Safehold 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 28, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-15371
Entity Registrant Name	iStar Inc.
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
Common Stock, Shares, Outstanding		76,494,506
Entity Central Index Key	0001095651
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
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	Mar. 31, 2020	Dec. 31, 2019
Real estate
Real estate, at cost	$ 1,737,041	$ 1,761,079
Less: accumulated depreciation	(235,952)	(233,860)
Real estate, net	1,501,089	1,527,219
Real estate available and held for sale	34,391	8,650
Total real estate	1,535,480	1,535,869
Net investment in leases ($10,403 of allowances as of March 31, 2020)	409,976	418,915
Land and development, net	514,064	580,545
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	850,835	827,861
Other investments	1,029,552	907,875
Cash and cash equivalents	371,293	307,172
Accrued interest and operating lease income receivable, net	10,036	10,162
Deferred operating lease income receivable, net	48,812	54,222
Deferred expenses and other assets, net	452,533	442,488
Total assets	5,222,581	5,085,109
Liabilities:
Accounts payable, accrued expenses and other liabilities	441,324	424,374
Liabilities associated with properties held for sale	61	57
Loan participations payable, net	37,767	35,638
Debt obligations, net	3,583,360	3,387,080
Total liabilities	4,062,512	3,847,149
Commitments and contingencies (refer to Note 12)
iStar Inc. shareholders' equity:
Preferred Stock	12	12
Common Stock, $0.001 par value, 200,000 shares authorized, 77,059 and 77,810 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	77	78
Additional paid-in capital	3,275,055	3,284,877
Accumulated deficit	(2,247,504)	(2,205,838)
Accumulated other comprehensive loss (refer to Note 14)	(59,522)	(38,707)
Total iStar Inc. shareholders' equity	968,118	1,040,422
Noncontrolling interests	191,951	197,538
Total equity	1,160,069	1,237,960
Total liabilities and equity	$ 5,222,581	$ 5,085,109

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Net investment in leases, allowances	$ 10,403
Loans receivable and other lending investments, allowances	$ 33,264	$ 28,634
Liquidation preference (in dollars per share)	$ 25	$ 25
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)	77,059,000	77,810,000
Common Stock, shares outstanding (in shares)	77,059,000	77,810,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 173,461	$ 106,802
Costs and expenses:
Interest expense	43,392	46,577
Depreciation and amortization	14,486	15,668
General and administrative	34,271	21,099
Provision for (recovery of) loan losses	4,003	(97)
Provision for losses on net investment in leases	1,292	0
Impairment of assets	1,708	3,851
Other expense	74	508
Total costs and expenses	198,783	127,995
Income from sales of real estate	0	9,407
Loss from operations before earnings from equity method investments and other items	(25,322)	(11,786)
Loss on early extinguishment of debt, net	(4,115)	(468)
Earnings (losses) from equity method investments	16,612	5,309
Net loss before income taxes	(12,825)	(6,945)
Income tax expense	(60)	(25)
Net loss	(12,885)	(6,970)
Net (income) attributable to noncontrolling interests	(2,691)	(2,471)
Net loss attributable to iStar Inc.	(15,576)	(9,441)
Preferred dividends	(5,874)	(8,124)
Net loss allocable to common shareholders	$ (21,450)	$ (17,565)
Net loss allocable to common shareholders:
Basic (in dollars per share)	$ (0.28)	$ (0.26)
Diluted (in dollars per share)	$ (0.28)	$ (0.26)
Weighted average number of common shares:
Basic (in shares)	77,444	67,747
Diluted (in shares)	77,444	67,747
Operating lease income
Revenues:
Total revenues	$ 47,346	$ 58,915
Interest income
Revenues:
Total revenues	17,216	20,375
Interest income from sales-type leases
Revenues:
Total revenues	8,355	0
Other income
Revenues:
Total revenues	20,368	14,813
Land development
Revenues:
Total revenues	80,176	12,699
Costs and expenses:
Cost of sales expense	77,059	14,449
Real estate
Costs and expenses:
Cost of sales expense	$ 22,498	$ 25,940

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss		$ (12,885)	$ (6,970)
Other comprehensive income (loss):
Reclassification of losses on cash flow hedges into earnings upon realization	[1]	1,314	7
Unrealized gains on available-for-sale securities		203	1,000
Unrealized losses on cash flow hedges		(27,776)	(15,012)
Other comprehensive loss		(26,259)	(14,005)
Comprehensive loss		(39,144)	(20,975)
Comprehensive (income) loss attributable to noncontrolling interests		2,753	(790)
Comprehensive loss attributable to iStar Inc.		$ (36,391)	$ (21,765)
[1]	Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the three months ended March 31, 2020 and 2019 are $1,088 and $151 , respectively. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the three months ended March 31, 2020 and 2019 are $226 and $(144) , respectively.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest expense	$ 43,392	$ 46,577
Earnings (losses) from equity method investments	16,612	5,309
Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge
Interest expense	1,088	144
Earnings (losses) from equity method investments	$ 226	$ (144)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock	[1]	Preferred Stock Series J	[1]	Common Stock at Par	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2018	$ 1,064,115	$ 12		$ 4		$ 68	$ 3,352,225	$ (2,472,061)	$ (17,270)	$ 201,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred	(8,124)							(8,124)
Dividends declared—common	$ (6,210)							(6,210)
Dividends declared - common (in dollars per share)	$ 0.09
Issuance of stock/restricted stock unit amortization, net	$ 3,089						2,661			428
Net income (loss)	(6,970)							(9,441)		2,471
Change in accumulated other comprehensive income (loss)	(14,005)								(12,324)	(1,681)
Repurchase of stock	(19,169)					(2)	(19,167)
Distributions to noncontrolling interests	(3,255)									(3,255)
Ending Balance at Mar. 31, 2019	1,009,471	12		4		66	3,335,719	(2,495,836)	(29,594)	199,100
Beginning Balance at Dec. 31, 2019	1,237,960	12		0		78	3,284,877	(2,205,838)	(38,707)	197,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred	(5,874)							(5,874)
Dividends declared—common	$ (7,834)							(7,834)
Dividends declared - common (in dollars per share)	$ 0.10
Issuance of stock/restricted stock unit amortization, net	$ 2,949						2,222			727
Net income (loss)	(12,885)							(15,576)		2,691
Change in accumulated other comprehensive income (loss)	(26,259)								(20,815)	(5,444)
Repurchase of stock	(12,045)					(1)	(12,044)
Contributions from noncontrolling interests	163									163
Distributions to noncontrolling interests	(3,724)									(3,724)
Ending Balance at Mar. 31, 2020	$ 1,160,069	$ 12		$ 0		$ 77	$ 3,275,055	$ (2,247,504)	$ (59,522)	$ 191,951
[1]	Refer to Note 14 for details on the Company's Preferred Stock.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (12,885)	$ (6,970)
Adjustments to reconcile net loss to cash flows from operating activities:
Provision for (recovery of) loan losses	4,003	(97)
Provision for losses on net investment in leases	1,292	0
Impairment of assets	1,708	3,851
Depreciation and amortization	14,486	15,668
Non-cash interest income from sales-type leases	(1,570)	0
Stock-based compensation expense	16,270	4,249
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	3,320	3,616
Amortization of discounts/premiums and deferred interest on loans, net	(8,404)	(9,853)
Deferred interest on loans received	0	5,850
Earnings from equity method investments	(16,612)	(5,309)
Distributions from operations of other investments	5,009	1,389
Deferred operating lease income	(3,618)	(4,222)
Income from sales of real estate	0	(9,407)
Land development revenue in excess of cost of sales	(3,117)	1,750
Loss on early extinguishment of debt, net	4,115	468
Other operating activities, net	(9,710)	(181)
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable	79	(954)
Changes in deferred expenses and other assets, net	(3,039)	(1,512)
Changes in accounts payable, accrued expenses and other liabilities	(12,324)	(44,869)
Cash flows used in operating activities	(20,997)	(46,533)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(37,977)	(58,318)
Capital expenditures on real estate assets	(4,008)	(5,184)
Capital expenditures on land and development assets	(15,035)	(37,762)
Acquisitions of real estate, net investments in leases and land assets	0	(109,663)
Repayments of and principal collections on loans receivable and other lending investments, net	18,346	157,915
Net proceeds from sales of real estate	7,493	58,529
Net proceeds from sales of land and development assets	76,776	11,455
Distributions from other investments	9,866	46,778
Contributions to and acquisition of interest in other investments	(118,991)	(260,297)
Other investing activities, net	769	(16,685)
Cash flows provided by (used in) investing activities	(62,761)	(213,232)
Cash flows from financing activities:
Borrowings from debt obligations	306,180	63,500
Repayments and repurchases of debt obligations	(113,634)	(379,797)
Preferred dividends paid	(5,874)	(8,124)
Common dividends paid	(7,797)	(6,127)
Repurchase of stock	(18,153)	(15,328)
Payments for debt prepayment or extinguishment costs	(3,316)	0
Payments for deferred financing costs	(2,382)	0
Payments for withholding taxes upon vesting of stock-based compensation	(1,984)	(1,842)
Contributions from noncontrolling interests	163	0
Distributions to noncontrolling interests	(3,724)	(3,255)
Cash flows used in financing activities	149,479	(350,973)
Effect of exchange rate changes on cash	(25)	8
Changes in cash, cash equivalents and restricted cash	65,696	(610,730)
Cash, cash equivalents and restricted cash at beginning of period	352,206	974,544
Cash, cash equivalents and restricted cash at end of period	417,902	363,814
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net	2,110	2,502
Contributions of land and development assets to equity method investments, net	0	4,073
Accrued repurchase of stock	$ 250	$ 3,841

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2020
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 net lease, real estate finance, 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	3 Months Ended
	Mar. 31, 2020
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, 2019 (the "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 March 31, 2020 . The following table presents the assets and liabilities of the Company's consolidated VIEs as of March 31, 2020 and December 31, 2019 ($ in thousands): As of March 31, December 31, ASSETS Real estate Real estate, at cost $ 893,097 $ 891,000 Less: accumulated depreciation (43,617 ) (37,542 ) Real estate, net 849,480 853,458 Land and development, net 268,524 273,617 Other investments 44 45 Cash and cash equivalents 22,704 19,112 Accrued interest and operating lease income receivable, net 552 1,208 Deferred operating lease income receivable, net 22,064 19,547 Deferred expenses and other assets, net 133,556 134,117 Total assets $ 1,296,924 $ 1,301,104 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 118,337 $ 107,455 Debt obligations, net 487,445 482,918 Total liabilities 605,782 590,373 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 March 31, 2020 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $123.8 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $14.7 million

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The following paragraph describes the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2020. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), as amended, on January 1, 2020 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment to retained earnings by increasing its allowance for loan losses and recording an initial allowance for losses on net investment in leases. Periods presented that are prior to the adoption date of January 1, 2020 will not be adjusted. ASU 2016-13 replaced the incurred loss impairment methodology with a methodology that reflects a current expected credit loss ("Expected Loss"). ASU 2016-13 impacted all of the Company’s investments held at amortized cost, which included its loans (including unfunded loan commitments), financing receivables, net investment in leases and held-to-maturity debt securities. Upon adoption of ASU 2016-13 on January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million and an initial allowance for losses on net investment in leases of $9.1 million , both of which were recorded as a cumulative effect adjustment to retained earnings. Subsequent increases or decreases in the allowance for loan losses or the allowance for losses on net investment in leases will be charged to "Provision for (recovery of) loan losses" and "Provision for (recovery of) losses on net investment in leases," respectively, in the Company's consolidated statements of operations. Refer to "Significant Accounting Policies" below for more information on how the Company determines its allowance for loan losses and its allowance for losses on net investment in leases. Significant Accounting Policies Allowance for Loan Losses and Net Investment in Leases— The Company performs quarterly a comprehensive analysis of its loan and sales-type lease portfolios and assigns risk ratings that incorporate management's current judgments about credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower or tenant financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans and sales-type leases being risk rated, with ratings ranging from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio taking into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. Upon adoption of ASU 2016-13 on January 1, 2020, the Company estimates its Expected Loss on its loans (including unfunded loan commitments), held-to-maturity debt securities and net investment in leases based on relevant information including historical realized loss rates, current market conditions and reasonable and supportable forecasts that affect the collectability of its investments. The estimate of the Company's Expected Loss requires significant judgment and the Company analyzes its loan portfolio based upon its different categories of financial assets, which includes (i) loans and held-to-maturity debt securities; (ii) construction loans; and (iii) net investment in leases and financings that resulted from the acquisition of properties that did not qualify as a sale leaseback transaction and, as such, are accounted for as financing receivables (refer to Note 5). For the Company's loans and held-to-maturity debt securities, the Company utilized a loan loss model developed by Trepp LLC ("Trepp") to estimate its Expected Loss allowance. The model is a loss forecasting tool that utilizes loan level data including each loans position in the capital structure, interest rates, maturity dates, unfunded commitments, debt service coverage ratios, etc. and also utilizes forward looking macroeconomic variables and pool-level mean loss rates to produce an Expected Loss over the life each loan. The Company utilized the model to estimate its Expected Loss for this category of loans after inputting its individual loan level data for this category of loans into the model. For the Company's construction loans, the Company analyzed its historical realized loss experience on its construction loan portfolio to estimate its Expected Loss allowance. The Company also utilized third-party market data that included historical loss rates on commercial real estate loans and forecasted economic trends, including interest and unemployment rates. The Company utilized the third-party market data to support the Expected Loss the Company calculated using its historical realized loss experience. For the Company's net investment in leases and financings that resulted from the acquisition of properties that did not qualify as sale leaseback transactions, the Company analyzed historical loss rates for lessors from tenants with a credit rating similar to the Company's tenant at these properties. The Company also utilized third-party market information as well as market data from Trepp which forecasted economic trends, including interest and unemployment rates, to assist in developing a probability of default and loss given default to calculate the Company's Expected Loss. The Company utilized the third-party market information to support the Expected Loss the Company calculated by analyzing the historical loss rates for lessors from tenants with a credit rating similar to the Company's tenant. The Company considers a loan or sales-type lease to be non-performing and places it on non-accrual status at such time as: (1) it becomes 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan or sales-type lease. Non-accrual loans or sales-type leases are returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. The Company will record a specific allowance if the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent asset. The specific allowance is increased (decreased) through "Provision for (recovery of) loan losses" or "Provision for losses on net investment in leases" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower or tenant as the Company works toward a settlement or other alternative resolution, which can impact the potential for repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related allowance will be charged off. The Company made the accounting policy election to record accrued interest on its loan portfolio separate from its loans receivable and other lending investments and to exclude accrued interest from its amortized cost basis disclosures (refer to Note 7). As of March 31, 2020 and December 31, 2019 , accrued interest was $4.8 million and $4.2 million , respectively, and is recorded in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. The Company places loans on non-accrual status once the loan becomes 90 days delinquent and reverses any accrued interest as a reduction to interest income at such time. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the three months ended March 31, 2020 , the Company did not reverse any accrued interest on its loan portfolio. 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): March 31, 2020 December 31, 2019 March 31, 2019 December 31, 2018 Cash and cash equivalents $ 371,293 $ 307,172 $ 315,407 $ 931,751 Restricted cash included in deferred expenses and other assets, net (1) 46,609 45,034 48,407 42,793 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 417,902 $ 352,206 $ 363,814 $ 974,544 _______________________________________________________________________________ (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. For the remainder of the Company's significant accounting policies, refer to the Company's Annual Report. New Accounting Pronouncements —

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate	Real Estate The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of March 31, 2020 Land, at cost $ 188,418 $ 106,186 $ 294,604 Buildings and improvements, at cost 1,333,766 108,671 1,442,437 Less: accumulated depreciation (221,008 ) (14,944 ) (235,952 ) Real estate, net (1) 1,301,176 199,913 1,501,089 Real estate available and held for sale (2) 25,730 8,661 34,391 Total real estate $ 1,326,906 $ 208,574 $ 1,535,480 As of December 31, 2019 Land, at cost $ 199,710 $ 106,187 $ 305,897 Buildings and improvements, at cost 1,347,321 107,861 1,455,182 Less: accumulated depreciation (219,949 ) (13,911 ) (233,860 ) Real estate, net (1) 1,327,082 200,137 1,527,219 Real estate available and held for sale (2) — 8,650 8,650 Total real estate $ 1,327,082 $ 208,787 $ 1,535,869 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , real estate, net included $765.3 million and $768.6 million , respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2) As of March 31, 2020 and December 31, 2019 , the Company had $8.7 million and $8.6 million , respectively, of residential condominiums available for sale in its operating properties portfolio. Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first offer to the 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 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% . 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. The Company earned $0.4 million and $0.4 million , respectively, of management fees after the effect of eliminations during the three months ended March 31, 2020 and 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. Acquisitions— During the three months ended March 31, 2019, the Company acquired a net lease asset for $11.5 million . In addition, the Company acquired the leasehold interest in a 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— During the three months ended March 31, 2020, the Company sold a net lease asset for net proceeds of $7.5 million and recognized an impairment of $1.7 million in connection with the sale. During the three months ended March 31, 2019, the Company sold two operating properties for net proceeds of $58.5 million and recognized $9.4 million in income from sales of real estate in its consolidated statements of operations. Real Estate Available and Held for Sale— During the three months ended March 31, 2020, the Company transferred a net lease asset with an aggregate carrying value of $25.7 million to held for sale due to an executed contract with SAFE. During the three months ended March 31, 2019, the Company transferred a portfolio of net lease assets with an aggregate carrying value of $218.1 million and associated liabilities to held for sale due to an executed contract with a third party. In addition, the Company transferred a commercial operating property with a carrying value of $16.2 million to held for sale based on an executed purchase and sale agreement. All of the properties transferred as of March 31, 2019 were ultimately sold. Impairments— During the three months ended March 31, 2020 , the Company recorded an impairment of $1.7 million in connection with the sale of a net lease asset. During the three months ended March 31, 2019 , the Company recorded an impairment of $3.2 million on a commercial operating property based on an executed purchase and sale agreement and recorded $0.7 million of impairments in connection with the sale of residential condominium units. Tenant Reimbursements— The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $5.9 million and $5.4 million for the three months ended March 31, 2020 and 2019, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of March 31, 2020 and December 31, 2019 , the allowance for doubtful accounts related to real estate tenant receivables was $1.1 million and $1.0 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.0 million and $1.0 million as of March 31, 2020 and December 31, 2019 , 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	3 Months Ended
	Mar. 31, 2020
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 invest up to $55.0 million in 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" on its consolidated balance sheet. The Company determined that the seven bowling centers acquired did not qualify as a sale leaseback transaction and recorded $44.1 million in "Loans receivable and other lending investments, net" on its consolidated balance sheet (refer to Note 7). For the three months ended March 31, 2020 , the Company recognized $6.9 million of cash interest income and $1.5 million of non-cash interest income in "Interest income from sales-type leases" in the Company's consolidated statements of operations. The Company's net investment in leases were comprised of the following as of March 31, 2020 and December 31, 2019 ($ in thousands): March 31, 2020 December 31, 2019 Total undiscounted cash flows $ 1,035,128 $ 1,042,019 Unguaranteed estimated residual value 340,620 340,620 Present value discount (955,369 ) (963,724 ) Allowance for losses on net investment in leases (10,403 ) — Net investment in leases (1) 409,976 418,915 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019, all of the Company's net investment in leases were current in their payment status and performing in accordance with the terms of the respective leases. As of March 31, 2020, the risk rating on the Company's net investment in leases was 1.5 (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 March 31, 2020 , are as follows by year ($ in thousands): Amount 2020 (remaining nine months) $ 20,674 2021 28,062 2022 30,549 2023 30,549 2024 30,549 Thereafter 894,745 Total undiscounted cash flows $ 1,035,128 Allowance for Losses on Net Investment in Leases —Changes in the Company's allowance for losses on net investment in leases for the three months ended March 31, 2020 were as follows ($ in thousands): Initial allowance recorded upon adoption of new accounting standard (1) $ 9,111 Provision for losses on net investment in leases (2) 1,292 Allowance for losses on net investment in leases at end of period $ 10,403 ____________________________________________________________ (1) The Company recorded an initial allowance for losses on net investment in leases of $9.1 million upon the adoption of ASU 2016-13 on January 1, 2020 (refer to Note 3). (2) During the three months ended March 31, 2020 , the Company recorded a general allowance for losses on net investment in leases of $1.3 million due to the adoption of ASU 2016-13 (refer to Note 3).

