized	0	0	0	0
With an allowance recorded | Senior mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	67,068		67,068		81,343
Unpaid Principal Balance	67,451		67,451		81,431
Related Allowance	(40,395)		(40,395)		(48,518)
Average Recorded Investment	67,252	82,368	71,949	83,556
Interest Income Recognized	0	0	0	0
With an allowance recorded | Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Recorded Investment	0		0		156,534
Unpaid Principal Balance	0		0		145,849
Related Allowance	0		0		$ (12,471)
Average Recorded Investment	78,338	156,839	104,403	156,941
Interest Income Recognized	0	$ 0	0	$ 0
Non-performing loan | Corporate/Partnership loans
Non-performing loan
Total gross carrying value of loans	145,800		$ 145,800
Proceeds from repayment of loan	45,800
Loan loss provision	$ 21,400

Loans Receivable and Other Le62

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Available-for-Sale Securities
Amortized Cost Basis	$ 21,185
Estimated Fair Value	21,840
Held-to-Maturity Securities
Amortized Cost Basis	96,525
Estimated Fair Value	96,903
Investments, Debt and Equity Securities [Abstract]
Face Value	140,723	$ 87,848
Amortized Cost Basis	117,710	87,964
Net Unrealized Gain	1,033	3,193
Estimated Fair Value	118,743	91,157
Net Carrying Value	118,365	89,576
Municipal debt securities
Available-for-Sale Securities
Face Value	21,185	21,230
Amortized Cost Basis	21,185	21,230
Net Unrealized Gain	655	1,612
Estimated Fair Value	21,840	22,842
Net Carrying Value	21,840	22,842
Debt securities
Held-to-Maturity Securities
Face Value	119,538	66,618
Amortized Cost Basis	96,525	66,734
Net Unrealized Gain	378	1,581
Estimated Fair Value	96,903	68,315
Net Carrying Value	$ 96,525	$ 66,734

Loans Receivable and Other Le63

Loans Receivable and Other Lending Investments, net (Maturities) (Details) $ in Thousands	Jun. 30, 2018USD ($)
Amortized Cost Basis
Within one year	$ 19,518
After one year through 5 years	77,007
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	96,525
Estimated Fair Value
Within one year	19,896
After one year through 5 years	77,007
After 5 years through 10 years	0
After 10 years	0
Total	96,903
Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	21,185
Amortized Cost Basis	21,185
Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	21,840
Total	$ 21,840

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	$ 293,017		$ 293,017		$ 321,241
Earnings (losses) from equity method investments	(7,278)	$ 5,515	(3,946)	$ 11,217
Impairment on foreign equity method investment			10,000
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	6,789		6,789		13,618
Earnings (losses) from equity method investments	(9,679)	360	(10,173)	607
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	286,228		286,228		307,623
Earnings (losses) from equity method investments	2,401	5,155	6,227	10,610
Real estate equity investments | Net lease venture
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	0		0		121,139
Earnings (losses) from equity method investments	2,016	1,032	4,100	2,013
Real estate equity investments | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	147,512		147,512		83,868
Earnings (losses) from equity method investments	680	48	2,152	48
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	138,716		138,716		$ 102,616
Earnings (losses) from equity method investments	$ (295)	$ 4,075	$ (25)	$ 8,549

