Safehold 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-15371
Entity Registrant Name	iStar Inc.
Entity Central Index Key	0001095651
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-6881527
Entity Address, Address Line One	1114 Avenue of the Americas, 39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	930-9400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,166,290
Common Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	STAR
Security Exchange Name	NYSE
8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value
Trading Symbol	STAR-PD
Security Exchange Name	NYSE
7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value
Trading Symbol	STAR-PG
Security Exchange Name	NYSE
7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value
Trading Symbol	STAR-PI
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate
Real estate, at cost	$ 1,640,816	$ 2,076,333
Less: accumulated depreciation	(219,214)	(305,314)
Real estate, net	1,421,602	1,771,019
Real estate available and held for sale	12,770	22,551
Total real estate	1,434,372	1,793,570
Net investment in leases	421,842	0
Land and development, net	668,656	598,218
Loans receivable and other lending investments, net	902,146	988,224
Other investments	564,170	304,275
Cash and cash equivalents	330,099	931,751
Accrued interest and operating lease income receivable, net	9,079	10,669
Deferred operating lease income receivable, net	49,111	98,302
Deferred expenses and other assets, net	386,552	289,268
Total assets	4,766,027	5,014,277
Liabilities:
Accounts payable, accrued expenses and other liabilities	345,641	316,251
Liabilities associated with properties held for sale	685	2,341
Loan participations payable, net	29,948	22,484
Debt obligations, net	3,068,556	3,609,086
Total liabilities	3,444,830	3,950,162
Commitments and contingencies (refer to Note 12)
iStar Inc. shareholders' equity:
Common Stock, $0.001 par value, 200,000 shares authorized, 62,202 and 68,085 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	62	68
Additional paid-in capital	3,297,303	3,352,225
Accumulated deficit	(2,139,611)	(2,472,061)
Accumulated other comprehensive loss (refer to Note 14)	(34,137)	(17,270)
Total iStar Inc. shareholders' equity	1,123,633	862,978
Noncontrolling interests	197,564	201,137
Total equity	1,321,197	1,064,115
Total liabilities and equity	4,766,027	5,014,277
Preferred Stock Series D, G and I
iStar Inc. shareholders' equity:
Preferred Stock	12	12
Preferred Stock Series J
iStar Inc. shareholders' equity:
Preferred Stock	$ 4	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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)	62,202,000	68,085,000
Common Stock, shares outstanding (in shares)	62,202,000	68,085,000
Preferred Stock Series D, G and I
Liquidation preference (in dollars per share)	$ 25	$ 25
Preferred Stock Series J
Liquidation preference (in dollars per share)	$ 50	$ 50

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 98,468	$ 171,571	$ 205,270	$ 535,814
Costs and expenses:
Interest expense	43,752	43,172	90,329	88,353
Depreciation and amortization	13,718	10,767	29,386	21,878
General and administrative	27,303	23,228	48,402	52,041
Provision for loan losses	110	18,892	13	18,037
Impairment of assets	1,102	6,088	4,953	10,188
Other expense	11,883	3,716	12,391	4,882
Total costs and expenses	129,142	226,267	257,136	575,371
Income from sales of real estate	220,523	56,895	229,930	73,943
Income from operations before earnings from equity method investments and other items	189,849	2,199	178,064	34,386
Loss on early extinguishment of debt, net	0	(2,164)	(468)	(2,536)
Earnings (losses) from equity method investments	3,640	(7,278)	8,949	(3,946)
Selling profit from sales-type leases	180,416	0	180,416	0
Gain on consolidation of equity method investment	0	67,877	0	67,877
Net income before income taxes	373,905	60,634	366,961	95,781
Income tax expense	(214)	(128)	(240)	(249)
Net income	373,691	60,506	366,721	95,532
Net (income) attributable to noncontrolling interests	(2,852)	(9,509)	(5,323)	(9,604)
Net income attributable to iStar Inc.	370,839	50,997	361,398	85,928
Preferred dividends	(8,124)	(8,124)	(16,248)	(16,248)
Net income allocable to common shareholders	$ 362,715	$ 42,873	$ 345,150	$ 69,680
Net income allocable to common shareholders:
Basic (in dollars per share)	$ 5.67	$ 0.63	$ 5.24	$ 1.03
Diluted (in dollars per share)	$ 4.55	$ 0.54	$ 4.26	$ 0.89
Weighted average number of common shares:
Basic (in shares)	64,019	67,932	65,873	67,922
Diluted (in shares)	80,259	83,694	82,011	83,682
Operating lease income
Revenues:
Total revenues	$ 55,185	$ 44,609	$ 114,100	$ 90,407
Interest income
Revenues:
Total revenues	20,341	25,212	40,716	51,909
Interest income from sales-type leases
Revenues:
Total revenues	3,817	0	3,817	0
Other income
Revenues:
Total revenues	10,050	20,823	24,863	36,142
Real estate
Costs and expenses:
Cost of sales expense	22,038	37,043	47,978	73,224
Land development
Revenues:
Total revenues	9,075	80,927	21,774	357,356
Costs and expenses:
Cost of sales expense	$ 9,236	$ 83,361	$ 23,684	$ 306,768

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income		$ 373,691	$ 60,506	$ 366,721	$ 95,532
Other comprehensive income (loss):
Impact from adoption of new accounting standards		0	0	0	276
Reclassification of losses on cumulative translation adjustment into earnings upon realization	[1]	0	721	0	721
Reclassification of (gains) losses on cash flow hedges into earnings upon realization	[2]	12,736	(1,795)	12,743	(1,786)
Unrealized gains (losses) on available-for-sale securities		709	15	1,709	(956)
Unrealized gains (losses) on cash flow hedges		(20,987)	7	(35,999)	2,358
Unrealized losses on cumulative translation adjustment		0	(256)	0	(364)
Other comprehensive income (loss)		(7,542)	(1,308)	(21,547)	249
Comprehensive income		366,149	59,198	345,174	95,781
Comprehensive (income) loss attributable to noncontrolling interests		147	(9,509)	(643)	(9,604)
Comprehensive income attributable to iStar Inc.		$ 366,296	$ 49,689	$ 344,531	$ 86,177
[1]	Amounts were reclassified to "Earnings (losses) 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 $266 and $417 for the three and six months ended June 30, 2019 , respectively. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $ 806 for the three and six months ended June 30, 2019 and amount reclassified to "Gain on consolidation of equity method investment" for the three and six months ended June 30, 2018 is $1,876 . Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(9) and $(153) for the three and six months ended June 30, 2019 , respectively, and $81 and $90 for the three and six months ended June 30, 2018, respectively. Amounts reclassified to "Other expense" in the Company's consolidated statements of operations are $11,673 for the three and six months ended June 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest expense	$ 43,752	$ 43,172	$ 90,329	$ 88,353
Income from sales of real estate	220,523	56,895	229,930	73,943
Earnings (losses) from equity method investments	3,640	(7,278)	8,949	(3,946)
Other expense	11,883	3,716	12,391	4,882
Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge
Interest expense	266		417
Income from sales of real estate	806		806
Gain on consolidation of equity method investment		1,876		1,876
Earnings (losses) from equity method investments	(9)	$ 81	(153)	$ 90
Other expense	$ 11,673		$ 11,673

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Total	Preferred Stock	[1]	Preferred Stock Series J	[1]	Common Stock at Par	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2017	$ 914,249,000	$ 12,000		$ 4,000		$ 68,000	$ 3,352,665,000	$ (2,470,564,000)	$ (2,482,000)	$ 34,546,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred	(16,248,000)							(16,248,000)
Dividends declared—common ($0.10 per share and $0.19 per share for the three and six months ended June 30, 2019, respectively)	0
Issuance of stock/restricted stock unit amortization, net	6,389,000					1,000	6,388,000
Net income	95,532,000							85,928,000		9,604,000
Change in accumulated other comprehensive income (loss)	249,000
Change in accumulated other comprehensive income (loss)	(27,000)								(27,000)
Repurchase of stock	(8,304,000)					(1,000)	(8,303,000)
Contributions from noncontrolling interests	9,000									9,000
Distributions to noncontrolling interests	(43,174,000)									(43,174,000)
Change in noncontrolling interest attributable to consolidation of equity method investment (refer to Note 8)	188,279,000									188,279,000
Ending Balance at Jun. 30, 2018	1,212,574,000	12,000		4,000		68,000	3,350,750,000	(2,325,291,000)	(2,233,000)	189,264,000
Beginning Balance at Mar. 31, 2018	1,015,895,000	12,000		4,000		68,000	3,350,250,000	(2,368,164,000)	(925,000)	34,650,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred	(8,124,000)							(8,124,000)
Issuance of stock/restricted stock unit amortization, net	500,000					0	500,000
Net income	60,506,000							50,997,000		9,509,000
Change in accumulated other comprehensive income (loss)	(1,308,000)
Change in accumulated other comprehensive income (loss)	(1,308,000)								(1,308,000)
Distributions to noncontrolling interests	(43,174,000)									(43,174,000)
Change in noncontrolling interest attributable to consolidation of equity method investment (refer to Note 8)	188,279,000									188,279,000
Ending Balance at Jun. 30, 2018	1,212,574,000	12,000		4,000		68,000	3,350,750,000	(2,325,291,000)	(2,233,000)	189,264,000
Beginning Balance at Dec. 31, 2018	1,064,115,000	12,000		4,000		68,000	3,352,225,000	(2,472,061,000)	(17,270,000)	201,137,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred	(16,248,000)							(16,248,000)
Dividends declared—common ($0.10 per share and $0.19 per share for the three and six months ended June 30, 2019, respectively)	(12,700,000)							(12,700,000)
Issuance of stock/restricted stock unit amortization, net	4,772,000					0	3,417,000			1,355,000
Net income	366,721,000							361,398,000		5,323,000
Change in accumulated other comprehensive income (loss)	(21,547,000)								(16,867,000)	(4,680,000)
Repurchase of stock	(58,345,000)					(6,000)	(58,339,000)
Contributions from noncontrolling interests	2,039,000									2,039,000
Distributions to noncontrolling interests	(7,610,000)									(7,610,000)
Ending Balance at Jun. 30, 2019	1,321,197,000	12,000		4,000		62,000	3,297,303,000	(2,139,611,000)	(34,137,000)	197,564,000
Beginning Balance at Mar. 31, 2019	1,009,471,000	12,000		4,000		66,000	3,335,719,000	(2,495,836,000)	(29,594,000)	199,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred	(8,124,000)							(8,124,000)
Dividends declared—common ($0.10 per share and $0.19 per share for the three and six months ended June 30, 2019, respectively)	(6,490,000)							(6,490,000)
Issuance of stock/restricted stock unit amortization, net	1,683,000					0	756,000			927,000
Net income	373,691,000							370,839,000		2,852,000
Change in accumulated other comprehensive income (loss)	(7,542,000)								(4,543,000)	(2,999,000)
Repurchase of stock	(39,176,000)					(4,000)	(39,172,000)
Contributions from noncontrolling interests	2,039,000									2,039,000
Distributions to noncontrolling interests	(4,355,000)									(4,355,000)
Ending Balance at Jun. 30, 2019	$ 1,321,197,000	$ 12,000		$ 4,000		$ 62,000	$ 3,297,303,000	$ (2,139,611,000)	$ (34,137,000)	$ 197,564,000
[1]	Refer to Note 14 for details on the Company's Preferred Stock.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared - common (in dollars per share)	$ 0.10	$ 0.19

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 366,721	$ 95,532
Adjustments to reconcile net income to cash flows from operating activities:
Provision for loan losses	13	18,037
Impairment of assets	4,953	10,188
Depreciation and amortization	29,386	21,878
Non-cash interest income from sales-type leases	(704)	0
Stock-based compensation expense	13,954	12,593
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	7,050	7,900
Amortization of discounts/premiums and deferred interest on loans, net	(22,525)	(18,487)
Deferred interest on loans received	5,850	39,254
Gain from consolidation of equity method investment	0	(67,877)
Selling profit from sales-type leases	(180,416)	0
Earnings from equity method investments	(8,949)	3,946
Distributions from operations of other investments	6,895	6,745
Deferred operating lease income	(9,767)	(3,752)
Income from sales of real estate	(229,930)	(73,943)
Land development revenue in excess of cost of sales	1,910	(50,588)
Loss on early extinguishment of debt, net	468	2,536
Other operating activities, net	11,816	3,281
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable	1,696	1,530
Changes in deferred expenses and other assets, net	(3,768)	(2,426)
Changes in accounts payable, accrued expenses and other liabilities	(34,157)	(27,483)
Cash flows used in operating activities	(39,504)	(21,136)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(148,113)	(294,476)
Capital expenditures on real estate assets	(12,021)	(17,805)
Capital expenditures on land and development assets	(73,314)	(61,577)
Acquisitions of real estate, net investments in leases and land assets	(129,856)	(3,390)
Repayments of and principal collections on loans receivable and other lending investments, net	229,955	552,696
Net proceeds from sales of real estate	294,737	238,834
Net proceeds from sales of land and development assets	18,095	170,662
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment	0	13,608
Distributions from other investments	49,695	22,296
Contributions to and acquisition of interest in other investments	(310,812)	(53,012)
Payments for deposits on investments	(20,000)	0
Other investing activities, net	(22,354)	(1,357)
Cash flows provided by (used in) investing activities	(123,988)	566,479
Cash flows from financing activities:
Borrowings from debt obligations	63,500	332,746
Repayments and repurchases of debt obligations	(384,723)	(412,215)
Preferred dividends paid	(16,248)	(16,248)
Common dividends paid	(12,565)	0
Repurchase of stock	(57,368)	(8,304)
Payments for deferred financing costs	(62)	(4,921)
Payments for withholding taxes upon vesting of stock-based compensation	(1,842)	(4,008)
Distributions to noncontrolling interests	(7,610)	(43,174)
Other financing activities, net	119	8
Cash flows used in financing activities	(416,799)	(156,116)
Effect of exchange rate changes on cash	0	30
Changes in cash, cash equivalents and restricted cash	(580,291)	389,257
Cash, cash equivalents and restricted cash at beginning of period	974,544	677,733
Cash, cash equivalents and restricted cash at end of period	394,253	1,066,990
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net	7,394	87,800
Accrued repurchase of stock	977	0
Contributions of land and development assets to equity method investments, net	4,073	0
Sales-type lease origination	411,523	0
Acquisition of land and development asset through joint venture consolidation	27,000	0
Accounts payable for capital expenditures on land and development assets	0	12,473
Assumption of mortgage by third party	228,000	0
Acquisitions of land and development assets through foreclosure	0	4,600
Financing provided on sales of land and development assets, net	0	142,639
Increase in net lease assets upon consolidation of equity method investment	0	844,550
Increase in debt obligations upon consolidation of equity method investment	0	464,706
Increase in noncontrolling interests upon consolidation of equity method investment	$ 0	$ 200,093

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2019
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 manages entities focused on ground lease and net lease investments (refer to Note 8). The Company has invested over $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 18). Organization —The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments and corporate acquisitions.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 30, 2019
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, 2018 (the " 2018 Annual Report"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation. Principles of Consolidation —The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has provided no financial support to those VIEs that it was not previously contractually required to provide. Consolidated VIEs —The Company consolidates VIEs for which it is considered the primary beneficiary. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of June 30, 2019 . The following table presents the assets and liabilities of the Company's consolidated VIEs as of June 30, 2019 and December 31, 2018 ($ in thousands): As of June 30, December 31, ASSETS Real estate Real estate, at cost $ 851,112 $ 848,052 Less: accumulated depreciation (25,424 ) (15,365 ) Real estate, net 825,688 832,687 Land and development, net 327,319 279,031 Other investments 56 72 Cash and cash equivalents 20,655 25,219 Accrued interest and operating lease income receivable, net 622 1,302 Deferred operating lease income receivable, net 13,761 8,972 Deferred expenses and other assets, net 135,908 167,324 Total assets $ 1,324,009 $ 1,314,607 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 114,944 $ 106,907 Debt obligations, net 481,623 485,000 Total liabilities 596,567 591,907 Unconsolidated VIEs —The Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of June 30, 2019 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $114.8 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $22.0 million

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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, 2019. ASU 2016-02 and ASU 2018-11—Accounting Standards Update ("ASU") 2016-02, Leases ("ASU 2016-02") required the recognition of right-of-use lease assets and lease liabilities by the Company as lessee for those leases classified as operating or finance leases, both measured at the present value of the lease payments, on its consolidated balance sheets. For operating lease arrangements as of December 31, 2018 for which the Company was the lessee, primarily under leases of office space and certain ground leases, and a finance lease the Company entered into during the first quarter of 2019, the Company recorded operating lease right-of-use assets of $31.6 million and a finance lease right-of-use asset of $68.1 million in "Deferred expenses and other assets, net" and operating lease liabilities of $31.6 million and a finance lease liability of $68.1 million in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets (refer to Significant Accounting Policies below). The Company, as lessor, recognizes certain of its leases on net lease properties as sales-type leases and records the leases as "Net investment in leases" on the Company's consolidated balance sheets (refer to Note 5). For the Company's leases which qualify as sales-type leases, the Company records "Interest income from sales-type leases" in the Company's consolidated statements of operations. The amount recorded as interest income from sales-type leases in any given period will likely be different than the straight-line lease income that would have been recorded under the superseded guidance. Management elected the practical expedient package that allowed 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 elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2018-11, Leases amended ASU 2016-02 so that: (i) entities could 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) provided 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 elected both of these provisions. ASU 2018-16—ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes was issued in October 2018 and expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The adoption of ASU 2018-16 did not have a material impact on the Company's consolidated financial statements. Significant Accounting Policies Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset. Net Investment in Leases —Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. If a lease qualifies as a sales-type lease, it is further evaluated to determine whether the transaction is considered a sale leaseback transaction. If the sales-type lease meets the definition of a failed sale leaseback transaction, the lease is considered a financing receivable and is recognized in accordance with ASC 310 (refer to Note 5). Interest Income from Sales-Type Leases —Interest income from sales-type leases is recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned. Restricted cash— The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 December 31, 2017 Cash and cash equivalents $ 330,099 $ 931,751 $ 1,039,591 $ 657,688 Restricted cash included in deferred expenses and other assets, net (1) 64,154 42,793 27,399 20,045 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 394,253 $ 974,544 $ 1,066,990 $ 677,733 _______________________________________________________________________________ (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. Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities— Effective January 1, 2019 with the adoption of ASU 2016-02, the Company, as lessee, records right-of-use lease assets in "Deferred expenses and other assets" and lease liabilities in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets for operating and finance leases, both measured at the present value of the lease payments. Some of the Company's lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised. For operating leases, the Company recognizes a single lease cost for office leases in "General and administrative" and a single lease cost for ground leases in "Real estate expense" in the consolidated statements of operations, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows. For finance leases, the Company recognizes amortization of the right-of-use assets on a straight-line basis over the term of the lease in "Depreciation and amortization" and interest expense on the lease liability using the effective interest method in "Interest expense" in the consolidated statements of operations. Repayments of the principal portion of the finance lease liability are classified within financing activities in the consolidated statements of cash flows and payments of interest on a finance lease liability are classified within operating activities in the consolidated statement of cash flows. For the remainder of the Company's significant accounting policies, refer to the Company's 2018 Annual Report. 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 is currently evaluating the impact from ASU 2016-13 on the Company's consolidated financial statements. In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04") to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate	Real Estate The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of June 30, 2019 Land, at cost $ 201,658 $ 105,770 $ 307,428 Buildings and improvements, at cost 1,255,681 77,707 1,333,388 Less: accumulated depreciation (207,515 ) (11,699 ) (219,214 ) Real estate, net 1,249,824 171,778 1,421,602 Real estate available and held for sale (2) — 12,770 12,770 Total real estate $ 1,249,824 $ 184,548 $ 1,434,372 As of December 31, 2018 Land, at cost $ 336,740 $ 133,599 $ 470,339 Buildings and improvements, at cost 1,487,270 118,724 1,605,994 Less: accumulated depreciation (287,516 ) (17,798 ) (305,314 ) Real estate, net 1,536,494 234,525 1,771,019 Real estate available and held for sale (2) 1,055 21,496 22,551 Total real estate $ 1,537,549 $ 256,021 $ 1,793,570 _______________________________________________________________________________ (1) In May 2019, the Company modified certain of its leases. As a result of these modifications, the Company is required to account for the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale" on its consolidated balance sheet (refer to Note 5). (2) As of June 30, 2019 and December 31, 2018 , the Company had $11.8 million and $20.6 million , respectively, of residential condominiums available for sale in its operating properties portfolio. Acquisitions— During the six months ended June 30, 2019 , the Company acquired a net lease asset for $11.5 million and acquired the leasehold interest in another net lease asset for $98.2 million , inclusive of closing costs, and simultaneously entered into a new 98 -year Ground Lease with SAFE (refer to Note 8). Dispositions— The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Six Months Ended June 30, 2019 2018 Operating Properties Proceeds (1) $ 80.1 $ 196.2 Income from sales of real estate (1) 10.2 49.0 Net Lease Proceeds (2) $ 440.1 $ 38.4 Income from sales of real estate (2) 219.7 24.9 Total Proceeds $ 520.2 $ 234.6 Income from sales of real estate 229.9 73.9 _______________________________________________________________________________ (1) During the six months ended June 30, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $69.9 million and recognized gains of $10.2 million in "Income from sales of real estate" in the Company's consolidated statements of operations. During the six months ended June 30, 2018, the Company sold commercial and residential operating properties and recognized $49.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the six months ended June 30, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized gains of $219.7 million in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. During the six months ended June 30, 2018, the Company sold net lease assets and recognized $24.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. Impairments— During the six months ended June 30, 2019 , the Company recorded an impairment of $3.3 million on a commercial operating property based on an executed purchase and sale agreement and recorded $0.6 million of impairments in connection with the sale of residential condominium units. During the six months ended June 30, 2018 , the Company recorded aggregate impairments of $8.9 million resulting from the determination that the Company's total recovery related to a net lease asset was less than its carrying value and a real estate asset held for sale due to contracts to sell the remaining four condominium units at the 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 $4.5 million and $9.9 million for the three and six months ended June 30, 2019 , respectively, and $5.0 million and $10.6 million for the three and six months ended June 30, 2018, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of June 30, 2019 and December 31, 2018 , the allowance for doubtful accounts related to real estate tenant receivables was $1.0 million and $1.5 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.1 million and $1.8 million as of June 30, 2019 and December 31, 2018 , 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.