Land and Development

Land and Development	3 Months Ended
	Mar. 31, 2020
Land And Development [Abstract]
Land and Development	Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of March 31, December 31, 2020 2019 Land and land development, at cost $ 523,893 $ 590,153 Less: accumulated depreciation (9,829 ) (9,608 ) Total land and development, net $ 514,064 $ 580,545 Dispositions— During the three months ended March 31, 2020 and 2019, the Company sold land parcels and residential lots and units and recognized land development revenue of $80.2 million and $12.7 million , respectively. During the three months ended March 31, 2020 and 2019, the Company recognized land development cost of sales of $77.1 million and $14.4 million , respectively, from its land and development portfolio.

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	3 Months Ended
	Mar. 31, 2020
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 March 31, December 31, Construction loans Senior mortgages $ 542,241 $ 518,992 Corporate/Partnership loans 99,702 95,394 Subtotal - gross carrying value of construction loans 641,943 614,386 Loans Senior mortgages 53,319 53,592 Corporate/Partnership loans 23,321 24,424 Subordinate mortgages 11,063 10,877 Subtotal - gross carrying value of loans 87,703 88,893 Other lending investments Financing receivables (refer to Note 5) 44,445 44,339 Held-to-maturity debt securities 86,368 84,981 Available-for-sale debt securities 23,640 23,896 Subtotal - other lending investments 154,453 153,216 Total gross carrying value of loans receivable and other lending investments 884,099 856,495 Allowance for loan losses (33,264 ) (28,634 ) Total loans receivable and other lending investments, net $ 850,835 $ 827,861 Allowance for Loan Losses —Changes in the Company's allowance for loan losses were as follows for the three months ended March 31, 2020 ($ in thousands): General Allowance Construction Loans Loans Held to Maturity Debt Securities Financing Receivables Specific Allowance Total Allowance for loan losses at beginning of period $ 6,668 $ 265 $ — $ — $ 21,701 $ 28,634 Adoption of new accounting standard (1) (353 ) 98 20 964 — 729 Provision for loan losses (2) 3,409 323 33 136 — 3,901 Allowance for loan losses at end of period $ 9,724 $ 686 $ 53 $ 1,100 $ 21,701 $ 33,264 ____________________________________________________________ (1) On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13 (refer to Note 3), of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities." (2) During the three months ended March 31, 2020 , the Company recorded a provision for loan losses of $4.0 million due to the adoption of ASU 2016-13 (refer to Note 3), of which $0.1 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities." The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of March 31, 2020 and December 31, 2019 ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment Total As of March 31, 2020 Construction loans (2) $ — $ 641,943 $ 641,943 Loans (2) 37,517 50,186 87,703 Financing receivables — 44,445 44,445 Held-to-maturity debt securities — 86,368 86,368 Available-for-sale debt securities (3) — 23,640 23,640 Less: Allowance for loan losses (21,701 ) (11,563 ) (33,264 ) Total $ 15,816 $ 835,019 $ 850,835 As of December 31, 2019 Construction loans (2) $ — $ 614,386 $ 614,386 Loans (2) 37,820 51,073 88,893 Financing receivables — 44,339 44,339 Held-to-maturity debt securities — 84,981 84,981 Available-for-sale debt securities (3) — 23,896 23,896 Less: Allowance for loan losses (21,701 ) (6,933 ) (28,634 ) Total $ 16,119 $ 811,742 $ 827,861 _______________________________________________________________________________ (1) The carrying value of this loan includes an unamortized discount of $0.1 million as of March 31, 2020 and December 31, 2019 . The Company's one loan individually evaluated for impairment represents a loan on non-accrual status; therefore, the unamortized amount associated with this loan is 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 $0.2 million and $0.7 million as of March 31, 2020 and December 31, 2019 , respectively. (3) Available-for-sale debt securities are evaluated for impairment under ASC 326-30. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments, which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company's amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of March 31, 2020 were as follows ($ in thousands): Year of Origination 2020 2019 2018 2017 2016 Prior to 2016 Total Senior mortgages Risk rating 1 $ — $ — $ — $ 54,420 $ — $ — $ 54,420 2 — — 84,662 96,549 — — 181,211 3 — 12,803 170,860 47,859 37,767 4,524 273,813 3.5 — — — 48,599 — — 48,599 Subtotal (1) $ — $ 12,803 $ 255,522 $ 247,427 $ 37,767 $ 4,524 $ 558,043 Corporate/partnership loans Risk rating 1 $ — $ — $ — $ 8,205 $ — $ — $ 8,205 2 — 938 17,708 — — — 18,646 3 — — 58,405 — 37,767 — 96,172 Subtotal $ — $ 938 $ 76,113 $ 8,205 $ 37,767 $ — $ 123,023 Subordinate mortgages Risk rating 3 $ — $ — $ — $ — $ — $ 11,063 $ 11,063 Subtotal $ — $ — $ — $ — $ — $ 11,063 $ 11,063 Financing receivables Risk rating 1.5 $ — $ 44,445 $ — $ — $ — $ — $ 44,445 Subtotal $ — $ 44,445 $ — $ — $ — $ — $ 44,445 Total $ — $ 58,186 $ 331,635 $ 255,632 $ 75,534 $ 15,587 $ 736,574 ____________________________________________________________ (1) As of March 31, 2020 , excludes $37.5 million for one loan on non-accrual status. The Company's amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of March 31, 2020 Senior mortgages $ 558,043 $ 37,517 $ 37,517 $ 595,560 Corporate/Partnership loans 123,023 — — — 123,023 Subordinate mortgages 11,063 — — — 11,063 Total $ 692,129 $ — $ 37,517 $ 37,517 $ 729,646 As of December 31, 2019 Senior mortgages $ 534,765 $ — $ 37,820 $ 37,820 $ 572,585 Corporate/Partnership loans 119,818 — — — 119,818 Subordinate mortgages 10,877 — — — 10,877 Total $ 665,460 $ — $ 37,820 $ 37,820 $ 703,280 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , the Company had one loan which was greater than 90 days delinquent and was in various stages of resolution, including legal and environmental matters, and was 10.8 years and 10.5 years outstanding, respectively. Impaired Loans —The Company's impaired loan was as follows ($ in thousands) (1) : As of March 31, 2020 As of December 31, 2019 Amortized Cost Unpaid Principal Balance Related Allowance Amortized Cost Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 37,517 $ 37,618 $ (21,701 ) $ 37,820 $ 37,923 $ (21,701 ) Total $ 37,517 $ 37,618 $ (21,701 ) $ 37,820 $ 37,923 $ (21,701 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. (2) The Company did not record any interest income on impaired loans for the three months ended March 31, 2020 and 2019. 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 March 31, 2020 Available-for-Sale Securities Municipal debt securities $ 20,680 $ 20,680 $ 2,960 $ 23,640 $ 23,640 Held-to-Maturity Securities Debt securities 100,000 86,368 — 86,368 86,368 Total $ 120,680 $ 107,048 $ 2,960 $ 110,008 $ 110,008 As of December 31, 2019 Available-for-Sale Securities Municipal debt securities $ 21,140 $ 21,140 $ 2,756 $ 23,896 $ 23,896 Held-to-Maturity Securities Debt securities 100,000 84,981 — 84,981 84,981 Total $ 121,140 $ 106,121 $ 2,756 $ 108,877 $ 108,877 As of March 31, 2020 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Debt Securities Available-for-Sale Debt Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ — $ — $ — $ — After one year through 5 years 86,368 86,368 — — After 5 years through 10 years — — — — After 10 years — — 20,680 23,640 Total $ 86,368 $ 86,368 $ 20,680 $ 23,640

Other Investments

Other Investments	3 Months Ended
	Mar. 31, 2020
Investments, All Other Investments [Abstract]
Other Investments	Other Investments The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended March 31, March 31, 2020 December 31, 2019 2020 2019 Real estate equity investments Safehold Inc. ("SAFE") (1) $ 834,351 $ 729,357 $ 19,338 $ 7,316 iStar Net Lease II LLC ("Net Lease Venture II") 46,183 30,712 193 (86 ) Other real estate equity investments 96,681 104,553 (2,082 ) (2,123 ) Subtotal 977,215 864,622 17,449 5,107 Other strategic investments (2) 52,337 43,253 (837 ) 202 Total $ 1,029,552 $ 907,875 $ 16,612 $ 5,309 ____________________________________________________________ (1) As of March 31, 2020 , the Company owned 33.4 million shares of SAFE common stock which, based on the closing price of $63.23 on March 31, 2020 , had a market value of $2.1 billion . For the three months ended March 31, 2020 , equity in earnings includes a dilution gain of $7.9 million resulting from a SAFE equity offering in March 2020. (2) During the three months ended March 31, 2020 , the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized a mark-to-market gain of $9.9 million in "Other income" in the Company's consolidated statements of operations. Safehold Inc. —Safehold Inc. ("SAFE") 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"). As of March 31, 2020 , the Company owned approximately 65.4% of SAFE's common stock outstanding. In January 2019, the Company purchased 12.5 million 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. 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. In March 2020, the Company acquired 1.7 million shares of SAFE's common stock in a private placement for $80.0 million . A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee. In addition, the Company is also the external manager of a venture in which SAFE is a member. Following are the key terms 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; • The management agreement is non-terminable by SAFE through June 30, 2023, 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. During the three months ended March 31, 2020 and 2019, the Company recorded $2.9 million and $1.5 million , respectively, of management fees pursuant to its management agreement with SAFE. The Company is also entitled to receive certain expense reimbursements, including for the allocable costs of its personnel that perform certain legal, accounting, due diligence tasks and other services that third-party professionals or outside consultants otherwise would perform. The Company has waived or elected not to charge in full certain of the expense reimbursements while SAFE is growing its portfolio. For the three months ended March 31, 2020 and 2019, the Company recognized $1.3 million and $0.5 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 was for the renovation of a medical office building in Atlanta, GA. The Company funded $18.4 million of the loan, which was fully repaid in August 2019. During the three months ended March 31, 2019, the Company recorded $0.5 million 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 March 31, 2020 ; and (ii) a $80.5 million leasehold first mortgage. As of March 31, 2020 , $48.1 million of the leasehold first mortgage was funded. During the three months ended March 31, 2020 and 2019, the Company recorded $0.7 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. The loan was for the acquisition of two multi-tenant office buildings in Atlanta, GA. The loan was repaid in full in November 2019 and during the three months ended March 31, 2019, the Company recorded $0.6 million 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 March 31, 2020 , $12.8 million of the loan was funded. During the three months ended March 31, 2020 and 2019, the Company recorded $0.3 million and $0.2 million , respectively, of interest income on the loan. In February 2019, the Company acquired the leasehold interest in an office property and simultaneously entered into a new 98 -year Ground Lease with SAFE (refer to Note 4). 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's investment period ends in June 2021. Net Lease Venture II is a voting interest entity and the Company has an equity interest in the venture of approximately 51.9% . The Company does not have a controlling interest in Net Lease Venture II due to the substantive participating rights of its partner. The Company accounts for its investment in Net Lease Venture II as an equity method investment and is responsible for managing the venture in exchange for a management fee and incentive fee. During the three months ended March 31, 2020 and 2019, the Company recorded $0.4 million and $0.4 million , respectively, of management fees from Net Lease Venture II. In December 2019, Net Lease Venture II closed on a commitment to provide up to $150.0 million in net lease financing for the construction of three industrial centers and entered into a 25 year master lease with the tenant. As of March 31, 2020 , Net Lease Venture II had funded $47.8 million of its commitment. In December 2019, Net Lease Venture II closed on the acquisition of two grocery distribution centers for $81.8 million , inclusive of assumed debt. The properties are 100% leased with two separate coterminous leveraged leases with 6.0 years remaining on the lease terms. In December 2018, Net Lease Venture II acquired four buildings comprising 168,636 square feet located in Livermore, CA. Net Lease Venture II acquired the buildings for $31.2 million which are 100% leased with four separate leases that expire in December 2028. Other real estate equity investments —As of March 31, 2020 , the Company's other real estate equity investments include equity interests in real estate ventures ranging from 20% to 95% , comprised of investments of $60.0 million in operating properties and $36.7 million in land assets. As of December 31, 2019 , the Company's other real estate equity investments included $61.7 million in operating properties and $42.9 million in land assets. In August 2018, the Company provided a mezzanine loan with a principal balance of $33.0 million and $33.0 million as of March 31, 2020 and December 31, 2019 , respectively, to an unconsolidated entity in which the Company owns a 50% equity interest. As of March 31, 2020 and December 31, 2019 , the loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheet. During the three months ended March 31, 2020 and 2019, the Company recorded $0.7 million and $0.7 million , respectively, of interest income on the mezzanine loan. Other strategic investments —As of March 31, 2020 and December 31, 2019 , the Company also had investments in real estate related funds and other strategic investments in real estate entities. Summarized investee financial information —The following table presents the investee level summarized financial information of the Company's equity method investments that were significant as of March 31, 2020 ($ in thousands): Revenues Expenses Net Income Attributable to Parent For the Three Months Ended March 31, 2020 SAFE $ 40,165 $ 23,587 $ 17,347 For the Three Months Ended March 31, 2019 SAFE $ 21,820 $ 10,683 $ 6,619

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2020
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of March 31, 2020 December 31, 2019 Intangible assets, net (1) $ 164,853 $ 174,973 Restricted cash 46,609 45,034 Finance lease right-of-use assets (2) 144,839 145,209 Operating lease right-of-use assets (2) 52,295 34,063 Other assets (3) 17,315 17,534 Other receivables 18,895 16,846 Leasing costs, net (4) 3,130 3,793 Corporate furniture, fixtures and equipment, net (5) 2,467 2,736 Deferred financing fees, net 2,130 2,300 Deferred expenses and other assets, net $ 452,533 $ 442,488 _______________________________________________________________________________ (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 $36.3 million and $33.4 million as of March 31, 2020 and December 31, 2019 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.4 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.7 million and $2.2 million for the three months ended March 31, 2020 and 2019, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of March 31, 2020 , the weighted average amortization period for the Company's intangible assets was approximately 17.3 years. (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 5.1% and the weighted average lease term is 7.5 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% 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 months ended March 31, 2020 and 2019, the Company recognized $2.0 million and $0.4 million , respectively, in "Interest expense" and $0.4 million and $0.1 million , respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the three months ended March 31, 2020 and 2019, the Company recognized $1.0 million and $0.9 million , respectively, in "General and administrative" and $0.8 million and $1.1 million , respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $2.2 million and $3.3 million as of March 31, 2020 and December 31, 2019 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $13.4 million and $13.1 million as of March 31, 2020 and December 31, 2019 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of March 31, 2020 December 31, 2019 Other liabilities (1) $ 83,833 81,709 Accrued expenses 76,283 83,778 Finance lease liabilities (see table above) 148,439 147,749 Intangible liabilities, net (2) 50,606 51,223 Operating lease liabilities (see table above) 52,456 34,182 Accrued interest payable 29,707 25,733 Accounts payable, accrued expenses and other liabilities $ 441,324 $ 424,374 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , other liabilities includes $26.6 million and $27.5 million , respectively, of deferred income. As of March 31, 2020 and December 31, 2019 , other liabilities includes $20.7 million and $8.7 million , respectively, of derivative liabilities. As of March 31, 2020, other liabilities includes $2.6 million of expected credit losses for unfunded loan commitments. (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 $5.6 million and $5.0 million as of March 31, 2020 and December 31, 2019 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $0.5 million for the three months ended March 31, 2020

Loan Participations Payable, ne

Loan Participations Payable, net	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 December 31, 2019 Loan participations payable (1) $ 37,892 $ 35,656 Debt premiums, discounts and deferred financing costs, net (125 ) (18 ) Total loan participations payable, net $ 37,767 $ 35,638 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019, the Company had one loan participation payable with an interest rate of 6.0% and 6.3% , respectively. Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of March 31, 2020 and December 31, 2019 . As of March 31, 2020 and December 31, 2019 , the corresponding loan receivable balances were $37.8 million and $35.6 million