Other Investments (Narrative) (

Other Investments (Narrative) (Details)	Jun. 27, 2017USD ($)	Apr. 14, 2017USD ($)	Jun. 30, 2018USD ($)leasefacility	May 31, 2018USD ($)	Oct. 31, 2017USD ($)unit	Aug. 31, 2017USD ($)	Apr. 30, 2017USD ($)property	Dec. 31, 2016USD ($)	Jun. 30, 2018USD ($)		Jun. 30, 2017USD ($)		Jun. 30, 2018USD ($)		Jun. 30, 2017USD ($)		Jun. 30, 2018USD ($)plan$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Jan. 01, 2018USD ($)	Mar. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on consolidation of equity method investment									$ 67,877,000		$ 0		$ 67,877,000		$ 0
Increase in noncontrolling interest from consolidation of equity method investment													188,279,000
Increase in redeemable noncontrolling interest from consolidation of equity method investment													11,800,000
Payments to acquire equity method investments													53,012,000		139,139,000
Carrying value of assets			$ 5,358,167,000						5,358,167,000				5,358,167,000				$ 5,358,167,000	$ 4,731,078,000
Net proceeds from sales of real estate			36,100,000										238,834,000		154,291,000
Gain from discontinued operations									0		123,418,000		0		123,418,000
Retained deficit			(2,325,291,000)						(2,325,291,000)				(2,325,291,000)				(2,325,291,000)	(2,470,564,000)
Debt obligation			3,928,372,000						3,928,372,000				3,928,372,000				3,928,372,000	3,539,991,000
Carrying value of loans			$ 989,002,000						989,002,000				989,002,000				989,002,000	1,289,568,000
Number of industrial facilities sold | facility			2
Number of ground leases structured and entered into | lease			2
Number of ground leases sold | lease			2
Gain on sale of real estate			$ 24,500,000						56,895,000	[1]	844,000	[1]	73,943,000	[1]	8,954,000	[1]
Equity method investments, carrying value			$ 293,017,000						$ 293,017,000				$ 293,017,000				$ 293,017,000	321,241,000
iStar Net Lease II LLC
Schedule of Equity Method Investments [Line Items]
Equity interest in lease acquisition and development venture (percent)			51.90%						51.90%				51.90%				51.90%
Net lease venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, related party ownership percentage			0.60%						0.60%				0.60%				0.60%
Equity method investment, related party promote fee percentage			50.00%						50.00%				50.00%				50.00%
Equity method investment, partner ownership percentage			47.50%						47.50%				47.50%				47.50%
Net lease venture | Other income
Schedule of Equity Method Investments [Line Items]
Management fees revenue									$ 700,000		500,000		$ 1,300,000		900,000
Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Management fees waived									900,000				1,800,000
Reimbursement revenue waived									400,000				800,000
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			$ 62,000,000						62,000,000				62,000,000				$ 62,000,000	38,800,000
Loan commitments								$ 27,000,000
Loans receivable, carrying value			26,800,000						26,800,000				26,800,000				26,800,000	25,400,000
Interest income									500,000		500,000		1,000,000		900,000
Other real estate equity investments | Land & Development
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value			$ 76,700,000						$ 76,700,000				$ 76,700,000				$ 76,700,000	$ 61,300,000
Other real estate equity investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest in lease acquisition and development venture (percent)			15.50%						15.50%				15.50%				15.50%
Other real estate equity investments | Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest in lease acquisition and development venture (percent)			95.00%						95.00%				95.00%				95.00%
Great Oaks
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract					99 years
Real estate, leasehold improvement allowance					$ 7,200,000
Forward purchase contract, purchase agreement, amount					$ 34,000,000
Number of units in real estate property to be built | unit					301
Great Oaks | Leasehold First Mortgage
Schedule of Equity Method Investments [Line Items]
Debt obligation					$ 80,500,000
Carrying value of loans					$ 80,500,000
Newly formed unconsolidated entity
Schedule of Equity Method Investments [Line Items]
Equity interest in lease acquisition and development venture (percent)			50.00%						50.00%				50.00%				50.00%
Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Equity interest in lease acquisition and development venture (percent)			39.80%						39.80%				39.80%				39.80%
Contributions by majority shareholders		$ 57,500,000
Carrying value of assets		161,100,000
Gain from discontinued operations							$ 123,400,000
Gain on sale of real estate							123,400,000
Safety, Income and Growth, Inc. | Ground Lease
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee				$ 19,900,000		$ 24,000,000
Loan term				1 year		1 year
Amount of loan funded			$ 13,000,000						$ 13,000,000				$ 13,000,000				$ 13,000,000
Safety, Income and Growth, Inc. | Private Placement
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance initial public offering	$ 205,000,000
Proceeds from issuance of private placement	45,000,000
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				$ 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				$ 227,000,000					$ 227,000,000
10b5-1 Plan | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Number of shares purchased | shares																	2,200,000
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																		26,000
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 deficit																			(2,394,695,000)
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-05
Schedule of Equity Method Investments [Line Items]
Retained 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
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Other Assets and Other Liabil66

Other Assets and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Deferred Expenses and Other Assets, Net
Intangible assets, net	$ 162,014		$ 162,014		$ 27,124
Other receivables	47,355		47,355		56,369
Other assets	29,952		29,952		23,081
Restricted cash	27,399	$ 23,380	27,399	$ 23,380	20,045	$ 25,883
Leasing costs, net	7,141		7,141		9,050
Corporate furniture, fixtures and equipment, net	4,362		4,362		4,652
Deferred financing fees, net	1,167		1,167		1,409
Deferred expenses and other assets, net	279,390		279,390		141,730
Intangible assets, accumulated amortization	30,900		30,900		34,900
Amortization of above market lease	400	800	800	1,600
Accumulated amortization on leasing costs	3,900		3,900		4,700
Accumulated depreciation on corporate furniture, fixtures and equipment	11,200		11,200		10,500
Depreciation and Amortization
Deferred Expenses and Other Assets, Net
Amortization of intangible assets	400	$ 700	700	$ 1,200
Operating Properties
Deferred Expenses and Other Assets, Net
Other receivables	26,500		26,500		$ 26,000
Net lease venture
Deferred Expenses and Other Assets, Net
Intangible assets, net	$ 135,300		$ 135,300