Net Investment in Leases

Net Investment in Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Net Investment in Leases	Net Investment in Leases In May 2019, the Company entered into a transaction with an operator of bowling entertainment venues, consisting of the purchase of nine bowling centers for $56.7 million , of which seven were acquired from the lessee for $44.1 million , and a commitment to purchase up to $55.0 million of additional bowling centers over the next several years. The new centers were added to the Company's existing master leases with the tenant. In connection with this transaction, the maturities of the master leases were extended by 15 years to 2047. As a result of the modifications to the leases, the Company classified the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale," $25.4 million from "Deferred operating lease income receivable, net," $ 13.4 million from "Deferred expenses and other assets, net" and $1.9 million from "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheet. The Company recognized $180.4 million in "Selling profit from sales-type leases" in its consolidated statements of operations for the three and six months ended June 30, 2019 as a result of the transaction. For the three and six months ended June 30, 2019, the Company recognized $3.8 million of "Interest income from sales-type leases" in the Company's consolidated statements of operations. The Company determined that the seven bowling centers acquired from the lessee qualified as a failed sale leaseback transaction and recorded $44.1 million in "Loans receivable and other lending investments, net" on its consolidated balance sheet (refer to Note 3). Future Minimum Lease Payments under Sales-type Leases —Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of June 30, 2019, are as follows by year ($ in thousands): Amount 2019 (remaining six months) $ 13,783 2020 27,565 2021 28,062 2022 30,549 2023 30,549 Thereafter 925,293 Total undiscounted cash flows 1,055,801 Unguaranteed estimated residual value 350,322 Present value discount (984,281 ) Net investment in leases as of June 30, 2019 $ 421,842

Land and Development

Land and Development	6 Months Ended
	Jun. 30, 2019
Land And Development [Abstract]
Land and Development	Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of June 30, December 31, 2019 2018 Land and land development, at cost $ 677,778 $ 606,849 Less: accumulated depreciation (9,122 ) (8,631 ) Total land and development, net $ 668,656 $ 598,218 Acquisitions— During the six months ended June 30, 2019, the Company acquired a land and development asset from an unconsolidated entity in which the Company owned a noncontrolling 50% equity interest for $34.3 million , which consisted of a $7.3 million cash payment and the assumption of a $27.0 million loan (refer to Note 8). During the six months ended June 30, 2018, the Company acquired, via foreclosure, title to a land asset which had a total fair value of $4.6 million and had previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. Dispositions— During the six months ended June 30, 2019 and 2018, the Company sold land parcels and residential lots and units and recognized land development revenue of $21.8 million and $357.4 million , respectively. In connection with the sale of two land parcels totaling 93 acres during the six months ended June 30, 2018, the Company provided an aggregate $145.0 million of financing to the buyers, of which $81.0 million was outstanding as of June 30, 2019 . During the six months ended June 30, 2019 and 2018, the Company recognized land development cost of sales of $23.7 million and $306.8 million , respectively, from its land and development portfolio. Impairments— During the three and six months ended June 30, 2019, the Company recorded an impairment of $1.1 million on a land and development asset due to a change in business strategy. During the three and six months ended June 30, 2018, the Company recorded an impairment of $1.3 million on a land and development asset based upon market comparable sales.

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Loans Receivable and Other Lending Investments, net	Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment June 30, December 31, Senior mortgages $ 671,159 $ 760,749 Corporate/Partnership loans 124,266 148,583 Subordinate mortgages 10,515 10,161 Total gross carrying value of loans 805,940 919,493 Reserves for loan losses (53,408 ) (53,395 ) Total loans receivable, net 752,532 866,098 Other lending investments (1) 149,614 122,126 Total loans receivable and other lending investments, net $ 902,146 $ 988,224 ____________________________________________________________ (1) As of June 30, 2019, includes $44.1 million related to the acquisition of bowling centers from one of the Company's lessees (refer to Note 5). Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Reserve for loan losses at beginning of period $ 53,298 $ 69,466 $ 53,395 $ 78,489 Provision for loan losses 110 18,892 13 18,037 Charge-offs — (33,863 ) — (42,031 ) Reserve for loan losses at end of period $ 53,408 $ 54,495 $ 53,408 $ 54,495 The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of June 30, 2019 Loans $ 66,034 $ 744,944 $ 810,978 Less: Reserve for loan losses (40,888 ) (12,520 ) (53,408 ) Total (3) $ 25,146 $ 732,424 $ 757,570 As of December 31, 2018 Loans $ 66,725 $ 857,662 $ 924,387 Less: Reserve for loan losses (40,395 ) (13,000 ) (53,395 ) Total (3) $ 26,330 $ 844,662 $ 870,992 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.5 million and $0.5 million as of June 30, 2019 and December 31, 2018 , 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 $1.0 million and $3.1 million as of June 30, 2019 and December 31, 2018 , respectively. (3) The Company's recorded investment in loans as of June 30, 2019 and December 31, 2018 , including accrued interest of $5.0 million and $4.9 million , respectively, is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of June 30, 2019 and December 31, 2018 , the total amounts exclude $105.5 million and $122.1 million , respectively, of securities that are evaluated for impairment under ASC 320. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments, which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of June 30, 2019 As of December 31, 2018 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 609,021 2.92 $ 697,807 2.76 Corporate/Partnership loans 125,377 3.12 149,663 2.84 Subordinate mortgages 10,547 3.00 10,192 3.00 Total $ 744,945 2.95 $ 857,662 2.77 The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of June 30, 2019 Senior mortgages $ 615,021 $ — $ 60,033 $ 60,033 $ 675,054 Corporate/Partnership loans 125,377 — — — 125,377 Subordinate mortgages 10,547 — — — 10,547 Total $ 750,945 $ — $ 60,033 $ 60,033 $ 810,978 As of December 31, 2018 Senior mortgages $ 703,807 $ — $ 60,725 $ 60,725 $ 764,532 Corporate/Partnership loans 149,663 — — — 149,663 Subordinate mortgages 10,192 — — — 10,192 Total $ 863,662 $ — $ 60,725 $ 60,725 $ 924,387 _______________________________________________________________________________ (1) As of June 30, 2019 , 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 years to 10.0 years outstanding. As of December 31, 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 years to 9.0 years outstanding. Impaired Loans —The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands) (1) : As of June 30, 2019 As of December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 66,033 $ 65,945 $ (40,888 ) $ 66,725 $ 66,777 $ (40,395 ) Total $ 66,033 $ 65,945 $ (40,888 ) $ 66,725 $ 66,777 $ (40,395 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Subordinate mortgages $ — $ — $ — $ — $ — $ — $ — $ 92 Subtotal — — — — — — — 92 With an allowance recorded: Senior mortgages 66,379 — 67,252 — 66,605 — 71,949 — Corporate/Partnership loans — — 78,338 — — — 104,403 — Subtotal 66,379 — 145,590 — 66,605 — 176,352 — Total: Senior mortgages 66,379 — 67,252 — 66,605 — 71,949 — Corporate/Partnership loans — — 78,338 — — — 104,403 — Subordinate mortgages — — — — — — — 92 Total $ 66,379 $ — $ 145,590 $ — $ 66,605 $ — $ 176,352 $ 92 Other lending investments —Other lending investments includes the following securities ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of June 30, 2019 Available-for-Sale Securities Municipal debt securities $ 21,140 $ 21,140 $ 2,184 $ 23,324 $ 23,324 Held-to-Maturity Securities Debt securities 100,000 82,205 — 82,205 82,205 Total $ 121,140 $ 103,345 $ 2,184 $ 105,529 $ 105,529 As of December 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 476 $ 21,661 $ 21,661 Held-to-Maturity Securities Debt securities 120,866 100,465 7 100,472 100,465 Total $ 142,051 $ 121,650 $ 483 $ 122,133 $ 122,126 As of June 30, 2019 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ — $ — $ — $ — After one year through 5 years 82,205 82,205 — — After 5 years through 10 years — — — — After 10 years — — 21,140 23,324 Total $ 82,205 $ 82,205 $ 21,140 $ 23,324

Other Investments

Other Investments	6 Months Ended
	Jun. 30, 2019
Investments, All Other Investments [Abstract]
Other Investments	Other Investments The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended June 30, For the Six Months June 30, 2019 December 31, 2018 2019 2018 2019 2018 Real estate equity investments Safehold Inc. ("SAFE") $ 402,860 $ 149,589 $ 3,814 $ 680 $ 11,130 $ 2,152 iStar Net Lease II LLC ("Net Lease Venture II") 5,397 16,215 (232 ) — (318 ) — iStar Net Lease I LLC ("Net Lease Venture") (1) — — — 2,016 — 4,100 Other real estate equity investments 111,958 130,955 293 (295 ) (1,830 ) (25 ) Subtotal 520,215 296,759 3,875 2,401 8,982 6,227 Other strategic investments (2) 43,955 7,516 (235 ) (9,679 ) (33 ) (10,173 ) Total $ 564,170 $ 304,275 $ 3,640 $ (7,278 ) $ 8,949 $ (3,946 ) ____________________________________________________________ (1) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (2) For the three and six months ended June 30, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions. Safehold Inc. —Safehold Inc. ("SAFE"), formerly known as Safety, Income & Growth Inc., is a publicly-traded company formed by the Company primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Leases"). On January 2, 2019, the Company purchased 12,500,000 newly designated limited partnership units (the "Investor Units") in SAFE's operating partnership ("SAFE OP"), at a purchase price of $20.00 per unit, for a total purchase price of $250.0 million . The purpose of the investment was to allow SAFE to fund additional Ground Lease acquisitions and originations. Each Investor Unit received distributions equivalent to distributions declared and paid on one share of SAFE's common stock. The Investor Units had no voting rights. They had limited protective consent rights over certain matters such as amendments to the terms of the Investor Units that would adversely affect the Investor Units. In May 2019, after the approval of SAFE's stockholders, the Investor Units were exchanged for shares of SAFE's common stock on a one-for-one basis. Following the exchange, the Investor Units were retired. As of June 30, 2019 , the Company owned approximately 66.5% of SAFE's common stock outstanding. In connection with the Company's purchase of the Investor Units, it entered into a Stockholder's Agreement with SAFE on January 2, 2019. The Stockholder's Agreement: • limits the Company's discretionary voting power to 41.9% of the outstanding voting power of SAFE's common stock until its aggregate ownership of SAFE common stock is less than 41.9% ; • requires the Company to cast all of its voting power in favor of three director nominees to SAFE's board who are independent of each of the Company and SAFE for three years; • subjects the Company to certain standstill provisions for two years ; • restricts the Company's ability to transfer shares of SAFE common stock issued in exchange for Investor Units, or "Exchange Shares," for one year after their issuance; • prohibits the Company from transferring shares of SAFE common stock representing more than 20% of the outstanding SAFE common stock in one transaction or a series of related transactions to any person or group, other than pursuant to a widely distributed public offering, unless SAFE's other stockholders have participation rights in the transaction; and • provides the Company certain preemptive rights. A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee. Following are the key terms of the management agreement: • The Company received no management fee through June 30, 2018, which covered the first year of the management agreement; • The Company receives a fee equal to 1.0% of total SAFE equity (as defined in the management agreement) up to $1.5 billion ; 1.25% of total SAFE equity (for incremental equity of $1.5 billion - $3.0 billion ); 1.375% of total SAFE equity (for incremental equity of $3.0 billion - $5.0 billion ); and 1.5% of total SAFE equity (for incremental equity over $5.0 billion ); • Fee to be paid in cash or in shares of SAFE common stock, at the discretion of SAFE's independent directors; • The stock is locked up for two years , subject to certain restrictions; • There is no additional performance or incentive fee; • From January 1, 2019 through June 30, 2022, the management agreement is non-terminable by SAFE except for cause; and • Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE's independent directors and payment of termination fee equal to three times the prior year's management fee, subject to SAFE having raised $820 million of total equity since inception. During the three and six months ended June 30, 2019 , the Company recorded $1.5 million and $3.1 million , respectively, of management fees and during the three and six months ended June 30, 2018, the Company waived $0.9 million and $1.8 million , respectively, of management fees pursuant to its management agreement with SAFE. During the three and six months ended June 30, 2019, the Company received 75,585 shares and 121,605 shares, respectively, of SAFE common stock for payment of management fees. 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 certain of the expense reimbursements through June 30, 2018. For the three and six months ended June 30, 2019 , the Company was reimbursed $0.5 million and $1.1 million , respectively, of expense reimbursements. For the three and six months ended June 30, 2018, the Company waived $0.4 million and $0.8 million , respectively, of expense reimbursements pursuant to its management agreement with SAFE. 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, all of which were approved by the Company's and SAFE's independent directors, for the periods presented: 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 is for the renovation of a medical office building in Atlanta, GA. As of June 30, 2019 , $18.0 million of the loan was funded. During the three months ended June 30, 2019 and 2018, the Company recorded $0.5 million and $0.3 million , respectively, of interest income on the loan. During the six months ended June 30, 2019 and 2018, the Company recorded $0.9 million and $0.6 million , respectively, of interest income on the loan. 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 a to-be-built luxury multi-family project in San Jose, CA. The transaction includes a combination of: (i) a newly created Ground Lease and a $7.2 million leasehold improvement allowance, which was fully funded as of June 30, 2019 ; and (ii) a $80.5 million leasehold first mortgage. As of June 30, 2019 , $14.9 million of the loan was funded. During the three months ended June 30, 2019 and 2018, the Company recorded $0.2 million and $0.1 million , respectively, of interest income on the loan. During the six months ended June 30, 2019 and 2018, the Company recorded $0.3 million and $0.1 million , respectively, of interest income on the loan. 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 . In May 2018, the Company provided a $19.9 million leasehold mortgage loan to the ground lessee of a Ground Lease originated at SAFE. As of June 30, 2019 , the loan was fully funded. The loan was for the acquisition of two multi-tenant office buildings in Atlanta, GA. During the three months ended June 30, 2019 and 2018, the Company recorded $0.5 million and $0.2 million , respectively, of interest income on the loan. During the six months ended June 30, 2019 and 2018, the Company recorded $1.1 million and $0.2 million , respectively, of interest income on the loan. In January 2019, the Company committed to provide a $13.3 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan is for the conversion of an office building into a multi-family property in Washington, DC. As of June 30, 2019 , $12.1 million of the loan was funded. During the three and six months ended June 30, 2019 , the Company recorded $0.2 million and $0.4 million , respectively, of interest income on the loan. In February 2019, the Company acquired the leasehold interest in a net lease property and simultaneously entered into a new 98 -year Ground Lease with SAFE (refer to Note 4). Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form the Net Lease Venture to acquire and develop net lease assets and gave a right of first offer to the 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." The Company is responsible for sourcing new opportunities and managing the venture and its assets 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 own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% partner's interest. During the three and six months ended June 30, 2018, the Company recorded $0.7 million and $1.3 million , respectively, of management fees from the Net Lease Venture. The management fees are included in "Other income" in the Company's consolidated statements of operations. Beginning after the Company's consolidation of the Net Lease Venture on June 30, 2018 and after the effect of eliminations, the Company earned $0.4 million and $0.7 million , respectively, of management fees during the three and six months ended June 30, 2019 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. Net Lease Venture II —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 (excluding Ground Leases) originated by the Company. Net Lease Venture II is a voting interest entity and the Company has an equity interest in the venture of approximately 51.9% , which will be accounted for as an equity method investment, and is responsible for managing the venture in exchange for a management fee and incentive fee. During the three and six months ended June 30, 2019 , the Company recorded $0.4 million and $0.8 million , respectively, of management fees from the Net Lease Venture II. In December 2018, Net Lease Venture II acquired four buildings comprising 168,636 square feet (the "Properties") located in Livermore, CA. Net Lease Venture II acquired the Properties for $31.2 million which are 100% leased with four separate leases that expire in December 2028. Other real estate equity investments —As of June 30, 2019 , the Company's other real estate equity investments include equity interests in real estate ventures ranging from 16.0% to 95.0% , comprised of investments of $69.2 million in operating properties and $42.8 million in land assets. As of December 31, 2018 , the Company's other real estate equity investments included $65.6 million in operating properties and $65.3 million in land assets. In August 2018, the Company provided a mezzanine loan with a principal balance of $31.9 million and $30.5 million as of June 30, 2019 and December 31, 2018, respectively, to an unconsolidated entity in which the Company owns a 50% equity interest. As of June 30, 2019 and December 31, 2018, the loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheet. During the three and six months ended June 30, 2019 , the Company recorded $0.7 million and $1.4 million , respectively, 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 owned a 50.0% equity interest. The Company provided financing to the entity in the form of a $27.0 million senior loan, all of which was funded as of December 31, 2018 and was included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. In April 2019, the Company acquired the land and development asset from the entity for $34.3 million , which consisted of a $7.3 million cash payment and the assumption of the $27.0 million senior loan. During the three months ended June 30, 2019 and 2018, the Company recorded $0.1 million and $0.5 million of interest income, respectively, on the senior loan. During the six months ended June 30, 2019 and 2018, the Company recorded $0.6 million and $1.0 million , respectively, of interest income on the senior loan. Other strategic investments —As of June 30, 2019 and December 31, 2018, the Company also had investments in real estate related funds and other strategic investments in real estate entities.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2019
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of June 30, 2019 December 31, 2018 Intangible assets, net (1) $ 154,574 $ 156,281 Restricted cash 64,154 42,793 Finance lease right-of-use assets (2) 67,901 — Operating lease right-of-use assets (2) 28,908 — Other assets (3) 38,860 32,333 Other receivables (4) 22,036 46,887 Leasing costs, net (5) 4,343 6,224 Corporate furniture, fixtures and equipment, net (6) 3,271 3,850 Deferred financing fees, net 2,505 900 Deferred expenses and other assets, net $ 386,552 $ 289,268 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $27.7 million and $27.0 million as of June 30, 2019 and December 31, 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 $1.0 million for the three and six months ended June 30, 2019 , respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2018, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.2 million and $4.5 million for the three and six months ended June 30, 2019 , respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2018, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) Right-of-use lease assets relate primarily to the Company's leases of office space and certain of its ground leases. Right-of use lease assets initially equal the lease liability. The lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company's weighted average incremental secured borrowing rate for similar collateral estimated to be 5.6% and the weighted average lease term is 9.7 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.7% and the weighted average lease term is 97.7 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in "Depreciation and amortization" in the Company's consolidated statements of operations. During the three and six months ended June 30, 2019 , the Company recognized $1.0 million and $1.3 million , respectively, in "Interest expense" and $0.2 million and $0.2 million , respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. Right-of-use assets for operating leases are amortized on a straight-line basis over the term of the lease and are recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the three and six months ended June 30, 2019 , the Company recognized $0.9 million and $1.8 million , respectively, in "General and administrative" and $0.6 million and $1.8 million , respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) As of December 31, 2018 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property that was received in 2019. (5) Accumulated amortization of leasing costs was $3.2 million and $4.4 million as of June 30, 2019 and December 31, 2018 , respectively. (6) Accumulated depreciation on corporate furniture, fixtures and equipment was $12.5 million and $11.9 million as of June 30, 2019 and December 31, 2018 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2019 December 31, 2018 Other liabilities (1) $ 91,502 143,325 Accrued expenses 75,427 95,149 Finance lease liabilities (see table above) 68,571 — Intangible liabilities, net (2) 47,708 35,108 Operating lease liabilities (see table above) 28,917 — Accrued interest payable 33,516 42,669 Accounts payable, accrued expenses and other liabilities $ 345,641 $ 316,251 _______________________________________________________________________________ (1) As of June 30, 2019 and December 31, 2018 , other liabilities includes $0.2 million and $18.5 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of June 30, 2019 and December 31, 2018 , other liabilities also includes $9.1 million and $9.4 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $3.9 million and $2.8 million as of June 30, 2019 and December 31, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $1.1 million for the three and six months ended June 30, 2019 , respectively, and $0.1 million and $0.3 million for the three and six months

