Safehold 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		73,976,922
Entity Central Index Key	0001095651
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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	Sep. 30, 2020	Dec. 31, 2019
Real estate
Real estate, at cost	$ 1,744,613	$ 1,761,079
Less: accumulated depreciation	(257,518)	(233,860)
Real estate, net	1,487,095	1,527,219
Real estate available and held for sale	5,519	8,650
Total real estate	1,492,614	1,535,869
Net investment in leases ($11,113 of allowances as of September 30, 2020)	420,417	418,915
Land and development, net	488,916	580,545
Loans receivable and other lending investments, net ($33,447 and $28,634 of allowances as of September 30, 2020 and December 31, 2019, respectively)	765,073	827,861
Other investments	1,123,093	907,875
Cash and cash equivalents	88,187	307,172
Accrued interest and operating lease income receivable, net	8,053	10,162
Deferred operating lease income receivable, net	55,625	54,222
Deferred expenses and other assets, net	446,145	442,488
Total assets	4,888,123	5,085,109
Liabilities:
Accounts payable, accrued expenses and other liabilities	444,956	424,374
Liabilities associated with properties held for sale	105	57
Loan participations payable, net	41,931	35,638
Debt obligations, net	3,307,683	3,387,080
Total liabilities	3,794,675	3,847,149
Commitments and contingencies (refer to Note 12)
iStar Inc. shareholders' equity:
Preferred Stock Series D, G and I, liquidation preference $25.00 per share (refer to Note 14)	12	12
Common Stock, $0.001 par value, 200,000 shares authorized, 74,433 and 77,810 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	74	78
Additional paid-in capital	3,247,453	3,284,877
Accumulated deficit	(2,289,668)	(2,205,838)
Accumulated other comprehensive loss (refer to Note 14)	(57,111)	(38,707)
Total iStar Inc. shareholders' equity	900,760	1,040,422
Noncontrolling interests	192,688	197,538
Total equity	1,093,448	1,237,960
Total liabilities and equity	$ 4,888,123	$ 5,085,109

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for losses on net investment in leases at end of period	$ 11,113	$ 0
Loans receivable and other lending investments, allowances	$ 33,447	$ 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	200,000
Common Stock, shares issued (in shares)	74,433	77,810
Common Stock, shares outstanding (in shares)	74,433	77,810

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 115,054	$ 145,338	$ 384,930	$ 350,608
Costs and expenses:
Interest expense	42,407	46,522	127,748	136,851
Depreciation and amortization	14,621	14,199	43,407	43,586
General and administrative	19,868	24,110	73,138	72,512
(Recovery of) provision for loan losses	(1,976)	(3,805)	4,093	(3,792)
Provision for losses on net investment in leases	175	0	2,001	0
Impairment of assets	0	0	6,491	4,953
Other expense	73	407	351	12,798
Total costs and expenses	113,461	152,721	425,641	409,858
Income from sales of real estate	6,055	3,476	6,118	233,406
Income (loss) from operations before earnings from equity method investments and other items	7,648	(3,907)	(34,593)	174,156
Loss on early extinguishment of debt, net	(7,924)	0	(12,038)	(468)
Earnings from equity method investments	6,805	7,617	26,003	16,566
Selling profit from sales-type leases	0	0	0	180,416
Net income (loss) before income taxes	6,529	3,710	(20,628)	370,670
Income tax expense	(78)	(84)	(165)	(323)
Net income (loss)	6,451	3,626	(20,793)	370,347
Net (income) attributable to noncontrolling interests	(2,646)	(2,845)	(8,435)	(8,168)
Net income (loss) attributable to iStar Inc.	3,805	781	(29,228)	362,179
Preferred dividends	(5,874)	(8,124)	(17,622)	(24,372)
Net income (loss) allocable to common shareholders	$ (2,069)	$ (7,343)	$ (46,850)	$ 337,807
Net income (loss) allocable to common shareholders:
Basic (in dollars per share)	$ (0.03)	$ (0.12)	$ (0.61)	$ 5.23
Diluted (in dollars per share)	$ (0.03)	$ (0.12)	$ (0.61)	$ 4.26
Weighted average number of common shares:
Basic (in shares)	75,033	62,168	76,232	64,624
Diluted (in shares)	75,033	62,168	76,232	80,876
Operating lease income
Revenues:
Total revenues	$ 46,370	$ 44,110	$ 140,529	$ 158,210
Interest income
Revenues:
Total revenues	14,270	19,701	46,925	60,417
Interest income from sales-type leases
Revenues:
Total revenues	8,360	8,339	25,010	12,157
Other income
Revenues:
Total revenues	25,552	18,270	56,212	43,133
Land development revenue
Revenues:
Total revenues	20,502	54,918	116,254	76,691
Costs and expenses:
Cost of sales expense	21,358	48,101	114,704	71,785
Real estate expense
Costs and expenses:
Cost of sales expense	$ 16,935	$ 23,187	$ 53,708	$ 71,165

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 6,451	$ 3,626	$ (20,793)	$ 370,347
Other comprehensive income (loss):
Reclassification of losses on cash flow hedges into earnings upon realization	[1]	2,371	665	5,792	13,408
Unrealized gains on available-for-sale securities		19	777	1,195	2,486
Unrealized gains (losses) on cash flow hedges		197	(9,091)	(30,930)	(45,090)
Other comprehensive income (loss)		2,587	(7,649)	(23,943)	(29,196)
Comprehensive income (loss)		9,038	(4,023)	(44,736)	341,151
Comprehensive (income) attributable to noncontrolling interests		(3,299)	(1,581)	(2,894)	(2,224)
Comprehensive income (loss) attributable to iStar Inc.		$ 5,739	$ (5,604)	$ (47,630)	$ 338,927
[1]	Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the three months ended September 30, 2020 and 2019 are $2,038 and $539, respectively, and amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the nine months ended September 30, 2020 and 2019 are $4,926 and $957, respectively. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $806 for the nine months ended September 30, 2019. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the three months ended September 30, 2020 and 2019 are $333 and $126, respectively, and amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the nine months ended September 30, 2020 and 2019 are $866 and $(28), respectively. Amount reclassified to "Other expense" in the Company's consolidated statements of operations is $11,673 for the nine months ended September 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest expense	$ 42,407	$ 46,522	$ 127,748	$ 136,851
Earnings from equity method investments	6,805	7,617	26,003	16,566
Other expense	73	407	351	12,798
Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge
Interest expense	2,038	539	4,926	957
Income from sales of real estate				806
Earnings from equity method investments	$ 333	$ 126	$ 866	(28)
Other expense				$ 11,673

