Safehold 10-Q 1 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 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	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		67,987,753
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate
Real estate, at cost	$ 2,237,293	$ 1,629,436
Less: accumulated depreciation	(343,504)	(347,405)
Real estate, net	1,893,789	1,282,031
Real estate available and held for sale	61,549	68,588
Total real estate	1,955,338	1,350,619
Land and development, net	650,531	860,311
Loans receivable and other lending investments, net	1,029,052	1,300,655
Other investments	302,318	321,241
Cash and cash equivalents	757,384	657,688
Accrued interest and operating lease income receivable, net	9,954	11,957
Deferred operating lease income receivable, net	91,572	86,877
Deferred expenses and other assets, net	283,840	141,730
Total assets	5,079,989	4,731,078
Liabilities:
Accounts payable, accrued expenses and other liabilities	244,833	238,004
Loan participations payable, net	18,331	102,425
Debt obligations, net	3,612,809	3,476,400
Total liabilities	3,875,973	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, 67,988 and 68,236 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively	68	68
Additional paid-in capital	3,351,578	3,352,665
Retained deficit	(2,350,438)	(2,470,564)
Accumulated other comprehensive income (loss) (refer to Note 13)	392	(2,482)
Total iStar Inc. shareholders' equity	1,001,616	879,703
Noncontrolling interests	190,586	34,546
Total equity	1,192,202	914,249
Total liabilities and equity	5,079,989	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	Sep. 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)	67,988,000	68,236,000
Common Stock, shares outstanding (in shares)	67,988,000	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		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues		$ 122,141	$ 119,872	$ 657,956	$ 576,059
Costs and expenses:
Interest expense		47,219	48,732	135,572	148,684
Depreciation and amortization		19,979	11,846	41,857	37,297
General and administrative	[1]	21,613	20,955	73,655	73,347
Provision for (recovery of) loan losses		200	(2,600)	18,237	(8,128)
Impairment of assets		989	595	11,177	15,292
Other expense		298	2,704	5,180	20,849
Total costs and expenses		134,699	146,024	710,070	559,783
Income (loss) before earnings from equity method investments and other items		(12,558)	(26,152)	(52,114)	16,276
Loss on early extinguishment of debt, net		(911)	(616)	(3,447)	(4,142)
Earnings (losses) from equity method investments		(635)	2,461	(4,581)	13,677
Gain on consolidation of equity method investment		0	0	67,877	0
Income (loss) from continuing operations before income taxes		(14,104)	(24,307)	7,735	25,811
Income tax (expense) benefit		(137)	1,278	(386)	(972)
Income (loss) from continuing operations		(14,241)	(23,029)	7,349	24,839
Income from discontinued operations		0	0	0	4,939
Gain from discontinued operations		0	0	0	123,418
Income tax expense from discontinued operations		0	0	0	(4,545)
Income from sales of real estate	[2]	5,409	19,313	79,353	28,267
Net income (loss)		(8,832)	(3,716)	86,702	176,918
Net (income) loss attributable to noncontrolling interests		(2,028)	160	(11,632)	(4,450)
Net income (loss) attributable to iStar Inc.		(10,860)	(3,556)	75,070	172,468
Preferred dividends		(8,124)	(30,974)	(24,372)	(56,634)
Net income (loss) allocable to common shareholders		$ (18,984)	$ (34,530)	$ 50,698	$ 115,834
Income (loss) attributable to iStar Inc. from continuing operations:
Basic (in dollars per share)		$ (0.28)	$ (0.48)	$ 0.75	$ (0.11)
Diluted (in dollars per share)		(0.28)	(0.48)	0.69	(0.11)
Net income (loss) attributable to iStar Inc.:
Basic (in dollars per share)		(0.28)	(0.48)	0.75	1.61
Diluted (in dollars per share)		$ (0.28)	$ (0.48)	$ 0.69	$ 1.61
Weighted average number of common shares:
Basic (in shares)		67,975	71,713	67,940	71,972
Weighted average common shares outstanding for diluted earnings per common share (in shares)		67,975	71,713	83,729	71,972
Dividends declared per share (in dollars per share)		$ 0.09	$ 0	$ 0.09	$ 0
Equity-based compensation		$ 3,651	$ 2,934	$ 16,245	$ 12,730
All Performance Incentive Plans
Weighted average number of common shares:
Equity-based compensation		2,400	1,900	12,600	9,800
Operating lease income
Revenues:
Total revenues		59,109	47,806	149,516	142,155
Interest income
Revenues:
Total revenues		22,915	25,442	74,824	83,145
Other income
Revenues:
Total revenues		27,808	20,662	63,951	172,037
Land development
Revenues:
Total revenues		12,309	25,962	369,665	178,722
Costs and expenses:
Cost of sales expense		12,114	27,512	318,881	165,888
Real estate
Costs and expenses:
Cost of sales expense		$ 32,287	$ 36,280	$ 105,511	$ 106,554
[1]	For the three months ended September 30, 2018 and 2017, includes $2.4 million and $1.9 million, respectively, of equity-based compensation associated with iPIP Plans (refer to Note 14). For the nine months ended September 30, 2018 and 2017, includes $12.6 million and $9.8 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		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (8,832)	$ (3,716)	$ 86,702	$ 176,918
Other comprehensive income (loss):
Impact from adoption of new accounting standards (refer to Note 3)		0	0	276	0
Reclassification of losses on cumulative translation adjustment into earnings upon realization	[1]	0	0	721	0
Reclassification of (gains) losses on cash flow hedges into earnings upon realization	[2]	101	56	(1,683)	(135)
Unrealized gains (losses) on available-for-sale securities		(558)	(116)	(1,514)	450
Unrealized gains (losses) on cash flow hedges		3,900	(56)	6,258	338
Unrealized gains (losses) on cumulative translation adjustment		0	(36)	(364)	(265)
Other comprehensive income (loss)		3,443	(152)	3,694	388
Comprehensive income (loss)		(5,389)	(3,868)	90,396	177,306
Comprehensive (income) loss attributable to noncontrolling interests		(2,848)	160	(12,452)	(4,450)
Comprehensive income (loss) attributable to iStar Inc.		$ (8,237)	$ (3,708)	$ 77,944	$ 172,856
[1]	Amounts were reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations.
[2]	Amount reclassified to "Interest expense" in the Company's consolidated statements of operations is $144 for the three and nine months ended September 30, 2018. Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations are $16 and $76 for the three and nine months ended September 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 nine months ended September 30, 2018. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(43) and $47 for the three and nine months ended September 30, 2018, respectively, and $40 and $204 for the three and nine months ended September 30, 2017, respectively.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Reclassification of (gains) losses on cash flow hedges into earnings upon realization	$ (1,683)	[1]
Interest expense
Reclassification of (gains) losses on cash flow hedges into earnings upon realization	144
Gain on consolidation of equity method investments
Reclassification of (gains) losses on cash flow hedges into earnings upon realization	(1,876)
Earnings from equity method investments
Reclassification of (gains) losses on cash flow hedges into earnings upon realization	$ 47
[1]	Amount reclassified to "Interest expense" in the Company's consolidated statements of operations is $144 for the three and nine months ended September 30, 2018. Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations are $16 and $76 for the three and nine months ended September 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 nine months ended September 30, 2018. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(43) and $47 for the three and nine months ended September 30, 2018, respectively, and $40 and $204 for the three and nine months ended September 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	Series E and F Preferred Stock	Series E and F Preferred StockRetained Earnings (Deficit)
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		(38,490)								(38,490)			$ (1,830)	$ (1,830)
Issuance of stock/restricted stock unit amortization, net		2,248							2,248
Net income for the period	[2]	178,253								172,468		5,785
Change in accumulated other comprehensive income		388									388
Repurchase of stock		(45,928)						(4)	(45,924)
Issuance of unsecured convertible notes (refer to Note 10)		22,487							22,487
Redemption of Series E and Series F Preferred Stocks		(240,000)		(10)					(223,676)	(16,314)
Change in additional paid in capital attributable to redeemable noncontrolling interest		182							182
Contributions from noncontrolling interests		12										12
Distributions to noncontrolling interests		(13,117)										(13,117)
Ending Balance at Sep. 30, 2017		923,889		12		4		68	3,357,489	(2,465,654)	(3,830)	35,800
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interest		(1,335)
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		(24,372)								(24,372)
Dividends declared—common		(6,165)								(6,165)
Issuance of stock/restricted stock unit amortization, net		7,217						1	7,216
Net income for the period		86,702	[2]							75,070		11,632
Change in accumulated other comprehensive income		3,418									2,598	820
Change in accumulated other comprehensive income		3,694
Repurchase of stock		(8,304)						(1)	(8,303)
Contributions from noncontrolling interests		1,309										1,309
Distributions to noncontrolling interests		(46,000)										(46,000)
Change in noncontrolling interest attributable to consolidation of equity method investment (refer to Note 7)		188,279										188,279
Impact from adoption of new accounting standards (refer to Note 3)		75,869								75,593	276
Ending Balance at Sep. 30, 2018		$ 1,192,202		$ 12		$ 4		$ 68	$ 3,351,578	$ (2,350,438)	$ 392	$ 190,586
[1]	Refer to Note 13 for details on the Company's Preferred Stock.
[2]	For the nine months ended September 30, 2017, net income (loss) shown above excludes $(1,335) of net loss attributable to redeemable noncontrolling interests.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 86,702	$ 176,918
Adjustments to reconcile net income to cash flows from operating activities:
Provision for (recovery of) loan losses	18,237	(8,128)
Impairment of assets	11,177	15,292
Depreciation and amortization	41,857	38,198
Stock-based compensation expense	16,245	12,730
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	11,715	9,793
Amortization of discounts/premiums on loans and deferred interest on loans, net	(29,138)	(45,189)
Deferred interest on loans received	40,463	36,253
Gain from consolidation of equity method investment	(67,877)	0
Gain from discontinued operations	0	(123,418)
(Earnings) losses from equity method investments	4,581	(13,677)
Distributions from operations of other investments	10,875	39,076
Deferred operating lease income	(8,119)	(4,744)
Income from sales of real estate	(79,353)	(28,775)
Land development revenue in excess of cost of sales	(50,784)	(12,834)
Loss on early extinguishment of debt, net	3,447	4,142
Other operating activities, net	1,775	14,737
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable	2,574	2,312
Changes in deferred expenses and other assets, net	(3,767)	(6,973)
Changes in accounts payable, accrued expenses and other liabilities	(47,227)	(5,792)
Cash flows provided by (used in) operating activities	(36,617)	99,921
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(421,518)	(177,952)
Capital expenditures on real estate assets	(44,211)	(24,891)
Capital expenditures on land and development assets	(98,489)	(84,966)
Acquisitions of real estate assets	(3,390)	0
Repayments of and principal collections on loans receivable and other lending investments, net	714,898	491,680
Net proceeds from sales of real estate	271,358	201,939
Net proceeds from sales of land and development assets	183,520	174,979
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment	13,608	0
Distributions from other investments	27,086	40,772
Contributions to and acquisition of interest in other investments	(68,666)	(181,279)
Other investing activities, net	5,019	646
Cash flows provided by investing activities	579,215	440,928
Cash flows from financing activities:
Borrowings from debt obligations and convertible notes	349,988	1,903,643
Repayments and repurchases of debt obligations	(690,452)	(733,429)
Preferred dividends paid	(24,372)	(38,490)
Common dividends paid	6,103	0
Repurchase of common stock	(8,304)	(45,928)
Payments for deferred financing costs	(6,276)	(27,972)
Payments for withholding taxes upon vesting of stock-based compensation	(4,187)	(511)
Payments for debt prepayment or extinguishment costs	0	(5,182)
Distributions to noncontrolling interests	(46,000)	(12,889)
Other financing activities, net	7,703	(599)
Cash flows provided by (used in) financing activities	(428,003)	1,038,643
Effect of exchange rate changes on cash	30	19
Changes in cash, cash equivalents and restricted cash	114,625	1,579,511
Cash, cash equivalents and restricted cash at beginning of period	677,733	354,627
Cash, cash equivalents and restricted cash at end of period	792,358	1,934,138
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net	(84,213)	(37,405)
Accounts payable for capital expenditures on land and development assets	9,169	5,700
Accounts payable for capital expenditures on real estate assets	2,184	2,574
Accrued financing costs	0	3,031
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 in noncontrolling interests upon consolidation of equity method investment	200,093	0
Accrual for redemption of preferred stock and preferred stock dividends	$ 0	$ 241,830

Business and Organization

Business and Organization	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2018 . The following table presents the assets and liabilities of the Company's consolidated VIEs as of September 30, 2018 and December 31, 2017 ($ in thousands): As of September 30, 2018 December 31, ASSETS Real estate Real estate, at cost $ 857,503 $ 47,073 Less: accumulated depreciation (9,544 ) (2,732 ) Real estate, net 847,959 44,341 Land and development, net 254,773 212,408 Other investments 81 — Cash and cash equivalents 14,503 10,704 Accrued interest and operating lease income receivable, net 282 230 Deferred operating lease income receivable, net 3,251 — Deferred expenses and other assets, net 177,439 29,929 Total assets $ 1,298,288 $ 297,612 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 103,630 $ 38,616 Debt obligations, net 480,483 — Total liabilities 584,113 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 September 30, 2018 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $92.5 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 $25.3 million of related unfunded commitments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 $11.8 million and a decrease to cash flows provided by financing activities of $11.8 million for the nine months ended September 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 an increase to cash flows provided by operating activities of $1.3 million and a decrease to cash flows provided by investing activities of $5.5 million for the nine months ended September 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): September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Cash and cash equivalents $ 757,384 $ 657,688 $ 1,912,448 $ 328,744 Restricted cash included in deferred expenses and other assets, net (1) 34,974 20,045 21,690 25,883 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 792,358 $ 677,733 $ 1,934,138 $ 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"), and in July 2018, the FASB issued ASU 2018-11, Leases ("ASU 2018-11"), to address two requirements of ASU 2016-02. ASU 2016-02 and ASU 2018-11 are effective for interim and annual reporting periods beginning after December 15, 2018. ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating or finance leases. For operating and finance leases, a lessee will be required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its statement of financial position. Lessees under operating leases will be required to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-line basis, and classify all cash payments within operating activities in its statement of cash flows. Lessees under finance leases will be required to recognize interest expense on the lease liability (under the effective interest method) and amortization expense of the right-of-use asset (generally on a straight line basis), each reflected separately in its statement of operations. For operating lease arrangements for which the Company is the lessee, primarily under leases of office space, the Company expects the adoption of ASU 2016-02 to result in the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The Company does not expect the right-of-use assets or lease liabilities to be material to the Company's balance sheet. The accounting applied by the Company as a lessor will be mostly unchanged from that applied under previous GAAP. Management currently expects to elect the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company will elect to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2018-11 amends ASU 2016-02 so that: (i) entities may elect to not recast the comparative periods presented when transitioning to ASC 842 by allowing entities to change their initial application to the beginning of the period of adoption; and (ii) provides lessors with a practical expedient to not separate non-lease components from the associated lease component of the contractual payments if certain conditions are met. Management currently expects to elect both of these provisions.