Loan Participations Payable, ne

Loan Participations Payable, net	6 Months Ended
	Jun. 30, 2019
Transfers and Servicing [Abstract]
Loan Participations Payable, net	Loan Participations Payable, net The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of June 30, 2019 December 31, 2018 Loan participations payable (1) $ 30,037 $ 22,642 Debt discounts and deferred financing costs, net (89 ) (158 ) Total loan participations payable, net $ 29,948 $ 22,484 _______________________________________________________________________________ (1) As of June 30, 2019 and December 31, 2018, the Company had one loan participation payable with an interest rate of 7.0% . Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of June 30, 2019 and December 31, 2018 . As of June 30, 2019 and December 31, 2018 , the corresponding loan receivable balances were $30.1 million and $22.5 million

Debt Obligations, net

Debt Obligations, net	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt Obligations, net	Debt Obligations, net The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled June 30, 2019 December 31, 2018 Secured credit facilities and mortgages: 2015 $325 million Revolving Credit Facility $ — $ — LIBOR + 2.50% (1) September 2020 2016 Senior Term Loan 643,500 646,750 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 631,393 802,367 3.62% - 7.26% (3) Total secured credit facilities and mortgages 1,274,893 1,449,117 Unsecured notes: 5.00% senior notes (4) — 375,000 5.00 % — 4.625% senior notes (5) 400,000 400,000 4.625 % September 2020 6.50% senior notes (6) 275,000 275,000 6.50 % July 2021 6.00% senior notes (7) 375,000 375,000 6.00 % April 2022 5.25% senior notes (8) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (9) 287,500 287,500 3.125 % September 2022 Total unsecured notes 1,737,500 2,112,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,112,393 3,661,617 Debt discounts and deferred financing costs, net (43,837 ) (52,531 ) Total debt obligations, net (10) $ 3,068,556 $ 3,609,086 _______________________________________________________________________________ (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) In June 2019, the buyer of a portfolio of net lease assets assumed a $228.0 million non-recourse mortgage (refer to Note 4). As of June 30, 2019 , the weighted average interest rate of these loans is 4.5% , inclusive of the effect of interest rate swaps. (4) The Company prepaid these senior notes in March 2019 without penalty. (5) The Company can prepay these senior notes without penalty beginning June 15, 2020. (6) The Company can prepay these senior notes without penalty beginning July 1, 2020. (7) The Company can prepay these senior notes without penalty beginning April 1, 2021. (8) The Company can prepay these senior notes without penalty beginning September 15, 2021. (9) The Company's 3.125% senior convertible fixed rate notes due September 2022 ("3.125% Convertible Notes") are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of June 30, 2019 was 66.8675 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.95 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the debt component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the debt component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of June 30, 2019 , the carrying value of the 3.125% Convertible Notes was $265.6 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $18.0 million , net of fees. During the three and six months ended June 30, 2019 , the Company recognized $2.2 million and $4.5 million , respectively, of contractual interest and $1.2 million and $2.5 million , respectively, of discount amortization on the 3.125% Convertible Notes. During the three and six months ended June 30, 2018, the Company recognized $2.2 million and $4.5 million , respectively, of contractual interest and $1.2 million and $2.3 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (10) The Company capitalized interest relating to development activities of $3.5 million and $6.5 million during the three and six months ended June 30, 2019 , respectively, and $2.1 million and $4.5 million during the three and six months ended June 30, 2018, respectively.. Future Scheduled Maturities —As of June 30, 2019 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2019 (remaining six months) $ — $ — $ — 2020 400,000 — 400,000 2021 275,000 160,511 435,511 2022 1,062,500 48,438 1,110,938 2023 — 643,500 643,500 Thereafter 100,000 422,444 522,444 Total principal maturities 1,837,500 1,274,893 3,112,393 Unamortized discounts and deferred financing costs, net (35,026 ) (8,811 ) (43,837 ) Total debt obligations, net $ 1,802,474 $ 1,266,082 $ 3,068,556 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 three and six months ended June 30, 2018, repayments of the 2016 Senior Term Loan resulted in losses on early extinguishment of debt of $2.2 million and $2.5 million , respectively. 2015 Revolving Credit Facility —In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Revolving Credit Facility"). In September 2017, the Company upsized the 2015 Revolving Credit Facility to $325.0 million , added additional lenders to the syndicate, extended the maturity date to September 2020 and made certain other changes. This facility is secured by a pledge of the equity interest in a pool of assets which provide asset value coverage for borrowings under the facility. Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.30% to 0.50% , based on corporate credit ratings. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2021. As of June 30, 2019 , 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 March 2019, the Company repaid in full the 5.00% senior unsecured notes due July 2019. During the six months ended June 30, 2019 , repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $0.5 million . Collateral Assets —The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of June 30, 2019 December 31, 2018 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,254,161 $ 167,441 $ 1,620,008 $ 151,011 Real estate available and held for sale — 12,770 1,055 21,496 Net investment in leases 421,842 — — — Land and development, net 42,300 626,356 12,300 585,918 Loans receivable and other lending investments, net (2)(3) 364,665 519,939 498,524 480,154 Other investments — 564,170 — 304,275 Cash and other assets 11,010 763,831 — 1,329,990 Total $ 2,093,978 $ 2,654,507 $ 2,131,887 $ 2,872,844 _______________________________________________________________________________ (1) The 2016 Senior Term Loan and the 2015 Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). As of June 30, 2019 , Collateral Assets includes $403.2 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 June 30, 2019 . (2) As of June 30, 2019 and December 31, 2018 , the amounts presented exclude general reserves for loan losses of $12.5 million and $13.0 million , respectively. (3) As of June 30, 2019 and December 31, 2018 , the amounts presented exclude loan participations of $30.1 million and $22.5 million , respectively. Debt Covenants The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness, as such terms are defined in the indentures governing the debt securities, of at least 1.2 x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5 x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures. The Company's 2016 Senior Term Loan and the 2015 Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Term Loan requires the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facility. The 2015 Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both borrowing base asset value of at least 1.5 x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5 x. The 2015 Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the borrowing base asset value remains at least 1.5 x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. The Company may not pay common dividends if it ceases to qualify as a REIT. In June 2018, the Company amended the terms of the 2016 Senior Term Loan and the 2015 Revolving Credit Facility to include the ability to pay common dividends with no restrictions so long as the Company is not in default on any of its debt obligations. The Company's 2016 Senior Term Loan and the 2015 Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments —The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of June 30, 2019 , 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 (2) Other Investments Total Performance-Based Commitments $ 330,592 $ 63,415 $ — $ 394,007 Strategic Investments — — 24,542 24,542 Total $ 330,592 $ 63,415 $ 24,542 $ 418,549 _______________________________________________________________________________ (1) Excludes $19.9 million of commitments on loan participations sold that are not the obligation of the Company. (2) Includes a commitment to purchase up to $55.0 million of additional bowling centers over the next several years (refer to Note 5). Other Commitments —Future minimum lease obligations under operating and finance leases as of June 30, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2019 $ 2,147 $ 1,295 2020 4,054 2,633 2021 1,468 2,686 2022 869 2,740 2023 728 2,794 Thereafter 2,074 759,082 Total undiscounted cash flows 11,340 771,230 Present value discount (1) (1,586 ) (702,659 ) Other adjustments (2) 19,163 — Lease liabilities $ 28,917 $ 68,571 _______________________________________________________________________________ (1) During the three and six months ended June 30, 2019, the Company made payments of $1.0 million and $2.0 million , respectively, related to its operating leases and $0.7 million and $0.9 million , respectively, related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.4 years and the weighted average discount rate was 5.6% . The lease term for the Company's finance lease was 97.7 years and the discount rate was 5.7% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under operating leases as of December 31, 2018 are as follows ($ in thousands): Operating (1) 2019 $ 4,340 2020 4,016 2021 1,589 2022 991 2023 849 Thereafter 2,469 _______________________________________________________________________________ (1) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. Legal Proceedings —The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including foreclosure-related proceedings. The Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 ($ in thousands) (1) : Derivative Assets Derivative Liabilities As of June 30, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 228 Accounts payable, accrued expenses and other liabilities $ 8,720 Total $ 228 $ 8,720 Derivative Assets Derivative Liabilities As of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 3,669 Accounts payable, accrued expenses and other liabilities $ 10,244 Total $ 3,669 $ 10,244 _________________________________________________________ (1) Over the next 12 months, the Company expects that $4.4 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of June 30, 2019 and December 31, 2018 , the Company posted cash collateral of $17.2 million and $6.4 million , respectively, in connection with its derivatives which were in a liability position and would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations. The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) When Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended June 30, 2019 Interest rate swaps Earnings from equity method investments $ (8,036 ) $ 9 Interest rate swaps Interest expense (12,951 ) (266 ) For the Three Months Ended June 30, 2018 Interest rate swaps Interest Expense (1,150 ) — Interest rate swaps Earnings from equity method investments 1,157 81 For the Six Months Ended June 30, 2019 Interest rate swaps Earnings from equity method investments (15,226 ) 153 Interest rate swaps Interest expense (20,773 ) (417 ) For the Six Months Ended June 30, 2018 Interest rate swaps Interest Expense (1,150 ) — Interest rate swaps Earnings from equity method investments 3,508 90

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Equity	Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of June 30, 2019 and December 31, 2018: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Equivalent to Fixed Annual Rate (per share) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 16,200 $ 476,000 ________________________________________ (1) Holders of shares of the Series D, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $4.0 million , $3.1 million and $4.7 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the six months ended June 30, 2019 and 2018 , respectively. The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2019 and 2018 . The character of the 2018 dividends was 100% capital gain distribution, of which 26.02% represented unrecaptured section 1250 gain and 73.98% 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 shares of the Company's common stock. 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. The conversion rate as of June 30, 2019 was 4.0612 shares of the Company's common stock (equal to a conversion price of approximately $12.31 per share). The conversion rate is subject to adjustment from time to time for specified events. 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 begin to expire in 2029 and will fully expire in 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 common stock dividends of $12.7 million , or $0.19 per share, for the six months ended June 30, 2019 . The Company did not declare any common stock dividends for the six months ended June 30, 2018 . Stock Repurchase Program —The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. During the six months ended June 30, 2019 , the Company repurchased 6.2 million shares of its outstanding common stock for $58.3 million , for an average cost of $9.42 per share. During the six months ended June 30, 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. As of June 30, 2019 , the Company had remaining authorization to repurchase up to $22.5 million of common stock under its stock repurchase program. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of June 30, 2019 December 31, 2018 Unrealized gains on available-for-sale securities $ 2,185 $ 475 Unrealized losses on cash flow hedges (32,123 ) (13,546 ) Unrealized losses on cumulative translation adjustment (4,199 ) (4,199 ) Accumulated other comprehensive loss $ (34,137 ) $ (17,270 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	6 Months Ended
	Jun. 30, 2019
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 $9.7 million and $14.0 million for the three and six months ended June 30, 2019 , respectively, and $3.5 million and $12.6 million for the three and six months ended June 30, 2018 , respectively, in "General and administrative" in the Company's consolidated statements of operations. Performance Incentive Plans —The Company's Performance Incentive Plans ("iPIP") are 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 plans. Awards vest over six years , with 40% being vested at the end of the second year and 15% each year thereafter. 2019-2020 iPIP Plan —The Company's 2019-2020 iPIP plan is an equity-classified award which is measured at the grant date fair value and recognized as compensation cost in "General and administrative" in the Company's consolidated statements of operations and "Noncontrolling interests" in the Company's consolidated statements of changes in equity over the requisite service period. Investments in the 2019-2020 iPIP plan will be held by a consolidated subsidiary of the Company that has two ownership classes, class A units and class B units. The Company owns 100% of the class A units and the class B units were issued to employees as long-term compensation. Except for certain clawback provisions, participants can retain vested class B units upon their termination of employment with the Company. The class B units are entitled to distributions from the net cash realized from the investments in the plan after the Company, through its ownership of the class A units, has received a specified return on its invested capital and a return of its invested capital. Distributions on the class B units are also subject to reductions under a total shareholder return ("TSR") adjustment. The fair value of the class B units was determined using a model that forecasts the underlying cash flows from the investments within the entity to which the class B units have ownership rights. During the six months ended June 30, 2019 , the Company recorded $1.4 million of expense related to the 2019-2020 iPIP plan. Distributions on the class B units will be 50% in cash and 50% in shares of the Company's common stock. 2013-2018 iPIP Plans —The remainder of the Company's iPIP plans, as shown in the table below, are liability-classified awards and are remeasured each reporting period at fair value until the awards are settled. Certain employees will be granted awards that entitle employees to receive the residual cash flows from the investments in the plans after the Company has received a specified return on its invested capital and a return of its invested capital. Awards are also subject to reductions under a TSR adjustment. The fair value of awards is determined using a model that forecasts the Company's projected investment performance. Settlement of the awards will be 50% in cash and 50% in shares of the Company's common stock. The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the six months ended June 30, 2019 . iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 85.77 79.41 82.43 Granted — — — Forfeited (1.60 ) (2.73 ) (3.72 ) Points at end of period 84.17 76.68 78.71 During the six months ended June 30, 2019 , the Company made distributions to participants in the 2013-2014 investment pool. The iPIP participants received total distributions in the amount of $7.4 million as compensation, comprised of $3.8 million in cash and 389,545 shares of the Company's common stock, with a fair value of $3.6 million or $9.21 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 209,118 shares of the Company's common stock were issued. As of June 30, 2019 and December 31, 2018 , the Company had accrued compensation costs relating to iPIP of $39.9 million and $37.5 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. In May 2019, the Company's shareholders approved an increase in the number of shares available for issuance under the 2009 LTIP from 8.0 million to 8.9 million and extended the expiration date of the 2009 LTIP from May 2019 to May 2029. As of June 30, 2019 , an aggregate of 3.0 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP. Restricted Stock Unit Activity —A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the six months ended June 30, 2019 , is as follows (in thousands): Nonvested at beginning of period 357 Granted 474 Vested (52 ) Forfeited (86 ) Nonvested at end of period 693 As of June 30, 2019 , there was $4.0 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 1.7 years. Directors' Awards —During the six months ended June 30, 2019 , the Company granted 80,270 restricted shares of common stock to non-employee Directors at a fair value of $8.74 at the time of grant for their annual equity awards and also issued 3,481 common stock equivalents ("CSEs") at a fair value of $9.45 per CSE in respect of dividend equivalents on outstanding CSEs. As of June 30, 2019 , a combined total of 255,921 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.2 million . 401(k) Plan —The Company made contributions of $0.1 million and $0.7 million for the three and six months ended June 30, 2019 , respectively, and $0.1 million and $0.8 million for the three and six months ended June 30, 2018

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 373,691 $ 60,506 $ 366,721 $ 95,532 Net income attributable to noncontrolling interests (2,852 ) (9,509 ) (5,323 ) (9,604 ) Preferred dividends (8,124 ) (8,124 ) (16,248 ) (16,248 ) Net income allocable to common shareholders for basic earnings per common share $ 362,715 $ 42,873 $ 345,150 $ 69,680 Add: Effect of Series J convertible perpetual preferred stock 2,250 2,250 4,500 4,500 Net income allocable to common shareholders for diluted earnings per common share $ 364,965 $ 45,123 $ 349,650 $ 74,180 For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Earnings allocable to common shares: Numerator for basic earnings per share: Net income allocable to common shareholders $ 362,715 $ 42,873 $ 345,150 $ 69,680 Numerator for diluted earnings per share: Net income allocable to common shareholders $ 364,965 $ 45,123 $ 349,650 $ 74,180 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 64,019 67,932 65,873 67,922 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 87 127 85 125 Add: Effect of series J convertible perpetual preferred stock 16,153 15,635 16,053 15,635 Weighted average common shares outstanding for diluted earnings per common share 80,259 83,694 82,011 83,682 Basic earnings per common share: Net income allocable to common shareholders $ 5.67 $ 0.63 $ 5.24 $ 1.03 Diluted earnings per common share: (1) Net income allocable to common shareholders $ 4.55 $ 0.54 $ 4.26 $ 0.89 _______________________________________________________________________________ (1) For the three and six months ended June 30, 2019 , the effect of certain of the Company's restricted stock awards were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes (refer to Note 11) 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 six months ended June 30, 2019 and therefore the 3.125%