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Period of Adoption, Adjustment	Preferred Stock		Preferred Stock Series J		Common Stock at Par	Additional Paid-In Capital	Retained Earnings (Deficit)	Retained Earnings (Deficit)Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	$ 1,064,115		$ 12	[1]	$ 4	[1]	$ 68	$ 3,352,225	$ (2,472,061)		$ (17,270)	$ 201,137
Beginning Balance at Dec. 31, 2018	1,064,115		12	[1]	4	[1]	68	3,352,225	(2,472,061)		(17,270)	201,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	1,064,115		12	[1]	4	[1]	68	3,352,225	(2,472,061)		(17,270)	196,507
Dividends declared—preferred	(24,372)								(24,372)
Dividends declared—common	(18,991)								(18,991)
Issuance of stock/restricted stock unit amortization, net	6,393							4,361				2,032
Net income (loss)	370,347								362,179			8,168
Change in accumulated other comprehensive income (loss)	(29,196)										(23,252)	(5,944)
Repurchase of stock	(58,787)						(6)	(58,781)
Contributions from noncontrolling interests	2,039											2,039
Distributions to noncontrolling interests	(10,925)											(10,925)
Ending Balance at Sep. 30, 2019	1,300,623		12	[1]	4	[1]	62	3,297,805	(2,153,245)		(40,522)	196,507
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	1,321,197		12	[2]	4	[2]	62	3,297,303	(2,139,611)		(34,137)	197,564
Beginning Balance at Jun. 30, 2019	1,321,197		12	[2]	4	[2]	62	3,297,303	(2,139,611)		(34,137)	197,564
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	1,300,623		12	[1]	4	[1]	62	3,297,805	(2,153,245)		(40,522)	196,507
Dividends declared—preferred	(8,124)								(8,124)
Dividends declared—common	(6,291)								(6,291)
Issuance of stock/restricted stock unit amortization, net	1,621							944				677
Net income (loss)	3,626								781			2,845
Change in accumulated other comprehensive income (loss)	(7,649)										(6,385)	(1,264)
Repurchase of stock	(442)						0	(442)
Distributions to noncontrolling interests	(3,315)											(3,315)
Ending Balance at Sep. 30, 2019	1,300,623		12	[1]	4	[1]	62	3,297,805	(2,153,245)		(40,522)	196,507
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	1,300,623		12	[1]	4	[1]	62	3,297,805	(2,153,245)		(40,522)	196,507
Impact from adoption of new accounting standards	1,237,960	$ (12,382)	12	[1]	0	[1]	78	3,284,877	(2,205,838)	$ (12,382)	(38,707)	197,538
Beginning Balance at Dec. 31, 2019	1,237,960	(12,382)	12	[1]	0	[1]	78	3,284,877	(2,205,838)	(12,382)	(38,707)	197,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	1,093,448	$ (12,382)	12	[1]	0	[1]	78	3,247,453	(2,205,838)	$ (12,382)	(38,707)	197,538
Dividends declared—preferred	(17,622)								(17,622)
Dividends declared—common	(24,598)								(24,598)
Issuance of stock/restricted stock unit amortization, net	6,455						1	3,985				2,469
Net income (loss)	(20,793)								(29,228)			8,435
Change in accumulated other comprehensive income (loss)	(23,943)										(18,404)	(5,539)
Repurchase of stock	(41,414)						(5)	(41,409)
Contributions from noncontrolling interests	760											760
Distributions to noncontrolling interests	(10,975)											(10,975)
Ending Balance at Sep. 30, 2020	1,093,448		12	[1]	0	[1]	74	3,247,453	(2,289,668)		(57,111)	192,688
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	1,113,785		12	[2]	0	[2]	76	3,260,173	(2,279,284)		(59,045)	191,853
Beginning Balance at Jun. 30, 2020	1,113,785		12	[2]	0	[2]	76	3,260,173	(2,279,284)		(59,045)	191,853
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	1,093,448		12	[1]	0	[1]	74	3,247,453	(2,289,668)		(57,111)	192,688
Dividends declared—preferred	(5,874)								(5,874)
Dividends declared—common	(8,315)								(8,315)
Issuance of stock/restricted stock unit amortization, net	1,797						0	903				894
Net income (loss)	6,451								3,805			2,646
Change in accumulated other comprehensive income (loss)	2,587										1,934	653
Repurchase of stock	(13,625)						(2)	(13,623)
Contributions from noncontrolling interests	444											444
Distributions to noncontrolling interests	(3,802)											(3,802)
Ending Balance at Sep. 30, 2020	1,093,448		12	[1]	0	[1]	74	3,247,453	(2,289,668)		(57,111)	192,688
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact from adoption of new accounting standards	$ 1,093,448		$ 12	[1]	$ 0	[1]	$ 74	$ 3,247,453	$ (2,289,668)		$ (57,111)	$ 192,688
[1]	Refer to Note 14 for details on the Company's Preferred Stock.
[2]	Refer to Note 14 for details on the Company's Preferred Stock.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared - common (in dollars per share)	$ 0.11	$ 0.10	$ 0.32	$ 0.29

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (20,793)	$ 370,347
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for loan losses	4,093	(3,792)
Provision for losses on net investment in leases	2,001	0
Impairment of assets	6,491	4,953
Depreciation and amortization	43,407	43,586
Non-cash interest income from sales-type leases	(15,681)	(2,228)
Stock-based compensation expense	26,675	20,694
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	10,055	10,573
Amortization of discounts/premiums and deferred interest on loans, net	(24,360)	(33,136)
Deferred interest on loans received	15,275	9,507
Selling profit from sales-type leases	0	(180,416)
Earnings from equity method investments	(26,003)	(16,566)
Distributions from operations of other investments	17,146	15,712
Deferred operating lease income	(11,276)	(12,210)
Income from sales of real estate	(6,118)	(233,406)
Land development revenue in excess of cost of sales	(1,550)	(4,906)
Loss on early extinguishment of debt, net	12,038	468
Other operating activities, net	(21,207)	12,827
Changes in assets and liabilities:
Deposit on loan to be held for sale	0	(21,226)
Changes in accrued interest and operating lease income receivable	352	2,010
Changes in deferred expenses and other assets, net	(6,079)	(8,268)
Changes in accounts payable, accrued expenses and other liabilities	(10,644)	(50,319)
Cash flows used in operating activities	(6,178)	(75,796)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(80,635)	(191,559)
Capital expenditures on real estate assets	(11,661)	(21,081)
Capital expenditures on land and development assets	(33,488)	(93,395)
Acquisitions of real estate, net investments in leases and land assets	0	(240,487)
Repayments of and principal collections on loans receivable and other lending investments, net	151,612	380,071
Net proceeds from sales of loans receivable	0	5,898
Net proceeds from sales of real estate	42,684	307,493
Net proceeds from sales of land and development assets	113,670	73,733
Distributions from other investments	12,139	60,411
Contributions to and acquisition of interest in other investments	(194,775)	(494,339)
Other investing activities, net	(5,214)	(28,002)
Cash flows used in investing activities	(5,668)	(241,257)
Cash flows from financing activities:
Borrowings from debt obligations	737,913	834,980
Repayments and repurchases of debt obligations	(824,740)	(389,571)
Preferred dividends paid	(17,622)	(24,372)
Common dividends paid	(24,397)	(18,764)
Repurchase of stock	(47,272)	(58,787)
Payments for debt prepayment or extinguishment costs	(8,567)	0
Payments for deferred financing costs	(7,475)	(11,416)
Payments for withholding taxes upon vesting of stock-based compensation	(2,001)	(1,842)
Contributions from noncontrolling interests	760	2,039
Distributions to noncontrolling interests	(10,975)	(10,925)
Cash flows (used in) provided by financing activities	(204,376)	321,342
Effect of exchange rate changes on cash	(10)	(15)
Changes in cash, cash equivalents and restricted cash	(216,232)	4,274
Cash, cash equivalents and restricted cash at beginning of period	352,206	974,544
Cash, cash equivalents and restricted cash at end of period	135,974	978,818
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net	6,160	10,547
Contributions of land and development assets to equity method investments, net	0	4,073
Accrued repurchase of stock	499	0
Acquisition of land and development asset through joint venture consolidation	0	27,000
Assumption of mortgage by third party	0	228,000
Accounts payable for finance costs	0	1,878
Sales-type lease origination	$ 0	$ 411,523

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 condensed 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 September 30, 2020. The following table presents the assets and liabilities of the Company's consolidated VIEs as of September 30, 2020 and December 31, 2019 ($ in thousands): As of September 30, December 31, ASSETS Real estate Real estate, at cost $ 898,733 $ 891,000 Less: accumulated depreciation (55,785) (37,542) Real estate, net 842,948 853,458 Land and development, net 249,585 273,617 Other investments 39 45 Cash and cash equivalents 29,933 19,112 Accrued interest and operating lease income receivable, net 1,154 1,208 Deferred operating lease income receivable, net 26,998 19,547 Deferred expenses and other assets, net 126,573 134,117 Total assets $ 1,277,230 $ 1,301,104 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 118,786 $ 107,455 Debt obligations, net 490,987 482,918 Total liabilities 609,773 590,373