Real Estate

Real Estate	9 Months Ended
	Sep. 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 September 30, 2018 Land, at cost $ 334,818 $ 162,959 $ 497,777 Buildings and improvements, at cost 1,511,844 227,672 1,739,516 Less: accumulated depreciation (302,887 ) (40,617 ) (343,504 ) Real estate, net 1,543,775 350,014 1,893,789 Real estate available and held for sale (2) 7,289 54,260 61,549 Total real estate $ 1,551,064 $ 404,274 $ 1,955,338 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 September 30, 2018 and December 31, 2017 , the Company had $29.5 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 $178.9 million . Discontinued Operations— The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the nine months ended September 30, 2017 ($ in thousands) (1)(2) : Revenues $ 5,922 Expenses (1,491 ) Income from sales of real estate 508 Income from discontinued operations $ 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 nine months ended September 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): Nine Months Ended September 30, 2018 2017 Operating Properties Proceeds (1) $ 228.7 $ 21.8 Income from sales of real estate (1) 54.5 3.3 Net Lease Proceeds (2) $ 38.4 $ 61.7 Income from sales of real estate (2) 24.9 25.0 Total Proceeds $ 267.1 $ 83.5 Income from sales of real estate 79.4 28.3 _______________________________________________________________________________ (1) During the nine months ended September 30, 2018, the Company sold six operating properties and recognized $54.5 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 nine months ended September 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. In the third quarter 2017, in conjunction with the modification of two master leases, the Company exchanged real property with the tenant. The fair value of the property exchanged exceeded the Company's cost basis by approximately $1.5 million which will be deferred and amortized to "Operating lease income" in the Company's consolidated statements of operations over the remaining master lease terms. Real Estate Available and Held for Sale— During the nine months ended September 30, 2018, the Company transferred one net lease asset and two operating properties with an aggregate carrying value of $30.2 million to held for sale due to executed contracts with third parties. During the nine months ended September 30, 2017, the Company transferred one net lease asset with a carrying value of $0.9 million to held for sale. Impairments— During the nine months ended September 30, 2018 , the Company recorded aggregate impairments of $9.9 million resulting from the exercise of a below-market lease renewal option related to a net lease asset, the sale of a commercial operating property and residential condominium units contracted for sale. During the nine months ended September 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 and an impairment of $0.6 million in connection with the sale of an outparcel located at a commercial operating property. Tenant Reimbursements— The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $5.7 million and $16.3 million for the three and nine months ended September 30, 2018 , respectively. Tenant expense reimbursements were $6.1 million and $17.0 million for the three and nine months ended September 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 September 30, 2018 and December 31, 2017 , the allowance for doubtful accounts related to real estate tenant receivables was $1.2 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.7 million and $1.3 million as of September 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	9 Months Ended
	Sep. 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 September 30, December 31, 2018 2017 Land and land development, at cost (1) $ 658,905 $ 868,692 Less: accumulated depreciation (8,374 ) (8,381 ) Total land and development, net $ 650,531 $ 860,311 _______________________________________________________________________________ (1) During the nine months ended September 30, 2018 , the Company funded capital expenditures on land and development assets of $98.5 million . Acquisitions— During the nine months ended September 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 nine months ended September 30, 2018 and 2017, the Company sold land parcels and residential lots and units and recognized land development revenue of $369.7 million and $178.7 million , respectively. In connection with the sale of two land parcels totaling 93 acres during the nine months ended September 30, 2018 , the Company provided an aggregate $145.0 million of financing to the buyers. $81.2 million was repaid in the second quarter 2018. During the nine months ended September 30, 2018 and 2017, the Company recognized land development cost of sales of $318.9 million and $165.9 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 nine months ended September 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 nine months ended September 30, 2018 , the Company recorded an impairment of $1.3 million on a land and development asset based upon market comparable sales. During the nine months ended September 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	9 Months Ended
	Sep. 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 September 30, December 31, Senior mortgages $ 801,595 $ 791,152 Corporate/Partnership loans (1) 152,390 488,921 Subordinate mortgages 9,990 9,495 Total gross carrying value of loans 963,975 1,289,568 Reserves for loan losses (54,695 ) (78,489 ) Total loans receivable, net 909,280 1,211,079 Other lending investments—securities 119,772 89,576 Total loans receivable and other lending investments, net $ 1,029,052 $ 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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Reserve for loan losses at beginning of period $ 54,495 $ 78,789 $ 78,489 $ 85,545 Provision for (recovery of) loan losses 200 (2,600 ) 18,237 (8,128 ) Charge-offs — — (42,031 ) (1,228 ) Reserve for loan losses at end of period $ 54,695 $ 76,189 $ 54,695 $ 76,189 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 September 30, 2018 Loans $ 66,936 $ 901,936 $ 968,872 Less: Reserve for loan losses (40,395 ) (14,300 ) (54,695 ) Total (3) $ 26,541 $ 887,636 $ 914,177 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 September 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 $3.4 million and net premiums of $6.2 million as of September 30, 2018 and December 31, 2017 , respectively. (3) The Company's recorded investment in loans as of September 30, 2018 and December 31, 2017 , including accrued interest of $5.4 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 September 30, 2018 and December 31, 2017 , the total amounts exclude $119.8 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 September 30, 2018 As of December 31, 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 738,570 3.18 $ 713,057 2.72 Corporate/Partnership loans 153,346 3.39 334,364 2.85 Subordinate mortgages 10,020 3.50 9,523 3.00 Total $ 901,936 3.22 $ 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 September 30, 2018 Senior mortgages $ 744,570 $ — $ 60,936 $ 60,936 $ 805,506 Corporate/Partnership loans 153,346 — — — 153,346 Subordinate mortgages 10,020 — — — 10,020 Total $ 907,936 $ — $ 60,936 $ 60,936 $ 968,872 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 September 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 4.0 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 investment 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 investment. 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 September 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 $ 66,936 $ 67,133 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans — — — 156,534 145,849 (12,471 ) Total $ 66,936 $ 67,133 $ (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 September 30, For the Nine Months Ended September 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 $ — $ 209 $ 5,501 $ 385 $ — $ 301 $ 8,227 $ 385 Subtotal — 209 5,501 385 — 301 8,227 385 With an allowance recorded: Senior mortgages 67,001 — 82,007 — 70,696 — 83,100 — Corporate/Partnership loans — — 156,399 — 78,302 — 156,811 — Subtotal 67,001 — 238,406 — 148,998 — 239,911 — Total: Senior mortgages 67,001 — 82,007 — 70,696 — 83,100 — Corporate/Partnership loans — — 156,399 — 78,302 — 156,811 — Subordinate mortgages — 209 5,501 385 — 301 8,227 385 Total $ 67,001 $ 209 $ 243,907 $ 385 $ 148,998 $ 301 $ 248,138 $ 385 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 September 30, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 97 $ 21,282 $ 21,282 Held-to-Maturity Securities Debt securities 120,195 98,490 1,640 100,130 98,490 Total $ 141,380 $ 119,675 $ 1,737 $ 121,412 $ 119,772 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 September 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 $ 20,184 $ 20,434 $ — $ — After one year through 5 years 78,306 79,696 — — After 5 years through 10 years — — — — After 10 years — — 21,185 21,282 Total $ 98,490 $ 100,130 $ 21,185 $ 21,282

Other Investments

Other Investments	9 Months Ended
	Sep. 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 September 30, For the Nine Months September 30, 2018 December 31, 2017 2018 2017 2018 2017 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") (1) $ — $ 121,139 $ — $ 962 $ 4,100 $ 2,975 Safety, Income & Growth Inc. ("SAFE") (2) 150,533 83,868 775 340 2,927 388 Other real estate equity investments (2) 144,517 102,616 (2,062 ) 549 (2,087 ) 9,098 Subtotal 295,050 307,623 (1,287 ) 1,851 4,940 12,461 Other strategic investments (3) 7,268 13,618 652 610 (9,521 ) 1,216 Total $ 302,318 $ 321,241 $ (635 ) $ 2,461 $ (4,581 ) $ 13,677 ____________________________________________________________ (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 nine months ended September 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 an investment strategy similar to 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 months ended September 30, 2018, after the effect of eliminations, the Company earned $0.3 million of management fees with respect to services provided to other investors in the Net Lease Venture, which was recorded as a reduction to "Net income attributable to noncontrolling interests" in the Company's consolidated statements of operations. During the nine months ended September 30, 2018 , the Company recorded management fees of $1.3 million from the Net Lease Venture. During the three and nine months ended September 30, 2017, the Company recorded management fees of $0.6 million and $1.5 million , respectively, from the Net Lease Venture. These management fees 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 , for 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. During the three months ended September 30, 2018 , iStar purchased an additional 133,524 shares of SAFE's common stock in open market and negotiated transactions for $2.2 million , for an average cost of $16.39 per share. As of September 30, 2018 , the Company owned approximately 40.5% of SAFE's common stock outstanding. A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee, payable solely in shares of SAFE's common stock, equal to the sum of 1.0% of SAFE's total equity up to $2.5 billion and 0.75% of SAFE's total equity in excess of $2.5 billion . The Company is not entitled to receive any performance or incentive compensation. The Company is also entitled to receive expense reimbursements, 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 six months ended June 30, 2018, the Company waived $1.8 million and $0.8 million , respectively, of management fees and expense reimbursements. For the three months ended September 30, 2018, the Company recorded $0.9 million and $0.4 million , respectively, of management fees and expense reimbursements. Subsequent to September 30, 2018, the Company was issued 45,941 shares of SAFE's common stock for payment of the management fee for the three months ended September 30, 2018. The Company has an exclusivity agreement with SAFE pursuant to which it agreed, subject to certain exceptions, that it will not acquire, originate, invest in, or provide financing for a third party’s acquisition of, a Ground Lease unless it has first offered that opportunity to SAFE and a majority of its independent directors has declined the opportunity. Following is a list of investments that the Company has transacted with SAFE: 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 had an initial term of one year and was extended for an additional year and will be used for the renovation of a medical office building in Atlanta, GA. $15.5 million of the loan was funded as of September 30, 2018 . During the three and nine months ended September 30, 2018 , the Company recorded $0.4 million and $1.0 million of interest income, respectively, on the loan.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 leasehold 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. During the three and nine months ended September 30, 2018 , the Company recorded $0.6 million and $0.8 million of interest income, respectively, on the loan. 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 September 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 $74.1 million in operating properties and $70.4 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 $63.8 million in land assets. In August 2018, the Company provided a $33.0 million mezzanine loan, of which $28.9 million was funded as of September 30, 2018, to an unconsolidated entity in which the Company owns a 50% equity interest. As of September 30, 2018, the loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheet. During the three and nine months ended September 30, 2018, the Company recorded $0.4 million of interest income on the mezzanine loan. 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. The Company provided financing to the entity in the form of a $27.0 million senior loan commitment, of which $27.0 million and $25.4 million was funded as of September 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 nine months ended September 30, 2018 , the Company recorded $0.5 million and $1.5 million of interest income, respectively, on the senior loan. During the three and nine months ended September 30, 2017, the Company recorded $0.5 million and $1.4 million of interest income, respectively, on the senior loan. Other strategic investments —As of September 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	9 Months Ended
	Sep. 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 September 30, 2018 December 31, 2017 Intangible assets, net (1) $ 158,184 $ 27,124 Other receivables (2) 46,193 56,369 Restricted cash 34,974 20,045 Other assets (3) 32,862 23,081 Leasing costs, net (4) 6,487 9,050 Corporate furniture, fixtures and equipment, net (5) 4,123 4,652 Deferred financing fees, net 1,017 1,409 Deferred expenses and other assets, net $ 283,840 $ 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. 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. Accumulated amortization on intangible assets, net was $32.6 million and $34.9 million as of September 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 $0.9 million and $1.6 million for the three and nine months ended September 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 $0.5 million and $2.0 million for the three and nine months ended September 30, 2017 , respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $4.0 million and $4.7 million for the three and nine months ended September 30, 2018 , respectively. The amortization expense for in-place leases was $0.3 million and $1.5 million for the three and nine months ended September 30, 2017 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) As of September 30, 2018 and December 31, 2017 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $4.2 million and $4.7 million as of September 30, 2018 and December 31, 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $11.5 million and $10.5 million as of September 30, 2018 and December 31, 2017 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2018 December 31, 2017 Accrued expenses (1) $ 92,783 $ 101,035 Other liabilities (2) 84,675 79,015 Intangible liabilities, net (3) 38,889 8,021 Accrued interest payable 28,486 49,933 Accounts payable, accrued expenses and other liabilities $ 244,833 $ 238,004 _______________________________________________________________________________ (1) As of September 30, 2018 and December 31, 2017 , accrued expenses includes $2.8 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 September 30, 2018 and December 31, 2017 , other liabilities includes $18.6 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of September 30, 2018 and December 31, 2017 , includes $1.7 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of September 30, 2018 and December 31, 2017 , other liabilities also includes $11.8 million and $6.2 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. 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. Accumulated amortization on below market lease liabilities was $8.5 million and $7.8 million as of September 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 $3.1 million and $3.4 million for the three and nine months ended September 30, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.2 million and $1.2 million for the three and nine months ended September 30, 2017 , respectively.