Fair Values

Fair Values	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Values	Fair Values Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis. The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2019 Recurring basis: Derivative assets (1) $ 228 $ — $ 228 $ — Derivative liabilities (1) 8,720 — 8,720 — Available-for-sale securities (1) 23,324 — 23,324 — Non-recurring basis: Impaired land and development (2) 1,282 — — 1,282 As of December 31, 2018 Recurring basis: Derivative assets (1) $ 3,669 $ — $ 3,669 $ — Derivative liabilities (1) 10,244 — 10,244 — Available-for-sale securities (1) 21,661 — — 21,661 Non-recurring basis: Impaired real estate (3) 29,400 — — 29,400 Impaired real estate available and held for sale (4) 19,300 — — 19,300 Impaired land and development (5) 78,400 — — 78,400 ____________________________________________________________ (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 of $1.1 million on a land and development asset with an estimated fair value of $1.3 million . The fair value is based on market comparable sales. (3) The Company recorded aggregate impairments of $76.3 million on three real estate assets with an estimated aggregate fair value of $29.4 million . The impairments were as follows: a. A $23.2 million impairment on a commercial operating property based on a decline in expected operating performance. The fair value is based on the Company's estimate of the recoverability of its investment in the project. b. A $6.0 million impairment on a property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $47.1 million impairment on a commercial operating property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. (4) The Company recorded aggregate impairments of $3.7 million on two real estate assets held for sale. The fair values are based on market comparable sales. (5) The Company recorded aggregate impairments of $55.4 million on four land and development assets with an estimated aggregate fair value of $78.4 million . The impairments were as follows: a. A $25.0 million impairment on a waterfront land and development asset based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. b. A $21.6 million impairment on a master planned community based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $6.9 million impairment on an infill land and development asset based on the deterioration of the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. d. A $1.9 million impairment on a waterfront land and development asset based on the sale of the asset in 2019. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the six months ended June 30, 2019 and 2018 ($ in thousands): 2019 2018 Beginning balance $ 21,661 $ 22,842 Repayments (47 ) (46 ) Unrealized gains (losses) recorded in other comprehensive income 1,710 (956 ) Ending balance $ 23,324 $ 21,840 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $0.9 billion and $3.2 billion , respectively, as of June 30, 2019 and $1.0 billion and $3.5 billion , respectively, as of December 31, 2018 . 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, net investment in leases and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, is included in the fair value hierarchy table above.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2019
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 and its investment in SAFE (refer to Note 8). The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended June 30, 2019: Operating lease income $ — $ 48,660 $ 6,455 $ 70 $ — $ 55,185 Interest income 19,933 408 — — — 20,341 Interest income from sales-type leases — 3,817 — — — 3,817 Other income 532 2,937 3,974 1,311 1,296 10,050 Land development revenue — — — 9,075 — 9,075 Earnings (losses) from equity method investments — 3,582 (2,630 ) 2,924 (236 ) 3,640 Selling profit from sales-type leases — 180,416 — — — 180,416 Income from sales of real estate — 219,742 781 — — 220,523 Total revenue and other earnings 20,465 459,562 8,580 13,380 1,060 503,047 Real estate expense — (5,769 ) (8,288 ) (7,981 ) — (22,038 ) Land development cost of sales — — — (9,236 ) — (9,236 ) Other expense (47 ) — — — (11,836 ) (11,883 ) Allocated interest expense (7,936 ) (23,606 ) (2,548 ) (5,493 ) (4,169 ) (43,752 ) Allocated general and administrative (2) (2,279 ) (6,734 ) (726 ) (2,923 ) (4,936 ) (17,598 ) Segment profit (loss) (3) $ 10,203 $ 423,453 $ (2,982 ) $ (12,253 ) $ (19,881 ) $ 398,540 Other significant items: Provision for loan losses $ 110 $ — $ — $ — $ — $ 110 Impairment of assets — — 2 1,100 — 1,102 Depreciation and amortization — 12,272 900 244 302 13,718 Capitalized expenditures — 2,105 1,646 29,414 — 33,165 Three Months Ended June 30, 2018: Operating lease income $ — $ 29,310 $ 15,199 $ 100 $ — $ 44,609 Interest income 25,212 — — — — 25,212 Other income 3,133 698 13,351 1,313 2,328 20,823 Land development revenue — — — 80,927 — 80,927 Earnings from equity method investments — 2,694 (1,316 ) 1,023 (9,679 ) (7,278 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,493 32,402 — — 56,895 Total revenue and other earnings 28,345 125,072 59,636 83,363 (7,351 ) 289,065 Real estate expense — (3,433 ) (23,818 ) (9,792 ) — (37,043 ) Land development cost of sales — — — (83,361 ) — (83,361 ) Other expense (290 ) — — — (3,426 ) (3,716 ) Allocated interest expense (10,648 ) (13,591 ) (4,578 ) (5,308 ) (9,047 ) (43,172 ) Allocated general and administrative (2) (3,852 ) (4,853 ) (1,975 ) (3,747 ) (5,298 ) (19,725 ) Segment profit (loss) (3) $ 13,555 $ 103,195 $ 29,265 $ (18,845 ) $ (25,122 ) $ 102,048 Other significant items: Provision for loan losses $ 18,892 $ — $ — $ — $ — $ 18,892 Impairment of assets — 4,342 446 1,300 — 6,088 Depreciation and amortization — 6,341 3,738 318 370 10,767 Capitalized expenditures — 720 4,623 42,603 — 47,946 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Six Months Ended June 30, 2019: Operating lease income $ — $ 98,143 $ 15,810 $ 147 $ — $ 114,100 Interest income 40,308 408 — — — 40,716 Interest income from sales-type leases — 3,817 — — — 3,817 Other income 2,721 6,358 6,349 4,755 4,680 24,863 Land development revenue — — — 21,774 — 21,774 Earnings (losses) from equity method investments — 10,812 (5,040 ) 3,211 (34 ) 8,949 Selling profit from sales-type leases — 180,416 — — — 180,416 Income from sales of real estate — 219,742 10,188 — — 229,930 Total revenue and other earnings 43,029 519,696 27,307 29,887 4,646 624,565 Real estate expense — (11,874 ) (19,321 ) (16,783 ) — (47,978 ) Land development cost of sales — — — (23,684 ) — (23,684 ) Other expense (311 ) — — — (12,080 ) (12,391 ) Allocated interest expense (16,349 ) (45,372 ) (5,466 ) (10,620 ) (12,522 ) (90,329 ) Allocated general and administrative (2) (4,488 ) (12,412 ) (1,487 ) (6,180 ) (9,881 ) (34,448 ) Segment profit (loss) (3) $ 21,881 $ 450,038 $ 1,033 $ (27,380 ) $ (29,837 ) $ 415,735 Other significant non-cash items: Provision for loan losses $ 13 $ — $ — $ — $ — $ 13 Impairment of assets — — 3,853 1,100 — 4,953 Depreciation and amortization — 25,832 2,457 490 607 29,386 Capitalized expenditures — 4,861 2,063 65,493 — 72,417 Six Months Ended June 30, 2018: Operating lease income $ — $ 59,036 $ 31,016 $ 355 $ — $ 90,407 Interest income 51,909 — — — — 51,909 Other income 3,516 1,746 25,496 1,784 3,600 36,142 Land development revenue — — — 357,356 — 357,356 Earnings (losses) from equity method investments — 6,252 (2,591 ) 2,566 (10,173 ) (3,946 ) Gain from consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 49,036 — — 73,943 Total revenue and other earnings 55,425 159,818 102,957 362,061 (6,573 ) 673,688 Real estate expense — (7,411 ) (45,443 ) (20,370 ) — (73,224 ) Land development cost of sales — — — (306,768 ) — (306,768 ) Other expense (690 ) — — — (4,192 ) (4,882 ) Allocated interest expense (22,413 ) (27,792 ) (10,106 ) (11,781 ) (16,261 ) (88,353 ) Allocated general and administrative (2) (7,821 ) (9,439 ) (4,018 ) (7,552 ) (10,618 ) (39,448 ) Segment profit (loss) (3) $ 24,501 $ 115,176 $ 43,390 $ 15,590 $ (37,644 ) $ 161,013 Other significant non-cash items: Provision for loan losses $ 18,037 $ — $ — $ — $ — $ 18,037 Impairment of assets — 4,342 4,546 1,300 — 10,188 Depreciation and amortization — 12,652 7,664 832 730 21,878 Capitalized expenditures — 1,198 12,324 74,050 — 87,572 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of June 30, 2019 Real estate Real estate, net $ — $ 1,249,824 $ 171,778 $ — $ — $ 1,421,602 Real estate available and held for sale — — 12,770 — — 12,770 Total real estate — 1,249,824 184,548 — — 1,434,372 Net investment in leases — 421,842 — — — 421,842 Land and development, net — — — 668,656 — 668,656 Loans receivable and other lending investments, net 858,061 44,085 — — — 902,146 Other investments — 408,257 69,208 42,750 43,955 564,170 Total portfolio assets $ 858,061 $ 2,124,008 $ 253,756 $ 711,406 $ 43,955 3,991,186 Cash and other assets 774,841 Total assets $ 4,766,027 As of December 31, 2018 Real estate Real estate, net $ — $ 1,536,494 $ 234,525 $ — $ — $ 1,771,019 Real estate available and held for sale — 1,055 21,496 — — 22,551 Total real estate — 1,537,549 256,021 — — 1,793,570 Land and development, net — — — 598,218 — 598,218 Loans receivable and other lending investments, net 988,224 — — — — 988,224 Other investments — 165,804 65,643 65,312 7,516 304,275 Total portfolio assets $ 988,224 $ 1,703,353 $ 321,664 $ 663,530 $ 7,516 3,684,287 Cash and other assets 1,329,990 Total assets $ 5,014,277 _______________________________________________________________________________ (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $9.7 million and $14.0 million for the three and six months ended June 30, 2019 , respectively, and $3.5 million and $12.6 million for the three and six months ended June 30, 2018, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Segment profit $ 398,540 $ 102,048 $ 415,735 $ 161,013 Less: Provision for loan losses (110 ) (18,892 ) (13 ) (18,037 ) Less: Impairment of assets (1,102 ) (6,088 ) (4,953 ) (10,188 ) Less: Stock-based compensation expense (9,705 ) (3,503 ) (13,954 ) (12,593 ) Less: Depreciation and amortization (13,718 ) (10,767 ) (29,386 ) (21,878 ) Less: Income tax expense (214 ) (128 ) (240 ) (249 ) Less: Loss on early extinguishment of debt, net — (2,164 ) (468 ) (2,536 ) Net income $ 373,691 $ 60,506 $ 366,721 $ 95,532

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
New and adopted accounting pronouncements	The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2019. ASU 2016-02 and ASU 2018-11—Accounting Standards Update ("ASU") 2016-02, Leases ("ASU 2016-02") required the recognition of right-of-use lease assets and lease liabilities by the Company as lessee for those leases classified as operating or finance leases, both measured at the present value of the lease payments, on its consolidated balance sheets. For operating lease arrangements as of December 31, 2018 for which the Company was the lessee, primarily under leases of office space and certain ground leases, and a finance lease the Company entered into during the first quarter of 2019, the Company recorded operating lease right-of-use assets of $31.6 million and a finance lease right-of-use asset of $68.1 million in "Deferred expenses and other assets, net" and operating lease liabilities of $31.6 million and a finance lease liability of $68.1 million in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets (refer to Significant Accounting Policies below). The Company, as lessor, recognizes certain of its leases on net lease properties as sales-type leases and records the leases as "Net investment in leases" on the Company's consolidated balance sheets (refer to Note 5). For the Company's leases which qualify as sales-type leases, the Company records "Interest income from sales-type leases" in the Company's consolidated statements of operations. The amount recorded as interest income from sales-type leases in any given period will likely be different than the straight-line lease income that would have been recorded under the superseded guidance. Management elected the practical expedient package that allowed 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 elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2018-11, Leases amended ASU 2016-02 so that: (i) entities could 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) provided 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 elected both of these provisions. ASU 2018-16—ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes was issued in October 2018 and expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The adoption of ASU 2018-16 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 is currently evaluating the impact from ASU 2016-13 on the Company's consolidated financial statements. In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04") to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements.
Real estate available and held for sale	Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset.
Net investment in Leases	Net Investment in Leases
Interest Income from Sales-Type Leases	Interest Income from Sales-Type Leases —Interest income from sales-type leases is recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned.
Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities	Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities— Effective January 1, 2019 with the adoption of ASU 2016-02, the Company, as lessee, records right-of-use lease assets in "Deferred expenses and other assets" and lease liabilities in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets for operating and finance leases, both measured at the present value of the lease payments. Some of the Company's lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities of consolidated VIEs	The following table presents the assets and liabilities of the Company's consolidated VIEs as of June 30, 2019 and December 31, 2018 ($ in thousands): As of June 30, December 31, ASSETS Real estate Real estate, at cost $ 851,112 $ 848,052 Less: accumulated depreciation (25,424 ) (15,365 ) Real estate, net 825,688 832,687 Land and development, net 327,319 279,031 Other investments 56 72 Cash and cash equivalents 20,655 25,219 Accrued interest and operating lease income receivable, net 622 1,302 Deferred operating lease income receivable, net 13,761 8,972 Deferred expenses and other assets, net 135,908 167,324 Total assets $ 1,324,009 $ 1,314,607 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 114,944 $ 106,907 Debt obligations, net 481,623 485,000 Total liabilities 596,567 591,907

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 December 31, 2017 Cash and cash equivalents $ 330,099 $ 931,751 $ 1,039,591 $ 657,688 Restricted cash included in deferred expenses and other assets, net (1) 64,154 42,793 27,399 20,045 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 394,253 $ 974,544 $ 1,066,990 $ 677,733 _______________________________________________________________________________ (1) Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of real estate assets	The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of June 30, 2019 Land, at cost $ 201,658 $ 105,770 $ 307,428 Buildings and improvements, at cost 1,255,681 77,707 1,333,388 Less: accumulated depreciation (207,515 ) (11,699 ) (219,214 ) Real estate, net 1,249,824 171,778 1,421,602 Real estate available and held for sale (2) — 12,770 12,770 Total real estate $ 1,249,824 $ 184,548 $ 1,434,372 As of December 31, 2018 Land, at cost $ 336,740 $ 133,599 $ 470,339 Buildings and improvements, at cost 1,487,270 118,724 1,605,994 Less: accumulated depreciation (287,516 ) (17,798 ) (305,314 ) Real estate, net 1,536,494 234,525 1,771,019 Real estate available and held for sale (2) 1,055 21,496 22,551 Total real estate $ 1,537,549 $ 256,021 $ 1,793,570 _______________________________________________________________________________ (1) In May 2019, the Company modified certain of its leases. As a result of these modifications, the Company is required to account for the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale" on its consolidated balance sheet (refer to Note 5). (2) As of June 30, 2019 and December 31, 2018 , the Company had $11.8 million and $20.6 million
Schedule of net proceeds and income recognized for properties sold	The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Six Months Ended June 30, 2019 2018 Operating Properties Proceeds (1) $ 80.1 $ 196.2 Income from sales of real estate (1) 10.2 49.0 Net Lease Proceeds (2) $ 440.1 $ 38.4 Income from sales of real estate (2) 219.7 24.9 Total Proceeds $ 520.2 $ 234.6 Income from sales of real estate 229.9 73.9 _______________________________________________________________________________ (1) During the six months ended June 30, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $69.9 million and recognized gains of $10.2 million in "Income from sales of real estate" in the Company's consolidated statements of operations. During the six months ended June 30, 2018, the Company sold commercial and residential operating properties and recognized $49.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the six months ended June 30, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized gains of $219.7 million in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. During the six months ended June 30, 2018, the Company sold 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.

Net Investment in Leases (Table

Net Investment in Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of future minimum lease payments to be collected under sales-type leases	Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of June 30, 2019, are as follows by year ($ in thousands): Amount 2019 (remaining six months) $ 13,783 2020 27,565 2021 28,062 2022 30,549 2023 30,549 Thereafter 925,293 Total undiscounted cash flows 1,055,801 Unguaranteed estimated residual value 350,322 Present value discount (984,281 ) Net investment in leases as of June 30, 2019 $ 421,842

Land and Development (Tables)

Land and Development (Tables)	6 Months Ended
	Jun. 30, 2019
Land And Development [Abstract]
Schedule of land and development assets	The Company's land and development assets were comprised of the following ($ in thousands): As of June 30, December 31, 2019 2018 Land and land development, at cost $ 677,778 $ 606,849 Less: accumulated depreciation (9,122 ) (8,631 ) Total land and development, net $ 668,656 $ 598,218

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of the Company's loans and other lending investments by class	The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment June 30, December 31, Senior mortgages $ 671,159 $ 760,749 Corporate/Partnership loans 124,266 148,583 Subordinate mortgages 10,515 10,161 Total gross carrying value of loans 805,940 919,493 Reserves for loan losses (53,408 ) (53,395 ) Total loans receivable, net 752,532 866,098 Other lending investments (1) 149,614 122,126 Total loans receivable and other lending investments, net $ 902,146 $ 988,224 ____________________________________________________________ (1) As of June 30, 2019, includes $44.1 million related to the acquisition of bowling centers from one of the Company's lessees (refer to Note 5).
Schedule of changes in the Company's reserve for loan losses	Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Reserve for loan losses at beginning of period $ 53,298 $ 69,466 $ 53,395 $ 78,489 Provision for loan losses 110 18,892 13 18,037 Charge-offs — (33,863 ) — (42,031 ) Reserve for loan losses at end of period $ 53,408 $ 54,495 $ 53,408 $ 54,495
Schedule of recorded investment in loans and associated reserve for loan losses	The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of June 30, 2019 Loans $ 66,034 $ 744,944 $ 810,978 Less: Reserve for loan losses (40,888 ) (12,520 ) (53,408 ) Total (3) $ 25,146 $ 732,424 $ 757,570 As of December 31, 2018 Loans $ 66,725 $ 857,662 $ 924,387 Less: Reserve for loan losses (40,395 ) (13,000 ) (53,395 ) Total (3) $ 26,330 $ 844,662 $ 870,992 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.5 million and $0.5 million as of June 30, 2019 and December 31, 2018 , 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 $1.0 million and $3.1 million as of June 30, 2019 and December 31, 2018 , respectively. (3) The Company's recorded investment in loans as of June 30, 2019 and December 31, 2018 , including accrued interest of $5.0 million and $4.9 million , respectively, is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of June 30, 2019 and December 31, 2018 , the total amounts exclude $105.5 million and $122.1 million , respectively, of securities that are evaluated for impairment under ASC 320.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of June 30, 2019 As of December 31, 2018 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 609,021 2.92 $ 697,807 2.76 Corporate/Partnership loans 125,377 3.12 149,663 2.84 Subordinate mortgages 10,547 3.00 10,192 3.00 Total $ 744,945 2.95 $ 857,662 2.77
Schedule of recorded investment in loans, aged by payment status and presented by class	The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of June 30, 2019 Senior mortgages $ 615,021 $ — $ 60,033 $ 60,033 $ 675,054 Corporate/Partnership loans 125,377 — — — 125,377 Subordinate mortgages 10,547 — — — 10,547 Total $ 750,945 $ — $ 60,033 $ 60,033 $ 810,978 As of December 31, 2018 Senior mortgages $ 703,807 $ — $ 60,725 $ 60,725 $ 764,532 Corporate/Partnership loans 149,663 — — — 149,663 Subordinate mortgages 10,192 — — — 10,192 Total $ 863,662 $ — $ 60,725 $ 60,725 $ 924,387 _______________________________________________________________________________ (1) As of June 30, 2019 , 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 years to 10.0 years outstanding. As of December 31, 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 years to 9.0 years
Schedule of recorded investment in impaired loans, presented by class	The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands) (1) : As of June 30, 2019 As of December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 66,033 $ 65,945 $ (40,888 ) $ 66,725 $ 66,777 $ (40,395 ) Total $ 66,033 $ 65,945 $ (40,888 ) $ 66,725 $ 66,777 $ (40,395 ) ____________________________________________________________ (1)
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class	The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Subordinate mortgages $ — $ — $ — $ — $ — $ — $ — $ 92 Subtotal — — — — — — — 92 With an allowance recorded: Senior mortgages 66,379 — 67,252 — 66,605 — 71,949 — Corporate/Partnership loans — — 78,338 — — — 104,403 — Subtotal 66,379 — 145,590 — 66,605 — 176,352 — Total: Senior mortgages 66,379 — 67,252 — 66,605 — 71,949 — Corporate/Partnership loans — — 78,338 — — — 104,403 — Subordinate mortgages — — — — — — — 92 Total $ 66,379 $ — $ 145,590 $ — $ 66,605 $ — $ 176,352 $ 92
Schedule of other lending investments - securities	Other lending investments includes the following securities ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of June 30, 2019 Available-for-Sale Securities Municipal debt securities $ 21,140 $ 21,140 $ 2,184 $ 23,324 $ 23,324 Held-to-Maturity Securities Debt securities 100,000 82,205 — 82,205 82,205 Total $ 121,140 $ 103,345 $ 2,184 $ 105,529 $ 105,529 As of December 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 476 $ 21,661 $ 21,661 Held-to-Maturity Securities Debt securities 120,866 100,465 7 100,472 100,465 Total $ 142,051 $ 121,650 $ 483 $ 122,133 $ 122,126
Schedule of contractual maturities of securities	As of June 30, 2019 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ — $ — $ — $ — After one year through 5 years 82,205 82,205 — — After 5 years through 10 years — — — — After 10 years — — 21,140 23,324 Total $ 82,205 $ 82,205 $ 21,140 $ 23,324

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments, All Other Investments [Abstract]
Schedule of other investments and proportionate share of earnings from equity method investments	The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended June 30, For the Six Months June 30, 2019 December 31, 2018 2019 2018 2019 2018 Real estate equity investments Safehold Inc. ("SAFE") $ 402,860 $ 149,589 $ 3,814 $ 680 $ 11,130 $ 2,152 iStar Net Lease II LLC ("Net Lease Venture II") 5,397 16,215 (232 ) — (318 ) — iStar Net Lease I LLC ("Net Lease Venture") (1) — — — 2,016 — 4,100 Other real estate equity investments 111,958 130,955 293 (295 ) (1,830 ) (25 ) Subtotal 520,215 296,759 3,875 2,401 8,982 6,227 Other strategic investments (2) 43,955 7,516 (235 ) (9,679 ) (33 ) (10,173 ) Total $ 564,170 $ 304,275 $ 3,640 $ (7,278 ) $ 8,949 $ (3,946 ) ____________________________________________________________ (1) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (2) For the three and six months ended June 30, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Other Assets and Other Liabilities [Abstract]
Schedule of deferred expenses and other assets, net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of June 30, 2019 December 31, 2018 Intangible assets, net (1) $ 154,574 $ 156,281 Restricted cash 64,154 42,793 Finance lease right-of-use assets (2) 67,901 — Operating lease right-of-use assets (2) 28,908 — Other assets (3) 38,860 32,333 Other receivables (4) 22,036 46,887 Leasing costs, net (5) 4,343 6,224 Corporate furniture, fixtures and equipment, net (6) 3,271 3,850 Deferred financing fees, net 2,505 900 Deferred expenses and other assets, net $ 386,552 $ 289,268 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $27.7 million and $27.0 million as of June 30, 2019 and December 31, 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 $1.0 million for the three and six months ended June 30, 2019 , respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2018, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.2 million and $4.5 million for the three and six months ended June 30, 2019 , respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2018, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) Right-of-use lease assets relate primarily to the Company's leases of office space and certain of its ground leases. Right-of use lease assets initially equal the lease liability. The lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company's weighted average incremental secured borrowing rate for similar collateral estimated to be 5.6% and the weighted average lease term is 9.7 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.7% and the weighted average lease term is 97.7 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in "Depreciation and amortization" in the Company's consolidated statements of operations. During the three and six months ended June 30, 2019 , the Company recognized $1.0 million and $1.3 million , respectively, in "Interest expense" and $0.2 million and $0.2 million , respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. Right-of-use assets for operating leases are amortized on a straight-line basis over the term of the lease and are recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the three and six months ended June 30, 2019 , the Company recognized $0.9 million and $1.8 million , respectively, in "General and administrative" and $0.6 million and $1.8 million , respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) As of December 31, 2018 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property that was received in 2019. (5) Accumulated amortization of leasing costs was $3.2 million and $4.4 million as of June 30, 2019 and December 31, 2018 , respectively. (6) Accumulated depreciation on corporate furniture, fixtures and equipment was $12.5 million and $11.9 million as of June 30, 2019 and December 31, 2018 , respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2019 December 31, 2018 Other liabilities (1) $ 91,502 143,325 Accrued expenses 75,427 95,149 Finance lease liabilities (see table above) 68,571 — Intangible liabilities, net (2) 47,708 35,108 Operating lease liabilities (see table above) 28,917 — Accrued interest payable 33,516 42,669 Accounts payable, accrued expenses and other liabilities $ 345,641 $ 316,251 _______________________________________________________________________________ (1) As of June 30, 2019 and December 31, 2018 , other liabilities includes $0.2 million and $18.5 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of June 30, 2019 and December 31, 2018 , other liabilities also includes $9.1 million and $9.4 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $3.9 million and $2.8 million as of June 30, 2019 and December 31, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $1.1 million for the three and six months ended June 30, 2019 , respectively, and $0.1 million and $0.3 million for the three and six months ended June 30, 2018, respectively.