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. 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. 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 own 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) interest payments become 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 on a non-performing loan or sales-type lease if the Company determines that the collateral fair value less costs to sell is less than the carrying value of the 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 September 30, 2020 and December 31, 2019, accrued interest was $3.6 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 or recognizes a credit loss expense at such time. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the nine months ended September 30, 2020, the Company did not reverse any accrued interest on its loan portfolio. For the remainder of the Company's significant accounting policies, refer to the Company's Annual Report. New Accounting Pronouncements — In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"). ASU 2020-06 was issued to reduce the complexity associated with applying current accounting guidance for certain financial instruments with characteristics of both liabilities and equity. ASU 2020-06 removes certain separation models under ASC 470-20 so that a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. In addition, ASU 2020-06 requires that the if-converted method be used for all convertibles and that the treasury stock method no longer be used. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact of ASU 2020-06 on the Company’s consolidated financial statements.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 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 September 30, 2020 Land, at cost $ 188,418 $ 106,187 $ 294,605 Buildings and improvements, at cost 1,340,832 109,176 1,450,008 Less: accumulated depreciation (240,319) (17,199) (257,518) Real estate, net (1) 1,288,931 198,164 1,487,095 Real estate available and held for sale (2) — 5,519 5,519 Total real estate $ 1,288,931 $ 203,683 $ 1,492,614 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 September 30, 2020 and December 31, 2019, real estate, net included $760.4 million and $768.6 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). During the nine months ended September 30, 2020, the Company's largest net lease tenant contributed 11.9% of total revenues. (2) As of September 30, 2020 and December 31, 2019, the Company had $5.5 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% external 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 September 30, 2020 and 2019 and earned $1.1 million and $1.1 million, respectively, of management fees after the effect of eliminations during the nine months ended September 30, 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 nine months ended September 30, 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) and also acquired the leasehold interest in a net lease asset for $110.6 million and simultaneously entered into a new 99-year Ground Lease with SAFE (refer to Note 8). Dispositions— During the nine months ended September 30, 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 nine months ended September 30, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized gains of $219.7 million in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. In addition, during the nine months ended September 30, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $69.9 million and recognized gains of $10.2 million in "Income from sales of real estate" in the Company's consolidated statements of operations. Real Estate Available and Held for Sale— During the nine months ended September 30, 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. The net lease asset was sold to SAFE in September 2020 (refer to Note 8). Impairments— During the nine months ended September 30, 2020, the Company recorded an impairment of $1.7 million in connection with the sale of a net lease asset and an impairment of $3.0 million on a real estate asset held for sale. During the nine months ended September 30, 2019, the Company recorded an impairment of $3.3 million on a commercial operating property based on an executed purchase and sale agreement and recorded $0.6 million of impairments in connection with the sale of residential condominium units. 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 $5.8 million and $17.1 million for the three and nine months ended September 30, 2020, respectively, and $4.9 million and $14.8 million for the three and nine months ended September 30, 2019, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of September 30, 2020 and December 31, 2019, the allowance for doubtful accounts related to real estate tenant receivables was $2.1 million and $1.0 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.0 million as of December 31, 2019. 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	9 Months Ended
	Sep. 30, 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. In the second quarter 2020, the Company entered into a transaction with the lessee whereby it would apply $10 million of the net proceeds it received from certain sales of the lessee's facilities to the lessee's upcoming rent obligations to the Company. In exchange, the Company's obligation under the lease to acquire an equal amount of new facilities for them or to reduce their rent in the future has been terminated. In the third quarter 2020, the Company granted the lessee a nine-month rent deferral on its two wholly-owned master leases in exchange for eliminating the Company's commitment to invest up to $55.0 million in additional bowling centers over the next several years. All deferred amounts are required to be repaid with interest beginning in January 2023. As a result of the May 2019 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. As a result of the modifications in the second and third quarter 2020, the Company reassessed this classification as required by ASC 842, and concluded that the leases should continue to be classified as sales-type leases. In May 2019, 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). The Company recognized $180.4 million in "Selling profit from sales-type leases" in its consolidated statements of operations for the nine months ended September 30, 2019 as a result of the transaction. For the three and nine months ended September 30, 2020, the Company recognized $1.5 million and $10.7 million, respectively, of cash interest income and $6.9 million and $14.3 million, respectively, of non-cash interest income in "Interest income from sales-type leases" in the Company's consolidated statements of operations. For the three and nine months ended September 30, 2019, the Company recognized $6.9 million and $10.1 million, respectively, of cash interest income and $1.4 million and $2.1 million, respectively, of non-cash interest income in "Interest income from sales-type leases" in the Company's consolidated statements of operations. The Company's net investment in leases were comprised of the following as of September 30, 2020 and December 31, 2019 ($ in thousands): September 30, 2020 December 31, 2019 Total undiscounted cash flows $ 1,020,921 $ 1,042,019 Unguaranteed estimated residual value 345,815 340,620 Present value discount (935,206) (963,724) Allowance for losses on net investment in leases (11,113) — Net investment in leases (1) $ 420,417 $ 418,915 _______________________________________________________________________________ (1) As of September 30, 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 September 30, 2020, the risk rating on the Company's net investment in leases was 2.0 (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 September 30, 2020, are as follows by year ($ in thousands): Amount 2020 (remaining three months) $ — 2021 14,248 2022 30,481 2023 41,855 2024 41,584 Thereafter 892,753 Total undiscounted cash flows $ 1,020,921 Allowance for Losses on Net Investment in Leases —Changes in the Company's allowance for losses on net investment in leases for the three and nine months ended September 30, 2020 were as follows ($ in thousands): Three Months Nine Months Reserve for losses on net investment in leases at beginning of period $ 10,937 $ — Initial allowance recorded upon adoption of new accounting standard (1) — 9,111 Provision for losses on net investment in leases (2) 176 2,002 Allowance for losses on net investment in leases at end of period $ 11,113 $ 11,113 _________________________________________________________ (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 and nine months ended September 30, 2020, the Company recorded an allowance for losses on net investment in leases of $0.2 million and $2.0 million, respectively, primarily resulting from the macroeconomic impact of COVID-19 on commercial real estate markets and the adoption of ASU 2016-13 (refer to Note 3).

Land and Development

Land and Development	9 Months Ended
	Sep. 30, 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 September 30, December 31, 2020 2019 Land and land development, at cost $ 499,231 $ 590,153 Less: accumulated depreciation (10,315) (9,608) Total land and development, net $ 488,916 $ 580,545 Acquisitions— During the nine months ended September 30, 2019, the Company acquired a land and development asset from an unconsolidated entity in which the Company owned a noncontrolling 50% equity interest for $34.3 million, which consisted of a $7.3 million cash payment and the assumption of a $27.0 million loan. Dispositions— During the nine months ended September 30, 2020 and 2019, the Company sold land parcels and residential lots and units and recognized land development revenue of $116.3 million and $76.7 million, respectively. During the nine months ended September 30, 2020 and 2019, the Company recognized land development cost of sales of $114.7 million and $71.8 million, respectively, from its land and development portfolio. Impairments— During the nine months ended September 30, 2020, the Company recorded an impairment of $1.5 million on a land and development asset. During the nine months ended September 30, 2019, the Company recorded an impairment of $1.1 million on a land and development asset due to a change in business strategy.