Loan Participations Payable, ne

Loan Participations Payable, net	9 Months Ended
	Sep. 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 September 30, 2018 December 31, 2017 Loan participations payable (1) $ 18,525 $ 102,737 Debt discounts and deferred financing costs, net (194 ) (312 ) Total loan participations payable, net $ 18,331 $ 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 nine months ended September 30, 2018. As of September 30, 2018 , the Company had one loan participation payable with an interest rate of 6.8% . As of December 31, 2017, the Company had two loan participations payable with a weighted average interest rate of 6.5% . Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of September 30, 2018 and December 31, 2017 . As of September 30, 2018 and December 31, 2017 , the corresponding loan receivable balances were $18.4 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	9 Months Ended
	Sep. 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 September 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 648,375 399,000 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 684,503 208,491 3.62% - 7.26% (4) Total secured credit facilities and mortgages 1,332,878 932,491 Unsecured notes: 5.00% senior notes (5) 497,000 770,000 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 2,234,500 2,507,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,667,378 3,539,991 Debt discounts and deferred financing costs, net (54,569 ) (63,591 ) Total debt obligations, net (11) $ 3,612,809 $ 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 September 30, 2018 , the weighted average interest rate of these loans is 4.60% , inclusive of the effect of 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. Subsequent to September 30, 2018 , the Company called for redemption $122.0 million aggregate principal amount of such notes on November 2, 2018. (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 64.91 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $15.41 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 September 30, 2018 , the carrying value of the 3.125% Convertible Notes was $261.1 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $21.7 million , net of fees. During the three and nine months ended September 30, 2018 , the Company recognized $2.2 million and $6.7 million , respectively, of contractual interest and $1.2 million and $3.5 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 $4.0 million and $8.5 million during the three and nine months ended September 30, 2018 , respectively, and $2.1 million and $6.1 million during the three and nine months ended September 30, 2017 , respectively. Future Scheduled Maturities —As of September 30, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2018 (remaining three months) $ — $ 107,428 $ 107,428 2019 (1) 497,000 747 497,747 2020 400,000 — 400,000 2021 275,000 268,593 543,593 2022 1,062,500 57,457 1,119,957 Thereafter 100,000 898,653 998,653 Total principal maturities 2,334,500 1,332,878 3,667,378 Unamortized discounts and deferred financing costs, net (44,655 ) (9,914 ) (54,569 ) Total debt obligations, net $ 2,289,845 $ 1,322,964 $ 3,612,809 _______________________________________________________________________________ (1) Subsequent to September 30, 2018, the Company called for redemption $122.0 million aggregate principal amount of senior notes on November 2, 2018. 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 each quarter. During the nine months ended September 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 $2.5 million . 2015 Revolving Credit Facility —In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Revolving Credit Facility"). In September 2017, the Company upsized the 2015 Revolving Credit Facility to $325.0 million , added additional lenders to the syndicate, extended the maturity date to September 2020 and made certain other changes. This facility is secured by a pledge of the equity interest in a pool of assets which provide asset value coverage for borrowings under the facility. Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.30% to 0.50% , based on corporate credit ratings. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2021. During the nine months ended September 30, 2018 , the Company repaid from cash on hand the $325.0 million outstanding on the 2015 Revolving Credit Facility and as of September 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. During the three and nine months ended September 30, 2018 , repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $0.9 million . During the nine months ended September 30, 2017, repayments of senior unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $3.1 million . Collateral Assets —The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of September 30, 2018 December 31, 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,570,920 $ 322,869 $ 795,321 $ 486,710 Real estate available and held for sale 31,145 30,404 20,069 48,519 Land and development, net 17,500 633,031 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 499,895 525,103 194,529 1,021,340 Other investments — 302,318 — 321,241 Cash and other assets 6,398 1,136,352 — 898,252 Total $ 2,125,858 $ 2,950,077 $ 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 September 30, 2018 , Collateral Assets includes $410.4 million carrying value of assets held by entities pledged as collateral for the $325.0 million 2015 Revolving Credit Facility that is undrawn as of September 30, 2018 . (2) As of September 30, 2018 and December 31, 2017 , the amounts presented exclude general reserves for loan losses of $14.3 million and $17.5 million , respectively. (3) As of September 30, 2018 and December 31, 2017 , the amounts presented exclude loan participations of $18.4 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	9 Months Ended
	Sep. 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 September 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 $ 479,988 $ 17,154 $ — $ 497,142 Strategic Investments — — 30,127 30,127 Total $ 479,988 $ 17,154 $ 30,127 $ 527,269 _______________________________________________________________________________ (1) Excludes $31.5 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	9 Months Ended
	Sep. 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 as of September 30, 2018 ($ in thousands) (1) : Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Other assets $ 10,303 Other liabilities $ — Total $ 10,303 $ — _________________________________________________________ (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 $0.4 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of September 30, 2018 , the Company would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations. The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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 September 30, 2018 Interest rate swaps Earnings from equity method investments $ 1,197 $ 44 Interest rate swaps Interest expense 2,702 (144 ) For the Three Months Ended September 30, 2017 Interest rate swaps Interest Expense 15 (16 ) Interest rate cap Earnings from equity method investments (2 ) (2 ) Interest rate swap Earnings from equity method investments (69 ) (38 ) Foreign exchange contracts Earnings from equity method investments (1 ) — For the Nine Months Ended September 30, 2018 Interest rate swaps Earnings from equity method investments 4,705 (47 ) Interest rate swaps Interest expense 1,552 (144 ) For the Nine Months Ended September 30, 2017 Interest rate swaps Interest Expense 439 339 Interest rate cap Earnings from equity method investments (16 ) (16 ) Interest rate swap Earnings from equity method investments (85 ) (188 ) Foreign exchange contracts Earnings from equity method investments (371 ) — 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 September 30, For the Nine Months 2018 2017 2018 2017 Interest rate cap Other Expense $ — $ — $ — $ 6 Foreign exchange contracts Other Expense — (199 ) — (970 ) During the nine months ended September 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	9 Months Ended
	Sep. 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 September 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 $6.0 million , $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the nine months ended September 30, 2018 and 2017 , respectively. The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 2018 and 2017 . The Company declared and paid dividends of $8.3 million and $5.9 million on its Series E and F Cumulative Redeemable Preferred Stock, respectively, during the nine months ended September 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, into 3.9423 shares of the Company's common stock (equal to an initial conversion price of approximately $12.68 per share), subject to specified adjustments. 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, 2017, the Company had $582.4 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. 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 declared and paid common stock dividends of $6.2 million , or $0.09 per share, for the nine months ended September 30, 2018. The Company did not declare or pay any common stock dividends for the nine months ended September 30, 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 , for an average cost of $10.22 per share. No common stock was repurchased during the six months ended September 30, 2018. During the three months ended September 30, 2017, in connection with the sale of the 3.125% Convertible Notes (refer to Note 10), the Company repurchased 4.0 million shares of its common stock for $45.9 million at an average cost of $11.51 per share in privately negotiated transactions with purchasers of the 3.125% Convertible Notes. As of September 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 September 30, 2018 December 31, 2017 Unrealized gains on available-for-sale securities $ 97 $ 1,335 Unrealized gains on cash flow hedges 4,494 707 Unrealized losses on cumulative translation adjustment (4,199 ) (4,524 ) Accumulated other comprehensive income (loss) $ 392 $ (2,482 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	9 Months Ended
	Sep. 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 $3.7 million and $16.2 million for the three and nine months ended September 30, 2018 , respectively, and $2.9 million and $12.7 million for the three and nine months ended September 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 nine months ended September 30, 2018 and the year ended December 31, 2017. Nine Months Ended September 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 — 49.33 5.00 17.88 41.68 Forfeited (1.31 ) (4.80 ) (7.88 ) (10.43 ) (7.82 ) (0.71 ) Points at end of period 85.76 79.36 82.42 86.57 84.16 40.97 During the nine months ended September 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% . The amount distributable to participants was reduced by 4.3% based on the Company's total shareholder return in accordance with the provisions of the iPIP and, as a result, iPIP participants received total distributions in the amount of $14.3 million as compensation, comprised of $7.2 million in cash and 625,788 shares of the Company's common stock, with a fair value of $7.1 million or $11.39 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 343,402 shares of the Company's common stock were issued. As of September 30, 2018 and December 31, 2017 , the Company had accrued compensation costs relating to iPIP of $36.0 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 September 30, 2018 , an aggregate of 2.6 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP. Restricted Share Issuances —During the nine months ended September 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 nine months ended September 30, 2018 and the year ended December 31, 2017, are as follows (in thousands): Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Nonvested at beginning of period 282 290 Granted 278 116 Vested (45 ) (75 ) Forfeited (61 ) (49 ) Nonvested at end of period 454 282 As of September 30, 2018 , there was $2.4 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 1.8 years. Directors' Awards —During the nine months ended September 30, 2018 , the Company granted 67,631 restricted shares of common stock to non-employee Directors at a fair value of $10.65 at the time of grant for their annual equity awards and also issued 1,364 common stock equivalents ("CSEs") at a fair value of $11.19 in respect of dividend equivalents on outstanding CSEs. The restricted shares have a vesting term of one year. As of September 30, 2018 , a combined total of 238,360 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 $2.7 million . 401(k) Plan —The Company made contributions of $0.1 million and $0.9 million for the three and nine months ended September 30, 2018 , respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2017 , respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Income (loss) from continuing operations $ (14,241 ) $ (23,029 ) $ 7,349 $ 24,839 Income from sales of real estate 5,409 19,313 79,353 28,267 Net income attributable to noncontrolling interests (2,028 ) 160 (11,632 ) (4,450 ) Preferred dividends (8,124 ) (12,830 ) (24,372 ) (38,490 ) Preferred dividends declared and payable — (1,830 ) — (1,830 ) Premium in excess of book value on redemption of preferred stock — (16,314 ) — (16,314 ) Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share $ (18,984 ) $ (34,530 ) $ 50,698 $ (7,978 ) Add: Effect of Series J convertible perpetual preferred stock — — 6,750 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share $ (18,984 ) $ (34,530 ) $ 57,448 $ (7,978 ) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 50,698 $ (7,978 ) Income from discontinued operations — — — 4,939 Gain from discontinued operations — — — 123,418 Income tax expense from discontinued operations — — — (4,545 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 50,698 $ 115,834 Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 57,448 $ (7,978 ) Income from discontinued operations — — — 4,939 Gain from discontinued operations — — — 123,418 Income tax expense from discontinued operations — — — (4,545 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 57,448 $ 115,834 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,975 71,713 67,940 71,972 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Add: Effect of assumed shares issued under treasury stock method for restricted stock units — — 131 — Add: Effect of series J convertible perpetual preferred stock — — 15,658 — Weighted average common shares outstanding for diluted earnings per common share 67,975 71,713 83,729 71,972 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.75 $ (0.11 ) Income from discontinued operations — — — 0.07 Gain from discontinued operations — — — 1.71 Income tax expense from discontinued operations — — — (0.06 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.75 $ 1.61 Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.69 $ (0.11 ) Income from discontinued operations — — — 0.07 Gain from discontinued operations — — — 1.71 Income tax expense from discontinued operations — — — (0.06 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.69 $ 1.61 The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1) : For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Series J convertible perpetual preferred stock 15,703 15,635 — 15,635 Joint venture shares — 298 — 298 _______________________________________________________________________________ (1) For the three months ended September 30, 2018 and for the three and nine months ended September 30, 2017 , the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three and nine months ended September 30, 2018 and 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.

Fair Values

Fair Values	9 Months Ended
	Sep. 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 September 30, 2018 Recurring basis: Derivative assets (1) $ 10,303 $ — $ 10,303 $ — Available-for-sale securities (1) 21,282 $ — $ — 21,282 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (2) 12,400 — — 12,400 Impaired real estate available and held for sale (3) 800 — — 800 Impaired land and development (4) 21,400 — — 21,400 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (3) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (4) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the nine months ended September 30, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (46 ) (10 ) Unrealized gains (losses) recorded in other comprehensive income (1,514 ) 449 Ending balance $ 21,282 $ 22,105 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 $3.7 billion , respectively, as of September 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	9 Months Ended
	Sep. 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 September 30, 2018: Operating lease income $ — $ 45,204 $ 13,803 $ 102 $ — $ 59,109 Interest income 22,915 — — — — 22,915 Other income 753 1,008 21,253 857 3,937 27,808 Land development revenue — — — 12,309 — 12,309 Earnings (losses) from equity method investments — 775 (2,223 ) 161 652 (635 ) Income from sales of real estate — — 5,409 — — 5,409 Total revenue and other earnings 23,668 46,987 38,242 13,429 4,589 126,915 Real estate expense — (4,774 ) (18,649 ) (8,864 ) — (32,287 ) Land development cost of sales — — — (12,114 ) — (12,114 ) Other expense (179 ) — — — (119 ) (298 ) Allocated interest expense (9,558 ) (16,454 ) (4,547 ) (5,014 ) (11,646 ) (47,219 ) Allocated general and administrative (2) (2,693 ) (5,740 ) (1,429 ) (3,576 ) (4,524 ) (17,962 ) Segment profit (loss) (3) $ 11,238 $ 20,019 $ 13,617 $ (16,139 ) $ (11,700 ) $ 17,035 Other significant items: Provision for loan losses $ 200 $ — $ — $ — $ — $ 200 Impairment of assets — — 989 — — 989 Depreciation and amortization — 12,554 6,857 263 305 19,979 Capitalized expenditures — 28,315 5,860 33,608 — 67,783 Three Months Ended September 30, 2017: Operating lease income $ — $ 31,503 $ 16,048 $ 255 $ — $ 47,806 Interest income 25,442 — — — — 25,442 Other income 1,298 953 14,097 1,174 3,140 20,662 Land development revenue — — — 25,962 — 25,962 Earnings from equity method investments — 1,302 (399 ) 948 610 2,461 Income from sales of real estate — 18,765 548 — — 19,313 Total revenue and other earnings 26,740 52,523 30,294 28,339 3,750 141,646 Real estate expense — (4,423 ) (23,185 ) (8,672 ) — (36,280 ) Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Land development cost of sales — — — (27,512 ) — (27,512 ) Other expense (261 ) — — — (2,443 ) (2,704 ) Allocated interest expense (9,165 ) (12,255 ) (4,860 ) (6,529 ) (15,923 ) (48,732 ) Allocated general and administrative (2) (3,334 ) (4,315 ) (1,866 ) (3,706 ) (4,800 ) (18,021 ) Segment profit (loss) (3) $ 13,980 $ 31,530 $ 383 $ (18,080 ) $ (19,416 ) $ 8,397 Other significant items: Recovery of loan losses $ (2,600 ) $ — $ — $ — $ — $ (2,600 ) Impairment of assets — — 595 — — 595 Depreciation and amortization — 6,623 4,343 546 334 11,846 Capitalized expenditures — 2,384 7,644 33,788 — 43,816 Nine Months Ended September 30, 2018 Operating lease income $ — $ 104,241 $ 44,818 $ 457 $ — $ 149,516 Interest income 74,824 — — — — 74,824 Other income 4,271 2,755 46,748 2,640 7,537 63,951 Land development revenue — — — 369,665 — 369,665 Earnings (losses) from equity method investments — 7,028 (4,814 ) 2,726 (9,521 ) (4,581 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 54,446 — — 79,353 Total revenue and other earnings 79,095 206,808 141,198 375,488 (1,984 ) 800,605 Real estate expense — (12,186 ) (64,091 ) (29,234 ) — (105,511 ) Land development cost of sales — — — (318,881 ) — (318,881 ) Other expense (869 ) — — — (4,311 ) (5,180 ) Allocated interest expense (31,971 ) (44,246 ) (14,653 ) (16,795 ) (27,907 ) (135,572 ) Allocated general and administrative (2) (10,514 ) (15,179 ) (5,447 ) (11,128 ) (15,142 ) (57,410 ) Segment profit (loss) (3) $ 35,741 $ 135,197 $ 57,007 $ (550 ) $ (49,344 ) $ 178,051 Other significant non-cash items: Provision for loan losses $ 18,237 $ — $ — $ — $ — $ 18,237 Impairment of assets — 4,342 5,535 1,300 — 11,177 Depreciation and amortization — 25,205 14,522 1,095 1,035 41,857 Capitalized expenditures — 29,512 18,186 107,658 — 155,356 Nine Months Ended September 30, 2017: Operating lease income $ — $ 93,606 $ 47,977 $ 572 $ — $ 142,155 Interest income 83,145 — — — — 83,145 Other income 1,854 2,009 37,720 125,430 5,024 172,037 Land development revenue — — — 178,722 — 178,722 Earnings (losses) from equity method investments — 3,363 702 8,396 1,216 13,677 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 24,977 3,290 — — 28,267 Total revenue and other earnings 84,999 252,312 89,689 313,120 6,240 746,360 Real estate expense — (13,062 ) (67,356 ) (26,136 ) — (106,554 ) Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Land development cost of sales — — — (165,888 ) — (165,888 ) Other expense (1,263 ) — — — (19,586 ) (20,849 ) Allocated interest expense (31,561 ) (41,659 ) (15,472 ) (21,769 ) (38,223 ) (148,684 ) Allocated general and administrative (2) (11,621 ) (14,878 ) (5,985 ) (12,636 ) (15,497 ) (60,617 ) Segment profit (loss) (3) $ 40,554 $ 182,713 $ 876 $ 86,691 $ (67,066 ) $ 243,768 Other significant non-cash items: Recovery of loan losses $ (8,128 ) $ — $ — $ — $ — $ (8,128 ) Impairment of assets — 219 5,009 10,064 — 15,292 Depreciation and amortization — 21,662 13,305 1,337 993 37,297 Capitalized expenditures — 4,071 24,210 90,666 — 118,947 As of September 30, 2018 Real estate Real estate, net $ — $ 1,543,775 $ 350,014 $ — $ — $ 1,893,789 Real estate available and held for sale — 7,289 54,260 — — 61,549 Total real estate — 1,551,064 404,274 — — 1,955,338 Land and development, net — — — 650,531 — 650,531 Loans receivable and other lending investments, net 1,029,052 — — — — 1,029,052 Other investments — 150,533 74,089 70,429 7,267 302,318 Total portfolio assets $ 1,029,052 $ 1,701,597 $ 478,363 $ 720,960 $ 7,267 3,937,239 Cash and other assets 1,142,750 Total assets $ 5,079,989 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 $3.7 million and $16.2 million for the three and nine months ended September 30, 2018 , respectively, and $2.9 million and $12.7 million for the three and nine months ended September 30, 2017 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Segment profit $ 17,035 $ 8,397 $ 178,051 $ 243,768 Add: (Provision for) recovery of loan losses (200 ) 2,600 (18,237 ) 8,128 Less: Impairment of assets (989 ) (595 ) (11,177 ) (15,292 ) Less: Stock-based compensation expense (3,651 ) (2,934 ) (16,245 ) (12,730 ) Less: Depreciation and amortization (19,979 ) (11,846 ) (41,857 ) (37,297 ) Less: Income tax (expense) benefit (137 ) 1,278 (386 ) (972 ) Less: Income tax expense from discontinued operations — — — (4,545 ) Less: Loss on early extinguishment of debt, net (911 ) (616 ) (3,447 ) (4,142 ) Net income (loss) $ (8,832 ) $ (3,716 ) $ 86,702 $ 176,918

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
New accounting pronouncements	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. 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"), and in July 2018, the FASB issued ASU 2018-11, Leases ("ASU 2018-11"), to address two requirements of ASU 2016-02. ASU 2016-02 and ASU 2018-11 are effective for interim and annual reporting periods beginning after December 15, 2018. ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating or finance leases. For operating and finance leases, a lessee will be required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its statement of financial position. Lessees under operating leases will be required to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-line basis, and classify all cash payments within operating activities in its statement of cash flows. Lessees under finance leases will be required to recognize interest expense on the lease liability (under the effective interest method) and amortization expense of the right-of-use asset (generally on a straight line basis), each reflected separately in its statement of operations. For operating lease arrangements for which the Company is the lessee, primarily under leases of office space, the Company expects the adoption of ASU 2016-02 to result in the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The Company does not expect the right-of-use assets or lease liabilities to be material to the Company's balance sheet. The accounting applied by the Company as a lessor will be mostly unchanged from that applied under previous GAAP. Management currently expects to elect the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company will elect to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2018-11 amends ASU 2016-02 so that: (i) entities may elect to not recast the comparative periods presented when transitioning to ASC 842 by allowing entities to change their initial application to the beginning of the period of adoption; and (ii) provides lessors with a practical expedient to not separate non-lease components from the associated lease component of the contractual payments if certain conditions are met. Management currently expects to elect both of these provisions. 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 $11.8 million and a decrease to cash flows provided by financing activities of $11.8 million for the nine months ended September 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.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 and December 31, 2017 ($ in thousands): As of September 30, 2018 December 31, ASSETS Real estate Real estate, at cost $ 857,503 $ 47,073 Less: accumulated depreciation (9,544 ) (2,732 ) Real estate, net 847,959 44,341 Land and development, net 254,773 212,408 Other investments 81 — Cash and cash equivalents 14,503 10,704 Accrued interest and operating lease income receivable, net 282 230 Deferred operating lease income receivable, net 3,251 — Deferred expenses and other assets, net 177,439 29,929 Total assets $ 1,298,288 $ 297,612 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 103,630 $ 38,616 Debt obligations, net 480,483 — Total liabilities 584,113 38,616

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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): September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Cash and cash equivalents $ 757,384 $ 657,688 $ 1,912,448 $ 328,744 Restricted cash included in deferred expenses and other assets, net (1) 34,974 20,045 21,690 25,883 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 792,358 $ 677,733 $ 1,934,138 $ 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)	9 Months Ended
	Sep. 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 September 30, 2018 Land, at cost $ 334,818 $ 162,959 $ 497,777 Buildings and improvements, at cost 1,511,844 227,672 1,739,516 Less: accumulated depreciation (302,887 ) (40,617 ) (343,504 ) Real estate, net 1,543,775 350,014 1,893,789 Real estate available and held for sale (2) 7,289 54,260 61,549 Total real estate $ 1,551,064 $ 404,274 $ 1,955,338 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 September 30, 2018 and December 31, 2017 , the Company had $29.5 million and $48.5 million , respectively, of residential condominiums available for sale in its operating properties portfolio.
Schedule of income (loss) from discontinued operations	The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the nine months ended September 30, 2017 ($ in thousands) (1)(2) : Revenues $ 5,922 Expenses (1,491 ) Income from sales of real estate 508 Income from discontinued operations $ 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 nine months ended September 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): Nine Months Ended September 30, 2018 2017 Operating Properties Proceeds (1) $ 228.7 $ 21.8 Income from sales of real estate (1) 54.5 3.3 Net Lease Proceeds (2) $ 38.4 $ 61.7 Income from sales of real estate (2) 24.9 25.0 Total Proceeds $ 267.1 $ 83.5 Income from sales of real estate 79.4 28.3 _______________________________________________________________________________ (1) During the nine months ended September 30, 2018, the Company sold six operating properties and recognized $54.5 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 nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, December 31, 2018 2017 Land and land development, at cost (1) $ 658,905 $ 868,692 Less: accumulated depreciation (8,374 ) (8,381 ) Total land and development, net $ 650,531 $ 860,311 _______________________________________________________________________________ (1) During the nine months ended September 30, 2018 , the Company funded capital expenditures on land and development assets of $98.5 million .