Loan Participations Payable, _2

Loan Participations Payable, net (Tables)	6 Months Ended
	Jun. 30, 2019
Transfers and Servicing [Abstract]
Schedule of loan participations payable	The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of June 30, 2019 December 31, 2018 Loan participations payable (1) $ 30,037 $ 22,642 Debt discounts and deferred financing costs, net (89 ) (158 ) Total loan participations payable, net $ 29,948 $ 22,484 _______________________________________________________________________________ (1) As of June 30, 2019 and December 31, 2018, the Company had one loan participation payable with an interest rate of 7.0% .

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled June 30, 2019 December 31, 2018 Secured credit facilities and mortgages: 2015 $325 million Revolving Credit Facility $ — $ — LIBOR + 2.50% (1) September 2020 2016 Senior Term Loan 643,500 646,750 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 631,393 802,367 3.62% - 7.26% (3) Total secured credit facilities and mortgages 1,274,893 1,449,117 Unsecured notes: 5.00% senior notes (4) — 375,000 5.00 % — 4.625% senior notes (5) 400,000 400,000 4.625 % September 2020 6.50% senior notes (6) 275,000 275,000 6.50 % July 2021 6.00% senior notes (7) 375,000 375,000 6.00 % April 2022 5.25% senior notes (8) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (9) 287,500 287,500 3.125 % September 2022 Total unsecured notes 1,737,500 2,112,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,112,393 3,661,617 Debt discounts and deferred financing costs, net (43,837 ) (52,531 ) Total debt obligations, net (10) $ 3,068,556 $ 3,609,086 _______________________________________________________________________________ (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) In June 2019, the buyer of a portfolio of net lease assets assumed a $228.0 million non-recourse mortgage (refer to Note 4). As of June 30, 2019 , the weighted average interest rate of these loans is 4.5% , inclusive of the effect of interest rate swaps. (4) The Company prepaid these senior notes in March 2019 without penalty. (5) The Company can prepay these senior notes without penalty beginning June 15, 2020. (6) The Company can prepay these senior notes without penalty beginning July 1, 2020. (7) The Company can prepay these senior notes without penalty beginning April 1, 2021. (8) The Company can prepay these senior notes without penalty beginning September 15, 2021. (9) The Company's 3.125% senior convertible fixed rate notes due September 2022 ("3.125% Convertible Notes") are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of June 30, 2019 was 66.8675 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.95 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the debt component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the debt component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of June 30, 2019 , the carrying value of the 3.125% Convertible Notes was $265.6 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $18.0 million , net of fees. During the three and six months ended June 30, 2019 , the Company recognized $2.2 million and $4.5 million , respectively, of contractual interest and $1.2 million and $2.5 million , respectively, of discount amortization on the 3.125% Convertible Notes. During the three and six months ended June 30, 2018, the Company recognized $2.2 million and $4.5 million , respectively, of contractual interest and $1.2 million and $2.3 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (10) The Company capitalized interest relating to development activities of $3.5 million and $6.5 million during the three and six months ended June 30, 2019 , respectively, and $2.1 million and $4.5 million during the three and six months ended June 30, 2018, respectively..
Schedule of future scheduled maturities of outstanding debt obligations	As of June 30, 2019 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2019 (remaining six months) $ — $ — $ — 2020 400,000 — 400,000 2021 275,000 160,511 435,511 2022 1,062,500 48,438 1,110,938 2023 — 643,500 643,500 Thereafter 100,000 422,444 522,444 Total principal maturities 1,837,500 1,274,893 3,112,393 Unamortized discounts and deferred financing costs, net (35,026 ) (8,811 ) (43,837 ) Total debt obligations, net $ 1,802,474 $ 1,266,082 $ 3,068,556
Schedule of carrying value of encumbered assets by asset type	The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of June 30, 2019 December 31, 2018 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,254,161 $ 167,441 $ 1,620,008 $ 151,011 Real estate available and held for sale — 12,770 1,055 21,496 Net investment in leases 421,842 — — — Land and development, net 42,300 626,356 12,300 585,918 Loans receivable and other lending investments, net (2)(3) 364,665 519,939 498,524 480,154 Other investments — 564,170 — 304,275 Cash and other assets 11,010 763,831 — 1,329,990 Total $ 2,093,978 $ 2,654,507 $ 2,131,887 $ 2,872,844 _______________________________________________________________________________ (1) The 2016 Senior Term Loan and the 2015 Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). As of June 30, 2019 , Collateral Assets includes $403.2 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 June 30, 2019 . (2) As of June 30, 2019 and December 31, 2018 , the amounts presented exclude general reserves for loan losses of $12.5 million and $13.0 million , respectively. (3) As of June 30, 2019 and December 31, 2018 , the amounts presented exclude loan participations of $30.1 million and $22.5 million , respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of June 30, 2019 , 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 (2) Other Investments Total Performance-Based Commitments $ 330,592 $ 63,415 $ — $ 394,007 Strategic Investments — — 24,542 24,542 Total $ 330,592 $ 63,415 $ 24,542 $ 418,549 _______________________________________________________________________________ (1) Excludes $19.9 million of commitments on loan participations sold that are not the obligation of the Company.
Schedule of future minimum lease obligations - operating leases	Future minimum lease obligations under operating and finance leases as of June 30, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2019 $ 2,147 $ 1,295 2020 4,054 2,633 2021 1,468 2,686 2022 869 2,740 2023 728 2,794 Thereafter 2,074 759,082 Total undiscounted cash flows 11,340 771,230 Present value discount (1) (1,586 ) (702,659 ) Other adjustments (2) 19,163 — Lease liabilities $ 28,917 $ 68,571 _______________________________________________________________________________ (1) During the three and six months ended June 30, 2019, the Company made payments of $1.0 million and $2.0 million , respectively, related to its operating leases and $0.7 million and $0.9 million , respectively, related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.4 years and the weighted average discount rate was 5.6% . The lease term for the Company's finance lease was 97.7 years and the discount rate was 5.7% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Schedule of future minimum lease obligations - finance leases	Future minimum lease obligations under operating and finance leases as of June 30, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2019 $ 2,147 $ 1,295 2020 4,054 2,633 2021 1,468 2,686 2022 869 2,740 2023 728 2,794 Thereafter 2,074 759,082 Total undiscounted cash flows 11,340 771,230 Present value discount (1) (1,586 ) (702,659 ) Other adjustments (2) 19,163 — Lease liabilities $ 28,917 $ 68,571 _______________________________________________________________________________ (1) During the three and six months ended June 30, 2019, the Company made payments of $1.0 million and $2.0 million , respectively, related to its operating leases and $0.7 million and $0.9 million , respectively, related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.4 years and the weighted average discount rate was 5.6% . The lease term for the Company's finance lease was 97.7 years and the discount rate was 5.7% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Schedule of future minimum lease obligations at prior year end	Future minimum lease obligations under operating leases as of December 31, 2018 are as follows ($ in thousands): Operating (1) 2019 $ 4,340 2020 4,016 2021 1,589 2022 991 2023 849 Thereafter 2,469 _______________________________________________________________________________ (1) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 ($ in thousands) (1) : Derivative Assets Derivative Liabilities As of June 30, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 228 Accounts payable, accrued expenses and other liabilities $ 8,720 Total $ 228 $ 8,720 Derivative Assets Derivative Liabilities As of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 3,669 Accounts payable, accrued expenses and other liabilities $ 10,244 Total $ 3,669 $ 10,244 _________________________________________________________ (1) Over the next 12 months, the Company expects that $4.4 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of June 30, 2019 and December 31, 2018 , the Company posted cash collateral of $17.2 million and $6.4 million , respectively, in connection with its derivatives which were in a liability position and would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations.
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income	The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) When Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended June 30, 2019 Interest rate swaps Earnings from equity method investments $ (8,036 ) $ 9 Interest rate swaps Interest expense (12,951 ) (266 ) For the Three Months Ended June 30, 2018 Interest rate swaps Interest Expense (1,150 ) — Interest rate swaps Earnings from equity method investments 1,157 81 For the Six Months Ended June 30, 2019 Interest rate swaps Earnings from equity method investments (15,226 ) 153 Interest rate swaps Interest expense (20,773 ) (417 ) For the Six Months Ended June 30, 2018 Interest rate swaps Interest Expense (1,150 ) — Interest rate swaps Earnings from equity method investments 3,508 90

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series	The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of June 30, 2019 and December 31, 2018: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Equivalent to Fixed Annual Rate (per share) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 16,200 $ 476,000 ________________________________________ (1) Holders of shares of the Series D, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $4.0 million , $3.1 million and $4.7 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the six months ended June 30, 2019 and 2018 , respectively. The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2019 and 2018 . The character of the 2018 dividends was 100% capital gain distribution, of which 26.02% represented unrecaptured section 1250 gain and 73.98% 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 shares of the Company's common stock. 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. The conversion rate as of June 30, 2019 was 4.0612 shares of the Company's common stock (equal to a conversion price of approximately $12.31 per share). The conversion rate is subject to adjustment from time to time for specified events.
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity	"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of June 30, 2019 December 31, 2018 Unrealized gains on available-for-sale securities $ 2,185 $ 475 Unrealized losses on cash flow hedges (32,123 ) (13,546 ) Unrealized losses on cumulative translation adjustment (4,199 ) (4,199 ) Accumulated other comprehensive loss $ (34,137 ) $ (17,270 )

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans and Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of performance incentive plans	The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the six months ended June 30, 2019 . iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 85.77 79.41 82.43 Granted — — — Forfeited (1.60 ) (2.73 ) (3.72 ) Points at end of period 84.17 76.68 78.71
Schedule of restricted stock units activity	A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the six months ended June 30, 2019 , is as follows (in thousands): Nonvested at beginning of period 357 Granted 474 Vested (52 ) Forfeited (86 ) Nonvested at end of period 693

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
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 from operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 373,691 $ 60,506 $ 366,721 $ 95,532 Net income attributable to noncontrolling interests (2,852 ) (9,509 ) (5,323 ) (9,604 ) Preferred dividends (8,124 ) (8,124 ) (16,248 ) (16,248 ) Net income allocable to common shareholders for basic earnings per common share $ 362,715 $ 42,873 $ 345,150 $ 69,680 Add: Effect of Series J convertible perpetual preferred stock 2,250 2,250 4,500 4,500 Net income allocable to common shareholders for diluted earnings per common share $ 364,965 $ 45,123 $ 349,650 $ 74,180
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Earnings allocable to common shares: Numerator for basic earnings per share: Net income allocable to common shareholders $ 362,715 $ 42,873 $ 345,150 $ 69,680 Numerator for diluted earnings per share: Net income allocable to common shareholders $ 364,965 $ 45,123 $ 349,650 $ 74,180 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 64,019 67,932 65,873 67,922 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 87 127 85 125 Add: Effect of series J convertible perpetual preferred stock 16,153 15,635 16,053 15,635 Weighted average common shares outstanding for diluted earnings per common share 80,259 83,694 82,011 83,682 Basic earnings per common share: Net income allocable to common shareholders $ 5.67 $ 0.63 $ 5.24 $ 1.03 Diluted earnings per common share: (1) Net income allocable to common shareholders $ 4.55 $ 0.54 $ 4.26 $ 0.89 _______________________________________________________________________________ (1) For the three and six months ended June 30, 2019 , the effect of certain of the Company's restricted stock awards were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes (refer to Note 11) 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 six months ended June 30, 2019 and therefore the 3.125%

Fair Values (Tables)

Fair Values (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis	The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2019 Recurring basis: Derivative assets (1) $ 228 $ — $ 228 $ — Derivative liabilities (1) 8,720 — 8,720 — Available-for-sale securities (1) 23,324 — 23,324 — Non-recurring basis: Impaired land and development (2) 1,282 — — 1,282 As of December 31, 2018 Recurring basis: Derivative assets (1) $ 3,669 $ — $ 3,669 $ — Derivative liabilities (1) 10,244 — 10,244 — Available-for-sale securities (1) 21,661 — — 21,661 Non-recurring basis: Impaired real estate (3) 29,400 — — 29,400 Impaired real estate available and held for sale (4) 19,300 — — 19,300 Impaired land and development (5) 78,400 — — 78,400 ____________________________________________________________ (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 of $1.1 million on a land and development asset with an estimated fair value of $1.3 million . The fair value is based on market comparable sales. (3) The Company recorded aggregate impairments of $76.3 million on three real estate assets with an estimated aggregate fair value of $29.4 million . The impairments were as follows: a. A $23.2 million impairment on a commercial operating property based on a decline in expected operating performance. The fair value is based on the Company's estimate of the recoverability of its investment in the project. b. A $6.0 million impairment on a property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $47.1 million impairment on a commercial operating property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. (4) The Company recorded aggregate impairments of $3.7 million on two real estate assets held for sale. The fair values are based on market comparable sales. (5) The Company recorded aggregate impairments of $55.4 million on four land and development assets with an estimated aggregate fair value of $78.4 million . The impairments were as follows: a. A $25.0 million impairment on a waterfront land and development asset based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. b. A $21.6 million impairment on a master planned community based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $6.9 million impairment on an infill land and development asset based on the deterioration of the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. d. A $1.9 million impairment on a waterfront land and development asset based on the sale of the asset in 2019.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the six months ended June 30, 2019 and 2018 ($ in thousands): 2019 2018 Beginning balance $ 21,661 $ 22,842 Repayments (47 ) (46 ) Unrealized gains (losses) recorded in other comprehensive income 1,710 (956 ) Ending balance $ 23,324 $ 21,840

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of financial measures for each segment based on which performance is evaluated	The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended June 30, 2019: Operating lease income $ — $ 48,660 $ 6,455 $ 70 $ — $ 55,185 Interest income 19,933 408 — — — 20,341 Interest income from sales-type leases — 3,817 — — — 3,817 Other income 532 2,937 3,974 1,311 1,296 10,050 Land development revenue — — — 9,075 — 9,075 Earnings (losses) from equity method investments — 3,582 (2,630 ) 2,924 (236 ) 3,640 Selling profit from sales-type leases — 180,416 — — — 180,416 Income from sales of real estate — 219,742 781 — — 220,523 Total revenue and other earnings 20,465 459,562 8,580 13,380 1,060 503,047 Real estate expense — (5,769 ) (8,288 ) (7,981 ) — (22,038 ) Land development cost of sales — — — (9,236 ) — (9,236 ) Other expense (47 ) — — — (11,836 ) (11,883 ) Allocated interest expense (7,936 ) (23,606 ) (2,548 ) (5,493 ) (4,169 ) (43,752 ) Allocated general and administrative (2) (2,279 ) (6,734 ) (726 ) (2,923 ) (4,936 ) (17,598 ) Segment profit (loss) (3) $ 10,203 $ 423,453 $ (2,982 ) $ (12,253 ) $ (19,881 ) $ 398,540 Other significant items: Provision for loan losses $ 110 $ — $ — $ — $ — $ 110 Impairment of assets — — 2 1,100 — 1,102 Depreciation and amortization — 12,272 900 244 302 13,718 Capitalized expenditures — 2,105 1,646 29,414 — 33,165 Three Months Ended June 30, 2018: Operating lease income $ — $ 29,310 $ 15,199 $ 100 $ — $ 44,609 Interest income 25,212 — — — — 25,212 Other income 3,133 698 13,351 1,313 2,328 20,823 Land development revenue — — — 80,927 — 80,927 Earnings from equity method investments — 2,694 (1,316 ) 1,023 (9,679 ) (7,278 ) Gain on consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,493 32,402 — — 56,895 Total revenue and other earnings 28,345 125,072 59,636 83,363 (7,351 ) 289,065 Real estate expense — (3,433 ) (23,818 ) (9,792 ) — (37,043 ) Land development cost of sales — — — (83,361 ) — (83,361 ) Other expense (290 ) — — — (3,426 ) (3,716 ) Allocated interest expense (10,648 ) (13,591 ) (4,578 ) (5,308 ) (9,047 ) (43,172 ) Allocated general and administrative (2) (3,852 ) (4,853 ) (1,975 ) (3,747 ) (5,298 ) (19,725 ) Segment profit (loss) (3) $ 13,555 $ 103,195 $ 29,265 $ (18,845 ) $ (25,122 ) $ 102,048 Other significant items: Provision for loan losses $ 18,892 $ — $ — $ — $ — $ 18,892 Impairment of assets — 4,342 446 1,300 — 6,088 Depreciation and amortization — 6,341 3,738 318 370 10,767 Capitalized expenditures — 720 4,623 42,603 — 47,946 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Six Months Ended June 30, 2019: Operating lease income $ — $ 98,143 $ 15,810 $ 147 $ — $ 114,100 Interest income 40,308 408 — — — 40,716 Interest income from sales-type leases — 3,817 — — — 3,817 Other income 2,721 6,358 6,349 4,755 4,680 24,863 Land development revenue — — — 21,774 — 21,774 Earnings (losses) from equity method investments — 10,812 (5,040 ) 3,211 (34 ) 8,949 Selling profit from sales-type leases — 180,416 — — — 180,416 Income from sales of real estate — 219,742 10,188 — — 229,930 Total revenue and other earnings 43,029 519,696 27,307 29,887 4,646 624,565 Real estate expense — (11,874 ) (19,321 ) (16,783 ) — (47,978 ) Land development cost of sales — — — (23,684 ) — (23,684 ) Other expense (311 ) — — — (12,080 ) (12,391 ) Allocated interest expense (16,349 ) (45,372 ) (5,466 ) (10,620 ) (12,522 ) (90,329 ) Allocated general and administrative (2) (4,488 ) (12,412 ) (1,487 ) (6,180 ) (9,881 ) (34,448 ) Segment profit (loss) (3) $ 21,881 $ 450,038 $ 1,033 $ (27,380 ) $ (29,837 ) $ 415,735 Other significant non-cash items: Provision for loan losses $ 13 $ — $ — $ — $ — $ 13 Impairment of assets — — 3,853 1,100 — 4,953 Depreciation and amortization — 25,832 2,457 490 607 29,386 Capitalized expenditures — 4,861 2,063 65,493 — 72,417 Six Months Ended June 30, 2018: Operating lease income $ — $ 59,036 $ 31,016 $ 355 $ — $ 90,407 Interest income 51,909 — — — — 51,909 Other income 3,516 1,746 25,496 1,784 3,600 36,142 Land development revenue — — — 357,356 — 357,356 Earnings (losses) from equity method investments — 6,252 (2,591 ) 2,566 (10,173 ) (3,946 ) Gain from consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 49,036 — — 73,943 Total revenue and other earnings 55,425 159,818 102,957 362,061 (6,573 ) 673,688 Real estate expense — (7,411 ) (45,443 ) (20,370 ) — (73,224 ) Land development cost of sales — — — (306,768 ) — (306,768 ) Other expense (690 ) — — — (4,192 ) (4,882 ) Allocated interest expense (22,413 ) (27,792 ) (10,106 ) (11,781 ) (16,261 ) (88,353 ) Allocated general and administrative (2) (7,821 ) (9,439 ) (4,018 ) (7,552 ) (10,618 ) (39,448 ) Segment profit (loss) (3) $ 24,501 $ 115,176 $ 43,390 $ 15,590 $ (37,644 ) $ 161,013 Other significant non-cash items: Provision for loan losses $ 18,037 $ — $ — $ — $ — $ 18,037 Impairment of assets — 4,342 4,546 1,300 — 10,188 Depreciation and amortization — 12,652 7,664 832 730 21,878 Capitalized expenditures — 1,198 12,324 74,050 — 87,572 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of June 30, 2019 Real estate Real estate, net $ — $ 1,249,824 $ 171,778 $ — $ — $ 1,421,602 Real estate available and held for sale — — 12,770 — — 12,770 Total real estate — 1,249,824 184,548 — — 1,434,372 Net investment in leases — 421,842 — — — 421,842 Land and development, net — — — 668,656 — 668,656 Loans receivable and other lending investments, net 858,061 44,085 — — — 902,146 Other investments — 408,257 69,208 42,750 43,955 564,170 Total portfolio assets $ 858,061 $ 2,124,008 $ 253,756 $ 711,406 $ 43,955 3,991,186 Cash and other assets 774,841 Total assets $ 4,766,027 As of December 31, 2018 Real estate Real estate, net $ — $ 1,536,494 $ 234,525 $ — $ — $ 1,771,019 Real estate available and held for sale — 1,055 21,496 — — 22,551 Total real estate — 1,537,549 256,021 — — 1,793,570 Land and development, net — — — 598,218 — 598,218 Loans receivable and other lending investments, net 988,224 — — — — 988,224 Other investments — 165,804 65,643 65,312 7,516 304,275 Total portfolio assets $ 988,224 $ 1,703,353 $ 321,664 $ 663,530 $ 7,516 3,684,287 Cash and other assets 1,329,990 Total assets $ 5,014,277 _______________________________________________________________________________ (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $9.7 million and $14.0 million for the three and six months ended June 30, 2019 , respectively, and $3.5 million and $12.6 million for the three and six months ended June 30, 2018, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Segment profit $ 398,540 $ 102,048 $ 415,735 $ 161,013 Less: Provision for loan losses (110 ) (18,892 ) (13 ) (18,037 ) Less: Impairment of assets (1,102 ) (6,088 ) (4,953 ) (10,188 ) Less: Stock-based compensation expense (9,705 ) (3,503 ) (13,954 ) (12,593 ) Less: Depreciation and amortization (13,718 ) (10,767 ) (29,386 ) (21,878 ) Less: Income tax expense (214 ) (128 ) (240 ) (249 ) Less: Loss on early extinguishment of debt, net — (2,164 ) (468 ) (2,536 ) Net income $ 373,691 $ 60,506 $ 366,721 $ 95,532
Reconciliation of segment profit to income (loss)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Segment profit $ 398,540 $ 102,048 $ 415,735 $ 161,013 Less: Provision for loan losses (110 ) (18,892 ) (13 ) (18,037 ) Less: Impairment of assets (1,102 ) (6,088 ) (4,953 ) (10,188 ) Less: Stock-based compensation expense (9,705 ) (3,503 ) (13,954 ) (12,593 ) Less: Depreciation and amortization (13,718 ) (10,767 ) (29,386 ) (21,878 ) Less: Income tax expense (214 ) (128 ) (240 ) (249 ) Less: Loss on early extinguishment of debt, net — (2,164 ) (468 ) (2,536 ) Net income $ 373,691 $ 60,506 $ 366,721 $ 95,532