Debt Obligations, net

Debt Obligations, net	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt Obligations, net	Debt Obligations, net The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled March 31, 2020 December 31, 2019 Secured credit facilities and mortgages: Revolving Credit Facility $ 300,000 $ — LIBOR + 2.00% (1) September 2022 Senior Term Loan 491,875 491,875 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 724,209 721,118 2.54% - 7.26% (3) Total secured credit facilities and mortgages 1,516,084 1,212,993 Unsecured notes: 6.00% senior notes (4) — 110,545 6.00% — 5.25% senior notes (5) 400,000 400,000 5.25% September 2022 3.125% senior convertible notes (6) 287,500 287,500 3.125% September 2022 4.75% senior notes (7) 775,000 775,000 4.75% October 2024 4.25% senior notes (8) 550,000 550,000 4.25% August 2025 Total unsecured notes 2,012,500 2,123,045 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,628,584 3,436,038 Debt discounts and deferred financing costs, net (45,224 ) (48,958 ) Total debt obligations, net (9) $ 3,583,360 $ 3,387,080 _______________________________________________________________________________ (1) The Revolving Credit Facility bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50% ; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. (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 0.50% 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) As of March 31, 2020 , the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) The Company repaid these senior notes in January 2020. (5) The Company can prepay these senior notes without penalty beginning September 15, 2021. (6) 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 March 31, 2020 was 68.3420 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.63 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. At issuance in September 2017, the Company valued the liability component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the liability component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of March 31, 2020 , the carrying value of the 3.125% Convertible Notes was $270.2 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $14.2 million , net of fees. As of December 31, 2019, the carrying value of the 3.125% Convertible Notes was $268.7 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $15.5 million , net of fees. During the three months ended March 31, 2020 and 2019, the Company recognized $2.2 million and $2.2 million , respectively, of contractual interest and $1.3 million and $1.2 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (7) The Company can prepay these senior notes without penalty beginning July 1, 2024. (8) The Company can prepay these senior notes without penalty beginning May 1, 2025. (9) The Company capitalized interest relating to development activities of $0.5 million and $3.0 million during the three months ended March 31, 2020 and 2019, respectively. Future Scheduled Maturities —As of March 31, 2020 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2020 (remaining nine months) $ — $ — $ — 2021 — 158,358 158,358 2022 687,500 347,624 1,035,124 2023 — 491,875 491,875 2024 775,000 — 775,000 Thereafter 650,000 518,227 1,168,227 Total principal maturities 2,112,500 1,516,084 3,628,584 Unamortized discounts and deferred financing costs, net (37,915 ) (7,309 ) (45,224 ) Total debt obligations, net $ 2,074,585 $ 1,508,775 $ 3,583,360 Senior Term Loan —In June 2018, the Company amended its senior term loan (the "Senior Term Loan") to increase the amount of the loan to $650.0 million , reduce the interest rate to LIBOR plus 2.75% and extend its maturity to June 2023. The Senior Term Loan is secured by pledges of equity of certain subsidiaries that own a defined pool of assets. The Senior Term Loan permits substitution of collateral, subject to overall collateral pool coverage and concentration limits, over the life of 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. Revolving Credit Facility —In September 2019, the Company amended its secured revolving credit facility (the "Revolving Credit Facility") to increase the maximum capacity to $350.0 million , extend the maturity date to September 2022 and make certain other changes. Outstanding borrowings under the Revolving Credit Facility are secured by a pledge of the equity interests in the Company's subsidiaries that own a defined pool of assets. 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, ranging from 1.0% to 1.5% in the case of base rate loans and from 2.0% to 2.5% in the case of LIBOR loans. In addition, there is an undrawn credit facility commitment fee that ranges from 0.25% to 0.45% , 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 2023. During the three months ended March 31, 2020 , the Company borrowed $300.0 million on the Revolving Credit Facility and as of March 31, 2020, based on the Company's borrowing base of assets, had the ability to draw $50.0 million without pledging any additional assets to the facility. Unsecured Notes —In September 2019, the Company issued $675.0 million principal amount of 4.75% senior unsecured notes due October 2024. Proceeds from the offering, together with cash on hand, were used to repay in full the $400.0 million principal amount outstanding of the 4.625% senior unsecured notes due September 2020 and the $275.0 million principal amount outstanding of the 6.50% senior unsecured notes due July 2021. In November 2019, the Company issued an additional $100.0 million principal amount of 4.75% senior unsecured notes due October 2024 at 102% of par, representing a yield to maturity of 4.29% . In December 2019, the Company issued $550.0 million principal amount of 4.25% senior unsecured notes due August 2025. Proceeds from the offering were used to redeem the $375.0 million principal amount outstanding ( $110.5 million was redeemed in January 2020) of the 6.00% senior unsecured notes due April 2022, repay a portion of the borrowings outstanding under the Senior Term Loan and pay related premiums and expenses in connection with the transaction. During the three months ended March 31, 2020 , repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $4.1 million . Collateral Assets —The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of March 31, 2020 December 31, 2019 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,392,658 $ 108,431 $ 1,409,585 $ 117,634 Real estate available and held for sale — 34,391 — 8,650 Net investment in leases (2) 420,380 — 418,915 — Land and development, net — 514,064 — 580,545 Loans receivable and other lending investments, net (3)(4) 234,612 590,019 233,104 566,050 Other investments — 1,029,552 — 907,875 Cash and other assets — 882,674 — 814,044 Total $ 2,047,650 $ 3,159,131 $ 2,061,604 $ 2,994,798 _______________________________________________________________________________ (1) The Senior Term Loan and the 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 March 31, 2020 , Collateral Assets includes $428.5 million carrying value of assets held by entities whose equity interests are pledged as collateral for the Revolving Credit Facility. (2) As of March 31, 2020, the amount presented excludes a general allowance for net investment of leases of $10.4 million . (3) As of March 31, 2020 and December 31, 2019 , the amounts presented exclude general allowance for loan losses of $11.6 million and $6.9 million , respectively. (4) As of March 31, 2020 and December 31, 2019 , the amounts presented exclude loan participations of $37.8 million and $35.6 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 Senior Term Loan and the 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 Senior Term Loan requires the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facility. The 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 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. Under both the Senior Term Loan and the Revolving Credit Facility the Company is permitted to pay dividends provided that no material default (as defined in the relevant agreement) has occurred and is continuing or would result therefrom and the Company remains in compliance with its financial covenants after giving effect to the dividend. The Company's Senior Term Loan and the Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments —The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of March 31, 2020 , 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 $ 183,608 $ 81,718 $ 53,122 $ 318,448 Strategic Investments — — 17,351 17,351 Total $ 183,608 $ 81,718 $ 70,473 $ 335,799 _______________________________________________________________________________ (1) Excludes $12.1 million of commitments on loan participations sold that are not the obligation of the Company. (2) Includes a commitment to invest up to $55.0 million in additional bowling centers over the next several years (refer to Note 5). Other Commitments —Future minimum lease obligations under operating and finance leases as of March 31, 2020 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 (remaining nine months) $ 3,095 $ 4,052 2021 3,624 5,494 2022 6,561 5,604 2023 6,190 5,716 2024 6,080 5,830 Thereafter 6,576 1,573,771 Total undiscounted cash flows 32,126 1,600,467 Present value discount (1) (4,654 ) (1,452,028 ) Other adjustments (2) 24,984 — Lease liabilities $ 52,456 $ 148,439 _______________________________________________________________________________ (1) During the three months ended March 31, 2020 and 2019, the Company made payments of $1.1 million and $1.1 million , respectively, related to its operating leases and $1.3 million and $0.2 million , respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 6.3 years and the weighted average discount rate was 5.1% . The weighted average lease term for the Company's finance leases was 97.7 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 $ 4,167 $ 5,386 2021 1,803 5,494 2022 1,098 5,604 2023 728 5,716 2024 617 5,830 Thereafter 1,447 1,573,824 Total undiscounted cash flows 9,860 1,601,854 Present value discount (1) (1,057 ) (1,454,105 ) Other adjustments (2) 25,379 — Lease liabilities $ 34,182 $ 147,749 _______________________________________________________________________________ (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. (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. 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	3 Months Ended
	Mar. 31, 2020
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 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 March 31, 2020 and December 31, 2019 ($ in thousands) (1) : Derivative Assets Derivative Liabilities As of March 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ — Accounts payable, accrued expenses and other liabilities $ 20,685 Total $ — $ 20,685 Derivative Assets Derivative Liabilities As of December 31, 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 $ 114 Accounts payable, accrued expenses and other liabilities $ 8,680 Total $ 114 $ 8,680 _________________________________________________________ (1) Over the next 12 months, the Company expects that $8.8 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense. The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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 March 31, 2020 Interest rate swaps Earnings from equity method investments $ (15,172 ) $ (226 ) Interest rate swaps Interest expense (12,604 ) (1,088 ) For the Three Months Ended March 31, 2019 Interest rate swaps Interest Expense (7,822 ) (151 ) Interest rate swaps Earnings from equity method investments (7,190 ) 144

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Preferred Stock —In December 2019, the Company issued an aggregate 16.5 million shares of its common stock upon conversion of its outstanding Series J Preferred Stock at a conversion rate of 4.125 shares of common stock per each share of Series J Preferred Stock. The total carrying value of the Series J Preferred Stock prior to redemption was $193.5 million , net of discounts and fees, and was recorded in "Additional paid-in-capital" and "Convertible Preferred Stock Series J, liquidation preference $50.00 per share" on the Company's consolidated balance sheet prior to the conversion. The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of March 31, 2020 and December 31, 2019: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Annual Dividend 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 Total 12,200 $ 282,490 ________________________________________ (1) Holders of shares of the Series D, G and I preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $2.0 million , $1.5 million and $2.3 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2020 and 2019 , respectively. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2019 . The character of the 2019 dividends was 100% capital gain distribution, of which 34.01% represented unrecaptured section 1250 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. 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, 2018, the Company had $567.7 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 2031 and will fully expire in 2036 if unused. The amount of NOL carryforwards as of December 31, 2019 will be determined upon finalization of the Company's 2019 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The Senior Term Loan and the 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 $7.8 million , or $0.10 per share, for the three months ended March 31, 2020 and $6.2 million , or $0.09 per share, for the three months ended March 31, 2019. Stock Repurchase Program —The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. During the three months ended March 31, 2020 , the Company repurchased 1.0 million shares of its outstanding common stock for $12.0 million , for an average cost of $12.51 per share. During the three months ended March 31, 2019 , the Company repurchased 2.3 million shares of its outstanding common stock for $19.2 million , for an average cost of $8.46 per share. As of March 31, 2020 , the Company had remaining authorization to repurchase up to $22.1 million of common stock under its stock repurchase program. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of March 31, 2020 December 31, 2019 Unrealized gains on available-for-sale securities $ 2,959 $ 2,756 Unrealized losses on cash flow hedges (58,282 ) (37,264 ) Unrealized losses on cumulative translation adjustment (4,199 ) (4,199 ) Accumulated other comprehensive loss $ (59,522 ) $ (38,707 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [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 $16.3 million and $4.2 million for the three months ended March 31, 2020 and 2019, 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 three months ended March 31, 2020 and 2019, the Company recorded $0.7 million and $0.4 million , respectively, 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 or in shares of SAFE's common stock owned by the Company. 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 or in shares of SAFE's common stock owned by the Company. The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the three months ended March 31, 2020 . iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 81.17 73.28 77.27 Granted — — — Forfeited (1.00 ) (1.13 ) (0.93 ) Points at end of period 80.17 72.15 76.34 During the three months ended March 31, 2020, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $1.5 million as compensation, comprised of cash and 54,245 shares of the Company's common stock with a fair value of $14.51 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 32,825 shares of the Company's common stock were issued. During the three months ended March 31, 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 cash and 389,545 shares of the Company's common stock, with a fair value of $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 March 31, 2020 and December 31, 2019 , the Company had accrued compensation costs relating to iPIP of $54.7 million and $41.9 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 a maximum of 8.0 million to 8.9 million and extended the expiration date of the 2009 LTIP from May 2019 to May 2029. As of March 31, 2020 , an aggregate of 2.5 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 three months ended March 31, 2020 , is as follows (in thousands): Nonvested at beginning of period 598 Granted 181 Vested (105 ) Forfeited — Nonvested at end of period 674 As of March 31, 2020 , there was $4.6 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 three months ended March 31, 2020 , the Company issued 917 common stock equivalents ("CSEs") at a fair value of $9.45 per CSE in respect of dividend equivalents on outstanding CSEs. As of March 31, 2020 , a combined total of 153,431 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 $1.6 million . 401(k) Plan —The Company made contributions of $0.7 million and $0.6 million for the three months ended March 31, 2020

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Net loss $ (12,885 ) $ (6,970 ) Net income attributable to noncontrolling interests (2,691 ) (2,471 ) Preferred dividends (5,874 ) (8,124 ) Net loss allocable to common shareholders for basic and diluted earnings per common share $ (21,450 ) $ (17,565 ) For the Three Months Ended March 31, 2020 2019 Earnings allocable to common shares: Numerator for basic and diluted earnings per share: Net loss allocable to common shareholders $ (21,450 ) $ (17,565 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic and diluted earnings per common share 77,444 67,747 Basic and diluted earnings per common share: Net loss allocable to common shareholders $ (0.28 ) $ (0.26 ) For the three months ended March 31, 2019, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1) : Series J convertible perpetual preferred stock 15,951 _______________________________________________________________________________ (1) For the three months ended March 31, 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 months ended March 31, 2020 and 2019 and therefore the 3.125%