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, Senior mortgages $ 801,595 $ 791,152 Corporate/Partnership loans (1) 152,390 488,921 Subordinate mortgages 9,990 9,495 Total gross carrying value of loans 963,975 1,289,568 Reserves for loan losses (54,695 ) (78,489 ) Total loans receivable, net 909,280 1,211,079 Other lending investments—securities 119,772 89,576 Total loans receivable and other lending investments, net $ 1,029,052 $ 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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Reserve for loan losses at beginning of period $ 54,495 $ 78,789 $ 78,489 $ 85,545 Provision for (recovery of) loan losses 200 (2,600 ) 18,237 (8,128 ) Charge-offs — — (42,031 ) (1,228 ) Reserve for loan losses at end of period $ 54,695 $ 76,189 $ 54,695 $ 76,189
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 September 30, 2018 Loans $ 66,936 $ 901,936 $ 968,872 Less: Reserve for loan losses (40,395 ) (14,300 ) (54,695 ) Total (3) $ 26,541 $ 887,636 $ 914,177 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 September 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 $3.4 million and net premiums of $6.2 million as of September 30, 2018 and December 31, 2017 , respectively. (3) The Company's recorded investment in loans as of September 30, 2018 and December 31, 2017 , including accrued interest of $5.4 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 September 30, 2018 and December 31, 2017 , the total amounts exclude $119.8 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 September 30, 2018 As of December 31, 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 738,570 3.18 $ 713,057 2.72 Corporate/Partnership loans 153,346 3.39 334,364 2.85 Subordinate mortgages 10,020 3.50 9,523 3.00 Total $ 901,936 3.22 $ 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 September 30, 2018 Senior mortgages $ 744,570 $ — $ 60,936 $ 60,936 $ 805,506 Corporate/Partnership loans 153,346 — — — 153,346 Subordinate mortgages 10,020 — — — 10,020 Total $ 907,936 $ — $ 60,936 $ 60,936 $ 968,872 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 September 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 4.0 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 September 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 $ 66,936 $ 67,133 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans — — — 156,534 145,849 (12,471 ) Total $ 66,936 $ 67,133 $ (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 September 30, For the Nine Months Ended September 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 $ — $ 209 $ 5,501 $ 385 $ — $ 301 $ 8,227 $ 385 Subtotal — 209 5,501 385 — 301 8,227 385 With an allowance recorded: Senior mortgages 67,001 — 82,007 — 70,696 — 83,100 — Corporate/Partnership loans — — 156,399 — 78,302 — 156,811 — Subtotal 67,001 — 238,406 — 148,998 — 239,911 — Total: Senior mortgages 67,001 — 82,007 — 70,696 — 83,100 — Corporate/Partnership loans — — 156,399 — 78,302 — 156,811 — Subordinate mortgages — 209 5,501 385 — 301 8,227 385 Total $ 67,001 $ 209 $ 243,907 $ 385 $ 148,998 $ 301 $ 248,138 $ 385
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 September 30, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 97 $ 21,282 $ 21,282 Held-to-Maturity Securities Debt securities 120,195 98,490 1,640 100,130 98,490 Total $ 141,380 $ 119,675 $ 1,737 $ 121,412 $ 119,772 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 September 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 $ 20,184 $ 20,434 $ — $ — After one year through 5 years 78,306 79,696 — — After 5 years through 10 years — — — — After 10 years — — 21,185 21,282 Total $ 98,490 $ 100,130 $ 21,185 $ 21,282

Other Investments (Tables)

Other Investments (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months September 30, 2018 December 31, 2017 2018 2017 2018 2017 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") (1) $ — $ 121,139 $ — $ 962 $ 4,100 $ 2,975 Safety, Income & Growth Inc. ("SAFE") (2) 150,533 83,868 775 340 2,927 388 Other real estate equity investments (2) 144,517 102,616 (2,062 ) 549 (2,087 ) 9,098 Subtotal 295,050 307,623 (1,287 ) 1,851 4,940 12,461 Other strategic investments (3) 7,268 13,618 652 610 (9,521 ) 1,216 Total $ 302,318 $ 321,241 $ (635 ) $ 2,461 $ (4,581 ) $ 13,677 ____________________________________________________________ (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 nine months ended September 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 Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 December 31, 2017 Intangible assets, net (1) $ 158,184 $ 27,124 Other receivables (2) 46,193 56,369 Restricted cash 34,974 20,045 Other assets (3) 32,862 23,081 Leasing costs, net (4) 6,487 9,050 Corporate furniture, fixtures and equipment, net (5) 4,123 4,652 Deferred financing fees, net 1,017 1,409 Deferred expenses and other assets, net $ 283,840 $ 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. 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. Accumulated amortization on intangible assets, net was $32.6 million and $34.9 million as of September 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 $0.9 million and $1.6 million for the three and nine months ended September 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 $0.5 million and $2.0 million for the three and nine months ended September 30, 2017 , respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $4.0 million and $4.7 million for the three and nine months ended September 30, 2018 , respectively. The amortization expense for in-place leases was $0.3 million and $1.5 million for the three and nine months ended September 30, 2017 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) As of September 30, 2018 and December 31, 2017 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $4.2 million and $4.7 million as of September 30, 2018 and December 31, 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $11.5 million and $10.5 million as of September 30, 2018 and December 31, 2017 , respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2018 December 31, 2017 Accrued expenses (1) $ 92,783 $ 101,035 Other liabilities (2) 84,675 79,015 Intangible liabilities, net (3) 38,889 8,021 Accrued interest payable 28,486 49,933 Accounts payable, accrued expenses and other liabilities $ 244,833 $ 238,004 _______________________________________________________________________________ (1) As of September 30, 2018 and December 31, 2017 , accrued expenses includes $2.8 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 September 30, 2018 and December 31, 2017 , other liabilities includes $18.6 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of September 30, 2018 and December 31, 2017 , includes $1.7 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of September 30, 2018 and December 31, 2017 , other liabilities also includes $11.8 million and $6.2 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. 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. Accumulated amortization on below market lease liabilities was $8.5 million and $7.8 million as of September 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 $3.1 million and $3.4 million for the three and nine months ended September 30, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.2 million and $1.2 million for the three and nine months ended September 30, 2017 , respectively.

Loan Participations Payable, _2

Loan Participations Payable, net (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 December 31, 2017 Loan participations payable (1) $ 18,525 $ 102,737 Debt discounts and deferred financing costs, net (194 ) (312 ) Total loan participations payable, net $ 18,331 $ 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 nine months ended September 30, 2018. As of September 30, 2018 , the Company had one loan participation payable with an interest rate of 6.8% . As of December 31, 2017, the Company had two loan participations payable with a weighted average interest rate of 6.5% .

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	9 Months Ended
	Sep. 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 September 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 648,375 399,000 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 684,503 208,491 3.62% - 7.26% (4) Total secured credit facilities and mortgages 1,332,878 932,491 Unsecured notes: 5.00% senior notes (5) 497,000 770,000 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 2,234,500 2,507,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,667,378 3,539,991 Debt discounts and deferred financing costs, net (54,569 ) (63,591 ) Total debt obligations, net (11) $ 3,612,809 $ 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 September 30, 2018 , the weighted average interest rate of these loans is 4.60% , inclusive of the effect of 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. Subsequent to September 30, 2018 , the Company called for redemption $122.0 million aggregate principal amount of such notes on November 2, 2018. (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 64.91 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $15.41 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 September 30, 2018 , the carrying value of the 3.125% Convertible Notes was $261.1 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $21.7 million , net of fees. During the three and nine months ended September 30, 2018 , the Company recognized $2.2 million and $6.7 million , respectively, of contractual interest and $1.2 million and $3.5 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 $4.0 million and $8.5 million during the three and nine months ended September 30, 2018 , respectively, and $2.1 million and $6.1 million during the three and nine months ended September 30, 2017 , respectively.
Schedule of future scheduled maturities of outstanding debt obligations	As of September 30, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2018 (remaining three months) $ — $ 107,428 $ 107,428 2019 (1) 497,000 747 497,747 2020 400,000 — 400,000 2021 275,000 268,593 543,593 2022 1,062,500 57,457 1,119,957 Thereafter 100,000 898,653 998,653 Total principal maturities 2,334,500 1,332,878 3,667,378 Unamortized discounts and deferred financing costs, net (44,655 ) (9,914 ) (54,569 ) Total debt obligations, net $ 2,289,845 $ 1,322,964 $ 3,612,809 _______________________________________________________________________________ (1) Subsequent to September 30, 2018, the Company called for redemption $122.0 million aggregate principal amount of senior notes on November 2, 2018.
Schedule of carrying value of encumbered assets by asset type	The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of September 30, 2018 December 31, 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,570,920 $ 322,869 $ 795,321 $ 486,710 Real estate available and held for sale 31,145 30,404 20,069 48,519 Land and development, net 17,500 633,031 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 499,895 525,103 194,529 1,021,340 Other investments — 302,318 — 321,241 Cash and other assets 6,398 1,136,352 — 898,252 Total $ 2,125,858 $ 2,950,077 $ 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 September 30, 2018 , Collateral Assets includes $410.4 million carrying value of assets held by entities pledged as collateral for the $325.0 million 2015 Revolving Credit Facility that is undrawn as of September 30, 2018 . (2) As of September 30, 2018 and December 31, 2017 , the amounts presented exclude general reserves for loan losses of $14.3 million and $17.5 million , respectively. (3) As of September 30, 2018 and December 31, 2017 , the amounts presented exclude loan participations of $18.4 million and $102.3 million , respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of September 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 $ 479,988 $ 17,154 $ — $ 497,142 Strategic Investments — — 30,127 30,127 Total $ 479,988 $ 17,154 $ 30,127 $ 527,269 _______________________________________________________________________________ (1) Excludes $31.5 million of commitments on loan participations sold that are not the obligation of the Company.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 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 as of September 30, 2018 ($ in thousands) (1) : Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Other assets $ 10,303 Other liabilities $ — Total $ 10,303 $ — _________________________________________________________ (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 $0.4 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of September 30, 2018 , the Company would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations.
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income	The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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 September 30, 2018 Interest rate swaps Earnings from equity method investments $ 1,197 $ 44 Interest rate swaps Interest expense 2,702 (144 ) For the Three Months Ended September 30, 2017 Interest rate swaps Interest Expense 15 (16 ) Interest rate cap Earnings from equity method investments (2 ) (2 ) Interest rate swap Earnings from equity method investments (69 ) (38 ) Foreign exchange contracts Earnings from equity method investments (1 ) — For the Nine Months Ended September 30, 2018 Interest rate swaps Earnings from equity method investments 4,705 (47 ) Interest rate swaps Interest expense 1,552 (144 ) For the Nine Months Ended September 30, 2017 Interest rate swaps Interest Expense 439 339 Interest rate cap Earnings from equity method investments (16 ) (16 ) Interest rate swap Earnings from equity method investments (85 ) (188 ) Foreign exchange contracts Earnings from equity method investments (371 ) — 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 September 30, For the Nine Months 2018 2017 2018 2017 Interest rate cap Other Expense $ — $ — $ — $ 6 Foreign exchange contracts Other Expense — (199 ) — (970 )

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 September 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 $6.0 million , $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the nine months ended September 30, 2018 and 2017 , respectively. The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 2018 and 2017 . The Company declared and paid dividends of $8.3 million and $5.9 million on its Series E and F Cumulative Redeemable Preferred Stock, respectively, during the nine months ended September 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, into 3.9423 shares of the Company's common stock (equal to an initial conversion price of approximately $12.68 per share), subject to specified adjustments. 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 September 30, 2018 December 31, 2017 Unrealized gains on available-for-sale securities $ 97 $ 1,335 Unrealized gains on cash flow hedges 4,494 707 Unrealized losses on cumulative translation adjustment (4,199 ) (4,524 ) Accumulated other comprehensive income (loss) $ 392 $ (2,482 )

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans and Employee Benefits (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 and the year ended December 31, 2017. Nine Months Ended September 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 — 49.33 5.00 17.88 41.68 Forfeited (1.31 ) (4.80 ) (7.88 ) (10.43 ) (7.82 ) (0.71 ) Points at end of period 85.76 79.36 82.42 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 nine months ended September 30, 2018 and the year ended December 31, 2017, are as follows (in thousands): Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Nonvested at beginning of period 282 290 Granted 278 116 Vested (45 ) (75 ) Forfeited (61 ) (49 ) Nonvested at end of period 454 282

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Income (loss) from continuing operations $ (14,241 ) $ (23,029 ) $ 7,349 $ 24,839 Income from sales of real estate 5,409 19,313 79,353 28,267 Net income attributable to noncontrolling interests (2,028 ) 160 (11,632 ) (4,450 ) Preferred dividends (8,124 ) (12,830 ) (24,372 ) (38,490 ) Preferred dividends declared and payable — (1,830 ) — (1,830 ) Premium in excess of book value on redemption of preferred stock — (16,314 ) — (16,314 ) Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share $ (18,984 ) $ (34,530 ) $ 50,698 $ (7,978 ) Add: Effect of Series J convertible perpetual preferred stock — — 6,750 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share $ (18,984 ) $ (34,530 ) $ 57,448 $ (7,978 )
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 50,698 $ (7,978 ) Income from discontinued operations — — — 4,939 Gain from discontinued operations — — — 123,418 Income tax expense from discontinued operations — — — (4,545 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 50,698 $ 115,834 Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 57,448 $ (7,978 ) Income from discontinued operations — — — 4,939 Gain from discontinued operations — — — 123,418 Income tax expense from discontinued operations — — — (4,545 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (18,984 ) $ (34,530 ) $ 57,448 $ 115,834 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,975 71,713 67,940 71,972 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Add: Effect of assumed shares issued under treasury stock method for restricted stock units — — 131 — Add: Effect of series J convertible perpetual preferred stock — — 15,658 — Weighted average common shares outstanding for diluted earnings per common share 67,975 71,713 83,729 71,972 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.75 $ (0.11 ) Income from discontinued operations — — — 0.07 Gain from discontinued operations — — — 1.71 Income tax expense from discontinued operations — — — (0.06 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.75 $ 1.61 Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.69 $ (0.11 ) Income from discontinued operations — — — 0.07 Gain from discontinued operations — — — 1.71 Income tax expense from discontinued operations — — — (0.06 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.28 ) $ (0.48 ) $ 0.69 $ 1.61
Schedule of antidilutive securities excluded from EPS calculation	The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1) : For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Series J convertible perpetual preferred stock 15,703 15,635 — 15,635 Joint venture shares — 298 — 298 _______________________________________________________________________________ (1) For the three months ended September 30, 2018 and for the three and nine months ended September 30, 2017 , the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three and nine months ended September 30, 2018 and 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.