Business and Organization - Nar

Business and Organization - Narrative (Details) $ in Billions	Jun. 30, 2019USD ($)
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	Jun. 30, 2019	Dec. 31, 2018
Consolidated VIEs
Real estate
Real estate, at cost	$ 851,112	$ 848,052
Less: accumulated depreciation	(25,424)	(15,365)
Real estate, net	825,688	832,687
Land and development, net	327,319	279,031
Other investments	56	72
Cash and cash equivalents	20,655	25,219
Accrued interest and operating lease income receivable, net	622	1,302
Deferred operating lease income receivable, net	13,761	8,972
Deferred expenses and other assets, net	135,908	167,324
Total assets	1,324,009	1,314,607
LIABILITIES
Accounts payable, accrued expenses and other liabilities	114,944	106,907
Debt obligations, net	481,623	485,000
Total liabilities	596,567	$ 591,907
Unconsolidated VIEs
LIABILITIES
Carrying value of the investments	114,800
Variable interest entity unfunded commitment	$ 22,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$ 330,099			$ 931,751	$ 1,039,591	$ 657,688
Restricted cash included in deferred expenses and other assets, net	64,154			42,793	27,399	20,045
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	394,253			$ 974,544	$ 1,066,990	$ 677,733
New Accounting Pronouncements
Operating lease right-of-use assets	28,908
Finance lease right-of-use asset	67,901
Operating lease liabilities	28,917
Finance lease liability	$ 68,571
ASU No. 2016-02
New Accounting Pronouncements
Operating lease right-of-use assets			$ 31,600
Finance lease right-of-use asset		$ 68,100
Operating lease liabilities			$ 31,600
Finance lease liability		$ 68,100

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	May 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Land, at cost	$ 307,428		$ 470,339
Buildings and improvements, at cost	1,333,388		1,605,994
Less: accumulated depreciation	(219,214)		(305,314)
Real estate, net	1,421,602		1,771,019
Real estate available and held for sale	12,770		22,551
Total real estate	1,434,372		1,793,570
Net investment in leases	421,842	$ 424,100	0
Real estate assets derecognized at inception of sales-type lease		$ 193,400
Net Lease
Real Estate Properties [Line Items]
Land, at cost	201,658		336,740
Buildings and improvements, at cost	1,255,681		1,487,270
Less: accumulated depreciation	(207,515)		(287,516)
Real estate, net	1,249,824		1,536,494
Real estate available and held for sale	0		1,055
Total real estate	1,249,824		1,537,549
Operating Properties
Real Estate Properties [Line Items]
Land, at cost	105,770		133,599
Buildings and improvements, at cost	77,707		118,724
Less: accumulated depreciation	(11,699)		(17,798)
Real estate, net	171,778		234,525
Real estate available and held for sale	12,770		21,496
Total real estate	184,548		256,021
Residential Condominiums
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 11,800		$ 20,600

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Real Estate Properties [Line Items]
Acquisitions of real estate assets	$ 56,700	$ 129,856	$ 3,390
Net Lease Asset
Real Estate Properties [Line Items]
Acquisitions of real estate assets		11,500
Leasehold Interest
Real Estate Properties [Line Items]
Acquisitions of real estate assets		$ 98,200
SAFE
Real Estate Properties [Line Items]
Ground lease term (in years)		98 years

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)property
Real Estate [Line Items]
Income from sales of real estate		$ 220,523	$ 56,895	$ 229,930	$ 73,943
Operating Properties
Real Estate [Line Items]
Proceeds				80,100	196,200
Income from sales of real estate				10,200	49,000
Aggregate carrying value of property sold				69,900
Net Lease
Real Estate [Line Items]
Proceeds				440,100	38,400
Income from sales of real estate				219,700	24,900
Aggregate carrying value of property sold				220,400
Non-recourse debt assumed by buyer	$ 228,000			228,000
Total
Real Estate [Line Items]
Proceeds				520,200	234,600
Income from sales of real estate				$ 229,900	73,900
Operating Properties, Noncontrolling Interest
Real Estate [Line Items]
Income from sales of real estate					$ 9,800
Number of properties sold | property					1

Real Estate - Impairments (Deta

Real Estate - Impairments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)condominium_unit
Real Estate [Abstract]
Impairment of real estate	$ 3.3	$ 8.9
Impairment in connection with sale of residential condominium units	$ 0.6
Number of condominium units with impending sales contracts | condominium_unit		4

Real Estate - Tenant Reimbursem

Real Estate - Tenant Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Abstract]
Tenant expense reimbursements	$ 4.5	$ 5	$ 9.9	$ 10.6

Real Estate - Allowance for Dou

Real Estate - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 1	$ 1.5
Deferred Operating Lease
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 1.1	$ 1.8

Net Investment in Leases - Narr

Net Investment in Leases - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2019USD ($)property	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Net investment in leases [Line Items]
Payments to acquire real estate assets	$ 56,700			$ 129,856	$ 3,390
Number of properties acquired from lessee | property	7
Purchase price for properties acquired from lessee	$ 44,100	$ 44,100		44,100
Extension of existing master net leases (in years)	15 years
Net investment in leases	$ 424,100	421,842		421,842		$ 0
Real estate assets derecognized at inception of sales-type lease	193,400
Deferred operating lease income receivable derecognized at inception of sales-type lease	25,400
Deferred expenses and other assets derecognized at inception of sales-type lease	13,400
Accounts payable, accrued expenses, and other liabilities derecognized at inception of sales-type lease	$ 1,900
Selling profit from sales-type leases		180,416	$ 0	180,416	$ 0
Interest income from sales-type leases		$ 3,800		$ 3,800
Bowling Entertainment Venue Operator
Net investment in leases [Line Items]
Number of bowling centers acquired | property	9
Bowling Entertainment Venue Operator | Bowling center commitment
Net investment in leases [Line Items]
Commitment to purchase additional bowling centers	$ 55,000

Net Investment in Leases - Futu

Net Investment in Leases - Future Minimum Lease Payments to be Collected Under Sales-Type Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	May 31, 2019	Dec. 31, 2018
Future minimum lease payments to be collected under sales-type leases
2019 (remaining six months)	$ 13,783
2020	27,565
2021	28,062
2022	30,549
2023	30,549
Thereafter	925,293
Total undiscounted cash flows	1,055,801
Unguaranteed estimated residual value	350,322
Present value discount	(984,281)
Net investment in leases	$ 421,842	$ 424,100	$ 0

Land and Development - Schedule

Land and Development - Schedule of Land and Development Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Land And Development [Abstract]
Land and land development, at cost	$ 677,778	$ 606,849
Less: accumulated depreciation	(9,122)	(8,631)
Total land and development, net	$ 668,656	$ 598,218

Land and Development - Acquisit

Land and Development - Acquisitions, Dispositions, and Impairments (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)aproperty	Dec. 31, 2018USD ($)	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Revenues		$ 98,468	$ 171,571	$ 205,270	$ 535,814
Number of land parcels sold | property					2
Area of land parcels sold (acres) | a					93
Loan receivable		757,570		757,570		$ 870,992
Impairment of Land and Development Assets		1,100	1,300	1,100	$ 1,300
Financing provided to buyers
Property, Plant and Equipment [Line Items]
Financing provided to buyers of land parcels					145,000
Loan receivable		81,000		81,000
Land development
Property, Plant and Equipment [Line Items]
Revenues		9,075	80,927	21,774	357,356
Cost of sales expense		$ 9,236	$ 83,361	$ 23,684	306,768
Land
Property, Plant and Equipment [Line Items]
Acquisitions of land and development assets through foreclosure					$ 4,600
Unconsolidated entity
Property, Plant and Equipment [Line Items]
Real estate transaction price	$ 34,300
Payments to acquire land and develop asset	7,300
Assumption of loan in acquisition transaction	$ 27,000
Other Real Estate Equity Investment Dec 2016
Property, Plant and Equipment [Line Items]
Equity interest (percent)		50.00%		50.00%			50.00%

Loans Receivable and Other Le_3

Loans Receivable and Other Lending Investments, net - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2019	May 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 805,940			$ 919,493
Reserves for loan losses	(53,408)		$ (53,298)	(53,395)	$ (54,495)	$ (69,466)	$ (78,489)
Total loans receivable, net	752,532			866,098
Other lending investments	149,614			122,126
Total loans receivable and other lending investments, net	902,146			988,224
Purchase price for properties acquired from lessee	44,100	$ 44,100
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	671,159			760,749
Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	124,266			148,583
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 10,515			$ 10,161

Loans Receivable and Other Le_4

Loans Receivable and Other Lending Investments, net - Reserve for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Allowance for Loan Losses [Roll Forward]
Reserve for loan losses at beginning of period	$ 53,298	$ 69,466	$ 53,395	$ 78,489
Provision for loan losses	110	18,892	13	18,037
Charge-offs	0	(33,863)	0	(42,031)
Reserve for loan losses at end of period	$ 53,408	$ 54,495	$ 53,408	$ 54,495

Loans Receivable and Other Le_5

Loans Receivable and Other Lending Investments, net - Investment in Loans and Associated Reserve for Loan Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses
Loans	$ 810,978		$ 924,387
Less: Reserve for loan losses	(53,408)	$ (53,298)	(53,395)	$ (54,495)	$ (69,466)	$ (78,489)
Total	757,570		870,992
Interest receivable	5,000		4,900
Securities that are evaluated for impairment under ASC 320	105,529		122,126
Individually Evaluated for Impairment
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses
Loans	66,034		66,725
Less: Reserve for loan losses	(40,888)		(40,395)
Total	25,146		26,330
Unamortized discounts, premiums, deferred fees and costs, net discount	500		500
Collectively Evaluated for Impairment
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses
Loans	744,944		857,662
Less: Reserve for loan losses	(12,520)		(13,000)
Total	732,424		844,662
Unamortized discounts, premiums, deferred fees and costs, net discount	$ 1,000		$ 3,100

Loans Receivable and Other Le_6

Loans Receivable and Other Lending Investments, net - Credit Characteristics for Performing Loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 810,978	$ 924,387
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	675,054	764,532
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	125,377	149,663
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	10,547	10,192
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 744,945	$ 857,662
Weighted Average Risk Ratings	2.95	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	$ 609,021	$ 697,807
Weighted Average Risk Ratings	2.92	2.76
Real Estate Finance | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 125,377	$ 149,663
Weighted Average Risk Ratings	3.12	2.84
Real Estate Finance | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 10,547	$ 10,192
Weighted Average Risk Ratings	3	3

Loans Receivable and Other Le_7

Loans Receivable and Other Lending Investments, net - Credit Characteristics by Payment Status (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Recorded investment in loans, aged by payment status and presented by class
Current	$ 750,945	$ 863,662
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	60,033	60,725
Total Past Due	60,033	60,725
Loans	$ 810,978	$ 924,387
Financing receivable, number of loans greater than 90 days past due | loan	2	2
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	4 years
Maximum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period	10 years	9 years
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	$ 615,021	$ 703,807
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	60,033	60,725
Total Past Due	60,033	60,725
Loans	675,054	764,532
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	125,377	149,663
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	125,377	149,663
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	10,547	10,192
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	$ 10,547	$ 10,192

Loans Receivable and Other Le_8

Loans Receivable and Other Lending Investments, net - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Impaired loans
Impaired loans with allowance recorded, Recorded Investment	$ 66,033		$ 66,033		$ 66,725
Impaired loans with allowance recorded, Unpaid Principal Balance	65,945		65,945		66,777
Impaired loans with allowance recorded, Related Allowance	(40,888)		(40,888)		(40,395)
Impaired loans with no related allowance recorded, Average Recorded Investment	0	$ 0
Impaired loans with no related allowance recorded, Interest Income Recognized	0	0
Impaired loans with allowance recorded, Average Recorded Investment	66,379	145,590
Impaired loans with allowance recorded, Interest Income Recognized	0	0
Impaired loans, Average Recorded Investment	66,379	145,590	66,605	$ 176,352
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	92
Impaired loans, Interest Income Recognized	0	0
Senior mortgages
Impaired loans
Impaired loans with allowance recorded, Recorded Investment	66,033		66,033		66,725
Impaired loans with allowance recorded, Unpaid Principal Balance	65,945		65,945		66,777
Impaired loans with allowance recorded, Related Allowance	(40,888)		(40,888)		$ (40,395)
Impaired loans with allowance recorded, Average Recorded Investment	66,379	67,252
Impaired loans with allowance recorded, Interest Income Recognized	0	0
Impaired loans, Average Recorded Investment	66,379	67,252	66,605	71,949
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	0
Impaired loans, Interest Income Recognized	0	0
Corporate/Partnership loans
Impaired loans
Impaired loans with allowance recorded, Average Recorded Investment	0	78,338
Impaired loans with allowance recorded, Interest Income Recognized	0	0
Impaired loans, Average Recorded Investment	0	78,338	0	104,403
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	0
Impaired loans, Interest Income Recognized	0	0
Subordinate mortgages
Impaired loans
Impaired loans with no related allowance recorded, Average Recorded Investment	0	0
Impaired loans with no related allowance recorded, Interest Income Recognized	0	0
Impaired loans, Average Recorded Investment	0	0	0	0
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	92
Impaired loans, Interest Income Recognized	$ 0	$ 0
Receivables Without Allowance [Member]
Impaired loans
Impaired loans, Average Recorded Investment			0	0
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	92
Receivables Without Allowance [Member] | Subordinate mortgages
Impaired loans
Impaired loans, Average Recorded Investment			0	0
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	92
Receivables With Allowance [Member]
Impaired loans
Impaired loans, Average Recorded Investment			66,605	176,352
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	0
Receivables With Allowance [Member] | Senior mortgages
Impaired loans
Impaired loans, Average Recorded Investment			66,605	71,949
Impaired Financing Receivables Interest Income Cash or Accrual Method			0	0
Receivables With Allowance [Member] | Corporate/Partnership loans
Impaired loans
Impaired loans, Average Recorded Investment			0	104,403
Impaired Financing Receivables Interest Income Cash or Accrual Method			$ 0	$ 0

Loans Receivable and Other Le_9

Loans Receivable and Other Lending Investments, net - Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Available-for-Sale Securities
Amortized Cost Basis	$ 21,140
Estimated Fair Value	23,324
Held-to-Maturity Securities
Amortized Cost Basis	82,205
Estimated Fair Value	82,205
Total Other Lending Investments
Face Value	121,140	$ 142,051
Amortized Cost Basis	103,345	121,650
Net Unrealized Gain	2,184	483
Estimated Fair Value	105,529	122,133
Net Carrying Value	105,529	122,126
Municipal debt securities
Available-for-Sale Securities
Face Value	21,140	21,185
Amortized Cost Basis	21,140	21,185
Net Unrealized Gain	2,184	476
Estimated Fair Value	23,324	21,661
Net Carrying Value	23,324	21,661
Debt securities
Held-to-Maturity Securities
Face Value	100,000	120,866
Amortized Cost Basis	82,205	100,465
Net Unrealized Gain	0	7
Estimated Fair Value	82,205	100,472
Net Carrying Value	$ 82,205	$ 100,465

Loans Receivable and Other L_10

Loans Receivable and Other Lending Investments, net - Maturities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Held-to-Maturity Securities, Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	82,205
After 5 years through 10 years	0
After 10 years	0
Total	82,205
Held-to-Maturity Securities, Estimated Fair Value
Within one year	0
After one year through 5 years	82,205
After 5 years through 10 years	0
After 10 years	0
Total	82,205
Available-for-Sale Securities, Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	21,140
Total	21,140
Available-for-Sale Securities, Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	23,324
Total	$ 23,324

Other Investments - Schedule of

Other Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Other investments	$ 564,170		$ 564,170		$ 304,275
Equity in earnings (losses)	3,640	$ (7,278)	8,949	$ (3,946)
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Other investments	43,955		43,955		7,516
Equity in earnings (losses)	(235)	(9,679)	(33)	(10,173)
Impairment on foreign equity method investment		10,000		10,000
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value	520,215		520,215		296,759
Equity in earnings (losses)	3,875	2,401	8,982	6,227
Real estate equity investments | SAFE
Schedule of Equity Method Investments [Line Items]
Carrying value	402,860		402,860		149,589
Equity in earnings (losses)	3,814	680	11,130	2,152
Real estate equity investments | iStar Net Lease II LLC (Net Lease Venture II)
Schedule of Equity Method Investments [Line Items]
Carrying value	5,397		5,397		16,215
Equity in earnings (losses)	(232)	0	(318)	0
Real estate equity investments | iStar Net Lease I LLC (Net Lease Venture)
Schedule of Equity Method Investments [Line Items]
Carrying value	0		0		0
Equity in earnings (losses)	0	2,016	0	4,100
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value	111,958		111,958		$ 130,955
Equity in earnings (losses)	$ 293	$ (295)	$ (1,830)	$ (25)

Other Investments - Safehold In

Other Investments - Safehold Inc. (Details)	Jan. 02, 2019USD ($)$ / sharesshares	May 31, 2018USD ($)office_building	Oct. 31, 2017USD ($)	Jun. 30, 2019USD ($)multipleshares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)multipleshares	Jun. 30, 2018USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Aug. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Additional cash investment in equity method investment						$ 310,812,000	$ 53,012,000
Restriction period on common stock received as payment						2 years
Management agreement, termination fee as multiple of prior year management fee | multiple				3		3
Management agreement, equity raised since inception metric related to renewal and termination				$ 820,000,000		$ 820,000,000
Carrying value of loans				805,940,000		$ 805,940,000			$ 919,493,000
Fee percent of SAFE Equity up to $1.5 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity						1.00%
Fee percent of SAFE Equity up to $1.5 billion | Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount				1,500,000,000		$ 1,500,000,000
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity						1.25%
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount				1,500,000,000		$ 1,500,000,000
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount				3,000,000,000		$ 3,000,000,000
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity						1.375%
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount				3,000,000,000		$ 3,000,000,000
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount				5,000,000,000		$ 5,000,000,000
Fee percent of SAFE Equity over $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity						1.50%
Fee percent of SAFE Equity over $5.0 billion | Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount				$ 5,000,000,000		$ 5,000,000,000
SAFE | Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Number of Investor Units purchased (in shares) | shares	12,500,000
Investor Units, purchase price per unit (in dollars per share) | $ / shares	$ 20
Additional cash investment in equity method investment	$ 250,000,000
Equity interest (percent)				66.50%		66.50%
Voting power cap threshold (percent)	41.90%
Standstill provisions (in years)	2 years
Stock transfer limitation maximum per agreement, other than widely distributed public offering (percent)	20.00%
Ground Lease, Atlanta medical office
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee										$ 24,000,000
Amount of loan funded				$ 18,000,000		$ 18,000,000
Interest income				500,000	$ 300,000	900,000	600,000
Multifamily Development San Jose
Schedule of Equity Method Investments [Line Items]
Amount of loan funded				14,900,000		14,900,000
Interest income				200,000	100,000	300,000	100,000
Lessor, operating lease, term of contract			99 years
Real estate, leasehold improvement allowance			$ 7,200,000
Forward purchase contract, purchase agreement, amount			34,000,000
Ground Lease, Multi-tenant Office Atlanta
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee		$ 19,900,000
Number of office buildings | office_building		2
Interest income				500,000	200,000	1,100,000	200,000
Ground Lease, Washington DC building conversion
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee								$ 13,300,000
Amount of loan funded				12,100,000		12,100,000
Interest income				200,000		400,000
SAFE
Schedule of Equity Method Investments [Line Items]
Management fees waived					900,000		1,800,000
Expense reimbursements from related party				500,000		1,100,000
Expense reimbursement waived					$ 400,000		$ 800,000
Management Fees | SAFE
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party				$ 1,500,000		$ 3,100,000
Leasehold First Mortgage | Multifamily Development San Jose
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee			80,500,000
Carrying value of loans			$ 80,500,000
SAFE
Schedule of Equity Method Investments [Line Items]
Ground lease term (in years)						98 years
SAFE
Schedule of Equity Method Investments [Line Items]
Common stock received as payment of fees | shares				75,585		121,605