Other Assets and Other Liabil67

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Accounts Payable, Accrued Expenses and Other Liabilities
Accrued expenses	$ 87,734		$ 87,734		$ 101,035
Other liabilities	69,368		69,368		79,015
Accrued interest payable	50,359		50,359		49,933
Intangible liabilities, net	42,033		42,033		8,021
Accounts payable, accrued expenses and other liabilities	249,494		249,494		238,004
Developer fee payable	18,500		18,500		29,200
Special assessment bond	4,300		4,300		6,200
Below market lease, accumulated amortization	5,900		5,900		7,800
Amortization of below market lease	100	$ 800	300	$ 1,000
Real Estate Available and Held for Sale
Accounts Payable, Accrued Expenses and Other Liabilities
Accrued expenses	2,300		$ 2,300		2,500
Residential Real Estate | Master Planned Community
Accounts Payable, Accrued Expenses and Other Liabilities
Number of properties | property			2
Real Estate Assets Held-for-Sale
Accounts Payable, Accrued Expenses and Other Liabilities
Other liabilities	700		$ 700		$ 1,600
Net lease venture
Accounts Payable, Accrued Expenses and Other Liabilities
Intangible liabilities, net	$ 34,300		$ 34,300

Loan Participations Payable, 68

Loan Participations Payable, net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Loan Participations Payable, net [Line Items]
Unamortized discounts and deferred financing costs, net	$ (58,796)	$ (63,591)
Loan participations payable, net	14,709	102,425
Loans receivable	934,507	$ 1,211,079
Loan participations payable, net
Loan Participations Payable, net [Line Items]
Loan participations payable, gross	$ 93,800
Number of loan participations repaid | loan	1
Loans receivable	$ 93,600
Number of loan participations payable | loan	1	2
Weighted average interest rate (as a percent)	6.60%	6.50%
Loan participations payable, net
Loan Participations Payable, net [Line Items]
Loan participations payable, gross	$ 14,938	$ 102,737
Unamortized discounts and deferred financing costs, net	(229)	(312)
Loan participations payable, net
Loan Participations Payable, net [Line Items]
Loans receivable	$ 14,700	$ 102,300

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 31, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Oct. 31, 2017	Aug. 31, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Total debt obligations		$ 3,928,372,000		$ 3,928,372,000		$ 3,928,372,000		$ 3,539,991,000
Debt discounts and deferred financing costs, net		(58,796,000)		(58,796,000)		(58,796,000)		(63,591,000)
Total debt obligations, net		3,869,576,000		3,869,576,000		3,869,576,000		3,476,400,000
Interest costs capitalized				2,100,000	$ 2,000,000	4,500,000	$ 4,000,000
2015 $325 million Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations		0		0		$ 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]
Basis point spread on variable interest rate (as a percent)						1.25%
2015 $325 million Revolving Credit Facility | Minimum | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)						2.25%
2015 $325 million Revolving Credit Facility | Maximum | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)						1.75%
2015 $325 million Revolving Credit Facility | Maximum | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate (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 Term Loan
Debt Instrument [Line Items]
Total debt obligations		650,000,000		650,000,000		$ 650,000,000		399,000,000
Basis point spread on variable interest rate (as a percent)						1.00%
Debt instrument, face amount		$ 650,000,000	$ 400,000,000	650,000,000		$ 650,000,000				$ 500,000,000	$ 450,000,000
2016 Senior Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)		2.75%	3.00%			2.75%
2016 Senior Term Loan | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			0.75%
2016 Senior Term Loan | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)						1.75%
2016 Senior Term Loan | 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		$ 670,872,000		$ 670,872,000		$ 670,872,000		208,491,000
Weighted average interest rate (as a percent)		4.60%		4.60%		4.60%
Mortgages collateralized by net lease assets | Minimum
Debt Instrument [Line Items]
Stated interest rates (as a percent)		3.62%		3.62%		3.62%
Mortgages collateralized by net lease assets | Maximum
Debt Instrument [Line Items]
Stated interest rates (as a percent)		7.26%		7.26%		7.26%
Total secured credit facilities and mortgages
Debt Instrument [Line Items]
Total debt obligations		$ 1,320,872,000		$ 1,320,872,000		$ 1,320,872,000		932,491,000
5.00% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 770,000,000		$ 770,000,000		$ 770,000,000		770,000,000
Stated interest rates (as a percent)		5.00%		5.00%		5.00%
4.625% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 400,000,000		$ 400,000,000		$ 400,000,000		400,000,000
Stated interest rates (as a percent)		4.625%	4.625%	4.625%		4.625%
Debt instrument, face amount			$ 400,000,000
6.50% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 275,000,000		$ 275,000,000		$ 275,000,000		275,000,000
Stated interest rates (as a percent)		6.50%		6.50%		6.50%
6.00% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 375,000,000		$ 375,000,000		$ 375,000,000		375,000,000
Stated interest rates (as a percent)		6.00%		6.00%		6.00%
5.25% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 400,000,000		$ 400,000,000		$ 400,000,000		400,000,000
Stated interest rates (as a percent)		5.25%	5.25%	5.25%		5.25%
Debt instrument, face amount			$ 400,000,000
3.125% senior convertible notes
Debt Instrument [Line Items]
Total debt obligations		$ 287,500,000		$ 287,500,000		$ 287,500,000		287,500,000
Total debt obligations, net		$ 259,600,000		$ 259,600,000		$ 259,600,000
Stated interest rates (as a percent)		3.125%	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		$ 15.54		$ 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, face amount			$ 250,000,000						$ 37,500,000
Debt instrument, unamortized discount		$ 22,900,000		$ 22,900,000		$ 22,900,000
Interest expense, debt				2,200,000		4,500,000
Amortization of debt discount				$ 1,200,000		$ 2,300,000
Effective interest rate		5.20%		5.20%		5.20%
Unsecured Notes
Debt Instrument [Line Items]
Total debt obligations		$ 2,507,500,000		$ 2,507,500,000		$ 2,507,500,000		2,507,500,000
Trust preferred securities
Debt Instrument [Line Items]
Total debt obligations		100,000,000		100,000,000		$ 100,000,000		$ 100,000,000
Basis point spread on variable interest rate (as a percent)						1.50%
Subsequent Event | 5.00% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)	5.00%
Redemption of senior debt	$ 273,000,000
Net lease venture
Debt Instrument [Line Items]
Total debt obligations, net		$ 464,700,000		$ 464,700,000		$ 464,700,000