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	9 Months Ended
	Sep. 30, 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 September 30, December 31, Construction loans Senior mortgages $ 467,774 $ 518,992 Corporate/Partnership loans 85,032 95,394 Subtotal - gross carrying value of construction loans (1) 552,806 614,386 Loans Senior mortgages 52,855 53,592 Corporate/Partnership loans 21,845 24,424 Subordinate mortgages 11,445 10,877 Subtotal - gross carrying value of loans 86,145 88,893 Other lending investments Financing receivables (refer to Note 5) 45,704 44,339 Held-to-maturity debt securities 89,234 84,981 Available-for-sale debt securities 24,631 23,896 Subtotal - other lending investments 159,569 153,216 Total gross carrying value of loans receivable and other lending investments 798,520 856,495 Allowance for loan losses (33,447) (28,634) Total loans receivable and other lending investments, net $ 765,073 $ 827,861 ____________________________________________________________ (1) As of September 30, 2020, 47%, or $262.1 million, gross carrying value of construction loans had completed construction and 4%, or $22.5 million, gross carrying value of construction loans had substantially completed construction. Allowance for Loan Losses —Changes in the Company's allowance for loan losses were as follows for the three months ended September 30, 2020 ($ in thousands): General Allowance Construction Loans Held to Financing Receivables Specific Total Allowance for loan losses at beginning of period $ 11,736 $ 905 $ 111 $ 1,159 $ 21,701 $ 35,612 (Recovery of) provision for loan losses (1) (2,598) (427) (56) 17 899 (2,165) Allowance for loan losses at end of period $ 9,138 $ 478 $ 55 $ 1,176 $ 22,600 $ 33,447 ____________________________________________________________ (1) During the three months ended September 30, 2020, the Company recorded a recovery of loan losses of $2.0 million in its consolidated statement of operations resulting from the reversal of CECL allowances on loans that repaid in full in the third quarter 2020 and a more favorable economic outlook on commercial real estate markets in the third quarter 2020 as compared to the second quarter 2020. Of this amount, $0.7 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net." Changes in the Company's allowance for loan losses were as follows for the nine months ended September 30, 2020 ($ in thousands): General Allowance Construction Loans Held to Financing Receivables Specific 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) 2,823 115 35 212 899 4,084 Allowance for loan losses at end of period $ 9,138 $ 478 $ 55 $ 1,176 $ 22,600 $ 33,447 ____________________________________________________________ (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 nine months ended September 30, 2020, the Company recorded a provision for loan losses of $4.1 million in its consolidated statement of operations resulting from the macroeconomic impact of COVID-19 on commercial real estate markets, of which $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net." The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of September 30, 2020 and December 31, 2019 ($ in thousands): Individually Evaluated for Impairment (1) Collectively Total As of September 30, 2020 Construction loans (2) $ 50,257 $ 502,549 $ 552,806 Loans (2) 37,020 49,125 86,145 Financing receivables — 45,704 45,704 Held-to-maturity debt securities — 89,234 89,234 Available-for-sale debt securities (3) — 24,631 24,631 Less: Allowance for loan losses (22,600) (10,847) (33,447) Total $ 64,677 $ 700,396 $ 765,073 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 these loans includes an unamortized discount of $0.6 million and $0.1 million as of September 30, 2020 and December 31, 2019, respectively. The Company's loans individually evaluated for impairment represents two loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.3 million and $0.7 million as of September 30, 2020 and December 31, 2019, respectively. (3) Available-for-sale debt securities are evaluated for impairment under ASC 326-30. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments, which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) interest payments become 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company's amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of September 30, 2020 were as follows ($ in thousands): Year of Origination 2020 2019 2018 2017 2016 Prior to 2016 Total Senior mortgages Risk rating 1.0 $ — $ — $ — $ — $ — $ — $ — 1.5 — — — — — — — 2.0 — — — — — — — 2.5 — — 123,519 — — — 123,519 3.0 — 13,296 106,465 144,011 41,931 4,130 309,833 3.5 — — — — — — — 4.0 — — — — — — — 4.5 — — — — — — — 5.0 — — — — — — — Subtotal (1) $ — $ 13,296 $ 229,984 $ 144,011 $ 41,931 $ 4,130 $ 433,352 Corporate/partnership loans Risk rating 1.0 $ — $ — $ 16,404 $ — $ — $ — $ 16,404 1.5 — — — — — — — 2.0 — — — — — — 2.5 — — — — — — — 3.0 — 1,504 25,194 — — — 26,698 3.5 — — — — — — — 4.0 — — 21,844 — 41,931 — 63,775 4.5 — — — — — — — 5.0 — — — — — — — Subtotal $ — $ 1,504 $ 63,442 $ — $ 41,931 $ — $ 106,877 Subordinate mortgages Risk rating 1.0 $ — $ — $ — $ — $ — $ — $ — 1.5 — — — — — — — 2.0 — — — — — — — 2.5 — — — — — — — 3.0 — — — — — 11,445 11,445 3.5 — — — — — — — 4.0 — — — — — — — 4.5 — — — — — — — 5.0 — — — — — — — Subtotal $ — $ — $ — $ — $ — $ 11,445 $ 11,445 Financing receivables Risk rating 1.0 $ — $ — $ — $ — $ — $ — $ — 1.5 — — — — — — — 2.0 — 45,704 — — — — 45,704 2.5 — — — — — — — 3.0 — — — — — — — 3.5 — — — — — — — 4.0 — — — — — — — 4.5 — — — — — — — 5.0 — — — — — — — Subtotal $ — $ 45,704 $ — $ — $ — $ — $ 45,704 Total $ — $ 60,504 $ 293,426 $ 144,011 $ 83,862 $ 15,575 $ 597,378 ____________________________________________________________ (1) As of September 30, 2020, excludes $87.3 million for two loans on non-accrual status. The Company's amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than Greater Than 90 Days (1) Total Total As of September 30, 2020 Senior mortgages $ 483,609 $ — $ 37,020 $ 37,020 $ 520,629 Corporate/Partnership loans 106,877 — — — 106,877 Subordinate mortgages 11,445 — — — 11,445 Total $ 601,931 $ — $ 37,020 $ 37,020 $ 638,951 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 September 30, 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 11.3 years and 10.5 years outstanding, respectively. Impaired Loans —The Company's impaired loans were as follows ($ in thousands): As of September 30, 2020 As of December 31, 2019 Amortized Unpaid Related Amortized Unpaid Related With an allowance recorded: Senior mortgages (1) $ 87,277 $ 86,627 $ (22,600) $ 37,820 $ 37,923 $ (21,701) Total $ 87,277 $ 86,627 $ (22,600) $ 37,820 $ 37,923 $ (21,701) ____________________________________________________________ (1) The Company has two non-accrual loans as of September 30, 2020 and one non-accrual loan as of December 31, 2019 that are considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the three and nine months ended September 30, 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 September 30, 2020 Available-for-Sale Securities Municipal debt securities $ 20,680 $ 20,680 $ 3,951 $ 24,631 $ 24,631 Held-to-Maturity Securities Debt securities 100,000 89,234 — 89,234 89,234 Total $ 120,680 $ 109,914 $ 3,951 $ 113,865 $ 113,865 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 September 30, 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 89,234 89,234 — — After 5 years through 10 years — — — — After 10 years — — 20,680 24,631 Total $ 89,234 $ 89,234 $ 20,680 $ 24,631

Other Investments

Other Investments	9 Months Ended
	Sep. 30, 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): Earnings (Losses) from Equity Method Investments (1) Carrying Value For the Three Months Ended September 30, For the Nine Months September 30, 2020 December 31, 2019 2020 2019 2020 2019 Real estate equity investments Safehold Inc. ("SAFE") (2) $ 855,925 $ 729,357 $ 9,331 $ 2,946 $ 36,905 $ 14,076 iStar Net Lease II LLC ("Net Lease Venture II") 103,276 30,712 811 (98) 1,568 (416) Other real estate equity investments 91,672 104,553 (3,542) 4,574 (10,517) 2,744 Subtotal 1,050,873 864,622 6,600 7,422 27,956 16,404 Other strategic investments (3) 72,220 43,253 205 195 (1,953) 162 Total $ 1,123,093 $ 907,875 $ 6,805 $ 7,617 $ 26,003 $ 16,566 ____________________________________________________________ (1) For the three months ended September 30, 2020 and 2019, earnings (losses) from equity method investments is net of the Company's pro rata share of $4.6 million and $3.5 million, respectively, of depreciation expense and $14.6 million and $8.2 million, respectively, of interest expense. For the nine months ended September 30, 2020 and 2019, earnings (losses) from equity method investments is net of the Company's pro rata share of $13.4 million and $10.7 million, respectively, of depreciation expense and $44.0 million and $21.6 million, respectively, of interest expense. (2) As of September 30, 2020, the Company owned 33.7 million shares of SAFE common stock which, based on the closing price of $62.10 on September 30, 2020, had a market value of $2.1 billion. For the nine months ended September 30, 2020, equity in earnings includes a dilution gain of $7.9 million resulting from a SAFE equity offering in March 2020. (3) During the three and nine months ended September 30, 2020, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains of $14.0 million and $23.9 million, respectively, in "Other income" in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2019, equity in earnings (losses) includes $8.2 million of income resulting from the sale of a property at one of the Company's equity method investments. 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 September 30, 2020, the Company owned approximately 65.8% 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 September 30, 2020 and 2019, the Company recorded $3.2 million and $1.9 million, respectively, of management fees pursuant to its management agreement with SAFE. During the nine months ended September 30, 2020 and 2019, the Company recorded $9.3 million and $5.0 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 elected not to charge in full certain of the expense reimbursements while SAFE is growing its portfolio. During the three months ended September 30, 2020 and 2019, the Company recognized $1.3 million and $0.5 million, respectively, of expense reimbursements pursuant to its management agreement with SAFE. During the nine months ended September 30, 2020 and 2019, the Company recognized $3.8 million and $1.6 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 and nine months ended September 30, 2019, the Company recorded $0.3 million and $1.2 million, respectively, of interest income on the loan. In October 2017, the Company closed on a 99-year Ground Lease and a $80.5 million construction financing commitment to support the ground-up development of a to-be-built luxury multi-family project in San Jose, CA. The transaction included a combination of: (i) a newly created Ground Lease and a $7.2 million leasehold improvement allowance, which was fully funded as of September 30, 2020; and (ii) a $80.5 million leasehold first mortgage. As of September 30, 2020, $59.1 million of the leasehold first mortgage was funded. During the three months ended September 30, 2020 and 2019, the Company recorded $0.9 million and $0.4 million, respectively, of interest income on the loan. During the nine months ended September 30, 2020 and 2019, the Company recorded $2.5 million and $0.7 million, respectively, of interest income on the loan. The Company sold the Ground Lease to SAFE in September 2020 for $34.0 million and recognized a gain of $6.1 million in "Income from sales of real estate" in connection with the sale. 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 and nine months ended September 30, 2019, the Company recorded $0.5 million and$1.6 million, respectively, of interest income on the loan. In January 2019, the Company committed to provide a $13.3 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan is for the conversion of an office building into a multi-family property in Washington, DC. As of September 30, 2020 the loan was fully funded. During the three months ended September 30, 2020 and 2019, the Company recorded $0.3 million and $0.3 million, respectively, of interest income on the loan. During the nine months ended September 30, 2020 and 2019, the Company recorded $0.8 million and $0.7 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). In August 2019, the Company acquired the leasehold interest in a net lease asset and simultaneously entered into a new 99-year Ground Lease with SAFE (refer to Note 4). In June 2020, Net Lease Venture II (see below) acquired the leasehold interest in an office laboratory property in Honolulu, HI and simultaneously entered into a 99 year Ground Lease with SAFE. 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 September 30, 2020 and 2019, the Company recorded $0.4 million and $0.4 million, respectively, of management fees from Net Lease Venture II. During the nine months ended September 30, 2020 and 2019, the Company recorded $1.1 million and $1.1 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 September 30, 2020, Net Lease Venture II had funded $81.6 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 that expire in February 2026. 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 September 30, 2020, the Company's other real estate equity investments include equity interests in real estate ventures ranging from 31% to 95%, comprised of investments of $61.3 million in operating properties and $30.4 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 as of September 30, 2020 and December 31, 2019 to an unconsolidated entity in which the Company owns a 50% equity interest. As of September 30, 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 September 30, 2020 and 2019, the Company recorded $0.6 million and $0.7 million, respectively, of interest income on the mezzanine loan. During the nine months ended September 30, 2020 and 2019, the Company recorded $1.8 million and $2.1 million, respectively, of interest income on the mezzanine loan. Other strategic investments —As of September 30, 2020 and December 31, 2019, the Company also had investments in real estate related funds and other strategic investments in real estate entities. Summarized investee financial information —The following table presents the investee level summarized financial information of the Company's equity method investments that were significant as of September 30, 2020 ($ in thousands): Revenues Expenses Net Income Attributable to Parent For the Nine Months Ended September 30, 2020 SAFE $ 115,518 $ 73,821 $ 44,024 For the Nine Months Ended September 30, 2019 SAFE $ 63,810 $ 38,480 $ 16,574