Other Investments - Net Lease V

Other Investments - Net Lease Venture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Gain on consolidation of equity method investment	$ 0	$ 67,877	$ 0	$ 67,877
Increase in noncontrolling interest from consolidation of equity method investment		188,279		188,279
Other income | Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party		$ 700		$ 1,300
Net income attributable to noncontrolling interests | Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party	$ 400		$ 700
Net Lease | Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)	51.90%		51.90%
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%

Other Investments - Net Lease_2

Other Investments - Net Lease Venture II (Details) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2019USD ($)	Dec. 31, 2018USD ($)ft²leasebuilding	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Acquisitions of real estate assets	$ 56,700			$ 129,856	$ 3,390
Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)			51.90%	51.90%
Other income | Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party			$ 400	$ 800
The Properties Livermore CA | Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Number of properties | building		4
Area of properties (sq ft) | ft²		168,636
Acquisitions of real estate assets		$ 31,200
Percentage of acquired properties leased (percent)		100.00%
Number of leases | lease		4

Other Investments - Other Real

Other Investments - Other Real Estate Equity Investments (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2016
Other Real Estate Equity Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)		16.00%		16.00%
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%
Loans receivable, carrying value		$ 31.9		$ 31.9		$ 30.5
Interest income		$ 0.7		$ 1.4
Other Real Estate Equity Investment Dec 2016
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)		50.00%		50.00%			50.00%
Interest income		$ 0.1	$ 0.5	$ 0.6	$ 1
Amount of loan funded						27
Operating properties | Other Real Estate Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments		69.2		69.2		65.6
Land assets | Other Real Estate Equity Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 42.8		$ 42.8		$ 65.3
Unconsolidated entity
Schedule of Equity Method Investments [Line Items]
Real estate transaction price	$ 34.3
Payments to acquire land and develop asset	7.3
Assumption of loan in acquisition transaction	$ 27

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Deferred Expenses and Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Deferred Expenses and Other Assets, Net
Intangible assets, net	$ 154,574		$ 154,574		$ 156,281
Restricted cash	64,154	$ 27,399	64,154	$ 27,399	42,793	$ 20,045
Finance lease right-of-use assets	67,901		67,901
Operating lease right-of-use assets	28,908		28,908
Other assets	38,860		38,860		32,333
Other receivables	22,036		22,036		46,887
Leasing costs, net	4,343		4,343		6,224
Corporate furniture, fixtures and equipment, net	3,271		3,271		3,850
Deferred financing fees, net	2,505		2,505		900
Deferred expenses and other assets, net	386,552		386,552		289,268
Intangible assets, accumulated amortization	27,700		27,700		27,000
Amortization of above market lease	500	400	1,000	800
Accumulated amortization on leasing costs	3,200		3,200		4,400
Accumulated depreciation on corporate furniture, fixtures and equipment	$ 12,500		$ 12,500		11,900
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	5.60%		5.60%
Operating leases, weighted average lease term (in years)	9 years 8 months 12 days		9 years 8 months 12 days
Finance leases, weighted average rate implicit in the lease, discount rate (percent)	5.70%		5.70%
Finance leases, weighted average lease term (in years)	97 years 8 months 12 days		97 years 8 months 12 days
Operating Properties
Deferred Expenses and Other Assets, Net
Other receivables					$ 26,000
Proceeds from collection of receivable			$ 26,000
In-Place Leases
Deferred Expenses and Other Assets, Net
Amortization of intangible assets	$ 2,200	$ 400	4,500	$ 700
Interest expense
Deferred Expenses and Other Assets, Net
Finance lease, interest expense	1,000		1,300
Depreciation and amortization
Deferred Expenses and Other Assets, Net
Finance lease, amortization	200		200
General and administrative
Deferred Expenses and Other Assets, Net
Operating lease, expense	900		1,800
Real estate expense
Deferred Expenses and Other Assets, Net
Operating lease, expense	$ 600		$ 1,800

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Accounts Payable, Accrued Expenses and Other Liabilities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Accounts Payable, Accrued Expenses and Other Liabilities
Other liabilities	$ 91,502		$ 91,502		$ 143,325
Accrued expenses	75,427		75,427		95,149
Finance lease liabilities	68,571		68,571
Intangible liabilities, net	47,708		47,708		35,108
Operating lease liabilities	28,917		28,917
Accrued interest payable	33,516		33,516		42,669
Accounts payable, accrued expenses and other liabilities	345,641		345,641		316,251
Liability related to profit sharing arrangements with developers	200		200		18,500
Tax increment financing bonds	9,100		$ 9,100		9,400
Number of land projects related to financing bonds | property			2
Below market lease, accumulated amortization	3,900		$ 3,900		$ 2,800
Amortization of below market lease	$ 600	$ 100	$ 1,100	$ 300

Loan Participations Payable, _3

Loan Participations Payable, net (Details) $ in Thousands	Jun. 30, 2019USD ($)loan_payable	Dec. 31, 2018USD ($)loan_payable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan participations payable	$ 30,037	$ 22,642
Debt discounts and deferred financing costs, net	(89)	(158)
Total loan participations payable, net	29,948	22,484
Loan receivable	757,570	870,992
Loan Participations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivable	$ 30,100	$ 22,500
Loan participations payable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of debt instruments | loan_payable	1	1
Weighted average interest rate (percent)	7.00%	7.00%

Debt Obligations, net - Schedul

Debt Obligations, net - Schedule of Debt (Details) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Oct. 31, 2017	Aug. 31, 2016	Jun. 30, 2016
Debt Obligations
Total debt obligations	$ 3,112,393,000			$ 3,112,393,000		$ 3,112,393,000		$ 3,661,617,000
Debt discounts and deferred financing costs, net	(43,837,000)			(43,837,000)		(43,837,000)		(52,531,000)
Debt obligations, net	$ 3,068,556,000			3,068,556,000		3,068,556,000		3,609,086,000
Interest costs capitalized				$ 3,500,000	$ 2,100,000	$ 6,500,000	$ 4,500,000
2016 Senior Term Loan | LIBOR
Debt Obligations
Basis point spread on variable interest rate (as a percent)						1.00%
3.125% senior convertible notes
Debt Obligations
Stated interest rates (as a percent)	3.125%			3.125%		3.125%
Secured credit facilities and mortgages
Debt Obligations
Total debt obligations	$ 1,274,893,000			$ 1,274,893,000		$ 1,274,893,000		1,449,117,000
Debt discounts and deferred financing costs, net	(8,811,000)			(8,811,000)		(8,811,000)
Debt obligations, net	1,266,082,000			1,266,082,000		1,266,082,000
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility
Debt Obligations
Total debt obligations	0			0		$ 0		0
Debt instrument term (in years)						1 year
Debt instrument, face amount	325,000,000			325,000,000		$ 325,000,000
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility | LIBOR
Debt Obligations
Basis point spread on variable interest rate (as a percent)						2.50%
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility | LIBOR | Minimum
Debt Obligations
Basis point spread on variable interest rate (as a percent)						1.00%
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two
Debt Obligations
Basis point spread on variable interest rate (as a percent)						2.25%
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category Two
Debt Obligations
Basis point spread on variable interest rate (as a percent)						2.75%
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility | Base Rate | Minimum | Interest Rate Category One
Debt Obligations
Basis point spread on variable interest rate (as a percent)						1.25%
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility | Base Rate | Maximum | Interest Rate Category One
Debt Obligations
Basis point spread on variable interest rate (as a percent)						1.75%
Secured credit facilities and mortgages | 2015 $325 million Revolving Credit Facility | Federal Funds Rate
Debt Obligations
Basis point spread on variable interest rate (as a percent)						0.50%
Secured credit facilities and mortgages | 2016 Senior Term Loan
Debt Obligations
Total debt obligations	643,500,000			643,500,000		$ 643,500,000		646,750,000
Debt instrument, face amount		$ 650,000,000	$ 400,000,000		650,000,000		650,000,000			$ 500,000,000	$ 450,000,000
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR
Debt Obligations
Basis point spread on variable interest rate (as a percent)		2.75%	3.00%			2.75%
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | Minimum
Debt Obligations
Basis point spread on variable interest rate (as a percent)			0.75%
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | Maximum
Debt Obligations
Basis point spread on variable interest rate (as a percent)						1.75%
Secured credit facilities and mortgages | 2016 Senior Term Loan | Federal Funds Rate
Debt Obligations
Basis point spread on variable interest rate (as a percent)						0.50%
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets
Debt Obligations
Total debt obligations	$ 631,393,000			$ 631,393,000		$ 631,393,000		802,367,000
Weighted average interest rate (percent)	4.50%			4.50%		4.50%
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Minimum
Debt Obligations
Stated interest rates (as a percent)	3.62%			3.62%		3.62%
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Maximum
Debt Obligations
Stated interest rates (as a percent)	7.26%			7.26%		7.26%
Unsecured notes
Debt Obligations
Total debt obligations	$ 1,737,500,000			$ 1,737,500,000		$ 1,737,500,000		2,112,500,000
Unsecured notes | 5.00% senior notes
Debt Obligations
Total debt obligations	$ 0			$ 0		$ 0		$ 375,000,000
Stated interest rates (as a percent)	5.00%			5.00%		5.00%		5.00%
Unsecured notes | 4.625% senior notes
Debt Obligations
Total debt obligations	$ 400,000,000			$ 400,000,000		$ 400,000,000		$ 400,000,000
Stated interest rates (as a percent)	4.625%			4.625%		4.625%
Unsecured notes | 6.50% senior notes
Debt Obligations
Total debt obligations	$ 275,000,000			$ 275,000,000		$ 275,000,000		275,000,000
Stated interest rates (as a percent)	6.50%			6.50%		6.50%
Unsecured notes | 6.00% senior notes
Debt Obligations
Total debt obligations	$ 375,000,000			$ 375,000,000		$ 375,000,000		375,000,000
Stated interest rates (as a percent)	6.00%			6.00%		6.00%
Unsecured notes | 5.25% senior notes
Debt Obligations
Total debt obligations	$ 400,000,000			$ 400,000,000		$ 400,000,000		400,000,000
Stated interest rates (as a percent)	5.25%			5.25%		5.25%
Unsecured notes | 3.125% senior convertible notes
Debt Obligations
Total debt obligations	$ 287,500,000			$ 287,500,000		$ 287,500,000		$ 287,500,000
Debt obligations, net	$ 265,600,000			$ 265,600,000		$ 265,600,000
Stated interest rates (as a percent)	3.125%			3.125%		3.125%			3.125%
Convertible debt, conversion ratio (in shares per par value)						66.8675
Convertible debt, conversion ratio principal amount						$ 1,000
Convertible debt, conversion price (in dollars per share)	$ 14.95			$ 14.95		$ 14.95
Liability component of convertible debt			$ 221,800,000						$ 34,000,000
Equity component of convertible debt			$ 22,500,000						3,400,000
Debt instrument, face amount									$ 37,500,000
Unamortized discount	$ 18,000,000			$ 18,000,000		$ 18,000,000
Contractual interest				2,200,000	2,200,000	4,500,000	4,500,000
Amortization of debt discount				$ 1,200,000	$ 1,200,000	$ 2,500,000	$ 2,300,000
Effective interest rate (percent)	5.20%			5.20%		5.20%		5.20%
Other debt obligations | Trust preferred securities
Debt Obligations
Total debt obligations	$ 100,000,000			$ 100,000,000		$ 100,000,000		$ 100,000,000
Other debt obligations | Trust preferred securities | LIBOR
Debt Obligations
Basis point spread on variable interest rate (as a percent)						1.50%
Net Lease
Debt Obligations
Non-recourse debt assumed by buyer	$ 228,000,000					$ 228,000,000

Debt Obligations, net - Future

Debt Obligations, net - Future Scheduled Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Maturities of Long-term Debt [Abstract]
2019 (remaining six months)	$ 0
2020	400,000
2021	435,511
2022	1,110,938
2023	643,500
Thereafter	522,444
Total principal maturities	3,112,393	$ 3,661,617
Unamortized discounts and deferred financing costs, net	(43,837)	(52,531)
Total debt obligations, net	3,068,556	3,609,086
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2019 (remaining six months)	0
2020	400,000
2021	275,000
2022	1,062,500
2023	0
Thereafter	100,000
Total principal maturities	1,837,500
Unamortized discounts and deferred financing costs, net	(35,026)
Total debt obligations, net	1,802,474
Secured Debt
Maturities of Long-term Debt [Abstract]
2019 (remaining six months)	0
2020	0
2021	160,511
2022	48,438
2023	643,500
Thereafter	422,444
Total principal maturities	1,274,893	$ 1,449,117
Unamortized discounts and deferred financing costs, net	(8,811)
Total debt obligations, net	$ 1,266,082

Debt Obligations, net - Secured

Debt Obligations, net - Secured Term Loan and Credit Facility Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Aug. 31, 2016	Jun. 30, 2016	Mar. 31, 2015
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt			$ 0	$ 2,164,000	$ 468,000	$ 2,536,000
2016 Senior Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					1.00%
Secured Debt | 2016 Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 650,000,000	$ 400,000,000		650,000,000		650,000,000	$ 500,000,000	$ 450,000,000
Percentage of par credit facilities were issued at								99.00%
Required quarterly principal payment (as a percent)					0.25%
Loss on early extinguishment of debt				$ 2,200,000		$ 2,500,000
Secured Debt | 2016 Senior Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	2.75%	3.00%			2.75%
Secured Debt | 2016 Senior Term Loan | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)		0.75%
Secured Debt | 2016 Senior Term Loan | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					1.75%
Secured Debt | 2015 Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity									$ 250,000,000
Secured Debt | 2015 $325 million Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount			325,000,000		$ 325,000,000
Maximum borrowing capacity		$ 325,000,000	325,000,000		$ 325,000,000
Debt instrument term (in years)					1 year
Current borrowing capacity			$ 325,000,000		$ 325,000,000
Secured Debt | 2015 $325 million Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.30%
Secured Debt | 2015 $325 million Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.50%
Secured Debt | 2015 $325 million Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					2.50%
Secured Debt | 2015 $325 million Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					1.00%

Debt Obligations, net - Unsecur

Debt Obligations, net - Unsecured Notes Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 0	$ 2,164	$ 468	$ 2,536
Unsecured notes | 5.00% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)	5.00%		5.00%		5.00%
Loss on early extinguishment of debt			$ (500)

Debt Obligations, net - Collate

Debt Obligations, net - Collateral Assets (Details) - USD ($)	Jun. 30, 2019	May 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Real estate, net	$ 1,421,602,000			$ 1,771,019,000
Real estate available and held for sale	12,770,000			22,551,000
Net investment in leases	421,842,000	$ 424,100,000		0
Land and development, net	668,656,000			598,218,000
Loans receivable and other lending investments, net	902,146,000			988,224,000
Other investments	564,170,000			304,275,000
Cash and other assets	774,841,000			1,329,990,000
Total assets	4,766,027,000			5,014,277,000
Carrying amount of assets held by entities pledged as collateral	403,200,000
General reserve for loan losses	53,408,000		$ 53,298,000	53,395,000	$ 54,495,000	$ 69,466,000	$ 78,489,000
Loan participations	757,570,000			870,992,000
Loan Participations
Debt Instrument [Line Items]
Loan participations	30,100,000			22,500,000
Collectively Evaluated for Impairment
Debt Instrument [Line Items]
General reserve for loan losses	12,520,000			13,000,000
Loan participations	732,424,000			844,662,000
Secured Debt | 2015 $325 million Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	325,000,000							$ 325,000,000
Collateral Assets
Debt Instrument [Line Items]
Real estate, net	1,254,161,000			1,620,008,000
Real estate available and held for sale	0			1,055,000
Net investment in leases	421,842,000			0
Land and development, net	42,300,000			12,300,000
Loans receivable and other lending investments, net	364,665,000			498,524,000
Other investments	0			0
Cash and other assets	11,010,000			0
Total assets	2,093,978,000			2,131,887,000
Non-Collateral Assets
Debt Instrument [Line Items]
Real estate, net	167,441,000			151,011,000
Real estate available and held for sale	12,770,000			21,496,000
Net investment in leases	0			0
Land and development, net	626,356,000			585,918,000
Loans receivable and other lending investments, net	519,939,000			480,154,000
Other investments	564,170,000			304,275,000
Cash and other assets	763,831,000			1,329,990,000
Total assets	$ 2,654,507,000			$ 2,872,844,000

Debt Obligations, net - Debt Co

Debt Obligations, net - Debt Covenants (Details)	Jun. 30, 2019
Unsecured Debt
Debt Instrument [Line Items]
Unencumbered assets to unsecured indebtedness ratio (at least)	1.2
Consolidated fixed charge coverage ratio	1.5
Secured Debt | 2016 Senior Term Loan
Debt Instrument [Line Items]
Collateral coverage ratio (at least)	1.25
Secured Debt | 2015 $325 million Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base asset value ratio	1.5
Cash flow to fixed charges ratio	1.5

Commitments and Contingencies -

Commitments and Contingencies - Fundings That May be Required (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2019	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed that may be drawn down		100.00%
Other Commitments [Line Items]
Performance-Based Commitments		$ 394,007
Strategic Investments		24,542
Total		418,549
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments		330,592
Strategic Investments		0
Total		330,592
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments		63,415
Strategic Investments		0
Total		63,415
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments		0
Strategic Investments		24,542
Total		24,542
Loan Participations
Other Commitments [Line Items]
Performance-Based Commitments		$ 19,900
Bowling Entertainment Venue Operator | Bowling center commitment
Other Commitments [Line Items]
Commitment to purchase additional bowling centers	$ 55,000

Commitments and Contingencies_2

Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating lease payments made	$ 1,000	$ 2,000
Finance lease payments made	$ 700	$ 900
Operating leases, excluding tenant paid leases, weighted average lease term (in years)		4 years 4 months 24 days
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	5.60%	5.60%
Finance leases, weighted average lease term (in years)	97 years 8 months 12 days	97 years 8 months 12 days
Finance leases, weighted average rate implicit in the lease, discount rate (percent)	5.70%	5.70%
Future Minimum Operating Lease Obligations
2019	$ 2,147	$ 2,147
2020	4,054	4,054
2021	1,468	1,468
2022	869	869
2023	728	728
Thereafter	2,074	2,074
Total undiscounted cash flows	11,340	11,340
Present value discount	(1,586)	(1,586)
Other adjustments	19,163	19,163
Operating lease liabilities	28,917	28,917
Future Minimum Finance Lease Obligations
2019	1,295	1,295
2020	2,633	2,633
2021	2,686	2,686
2022	2,740	2,740
2023	2,794	2,794
Thereafter	759,082	759,082
Total undiscounted cash flows	771,230	771,230
Present value discount	(702,659)	(702,659)
Finance lease liabilities	$ 68,571	$ 68,571
Future Minimum Operating Lease Obligations at Prior Year End
2019			$ 4,340
2020			4,016
2021			1,589
2022			991
2023			849
Thereafter			$ 2,469

Derivatives - Classification on

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Expected amount related to cash flow hedge that will be reclassified over next twelve months	$ 4,400
Collateral posted for hedges	17,200	$ 6,400
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Assets	228	3,669
Derivative Liabilities	8,720	10,244
Derivatives Designated in Hedging Relationships | Interest rate swaps | Deferred expenses and other assets, net
Derivatives, Fair Value [Line Items]
Derivative Assets	228	3,669
Derivatives Designated in Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 8,720	$ 10,244

Derivatives - Effect in the Con

Derivatives - Effect in the Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ (20,987)	$ 7	$ (35,999)	$ 2,358
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	[1]	(12,736)	1,795	(12,743)	1,786
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		(8,036)	1,157	(15,226)	3,508
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		9	81	153	90
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		(12,951)	(1,150)	(20,773)	(1,150)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		$ (266)	$ 0	$ (417)	$ 0
[1]	Amount reclassified to "Interest expense" in the Company's consolidated statements of operations is $266 and $417 for the three and six months ended June 30, 2019 , respectively. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $ 806 for the three and six months ended June 30, 2019 and amount reclassified to "Gain on consolidation of equity method investment" for the three and six months ended June 30, 2018 is $1,876 . Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(9) and $(153) for the three and six months ended June 30, 2019 , respectively, and $81 and $90 for the three and six months ended June 30, 2018, respectively. Amounts reclassified to "Other expense" in the Company's consolidated statements of operations are $11,673 for the three and six months ended June 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur.