Debt Obligations, net (Future S

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Maturities of Long-term Debt [Abstract]
2018 (remaining six months)	$ 90,186
2,019	771,054
2,020	400,000
2,021	544,647
2,022	1,120,492
Thereafter	1,001,993
Total principal maturities	3,928,372	$ 3,539,991
Unamortized discounts and deferred financing costs, net	(58,796)	(63,591)
Total debt obligations, net	3,869,576	$ 3,476,400
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2018 (remaining six months)	0
2,019	770,000
2,020	400,000
2,021	275,000
2,022	1,062,500
Thereafter	100,000
Total principal maturities	2,607,500
Unamortized discounts and deferred financing costs, net	(48,784)
Total debt obligations, net	2,558,716
Secured Debt
Maturities of Long-term Debt [Abstract]
2018 (remaining six months)	90,186
2,019	1,054
2,020	0
2,021	269,647
2,022	57,992
Thereafter	901,993
Total principal maturities	1,320,872
Unamortized discounts and deferred financing costs, net	(10,012)
Total debt obligations, net	$ 1,310,860

Debt Obligations, net (Secured

Debt Obligations, net (Secured Credit Facility Narrative) (Details)	1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)property	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Aug. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt, net				$ 2,164,000	$ 3,315,000	$ 2,536,000	$ 3,525,000
2017 Secured Financing
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 227,000,000		$ 227,000,000		$ 227,000,000
Stated interest rates (as a percent)			3.795%
Number of properties collateralizing loan | property			12
Deferred financing costs			$ 7,300,000
2016 Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 650,000,000	$ 400,000,000		650,000,000		$ 650,000,000		$ 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%
Required quarterly principal payment (as a percent)						0.25%
2016 Senior Term Loan | Other Expense
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt, net				2,200,000		$ 2,500,000
2016 Senior Term Loan | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	2.75%	3.00%				2.75%
2016 Senior Term Loan | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)		0.75%
2016 Senior Term Loan | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)						1.75%
2015 $325 million Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 325,000,000	$ 325,000,000		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			500,000,000		$ 500,000,000
Net worth, at least	$ 250,000,000			$ 250,000,000		$ 250,000,000

Debt Obligations, net (Unsecure

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($)	1 Months Ended
	Sep. 30, 2017	Jun. 30, 2018	Oct. 31, 2017
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	$ 250,000,000		$ 37,500,000
Stated interest rates (as a percent)	3.125%	3.125%	3.125%
Unsecured Notes
Debt Instrument [Line Items]
Deferred financing costs	$ 18,600,000
Unsecured Notes 4.0% 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 7.125% 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 4.875% 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 ($)	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2015
Debt Instrument [Line Items]
Real estate, net	$ 1,914,999,000	$ 1,282,031,000
Real estate available and held for sale	37,597,000	68,588,000
Land and development, net	641,627,000	860,311,000
Loans receivable and other lending investments, net	1,052,872,000	1,300,655,000
Other investments	293,017,000	321,241,000
Cash and other assets	1,418,055,000	898,252,000
Total assets	5,358,167,000	4,731,078,000
Carrying amount of assets held by entities pledged as collateral	423,600,000
Loans receivable, net	934,507,000	1,211,079,000
Loan participations payable, net
Debt Instrument [Line Items]
Loans receivable, net	14,700,000	102,300,000
Collectively Evaluated for Impairment
Debt Instrument [Line Items]
General reserves for loan losses	14,100,000	17,500,000
Collateral Assets
Debt Instrument [Line Items]
Real estate, net	1,583,330,000	795,321,000
Real estate available and held for sale	0	20,069,000
Land and development, net	10,100,000	25,100,000
Loans receivable and other lending investments, net	523,425,000	194,529,000
Other investments	0	0
Cash and other assets	0	0
Total assets	2,116,855,000	1,035,019,000
Non-Collateral Assets
Debt Instrument [Line Items]
Real estate, net	331,669,000	486,710,000
Real estate available and held for sale	37,597,000	48,519,000
Land and development, net	631,527,000	835,211,000
Loans receivable and other lending investments, net	528,812,000	1,021,340,000
Other investments	293,017,000	321,241,000
Cash and other assets	1,418,055,000	898,252,000
Total assets	3,240,677,000	$ 3,611,273,000
2015 $325 million Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 325,000,000		$ 325,000,000	$ 250,000,000