Fair Values (Tables)

Fair Values (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 Recurring basis: Derivative assets (1) $ 10,303 $ — $ 10,303 $ — Available-for-sale securities (1) 21,282 $ — $ — 21,282 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (2) 12,400 — — 12,400 Impaired real estate available and held for sale (3) 800 — — 800 Impaired land and development (4) 21,400 — — 21,400 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (3) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (4) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the nine months ended September 30, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (46 ) (10 ) Unrealized gains (losses) recorded in other comprehensive income (1,514 ) 449 Ending balance $ 21,282 $ 22,105

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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 September 30, 2018: Operating lease income $ — $ 45,204 $ 13,803 $ 102 $ — $ 59,109 Interest income 22,915 — — — — 22,915 Other income 753 1,008 21,253 857 3,937 27,808 Land development revenue — — — 12,309 — 12,309 Earnings (losses) from equity method investments — 775 (2,223 ) 161 652 (635 ) Income from sales of real estate — — 5,409 — — 5,409 Total revenue and other earnings 23,668 46,987 38,242 13,429 4,589 126,915 Real estate expense — (4,774 ) (18,649 ) (8,864 ) — (32,287 ) Land development cost of sales — — — (12,114 ) — (12,114 ) Other expense (179 ) — — — (119 ) (298 ) Allocated interest expense (9,558 ) (16,454 ) (4,547 ) (5,014 ) (11,646 ) (47,219 ) Allocated general and administrative (2) (2,693 ) (5,740 ) (1,429 ) (3,576 ) (4,524 ) (17,962 ) Segment profit (loss) (3) $ 11,238 $ 20,019 $ 13,617 $ (16,139 ) $ (11,700 ) $ 17,035 Other significant items: Provision for loan losses $ 200 $ — $ — $ — $ — $ 200 Impairment of assets — — 989 — — 989 Depreciation and amortization — 12,554 6,857 263 305 19,979 Capitalized expenditures — 28,315 5,860 33,608 — 67,783 Three Months Ended September 30, 2017: Operating lease income $ — $ 31,503 $ 16,048 $ 255 $ — $ 47,806 Interest income 25,442 — — — — 25,442 Other income 1,298 953 14,097 1,174 3,140 20,662 Land development revenue — — — 25,962 — 25,962 Earnings from equity method investments — 1,302 (399 ) 948 610 2,461 Income from sales of real estate — 18,765 548 — — 19,313 Total revenue and other earnings 26,740 52,523 30,294 28,339 3,750 141,646 Real estate expense — (4,423 ) (23,185 ) (8,672 ) — (36,280 ) Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Land development cost of sales — — — (27,512 ) — (27,512 ) Other expense (261 ) — — — (2,443 ) (2,704 ) Allocated interest expense (9,165 ) (12,255 ) (4,860 ) (6,529 ) (15,923 ) (48,732 ) Allocated general and administrative (2) (3,334 ) (4,315 ) (1,866 ) (3,706 ) (4,800 ) (18,021 ) Segment profit (loss) (3) $ 13,980 $ 31,530 $ 383 $ (18,080 ) $ (19,416 ) $ 8,397 Other significant items: Recovery of loan losses $ (2,600 ) $ — $ — $ — $ — $ (2,600 ) Impairment of assets — — 595 — — 595 Depreciation and amortization — 6,623 4,343 546 334 11,846 Capitalized expenditures — 2,384 7,644 33,788 — 43,816 Nine Months Ended September 30, 2018 Operating lease income $ — $ 104,241 $ 44,818 $ 457 $ — $ 149,516 Interest income 74,824 — — — — 74,824 Other income 4,271 2,755 46,748 2,640 7,537 63,951 Land development revenue — — — 369,665 — 369,665 Earnings (losses) from equity method investments — 7,028 (4,814 ) 2,726 (9,521 ) (4,581 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 54,446 — — 79,353 Total revenue and other earnings 79,095 206,808 141,198 375,488 (1,984 ) 800,605 Real estate expense — (12,186 ) (64,091 ) (29,234 ) — (105,511 ) Land development cost of sales — — — (318,881 ) — (318,881 ) Other expense (869 ) — — — (4,311 ) (5,180 ) Allocated interest expense (31,971 ) (44,246 ) (14,653 ) (16,795 ) (27,907 ) (135,572 ) Allocated general and administrative (2) (10,514 ) (15,179 ) (5,447 ) (11,128 ) (15,142 ) (57,410 ) Segment profit (loss) (3) $ 35,741 $ 135,197 $ 57,007 $ (550 ) $ (49,344 ) $ 178,051 Other significant non-cash items: Provision for loan losses $ 18,237 $ — $ — $ — $ — $ 18,237 Impairment of assets — 4,342 5,535 1,300 — 11,177 Depreciation and amortization — 25,205 14,522 1,095 1,035 41,857 Capitalized expenditures — 29,512 18,186 107,658 — 155,356 Nine Months Ended September 30, 2017: Operating lease income $ — $ 93,606 $ 47,977 $ 572 $ — $ 142,155 Interest income 83,145 — — — — 83,145 Other income 1,854 2,009 37,720 125,430 5,024 172,037 Land development revenue — — — 178,722 — 178,722 Earnings (losses) from equity method investments — 3,363 702 8,396 1,216 13,677 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 24,977 3,290 — — 28,267 Total revenue and other earnings 84,999 252,312 89,689 313,120 6,240 746,360 Real estate expense — (13,062 ) (67,356 ) (26,136 ) — (106,554 ) Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Land development cost of sales — — — (165,888 ) — (165,888 ) Other expense (1,263 ) — — — (19,586 ) (20,849 ) Allocated interest expense (31,561 ) (41,659 ) (15,472 ) (21,769 ) (38,223 ) (148,684 ) Allocated general and administrative (2) (11,621 ) (14,878 ) (5,985 ) (12,636 ) (15,497 ) (60,617 ) Segment profit (loss) (3) $ 40,554 $ 182,713 $ 876 $ 86,691 $ (67,066 ) $ 243,768 Other significant non-cash items: Recovery of loan losses $ (8,128 ) $ — $ — $ — $ — $ (8,128 ) Impairment of assets — 219 5,009 10,064 — 15,292 Depreciation and amortization — 21,662 13,305 1,337 993 37,297 Capitalized expenditures — 4,071 24,210 90,666 — 118,947 As of September 30, 2018 Real estate Real estate, net $ — $ 1,543,775 $ 350,014 $ — $ — $ 1,893,789 Real estate available and held for sale — 7,289 54,260 — — 61,549 Total real estate — 1,551,064 404,274 — — 1,955,338 Land and development, net — — — 650,531 — 650,531 Loans receivable and other lending investments, net 1,029,052 — — — — 1,029,052 Other investments — 150,533 74,089 70,429 7,267 302,318 Total portfolio assets $ 1,029,052 $ 1,701,597 $ 478,363 $ 720,960 $ 7,267 3,937,239 Cash and other assets 1,142,750 Total assets $ 5,079,989 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 $3.7 million and $16.2 million for the three and nine months ended September 30, 2018 , respectively, and $2.9 million and $12.7 million for the three and nine months ended September 30, 2017 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Segment profit $ 17,035 $ 8,397 $ 178,051 $ 243,768 Add: (Provision for) recovery of loan losses (200 ) 2,600 (18,237 ) 8,128 Less: Impairment of assets (989 ) (595 ) (11,177 ) (15,292 ) Less: Stock-based compensation expense (3,651 ) (2,934 ) (16,245 ) (12,730 ) Less: Depreciation and amortization (19,979 ) (11,846 ) (41,857 ) (37,297 ) Less: Income tax (expense) benefit (137 ) 1,278 (386 ) (972 ) Less: Income tax expense from discontinued operations — — — (4,545 ) Less: Loss on early extinguishment of debt, net (911 ) (616 ) (3,447 ) (4,142 ) Net income (loss) $ (8,832 ) $ (3,716 ) $ 86,702 $ 176,918
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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Segment profit $ 17,035 $ 8,397 $ 178,051 $ 243,768 Add: (Provision for) recovery of loan losses (200 ) 2,600 (18,237 ) 8,128 Less: Impairment of assets (989 ) (595 ) (11,177 ) (15,292 ) Less: Stock-based compensation expense (3,651 ) (2,934 ) (16,245 ) (12,730 ) Less: Depreciation and amortization (19,979 ) (11,846 ) (41,857 ) (37,297 ) Less: Income tax (expense) benefit (137 ) 1,278 (386 ) (972 ) Less: Income tax expense from discontinued operations — — — (4,545 ) Less: Loss on early extinguishment of debt, net (911 ) (616 ) (3,447 ) (4,142 ) Net income (loss) $ (8,832 ) $ (3,716 ) $ 86,702 $ 176,918

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Sep. 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 Pri_3

Basis of Presentation and Principles of Consolidation (VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Real estate
Real estate, at cost	$ 2,237,293	$ 1,629,436
Less: accumulated depreciation	(343,504)	(347,405)
Real estate, net	1,893,789	1,282,031
Land and development, net	650,531	860,311
Other investments	302,318	321,241
Cash and cash equivalents	757,384	657,688	$ 1,912,448	$ 328,744
Accrued interest and operating lease income receivable, net	9,954	11,957
Deferred operating lease income receivable, net	91,572	86,877
Deferred expenses and other assets, net	283,840	141,730
Total assets	5,079,989	4,731,078
LIABILITIES
Accounts payable, accrued expenses and other liabilities	244,833	238,004
Debt obligations, net	3,612,809	3,476,400
Total liabilities	3,875,973	3,816,829
Consolidated VIEs
Real estate
Real estate, at cost	857,503	47,073
Less: accumulated depreciation	(9,544)	(2,732)
Real estate, net	847,959	44,341
Land and development, net	254,773	212,408
Other investments	81	0
Cash and cash equivalents	14,503	10,704
Accrued interest and operating lease income receivable, net	282	230
Deferred operating lease income receivable, net	3,251	0
Deferred expenses and other assets, net	177,439	29,929
Total assets	1,298,288	297,612
LIABILITIES
Accounts payable, accrued expenses and other liabilities	103,630	38,616
Debt obligations, net	480,483	0
Total liabilities	584,113	$ 38,616
Unconsolidated VIEs
LIABILITIES
Carrying value of the investments	92,500
Variable interest entity unfunded commitment	$ 25,300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements
Increase to cash flows provided by operating activities	$ (36,617)	$ 99,921
Decrease to cash flows provided by investing activities	428,003	(1,038,643)
Decrease to net cash provided by investing activities	(579,215)	(440,928)
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	757,384	1,912,448		$ 657,688	$ 328,744
Restricted cash included in deferred expenses and other assets, net	34,974	21,690		20,045	25,883
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	792,358	1,934,138		677,733	354,627
Impact of Adoption on Consolidated Financial Statements
Other investments	302,318			321,241
Total assets	5,079,989			4,731,078
Retained earnings (deficit)	(2,350,438)			(2,470,564)
Total equity	$ 1,192,202	923,889		$ 914,249	$ 1,059,684
Accounting Standards Update 2016-15
New Accounting Pronouncements
Increase to cash flows provided by operating activities		11,800
Decrease to cash flows provided by investing activities		11,800
Accounting Standards Update 2016-18
New Accounting Pronouncements
Increase to cash flows provided by operating activities		1,300
Decrease to net cash provided by investing activities		$ 5,500
Accounting Standards Update 2017-05
Impact of Adoption on Consolidated Financial Statements
Other investments			$ 397,110
Total assets			4,806,947
Retained earnings (deficit)			(2,394,695)
Total equity			990,118
Accounting Standards Update 2017-05 | Impact of Adoption of ASU
Impact of Adoption on Consolidated Financial Statements
Other investments			75,869
Total assets			75,869
Retained earnings (deficit)			75,869
Total equity			$ 75,869

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Land, at cost	$ 497,777		$ 422,370
Buildings and improvements, at cost	1,739,516		1,207,066
Less: accumulated depreciation	(343,504)		(347,405)
Real estate, net	1,893,789		1,282,031
Real estate available and held for sale	61,549		68,588
Total real estate	1,955,338		1,350,619
Net Lease
Real Estate Properties [Line Items]
Land, at cost	334,818		219,092
Buildings and improvements, at cost	1,511,844		888,959
Less: accumulated depreciation	(302,887)		(292,268)
Real estate, net	1,543,775		815,783
Real estate available and held for sale	7,289		0
Total real estate	1,551,064		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	162,959		203,278
Buildings and improvements, at cost	227,672		318,107
Less: accumulated depreciation	(40,617)		(55,137)
Real estate, net	350,014		466,248
Real estate available and held for sale	54,260		68,588
Total real estate	404,274		534,836
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 29,500		$ 48,500

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2018USD ($)

Apr. 30, 2017USD ($)leaseproperty

Sep. 30, 2018USD ($)

Sep. 30, 2017USD ($)lease

Sep. 30, 2018USD ($)lease

Sep. 30, 2017USD ($)lease

Dec. 31, 2017USD ($)

Jan. 01, 2018USD ($)

Mar. 31, 2017USD ($)

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

Number of ground net leases | lease

1

1

Number of master leases | lease

2

Net proceeds from sales of real estate

$ 36,100,000

$ 271,358,000

$ 201,939,000

Payments to acquire equity method investments

68,666,000

181,279,000

Income from sales of real estate

$ 24,500,000

$ 5,409,000

[1]

$ 19,313,000

[1]

79,353,000

[1]

$ 28,267,000

[1]

Retained deficit

$ (2,350,438,000)

$ (2,350,438,000)

$ (2,470,564,000)

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)

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

Safety, Income and Growth, Inc.

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

Carrying value of properties

$ 161,100,000

Income from sales of real estate

$ 123,400,000

Ground Net Lease Business | 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]

Gain on sale of business

$ 178,900,000

Ground Net Lease Business | Safety, Income and Growth, Inc.

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

Number of properties | 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

Payments to acquire equity method investments

$ 55,500,000

[1]

Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Real Estate (Discontinued Opera

Real Estate (Discontinued Operations) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
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	5,922
Expenses	(1,491)
Income from sales of real estate	508
Income from discontinued operations	$ 4,939

Real Estate (Other Dispositions

Real Estate (Other Dispositions) (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)	[1]	Sep. 30, 2017USD ($)lease		Sep. 30, 2018USD ($)property		Sep. 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	$ 5,409		$ 19,313	[1]	$ 79,353	[1]	$ 28,267	[1]
Number of master leases | lease				2
Fair value in excess of carrying value				$ 1,500
Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds						228,700		21,800
Income from sales of real estate						$ 54,500		3,300
Number of real estate properties sold | property						6
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds						$ 38,400		61,700
Income from sales of real estate						$ 24,900		25,000
Number of real estate properties sold | property						3
Total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds						$ 267,100		83,500
Income from sales of real estate						79,400		$ 28,300
Operating Properties, Noncontrolling Interest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate						$ 9,800
Number of real estate properties sold | property						1
[1]	Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations

Real Estate (Real Estate Availa

Real Estate (Real Estate Available and Held for Sale) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)leaseproperty	Sep. 30, 2017USD ($)lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of net lease assets | lease	1	1
Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold	6
Number of Real Estate Properties Transferred to Held for Sale	2
Property transferred to held for sale, aggregate, carrying value | $	$ 30.2	$ 0.9
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold	3

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investment [Line Items]
Impairment of assets	$ 989	$ 595	$ 11,177	$ 15,292
Held-for-Sale, Impending Contract to Sell Condominiums
Investment [Line Items]
Impairment of assets			$ 9,900
Held-for-Sale, Change in Business Strategy
Investment [Line Items]
Impairment of assets				4,400
Commercial Operating Properties
Investment [Line Items]
Impairment of assets				$ 600

Real Estate (Tenant Reimburseme

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating lease income
Real Estate Properties [Line Items]
Tenant expense reimbursements	$ 5.7	$ 6.1	$ 16.3	$ 17

Real Estate (Allowance for Doub

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Real Estate Tenant Receivables
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.2	$ 1.3
Deferred Operating Lease
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.7	$ 1.3

Land and Development (Schedule

Land and Development (Schedule of Land and Development) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Land and Development Assets
Total land and development, net	$ 650,531		$ 860,311
Capital expenditures on land and development assets	(98,489)	$ (84,966)
Land & Development
Land and Development Assets
Land and land development, at cost	658,905		868,692
Less: accumulated depreciation	(8,374)		(8,381)
Total land and development, net	$ 650,531		$ 860,311