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 2020 December 31, 2019 Intangible assets, net (1) $ 158,976 $ 174,973 Restricted cash 47,787 45,034 Finance lease right-of-use assets (2) 144,097 145,209 Operating lease right-of-use assets (2) 50,371 34,063 Other assets (3) 21,114 17,534 Other receivables 16,997 16,846 Leasing costs, net (4) 2,830 3,793 Corporate furniture, fixtures and equipment, net (5) 2,204 2,736 Deferred financing fees, net 1,769 2,300 Deferred expenses and other assets, net $ 446,145 $ 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 $42.2 million and $33.4 million as of September 30, 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 $0.3 million and $0.4 million for the three months ended September 30, 2020 and 2019, respectively, and $1.0 million and $1.4 million for the nine months ended September 30, 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 $2.6 million and $2.4 million for the three months ended September 30, 2020 and 2019, respectively, and $7.9 million and $6.9 million for the nine months ended September 30, 2020 and 2019, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of September 30, 2020, the weighted average amortization period for the Company's intangible assets was approximately 16.9 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 8.5 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 97.2 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 September 30, 2020 and 2019, the Company recognized $2.0 million and $1.7 million, respectively, in "Interest expense" and $0.4 million and $0.3 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the nine months ended September 30, 2020 and 2019, the Company recognized $6.1 million and $3.0 million, respectively, in "Interest expense" and $1.1 million and $0.5 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. During the three months ended September 30, 2020 and 2019, the Company recognized $1.2 million and $0.9 million, respectively, in "General and administrative" and $0.9 million and $0.9 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. During the nine months ended September 30, 2020 and 2019, the Company recognized $3.4 million and $2.8 million, respectively, in "General and administrative" and $2.6 million and $2.6 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 $2.5 million and $3.3 million as of September 30, 2020 and December 31, 2019, respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $14.0 million and $13.1 million as of September 30, 2020 and December 31, 2019, respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2020 December 31, 2019 Other liabilities (1) $ 81,422 81,709 Accrued expenses 84,742 83,778 Finance lease liabilities (see table above) 149,823 147,749 Intangible liabilities, net (2) 49,361 51,223 Operating lease liabilities (see table above) 51,223 34,182 Accrued interest payable 28,385 25,733 Accounts payable, accrued expenses and other liabilities $ 444,956 $ 424,374 _______________________________________________________________________________ (1) As of September 30, 2020 and December 31, 2019, other liabilities includes $26.8 million and $27.5 million, respectively, of deferred income. As of September 30, 2020 and December 31, 2019, other liabilities includes $20.8 million and $8.7 million, respectively, of derivative liabilities. As of September 30, 2020, other liabilities includes $1.7 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 $6.9 million and $5.0 million as of September 30, 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 $0.7 million for the three months ended September 30, 2020 and 2019, respectively, and $1.9 million and $1.8 million for the nine months ended September 30, 2020 and 2019, respectively.

Loan Participations Payable, ne

Loan Participations Payable, net	9 Months Ended
	Sep. 30, 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 September 30, 2020 December 31, 2019 Loan participations payable (1) $ 41,941 $ 35,656 Debt premiums, discounts and deferred financing costs, net (10) (18) Total loan participations payable, net $ 41,931 $ 35,638 _______________________________________________________________________________ (1) As of September 30, 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

Debt Obligations, net	9 Months Ended
	Sep. 30, 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 September 30, 2020 December 31, 2019 Secured credit facilities and mortgages: Revolving Credit Facility $ 20,000 $ — 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) 724,836 721,118 1.70% - 7.26% (3) Total secured credit facilities and mortgages 1,236,711 1,212,993 Unsecured notes: 6.00% senior notes (4) — 110,545 6.00% — 5.25% senior notes (5) — 400,000 5.25% — 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 5.50% senior notes (9) 400,000 — 5.50% February 2026 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 3,349,211 3,436,038 Debt discounts and deferred financing costs, net (41,528) (48,958) Total debt obligations, net (10) $ 3,307,683 $ 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 September 30, 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 repaid these senior notes in September 2020. (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 September 30, 2020 was 69.7134 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.34 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 September 30, 2020, the carrying value of the 3.125% Convertible Notes was $273.5 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $11.6 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 September 30, 2020 and 2019, the Company recognized $2.2 million and $2.2 million, respectively, of contractual interest and $1.3 million and $1.3 million, respectively, of discount amortization on the 3.125% Convertible Notes. During the nine months ended September 30, 2020 and 2019, the Company recognized $6.7 million and $6.7 million, respectively, of contractual interest and $3.9 million and $3.7 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 can prepay these senior notes without penalty beginning August 15, 2024. (10) The Company capitalized interest relating to development activities of $0.5 million and $0.5 million during the three months ended September 30, 2020 and 2019, respectively, and $1.6 million and $6.9 million during the nine months ended September 30, 2020 and 2019, respectively. Future Scheduled Maturities —As of September 30, 2020, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2020 (remaining three months) $ — $ — $ — 2021 — 156,891 156,891 2022 287,500 67,074 354,574 2023 — 491,875 491,875 2024 775,000 — 775,000 Thereafter 1,050,000 520,871 1,570,871 Total principal maturities 2,112,500 1,236,711 3,349,211 Unamortized discounts and deferred financing costs, net (35,081) (6,447) (41,528) Total debt obligations, net $ 2,077,419 $ 1,230,264 $ 3,307,683 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. As of September 30, 2020, based on the Company's borrowing base of assets, had the ability to draw $330.0 million without pledging any additional assets to the facility. Unsecured Notes —In August 2020, the Company issued $400.0 million principal amount of 5.50% senior unsecured notes due February 2026. Proceeds from the offering, together with cash on hand, were used to repay in full the $400.0 million principal amount outstanding of the 5.25% senior unsecured notes due September 2022. 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 nine months ended September 30, 2020 and 2019, repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $12.0 million and $0.5 million, respectively. Debt Covenants —The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness, as such terms are defined in the indentures governing the debt securities, of at least 1.2x and a covenant restricting certain incurrences of debt based on a fixed charge coverage ratio. 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. 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 1.25x 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 1.5x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5x. 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 1.5x 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	9 Months Ended
	Sep. 30, 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 September 30, 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 Other Total Performance-Based Commitments $ 83,423 $ 14,726 $ 27,902 $ 126,051 Strategic Investments — — 9,967 9,967 Total $ 83,423 $ 14,726 $ 37,869 $ 136,018 _______________________________________________________________________________ (1) Excludes $8.0 million of commitments on loan participations sold that are not the obligation of the Company. Other Commitments —Future minimum lease obligations under operating and finance leases as of September 30, 2020 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 (remaining three months) $ 1,065 $ 1,357 2021 3,797 5,494 2022 6,756 5,604 2023 6,393 5,716 2024 6,309 5,830 Thereafter 6,793 1,573,773 Total undiscounted cash flows 31,113 1,597,774 Present value discount (1) (4,103) (1,447,951) Other adjustments (2) 24,213 — Lease liabilities $ 51,223 $ 149,823 _______________________________________________________________________________ (1) During the three months ended September 30, 2020 and 2019, the Company made payments of $1.0 million and $1.0 million, respectively, related to its operating leases and $1.4 million and $1.1 million, respectively, related to its finance leases. During the nine months ended September 30, 2020 and 2019, the Company made payments of $3.2 million and $3.0 million, respectively, related to its operating leases and $4.0 million and $2.0 million, respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.8 years and the weighted average discount rate was 5.0%. The weighted average lease term for the Company's finance leases was 97.2 years and the weighted average discount rate was 5.5%. (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ 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 weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. The weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%. (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	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DerivativesThe 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 September 30, 2020 and December 31, 2019 ($ in thousands): (1) Derivative Assets Derivative Liabilities As of September 30, 2020 Balance Sheet Fair Balance Sheet Fair Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ — Accounts payable, accrued expenses and other liabilities $ 20,818 Total $ — $ 20,818 Derivative Assets Derivative Liabilities As of December 31, 2019 Balance Sheet Fair Balance Sheet Fair 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 $9.8 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense. The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended September 30, 2020 Interest rate swaps Earnings from equity method investments $ 598 $ (333) Interest rate swaps Interest expense (401) (2,038) For the Three Months Ended September 30, 2019 Interest rate swaps Interest Expense (3,009) (539) Interest rate swaps Earnings from equity method investments (6,082) (126) For the Nine Months Ended September 30, 2020 Interest rate swaps Earnings from equity method investments (15,559) (866) Interest rate swaps Interest expense (15,371) (4,926) For the Nine Months Ended September 30, 2019 Interest rate swaps Interest Expense (23,781) (957) Interest rate swaps Earnings from equity method investments (21,309) 28