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details)	Jun. 30, 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 Term Loan
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

Commitments and Contingencies75

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Other Commitments [Line Items]
Percentage of Capital Committed that May be Drawn Down	100.00%
Performance-Based Commitments	$ 530,143
Strategic Investments	9,322
Total	539,465
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments	505,345
Strategic Investments	0
Total	505,345
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	9,774
Strategic Investments	0
Total	9,774
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	15,024
Strategic Investments	9,322
Total	24,346
Loan participations, not the obligation of the Company
Other Commitments [Line Items]
Performance-Based Commitments	$ 35,100

Derivatives (Classification on

Derivatives (Classification on Consolidated Balance Sheets) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Derivatives, Fair Value [Line Items]
Cash flow hedge to be reclassified over next 12 months	$ 400
Designated as hedge
Derivatives, Fair Value [Line Items]
Derivative assets	8,120
Derivative liabilities	(1,150)
Interest rate swaps | Designated as hedge | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	8,120
Interest rate swaps | Designated as hedge | Other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (1,150)

Derivatives (Classification o77

Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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	$ 1,157	$ (93)	$ 3,508	$ (15)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	81	(62)	90	(150)
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		(9)		(14)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		(9)		(14)
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		(70)		(369)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		0		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	(1,150)	(44)	(1,150)	424
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	0	384	0	355
Other Expense | Interest rate cap | Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Income	0	(41)	0	6
Other Expense | Foreign exchange contracts | Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Income	$ 0	$ (645)	$ 0	$ (769)

Derivatives (Interest Rate Hedg

Derivatives (Interest Rate Hedges) (Details) $ in Millions	6 Months Ended
	Jun. 30, 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 ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Preferred Stock
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
Preferred Stock
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
Preferred Stock
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
Preferred Stock
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	$ 4,000,000	$ 4,000,000
Series G
Preferred Stock
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	$ 3,100,000	3,100,000
Series I
Preferred Stock
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	$ 4,700,000	4,700,000
Series J
Preferred Stock
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	$ 4,500,000	4,500,000
Conversion price per share (in dollars per share)	$ 12.79
Series E
Preferred Stock
Dividends declared and paid		5,500,000
Series F
Preferred Stock
Dividends declared and paid		$ 3,900,000
Series G and Series I
Preferred Stock
Redemption price as a percentage of liquidation preference	100.00%

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 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) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Jun. 30, 2018
Equity [Abstract]
Treasury stock, shares, acquired (in shares)	0.8
Treasury stock value acquired including acquisition costs	$ 8.3
Treasury stock acquired, average cost per share (in dollars per share)	$ 10.22
Available repurchase of common stock, authorized amount (up to)		$ 41.7

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	$ 655	$ 1,335
Unrealized gains on cash flow hedges	1,311	707
Unrealized losses on cumulative translation adjustment	(4,199)	(4,524)
Accumulated other comprehensive income (loss)	$ (2,233)	$ (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		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)pointshares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)point$ / sharesshares	Jun. 30, 2017USD ($)pointshares	Dec. 31, 2017USD ($)pointshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 3,503	$ 3,915	$ 12,593	$ 9,796
Number of Points Outstanding [Roll Forward]
Accrued expenses | $	$ 87,734		$ 87,734		$ 101,035
Long-term Incentive Plan 2009
Number of Points Outstanding [Roll Forward]
Shares available for issuance | shares	2,700,000		2,700,000
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		86.92		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		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		85.49		40.97
All Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 2,200	$ 2,900	$ 10,200	$ 7,900
Number of Points Outstanding [Roll Forward]
Accrued expenses | $	$ 34,300		$ 34,300		$ 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
Restricted Stock Units
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			(40,000)		(75,000)
Forfeited | shares			(49,000)		(49,000)
Non-vested at end of period (in shares) | shares	457,000		457,000		282,000
Unrecognized compensation cost | $	$ 2,900		$ 2,900
Weighted-average period to recognize the unrecognized compensation cost			1 year 11 months 27 days

Stock-Based Compensation Plan84

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award granted	67,631
Equity award grant date fair value | $ / shares	$ 10.65
CSE and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	236,996
Aggregate intrinsic value for directors | $	$ 2.6