Land and Development (Acquisiti

Land and Development (Acquisitions, Dispositions, Impairments) (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)a	Sep. 30, 2018USD ($)aproperty	Sep. 30, 2017USD ($)a
Property, Plant and Equipment [Line Items]
Increase in net lease assets upon consolidation of equity method investment				$ 844,550	$ 0
Revenues	$ 122,141		$ 119,872	$ 657,956	$ 576,059
Number of land parcels sold | property				2
Area of land parcels sold (acres) | a				93
Prince George's County, Maryland
Property, Plant and Equipment [Line Items]
Land subject to litigation (acres) | a			1,250		1,250
Land development
Property, Plant and Equipment [Line Items]
Revenues	12,309		$ 25,962	$ 369,665	$ 178,722
Cost of sales expense	$ 12,114		$ 27,512	318,881	165,888
Land development | Prince George's County, Maryland
Property, Plant and Equipment [Line Items]
Revenues					114,000
Cost of sales expense					106,300
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
Foreclosure | Land & Development
Property, Plant and Equipment [Line Items]
Increase in net lease assets upon consolidation of equity method investment				$ 4,600

Loans Receivable and Other Le_3

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 963,975		$ 1,289,568
Reserves for loan losses	(54,695)	$ (54,495)	(78,489)	$ (76,189)	$ (78,789)	$ (85,545)
Total loans receivable, net	909,280		1,211,079
Other lending investments—securities	119,772		89,576
Total loans receivable and other lending investments, net	1,029,052		1,300,655
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	801,595		791,152
Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	152,390		488,921
Corporate/Partnership loans | Non-Performing Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans		$ 145,800
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 9,990		$ 9,495

Loans Receivable and Other Le_4

Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Allowance for Loan Losses [Roll Forward]
Reserve for loan losses at beginning of period	$ 54,495	$ 78,789	$ 78,489	$ 85,545
Provision for (recovery of) loan losses	200	(2,600)	18,237	(8,128)
Charge-offs	0	0	(42,031)	(1,228)
Reserve for loan losses at end of period	$ 54,695	$ 76,189	$ 54,695	$ 76,189

Loans Receivable and Other Le_5

Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	$ 968,872		$ 1,294,821
Less: Reserve for loan losses	(54,695)	$ (54,495)	(78,489)	$ (76,189)	$ (78,789)	$ (85,545)
Total	914,177		1,216,332
Interest receivable	5,400		5,300
Held-to-maturity and available-for-sale securities	119,772		89,576
Individually Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	66,936		237,877
Less: Reserve for loan losses, individually evaluated	(40,395)		(60,989)
Total	26,541		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	901,936		1,056,944
Less: Reserve for loan losses, collectively evaluated	(14,300)		(17,500)
Total	887,636		1,039,444
Unamortized discounts, premiums, deferred fees and costs, net (discount) or premium	$ (3,400)		$ 6,200

Loans Receivable and Other Le_6

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 968,872	$ 1,294,821
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	805,506	794,400
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	153,346	490,898
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	10,020	9,523
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 901,936	$ 1,056,944
Weighted Average Risk Ratings	3.22	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	$ 738,570	$ 713,057
Weighted Average Risk Ratings	3.18	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	$ 153,346	$ 334,364
Weighted Average Risk Ratings	3.39	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	$ 10,020	$ 9,523
Weighted Average Risk Ratings	3.50	3

Loans Receivable and Other Le_7

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Recorded investment in loans, aged by payment status and presented by class
Current	$ 907,936	$ 1,062,944
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	60,936	231,877
Total Past Due	60,936	231,877
Loans	$ 968,872	$ 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	4 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	$ 744,570	$ 719,057
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	60,936	75,343
Total Past Due	60,936	75,343
Loans	805,506	794,400
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	153,346	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	153,346	490,898
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	10,020	9,523
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	$ 10,020	$ 9,523

Loans Receivable and Other Le_8

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Non-performing loan
Total gross carrying value of loans	$ 963,975			$ 963,975		$ 1,289,568
Preferred equity security, face value		$ 100,000
Preferred equity security, mandatory redemption period		5 years
Average Recorded Investment	67,001		$ 243,907	148,998	$ 248,138
Interest Income Recognized	209		385	301	385
With no related allowance recorded
Non-performing loan
Average Recorded Investment	0		5,501	0	8,227
Interest Income Recognized	209		385	301	385
With an allowance recorded
Non-performing loan
Recorded Investment	66,936			66,936		237,877
Unpaid Principal Balance	67,133			67,133		227,280
Related Allowance	(40,395)			(40,395)		(60,989)
Average Recorded Investment	67,001		238,406	148,998	239,911
Interest Income Recognized	0		0	0	0
Nonrecurring Basis | Fair Value, Inputs, Level 3
Non-performing loan
Preferred equity security, fair value		$ 77,000
Senior mortgages
Non-performing loan
Total gross carrying value of loans	801,595			801,595		791,152
Average Recorded Investment	67,001		82,007	70,696	83,100
Interest Income Recognized	0		0	0	0
Senior mortgages | With an allowance recorded
Non-performing loan
Recorded Investment	66,936			66,936		81,343
Unpaid Principal Balance	67,133			67,133		81,431
Related Allowance	(40,395)			(40,395)		(48,518)
Average Recorded Investment	67,001		82,007	70,696	83,100
Interest Income Recognized	0		0	0	0
Corporate/Partnership loans
Non-performing loan
Total gross carrying value of loans	152,390			152,390		488,921
Average Recorded Investment	0		156,399	78,302	156,811
Interest Income Recognized	0		0	0	0
Corporate/Partnership loans | With an allowance recorded
Non-performing loan
Recorded Investment	0			0		156,534
Unpaid Principal Balance	0			0		145,849
Related Allowance	0			0		(12,471)
Average Recorded Investment	0		156,399	78,302	156,811
Interest Income Recognized	0		0	0	0
Subordinate mortgages
Non-performing loan
Total gross carrying value of loans	9,990			9,990		$ 9,495
Average Recorded Investment	0		5,501	0	8,227
Interest Income Recognized	209		385	301	385
Subordinate mortgages | With no related allowance recorded
Non-performing loan
Average Recorded Investment	0		5,501	0	8,227
Interest Income Recognized	$ 209		$ 385	$ 301	$ 385
Non-Performing Loan | Corporate/Partnership loans
Non-performing loan
Total gross carrying value of loans		145,800
Proceeds from repayment of loan		45,800
Loan loss provision		$ 21,400

Loans Receivable and Other Le_9

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Available-for-Sale Securities
Amortized Cost Basis	$ 21,185
Estimated Fair Value	21,282
Held-to-Maturity Securities
Amortized Cost Basis	98,490
Estimated Fair Value	100,130
Investments, Debt and Equity Securities [Abstract]
Face Value	141,380	$ 87,848
Amortized Cost Basis	119,675	87,964
Net Unrealized Gain	1,737	3,193
Estimated Fair Value	121,412	91,157
Net Carrying Value	119,772	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	97	1,612
Estimated Fair Value	21,282	22,842
Net Carrying Value	21,282	22,842
Debt securities
Held-to-Maturity Securities
Face Value	120,195	66,618
Amortized Cost Basis	98,490	66,734
Net Unrealized Gain	1,640	1,581
Estimated Fair Value	100,130	68,315
Net Carrying Value	$ 98,490	$ 66,734

Loans Receivable and Other L_10

Loans Receivable and Other Lending Investments, net (Maturities) (Details) $ in Thousands	Sep. 30, 2018USD ($)
Amortized Cost Basis
Within one year	$ 20,184
After one year through 5 years	78,306
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	98,490
Estimated Fair Value
Within one year	20,434
After one year through 5 years	79,696
After 5 years through 10 years	0
After 10 years	0
Total	100,130
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	21,282
Total	$ 21,282

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total	$ 302,318		$ 302,318		$ 321,241
Earnings (losses) from equity method investments	(635)	$ 2,461	(4,581)	$ 13,677
Impairment on foreign equity method investment			10,000
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Total	7,268		7,268		13,618
Earnings (losses) from equity method investments	652	610	(9,521)	1,216
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	295,050		295,050		307,623
Earnings (losses) from equity method investments	(1,287)	1,851	4,940	12,461
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	0	962	4,100	2,975
Real estate equity investments | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	150,533		150,533		83,868
Earnings (losses) from equity method investments	775	340	2,927	388
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	144,517		144,517		$ 102,616
Earnings (losses) from equity method investments	$ (2,062)	$ 549	$ (2,087)	$ 9,098

Other Investments (Narrative) (

Other Investments (Narrative) (Details)	Jun. 27, 2017USD ($)	Apr. 14, 2017USD ($)investor	Nov. 01, 2018shares	Jun. 30, 2018USD ($)leasefacility	May 31, 2018USD ($)office_building	Oct. 31, 2017USD ($)unit	Aug. 31, 2017USD ($)	Apr. 30, 2017USD ($)property	Sep. 30, 2018USD ($)$ / sharesshares		Sep. 30, 2017USD ($)		Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)		Sep. 30, 2017USD ($)		Jun. 30, 2018USD ($)plan$ / sharesshares	Dec. 31, 2017USD ($)	Aug. 31, 2018USD ($)	Jan. 01, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on consolidation of equity method investment									$ 0		$ 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
Revenues									122,141,000		119,872,000			657,956,000		576,059,000
Payments to acquire equity method investments														68,666,000		181,279,000
Carrying value of assets									5,079,989,000					5,079,989,000					$ 4,731,078,000
Net proceeds from sales of real estate				$ 36,100,000										271,358,000		201,939,000
Gain from discontinued operations									0		0			0		123,418,000
Carrying value of loans									963,975,000					963,975,000					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					$ 5,409,000	[1]	19,313,000	[1]		$ 79,353,000	[1]	28,267,000	[1]
Accounting Standards Update 2017-05
Schedule of Equity Method Investments [Line Items]
Carrying value of assets																					$ 4,806,947,000
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-05
Schedule of Equity Method Investments [Line Items]
Increase in retained earnings upon adoption of accounting standard																					$ 55,500,000
2017 Secured Financing
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount																						$ 227,000,000
Ground Net Lease Business | New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-05
Schedule of Equity Method Investments [Line Items]
Gain on sale of business																			178,900,000
Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)									40.50%					40.50%
Number of institutional investors | investor		2
Contributions by majority shareholders		$ 57,500,000
Carrying value of assets		161,100,000
Gain from discontinued operations								$ 123,400,000
Management fees waived													$ 1,800,000
Reimbursement revenue waived													$ 800,000
Safety, Income and Growth, Inc. | Management Fees
Schedule of Equity Method Investments [Line Items]
Revenue from related party									$ 900,000
Safety, Income and Growth, Inc. | Expense Reimbursement
Schedule of Equity Method Investments [Line Items]
Revenue from related party									400,000
Safety, Income and Growth, Inc. | Wholly-owned Subsidiary
Schedule of Equity Method Investments [Line Items]
Management fee, percent of equity below threshold														1.00%
Management fee, shareholders' equity threshold amount									$ 2,500,000,000					$ 2,500,000,000
Management fee, percent of equity above threshold														0.75%
Safety, Income and Growth, Inc. | 10b5-1 Plan
Schedule of Equity Method Investments [Line Items]
Number of shares purchased (in shares) | shares									133,524									2,200,000
Aggregate value of common stock purchased									$ 2,200,000									$ 41,700,000
Average share price (in dollars per share) | $ / shares									$ 16.39									$ 18.67
Common stock purchase plan, number of plans | plan																		2
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
Safety, Income and Growth, Inc. | Ground Net Lease Business
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 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
Number of properties | property								12
iStar Net Lease II LLC
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)									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%
Equity method investment, related party promote fee percentage									50.00%					50.00%
Equity method investment, partner ownership percentage									47.50%					47.50%
Net Lease Venture | Other Income | Management Fees
Schedule of Equity Method Investments [Line Items]
Revenues									$ 300,000		600,000			$ 1,300,000		1,500,000
Ground Lease, Atlanta medical office | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee							$ 24,000,000
Loan term							1 year
Amount of loan funded									15,500,000					15,500,000
Interest income									400,000					1,000,000
Ground Lease, 100 and 200 Glenridge Point | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee					$ 19,900,000
Loan term					1 year
Number of office buildings | office_building					2
Interest income									600,000					800,000
Great Oaks
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract						99 years
Number of units in real estate property to be built | unit						301
Real estate, leasehold improvement allowance						$ 7,200,000
Forward purchase contract, purchase agreement, amount						34,000,000
Great Oaks | Leasehold First Mortgage
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee						80,500,000
Carrying value of loans						$ 80,500,000
Other Real Estate Equity Investments | Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value									74,100,000					74,100,000					38,800,000
Other Real Estate Equity Investments | Land & Development
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value									$ 70,400,000					$ 70,400,000					63,800,000
Other Real Estate Equity Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)									15.50%					15.50%
Other Real Estate Equity Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)									95.00%					95.00%
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)									50.00%					50.00%
Interest income									$ 400,000					$ 400,000
Loan commitments																				$ 33,000,000
Loans receivable, carrying value									$ 28,900,000					$ 28,900,000
Other Real Estate Equity Investment Dec 2016
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)									50.00%					50.00%
Interest income									$ 500,000		$ 500,000			$ 1,500,000		$ 1,400,000
Loan commitments																							$ 27,000,000
Loans receivable, carrying value									$ 27,000,000					27,000,000					$ 25,400,000
Subsequent Event | Safety, Income and Growth, Inc.
Schedule of Equity Method Investments [Line Items]
Common stock received as payment of management fee | shares			45,941
Noncontrolling Interests
Schedule of Equity Method Investments [Line Items]
Increase in noncontrolling interest from consolidation of equity method investment														$ 188,279,000
[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 Liabil_3

Other Assets and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Expenses and Other Assets, Net
Intangible assets, net	$ 158,184		$ 158,184			$ 27,124
Other receivables	46,193		46,193			56,369
Other assets	32,862		32,862			23,081
Restricted cash	34,974	$ 21,690	34,974	$ 21,690		20,045	$ 25,883
Leasing costs, net	6,487		6,487			9,050
Corporate furniture, fixtures and equipment, net	4,123		4,123			4,652
Deferred financing fees, net	1,017		1,017			1,409
Deferred expenses and other assets, net	283,840		283,840			141,730
Intangible assets, accumulated amortization	32,600		32,600			34,900
Amortization of above market lease	900	500	1,600	2,000
Accumulated amortization on leasing costs	4,200		4,200			4,700
Accumulated depreciation on corporate furniture, fixtures and equipment	11,500		11,500			10,500
Operating Properties
Deferred Expenses and Other Assets, Net
Other receivables	26,000		26,000			$ 26,000
Net Lease Venture
Deferred Expenses and Other Assets, Net
Intangible assets, net					$ 135,300
Depreciation and Amortization
Deferred Expenses and Other Assets, Net
Amortization of intangible assets	$ 4,000	$ 300	$ 4,700	$ 1,500

Other Assets and Other Liabil_4

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Accounts Payable, Accrued Expenses and Other Liabilities
Accrued expenses	$ 92,783		$ 92,783			$ 101,035
Other liabilities	84,675		84,675			79,015
Accrued interest payable	28,486		28,486			49,933
Intangible liabilities, net	38,889		38,889			8,021
Accounts payable, accrued expenses and other liabilities	244,833		244,833			238,004
Developer fee payable	18,600		18,600			29,200
Special assessment bond	11,800		11,800			6,200
Below market lease, accumulated amortization	8,500		8,500			7,800
Amortization of below market lease	3,100	$ 200	$ 3,400	$ 1,200
Net Lease Venture
Accounts Payable, Accrued Expenses and Other Liabilities
Intangible liabilities, net					$ 34,300
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	1,700		$ 1,700			1,600
Real Estate Available and Held for Sale
Accounts Payable, Accrued Expenses and Other Liabilities
Accrued expenses	$ 2,800		$ 2,800			$ 2,500

Loan Participations Payable, _3

Loan Participations Payable, net (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Loan Participations Payable, net [Line Items]
Unamortized discounts and deferred financing costs, net	$ (54,569)	$ (63,591)
Total loan participations payable, net	18,331	102,425
Loans receivable	909,280	1,211,079
Loan participations payable, net
Loan Participations Payable, net [Line Items]
Loans receivable	18,400	$ 102,300
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)	6.80%	6.50%
Loan participations payable, net
Loan Participations Payable, net [Line Items]
Loan participations payable, gross	$ 18,525	$ 102,737
Unamortized discounts and deferred financing costs, net	$ (194)	$ (312)