Fair Values

Fair Values	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Values	Fair Values Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis. The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of March 31, 2020 Recurring basis: Derivative liabilities (1) $ 20,685 $ — $ 20,685 $ — Available-for-sale securities (1) 23,640 — — 23,640 Non-recurring basis: Other investments (2) 44,882 — 44,882 — As of December 31, 2019 Recurring basis: Derivative assets (1) $ 114 $ — $ 114 $ — Derivative liabilities (1) 8,680 — 8,680 — Available-for-sale securities (1) 23,896 — — 23,896 Non-recurring basis: Impaired land and development (3) 40,000 — — 40,000 ____________________________________________________________ (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) During the three months ended March 31, 2020 , the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer and, as such, classified such observable price change as Level 2. (3) The Company recorded aggregate impairments of $5.3 million on two land and development assets with an estimated aggregate fair value of $40.0 million . The estimated fair values are based on expected sales proceeds. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2020 and 2019 ($ in thousands): 2020 2019 Beginning balance $ 23,896 $ 21,661 Repayments (459 ) (46 ) Unrealized gains recorded in other comprehensive income 203 1,000 Ending balance $ 23,640 $ 22,615 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 $3.0 billion , respectively, as of March 31, 2020 and $0.9 billion and $3.6 billion , respectively, as of December 31, 2019 . 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, are included in the fair value hierarchy table above.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
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: Net Lease, Real Estate Finance, Operating Properties and Land and Development. 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 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 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): Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended March 31, 2020: Operating lease income $ 41,464 $ — $ 5,774 $ 108 $ — $ 47,346 Interest income 823 16,393 — — — 17,216 Interest income from sales-type leases 8,355 — — — — 8,355 Other income 4,293 306 3,157 624 11,988 20,368 Land development revenue — — — 80,176 — 80,176 Earnings (losses) from equity method investments 19,531 — (2,667 ) 584 (836 ) 16,612 Total revenue and other earnings 74,466 16,699 6,264 81,492 11,152 190,073 Real estate expense (6,229 ) — (7,663 ) (8,606 ) — (22,498 ) Land development cost of sales — — — (77,059 ) — (77,059 ) Other expense — (19 ) — — (55 ) (74 ) Allocated interest expense (24,478 ) (6,199 ) (2,259 ) (4,570 ) (5,886 ) (43,392 ) Allocated general and administrative (2) (6,989 ) (2,097 ) (789 ) (2,819 ) (5,307 ) (18,001 ) Segment profit (loss) (3) $ 36,770 $ 8,384 $ (4,447 ) $ (11,562 ) $ (96 ) $ 29,049 Other significant items: Provision for loan losses $ 137 $ 3,866 $ — $ — $ — $ 4,003 Provision for losses on net investment in leases 1,292 — — — — 1,292 Impairment of assets 1,708 — — — — 1,708 Depreciation and amortization 12,656 — 1,284 243 303 14,486 Capitalized expenditures 1,846 — 917 12,027 — 14,790 Three Months Ended March 31, 2019: Operating lease income $ 49,482 $ — $ 9,356 $ 77 $ — $ 58,915 Interest income — 20,375 — — — 20,375 Other income 3,420 2,189 2,375 3,447 3,382 14,813 Land development revenue — — — 12,699 — 12,699 Earnings (losses) from equity method investments 7,230 — (2,410 ) 287 202 5,309 Income from sales of real estate — — 9,407 — — 9,407 Total revenue and other earnings 60,132 22,564 18,728 16,510 3,584 121,518 Real estate expense (6,106 ) — (11,033 ) (8,801 ) — (25,940 ) Land development cost of sales — — — (14,449 ) — (14,449 ) Other expense — (265 ) — — (243 ) (508 ) Allocated interest expense (21,766 ) (8,413 ) (2,918 ) (5,127 ) (8,353 ) (46,577 ) Allocated general and administrative (2) (5,678 ) (2,209 ) (761 ) (3,257 ) (4,945 ) (16,850 ) Segment profit (loss) (3) $ 26,582 $ 11,677 $ 4,016 $ (15,124 ) $ (9,957 ) $ 17,194 Other significant items: Recovery of loan losses $ — $ (97 ) $ — $ — $ — $ (97 ) Impairment of assets — — 3,851 — — 3,851 Depreciation and amortization 13,561 — 1,557 247 303 15,668 Capitalized expenditures 2,756 — 416 36,079 — 39,251 Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total As of March 31, 2020 Real estate Real estate, net $ 1,301,176 $ — $ 199,913 $ — $ — $ 1,501,089 Real estate available and held for sale 25,730 — 8,661 — — 34,391 Total real estate 1,326,906 — 208,574 — — 1,535,480 Net investment in leases 409,976 — — — — 409,976 Land and development, net — — — 514,064 — 514,064 Loans receivable and other lending investments, net 43,344 807,491 — — — 850,835 Other investments 880,534 — 60,009 36,672 52,337 1,029,552 Total portfolio assets $ 2,660,760 $ 807,491 $ 268,583 $ 550,736 $ 52,337 4,339,907 Cash and other assets 882,674 Total assets $ 5,222,581 As of December 31, 2019 Real estate Real estate, net $ 1,327,082 $ — $ 200,137 $ — $ — $ 1,527,219 Real estate available and held for sale — — 8,650 — — 8,650 Total real estate 1,327,082 — 208,787 — — 1,535,869 Net investment in leases 418,915 — — — — 418,915 Land and development, net — — — 580,545 — 580,545 Loans receivable and other lending investments, net 44,339 783,522 — — — 827,861 Other investments 760,068 — 61,686 42,866 43,255 907,875 Total portfolio assets $ 2,550,404 $ 783,522 $ 270,473 $ 623,411 $ 43,255 4,271,065 Cash and other assets 814,044 Total assets $ 5,085,109 _______________________________________________________________________________ (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 $16.3 million and $4.2 million for the three months ended March 31, 2020 and 2019, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2020 2019 Segment profit $ 29,049 $ 17,194 Add/Less: (Provision for) recovery of loan losses (4,003 ) 97 Less: Provision for losses on net investment in leases (1,292 ) — Less: Impairment of assets (1,708 ) (3,851 ) Less: Stock-based compensation expense (16,270 ) (4,249 ) Less: Depreciation and amortization (14,486 ) (15,668 ) Less: Income tax expense (60 ) (25 ) Less: Loss on early extinguishment of debt, net (4,115 ) (468 ) Net loss $ (12,885 ) $ (6,970 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The coronavirus ("COVID-19") pandemic outbreak has rapidly and dramatically impacted the United States and global economies. Many countries, including the United States, have instituted quarantines, mandated business and school closures and restricted travel. The United States financial markets have experienced disruption, with heightened stock market volatility and constrained credit conditions within most sectors, including real estate. Many experts predict that the outbreak will trigger a period of global economic slowdown or a global recession. At this time, the Company cannot predict the extent of the impacts of the COVID-19 crisis on its business. The ultimate impact of COVID-19 on the Company's business, results of operations, financial condition and cash flows is dependent on future developments, including the duration of the pandemic and the extent of its impact on the global economy, which are uncertain and cannot be predicted at this time. See the Risk Factors section of this report for additional discussion of certain potential risks to the Company's business arising from the COVID-19 crisis.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Adoption of Accounting Standards Updates and New Accounting Pronouncements	New Accounting Pronouncements — In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In March 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. The following paragraph describes the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2020. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), as amended, on January 1, 2020 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment to retained earnings by increasing its allowance for loan losses and recording an initial allowance for losses on net investment in leases. Periods presented that are prior to the adoption date of January 1, 2020 will not be adjusted. ASU 2016-13 replaced the incurred loss impairment methodology with a methodology that reflects a current expected credit loss ("Expected Loss"). ASU 2016-13 impacted all of the Company’s investments held at amortized cost, which included its loans (including unfunded loan commitments), financing receivables, net investment in leases and held-to-maturity debt securities. Upon adoption of ASU 2016-13 on January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million and an initial allowance for losses on net investment in leases of $9.1 million , both of which were recorded as a cumulative effect adjustment to retained earnings. Subsequent increases or decreases in the allowance for loan losses or the allowance for losses on net investment in leases will be charged to "Provision for (recovery of) loan losses" and "Provision for (recovery of) losses on net investment in leases," respectively, in the Company's consolidated statements of operations. Refer to "Significant Accounting Policies" below for more information on how the Company determines its allowance for loan losses and its allowance for losses on net investment in leases.
Allowance for Loan Losses and Net Investment in Leases	Allowance for Loan Losses and Net Investment in Leases— The Company performs quarterly a comprehensive analysis of its loan and sales-type lease portfolios and assigns risk ratings that incorporate management's current judgments about credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower or tenant financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans and sales-type leases being risk rated, with ratings ranging from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio taking into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. Upon adoption of ASU 2016-13 on January 1, 2020, the Company estimates its Expected Loss on its loans (including unfunded loan commitments), held-to-maturity debt securities and net investment in leases based on relevant information including historical realized loss rates, current market conditions and reasonable and supportable forecasts that affect the collectability of its investments. The estimate of the Company's Expected Loss requires significant judgment and the Company analyzes its loan portfolio based upon its different categories of financial assets, which includes (i) loans and held-to-maturity debt securities; (ii) construction loans; and (iii) net investment in leases and financings that resulted from the acquisition of properties that did not qualify as a sale leaseback transaction and, as such, are accounted for as financing receivables (refer to Note 5). For the Company's loans and held-to-maturity debt securities, the Company utilized a loan loss model developed by Trepp LLC ("Trepp") to estimate its Expected Loss allowance. The model is a loss forecasting tool that utilizes loan level data including each loans position in the capital structure, interest rates, maturity dates, unfunded commitments, debt service coverage ratios, etc. and also utilizes forward looking macroeconomic variables and pool-level mean loss rates to produce an Expected Loss over the life each loan. The Company utilized the model to estimate its Expected Loss for this category of loans after inputting its individual loan level data for this category of loans into the model. For the Company's construction loans, the Company analyzed its historical realized loss experience on its construction loan portfolio to estimate its Expected Loss allowance. The Company also utilized third-party market data that included historical loss rates on commercial real estate loans and forecasted economic trends, including interest and unemployment rates. The Company utilized the third-party market data to support the Expected Loss the Company calculated using its historical realized loss experience. For the Company's net investment in leases and financings that resulted from the acquisition of properties that did not qualify as sale leaseback transactions, the Company analyzed historical loss rates for lessors from tenants with a credit rating similar to the Company's tenant at these properties. The Company also utilized third-party market information as well as market data from Trepp which forecasted economic trends, including interest and unemployment rates, to assist in developing a probability of default and loss given default to calculate the Company's Expected Loss. The Company utilized the third-party market information to support the Expected Loss the Company calculated by analyzing the historical loss rates for lessors from tenants with a credit rating similar to the Company's tenant. The Company considers a loan or sales-type lease to be non-performing and places it on non-accrual status at such time as: (1) it becomes 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan or sales-type lease. Non-accrual loans or sales-type leases are returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. The Company will record a specific allowance if the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent asset. The specific allowance is increased (decreased) through "Provision for (recovery of) loan losses" or "Provision for losses on net investment in leases" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower or tenant as the Company works toward a settlement or other alternative resolution, which can impact the potential for repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related allowance will be charged off. The Company made the accounting policy election to record accrued interest on its loan portfolio separate from its loans receivable and other lending investments and to exclude accrued interest from its amortized cost basis disclosures (refer to Note 7). As of March 31, 2020 and December 31, 2019 , accrued interest was $4.8 million and $4.2 million

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 ($ in thousands): As of March 31, December 31, ASSETS Real estate Real estate, at cost $ 893,097 $ 891,000 Less: accumulated depreciation (43,617 ) (37,542 ) Real estate, net 849,480 853,458 Land and development, net 268,524 273,617 Other investments 44 45 Cash and cash equivalents 22,704 19,112 Accrued interest and operating lease income receivable, net 552 1,208 Deferred operating lease income receivable, net 22,064 19,547 Deferred expenses and other assets, net 133,556 134,117 Total assets $ 1,296,924 $ 1,301,104 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 118,337 $ 107,455 Debt obligations, net 487,445 482,918 Total liabilities 605,782 590,373

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 March 31, 2019 December 31, 2018 Cash and cash equivalents $ 371,293 $ 307,172 $ 315,407 $ 931,751 Restricted cash included in deferred expenses and other assets, net (1) 46,609 45,034 48,407 42,793 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 417,902 $ 352,206 $ 363,814 $ 974,544 _______________________________________________________________________________ (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.
Reconciliation of 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): March 31, 2020 December 31, 2019 March 31, 2019 December 31, 2018 Cash and cash equivalents $ 371,293 $ 307,172 $ 315,407 $ 931,751 Restricted cash included in deferred expenses and other assets, net (1) 46,609 45,034 48,407 42,793 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 417,902 $ 352,206 $ 363,814 $ 974,544 _______________________________________________________________________________ (1) Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of real estate assets	The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of March 31, 2020 Land, at cost $ 188,418 $ 106,186 $ 294,604 Buildings and improvements, at cost 1,333,766 108,671 1,442,437 Less: accumulated depreciation (221,008 ) (14,944 ) (235,952 ) Real estate, net (1) 1,301,176 199,913 1,501,089 Real estate available and held for sale (2) 25,730 8,661 34,391 Total real estate $ 1,326,906 $ 208,574 $ 1,535,480 As of December 31, 2019 Land, at cost $ 199,710 $ 106,187 $ 305,897 Buildings and improvements, at cost 1,347,321 107,861 1,455,182 Less: accumulated depreciation (219,949 ) (13,911 ) (233,860 ) Real estate, net (1) 1,327,082 200,137 1,527,219 Real estate available and held for sale (2) — 8,650 8,650 Total real estate $ 1,327,082 $ 208,787 $ 1,535,869 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , real estate, net included $765.3 million and $768.6 million , respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2) As of March 31, 2020 and December 31, 2019 , the Company had $8.7 million and $8.6 million

Net Investment in Leases (Table

Net Investment in Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Net investment in leases	The Company's net investment in leases were comprised of the following as of March 31, 2020 and December 31, 2019 ($ in thousands): March 31, 2020 December 31, 2019 Total undiscounted cash flows $ 1,035,128 $ 1,042,019 Unguaranteed estimated residual value 340,620 340,620 Present value discount (955,369 ) (963,724 ) Allowance for losses on net investment in leases (10,403 ) — Net investment in leases (1) 409,976 418,915 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019, all of the Company's net investment in leases were current in their payment status and performing in accordance with the terms of the respective leases. As of March 31, 2020, the risk rating on the Company's net investment in leases was 1.5 (refer to Note 3).
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 March 31, 2020 , are as follows by year ($ in thousands): Amount 2020 (remaining nine months) $ 20,674 2021 28,062 2022 30,549 2023 30,549 2024 30,549 Thereafter 894,745 Total undiscounted cash flows $ 1,035,128
Changes in allowance for losses on net investment in leases	Changes in the Company's allowance for losses on net investment in leases for the three months ended March 31, 2020 were as follows ($ in thousands): Initial allowance recorded upon adoption of new accounting standard (1) $ 9,111 Provision for losses on net investment in leases (2) 1,292 Allowance for losses on net investment in leases at end of period $ 10,403 ____________________________________________________________ (1) The Company recorded an initial allowance for losses on net investment in leases of $9.1 million upon the adoption of ASU 2016-13 on January 1, 2020 (refer to Note 3). (2) During the three months ended March 31, 2020 , the Company recorded a general allowance for losses on net investment in leases of $1.3 million due to the adoption of ASU 2016-13 (refer to Note 3).

Land and Development (Tables)

Land and Development (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, December 31, 2020 2019 Land and land development, at cost $ 523,893 $ 590,153 Less: accumulated depreciation (9,829 ) (9,608 ) Total land and development, net $ 514,064 $ 580,545

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, December 31, Construction loans Senior mortgages $ 542,241 $ 518,992 Corporate/Partnership loans 99,702 95,394 Subtotal - gross carrying value of construction loans 641,943 614,386 Loans Senior mortgages 53,319 53,592 Corporate/Partnership loans 23,321 24,424 Subordinate mortgages 11,063 10,877 Subtotal - gross carrying value of loans 87,703 88,893 Other lending investments Financing receivables (refer to Note 5) 44,445 44,339 Held-to-maturity debt securities 86,368 84,981 Available-for-sale debt securities 23,640 23,896 Subtotal - other lending investments 154,453 153,216 Total gross carrying value of loans receivable and other lending investments 884,099 856,495 Allowance for loan losses (33,264 ) (28,634 ) Total loans receivable and other lending investments, net $ 850,835 $ 827,861
Schedule of changes in the Company's allowance for loan losses	Changes in the Company's allowance for loan losses were as follows for the three months ended March 31, 2020 ($ in thousands): General Allowance Construction Loans Loans Held to Maturity Debt Securities Financing Receivables Specific Allowance Total Allowance for loan losses at beginning of period $ 6,668 $ 265 $ — $ — $ 21,701 $ 28,634 Adoption of new accounting standard (1) (353 ) 98 20 964 — 729 Provision for loan losses (2) 3,409 323 33 136 — 3,901 Allowance for loan losses at end of period $ 9,724 $ 686 $ 53 $ 1,100 $ 21,701 $ 33,264 ____________________________________________________________ (1) On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13 (refer to Note 3), of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities." (2) During the three months ended March 31, 2020 , the Company recorded a provision for loan losses of $4.0 million due to the adoption of ASU 2016-13 (refer to Note 3), of which $0.1 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities."
Schedule of recorded investment in loans and associated allowance for loan losses	The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of March 31, 2020 and December 31, 2019 ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment Total As of March 31, 2020 Construction loans (2) $ — $ 641,943 $ 641,943 Loans (2) 37,517 50,186 87,703 Financing receivables — 44,445 44,445 Held-to-maturity debt securities — 86,368 86,368 Available-for-sale debt securities (3) — 23,640 23,640 Less: Allowance for loan losses (21,701 ) (11,563 ) (33,264 ) Total $ 15,816 $ 835,019 $ 850,835 As of December 31, 2019 Construction loans (2) $ — $ 614,386 $ 614,386 Loans (2) 37,820 51,073 88,893 Financing receivables — 44,339 44,339 Held-to-maturity debt securities — 84,981 84,981 Available-for-sale debt securities (3) — 23,896 23,896 Less: Allowance for loan losses (21,701 ) (6,933 ) (28,634 ) Total $ 16,119 $ 811,742 $ 827,861 _______________________________________________________________________________ (1) The carrying value of this loan includes an unamortized discount of $0.1 million as of March 31, 2020 and December 31, 2019 . The Company's one loan individually evaluated for impairment represents a loan on non-accrual status; therefore, the unamortized amount associated with this loan is 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 $0.2 million and $0.7 million as of March 31, 2020 and December 31, 2019 , respectively. (3) Available-for-sale debt securities are evaluated for impairment under ASC 326-30.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company's amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of March 31, 2020 were as follows ($ in thousands): Year of Origination 2020 2019 2018 2017 2016 Prior to 2016 Total Senior mortgages Risk rating 1 $ — $ — $ — $ 54,420 $ — $ — $ 54,420 2 — — 84,662 96,549 — — 181,211 3 — 12,803 170,860 47,859 37,767 4,524 273,813 3.5 — — — 48,599 — — 48,599 Subtotal (1) $ — $ 12,803 $ 255,522 $ 247,427 $ 37,767 $ 4,524 $ 558,043 Corporate/partnership loans Risk rating 1 $ — $ — $ — $ 8,205 $ — $ — $ 8,205 2 — 938 17,708 — — — 18,646 3 — — 58,405 — 37,767 — 96,172 Subtotal $ — $ 938 $ 76,113 $ 8,205 $ 37,767 $ — $ 123,023 Subordinate mortgages Risk rating 3 $ — $ — $ — $ — $ — $ 11,063 $ 11,063 Subtotal $ — $ — $ — $ — $ — $ 11,063 $ 11,063 Financing receivables Risk rating 1.5 $ — $ 44,445 $ — $ — $ — $ — $ 44,445 Subtotal $ — $ 44,445 $ — $ — $ — $ — $ 44,445 Total $ — $ 58,186 $ 331,635 $ 255,632 $ 75,534 $ 15,587 $ 736,574 ____________________________________________________________ (1) As of March 31, 2020 , excludes $37.5 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class	The Company's amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of March 31, 2020 Senior mortgages $ 558,043 $ 37,517 $ 37,517 $ 595,560 Corporate/Partnership loans 123,023 — — — 123,023 Subordinate mortgages 11,063 — — — 11,063 Total $ 692,129 $ — $ 37,517 $ 37,517 $ 729,646 As of December 31, 2019 Senior mortgages $ 534,765 $ — $ 37,820 $ 37,820 $ 572,585 Corporate/Partnership loans 119,818 — — — 119,818 Subordinate mortgages 10,877 — — — 10,877 Total $ 665,460 $ — $ 37,820 $ 37,820 $ 703,280 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , the Company had one loan which was greater than 90 days delinquent and was in various stages of resolution, including legal and environmental matters, and was 10.8 years and 10.5 years
Schedule of recorded investment in impaired loans	The Company's impaired loan was as follows ($ in thousands) (1) : As of March 31, 2020 As of December 31, 2019 Amortized Cost Unpaid Principal Balance Related Allowance Amortized Cost Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 37,517 $ 37,618 $ (21,701 ) $ 37,820 $ 37,923 $ (21,701 ) Total $ 37,517 $ 37,618 $ (21,701 ) $ 37,820 $ 37,923 $ (21,701 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. (2) The Company did not record any interest income on impaired loans for the three months ended March 31, 2020 and 2019.
Schedule of available-for-sale 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 March 31, 2020 Available-for-Sale Securities Municipal debt securities $ 20,680 $ 20,680 $ 2,960 $ 23,640 $ 23,640 Held-to-Maturity Securities Debt securities 100,000 86,368 — 86,368 86,368 Total $ 120,680 $ 107,048 $ 2,960 $ 110,008 $ 110,008 As of December 31, 2019 Available-for-Sale Securities Municipal debt securities $ 21,140 $ 21,140 $ 2,756 $ 23,896 $ 23,896 Held-to-Maturity Securities Debt securities 100,000 84,981 — 84,981 84,981 Total $ 121,140 $ 106,121 $ 2,756 $ 108,877 $ 108,877
Schedule of held-to-maturity 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 March 31, 2020 Available-for-Sale Securities Municipal debt securities $ 20,680 $ 20,680 $ 2,960 $ 23,640 $ 23,640 Held-to-Maturity Securities Debt securities 100,000 86,368 — 86,368 86,368 Total $ 120,680 $ 107,048 $ 2,960 $ 110,008 $ 110,008 As of December 31, 2019 Available-for-Sale Securities Municipal debt securities $ 21,140 $ 21,140 $ 2,756 $ 23,896 $ 23,896 Held-to-Maturity Securities Debt securities 100,000 84,981 — 84,981 84,981 Total $ 121,140 $ 106,121 $ 2,756 $ 108,877 $ 108,877
Schedule of contractual maturities of securities	As of March 31, 2020 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Debt Securities Available-for-Sale Debt Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ — $ — $ — $ — After one year through 5 years 86,368 86,368 — — After 5 years through 10 years — — — — After 10 years — — 20,680 23,640 Total $ 86,368 $ 86,368 $ 20,680 $ 23,640

Other Investments (Tables)