Stock-Based Compensation Plan85

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.1	$ 0.8	$ 0.8

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018		Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017
Earnings Per Share [Abstract]
Income from continuing operations		$ 3,611		$ 76,117		$ 21,589		$ 47,869
Income from sales of real estate	$ 24,500	56,895	[1]	844	[1]	73,943	[1]	8,954	[1]
Net income attributable to noncontrolling interests		(9,509)		(5,710)		(9,604)		(4,610)
Preferred dividends		(8,124)		(12,830)		(16,248)		(25,660)
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share		42,873		58,421		69,680		26,553
Add: Effect of joint venture shares		0		5		0		9
Add: Effect of Series J convertible perpetual preferred stock		2,250		2,250		4,500		4,500
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share		$ 45,123		$ 60,676		$ 74,180		$ 31,062
[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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	$ 42,873	$ 58,421	$ 69,680	$ 26,553
Income from discontinued operations	0	173	0	4,939
Gain from discontinued operations	0	123,418	0	123,418
Income tax expense from discontinued operations	0	(4,545)	0	(4,545)
Net income allocable to common shareholders	42,873	177,467	69,680	150,365
Numerator for diluted earnings per share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders	45,123	60,676	74,180	31,062
Income from discontinued operations	0	173	0	4,939
Gain from discontinued operations	0	123,418	0	123,418
Income tax expense from discontinued operations	0	(4,545)	0	(4,545)
Net income attributable to iStar Inc. and allocable to common shareholders	$ 45,123	$ 179,722	$ 74,180	$ 154,874
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share (in shares)	67,932	72,142	67,922	72,104
Add: Effect of assumed shares issued under treasury stock method for restricted stock units (in shares)	127	120	125	119
Add: Effect of joint venture shares (in shares)	0	298	0	298
Add: Effect of series J convertible perpetual preferred stock (in shares)	15,635	15,635	15,635	15,635
Weighted average common shares outstanding for diluted earnings per common share (in shares)	83,694	88,195	83,682	88,156
Basic earnings per common share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ 0.63	$ 0.81	$ 1.03	$ 0.37
Income from discontinued operations (in dollars per share)	0	0	0	0.07
Gain from discontinued operations (in dollars per share)	0	1.71	0	1.71
Income tax expense from discontinued operations (in dollars per share)	0	(0.06)	0	(0.06)
Net income attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	0.63	2.46	1.03	2.09
Diluted earnings per common share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	0.54	0.69	0.89	0.35
Income from discontinued operations (in dollars per share)	0	0	0	0.06
Gain from discontinued operations (in dollars per share)	0	1.40	0	1.40
Income tax expense from discontinued operations (in dollars per share)	0	(0.05)	0	(0.05)
Net income attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ 0.54	$ 2.04	$ 0.89	$ 1.76

Fair Values (Schedule of Fair V

Fair Values (Schedule of Fair Value Measurement) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Assets and liabilities recorded at fair value
Preferred equity security, face value	$ 100,000	$ 100,000
Preferred equity security, mandatory redemption period	5 years
Recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Derivative assets	$ 0	0
Derivative liabilities	0	0
Available-for-sale securities	0	0	$ 0
Recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Derivative assets	8,120	8,120
Derivative liabilities	1,150	1,150
Recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Available-for-sale securities	21,840	21,840	22,842
Non-recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Impaired real estate	0	0
Impaired real estate available and held for sale			0
Impaired land and development	0	0	0
Non-recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Impaired land and development	0	0	0
Non-recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired real estate	5,632	5,632	12,400
Impaired real estate available and held for sale			800
Impaired land and development	8,873	8,873	21,400
Debt security	77,007	77,007
Preferred equity security, fair value	77,000	77,000
Fair Value | Recurring basis
Assets and liabilities recorded at fair value
Derivative assets	8,120	8,120
Derivative liabilities	1,150	1,150
Available-for-sale securities	21,840	21,840	22,842
Fair Value | Non-recurring basis
Assets and liabilities recorded at fair value
Impaired real estate	5,632	5,632	12,400
Impaired real estate available and held for sale			800
Impaired land and development	$ 8,873	$ 8,873	$ 21,400
Loans Receivable and Other Lending Investments, Net [Member] | Fair Value | Non-recurring basis
Assets and liabilities recorded at fair value
Discount rate		7.375%
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	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 22,842	$ 21,666
Repayments	(46)	(10)
Unrealized gains (losses) recorded in other comprehensive income	(956)	566
Ending balance	$ 21,840	$ 22,222

Fair Values (Narrative) (Detail

Fair Values (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	$ 1,052,872	$ 1,300,655
Debt obligations, net	3,869,576	3,476,400
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	1,100,000	1,300,000
Debt obligations, net	$ 3,900,000	$ 3,700,000