Equity

Equity	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Par Value Liquidation Preference (3) Rate per Annum Annual Carrying Value 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 (2) The Company declared and paid dividends of $6.0 million, $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the nine months ended September 30, 2020 and 2019. The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 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, 2019, the Company had $460.6 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. 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 $24.6 million, or $0.32 per share, for the nine months ended September 30, 2020 and $19.0 million, or $0.29 per share, for the nine months ended September 30, 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 nine months ended September 30, 2020, the Company repurchased 3.7 million shares of its outstanding common stock for $41.4 million, for an average cost of $11.32 per share. During the nine months ended September 30, 2019, the Company repurchased 6.2 million shares of its outstanding common stock for $58.8 million, for an average cost of $9.44 per share. In August 2020, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million. As of September 30, 2020, the Company had remaining authorization to repurchase up to $40.8 million of common stock under its stock repurchase program. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of September 30, 2020 December 31, 2019 Unrealized gains on available-for-sale securities $ 3,951 $ 2,756 Unrealized losses on cash flow hedges (56,863) (37,264) Unrealized losses on cumulative translation adjustment (4,199) (4,199) Accumulated other comprehensive loss $ (57,111) $ (38,707)

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	9 Months Ended
	Sep. 30, 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 $5.7 million and $26.7 million for the three and nine months ended September 30, 2020, respectively, and $6.7 million and $20.7 million for the three and nine months ended September 30, 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 nine months ended September 30, 2020 and 2019, the Company recorded $2.5 million and $2.0 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 nine months ended September 30, 2020. iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 81.17 73.28 77.27 Forfeited (1.00) (2.88) (3.93) Points at end of period 80.17 70.40 73.34 During the nine months ended September 30, 2020 and 2019, the Company recorded $20.2 million and $14.1 million, respectively, of expense related to the 2013-2018 iPIP plans. During the nine months ended September 30, 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 nine months ended September 30, 2019, the Company made distributions to participants in the 2013-2014 investment pool. The iPIP participants received total distributions in the amount of $7.4 million as compensation, comprised of 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 September 30, 2020 and December 31, 2019, the Company had accrued compensation costs relating to iPIP of $58.6 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 September 30, 2020, an aggregate of 2.4 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 nine months ended September 30, 2020, is as follows (in thousands): Nonvested at beginning of period 598 Granted 181 Vested (109) Nonvested at end of period 670 As of September 30, 2020, there was $3.3 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 1.2 years. Directors' Awards —During the nine months ended September 30, 2020, the Company granted 79,138 restricted shares of common stock to non-employee Directors at a fair value of $9.75 at the time of grant for their annual equity awards, 10,710 restricted shares of common stock to a non-employee Director at a fair value of $11.52 at the time of grant for their annual equity awards and also issued 2,438 common stock equivalents ("CSEs") at a fair value of $11.48 per CSE in respect of dividend equivalents on outstanding CSEs. As of September 30, 2020, a combined total of 178,864 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $2.1 million. 401(k) Plan —The Company made contributions of $0.2 million and $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and $1.0 million and $0.8 million for the nine months ended September 30, 2020 and 2019, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Net income (loss) $ 6,451 $ 3,626 $ (20,793) $ 370,347 Net income attributable to noncontrolling interests (2,646) (2,845) (8,435) (8,168) Preferred dividends (5,874) (8,124) (17,622) (24,372) Net income (loss) allocable to common shareholders for basic earnings per common share $ (2,069) $ (7,343) $ (46,850) $ 337,807 Add: Effect of Series J convertible perpetual preferred stock — — — 6,750 Net income (loss) allocable to common shareholders for diluted earnings per common share $ (2,069) $ (7,343) $ (46,850) $ 344,557 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Earnings allocable to common shares: Numerator for basic earnings per share: Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (2,069) $ (7,343) $ (46,850) $ 337,807 Numerator for diluted earnings per share: Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (2,069) $ (7,343) $ (46,850) $ 344,557 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 75,033 62,168 76,232 64,624 Add: Effect of assumed shares issued under treasury stock method for restricted stock units — — — 114 Add: Effect of series J convertible perpetual preferred stock — — — 16,138 Weighted average common shares outstanding for diluted earnings per common share 75,033 62,168 76,232 80,876 Basic earnings per common share: Net income (loss) allocable to common shareholders $ (0.03) $ (0.12) $ (0.61) $ 5.23 Diluted earnings per common share: (1) Net income (loss) allocable to common shareholders $ (0.03) $ (0.12) $ (0.61) $ 4.26 ____________________________________________________________