Other Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, All Other Investments [Abstract]
Equity Method Investments, Summarized Financial Information [Table Text Block]	The following table presents the investee level summarized financial information of the Company's equity method investments that were significant as of March 31, 2020 ($ in thousands): Revenues Expenses Net Income Attributable to Parent For the Three Months Ended March 31, 2020 SAFE $ 40,165 $ 23,587 $ 17,347 For the Three Months Ended March 31, 2019 SAFE $ 21,820 $ 10,683 $ 6,619
Schedule of other investments and proportionate share of earnings from equity method investments	The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended March 31, March 31, 2020 December 31, 2019 2020 2019 Real estate equity investments Safehold Inc. ("SAFE") (1) $ 834,351 $ 729,357 $ 19,338 $ 7,316 iStar Net Lease II LLC ("Net Lease Venture II") 46,183 30,712 193 (86 ) Other real estate equity investments 96,681 104,553 (2,082 ) (2,123 ) Subtotal 977,215 864,622 17,449 5,107 Other strategic investments (2) 52,337 43,253 (837 ) 202 Total $ 1,029,552 $ 907,875 $ 16,612 $ 5,309 ____________________________________________________________ (1) As of March 31, 2020 , the Company owned 33.4 million shares of SAFE common stock which, based on the closing price of $63.23 on March 31, 2020 , had a market value of $2.1 billion . For the three months ended March 31, 2020 , equity in earnings includes a dilution gain of $7.9 million resulting from a SAFE equity offering in March 2020. (2) During the three months ended March 31, 2020 , the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized a mark-to-market gain of $9.9 million in "Other income" in the Company's consolidated statements of operations.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets and Other Liabilities [Abstract]
Schedule of deferred expenses and other assets, net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of March 31, 2020 December 31, 2019 Intangible assets, net (1) $ 164,853 $ 174,973 Restricted cash 46,609 45,034 Finance lease right-of-use assets (2) 144,839 145,209 Operating lease right-of-use assets (2) 52,295 34,063 Other assets (3) 17,315 17,534 Other receivables 18,895 16,846 Leasing costs, net (4) 3,130 3,793 Corporate furniture, fixtures and equipment, net (5) 2,467 2,736 Deferred financing fees, net 2,130 2,300 Deferred expenses and other assets, net $ 452,533 $ 442,488 _______________________________________________________________________________ (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 $36.3 million and $33.4 million as of March 31, 2020 and December 31, 2019 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.4 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.7 million and $2.2 million for the three months ended March 31, 2020 and 2019, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of March 31, 2020 , the weighted average amortization period for the Company's intangible assets was approximately 17.3 years. (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 5.1% and the weighted average lease term is 7.5 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% 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 months ended March 31, 2020 and 2019, the Company recognized $2.0 million and $0.4 million , respectively, in "Interest expense" and $0.4 million and $0.1 million , respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the three months ended March 31, 2020 and 2019, the Company recognized $1.0 million and $0.9 million , respectively, in "General and administrative" and $0.8 million and $1.1 million , respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $2.2 million and $3.3 million as of March 31, 2020 and December 31, 2019 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $13.4 million and $13.1 million as of March 31, 2020 and December 31, 2019 , respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of March 31, 2020 December 31, 2019 Other liabilities (1) $ 83,833 81,709 Accrued expenses 76,283 83,778 Finance lease liabilities (see table above) 148,439 147,749 Intangible liabilities, net (2) 50,606 51,223 Operating lease liabilities (see table above) 52,456 34,182 Accrued interest payable 29,707 25,733 Accounts payable, accrued expenses and other liabilities $ 441,324 $ 424,374 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , other liabilities includes $26.6 million and $27.5 million , respectively, of deferred income. As of March 31, 2020 and December 31, 2019 , other liabilities includes $20.7 million and $8.7 million , respectively, of derivative liabilities. As of March 31, 2020, other liabilities includes $2.6 million of expected credit losses for unfunded loan commitments. (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 $5.6 million and $5.0 million as of March 31, 2020 and December 31, 2019 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively.

Loan Participations Payable, _2

Loan Participations Payable, net (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 December 31, 2019 Loan participations payable (1) $ 37,892 $ 35,656 Debt premiums, discounts and deferred financing costs, net (125 ) (18 ) Total loan participations payable, net $ 37,767 $ 35,638 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019, the Company had one loan participation payable with an interest rate of 6.0% and 6.3% , respectively.

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled March 31, 2020 December 31, 2019 Secured credit facilities and mortgages: Revolving Credit Facility $ 300,000 $ — LIBOR + 2.00% (1) September 2022 Senior Term Loan 491,875 491,875 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 724,209 721,118 2.54% - 7.26% (3) Total secured credit facilities and mortgages 1,516,084 1,212,993 Unsecured notes: 6.00% senior notes (4) — 110,545 6.00% — 5.25% senior notes (5) 400,000 400,000 5.25% September 2022 3.125% senior convertible notes (6) 287,500 287,500 3.125% September 2022 4.75% senior notes (7) 775,000 775,000 4.75% October 2024 4.25% senior notes (8) 550,000 550,000 4.25% August 2025 Total unsecured notes 2,012,500 2,123,045 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,628,584 3,436,038 Debt discounts and deferred financing costs, net (45,224 ) (48,958 ) Total debt obligations, net (9) $ 3,583,360 $ 3,387,080 _______________________________________________________________________________ (1) The Revolving Credit Facility bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50% ; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. (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 0.50% 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) As of March 31, 2020 , the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) The Company repaid these senior notes in January 2020. (5) The Company can prepay these senior notes without penalty beginning September 15, 2021. (6) 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 March 31, 2020 was 68.3420 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.63 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. At issuance in September 2017, the Company valued the liability component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the liability component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of March 31, 2020 , the carrying value of the 3.125% Convertible Notes was $270.2 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $14.2 million , net of fees. As of December 31, 2019, the carrying value of the 3.125% Convertible Notes was $268.7 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $15.5 million , net of fees. During the three months ended March 31, 2020 and 2019, the Company recognized $2.2 million and $2.2 million , respectively, of contractual interest and $1.3 million and $1.2 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (7) The Company can prepay these senior notes without penalty beginning July 1, 2024. (8) The Company can prepay these senior notes without penalty beginning May 1, 2025. (9) The Company capitalized interest relating to development activities of $0.5 million and $3.0 million during the three months ended March 31, 2020 and 2019, respectively.
Schedule of future scheduled maturities of outstanding debt obligations	As of March 31, 2020 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2020 (remaining nine months) $ — $ — $ — 2021 — 158,358 158,358 2022 687,500 347,624 1,035,124 2023 — 491,875 491,875 2024 775,000 — 775,000 Thereafter 650,000 518,227 1,168,227 Total principal maturities 2,112,500 1,516,084 3,628,584 Unamortized discounts and deferred financing costs, net (37,915 ) (7,309 ) (45,224 ) Total debt obligations, net $ 2,074,585 $ 1,508,775 $ 3,583,360
Schedule of carrying value of encumbered assets by asset type	The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of March 31, 2020 December 31, 2019 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,392,658 $ 108,431 $ 1,409,585 $ 117,634 Real estate available and held for sale — 34,391 — 8,650 Net investment in leases (2) 420,380 — 418,915 — Land and development, net — 514,064 — 580,545 Loans receivable and other lending investments, net (3)(4) 234,612 590,019 233,104 566,050 Other investments — 1,029,552 — 907,875 Cash and other assets — 882,674 — 814,044 Total $ 2,047,650 $ 3,159,131 $ 2,061,604 $ 2,994,798 _______________________________________________________________________________ (1) The Senior Term Loan and the 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 March 31, 2020 , Collateral Assets includes $428.5 million carrying value of assets held by entities whose equity interests are pledged as collateral for the Revolving Credit Facility. (2) As of March 31, 2020, the amount presented excludes a general allowance for net investment of leases of $10.4 million . (3) As of March 31, 2020 and December 31, 2019 , the amounts presented exclude general allowance for loan losses of $11.6 million and $6.9 million

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of March 31, 2020 , 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 $ 183,608 $ 81,718 $ 53,122 $ 318,448 Strategic Investments — — 17,351 17,351 Total $ 183,608 $ 81,718 $ 70,473 $ 335,799 _______________________________________________________________________________ (1) Excludes $12.1 million of commitments on loan participations sold that are not the obligation of the Company. (2) Includes a commitment to invest up to $55.0 million in additional bowling centers over the next several years (refer to Note 5).
Schedule of future minimum lease obligations - operating leases	Future minimum lease obligations under operating and finance leases as of March 31, 2020 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 (remaining nine months) $ 3,095 $ 4,052 2021 3,624 5,494 2022 6,561 5,604 2023 6,190 5,716 2024 6,080 5,830 Thereafter 6,576 1,573,771 Total undiscounted cash flows 32,126 1,600,467 Present value discount (1) (4,654 ) (1,452,028 ) Other adjustments (2) 24,984 — Lease liabilities $ 52,456 $ 148,439 _______________________________________________________________________________ (1) During the three months ended March 31, 2020 and 2019, the Company made payments of $1.1 million and $1.1 million , respectively, related to its operating leases and $1.3 million and $0.2 million , respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 6.3 years and the weighted average discount rate was 5.1% . The weighted average lease term for the Company's finance leases was 97.7 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 $ 4,167 $ 5,386 2021 1,803 5,494 2022 1,098 5,604 2023 728 5,716 2024 617 5,830 Thereafter 1,447 1,573,824 Total undiscounted cash flows 9,860 1,601,854 Present value discount (1) (1,057 ) (1,454,105 ) Other adjustments (2) 25,379 — Lease liabilities $ 34,182 $ 147,749 _______________________________________________________________________________ (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. (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 March 31, 2020 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 (remaining nine months) $ 3,095 $ 4,052 2021 3,624 5,494 2022 6,561 5,604 2023 6,190 5,716 2024 6,080 5,830 Thereafter 6,576 1,573,771 Total undiscounted cash flows 32,126 1,600,467 Present value discount (1) (4,654 ) (1,452,028 ) Other adjustments (2) 24,984 — Lease liabilities $ 52,456 $ 148,439 _______________________________________________________________________________ (1) During the three months ended March 31, 2020 and 2019, the Company made payments of $1.1 million and $1.1 million , respectively, related to its operating leases and $1.3 million and $0.2 million , respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 6.3 years and the weighted average discount rate was 5.1% . The weighted average lease term for the Company's finance leases was 97.7 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 $ 4,167 $ 5,386 2021 1,803 5,494 2022 1,098 5,604 2023 728 5,716 2024 617 5,830 Thereafter 1,447 1,573,824 Total undiscounted cash flows 9,860 1,601,854 Present value discount (1) (1,057 ) (1,454,105 ) Other adjustments (2) 25,379 — Lease liabilities $ 34,182 $ 147,749 _______________________________________________________________________________ (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. (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.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 ($ in thousands) (1) : Derivative Assets Derivative Liabilities As of March 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ — Accounts payable, accrued expenses and other liabilities $ 20,685 Total $ — $ 20,685 Derivative Assets Derivative Liabilities As of December 31, 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 $ 114 Accounts payable, accrued expenses and other liabilities $ 8,680 Total $ 114 $ 8,680 _________________________________________________________ (1) Over the next 12 months, the Company expects that $8.8 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense.
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income	The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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 March 31, 2020 Interest rate swaps Earnings from equity method investments $ (15,172 ) $ (226 ) Interest rate swaps Interest expense (12,604 ) (1,088 ) For the Three Months Ended March 31, 2019 Interest rate swaps Interest Expense (7,822 ) (151 ) Interest rate swaps Earnings from equity method investments (7,190 ) 144

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of cumulative redeemable preferred stock outstanding by series	The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of March 31, 2020 and December 31, 2019: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Annual Dividend 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 Total 12,200 $ 282,490 ________________________________________ (1) Holders of shares of the Series D, G and I preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $2.0 million , $1.5 million and $2.3 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2020 and 2019 , respectively. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2019 . The character of the 2019 dividends was 100% capital gain distribution, of which 34.01% represented unrecaptured section 1250 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 $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity	"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of March 31, 2020 December 31, 2019 Unrealized gains on available-for-sale securities $ 2,959 $ 2,756 Unrealized losses on cash flow hedges (58,282 ) (37,264 ) Unrealized losses on cumulative translation adjustment (4,199 ) (4,199 ) Accumulated other comprehensive loss $ (59,522 ) $ (38,707 )

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans and Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [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 three months ended March 31, 2020 . iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 81.17 73.28 77.27 Granted — — — Forfeited (1.00 ) (1.13 ) (0.93 ) Points at end of period 80.17 72.15 76.34
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 three months ended March 31, 2020 , is as follows (in thousands): Nonvested at beginning of period 598 Granted 181 Vested (105 ) Forfeited — Nonvested at end of period 674

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Net loss $ (12,885 ) $ (6,970 ) Net income attributable to noncontrolling interests (2,691 ) (2,471 ) Preferred dividends (5,874 ) (8,124 ) Net loss allocable to common shareholders for basic and diluted earnings per common share $ (21,450 ) $ (17,565 )
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended March 31, 2020 2019 Earnings allocable to common shares: Numerator for basic and diluted earnings per share: Net loss allocable to common shareholders $ (21,450 ) $ (17,565 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic and diluted earnings per common share 77,444 67,747 Basic and diluted earnings per common share: Net loss allocable to common shareholders $ (0.28 ) $ (0.26 )
Antidilutive shares not included in diluted EPS calculation	For the three months ended March 31, 2019, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1) : Series J convertible perpetual preferred stock 15,951 _______________________________________________________________________________ (1) For the three months ended March 31, 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 months ended March 31, 2020 and 2019 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such period.

Fair Values (Tables)

Fair Values (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Recurring basis: Derivative liabilities (1) $ 20,685 $ — $ 20,685 $ — Available-for-sale securities (1) 23,640 — — 23,640 Non-recurring basis: Other investments (2) 44,882 — 44,882 — As of December 31, 2019 Recurring basis: Derivative assets (1) $ 114 $ — $ 114 $ — Derivative liabilities (1) 8,680 — 8,680 — Available-for-sale securities (1) 23,896 — — 23,896 Non-recurring basis: Impaired land and development (3) 40,000 — — 40,000 ____________________________________________________________ (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) During the three months ended March 31, 2020 , the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer and, as such, classified such observable price change as Level 2. (3) The Company recorded aggregate impairments of $5.3 million on two land and development assets with an estimated aggregate fair value of $40.0 million . The estimated fair values are based on expected sales proceeds.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2020 and 2019 ($ in thousands): 2020 2019 Beginning balance $ 23,896 $ 21,661 Repayments (459 ) (46 ) Unrealized gains recorded in other comprehensive income 203 1,000 Ending balance $ 23,640 $ 22,615

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
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): Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended March 31, 2020: Operating lease income $ 41,464 $ — $ 5,774 $ 108 $ — $ 47,346 Interest income 823 16,393 — — — 17,216 Interest income from sales-type leases 8,355 — — — — 8,355 Other income 4,293 306 3,157 624 11,988 20,368 Land development revenue — — — 80,176 — 80,176 Earnings (losses) from equity method investments 19,531 — (2,667 ) 584 (836 ) 16,612 Total revenue and other earnings 74,466 16,699 6,264 81,492 11,152 190,073 Real estate expense (6,229 ) — (7,663 ) (8,606 ) — (22,498 ) Land development cost of sales — — — (77,059 ) — (77,059 ) Other expense — (19 ) — — (55 ) (74 ) Allocated interest expense (24,478 ) (6,199 ) (2,259 ) (4,570 ) (5,886 ) (43,392 ) Allocated general and administrative (2) (6,989 ) (2,097 ) (789 ) (2,819 ) (5,307 ) (18,001 ) Segment profit (loss) (3) $ 36,770 $ 8,384 $ (4,447 ) $ (11,562 ) $ (96 ) $ 29,049 Other significant items: Provision for loan losses $ 137 $ 3,866 $ — $ — $ — $ 4,003 Provision for losses on net investment in leases 1,292 — — — — 1,292 Impairment of assets 1,708 — — — — 1,708 Depreciation and amortization 12,656 — 1,284 243 303 14,486 Capitalized expenditures 1,846 — 917 12,027 — 14,790 Three Months Ended March 31, 2019: Operating lease income $ 49,482 $ — $ 9,356 $ 77 $ — $ 58,915 Interest income — 20,375 — — — 20,375 Other income 3,420 2,189 2,375 3,447 3,382 14,813 Land development revenue — — — 12,699 — 12,699 Earnings (losses) from equity method investments 7,230 — (2,410 ) 287 202 5,309 Income from sales of real estate — — 9,407 — — 9,407 Total revenue and other earnings 60,132 22,564 18,728 16,510 3,584 121,518 Real estate expense (6,106 ) — (11,033 ) (8,801 ) — (25,940 ) Land development cost of sales — — — (14,449 ) — (14,449 ) Other expense — (265 ) — — (243 ) (508 ) Allocated interest expense (21,766 ) (8,413 ) (2,918 ) (5,127 ) (8,353 ) (46,577 ) Allocated general and administrative (2) (5,678 ) (2,209 ) (761 ) (3,257 ) (4,945 ) (16,850 ) Segment profit (loss) (3) $ 26,582 $ 11,677 $ 4,016 $ (15,124 ) $ (9,957 ) $ 17,194 Other significant items: Recovery of loan losses $ — $ (97 ) $ — $ — $ — $ (97 ) Impairment of assets — — 3,851 — — 3,851 Depreciation and amortization 13,561 — 1,557 247 303 15,668 Capitalized expenditures 2,756 — 416 36,079 — 39,251 Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total As of March 31, 2020 Real estate Real estate, net $ 1,301,176 $ — $ 199,913 $ — $ — $ 1,501,089 Real estate available and held for sale 25,730 — 8,661 — — 34,391 Total real estate 1,326,906 — 208,574 — — 1,535,480 Net investment in leases 409,976 — — — — 409,976 Land and development, net — — — 514,064 — 514,064 Loans receivable and other lending investments, net 43,344 807,491 — — — 850,835 Other investments 880,534 — 60,009 36,672 52,337 1,029,552 Total portfolio assets $ 2,660,760 $ 807,491 $ 268,583 $ 550,736 $ 52,337 4,339,907 Cash and other assets 882,674 Total assets $ 5,222,581 As of December 31, 2019 Real estate Real estate, net $ 1,327,082 $ — $ 200,137 $ — $ — $ 1,527,219 Real estate available and held for sale — — 8,650 — — 8,650 Total real estate 1,327,082 — 208,787 — — 1,535,869 Net investment in leases 418,915 — — — — 418,915 Land and development, net — — — 580,545 — 580,545 Loans receivable and other lending investments, net 44,339 783,522 — — — 827,861 Other investments 760,068 — 61,686 42,866 43,255 907,875 Total portfolio assets $ 2,550,404 $ 783,522 $ 270,473 $ 623,411 $ 43,255 4,271,065 Cash and other assets 814,044 Total assets $ 5,085,109 _______________________________________________________________________________ (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 $16.3 million and $4.2 million for the three months ended March 31, 2020 and 2019, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2020 2019 Segment profit $ 29,049 $ 17,194 Add/Less: (Provision for) recovery of loan losses (4,003 ) 97 Less: Provision for losses on net investment in leases (1,292 ) — Less: Impairment of assets (1,708 ) (3,851 ) Less: Stock-based compensation expense (16,270 ) (4,249 ) Less: Depreciation and amortization (14,486 ) (15,668 ) Less: Income tax expense (60 ) (25 ) Less: Loss on early extinguishment of debt, net (4,115 ) (468 ) Net loss $ (12,885 ) $ (6,970 )
Reconciliation of segment profit to income (loss)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2020 2019 Segment profit $ 29,049 $ 17,194 Add/Less: (Provision for) recovery of loan losses (4,003 ) 97 Less: Provision for losses on net investment in leases (1,292 ) — Less: Impairment of assets (1,708 ) (3,851 ) Less: Stock-based compensation expense (16,270 ) (4,249 ) Less: Depreciation and amortization (14,486 ) (15,668 ) Less: Income tax expense (60 ) (25 ) Less: Loss on early extinguishment of debt, net (4,115 ) (468 ) Net loss $ (12,885 ) $ (6,970 )