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)		Jun. 30, 2017USD ($)		Jun. 30, 2018USD ($)segments		Jun. 30, 2017USD ($)		Dec. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segments						4
Segment profit (loss)
Operating lease income		$ 44,609		$ 47,002		$ 90,407		$ 94,349
Interest income		25,212		28,645		51,909		57,703
Other income		20,823		139,510		36,142		151,374
Land development revenue		80,927		132,710		357,356		152,760
Earnings (losses) from equity method investments		(7,278)		5,515		(3,946)		11,217
Gain on consolidation of equity method investment		67,877		0		67,877		0
Income from discontinued operations		0		173		0		4,939
Gain from discontinued operations		0		123,418		0		123,418
Income from sales of real estate	$ 24,500	56,895	[1]	844	[1]	73,943	[1]	8,954	[1]
Total revenue and other earnings		289,065		477,817		673,688		604,714
Real estate expense		(37,043)		(34,684)		(73,224)		(70,274)
Land development cost of sales		(83,361)		(122,466)		(306,768)		(138,376)
Other expense		(3,716)		(16,276)		(4,882)		(18,145)
Allocated interest expense		(43,172)		(48,807)		(88,353)		(99,952)
Allocated general and administrative		(19,725)		(23,303)		(39,448)		(42,596)
Segment profit (loss)		102,048		232,281		161,013		235,371
Other significant items:
Provision for loan losses		18,892		(600)		18,037		(5,528)
Impairment of assets		6,088		10,284		10,188		14,696
Depreciation and amortization		10,767		13,171		21,878		25,451
Capitalized expenditures		47,946		39,558		87,572		75,132
Segment assets
Real estate, net	1,914,999	1,914,999				1,914,999				$ 1,282,031
Real estate available and held for sale	37,597	37,597				37,597				68,588
Total real estate	1,952,596	1,952,596				1,952,596				1,350,619
Land and development, net	641,627	641,627				641,627				860,311
Loans receivable and other lending investments, net	1,052,872	1,052,872				1,052,872				1,300,655
Other investments	293,017	293,017				293,017				321,241
Total portfolio assets	3,940,112	3,940,112				3,940,112				3,832,826
Cash and other assets	1,418,055	1,418,055				1,418,055				898,252
Total assets	5,358,167	5,358,167				5,358,167				4,731,078
Stock-based compensation expense		3,503		3,915		12,593		9,796
Operating Segments | Real Estate Finance
Segment profit (loss)
Operating lease income		0		0		0		0
Interest income		25,212		28,645		51,909		57,703
Other income		3,133		479		3,516		556
Land development revenue		0		0		0		0
Earnings (losses) from equity method investments		0		0		0		0
Gain on consolidation of equity method investment		0				0
Income from discontinued operations				0				0
Gain from discontinued operations				0				0
Income from sales of real estate		0		0		0		0
Total revenue and other earnings		28,345		29,124		55,425		58,259
Real estate expense		0		0		0		0
Land development cost of sales		0		0		0		0
Other expense		(290)		(399)		(690)		(1,004)
Allocated interest expense		(10,648)		(10,508)		(22,413)		(22,396)
Allocated general and administrative		(3,852)		(4,691)		(7,821)		(8,287)
Segment profit (loss)		13,555		13,526		24,501		26,572
Other significant items:
Provision for loan losses		18,892		(600)		18,037		(5,528)
Impairment of assets		0		0		0		0
Depreciation and amortization		0		0		0		0
Capitalized expenditures		0		0		0		0
Segment assets
Real estate, net	0	0				0				0
Real estate available and held for sale	0	0				0				0
Total real estate	0	0				0				0
Land and development, net	0	0				0				0
Loans receivable and other lending investments, net	1,052,872	1,052,872				1,052,872				1,300,655
Other investments	0	0				0				0
Total portfolio assets	1,052,872	1,052,872				1,052,872				1,300,655
Operating Segments | Net Lease
Segment profit (loss)
Operating lease income		29,310		30,852		59,036		62,104
Interest income		0		0		0		0
Other income		698		550		1,746		1,056
Land development revenue		0		0		0		0
Earnings (losses) from equity method investments		2,694		1,080		6,252		2,062
Gain on consolidation of equity method investment		67,877				67,877
Income from discontinued operations				173				4,939
Gain from discontinued operations				123,418				123,418
Income from sales of real estate		24,493		0		24,907		6,212
Total revenue and other earnings		125,072		156,073		159,818		199,791
Real estate expense		(3,433)		(4,064)		(7,411)		(8,640)
Land development cost of sales		0		0		0		0
Other expense		0		0		0		0
Allocated interest expense		(13,591)		(13,669)		(27,792)		(29,404)
Allocated general and administrative		(4,853)		(5,921)		(9,439)		(10,563)
Segment profit (loss)		103,195		132,419		115,176		151,184
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		4,342		219		4,342		219
Depreciation and amortization		6,341		7,400		12,652		15,039
Capitalized expenditures		720		917		1,198		1,687
Segment assets
Real estate, net	1,532,589	1,532,589				1,532,589				815,783
Real estate available and held for sale	0	0				0				0
Total real estate	1,532,589	1,532,589				1,532,589				815,783
Land and development, net	0	0				0				0
Loans receivable and other lending investments, net	0	0				0				0
Other investments	147,512	147,512				147,512				205,007