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Preferred Stock
Shares Issued and Outstanding (in shares)	16,200,000		16,200,000		16,200,000
Carrying Value	$ 476,000,000		$ 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	$ 8,124,000	$ 8,124,000	$ 16,248,000	$ 16,248,000
Capital gains distribution (as a percent)				100.00%
Unrecaptured Section 1250 gain (s a percent)				26.02%
Long term capital gain (as a percent)				73.98%
Amount of preferred dividends in arrears			$ 0
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		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25		$ 25
Rate per Annum			8.00%		8.00%
Equivalent to Fixed Annual Rate (in dollars per share)			$ 2		$ 2
Carrying Value	$ 89,041,000		$ 89,041,000		$ 89,041,000
Preferred stock dividends declared and paid			$ 4,000,000	$ 4,000,000
Series G
Preferred Stock
Shares Issued and Outstanding (in shares)	3,200,000		3,200,000		3,200,000
Par Value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 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		$ 72,664,000
Preferred stock dividends declared and paid			$ 3,100,000	3,100,000
Series I
Preferred Stock
Shares Issued and Outstanding (in shares)	5,000,000		5,000,000		5,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 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		$ 120,785,000
Preferred stock dividends declared and paid			$ 4,700,000	4,700,000
Series J (convertible)
Preferred Stock
Shares Issued and Outstanding (in shares)	4,000,000		4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 50		$ 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		$ 193,510,000
Preferred stock dividends declared and paid			$ 4,500,000	$ 4,500,000
Redemption price as a percentage of liquidation preference			100.00%
Shares issued upon conversion (in shares)	4.0612		4.0612
Conversion price per share (in dollars per share)	$ 12.31		$ 12.31

Equity - Dividends (Details)

Equity - Dividends (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017
Dividends [Abstract]
Operating loss carryforwards				$ 582,400,000
Common stock dividends declared	$ 6,490,000	$ 12,700,000	$ 0
Common stock dividends declared per share (in dollars per share)	$ 0.10	$ 0.19

Equity - Stock Repurchase Progr

Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Shares repurchased and retired during period (in shares)	6.2	0.8
Common stock value repurchased including acquisition costs	$ 58.3	$ 8.3
Average cost per share of repurchased shares (in dollars per share)	$ 9.42	$ 10.22
Stock repurchase program remaining authorized amount	$ 22.5

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	$ 2,185	$ 475
Unrealized losses on cash flow hedges	(32,123)	(13,546)
Unrealized losses on cumulative translation adjustment	(4,199)	(4,199)
Accumulated other comprehensive loss	$ (34,137)	$ (17,270)

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans and Employee Benefits - Stock-Based Compensation and Long-Term Incentive Plan (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 9,705	$ 3,503	$ 13,954	$ 12,593
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance	8.9		8.9		8
Shares remaining available for issuance	3		3

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans and Employee Benefits - Performance Incentive Plans (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ownership_class$ / sharesshares	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation | $	$ 9,705	$ 3,503	$ 13,954	$ 12,593
Performance Incentive Plan
Accrued expenses | $	75,427		$ 75,427		$ 95,149
iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			6 years
Performance Incentive Plan
iPIP distributions to plan participants | $			$ 7,400
iPIP distributions, cash component | $			$ 3,800
iPIP distributions, equity component (in shares)			389,545
iPIP distributions, equity component, fair value | $			$ 3,600
iPIP distributions, equity component, fair value (in dollars per share) | $ / shares			$ 9.21
iPIP distributions, shares issued net of tax withholdings (in shares)			209,118
Accrued expenses | $	$ 39,900		$ 39,900		$ 37,500
iPIP Plans | Vesting at end of second year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			40.00%
iPIP Plans | Vesting in each of years three through six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			15.00%
2013-2014 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	84.17		84.17
Granted (in shares)			0
Forfeited (in shares)			(1.60)
Points at end of period (in shares)			85.77
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	76.68		76.68
Granted (in shares)			0
Forfeited (in shares)			(2.73)
Points at end of period (in shares)			79.41
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	78.71		78.71
Granted (in shares)			0
Forfeited (in shares)			(3.72)
Points at end of period (in shares)			82.43
2019-2020 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ownership classes of consolidated subsidiary | ownership_class			2
Ownership percentage of class A units (percent)			100.00%
Equity-based compensation | $			$ 1,400
Settlement or distribution on units and awards, cash (percent)			50.00%
Settlement or distribution on units and awards, common stock (percent)			50.00%
2013-2018 Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement or distribution on units and awards, cash (percent)			50.00%
Settlement or distribution on units and awards, common stock (percent)			50.00%

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans and Employee Benefits - Restricted Stock Unit Activity (Details) - Restricted stock units shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)shares
Number of Shares
Non-vested at beginning of period (in shares)	357
Granted (in shares)	474
Vested (in shares)	(52)
Forfeited (in shares)	(86)
Non-vested at end of period (in shares)	693
Unrecognized compensation cost | $	$ 4
Weighted-average period to recognize the unrecognized compensation cost	1 year 8 months 12 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans and Employee Benefits - Directors' Awards (Details) - Directors $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
CSE and Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	255,921
Non-vested, aggregate intrinsic value | $	$ 3.2
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	80,270
Grant date fair value (in dollars per share) | $ / shares	$ 8.74
CSE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	3,481
Grant date fair value (in dollars per share) | $ / shares	$ 9.45

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans and Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.1	$ 0.7	$ 0.8

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 373,691	$ 60,506	$ 366,721	$ 95,532
Net income attributable to noncontrolling interests	(2,852)	(9,509)	(5,323)	(9,604)
Preferred dividends	(8,124)	(8,124)	(16,248)	(16,248)
Net income allocable to common shareholders	362,715	42,873	345,150	69,680
Add: Effect of Series J convertible perpetual preferred stock	2,250	2,250	4,500	4,500
Net income allocable to common shareholders for diluted earnings per common share	$ 364,965	$ 45,123	$ 349,650	$ 74,180

Earnings Per Share - Earnings A

Earnings Per Share - Earnings Allocable to Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator for basic earnings per share:
Net income allocable to common shareholders	$ 362,715	$ 42,873	$ 345,150	$ 69,680
Numerator for diluted earnings per share:
Net income allocable to common shareholders	$ 364,965	$ 45,123	$ 349,650	$ 74,180
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share (in shares)	64,019	67,932	65,873	67,922
Add: Effect of assumed shares issued under treasury stock method for restricted stock units (in shares)	87	127	85	125
Add: Effect of series J convertible perpetual preferred stock (in shares)	16,153	15,635	16,053	15,635
Weighted average common shares outstanding for diluted earnings per common share (in shares)	80,259	83,694	82,011	83,682
Basic earnings per common share:
Net income (loss) allocable to common shareholders (in dollars per share)	$ 5.67	$ 0.63	$ 5.24	$ 1.03
Diluted earnings per common share:(1)
Net income (loss) allocable to common shareholders (in dollars per share)	$ 4.55	$ 0.54	$ 4.26	$ 0.89

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities (Details) - 3.125% senior convertible notes	6 Months Ended
	Jun. 30, 2019trading_day
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rates (as a percent)	3.125%
Threshold consecutive trading days	40

Fair Values - Schedule of Fair

Fair Values - Schedule of Fair Value Measurement (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)real_estate_assetland_asset
Recurring basis | Fair Value
Assets and liabilities recorded at fair value
Derivative Assets	$ 228	$ 3,669
Derivative Liabilities	8,720	10,244
Available-for-sale securities	23,324	21,661
Recurring basis | Level 1
Assets and liabilities recorded at fair value
Derivative Assets	0	0
Derivative Liabilities	0	0
Available-for-sale securities	0	0
Recurring basis | Level 2
Assets and liabilities recorded at fair value
Derivative Assets	228	3,669
Derivative Liabilities	8,720	10,244
Available-for-sale securities	23,324	0
Recurring basis | Level 3
Assets and liabilities recorded at fair value
Derivative Assets	0	0
Derivative Liabilities	0	0
Available-for-sale securities	0	21,661
Non-recurring basis
Assets and liabilities recorded at fair value
Impaired real estate, aggregate impairment		$ 76,300
Impaired real estate, number of assets | real_estate_asset		3
Impaired real estate available and held for sale, aggregate impairment		$ 3,700
Impaired real estate available and held for sale, number of assets | real_estate_asset		2
Impaired land and development, aggregate impairment	1,100	$ 55,400
Impaired land and development, number of assets | land_asset		4
Non-recurring basis | Fair Value
Assets and liabilities recorded at fair value
Impaired real estate		$ 29,400
Impaired real estate available and held for sale		19,300
Impaired land and development	1,282	78,400
Non-recurring basis | Level 1
Assets and liabilities recorded at fair value
Impaired real estate		0
Impaired real estate available and held for sale		0
Impaired land and development	0	0
Non-recurring basis | Level 2
Assets and liabilities recorded at fair value
Impaired real estate		0
Impaired real estate available and held for sale		0
Impaired land and development	0	0
Non-recurring basis | Level 3
Assets and liabilities recorded at fair value
Impaired real estate		29,400
Impaired real estate available and held for sale		19,300
Impaired land and development	$ 1,282	78,400
Non-recurring basis | Commercial operating property one
Assets and liabilities recorded at fair value
Impaired real estate, aggregate impairment		23,200
Non-recurring basis | Property to be sold
Assets and liabilities recorded at fair value
Impaired real estate, aggregate impairment		6,000
Non-recurring basis | Commercial operating property two
Assets and liabilities recorded at fair value
Impaired real estate, aggregate impairment		47,100
Non-recurring basis | Waterfront land and development asset to be sold
Assets and liabilities recorded at fair value
Impaired land and development, aggregate impairment		25,000
Non-recurring basis | Master planned community
Assets and liabilities recorded at fair value
Impaired land and development, aggregate impairment		21,600
Non-recurring basis | Infill land and development asset
Assets and liabilities recorded at fair value
Impaired land and development, aggregate impairment		6,900
Non-recurring basis | Waterfront land and development asset sold
Assets and liabilities recorded at fair value
Impaired land and development, aggregate impairment		$ 1,900

Fair Values - Summary of Change

Fair Values - Summary of Changes in Level 3 Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 21,661	$ 22,842
Repayments	(47)	(46)
Unrealized gains (losses) recorded in other comprehensive income	1,710	(956)
Ending balance	$ 23,324	$ 21,840

Fair Values - Fair Values of Fi

Fair Values - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Loans receivable and other lending investments, net	$ 902,146	$ 988,224
Financial liabilities:
Debt obligations, net	3,068,556	3,609,086
Fair Value
Financial assets:
Loans receivable and other lending investments, net	900,000	1,000,000
Financial liabilities:
Debt obligations, net	$ 3,200,000	$ 3,500,000

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segments	Jun. 30, 2018USD ($)	May 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segments			4
Segment profit (loss)
Revenues	$ 98,468	$ 171,571	$ 205,270	$ 535,814
Earnings (losses) from equity method investments	3,640	(7,278)	8,949	(3,946)
Selling profit from sales-type leases	180,416	0	180,416	0
Gain on consolidation of equity method investment	0	67,877	0	67,877
Income from sales of real estate	220,523	56,895	229,930	73,943
Total revenue and other earnings	503,047	289,065	624,565	673,688
Other expense	(11,883)	(3,716)	(12,391)	(4,882)
Allocated interest expense	(43,752)	(43,172)	(90,329)	(88,353)
Allocated general and administrative	(17,598)	(19,725)	(34,448)	(39,448)
Segment profit (loss)	398,540	102,048	415,735	161,013
Other significant items:
Provision for loan losses	110	18,892	13	18,037
Impairment of assets	1,102	6,088	4,953	10,188
Depreciation and amortization	13,718	10,767	29,386	21,878
Capitalized expenditures	33,165	47,946	72,417	87,572
Segment assets
Real estate, net	1,421,602		1,421,602			$ 1,771,019
Real estate available and held for sale	12,770		12,770			22,551
Total real estate	1,434,372		1,434,372			1,793,570
Net investment in leases	421,842		421,842		$ 424,100	0
Land and development, net	668,656		668,656			598,218
Loans receivable and other lending investments, net	902,146		902,146			988,224
Other investments	564,170		564,170			304,275
Total portfolio assets	3,991,186		3,991,186			3,684,287
Cash and other assets	774,841		774,841			1,329,990
Total assets	4,766,027		4,766,027			5,014,277
Stock-based compensation expense	9,705	3,503	13,954	12,593
Operating lease income
Segment profit (loss)
Revenues	55,185	44,609	114,100	90,407
Interest income
Segment profit (loss)
Revenues	20,341	25,212	40,716	51,909
Interest income from sales-type leases
Segment profit (loss)
Revenues	3,817	0	3,817	0
Other income
Segment profit (loss)
Revenues	10,050	20,823	24,863	36,142
Land development
Segment profit (loss)
Revenues	9,075	80,927	21,774	357,356
Cost of sales expense	(9,236)	(83,361)	(23,684)	(306,768)
Real estate
Segment profit (loss)
Cost of sales expense	(22,038)	(37,043)	(47,978)	(73,224)
Operating Segments | Real Estate Finance
Segment profit (loss)
Earnings (losses) from equity method investments	0	0	0	0
Selling profit from sales-type leases	0		0
Gain on consolidation of equity method investment		0		0
Income from sales of real estate	0	0	0	0
Total revenue and other earnings	20,465	28,345	43,029	55,425
Other expense	(47)	(290)	(311)	(690)
Allocated interest expense	(7,936)	(10,648)	(16,349)	(22,413)
Allocated general and administrative	(2,279)	(3,852)	(4,488)	(7,821)
Segment profit (loss)	10,203	13,555	21,881	24,501
Other significant items:
Provision for loan losses	110	18,892	13	18,037
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
Net investment in leases	0		0
Land and development, net	0		0			0
Loans receivable and other lending investments, net	858,061		858,061			988,224
Other investments	0		0			0
Total portfolio assets	858,061		858,061			988,224
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	19,933	25,212	40,308	51,909
Operating Segments | Real Estate Finance | Interest income from sales-type leases
Segment profit (loss)
Revenues	0		0
Operating Segments | Real Estate Finance | Other income
Segment profit (loss)
Revenues	532	3,133	2,721	3,516
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	3,582	2,694	10,812	6,252
Selling profit from sales-type leases	180,416		180,416
Gain on consolidation of equity method investment		67,877		67,877
Income from sales of real estate	219,742	24,493	219,742	24,907
Total revenue and other earnings	459,562	125,072	519,696	159,818
Other expense	0	0	0	0
Allocated interest expense	(23,606)	(13,591)	(45,372)	(27,792)
Allocated general and administrative	(6,734)	(4,853)	(12,412)	(9,439)
Segment profit (loss)	423,453	103,195	450,038	115,176
Other significant items:
Provision for loan losses	0	0	0	0
Impairment of assets	0	4,342	0	4,342
Depreciation and amortization	12,272	6,341	25,832	12,652
Capitalized expenditures	2,105	720	4,861	1,198
Segment assets
Real estate, net	1,249,824		1,249,824			1,536,494
Real estate available and held for sale	0		0			1,055
Total real estate	1,249,824		1,249,824			1,537,549
Net investment in leases	421,842		421,842
Land and development, net	0		0			0
Loans receivable and other lending investments, net	44,085		44,085			0
Other investments	408,257		408,257			165,804
Total portfolio assets	2,124,008		2,124,008			1,703,353
Operating Segments | Net Lease | Operating lease income
Segment profit (loss)
Revenues	48,660	29,310	98,143	59,036
Operating Segments | Net Lease | Interest income
Segment profit (loss)
Revenues	408	0	408	0
Operating Segments | Net Lease | Interest income from sales-type leases
Segment profit (loss)
Revenues	3,817		3,817
Operating Segments | Net Lease | Other income
Segment profit (loss)
Revenues	2,937	698	6,358	1,746
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	(5,769)	(3,433)	(11,874)	(7,411)
Operating Segments | Operating Properties
Segment profit (loss)
Earnings (losses) from equity method investments	(2,630)	(1,316)	(5,040)	(2,591)
Selling profit from sales-type leases	0		0
Gain on consolidation of equity method investment		0		0
Income from sales of real estate	781	32,402	10,188	49,036
Total revenue and other earnings	8,580	59,636	27,307	102,957
Other expense	0	0	0	0
Allocated interest expense	(2,548)	(4,578)	(5,466)	(10,106)
Allocated general and administrative	(726)	(1,975)	(1,487)	(4,018)
Segment profit (loss)	(2,982)	29,265	1,033	43,390
Other significant items:
Provision for loan losses	0	0	0	0
Impairment of assets	2	446	3,853	4,546
Depreciation and amortization	900	3,738	2,457	7,664
Capitalized expenditures	1,646	4,623	2,063	12,324
Segment assets
Real estate, net	171,778		171,778			234,525
Real estate available and held for sale	12,770		12,770			21,496
Total real estate	184,548		184,548			256,021
Net investment in leases	0		0
Land and development, net	0		0			0
Loans receivable and other lending investments, net	0		0			0
Other investments	69,208		69,208			65,643
Total portfolio assets	253,756		253,756			321,664
Operating Segments | Operating Properties | Operating lease income
Segment profit (loss)
Revenues	6,455	15,199	15,810	31,016
Operating Segments | Operating Properties | Interest income
Segment profit (loss)
Revenues	0	0	0	0
Operating Segments | Operating Properties | Interest income from sales-type leases
Segment profit (loss)
Revenues	0		0
Operating Segments | Operating Properties | Other income
Segment profit (loss)
Revenues	3,974	13,351	6,349	25,496
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	(8,288)	(23,818)	(19,321)	(45,443)
Operating Segments | Land and Development
Segment profit (loss)
Earnings (losses) from equity method investments	2,924	1,023	3,211	2,566
Selling profit from sales-type leases	0		0
Gain on consolidation of equity method investment		0		0
Income from sales of real estate	0	0	0	0
Total revenue and other earnings	13,380	83,363	29,887	362,061
Other expense	0	0	0	0
Allocated interest expense	(5,493)	(5,308)	(10,620)	(11,781)
Allocated general and administrative	(2,923)	(3,747)	(6,180)	(7,552)
Segment profit (loss)	(12,253)	(18,845)	(27,380)	15,590
Other significant items:
Provision for loan losses	0	0	0	0
Impairment of assets	1,100	1,300	1,100	1,300
Depreciation and amortization	244	318	490	832
Capitalized expenditures	29,414	42,603	65,493	74,050
Segment assets
Real estate, net	0		0			0
Real estate available and held for sale	0		0			0
Total real estate	0		0			0
Net investment in leases	0		0
Land and development, net	668,656		668,656			598,218
Loans receivable and other lending investments, net	0		0			0
Other investments	42,750		42,750			65,312
Total portfolio assets	711,406		711,406			663,530
Operating Segments | Land and Development | Operating lease income
Segment profit (loss)
Revenues	70	100	147	355
Operating Segments | Land and Development | Interest income
Segment profit (loss)
Revenues	0	0	0	0
Operating Segments | Land and Development | Interest income from sales-type leases
Segment profit (loss)
Revenues	0		0
Operating Segments | Land and Development | Other income
Segment profit (loss)
Revenues	1,311	1,313	4,755	1,784
Operating Segments | Land and Development | Land development
Segment profit (loss)
Revenues	9,075	80,927	21,774	357,356
Cost of sales expense	(9,236)	(83,361)	(23,684)	(306,768)
Operating Segments | Land and Development | Real estate
Segment profit (loss)
Cost of sales expense	(7,981)	(9,792)	(16,783)	(20,370)
Corporate/Other
Segment profit (loss)
Earnings (losses) from equity method investments	(236)	(9,679)	(34)	(10,173)
Selling profit from sales-type leases	0		0
Gain on consolidation of equity method investment		0		0
Income from sales of real estate	0	0	0	0
Total revenue and other earnings	1,060	(7,351)	4,646	(6,573)
Other expense	(11,836)	(3,426)	(12,080)	(4,192)
Allocated interest expense	(4,169)	(9,047)	(12,522)	(16,261)
Allocated general and administrative	(4,936)	(5,298)	(9,881)	(10,618)
Segment profit (loss)	(19,881)	(25,122)	(29,837)	(37,644)
Other significant items:
Provision for loan losses	0	0	0	0
Impairment of assets	0	0	0	0
Depreciation and amortization	302	370	607	730
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
Net investment in leases	0		0
Land and development, net	0		0			0
Loans receivable and other lending investments, net	0		0			0
Other investments	43,955		43,955			7,516
Total portfolio assets	43,955		43,955			$ 7,516
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 | Interest income from sales-type leases
Segment profit (loss)
Revenues	0		0
Corporate/Other | Other income
Segment profit (loss)
Revenues	1,296	2,328	4,680	3,600
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

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Profit to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of segment profit (loss) to income (loss) from continuing operations
Segment profit	$ 398,540	$ 102,048	$ 415,735	$ 161,013
Less: Provision for loan losses	(110)	(18,892)	(13)	(18,037)
Less: Impairment of assets	(1,102)	(6,088)	(4,953)	(10,188)
Less: Stock-based compensation expense	(9,705)	(3,503)	(13,954)	(12,593)
Less: Depreciation and amortization	(13,718)	(10,767)	(29,386)	(21,878)
Less: Income tax expense	(214)	(128)	(240)	(249)
Less: Loss on early extinguishment of debt, net	0	(2,164)	(468)	(2,536)
Net income	$ 373,691	$ 60,506	$ 366,721	$ 95,532

Uncategorized Items - star-0630

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 75,869,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	75,593,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 276,000