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Mar. 31, 2020USD ($)
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 (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate
Total assets	$ 5,222,581	$ 5,085,109
LIABILITIES
Total liabilities	4,062,512	3,847,149
Consolidated VIEs
Real estate
Real estate, at cost	893,097	891,000
Less: accumulated depreciation	(43,617)	(37,542)
Real estate, net	849,480	853,458
Land and development, net	268,524	273,617
Other investments	44	45
Cash and cash equivalents	22,704	19,112
Accrued interest and operating lease income receivable, net	552	1,208
Deferred operating lease income receivable, net	22,064	19,547
Deferred expenses and other assets, net	133,556	134,117
Total assets	1,296,924	1,301,104
LIABILITIES
Accounts payable, accrued expenses and other liabilities	118,337	107,455
Debt obligations, net	487,445	482,918
Total liabilities	605,782	$ 590,373
Unconsolidated VIEs
LIABILITIES
Carrying value of the investments	123,800
Variable interest entity unfunded commitment	$ 14,700

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to reserves for loan losses	$ 2,600
Initial reserve for losses on net investment in leases	10,403	$ 9,111
Accrued interest	4,800		$ 4,200
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	371,293		307,172	$ 315,407	$ 931,751
Restricted cash included in deferred expenses and other assets, net	46,609		45,034	48,407	42,793
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$ 417,902		$ 352,206	$ 363,814	$ 974,544
ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to reserves for loan losses		3,300
Initial reserve for losses on net investment in leases		$ 9,100

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Land, at cost	$ 294,604	$ 305,897
Buildings and improvements, at cost	1,442,437	1,455,182
Less: accumulated depreciation	(235,952)	(233,860)
Real estate, net	1,501,089	1,527,219
Real estate available and held for sale	34,391	8,650
Total real estate	1,535,480	1,535,869
Net Lease
Real Estate Properties [Line Items]
Land, at cost	188,418	199,710
Buildings and improvements, at cost	1,333,766	1,347,321
Less: accumulated depreciation	(221,008)	(219,949)
Real estate, net	1,301,176	1,327,082
Real estate available and held for sale	25,730	0
Total real estate	1,326,906	1,327,082
Net Lease | Net Lease Venture
Real Estate Properties [Line Items]
Real estate, net	765,300	768,600
Operating Properties
Real Estate Properties [Line Items]
Land, at cost	106,186	106,187
Buildings and improvements, at cost	108,671	107,861
Less: accumulated depreciation	(14,944)	(13,911)
Real estate, net	199,913	200,137
Real estate available and held for sale	8,661	8,650
Total real estate	208,574	208,787
Residential Condominiums
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 8,700	$ 8,600

Real Estate - Net Lease Venture

Real Estate - Net Lease Venture (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 173,461	$ 106,802
Net Lease Venture | Net Lease
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)	51.90%
Equity method investment, related party ownership percentage	0.60%
Equity method investment, related party promote fee percentage	50.00%
Equity method investment, partner ownership percentage	47.50%
Net Lease Venture | Management Fees | Other income
Schedule of Equity Method Investments [Line Items]
Revenues	$ 400	$ 400

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	May 31, 2019	Feb. 28, 2019	Mar. 31, 2020	Mar. 31, 2019
Real Estate Properties [Line Items]
Acquisitions of real estate assets	$ 56,700		$ 0	$ 109,663
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	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)property
Real Estate [Line Items]
Net proceeds from sales of real estate	$ 7,493	$ 58,529
Impairment of assets	1,708	3,851
Income (impairment) from sales of real estate	0	9,407
Operating Properties
Real Estate [Line Items]
Net proceeds from sales of real estate	7,500	58,500
Impairment of assets	$ 1,700
Income (impairment) from sales of real estate		$ 9,400
Number of properties sold | property		2

Real Estate - Real Estate Avail

Real Estate - Real Estate Available and Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate Properties [Line Items]
Transfer of net lease asset to held for sale	$ 25.7
Net Lease
Real Estate Properties [Line Items]
Transfer of net lease asset to held for sale		$ 218.1
Operating Properties
Real Estate Properties [Line Items]
Transfer of net lease asset to held for sale		$ 16.2

Real Estate - Impairments (Deta

Real Estate - Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Impairment of real estate	$ 1.7	$ 3.2
Impairment in connection with sale of residential condominium units		$ 0.7

Real Estate - Tenant Reimbursem

Real Estate - Tenant Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Tenant expense reimbursements	$ 5.9	$ 5.4

Real Estate - Allowance for Dou

Real Estate - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 1.1	$ 1
Deferred Operating Lease
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 1	$ 1

Net Investment in Leases - Narr

Net Investment in Leases - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2019USD ($)property	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Net investment in leases [Line Items]
Payments to acquire real estate assets	$ 56,700	$ 0	$ 109,663
Number of properties acquired from lessee | property	7
Purchase price for properties acquired from lessee	$ 44,100
Extension of existing master net leases (in years)	15 years
Net investment in leases ($10,403 of allowances as of March 31, 2020)	$ 424,100	409,976		$ 418,915
Interest income from sales-type leases		6,900
Noncash interest income from sales-type leases		$ 1,500
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 invest additional bowling centers	$ 55,000

Net Investment in Leases - Net

Net Investment in Leases - Net Investment in Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Leases [Abstract]
Total undiscounted cash flows	$ 1,035,128		$ 1,042,019
Unguaranteed estimated residual value	340,620		340,620
Present value discount	(955,369)		(963,724)
Allowance for losses on net investment in leases	(10,403)		0
Net investment in leases	409,976		$ 418,915
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Initial reserve for losses on net investment in leases	$ 10,403	$ 9,111
Weighted average risk rating	150.00%
ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Initial reserve for losses on net investment in leases		$ 9,100

Net Investment in Leases - Futu

Net Investment in Leases - Future Minimum Lease Payments to be Collected Under Sales-Type Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Amount
2020 (remaining nine months)	$ 20,674
2021	28,062
2022	30,549
2023	30,549
2024	30,549
Thereafter	894,745
Total undiscounted cash flows	$ 1,035,128

Net Investment in Leases - Allo

Net Investment in Leases - Allowance for Losses on Net Investment in Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for losses on net investment in leases	$ 1,292
Allowance for losses on net investment in leases at end of period	$ 10,403

Land and Development - Schedule

Land and Development - Schedule of Land and Development Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Land And Development [Abstract]
Land and land development, at cost	$ 523,893	$ 590,153
Less: accumulated depreciation	(9,829)	(9,608)
Total land and development, net	$ 514,064	$ 580,545

Land and Development - Narrativ

Land and Development - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Revenues	$ 173,461	$ 106,802
Land development
Property, Plant and Equipment [Line Items]
Revenues	80,176	12,699
Cost of sales expense	$ 77,059	$ 14,449

Loans Receivable and Other Le_3

Loans Receivable and Other Lending Investments, net - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 729,646	$ 703,280
Other lending investments	154,453	153,216
Total gross carrying value of loans receivable and other lending investments	884,099	856,495
Allowance for loan losses	(33,264)	(28,634)
Total loans receivable and other lending investments, net	850,835	827,861
Financing receivables (refer to Note 5)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	44,445	44,339
Held-to-maturity debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	86,368	84,981
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	23,640	23,896
Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	595,560	572,585
Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	123,023	119,818
Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	11,063	10,877
Construction loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	641,943	614,386
Allowance for loan losses	(9,724)	(6,668)
Construction loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	542,241	518,992
Construction loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	99,702	95,394
Construction loans | Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	641,943	614,386
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	87,703	88,893
Allowance for loan losses	(686)	(265)
Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	53,319	53,592
Loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	23,321	24,424
Loans | Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 11,063	$ 10,877

Loans Receivable and Other Le_4

Loans Receivable and Other Lending Investments, net - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020
Financing Receivables
Allowance for loan losses at beginning of period	$ 28,634
Adoption of new accounting standard			$ (12,382)
Provision for loan losses	4,003	$ (97)
Allowance for loan losses at end of period	33,264
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	0
Adoption of new accounting standard			(12,382)
Provision for loan losses	33
Allowance for loan losses at end of period	53
Total
Allowance for loan losses at beginning of period	28,634
Adoption of new accounting standard			(12,382)
Provision for loan losses	3,901
Allowance for loan losses at end of period	33,264
Increase to reserves for loan losses	2,600
Provision for loan losses	4,000
Expected credit losses for unfunded commitments	100
ASU 2016-13
Financing Receivables
Adoption of new accounting standard			729
Held to Maturity Debt Securities
Adoption of new accounting standard			729
Total
Adoption of new accounting standard			729
Increase to reserves for loan losses			3,300
ASU 2016-13 | Accounts Payable, Accrued Expenses, and Other Liabilities
Total
Increase to reserves for loan losses			2,500
Held to Maturity Debt Securities
Financing Receivables
Adoption of new accounting standard			20
Held to Maturity Debt Securities
Adoption of new accounting standard			20
Total
Adoption of new accounting standard			20
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	6,668
Provision for loan losses	3,409
Allowance for loan losses at end of period	9,724
Construction Loans | Financing Receivables
Financing Receivables
Adoption of new accounting standard			(353)
Held to Maturity Debt Securities
Adoption of new accounting standard			(353)
Total
Adoption of new accounting standard			(353)
Loans
Financing Receivables
Allowance for loan losses at beginning of period	265
Provision for loan losses	323
Allowance for loan losses at end of period	686
Loans | Financing Receivables
Financing Receivables
Adoption of new accounting standard			98
Held to Maturity Debt Securities
Adoption of new accounting standard			98
Total
Adoption of new accounting standard			98
Financing receivables
Financing Receivables
Allowance for loan losses at beginning of period	0
Provision for loan losses	136
Allowance for loan losses at end of period	1,100
Financing receivables | Financing Receivables
Financing Receivables
Adoption of new accounting standard			964
Held to Maturity Debt Securities
Adoption of new accounting standard			964
Total
Adoption of new accounting standard			964
Specific Allowance
Financing Receivables
Allowance for loan losses at beginning of period	21,701
Provision for loan losses	0
Allowance for loan losses at end of period	$ 21,701
Specific Allowance | Financing Receivables
Financing Receivables
Adoption of new accounting standard			0
Held to Maturity Debt Securities
Adoption of new accounting standard			0
Total
Adoption of new accounting standard			$ 0

Loans Receivable and Other Le_5

Loans Receivable and Other Lending Investments, net - Investment in Loans and Associated Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loans
Total	$ 729,646	$ 703,280
Other Lending Investments
Total	154,453	153,216
Less: Allowance for loan losses
Individually Evaluated for Impairment	(21,701)	(21,701)
Collectively Evaluated for Impairment	(11,563)	(6,933)
Total	(33,264)	(28,634)
Individually Evaluated for Impairment	15,816	16,119
Collectively Evaluated for Impairment	835,019	811,742
Total loans receivable and other lending investments, net	850,835	827,861
Unamortized discounts, premiums, deferred fees and costs, net discount	100	100
Held-to-maturity debt securities
Other Lending Investments
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	86,368	84,981
Total	86,368	84,981
Available-for-sale debt securities
Other Lending Investments
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	23,640	23,896
Total	23,640	23,896
Construction loans
Loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	641,943	614,386
Total	641,943	614,386
Less: Allowance for loan losses
Total	(9,724)	(6,668)
Loans
Loans
Individually Evaluated for Impairment	37,517	37,820
Collectively Evaluated for Impairment	50,186	51,073
Total	87,703	88,893
Less: Allowance for loan losses
Total	(686)	(265)
Unamortized discounts, premiums, deferred fees and costs, net discount	200	700
Financing receivables
Loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	44,445	44,339
Total	44,445	44,339
Less: Allowance for loan losses
Total	$ (1,100)	$ 0

Loans Receivable and Other Le_6

Loans Receivable and Other Lending Investments, net - Credit Characteristics for Performing Loans (Details) - Commercial Portfolio Segment $ in Thousands	Mar. 31, 2020USD ($)
Amortized Cost
2020	$ 0
2019	58,186
2018	331,635
2017	255,632
2016	75,534
Prior to 2016	15,587
Total / Weighted Average	736,574
Senior mortgages
Amortized Cost
2020	0
2019	12,803
2018	255,522
2017	247,427
2016	37,767
Prior to 2016	4,524
Total / Weighted Average	558,043
Loan on non-accrual status	37,500
Senior mortgages | Risk Rating 1
Amortized Cost
2020	0
2019	0
2018	0
2017	54,420
2016	0
Prior to 2016	0
Total / Weighted Average	54,420
Senior mortgages | Risk Rating 2
Amortized Cost
2020	0
2019	0
2018	84,662
2017	96,549
2016	0
Prior to 2016	0
Total / Weighted Average	181,211
Senior mortgages | Risk Rating 3
Amortized Cost
2020	0
2019	12,803
2018	170,860
2017	47,859
2016	37,767
Prior to 2016	4,524
Total / Weighted Average	273,813
Senior mortgages | Risk Rating 3.5
Amortized Cost
2020	0
2019	0
2018	0
2017	48,599
2016	0
Prior to 2016	0
Total / Weighted Average	48,599
Corporate/Partnership loans
Amortized Cost
2020	0
2019	938
2018	76,113
2017	8,205
2016	37,767
Prior to 2016	0
Total / Weighted Average	123,023
Corporate/Partnership loans | Risk Rating 1
Amortized Cost
2020	0
2019	0
2018	0
2017	8,205
2016	0
Prior to 2016	0
Total / Weighted Average	8,205
Corporate/Partnership loans | Risk Rating 2
Amortized Cost
2020	0
2019	938
2018	17,708
2017	0
2016	0
Prior to 2016	0
Total / Weighted Average	18,646
Corporate/Partnership loans | Risk Rating 3
Amortized Cost
2020	0
2019	0
2018	58,405
2017	0
2016	37,767
Prior to 2016	0
Total / Weighted Average	96,172
Subordinate mortgages
Amortized Cost
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	11,063
Total / Weighted Average	11,063
Subordinate mortgages | Risk Rating 3
Amortized Cost
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	11,063
Total / Weighted Average	11,063
Financing receivables
Amortized Cost
2020	0
2019	44,445
2018	0
2017	0
2016	0
Prior to 2016	0
Total / Weighted Average	44,445
Financing receivables | Risk Rating 1.5
Amortized Cost
2020	0
2019	44,445
2018	0
2017	0
2016	0
Prior to 2016	0
Total / Weighted Average	$ 44,445

Loans Receivable and Other Le_7

Loans Receivable and Other Lending Investments, net - Credit Characteristics by Payment Status (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Recorded investment in loans, aged by payment status and presented by class
Current	$ 692,129	$ 665,460
Total Past Due	37,517	37,820
Total	729,646	703,280
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	$ 37,517	$ 37,820
Financing receivable, number of loans greater than 90 days past due | loan	1
Financing receivables, past due time period	10 years 9 months 18 days	10 years 6 months
Commercial Portfolio Segment | Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	$ 558,043	$ 534,765
Total Past Due	37,517	37,820
Total	595,560	572,585
Commercial Portfolio Segment | Senior mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due		0
Commercial Portfolio Segment | Senior mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	37,517	37,820
Commercial Portfolio Segment | Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	123,023	119,818
Total Past Due	0	0
Total	123,023	119,818
Commercial Portfolio Segment | Corporate/Partnership loans | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Commercial Portfolio Segment | Corporate/Partnership loans | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Commercial Portfolio Segment | Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	11,063	10,877
Total Past Due	0	0
Total	11,063	10,877
Commercial Portfolio Segment | Subordinate mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Commercial Portfolio Segment | Subordinate mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	$ 0	$ 0

Loans Receivable and Other Le_8

Loans Receivable and Other Lending Investments, net - Impaired Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	$ 37,517	$ 37,820
Unpaid Principal Balance	37,618	37,923
Related Allowance	(21,701)	(21,701)
Commercial Portfolio Segment | Senior mortgages
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	37,517	37,820
Unpaid Principal Balance	37,618	37,923
Related Allowance	$ (21,701)	$ (21,701)

Loans Receivable and Other Le_9

Loans Receivable and Other Lending Investments, net - Other Lending Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available-for-Sale Securities
Amortized Cost Basis	$ 20,680
Estimated Fair Value	23,640
Held-to-Maturity Securities
Total	86,368
Estimated Fair Value	86,368
Total Other Lending Investments
Face Value	120,680	$ 121,140
Amortized Cost Basis	107,048	106,121
Net Unrealized Gain	2,960	2,756
Estimated Fair Value	110,008	108,877
Net Carrying Value	110,008	108,877
Municipal debt securities
Available-for-Sale Securities
Face Value	20,680	21,140
Amortized Cost Basis	20,680	21,140
Net Unrealized Gain	2,960	2,756
Estimated Fair Value	23,640	23,896
Net Carrying Value	23,640	23,896
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Total	86,368	84,981
Net Unrealized Gain	0	0
Estimated Fair Value	86,368	84,981
Net Carrying Value	$ 86,368	$ 84,981