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($)	1 Months Ended				3 Months Ended		9 Months Ended
	Nov. 01, 2018	Jul. 31, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Oct. 31, 2017	Aug. 31, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Total debt obligations					$ 3,667,378,000		$ 3,667,378,000		$ 3,539,991,000
Debt discounts and deferred financing costs, net					(54,569,000)		(54,569,000)		(63,591,000)
Debt obligations, net					3,612,809,000		3,612,809,000		3,476,400,000
Interest costs capitalized					4,000,000	$ 2,100,000	8,500,000	$ 6,100,000
Net Lease Venture
Debt Instrument [Line Items]
Debt obligations, net			$ 464,700,000
2015 $325 million Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations					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 | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)							0.50%
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%
2016 Senior Term Loan
Debt Instrument [Line Items]
Total debt obligations					648,375,000		$ 648,375,000		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		$ 400,000,000		$ 400,000,000			$ 500,000,000	$ 450,000,000
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%
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%
Mortgages collateralized by net lease assets
Debt Instrument [Line Items]
Total debt obligations					$ 684,503,000		$ 684,503,000		208,491,000
Weighted average interest rate (as a percent)					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%
Mortgages collateralized by net lease assets | Maximum
Debt Instrument [Line Items]
Stated interest rates (as a percent)					7.26%		7.26%
Total secured credit facilities and mortgages
Debt Instrument [Line Items]
Total debt obligations					$ 1,332,878,000		$ 1,332,878,000		932,491,000
5.00% senior notes
Debt Instrument [Line Items]
Total debt obligations					$ 497,000,000		$ 497,000,000		770,000,000
Stated interest rates (as a percent)		5.00%			5.00%		5.00%
Redemption of senior debt		$ 273,000,000
4.625% senior notes
Debt Instrument [Line Items]
Total debt obligations					$ 400,000,000		$ 400,000,000		400,000,000
Stated interest rates (as a percent)				4.625%	4.625%	4.625%	4.625%	4.625%
Debt instrument, face amount				$ 400,000,000		$ 400,000,000		$ 400,000,000
6.50% senior notes
Debt Instrument [Line Items]
Total debt obligations					$ 275,000,000		$ 275,000,000		275,000,000
Stated interest rates (as a percent)					6.50%		6.50%
6.00% senior notes
Debt Instrument [Line Items]
Total debt obligations					$ 375,000,000		$ 375,000,000		375,000,000
Stated interest rates (as a percent)					6.00%		6.00%
5.25% senior notes
Debt Instrument [Line Items]
Total debt obligations					$ 400,000,000		$ 400,000,000		400,000,000
Stated interest rates (as a percent)				5.25%	5.25%	5.25%	5.25%	5.25%
Debt instrument, face amount				$ 400,000,000		$ 400,000,000		$ 400,000,000
3.125% senior convertible notes
Debt Instrument [Line Items]
Total debt obligations					$ 287,500,000		$ 287,500,000		287,500,000
Debt obligations, net					$ 261,100,000		$ 261,100,000
Stated interest rates (as a percent)				3.125%	3.125%	3.125%	3.125%	3.125%		3.125%
Convertible debt, conversion ratio (in shares per par value)							64.91
Convertible debt, conversion ratio principal amount							$ 1,000
Convertible debt, conversion price (in dollars per share)					$ 15.41		$ 15.41
Liability component of convertible debt				$ 221,800,000		$ 221,800,000		$ 221,800,000		$ 34,000,000
Carrying value of equity component of convertible debt				22,500,000		22,500,000		22,500,000		3,400,000
Debt instrument, face amount				$ 250,000,000		$ 250,000,000		$ 250,000,000		$ 37,500,000
Debt instrument, unamortized discount					$ 21,700,000		$ 21,700,000
Interest expense, debt					2,200,000		6,700,000
Amortization of debt discount					$ 1,200,000		$ 3,500,000
Effective interest rate					5.20%		5.20%
Unsecured Notes
Debt Instrument [Line Items]
Total debt obligations					$ 2,234,500,000		$ 2,234,500,000		2,507,500,000
Trust preferred securities
Debt Instrument [Line Items]
Total debt obligations					$ 100,000,000		$ 100,000,000		$ 100,000,000
Basis point spread on variable interest rate (as a percent)							1.50%
Subsequent Event | 5.00% senior notes
Debt Instrument [Line Items]
Aggregate principal amount called for redemption	$ 122,000,000

Debt Obligations, net (Future S

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 01, 2018	Sep. 30, 2018	Dec. 31, 2017
Maturities of Long-term Debt [Abstract]
2018 (remaining three months)		$ 107,428
2,019		497,747
2,020		400,000
2,021		543,593
2,022		1,119,957
Thereafter		998,653
Total principal maturities		3,667,378	$ 3,539,991
Unamortized discounts and deferred financing costs, net		(54,569)	(63,591)
Total debt obligations, net		3,612,809	3,476,400
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2018 (remaining three months)		0
2,019		497,000
2,020		400,000
2,021		275,000
2,022		1,062,500
Thereafter		100,000
Total principal maturities		2,334,500
Unamortized discounts and deferred financing costs, net		(44,655)
Total debt obligations, net		2,289,845
Secured Debt
Maturities of Long-term Debt [Abstract]
2018 (remaining three months)		107,428
2,019		747
2,020		0
2,021		268,593
2,022		57,457
Thereafter		898,653
Total principal maturities		1,332,878
Unamortized discounts and deferred financing costs, net		(9,914)
Total debt obligations, net		1,322,964
5.00% senior notes
Maturities of Long-term Debt [Abstract]
Total principal maturities		$ 497,000	$ 770,000
5.00% senior notes | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount called for redemption	$ 122,000

Debt Obligations, net (Secured

Debt Obligations, net (Secured Credit Facility Narrative) (Details)	1 Months Ended			3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Aug. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt, net				$ 911,000	$ 616,000		$ 3,447,000	$ 4,142,000
2017 Secured Financing | Safety, Income and Growth, Inc.
Line of Credit Facility [Line Items]
Equity capitalization amount, at least				500,000,000			500,000,000
Net worth, at least				250,000,000			$ 250,000,000
2016 Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 650,000,000	$ 400,000,000			400,000,000	$ 650,000,000		400,000,000	$ 500,000,000	$ 450,000,000
Percentage of par credit facilities were issued at										99.00%
Basis point spread on variable interest rate (as a percent)							1.00%
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							$ 2,500,000
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	$ 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%
2017 Secured Financing
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 227,000,000
Stated interest rates (as a percent)			3.795%
Number of properties collateralizing loan | property			12
Deferred financing costs			$ 7,300,000

Debt Obligations, net (Unsecure

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Oct. 31, 2017
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 911,000	$ 616,000	$ 3,447,000	$ 4,142,000
Unsecured Notes 4.0% Senior Notes Due November 2017
Debt Instrument [Line Items]
Stated interest rates (as a percent)	4.00%		4.00%		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%		7.125%		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%		4.875%		4.875%
Extinguishment of debt, amount	$ 300,000,000
Unsecured Notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 900,000	$ 3,100,000	$ 900,000	$ 3,100,000
Unsecured 4.625% Senior Notes Due September 2020
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000		$ 400,000,000
Stated interest rates (as a percent)	4.625%	4.625%	4.625%	4.625%	4.625%
Unsecured 5.25% Senior Notes Due September 2022
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000		$ 400,000,000
Stated interest rates (as a percent)	5.25%	5.25%	5.25%	5.25%	5.25%
Unsecured 3.125% Senior Convertible Notes Due September 2022
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000		$ 250,000,000		$ 250,000,000	$ 37,500,000
Stated interest rates (as a percent)	3.125%	3.125%	3.125%	3.125%	3.125%	3.125%
Unsecured Notes
Debt Instrument [Line Items]
Deferred financing costs	$ 18,600,000		$ 18,600,000		$ 18,600,000

Debt Obligations, net (Encumber

Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2015
Debt Instrument [Line Items]
Real estate, net	$ 1,893,789,000	$ 1,282,031,000
Real estate available and held for sale	61,549,000	68,588,000
Land and development, net	650,531,000	860,311,000
Loans receivable and other lending investments, net	1,029,052,000	1,300,655,000
Other investments	302,318,000	321,241,000
Cash and other assets	1,142,750,000	898,252,000
Total assets	5,079,989,000	4,731,078,000
Carrying amount of assets held by entities pledged as collateral	410,400,000
Loans receivable, net	909,280,000	1,211,079,000
Loan participations payable, net
Debt Instrument [Line Items]
Loans receivable, net	18,400,000	102,300,000
Collectively Evaluated for Impairment
Debt Instrument [Line Items]
General reserves for loan losses	14,300,000	17,500,000
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
Collateral Assets
Debt Instrument [Line Items]
Real estate, net	1,570,920,000	795,321,000
Real estate available and held for sale	31,145,000	20,069,000
Land and development, net	17,500,000	25,100,000
Loans receivable and other lending investments, net	499,895,000	194,529,000
Other investments	0	0
Cash and other assets	6,398,000	0
Total assets	2,125,858,000	1,035,019,000
Non-Collateral Assets
Debt Instrument [Line Items]
Real estate, net	322,869,000	486,710,000
Real estate available and held for sale	30,404,000	48,519,000
Land and development, net	633,031,000	835,211,000
Loans receivable and other lending investments, net	525,103,000	1,021,340,000
Other investments	302,318,000	321,241,000
Cash and other assets	1,136,352,000	898,252,000
Total assets	$ 2,950,077,000	$ 3,611,273,000

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details)	Sep. 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 Contingencies_2

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Other Commitments [Line Items]
Percentage of capital committed that may be drawn down	100.00%
Performance-Based Commitments	$ 497,142
Strategic Investments	30,127
Total	527,269
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments	479,988
Strategic Investments	0
Total	479,988
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	17,154
Strategic Investments	0
Total	17,154
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	0
Strategic Investments	30,127
Total	30,127
Loan participations, not the obligation of the Company
Other Commitments [Line Items]
Performance-Based Commitments	$ 31,500

Derivatives (Classification on

Derivatives (Classification on Consolidated Balance Sheets) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Derivatives, Fair Value [Line Items]
Cash flow hedge to be reclassified over next 12 months	$ 400
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Assets	10,303
Derivative Liabilities	0
Interest rate swaps | Derivatives Designated in Hedging Relationships | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	10,303
Interest rate swaps | Derivatives Designated in Hedging Relationships | Other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 0

Derivatives (Classification o_2

Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ 3,900	$ (56)	$ 6,258	$ 338
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	[1]	(101)	(56)	1,683	135
Earnings from equity method investments
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		43	(40)	(47)	204
Interest expense
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		(144)	(16)	(144)	(76)
Derivatives Designated in Hedging Relationships | Earnings from equity method investments | Interest rate swaps
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		1,197	(69)	4,705	(85)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		44	(38)	(47)	(188)
Derivatives Designated in Hedging Relationships | Earnings from equity method investments | Interest rate cap
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income			(2)		(16)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings			(2)		(16)
Derivatives Designated in Hedging Relationships | Earnings from equity method investments | Foreign exchange contracts
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income			(1)		(371)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings			0		0
Derivatives Designated in Hedging Relationships | Interest expense | Interest rate swaps
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		2,702	15	1,552	439
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		(144)	(16)	(144)	339
Derivatives not Designated in Hedging Relationships | Other Expense | Interest rate cap
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Income		0	0	0	6
Derivatives not Designated in Hedging Relationships | Other Expense | Foreign exchange contracts
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Income		$ 0	$ (199)	$ 0	$ (970)
[1]	Amount reclassified to "Interest expense" in the Company's consolidated statements of operations is $144 for the three and nine months ended September 30, 2018. Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations are $16 and $76 for the three and nine months ended September 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 nine months ended September 30, 2018. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(43) and $47 for the three and nine months ended September 30, 2018, respectively, and $40 and $204 for the three and nine months ended September 30, 2017, respectively.

Derivatives (Interest Rate Hedg

Derivatives (Interest Rate Hedges) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain recognized in accumulated other comprehensive income	$ 0.4

Equity (Preferred Stock) (Detai

Equity (Preferred Stock) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Preferred Stock
Shares Issued and Outstanding (in shares)	16,200,000		16,200,000
Carrying Value	$ 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
Preferred stock dividends declared and paid	$ 24,372,000	$ 38,490,000
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 (in shares)	3.9423
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	$ 89,041,000		$ 89,041,000
Preferred stock dividends declared and paid	$ 6,000,000	6,000,000
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	$ 72,664,000		$ 72,664,000
Preferred stock dividends declared and paid	$ 4,600,000	4,600,000
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	$ 120,785,000		$ 120,785,000
Preferred stock dividends declared and paid	$ 7,000,000	7,000,000
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	$ 193,510,000		$ 193,510,000
Preferred stock dividends declared and paid	$ 6,800,000	6,800,000
Conversion price per share (in dollars per share)	$ 12.68
Series E
Preferred Stock
Preferred stock dividends declared and paid		8,300,000
Series F
Preferred Stock
Preferred stock dividends declared and paid		$ 5,900,000
Series G and Series I
Preferred Stock
Redemption price as a percentage of liquidation preference	100.00%

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Dividends [Abstract]
Operating loss carryforwards					$ 582,400
Common stock dividends			$ 6,165
Common stock dividends declared per share (in dollars per share)	$ 0.09	$ 0	$ 0.09	$ 0
Common stock dividends paid per share (in dollars per share)			$ 0.09	$ 0

Equity (Stock Repurchase Progra

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2017	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Oct. 31, 2017
Debt Instrument [Line Items]
Treasury stock, shares, acquired (in shares)		800,000	0
Treasury stock value acquired including acquisition costs		$ 8,300
Treasury stock acquired, average cost per share (in dollars per share)		$ 10.22
Repurchase of stock				$ 8,304	$ 45,928
Available repurchase of common stock, authorized amount (up to)			$ 41,700	$ 41,700
Unsecured 3.125% Senior Convertible Notes Due September 2022
Debt Instrument [Line Items]
Treasury stock acquired, average cost per share (in dollars per share)	$ 11.51
Stated interest rates (as a percent)	3.125%		3.125%	3.125%	3.125%	3.125%
Shares repurchased (in shares)	4,000,000
Repurchase of stock	$ 45,900

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	$ 97	$ 1,335
Unrealized gains on cash flow hedges	4,494	707
Unrealized losses on cumulative translation adjustment	(4,199)	(4,524)
Accumulated other comprehensive income (loss)	$ 392	$ (2,482)

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans and Employee Benefits (Stock-Based Compensation) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)pointshares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)point$ / sharesshares	Sep. 30, 2017USD ($)pointshares	Dec. 31, 2017USD ($)pointshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 3,651	$ 2,934	$ 16,245	$ 12,730
Number of Points Outstanding [Roll Forward]
Accrued expenses | $	$ 92,783		$ 92,783		$ 101,035
Long-term Incentive Plan 2009
Number of Points Outstanding [Roll Forward]
Shares available for issuance (in shares) | shares	2,600,000		2,600,000
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)			(1.31)		(10.43)
Points at end of period	85.76		85.76		86.57
Preferred return hurdle					9.00%
Decrease in distributable return (percent)			4.30%
Compensation value of total distribution | $			$ 14,300
Cash portion of points distribution | $			$ 7,200
Number of shares issued in points distribution (in shares) | shares			625,788
Value of shares issued in points distribution | $			$ 7,100
Fair value of shares in points distribution (in dollars per share) | $ / shares			$ 11.39
Number of shares issued, net of tax withholding in points distribution (in shares) | shares			343,402
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)			(4.80)		(7.82)
Points at end of period	79.36		79.36		84.16
2017-2018 Performance Incentive Plan
Number of Points Outstanding [Roll Forward]
Points at beginning of period			40.97	0	0
Granted (points)			49.33		41.68
Forfeited (points)			(7.88)		(0.71)
Points at end of period	82.42		82.42		40.97
All Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 2,400	$ 1,900	$ 12,600	$ 9,800
Number of Points Outstanding [Roll Forward]
Accrued expenses | $	$ 36,000		$ 36,000		$ 38,100
Common Stock Subject to Sales Restriction | Employees
Number of Points Outstanding [Roll Forward]
Vested, number of shares (in shares) | shares			213,609
Restricted shares awarded (in shares) | 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 (in shares) | shares			278,000		116,000
Vested (in shares) | shares			(45,000)		(75,000)
Forfeited (in shares) | shares			(61,000)		(49,000)
Non-vested at end of period (in shares) | shares	454,000		454,000		282,000
Unrecognized compensation cost | $	$ 2,400		$ 2,400
Weighted-average period to recognize the unrecognized compensation cost			1 year 9 months 21 days

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award granted (in shares)	67,631
Equity award grant date fair value (in dollars per share) | $ / shares	$ 10.65
Equity award vesting period	1 year
CSE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award granted (in shares)	1,364
Equity award grant date fair value (in dollars per share) | $ / shares	$ 11.19
CSE and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	238,360
Aggregate intrinsic value for directors | $	$ 2.7