Fair Values

Fair Values	9 Months Ended
	Sep. 30, 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 Significant other Significant As of September 30, 2020 Recurring basis: Derivative liabilities (1) $ 20,818 $ — $ 20,818 $ — Available-for-sale securities (1) 24,631 — — 24,631 Non-recurring basis: Other investments (2) 62,961 — 62,961 — 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 September 30, 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 $40.0 million. The estimated fair values are based on expected sales proceeds. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the nine months ended September 30, 2020 and 2019 ($ in thousands): 2020 2019 Beginning balance $ 23,896 $ 21,661 Repayments (460) (45) Unrealized gains recorded in other comprehensive income 1,195 2,486 Ending balance $ 24,631 $ 24,102 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $0.8 billion and $3.3 billion, respectively, as of September 30, 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 and net investment in leases, 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	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingThe 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 September 30, 2020: Operating lease income $ 41,144 $ — $ 5,137 $ 89 $ — $ 46,370 Interest income 911 13,359 — — — 14,270 Interest income from sales-type leases 8,360 — — — — 8,360 Other income 4,554 104 2,956 3,831 14,107 25,552 Land development revenue — — — 20,502 — 20,502 Earnings (losses) from equity method investments 10,141 — (4,134) 592 206 6,805 Income from sales of real estate 6,055 — — — — 6,055 Total revenue and other earnings 71,165 13,463 3,959 25,014 14,313 127,914 Real estate expense (7,136) — (4,428) (5,371) — (16,935) Land development cost of sales — — — (21,358) — (21,358) Other expense — (37) — — (36) (73) Allocated interest expense (26,049) (5,831) (2,289) (4,606) (3,632) (42,407) Allocated general and administrative (2) (5,161) (1,451) (582) (2,320) (4,693) (14,207) Segment profit (loss) (3) $ 32,819 $ 6,144 $ (3,340) $ (8,641) $ 5,952 $ 32,934 Other significant items: Provision for (recovery of) loan losses $ 19 $ (1,995) $ — $ — $ — $ (1,976) Provision for losses on net investment in leases 175 — — — — 175 Depreciation and amortization 12,781 — 1,287 243 310 14,621 Capitalized expenditures 1,896 — 84 5,170 — 7,150 Three Months Ended September 30, 2019: Operating lease income $ 38,006 $ — $ 6,034 $ 70 $ — $ 44,110 Interest income 789 18,912 — — — 19,701 Interest income from sales-type leases 8,339 — — — — 8,339 Other income 6,347 115 7,611 2,124 2,073 18,270 Land development revenue — — — 54,918 — 54,918 Earnings (losses) from equity method investments 2,848 — 4,875 (301) 195 7,617 Income from sales of real estate 3,458 — 18 — — 3,476 Total revenue and other earnings 59,787 19,027 18,538 56,811 2,268 156,431 Real estate expense (6,460) — (9,314) (7,413) — (23,187) Land development cost of sales — — — (48,101) — (48,101) Other expense — (49) — — (358) (407) Allocated interest expense (25,176) (6,902) (2,393) (5,268) (6,783) (46,522) Allocated general and administrative (2) (6,887) (2,035) (727) (3,019) (4,702) (17,370) Segment profit (loss) (3) $ 21,264 $ 10,041 $ 6,104 $ (6,990) $ (9,575) $ 20,844 Other significant items: Recovery of loan losses $ — $ (3,805) $ — $ — $ — $ (3,805) Depreciation and amortization 12,409 — 1,244 243 303 14,199 Capitalized expenditures 7,846 — 2,816 20,536 — 31,198 Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total Nine Months Ended September 30, 2020: Operating lease income $ 124,109 $ — $ 16,153 $ 267 $ — $ 140,529 Interest income 2,594 44,331 — — — 46,925 Interest income from sales-type leases 25,010 — — — — 25,010 Other income 13,468 4,249 6,605 5,558 26,332 56,212 Land development revenue — — — 116,254 — 116,254 Earnings (losses) from equity method investments 38,472 — (11,741) 1,225 (1,953) 26,003 Income from sales of real estate 6,056 — 62 — — 6,118 Total revenue and other earnings 209,709 48,580 11,079 123,304 24,379 417,051 Real estate expense (19,497) — (16,600) (17,611) — (53,708) Land development cost of sales — — — (114,704) — (114,704) Other expense — (80) — — (271) (351) Allocated interest expense (74,915) (17,989) (6,731) (13,598) (14,515) (127,748) Allocated general and administrative (2) (17,327) (5,123) (1,966) (7,524) (14,523) (46,463) Segment profit (loss) (3) $ 97,970 $ 25,388 $ (14,218) $ (30,133) $ (4,930) $ 74,077 Other significant non-cash items: Provision for loan losses $ 212 $ 3,881 $ — $ — $ — $ 4,093 Provision for losses on net investment in leases 2,001 — — — — 2,001 Impairment of assets 2,036 — 2,983 1,472 — 6,491 Depreciation and amortization 37,924 — 3,843 729 911 43,407 Capitalized expenditures 8,913 — 1,421 25,222 — 35,556 Nine Months Ended September 30, 2019: Operating lease income $ 136,150 $ — $ 21,844 $ 216 $ — $ 158,210 Interest income 1,197 59,220 — — — 60,417 Interest income from sales-type leases 12,157 — — — — 12,157 Other income 12,705 2,836 13,960 6,877 6,755 43,133 Land development revenue — — — 76,691 — 76,691 Earnings (losses) from equity method investments 13,660 — (166) 2,910 162 16,566 Selling profit from sales-type leases 180,416 — — — — 180,416 Income from sales of real estate 223,200 — 10,206 — — 233,406 Total revenue and other earnings 579,485 62,056 45,844 86,694 6,917 780,996 Real estate expense (18,335) — (28,646) (24,184) — (71,165) Land development cost of sales — — — (71,785) — (71,785) Other expense — (359) — — (12,439) (12,798) Allocated interest expense (70,548) (23,251) (7,859) (15,888) (19,305) (136,851) Allocated general and administrative (2) (19,299) (6,523) (2,214) (9,199) (14,583) (51,818) Segment profit (loss) (3) $ 471,303 $ 31,923 $ 7,125 $ (34,362) $ (39,410) $ 436,579 Other significant non-cash items: Recovery of loan losses $ — $ (3,792) $ — $ — $ — $ (3,792) Impairment of assets — — 3,853 1,100 — 4,953 Depreciation and amortization 38,242 — 3,701 733 910 43,586 Capitalized expenditures 12,707 — 4,878 86,029 — 103,614 Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total As of September 30, 2020 Real estate, net $ 1,288,931 $ — $ 198,164 $ — $ — $ 1,487,095 Real estate available and held for sale — — 5,519 — — 5,519 Total real estate 1,288,931 — 203,683 — — 1,492,614 Net investment in leases 420,417 — — — — 420,417 Land and development, net — — — 488,916 — 488,916 Loans receivable and other lending investments, net 44,528 720,545 — — — 765,073 Other investments 959,201 — 61,315 30,357 72,220 1,123,093 Total portfolio assets $ 2,713,077 $ 720,545 $ 264,998 $ 519,273 $ 72,220 4,290,113 Cash and other assets 598,010 Total assets $ 4,888,123 As of December 31, 2019 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 $5.7 million and $26.7 million for the three and nine months ended September 30, 2020, respectively, and $6.7 million and $20.7 million for the three and nine months ended September 30, 2019, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Segment profit $ 32,934 $ 20,844 $ 74,077 $ 436,579 Less: Recovery of (provision for) loan losses 1,976 3,805 (4,093) 3,792 Less: Provision for losses on net investment in leases (175) — (2,001) — Less: Impairment of assets — — (6,491) (4,953) Less: Stock-based compensation expense (5,661) (6,740) (26,675) (20,694) Less: Depreciation and amortization (14,621) (14,199) (43,407) (43,586) Less: Income tax expense (78) (84) (165) (323) Less: Loss on early extinguishment of debt, net (7,924) — (12,038) (468) Net income (loss) $ 6,451 $ 3,626 $ (20,793) $ 370,347

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Adoption of Accounting Standards Updates and New Accounting Pronouncements	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. New Accounting Pronouncements — In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"). ASU 2020-06 was issued to reduce the complexity associated with applying current accounting guidance for certain financial instruments with characteristics of both liabilities and equity. ASU 2020-06 removes certain separation models under ASC 470-20 so that a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. In addition, ASU 2020-06 requires that the if-converted method be used for all convertibles and that the treasury stock method no longer be used. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact of ASU 2020-06 on the Company’s consolidated financial statements.
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. 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. 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 own 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) interest payments become 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 on a non-performing loan or sales-type lease if the Company determines that the collateral fair value less costs to sell is less than the carrying value of the 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

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 ($ in thousands): As of September 30, December 31, ASSETS Real estate Real estate, at cost $ 898,733 $ 891,000 Less: accumulated depreciation (55,785) (37,542) Real estate, net 842,948 853,458 Land and development, net 249,585 273,617 Other investments 39 45 Cash and cash equivalents 29,933 19,112 Accrued interest and operating lease income receivable, net 1,154 1,208 Deferred operating lease income receivable, net 26,998 19,547 Deferred expenses and other assets, net 126,573 134,117 Total assets $ 1,277,230 $ 1,301,104 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 118,786 $ 107,455 Debt obligations, net 490,987 482,918 Total liabilities 609,773 590,373

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 Land, at cost $ 188,418 $ 106,187 $ 294,605 Buildings and improvements, at cost 1,340,832 109,176 1,450,008 Less: accumulated depreciation (240,319) (17,199) (257,518) Real estate, net (1) 1,288,931 198,164 1,487,095 Real estate available and held for sale (2) — 5,519 5,519 Total real estate $ 1,288,931 $ 203,683 $ 1,492,614 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 September 30, 2020 and December 31, 2019, real estate, net included $760.4 million and $768.6 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). During the nine months ended September 30, 2020, the Company's largest net lease tenant contributed 11.9% of total revenues.