Loans Receivable and Other L_10

Loans Receivable and Other Lending Investments, net - Maturities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	86,368
After 5 years through 10 years	0
After 10 years	0
Total	86,368
Estimated Fair Value
Within one year	0
After one year through 5 years	86,368
After 5 years through 10 years	0
After 10 years	0
Total	86,368
Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	20,680
Amortized Cost Basis	20,680
Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	23,640
Total	$ 23,640

Other Investments - Schedule of

Other Investments - Schedule of Other Investments (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Other investments	$ 1,029,552		$ 907,875
Equity in Earnings (Losses)	16,612	$ 5,309
Mark-to-market gain	$ 9,900
SAFE
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)	33.4
Closing price (in USD per share)	$ 63.23
Market value	$ 2,100,000
Dilution gain	7,900
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Other investments	52,337		43,253
Equity in Earnings (Losses)	(837)	202
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value	977,215		864,622
Equity in Earnings (Losses)	17,449	5,107
Real estate equity investments | SAFE
Schedule of Equity Method Investments [Line Items]
Carrying value	834,351		729,357
Equity in Earnings (Losses)	19,338	7,316
Real estate equity investments | iStar Net Lease II LLC (Net Lease Venture II)
Schedule of Equity Method Investments [Line Items]
Carrying value	46,183		30,712
Equity in Earnings (Losses)	193	(86)
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value	96,681		$ 104,553
Equity in Earnings (Losses)	$ (2,082)	$ (2,123)

Other Investments - Safehold In

Other Investments - Safehold Inc. (Details) $ / shares in Units, shares in Millions	Jan. 02, 2019director	Mar. 31, 2020USD ($)multipleshares	Feb. 28, 2019	Jan. 31, 2019USD ($)$ / sharesshares	May 31, 2018USD ($)office_building	Oct. 31, 2017USD ($)	Mar. 31, 2020USD ($)multiple	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Number of limited partnership units purchased (in shares) | shares				12.5
Investor units, purchase price per unit (in dollars per share) | $ / shares				$ 20
Additional cash investment in equity method investment				$ 250,000,000			$ 118,991,000	$ 260,297,000
Restriction period on common stock received as payment							2 years
Management agreement, termination fee as multiple of prior year management fee | multiple		3					3
Commitment to provide loan to lessee									$ 150,000,000
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
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)		65.40%					65.40%
SAFE | Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Voting power cap threshold (percent)	41.90%
Number of director nominees | director	3
Independent period	3 years
Standstill provisions (in years)	2 years
Exchange shares restriction period	1 year
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										$ 18,400,000
Interest income								500,000
Multifamily Development San Jose
Schedule of Equity Method Investments [Line Items]
Amount of loan funded		$ 48,100,000					$ 48,100,000
Interest income							700,000	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
Interest income								600,000
Number of office buildings | office_building					2
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		$ 12,800,000					12,800,000
Interest income							300,000	200,000
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]
Expense reimbursements from related party							1,300,000	500,000
SAFE | Management Fees
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party							$ 2,900,000	$ 1,500,000
SAFE
Schedule of Equity Method Investments [Line Items]
Ground lease term (in years)			98 years
Private Placement | SAFE
Schedule of Equity Method Investments [Line Items]
Shares acquired (in shares) | shares		1.7
Value of common stock issued in private placement		$ 80,000,000

Other Investments - Net Lease V

Other Investments - Net Lease Venture II (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Dec. 31, 2019USD ($)ft²leasebuilding	May 31, 2019USD ($)	Dec. 31, 2018USD ($)leasebuilding	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee	$ 150,000
Number of units to be built | building	3
Acquisitions of real estate assets		$ 56,700		$ 0	$ 109,663
Remaining lease term	6 years
Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)				51.90%
Net Lease Venture II | Other income
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party				$ 400	$ 400
Net Lease Venture II | The Properties Livermore CA
Schedule of Equity Method Investments [Line Items]
Number of properties | building	2		4
Acquisitions of real estate assets	$ 81,800		$ 31,200
Percentage of acquired properties leased (percent)	100.00%		100.00%
Number of leases | lease	2		4
Area of properties (sq ft) | ft²	168,636
Management Fees | Net Lease Venture II | Other income
Schedule of Equity Method Investments [Line Items]
Amount of loan funded				$ 47,800
Master Lease | Management Fees | Net Lease Venture II | Other income
Schedule of Equity Method Investments [Line Items]
Term of master lease	25 years

Other Investments - Other Real

Other Investments - Other Real Estate Equity Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Other Real Estate Equity Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)	20.00%
Other Real Estate Equity Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)	95.00%
Other Real Estate Equity Investments | Operating properties
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 60		$ 61.7
Other Real Estate Equity Investments | Land assets
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 36.7		42.9
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity interest (percent)	50.00%
Loans receivable, carrying value	$ 33		$ 33
Interest income	$ 0.7	$ 0.7

Other Investments - Summarized

Other Investments - Summarized Investee Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, All Other Investments [Abstract]
Revenues	$ 40,165	$ 21,820
Expenses	23,587	10,683
Net Income Attributable to Parent	$ 17,347	$ 6,619

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Deferred Expenses and Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Operating Leased Assets [Line Items]
Intangible assets, net	$ 164,853		$ 174,973
Restricted cash	46,609	$ 48,407	45,034	$ 42,793
Finance lease right-of-use assets	144,839		145,209
Operating lease right-of-use assets	52,295		34,063
Other assets	17,315		17,534
Other receivables	18,895		16,846
Leasing costs, net	3,130		3,793
Corporate furniture, fixtures and equipment, net	2,467		2,736
Deferred financing fees, net	2,130		2,300
Deferred expenses and other assets, net	452,533		442,488
Intangible assets, accumulated amortization	36,300		33,400
Amortization of above market lease	$ 400	$ 600
Weighted average amortization period		17 years 3 months 18 days
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	5.10%
Operating leases, weighted average lease term (in years)	7 years 6 months
Finance leases, weighted average rate implicit in the lease, discount rate (percent)	5.50%
Finance leases, weighted average lease term (in years)	97 years 8 months 12 days
Accumulated amortization on leasing costs	$ 2,200		3,300
Accumulated depreciation on corporate furniture, fixtures and equipment	13,400		$ 13,100
Interest expense
Operating Leased Assets [Line Items]
Finance lease, interest expense	2,000	$ 400
Depreciation and amortization
Operating Leased Assets [Line Items]
Finance lease, amortization	400	100
General and administrative
Operating Leased Assets [Line Items]
Operating lease, expense	1,000	900
Real estate expense
Operating Leased Assets [Line Items]
Operating lease, expense	800	1,100
In-Place Leases
Operating Leased Assets [Line Items]
Amortization of intangible assets	$ 2,700	$ 2,200

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Other Assets and Other Liabilities [Abstract]
Other liabilities	$ 83,833		$ 81,709
Accrued expenses	76,283		83,778
Finance lease liabilities (see table above)	148,439		147,749
Intangible liabilities, net	50,606		51,223
Operating lease liabilities (see table above)	52,456		34,182
Accrued interest payable	29,707		25,733
Accounts payable, accrued expenses and other liabilities	441,324		424,374
Liability related to profit sharing arrangements with developers	26,600		27,500
Derivative liabilities	20,700		8,700
Expected credit losses for unfunded commitments	2,600
Below market lease, accumulated amortization	5,600		$ 5,000
Amortization of below market lease	$ 600	$ 500

Loan Participations Payable, _3

Loan Participations Payable, net (Details) $ in Thousands	Mar. 31, 2020USD ($)loan_payable	Dec. 31, 2019USD ($)loan_payable
Transfers and Servicing [Abstract]
Loan participations payable	$ 37,892	$ 35,656
Debt premiums, discounts and deferred financing costs, net	(125)	(18)
Total loan participations payable, net	37,767	35,638
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	850,835	827,861
Loan Participations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	$ 37,800	$ 35,600
Loan participations payable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of debt instruments | loan_payable	1	1
Weighted average interest rate (percent)	6.00%	6.30%

Debt Obligations, net - Schedul

Debt Obligations, net - Schedule of Debt (Details) - USD ($)	1 Months Ended		3 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Total debt obligations			$ 3,628,584,000		$ 3,436,038,000
Debt discounts and deferred financing costs, net			(45,224,000)		(48,958,000)
Debt obligations, net			3,583,360,000		3,387,080,000
Interest costs capitalized			$ 500,000	$ 3,000,000
Senior Term Loan | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.00%
3.125% senior convertible notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)				3.125%
Secured credit facilities and mortgages
Debt Instrument [Line Items]
Total debt obligations			$ 1,516,084,000		1,212,993,000
Debt discounts and deferred financing costs, net			(7,309,000)
Debt obligations, net			1,508,775,000
Secured credit facilities and mortgages | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations			$ 300,000,000		0
Debt instrument term (in years)			1 year
Secured credit facilities and mortgages | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			0.50%
Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.00%
Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	2.00%		1.00%
Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.00%
Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	2.50%
Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			2.50%
Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	1.00%
Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Minimum | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.00%
Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	1.50%
Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Maximum | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.50%
Secured credit facilities and mortgages | Senior Term Loan
Debt Instrument [Line Items]
Total debt obligations			$ 491,875,000		491,875,000
Debt instrument, face amount		$ 650,000,000
Secured credit facilities and mortgages | Senior Term Loan | Federal Funds Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			0.50%
Secured credit facilities and mortgages | Senior Term Loan | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)		2.75%	2.75%
Secured credit facilities and mortgages | Senior Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.75%
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets
Debt Instrument [Line Items]
Total debt obligations			$ 724,209,000		721,118,000
Weighted average interest rate (percent)			4.40%
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Minimum
Debt Instrument [Line Items]
Stated interest rates (as a percent)			2.54%
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Maximum
Debt Instrument [Line Items]
Stated interest rates (as a percent)			7.26%
Unsecured notes
Debt Instrument [Line Items]
Total debt obligations			$ 2,012,500,000		2,123,045,000
Unsecured notes | 6.00% senior notes
Debt Instrument [Line Items]
Total debt obligations			0		$ 110,545,000
Stated interest rates (as a percent)					6.00%
Unsecured notes | 5.25% senior notes
Debt Instrument [Line Items]
Total debt obligations			$ 400,000,000		$ 400,000,000
Stated interest rates (as a percent)			5.25%
Unsecured notes | 3.125% senior convertible notes
Debt Instrument [Line Items]
Total debt obligations			$ 287,500,000		287,500,000
Debt obligations, net			$ 270,200,000		268,700,000
Stated interest rates (as a percent)			3.125%				3.125%
Convertible debt, conversion ratio (in shares per par value)			0.068342
Convertible debt, conversion ratio principal amount			$ 1,000
Convertible debt, conversion price (in dollars per share)			$ 14.63
Liability component of convertible debt							$ 34,000,000	$ 221,800,000
Equity component of convertible debt							3,400,000	$ 22,500,000
Debt instrument, face amount							$ 37,500,000
Unamortized discount			$ 14,200,000		15,500,000
Contractual interest			2,200,000	$ 2,200,000
Amortization of debt discount			$ 1,300,000	$ 1,200,000
Effective interest rate (percent)			5.20%
Unsecured notes | 4.75% senior notes
Debt Instrument [Line Items]
Total debt obligations			$ 775,000,000		775,000,000
Stated interest rates (as a percent)	4.75%		4.75%			4.75%
Debt instrument, face amount	$ 675,000,000					$ 100,000,000
Effective interest rate (percent)						4.29%
Unsecured notes | 4.25% senior notes
Debt Instrument [Line Items]
Total debt obligations			$ 550,000,000		$ 550,000,000
Stated interest rates (as a percent)			4.25%		4.25%
Debt instrument, face amount					$ 550,000,000
Other debt obligations | Trust preferred securities
Debt Instrument [Line Items]
Total debt obligations			$ 100,000,000		$ 100,000,000
Other debt obligations | Trust preferred securities | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)			1.50%

Debt Obligations, net - Future

Debt Obligations, net - Future Scheduled Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2020 (remaining nine months)	$ 0
2021	158,358
2022	1,035,124
2023	491,875
2024	775,000
Thereafter	1,168,227
Total principal maturities	3,628,584	$ 3,436,038
Unamortized discounts and deferred financing costs, net	(45,224)	(48,958)
Debt obligations, net	3,583,360	3,387,080
Unsecured Debt
Debt Instrument [Line Items]
2020 (remaining nine months)	0
2021	0
2022	687,500
2023	0
2024	775,000
Thereafter	650,000
Total principal maturities	2,112,500
Unamortized discounts and deferred financing costs, net	(37,915)
Debt obligations, net	2,074,585
Secured Debt
Debt Instrument [Line Items]
2020 (remaining nine months)	0
2021	158,358
2022	347,624
2023	491,875
2024	0
Thereafter	518,227
Total principal maturities	1,516,084	$ 1,212,993
Unamortized discounts and deferred financing costs, net	(7,309)
Debt obligations, net	$ 1,508,775

Debt Obligations, net - Secured

Debt Obligations, net - Secured Term Loan and Credit Facility Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Mar. 31, 2020
Senior Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)			1.00%
Secured Debt | Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 650,000,000
Required quarterly principal payment (as a percent)		0.25%
Secured Debt | Senior Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)		2.75%	2.75%
Secured Debt | 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 | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 350,000,000
Debt instrument term (in years)			1 year
Proceeds from revolving credit facility			$ 300,000,000
Current borrowing capacity			$ 50,000,000
Secured Debt | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.25%
Secured Debt | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.45%
Secured Debt | Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)			2.00%
Secured Debt | Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	2.00%		1.00%
Secured Debt | Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	2.50%
Secured Debt | Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	1.00%
Secured Debt | Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)	1.50%

Debt Obligations, net - Unsecur

Debt Obligations, net - Unsecured Notes Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jan. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 4,115,000	$ 468,000
Unsecured notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 4,100,000
Unsecured notes | 4.75% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 100,000,000		$ 675,000,000
Stated interest rates (as a percent)			4.75%		4.75%		4.75%
Percentage of par					102.00%
Yield to maturity					4.29%
Unsecured notes | 4.625% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 400,000,000
Stated interest rates (as a percent)						4.625%
Unsecured notes | 6.50% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 275,000,000
Stated interest rates (as a percent)						6.50%
Unsecured notes | 4.25% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 550,000,000
Stated interest rates (as a percent)		4.25%	4.25%
Principal amount redeemed		$ 375,000,000
Unsecured notes | 6.00% senior notes
Debt Instrument [Line Items]
Stated interest rates (as a percent)		6.00%
Principal amount redeemed	$ 110,500,000

Debt Obligations, net - Collate

Debt Obligations, net - Collateral Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	May 31, 2019
Debt Instrument [Line Items]
Real estate, net	$ 1,501,089	$ 1,527,219
Net investment in leases ($10,403 of allowances as of March 31, 2020)	409,976	418,915	$ 424,100
Land and development, net	514,064	580,545
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	850,835	827,861
Other investments	1,029,552	907,875
Cash and other assets	882,674	814,044
Total assets	5,222,581	5,085,109
Carrying amount of assets held by entities pledged as collateral	428,500
Net investment in leases, allowances	10,403
General allowance for loan losses	33,264	28,634
Loan Participations
Debt Instrument [Line Items]
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	37,800	35,600
Collectively Evaluated for Impairment
Debt Instrument [Line Items]
General allowance for loan losses	11,600	6,900
Collateral Assets
Debt Instrument [Line Items]
Real estate, net	1,392,658	1,409,585
Real estate available and held for sale	0	0
Net investment in leases ($10,403 of allowances as of March 31, 2020)	420,380	418,915
Land and development, net	0	0
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	234,612	233,104
Other investments	0	0
Cash and other assets	0	0
Total assets	2,047,650	2,061,604
Non-Collateral Assets
Debt Instrument [Line Items]
Real estate, net	108,431	117,634
Real estate available and held for sale	34,391	8,650
Net investment in leases ($10,403 of allowances as of March 31, 2020)	0	0
Land and development, net	514,064	580,545
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	590,019	566,050
Other investments	1,029,552	907,875
Cash and other assets	882,674	814,044
Total assets	$ 3,159,131	$ 2,994,798

Debt Obligations, net - Debt Co

Debt Obligations, net - Debt Covenants (Details)	Mar. 31, 2020
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 | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base asset value ratio	1.5
Cash flow to fixed charges ratio	1.5
Secured Debt | Senior Term Loan
Debt Instrument [Line Items]
Collateral coverage ratio (at least)	1.25

Commitments and Contingencies -

Commitments and Contingencies - Fundings That May be Required (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2019	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed that may be drawn down		100.00%
Other Commitments [Line Items]
Performance-Based Commitments		$ 318,448
Strategic Investments		17,351
Total		335,799
Bowling Entertainment Venue Operator | Bowling center commitment
Other Commitments [Line Items]
Commitment to invest additional bowling centers	$ 55,000
Loans
Other Commitments [Line Items]
Performance-Based Commitments		183,608
Strategic Investments		0
Total		183,608
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments		81,718
Strategic Investments		0
Total		81,718
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments		53,122
Strategic Investments		17,351
Total		70,473
Loan Participations
Other Commitments [Line Items]
Performance-Based Commitments		$ 12,100

Commitments and Contingencies_2

Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating
2020 (remaining nine months)	$ 3,095
Year one			$ 4,167
Year two	3,624		1,803
Year three	6,561		1,098
Year four	6,190		728
Year five	6,080		617
Thereafter	6,576		1,447
Total undiscounted cash flows	32,126		9,860
Present value discount	(4,654)		(1,057)
Other adjustments	24,984		25,379
Lease liabilities	52,456		34,182
Finance
2020 (remaining nine months)	4,052
Year one			5,386
Year two	5,494		5,494
Year three	5,604		5,604
Year four	5,716		5,716
Year five	5,830		5,830
Thereafter	1,573,771		1,573,824
Total undiscounted cash flows	1,600,467		1,601,854
Present value discount	(1,452,028)		(1,454,105)
Lease liabilities	148,439		$ 147,749
Operating lease payments made	1,100	$ 1,100
Finance lease payments made	$ 1,300	$ 200
Operating leases, excluding tenant paid leases, weighted average lease term (in years)	6 years 3 months 18 days
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	5.10%
Finance leases, weighted average lease term (in years)	97 years 8 months 12 days
Finance leases, weighted average rate implicit in the lease, discount rate (percent)	5.50%

Derivatives - Classification on

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 20,700	$ 8,700
Expected amount related to cash flow hedge that will be reclassified over next twelve months	8,800
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Assets	0	114
Derivative Liabilities	20,685	8,680
Derivatives Designated in Hedging Relationships | Interest rate swaps | Deferred expenses and other assets, net
Derivatives, Fair Value [Line Items]
Derivative Assets	0	114
Derivatives Designated in Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 20,685	$ 8,680

Derivatives - Effect in the Con

Derivatives - Effect in the Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ (27,776)	$ (15,012)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	[1]	(1,314)	(7)
Derivatives Designated in Hedging Relationships | Interest rate swaps | Earnings from equity method investments
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		(15,172)	(7,190)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		(226)	144
Derivatives Designated in Hedging Relationships | Interest rate swaps | Interest expense
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		(12,604)	(7,822)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		$ (1,088)	$ (151)
[1]	Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the three months ended March 31, 2020 and 2019 are $1,088 and $151 , respectively. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the three months ended March 31, 2020 and 2019 are $226 and $(144) , respectively.