Total portfolio assets	1,680,101	1,680,101				1,680,101				1,020,790
Operating Segments | Operating Properties
Segment profit (loss)
Operating lease income		15,199		15,940		31,016		31,929
Interest income		0		0		0		0
Other income		13,351		13,333		25,496		23,688
Land development revenue		0		0		0		0
Earnings (losses) from equity method investments		(1,316)		469		(2,591)		1,101
Gain on consolidation of equity method investment		0				0
Income from discontinued operations				0				0
Gain from discontinued operations				0				0
Income from sales of real estate		32,402		844		49,036		2,742
Total revenue and other earnings		59,636		30,586		102,957		59,460
Real estate expense		(23,818)		(22,653)		(45,443)		(44,171)
Land development cost of sales		0		0		0		0
Other expense		0		0		0		0
Allocated interest expense		(4,578)		(5,006)		(10,106)		(10,612)
Allocated general and administrative		(1,975)		(2,364)		(4,018)		(4,119)
Segment profit (loss)		29,265		563		43,390		558
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		446		0		4,546		4,413
Depreciation and amortization		3,738		4,923		7,664		8,962
Capitalized expenditures		4,623		8,355		12,324		16,566
Segment assets
Real estate, net	382,410	382,410				382,410				466,248
Real estate available and held for sale	37,597	37,597				37,597				68,588
Total real estate	420,007	420,007				420,007				534,836
Land and development, net	0	0				0				0
Loans receivable and other lending investments, net	0	0				0				0
Other investments	62,024	62,024				62,024				38,761
Total portfolio assets	482,031	482,031				482,031				573,597
Operating Segments | Land and Development
Segment profit (loss)
Operating lease income		100		210		355		316
Interest income		0		0		0		0
Other income		1,313		123,871		1,784		124,256
Land development revenue		80,927		132,710		357,356		152,760
Earnings (losses) from equity method investments		1,023		3,606		2,566		7,448
Gain on consolidation of equity method investment		0				0
Income from discontinued operations				0				0
Gain from discontinued operations				0				0
Income from sales of real estate		0		0		0		0
Total revenue and other earnings		83,363		260,397		362,061		284,780
Real estate expense		(9,792)		(7,967)		(20,370)		(17,463)
Land development cost of sales		(83,361)		(122,466)		(306,768)		(138,376)
Other expense		0		0		0		0
Allocated interest expense		(5,308)		(7,122)		(11,781)		(15,240)
Allocated general and administrative		(3,747)		(5,004)		(7,552)		(8,930)
Segment profit (loss)		(18,845)		117,838		15,590		104,771
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		1,300		10,065		1,300		10,064
Depreciation and amortization		318		521		832		791
Capitalized expenditures		42,603		30,286		74,050		56,879
Segment assets
Real estate, net	0	0				0				0
Real estate available and held for sale	0	0				0				0
Total real estate	0	0				0				0
Land and development, net	641,627	641,627				641,627				860,311
Loans receivable and other lending investments, net	0	0				0				0
Other investments	76,693	76,693				76,693				63,855
Total portfolio assets	718,320	718,320				718,320				924,166
Corporate/Other
Segment profit (loss)
Operating lease income		0		0		0		0
Interest income		0		0		0		0
Other income		2,328		1,277		3,600		1,818
Land development revenue		0		0		0		0
Earnings (losses) from equity method investments		(9,679)		360		(10,173)		606
Gain on consolidation of equity method investment		0				0
Income from discontinued operations				0				0
Gain from discontinued operations				0				0
Income from sales of real estate		0		0		0		0
Total revenue and other earnings		(7,351)		1,637		(6,573)		2,424
Real estate expense		0		0		0		0
Land development cost of sales		0		0		0		0
Other expense		(3,426)		(15,877)		(4,192)		(17,141)
Allocated interest expense		(9,047)		(12,502)		(16,261)		(22,300)
Allocated general and administrative		(5,298)		(5,323)		(10,618)		(10,697)
Segment profit (loss)		(25,122)		(32,065)		(37,644)		(47,714)
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		0		0		0		0
Depreciation and amortization		370		327		730		659
Capitalized expenditures		0		$ 0		0		$ 0
Segment assets
Real estate, net	0	0				0				0
Real estate available and held for sale	0	0				0				0
Total real estate	0	0				0				0
Land and development, net	0	0				0				0
Loans receivable and other lending investments, net	0	0				0				0
Other investments	6,788	6,788				6,788				13,618
Total portfolio assets	$ 6,788	$ 6,788				$ 6,788				$ 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of segment profit (loss) to income (loss) from continuing operations
Segment profit	$ 102,048	$ 232,281	$ 161,013	$ 235,371
Add: (Provision for) recovery of loan losses	(18,892)	600	(18,037)	5,528
Less: Impairment of assets	(6,088)	(10,284)	(10,188)	(14,696)
Less: Stock-based compensation expense	(3,503)	(3,915)	(12,593)	(9,796)
Less: Depreciation and amortization	(10,767)	(13,171)	(21,878)	(25,451)
Less: Income tax expense	(128)	(1,644)	(249)	(2,251)
Less: Income tax expense from discontinued operations	0	(4,545)	0	(4,545)
Less: Loss on early extinguishment of debt, net	(2,164)	(3,315)	(2,536)	(3,525)
Net income	$ 60,506	$ 196,007	$ 95,532	$ 180,635