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.2	$ 0.9	$ 1

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Jun. 30, 2018	Sep. 30, 2018		Sep. 30, 2017		Sep. 30, 2018		Sep. 30, 2017
Earnings Per Share [Abstract]
Income (loss) from continuing operations		$ (14,241)		$ (23,029)		$ 7,349		$ 24,839
Income from sales of real estate	$ 24,500	5,409	[1]	19,313	[1]	79,353	[1]	28,267	[1]
Net income attributable to noncontrolling interests		(2,028)		160		(11,632)		(4,450)
Preferred dividends		(8,124)		(12,830)		(24,372)		(38,490)
Preferred dividends declared and payable		0		(1,830)		0		(1,830)
Premium in excess of book value on redemption of preferred stock		0		(16,314)		0		(16,314)
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share		(18,984)		(34,530)		50,698		(7,978)
Add: Effect of Series J convertible perpetual preferred stock		0		0		6,750		0
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share		$ (18,984)		$ (34,530)		$ 57,448		$ (7,978)
[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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	$ (18,984)	$ (34,530)	$ 50,698	$ (7,978)
Income from discontinued operations	0	0	0	4,939
Gain from discontinued operations	0	0	0	123,418
Income tax expense from discontinued operations	0	0	0	(4,545)
Net income (loss) allocable to common shareholders	(18,984)	(34,530)	50,698	115,834
Numerator for diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	(18,984)	(34,530)	57,448	(7,978)
Income from discontinued operations	0	0	0	4,939
Gain from discontinued operations	0	0	0	123,418
Income tax expense from discontinued operations	0	0	0	(4,545)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders	$ (18,984)	$ (34,530)	$ 57,448	$ 115,834
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share (in shares)	67,975	71,713	67,940	71,972
Add: Effect of assumed shares issued under treasury stock method for restricted stock units (in shares)	0	0	131	0
Add: Effect of series J convertible perpetual preferred stock (in shares)	0	0	15,658	0
Weighted average common shares outstanding for diluted earnings per common share (in shares)	67,975	71,713	83,729	71,972
Basic earnings per common share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ (0.28)	$ (0.48)	$ 0.75	$ (0.11)
Income from discontinued operations (in dollars per share)	0	0	0	0.07
Gain from discontinued operations (in dollars per share)	0	0	0	1.71
Income tax expense from discontinued operations (in dollars per share)	0	0	0	(0.06)
Net income attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	(0.28)	(0.48)	0.75	1.61
Diluted earnings per common share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	(0.28)	(0.48)	0.69	(0.11)
Income from discontinued operations (in dollars per share)	0	0	0	0.07
Gain from discontinued operations (in dollars per share)	0	0	0	1.71
Income tax expense from discontinued operations (in dollars per share)	0	0	0	(0.06)
Net income attributable to iStar Inc. and allocable to common shareholders (in dollars per share)	$ (0.28)	$ (0.48)	$ 0.69	$ 1.61

Earnings Per Share (Antidilutiv

Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Oct. 31, 2017
Series J convertible perpetual preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from EPS calculation	15,703	15,635	0	15,635
Joint venture shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from EPS calculation	0	298	0	298
3.125% senior convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rates (as a percent)	3.125%	3.125%	3.125%	3.125%	3.125%

Fair Values (Schedule of Fair V

Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands	Dec. 31, 2017USD ($)	Sep. 30, 2018USD ($)
Recurring basis | Fair Value
Assets and liabilities recorded at fair value
Derivative assets		$ 10,303
Available-for-sale securities	$ 22,842	21,282
Recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Derivative assets		0
Available-for-sale securities	0	0
Recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Derivative assets		10,303
Recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Available-for-sale securities	22,842	$ 21,282
Non-recurring basis | Fair Value
Assets and liabilities recorded at fair value
Impaired real estate	12,400
Impaired real estate available and held for sale	800
Impaired land and development	21,400
Non-recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Impaired real estate available and held for sale	0
Impaired land and development	0
Non-recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Impaired land and development	0
Non-recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired real estate	12,400
Impaired real estate available and held for sale	800
Impaired land and development	$ 21,400
Non-recurring basis | Significant unobservable inputs (Level 3) | Discount Rate
Assets and liabilities recorded at fair value
Land and development asset, measurement input	0.06
Non-recurring basis | Significant unobservable inputs (Level 3) | Holding Period
Assets and liabilities recorded at fair value
Land and development asset, measurement input, term	10 years
Non-recurring basis | Significant unobservable inputs (Level 3) | Fair Value
Assets and liabilities recorded at fair value
Impaired real estate	$ 12,400
Impaired land and development	$ 21,400

Fair Values (Schedule of Level

Fair Values (Schedule of Level 3 Assets) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 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	(1,514)	449
Ending balance	$ 21,282	$ 22,105

Fair Values (Narrative) (Detail

Fair Values (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	$ 1,029,052	$ 1,300,655
Debt obligations, net	3,612,809	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	$ 3,700,000	$ 3,700,000

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)		Sep. 30, 2017USD ($)		Sep. 30, 2018USD ($)segments		Sep. 30, 2017USD ($)		Dec. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segments						4
Segment profit (loss)
Revenues		$ 122,141		$ 119,872		$ 657,956		$ 576,059
Earnings (losses) from equity method investments		(635)		2,461		(4,581)		13,677
Gain on consolidation of equity method investment		0		0		67,877		0
Income from discontinued operations		0		0		0		4,939
Gain from discontinued operations		0		0		0		123,418
Income from sales of real estate	$ 24,500	5,409	[1]	19,313	[1]	79,353	[1]	28,267	[1]
Total revenue and other earnings		126,915		141,646		800,605		746,360
Other expense		(298)		(2,704)		(5,180)		(20,849)
Allocated interest expense		(47,219)		(48,732)		(135,572)		(148,684)
Allocated general and administrative		(17,962)		(18,021)		(57,410)		(60,617)
Segment profit (loss)		17,035		8,397		178,051		243,768
Other significant items:
Provision for loan losses		200		(2,600)		18,237		(8,128)
Impairment of assets		989		595		11,177		15,292
Depreciation and amortization		19,979		11,846		41,857		37,297
Capitalized expenditures		67,783		43,816		155,356		118,947
Segment assets
Real estate, net		1,893,789				1,893,789				$ 1,282,031
Real estate available and held for sale		61,549				61,549				68,588
Total real estate		1,955,338				1,955,338				1,350,619
Land and development, net		650,531				650,531				860,311
Loans receivable and other lending investments, net		1,029,052				1,029,052				1,300,655
Other investments		302,318				302,318				321,241
Total portfolio assets		3,937,239				3,937,239				3,832,826
Cash and other assets		1,142,750				1,142,750				898,252
Total assets		5,079,989				5,079,989				4,731,078
Stock-based compensation expense		3,651		2,934		16,245		12,730
Operating lease income
Segment profit (loss)
Revenues		59,109		47,806		149,516		142,155
Interest income
Segment profit (loss)
Revenues		22,915		25,442		74,824		83,145
Other income
Segment profit (loss)
Revenues		27,808		20,662		63,951		172,037
Land development
Segment profit (loss)
Revenues		12,309		25,962		369,665		178,722
Cost of sales expense		(12,114)		(27,512)		(318,881)		(165,888)
Real estate
Segment profit (loss)
Cost of sales expense		(32,287)		(36,280)		(105,511)		(106,554)
Operating Segments | Real Estate Finance
Segment profit (loss)
Earnings (losses) from equity method investments		0		0		0		0
Gain on consolidation of equity method investment						0
Income from discontinued operations								0
Gain from discontinued operations								0
Income from sales of real estate		0		0		0		0
Total revenue and other earnings		23,668		26,740		79,095		84,999
Other expense		(179)		(261)		(869)		(1,263)
Allocated interest expense		(9,558)		(9,165)		(31,971)		(31,561)
Allocated general and administrative		(2,693)		(3,334)		(10,514)		(11,621)
Segment profit (loss)		11,238		13,980		35,741		40,554
Other significant items:
Provision for loan losses		200		(2,600)		18,237		(8,128)
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
Real estate available and held for sale		0				0				0
Total real estate		0				0				0
Land and development, net		0				0				0
Loans receivable and other lending investments, net		1,029,052				1,029,052				1,300,655
Other investments		0				0				0
Total portfolio assets		1,029,052				1,029,052				1,300,655
Operating Segments | Real Estate Finance | Operating lease income
Segment profit (loss)
Revenues		0		0		0		0
Operating Segments | Real Estate Finance | Interest income
Segment profit (loss)
Revenues		22,915		25,442		74,824		83,145
Operating Segments | Real Estate Finance | Other income
Segment profit (loss)
Revenues		753		1,298		4,271		1,854
Operating Segments | Real Estate Finance | Land development
Segment profit (loss)
Revenues		0		0		0		0
Cost of sales expense		0		0		0		0
Operating Segments | Real Estate Finance | Real estate
Segment profit (loss)
Cost of sales expense		0		0		0		0
Operating Segments | Net Lease
Segment profit (loss)
Earnings (losses) from equity method investments		775		1,302		7,028		3,363
Gain on consolidation of equity method investment						67,877
Income from discontinued operations								4,939
Gain from discontinued operations								123,418
Income from sales of real estate		0		18,765		24,907		24,977
Total revenue and other earnings		46,987		52,523		206,808		252,312
Other expense		0		0		0		0
Allocated interest expense		(16,454)		(12,255)		(44,246)		(41,659)
Allocated general and administrative		(5,740)		(4,315)		(15,179)		(14,878)
Segment profit (loss)		20,019		31,530		135,197		182,713
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		0		0		4,342		219
Depreciation and amortization		12,554		6,623		25,205		21,662
Capitalized expenditures		28,315		2,384		29,512		4,071
Segment assets
Real estate, net		1,543,775				1,543,775				815,783
Real estate available and held for sale		7,289				7,289				0
Total real estate		1,551,064				1,551,064				815,783
Land and development, net		0				0				0
Loans receivable and other lending investments, net		0				0				0
Other investments		150,533				150,533				205,007
Total portfolio assets		1,701,597				1,701,597				1,020,790
Operating Segments | Net Lease | Operating lease income
Segment profit (loss)
Revenues		45,204		31,503		104,241		93,606
Operating Segments | Net Lease | Interest income
Segment profit (loss)
Revenues		0		0		0		0
Operating Segments | Net Lease | Other income
Segment profit (loss)
Revenues		1,008		953		2,755		2,009
Operating Segments | Net Lease | Land development
Segment profit (loss)
Revenues		0		0		0		0
Cost of sales expense		0		0		0		0
Operating Segments | Net Lease | Real estate
Segment profit (loss)
Cost of sales expense		(4,774)		(4,423)		(12,186)		(13,062)
Operating Segments | Operating Properties
Segment profit (loss)
Earnings (losses) from equity method investments		(2,223)		(399)		(4,814)		702
Gain on consolidation of equity method investment						0
Income from discontinued operations								0
Gain from discontinued operations								0
Income from sales of real estate		5,409		548		54,446		3,290
Total revenue and other earnings		38,242		30,294		141,198		89,689
Other expense		0		0		0		0
Allocated interest expense		(4,547)		(4,860)		(14,653)		(15,472)
Allocated general and administrative		(1,429)		(1,866)		(5,447)		(5,985)
Segment profit (loss)		13,617		383		57,007		876
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		989		595		5,535		5,009
Depreciation and amortization		6,857		4,343		14,522		13,305
Capitalized expenditures		5,860		7,644		18,186		24,210
Segment assets
Real estate, net		350,014				350,014				466,248
Real estate available and held for sale		54,260				54,260				68,588
Total real estate		404,274				404,274				534,836
Land and development, net		0				0				0
Loans receivable and other lending investments, net		0				0				0
Other investments		74,089				74,089				38,761
Total portfolio assets		478,363				478,363				573,597
Operating Segments | Operating Properties | Operating lease income
Segment profit (loss)
Revenues		13,803		16,048		44,818		47,977
Operating Segments | Operating Properties | Interest income
Segment profit (loss)
Revenues		0		0		0		0
Operating Segments | Operating Properties | Other income
Segment profit (loss)
Revenues		21,253		14,097		46,748		37,720
Operating Segments | Operating Properties | Land development
Segment profit (loss)
Revenues		0		0		0		0
Cost of sales expense		0		0		0		0
Operating Segments | Operating Properties | Real estate
Segment profit (loss)
Cost of sales expense		(18,649)		(23,185)		(64,091)		(67,356)
Operating Segments | Land and Development
Segment profit (loss)
Earnings (losses) from equity method investments		161		948		2,726		8,396
Gain on consolidation of equity method investment						0
Income from discontinued operations								0
Gain from discontinued operations								0
Income from sales of real estate		0		0		0		0
Total revenue and other earnings		13,429		28,339		375,488		313,120
Other expense		0		0		0		0
Allocated interest expense		(5,014)		(6,529)		(16,795)		(21,769)
Allocated general and administrative		(3,576)		(3,706)		(11,128)		(12,636)
Segment profit (loss)		(16,139)		(18,080)		(550)		86,691
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		0		0		1,300		10,064
Depreciation and amortization		263		546		1,095		1,337
Capitalized expenditures		33,608		33,788		107,658		90,666
Segment assets
Real estate, net		0				0				0
Real estate available and held for sale		0				0				0
Total real estate		0				0				0
Land and development, net		650,531				650,531				860,311
Loans receivable and other lending investments, net		0				0				0
Other investments		70,429				70,429				63,855
Total portfolio assets		720,960				720,960				924,166
Operating Segments | Land and Development | Operating lease income
Segment profit (loss)
Revenues		102		255		457		572
Operating Segments | Land and Development | Interest income
Segment profit (loss)
Revenues		0		0		0		0
Operating Segments | Land and Development | Other income
Segment profit (loss)
Revenues		857		1,174		2,640		125,430
Operating Segments | Land and Development | Land development
Segment profit (loss)
Revenues		12,309		25,962		369,665		178,722
Cost of sales expense		(12,114)		(27,512)		(318,881)		(165,888)
Operating Segments | Land and Development | Real estate
Segment profit (loss)
Cost of sales expense		(8,864)		(8,672)		(29,234)		(26,136)
Corporate/Other
Segment profit (loss)
Earnings (losses) from equity method investments		652		610		(9,521)		1,216
Gain on consolidation of equity method investment						0
Income from discontinued operations								0
Gain from discontinued operations								0
Income from sales of real estate		0		0		0		0
Total revenue and other earnings		4,589		3,750		(1,984)		6,240
Other expense		(119)		(2,443)		(4,311)		(19,586)
Allocated interest expense		(11,646)		(15,923)		(27,907)		(38,223)
Allocated general and administrative		(4,524)		(4,800)		(15,142)		(15,497)
Segment profit (loss)		(11,700)		(19,416)		(49,344)		(67,066)
Other significant items:
Provision for loan losses		0		0		0		0
Impairment of assets		0		0		0		0
Depreciation and amortization		305		334		1,035		993
Capitalized expenditures		0		0		0		0
Segment assets
Real estate, net		0				0				0
Real estate available and held for sale		0				0				0
Total real estate		0				0				0
Land and development, net		0				0				0
Loans receivable and other lending investments, net		0				0				0
Other investments		7,267				7,267				13,618
Total portfolio assets		7,267				7,267				$ 13,618
Corporate/Other | Operating lease income
Segment profit (loss)
Revenues		0		0		0		0
Corporate/Other | Interest income
Segment profit (loss)
Revenues		0		0		0		0
Corporate/Other | Other income
Segment profit (loss)
Revenues		3,937		3,140		7,537		5,024
Corporate/Other | Land development
Segment profit (loss)
Revenues		0		0		0		0
Cost of sales expense		0		0		0		0
Corporate/Other | Real estate
Segment profit (loss)
Cost of sales expense		$ 0		$ 0		$ 0		$ 0
[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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Reconciliation of segment profit (loss) to income (loss) from continuing operations
Segment profit	$ 17,035	$ 8,397	$ 178,051	$ 243,768
Add: (Provision for) recovery of loan losses	(200)	2,600	(18,237)	8,128
Less: Impairment of assets	(989)	(595)	(11,177)	(15,292)
Less: Stock-based compensation expense	(3,651)	(2,934)	(16,245)	(12,730)
Less: Depreciation and amortization	(19,979)	(11,846)	(41,857)	(37,297)
Less: Income tax (expense) benefit	(137)	1,278	(386)	(972)
Less: Income tax expense from discontinued operations	0	0	0	(4,545)
Less: Loss on early extinguishment of debt, net	(911)	(616)	(3,447)	(4,142)
Net income (loss)	$ (8,832)	$ (3,716)	$ 86,702	$ 176,918