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Carrying value prior to redemption	$ 282,490,000	$ 282,490,000		$ 282,490,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
Preferred Stock
Shares Issued and Outstanding (in shares)	12,200,000	12,200,000		12,200,000
Liquidation Preference (in dollars per share)	$ 25	$ 25		$ 25
Carrying Value	$ 282,490,000	$ 282,490,000		$ 282,490,000
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		$ 5,874,000	$ 8,124,000
Capital gains distribution (as a percent)			100.00%
Unrecaptured Section 1250 gain (s a percent)			34.01%
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 E and F Preferred Stock [Member]
Class of Stock [Line Items]
Carrying value prior to redemption					$ 193,500,000
Preferred Stock
Carrying Value					$ 193,500,000
Series D, E, F, G and I Preferred Stock [Member]
Class of Stock [Line Items]
Liquidation preference (in dollars per share)					$ 50
Preferred Stock
Liquidation Preference (in dollars per share)					$ 50
Series D
Class of Stock [Line Items]
Carrying value prior to redemption	$ 89,041,000	$ 89,041,000		$ 89,041,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
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%
Annual Dividend Per Share (in dollars per share)		$ 2		$ 2
Carrying Value	$ 89,041,000	$ 89,041,000		$ 89,041,000
Preferred stock dividends declared and paid		2,000,000	$ 2,000,000
Series G
Class of Stock [Line Items]
Carrying value prior to redemption	$ 72,664,000	$ 72,664,000		$ 72,664,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
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%
Annual Dividend Per Share (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		1,500,000	1,500,000
Series I
Class of Stock [Line Items]
Carrying value prior to redemption	$ 120,785,000	$ 120,785,000		$ 120,785,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
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%
Annual Dividend Per Share (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		$ 2,300,000	2,300,000
Series J (convertible)
Class of Stock [Line Items]
Shares issued upon conversion (in shares)	16,500,000
Conversion rate (in shares)	4.125			4.125
Carrying value prior to redemption	$ 0			$ 0
Liquidation preference (in dollars per share)	$ 50			$ 50
Preferred Stock
Shares Issued and Outstanding (in shares)	0			0
Par Value (in dollars per share)	$ 0.001			$ 0.001
Liquidation Preference (in dollars per share)	$ 50			$ 50
Rate per Annum				4.50%
Annual Dividend Per Share (in dollars per share)				$ 2.25
Carrying Value	$ 0			$ 0
Preferred stock dividends declared and paid			$ 2,300,000
Redemption price as a percentage of liquidation preference		100.00%

Equity - Dividends (Details)

Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Operating loss carryforwards			$ 567,700
Common stock dividends declared	$ 7,834	$ 6,210
Common stock dividends declared per share (in dollars per share)	$ 0.10	$ 0.09

Equity - Stock Repurchase Progr

Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Shares repurchased and retired during period (in shares)	1	2.3
Common stock value repurchased including acquisition costs	$ 12	$ 19.2
Average cost per share of repurchased shares (in dollars per share)	$ 12.51	$ 8.46
Stock repurchase program remaining authorized amount	$ 22.1

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 1,160,069	$ 1,237,960	$ 1,009,471	$ 1,064,115
Unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	2,959	2,756
Unrealized losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(58,282)	(37,264)
Unrealized losses on cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(4,199)	(4,199)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (59,522)	$ (38,707)	$ (29,594)	$ (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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	May 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 16,270	$ 4,249
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)			8,900,000	8,000,000
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	2,500,000

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans and Employee Benefits - Performance Incentive Plans (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ownership_class$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation | $	$ 16,270	$ 4,249
Performance Incentive Plan
Accrued expenses | $	$ 76,283		$ 83,778
iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	6 years
Performance Incentive Plan
Accrued expenses | $	$ 54,700		$ 41,900
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%
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 | $	$ 700	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%
2013-2014 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	80.17
Granted (in shares)	0
Forfeited (in shares)	(1)
Points at end of period (in shares)	81.17
iPIP distributions to plan participants | $		$ 7,400
iPIP distributions, equity component (in shares)		389,545
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
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	72.15
Granted (in shares)	0
Forfeited (in shares)	(1.13)
Points at end of period (in shares)	73.28
iPIP distributions to plan participants | $	$ 1,500
iPIP distributions, equity component (in shares)	54,245
iPIP distributions, equity component, fair value (in dollars per share) | $ / shares	$ 14.51
iPIP distributions, shares issued net of tax withholdings (in shares)	32,825
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	76.34
Granted (in shares)	0
Forfeited (in shares)	(0.93)
Points at end of period (in shares)	77.27

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	3 Months Ended
	Mar. 31, 2020USD ($)shares
Number of Shares
Non-vested at beginning of period (in shares)	598
Granted (in shares)	181
Vested (in shares)	(105)
Forfeited (in shares)	0
Non-vested at end of period (in shares)	674
Unrecognized compensation cost | $	$ 4.6
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	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
CSE and Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	153,431
Non-vested, aggregate intrinsic value | $	$ 1.6
CSE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	917
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
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Gross contributions made by the Company	$ 0.7	$ 0.6

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (12,885)	$ (6,970)
Net income attributable to noncontrolling interests	(2,691)	(2,471)
Preferred dividends	(5,874)	(8,124)
Net loss allocable to common shareholders	(21,450)	(17,565)
Net loss allocable to common shareholders for diluted earnings per common share	$ (21,450)	$ (17,565)

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
	Mar. 31, 2020	Mar. 31, 2019
Numerator for basic and diluted earnings per share:
Net loss allocable to common shareholders, basic	$ (21,450)	$ (17,565)
Net loss allocable to common shareholders, diluted	$ (21,450)	$ (17,565)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share (in shares)	77,444	67,747
Basic and diluted earnings per common share:
Net loss allocable to common shareholders (in dollars per share)	$ (0.28)	$ (0.26)

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2019trading_dayshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Series J convertible perpetual preferred stock | shares	15,951
3.125% senior convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rates (as a percent)	3.125%
Threshold consecutive trading days | trading_day	40

Fair Values - Schedule of Fair

Fair Values - Schedule of Fair Value Measurement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)land_asset	Mar. 31, 2020USD ($)
Assets and liabilities recorded at fair value
Derivative liabilities	$ 8,700	$ 20,700
Other investments	907,875	1,029,552
Recurring basis | Fair Value
Assets and liabilities recorded at fair value
Derivative assets	114
Derivative liabilities	8,680	20,685
Available-for-sale securities	23,896	23,640
Recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Derivative assets	0
Derivative liabilities	0	0
Available-for-sale securities	0	0
Other investments		0
Recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Derivative assets	114
Derivative liabilities	8,680	20,685
Available-for-sale securities	0	0
Recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Derivative assets	0
Derivative liabilities	0	0
Available-for-sale securities	23,896	23,640
Non-recurring basis
Assets and liabilities recorded at fair value
Aggregate impairments	$ 5,300
Number of land and development assets impaired | land_asset	2
Non-recurring basis | Fair Value
Assets and liabilities recorded at fair value
Other investments		44,882
Impaired land and development	$ 40,000
Non-recurring basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Impaired land and development	0
Non-recurring basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Other investments		44,882
Impaired land and development	0
Non-recurring basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Other investments		$ 0
Impaired land and development	$ 40,000

Fair Values - Summary of Change

Fair Values - Summary of Changes in Level 3 Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 23,896	$ 21,661
Repayments	(459)	(46)
Unrealized gains recorded in other comprehensive income	203	1,000
Ending balance	$ 23,640	$ 22,615

Fair Values - Fair Values of Fi

Fair Values - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	$ 850,835	$ 827,861
Debt obligations, net	3,583,360	3,387,080
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	900,000	900,000
Debt obligations, net	$ 3,000,000	$ 3,600,000

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segments	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	May 31, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segments	4
Segment Reporting
Revenues	$ 173,461	$ 106,802
Earnings (losses) from equity method investments	16,612	5,309
Income from sales of real estate	0	9,407
Total revenue and other earnings	190,073	121,518
Other expense	(74)	(508)
Allocated interest expense	(43,392)	(46,577)
Allocated general and administrative	(18,001)	(16,850)
Segment profit (loss)	29,049	17,194
Other significant items:
Provision for loan losses	4,003	(97)
Provision for losses on net investment in leases	1,292	0
Impairment of assets	1,708	3,851
Depreciation and amortization	14,486	15,668
Capitalized expenditures	14,790	39,251
Segment assets
Real estate, net	1,501,089		$ 1,527,219
Real estate available and held for sale	34,391		8,650
Total real estate	1,535,480		1,535,869
Net investment in leases ($10,403 of allowances as of March 31, 2020)	409,976		418,915	$ 424,100
Land and development, net	514,064		580,545
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	850,835		827,861
Other investments	1,029,552		907,875
Total portfolio assets	4,339,907		4,271,065
Cash and other assets	882,674		814,044
Total assets	5,222,581		5,085,109
Stock-based compensation expense	16,270	4,249
Operating lease income
Segment Reporting
Revenues	47,346	58,915
Interest income
Segment Reporting
Revenues	17,216	20,375
Interest income from sales-type leases
Segment Reporting
Revenues	8,355	0
Other income
Segment Reporting
Revenues	20,368	14,813
Land development
Segment Reporting
Revenues	80,176	12,699
Cost of sales expense	(77,059)	(14,449)
Real estate
Segment Reporting
Cost of sales expense	(22,498)	(25,940)
Operating Segments | Net Lease
Segment Reporting
Earnings (losses) from equity method investments	19,531	7,230
Income from sales of real estate		0
Total revenue and other earnings	74,466	60,132
Other expense	0	0
Allocated interest expense	(24,478)	(21,766)
Allocated general and administrative	(6,989)	(5,678)
Segment profit (loss)	36,770	26,582
Other significant items:
Provision for loan losses	137	0
Provision for losses on net investment in leases	1,292
Impairment of assets	1,708	0
Depreciation and amortization	12,656	13,561
Capitalized expenditures	1,846	2,756
Segment assets
Real estate, net	1,301,176		1,327,082
Real estate available and held for sale	25,730		0
Total real estate	1,326,906		1,327,082
Net investment in leases ($10,403 of allowances as of March 31, 2020)	409,976		418,915
Land and development, net	0		0
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	43,344		44,339
Other investments	880,534		760,068
Total portfolio assets	2,660,760		2,550,404
Operating Segments | Net Lease | Operating lease income
Segment Reporting
Revenues	41,464	49,482
Operating Segments | Net Lease | Interest income
Segment Reporting
Revenues	823	0
Operating Segments | Net Lease | Interest income from sales-type leases
Segment Reporting
Revenues	8,355
Operating Segments | Net Lease | Other income
Segment Reporting
Revenues	4,293	3,420
Operating Segments | Net Lease | Land development
Segment Reporting
Revenues	0	0
Cost of sales expense	0	0
Operating Segments | Net Lease | Real estate
Segment Reporting
Cost of sales expense	(6,229)	(6,106)
Operating Segments | Real Estate Finance
Segment Reporting
Earnings (losses) from equity method investments	0	0
Income from sales of real estate		0
Total revenue and other earnings	16,699	22,564
Other expense	(19)	(265)
Allocated interest expense	(6,199)	(8,413)
Allocated general and administrative	(2,097)	(2,209)
Segment profit (loss)	8,384	11,677
Other significant items:
Provision for loan losses	3,866	(97)
Provision for losses on net investment in leases	0
Impairment of assets	0	0
Depreciation and amortization	0	0
Capitalized expenditures	0	0
Segment assets
Real estate, net	0		0
Real estate available and held for sale	0		0
Total real estate	0		0
Net investment in leases ($10,403 of allowances as of March 31, 2020)	0		0
Land and development, net	0		0
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	807,491		783,522
Other investments	0		0
Total portfolio assets	807,491		783,522
Operating Segments | Real Estate Finance | Operating lease income
Segment Reporting
Revenues	0	0
Operating Segments | Real Estate Finance | Interest income
Segment Reporting
Revenues	16,393	20,375
Operating Segments | Real Estate Finance | Interest income from sales-type leases
Segment Reporting
Revenues	0
Operating Segments | Real Estate Finance | Other income
Segment Reporting
Revenues	306	2,189
Operating Segments | Real Estate Finance | Land development
Segment Reporting
Revenues	0	0
Cost of sales expense	0	0
Operating Segments | Real Estate Finance | Real estate
Segment Reporting
Cost of sales expense	0	0
Operating Segments | Operating Properties
Segment Reporting
Earnings (losses) from equity method investments	(2,667)	(2,410)
Income from sales of real estate		9,407
Total revenue and other earnings	6,264	18,728
Other expense	0	0
Allocated interest expense	(2,259)	(2,918)
Allocated general and administrative	(789)	(761)
Segment profit (loss)	(4,447)	4,016
Other significant items:
Provision for loan losses	0	0
Provision for losses on net investment in leases	0
Impairment of assets	0	3,851
Depreciation and amortization	1,284	1,557
Capitalized expenditures	917	416
Segment assets
Real estate, net	199,913		200,137
Real estate available and held for sale	8,661		8,650
Total real estate	208,574		208,787
Net investment in leases ($10,403 of allowances as of March 31, 2020)	0		0
Land and development, net	0		0
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	0		0
Other investments	60,009		61,686
Total portfolio assets	268,583		270,473
Operating Segments | Operating Properties | Operating lease income
Segment Reporting
Revenues	5,774	9,356
Operating Segments | Operating Properties | Interest income
Segment Reporting
Revenues	0	0
Operating Segments | Operating Properties | Interest income from sales-type leases
Segment Reporting
Revenues	0
Operating Segments | Operating Properties | Other income
Segment Reporting
Revenues	3,157	2,375
Operating Segments | Operating Properties | Land development
Segment Reporting
Revenues	0	0
Cost of sales expense	0	0
Operating Segments | Operating Properties | Real estate
Segment Reporting
Cost of sales expense	(7,663)	(11,033)
Operating Segments | Land and Development
Segment Reporting
Earnings (losses) from equity method investments	584	287
Income from sales of real estate		0
Total revenue and other earnings	81,492	16,510
Other expense	0	0
Allocated interest expense	(4,570)	(5,127)
Allocated general and administrative	(2,819)	(3,257)
Segment profit (loss)	(11,562)	(15,124)
Other significant items:
Provision for loan losses	0	0
Provision for losses on net investment in leases	0
Impairment of assets	0	0
Depreciation and amortization	243	247
Capitalized expenditures	12,027	36,079
Segment assets
Real estate, net	0		0
Real estate available and held for sale	0		0
Total real estate	0		0
Net investment in leases ($10,403 of allowances as of March 31, 2020)	0		0
Land and development, net	514,064		580,545
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	0		0
Other investments	36,672		42,866
Total portfolio assets	550,736		623,411
Operating Segments | Land and Development | Operating lease income
Segment Reporting
Revenues	108	77
Operating Segments | Land and Development | Interest income
Segment Reporting
Revenues	0	0
Operating Segments | Land and Development | Interest income from sales-type leases
Segment Reporting
Revenues	0
Operating Segments | Land and Development | Other income
Segment Reporting
Revenues	624	3,447
Operating Segments | Land and Development | Land development
Segment Reporting
Revenues	80,176	12,699
Cost of sales expense	(77,059)	(14,449)
Operating Segments | Land and Development | Real estate
Segment Reporting
Cost of sales expense	(8,606)	(8,801)
Corporate/Other
Segment Reporting
Earnings (losses) from equity method investments	(836)	202
Income from sales of real estate		0
Total revenue and other earnings	11,152	3,584
Other expense	(55)	(243)
Allocated interest expense	(5,886)	(8,353)
Allocated general and administrative	(5,307)	(4,945)
Segment profit (loss)	(96)	(9,957)
Other significant items:
Provision for loan losses	0	0
Provision for losses on net investment in leases	0
Impairment of assets	0	0
Depreciation and amortization	303	303
Capitalized expenditures	0	0
Segment assets
Real estate, net	0		0
Real estate available and held for sale	0		0
Total real estate	0		0
Net investment in leases ($10,403 of allowances as of March 31, 2020)	0		0
Land and development, net	0		0
Loans receivable and other lending investments, net ($33,264 and $28,634 of allowances as of March 31, 2020 and December 31, 2019, respectively)	0		0
Other investments	52,337		43,255
Total portfolio assets	52,337		$ 43,255
Corporate/Other | Operating lease income
Segment Reporting
Revenues	0	0
Corporate/Other | Interest income
Segment Reporting
Revenues	0	0
Corporate/Other | Interest income from sales-type leases
Segment Reporting
Revenues	0
Corporate/Other | Other income
Segment Reporting
Revenues	11,988	3,382
Corporate/Other | Land development
Segment Reporting
Revenues	0	0
Cost of sales expense	0	0
Corporate/Other | Real estate
Segment Reporting
Cost of sales expense	$ 0	$ 0

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Profit to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Segment profit	$ 29,049	$ 17,194
Add/Less: (Provision for) recovery of loan losses	(4,003)	97
Less: Provision for losses on net investment in leases	(1,292)	0
Less: Impairment of assets	(1,708)	(3,851)
Less: Stock-based compensation expense	(16,270)	(4,249)
Less: Depreciation and amortization	(14,486)	(15,668)
Less: Income tax expense	(60)	(25)
Less: Loss on early extinguishment of debt, net	(4,115)	(468)
Net loss	$ (12,885)	$ (6,970)

Uncategorized Items - star-0331

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (12,382,000)