Net Investment in Leases (Table

Net Investment in Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of net investment in leases	The Company's net investment in leases were comprised of the following as of September 30, 2020 and December 31, 2019 ($ in thousands): September 30, 2020 December 31, 2019 Total undiscounted cash flows $ 1,020,921 $ 1,042,019 Unguaranteed estimated residual value 345,815 340,620 Present value discount (935,206) (963,724) Allowance for losses on net investment in leases (11,113) — Net investment in leases (1) $ 420,417 $ 418,915 _______________________________________________________________________________ (1) As of September 30, 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 September 30, 2020, the risk rating on the Company's net investment in leases was 2.0 (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 September 30, 2020, are as follows by year ($ in thousands): Amount 2020 (remaining three months) $ — 2021 14,248 2022 30,481 2023 41,855 2024 41,584 Thereafter 892,753 Total undiscounted cash flows $ 1,020,921
Schedule of 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 and nine months ended September 30, 2020 were as follows ($ in thousands): Three Months Nine Months Reserve for losses on net investment in leases at beginning of period $ 10,937 $ — Initial allowance recorded upon adoption of new accounting standard (1) — 9,111 Provision for losses on net investment in leases (2) 176 2,002 Allowance for losses on net investment in leases at end of period $ 11,113 $ 11,113 _________________________________________________________ (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 and nine months ended September 30, 2020, the Company recorded an allowance for losses on net investment in leases of $0.2 million and $2.0 million, respectively, primarily resulting from the macroeconomic impact of COVID-19 on commercial real estate markets and the adoption of ASU 2016-13 (refer to Note 3).

Land and Development (Tables)

Land and Development (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, 2020 2019 Land and land development, at cost $ 499,231 $ 590,153 Less: accumulated depreciation (10,315) (9,608) Total land and development, net $ 488,916 $ 580,545

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, Construction loans Senior mortgages $ 467,774 $ 518,992 Corporate/Partnership loans 85,032 95,394 Subtotal - gross carrying value of construction loans (1) 552,806 614,386 Loans Senior mortgages 52,855 53,592 Corporate/Partnership loans 21,845 24,424 Subordinate mortgages 11,445 10,877 Subtotal - gross carrying value of loans 86,145 88,893 Other lending investments Financing receivables (refer to Note 5) 45,704 44,339 Held-to-maturity debt securities 89,234 84,981 Available-for-sale debt securities 24,631 23,896 Subtotal - other lending investments 159,569 153,216 Total gross carrying value of loans receivable and other lending investments 798,520 856,495 Allowance for loan losses (33,447) (28,634) Total loans receivable and other lending investments, net $ 765,073 $ 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 September 30, 2020 ($ in thousands): General Allowance Construction Loans Held to Financing Receivables Specific Total Allowance for loan losses at beginning of period $ 11,736 $ 905 $ 111 $ 1,159 $ 21,701 $ 35,612 (Recovery of) provision for loan losses (1) (2,598) (427) (56) 17 899 (2,165) Allowance for loan losses at end of period $ 9,138 $ 478 $ 55 $ 1,176 $ 22,600 $ 33,447 ____________________________________________________________ (1) During the three months ended September 30, 2020, the Company recorded a recovery of loan losses of $2.0 million in its consolidated statement of operations resulting from the reversal of CECL allowances on loans that repaid in full in the third quarter 2020 and a more favorable economic outlook on commercial real estate markets in the third quarter 2020 as compared to the second quarter 2020. Of this amount, $0.7 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net." Changes in the Company's allowance for loan losses were as follows for the nine months ended September 30, 2020 ($ in thousands): General Allowance Construction Loans Held to Financing Receivables Specific 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) 2,823 115 35 212 899 4,084 Allowance for loan losses at end of period $ 9,138 $ 478 $ 55 $ 1,176 $ 22,600 $ 33,447 ____________________________________________________________ (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 nine months ended September 30, 2020, the Company recorded a provision for loan losses of $4.1 million in its consolidated statement of operations resulting from the macroeconomic impact of COVID-19 on commercial real estate markets, of which $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net."
Schedule of recorded investment in loans and associated allowance for loan losses	The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of September 30, 2020 and December 31, 2019 ($ in thousands): Individually Evaluated for Impairment (1) Collectively Total As of September 30, 2020 Construction loans (2) $ 50,257 $ 502,549 $ 552,806 Loans (2) 37,020 49,125 86,145 Financing receivables — 45,704 45,704 Held-to-maturity debt securities — 89,234 89,234 Available-for-sale debt securities (3) — 24,631 24,631 Less: Allowance for loan losses (22,600) (10,847) (33,447) Total $ 64,677 $ 700,396 $ 765,073 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 these loans includes an unamortized discount of $0.6 million and $0.1 million as of September 30, 2020 and December 31, 2019, respectively. The Company's loans individually evaluated for impairment represents two loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.3 million and $0.7 million as of September 30, 2020 and December 31, 2019, respectively.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company's amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of September 30, 2020 were as follows ($ in thousands): Year of Origination 2020 2019 2018 2017 2016 Prior to 2016 Total Senior mortgages Risk rating 1.0 $ — $ — $ — $ — $ — $ — $ — 1.5 — — — — — — — 2.0 — — — — — — — 2.5 — — 123,519 — — — 123,519 3.0 — 13,296 106,465 144,011 41,931 4,130 309,833 3.5 — — — — — — — 4.0 — — — — — — — 4.5 — — — — — — — 5.0 — — — — — — — Subtotal (1) $ — $ 13,296 $ 229,984 $ 144,011 $ 41,931 $ 4,130 $ 433,352 Corporate/partnership loans Risk rating 1.0 $ — $ — $ 16,404 $ — $ — $ — $ 16,404 1.5 — — — — — — — 2.0 — — — — — — 2.5 — — — — — — — 3.0 — 1,504 25,194 — — — 26,698 3.5 — — — — — — — 4.0 — — 21,844 — 41,931 — 63,775 4.5 — — — — — — — 5.0 — — — — — — — Subtotal $ — $ 1,504 $ 63,442 $ — $ 41,931 $ — $ 106,877 Subordinate mortgages Risk rating 1.0 $ — $ — $ — $ — $ — $ — $ — 1.5 — — — — — — — 2.0 — — — — — — — 2.5 — — — — — — — 3.0 — — — — — 11,445 11,445 3.5 — — — — — — — 4.0 — — — — — — — 4.5 — — — — — — — 5.0 — — — — — — — Subtotal $ — $ — $ — $ — $ — $ 11,445 $ 11,445 Financing receivables Risk rating 1.0 $ — $ — $ — $ — $ — $ — $ — 1.5 — — — — — — — 2.0 — 45,704 — — — — 45,704 2.5 — — — — — — — 3.0 — — — — — — — 3.5 — — — — — — — 4.0 — — — — — — — 4.5 — — — — — — — 5.0 — — — — — — — Subtotal $ — $ 45,704 $ — $ — $ — $ — $ 45,704 Total $ — $ 60,504 $ 293,426 $ 144,011 $ 83,862 $ 15,575 $ 597,378 ____________________________________________________________
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 Greater Than 90 Days (1) Total Total As of September 30, 2020 Senior mortgages $ 483,609 $ — $ 37,020 $ 37,020 $ 520,629 Corporate/Partnership loans 106,877 — — — 106,877 Subordinate mortgages 11,445 — — — 11,445 Total $ 601,931 $ — $ 37,020 $ 37,020 $ 638,951 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 _______________________________________________________________________________
Schedule of recorded investment in impaired loans	The Company's impaired loans were as follows ($ in thousands): As of September 30, 2020 As of December 31, 2019 Amortized Unpaid Related Amortized Unpaid Related With an allowance recorded: Senior mortgages (1) $ 87,277 $ 86,627 $ (22,600) $ 37,820 $ 37,923 $ (21,701) Total $ 87,277 $ 86,627 $ (22,600) $ 37,820 $ 37,923 $ (21,701) ____________________________________________________________ (1) The Company has two non-accrual loans as of September 30, 2020 and one non-accrual loan as of December 31, 2019 that are considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the three and nine months ended September 30, 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 September 30, 2020 Available-for-Sale Securities Municipal debt securities $ 20,680 $ 20,680 $ 3,951 $ 24,631 $ 24,631 Held-to-Maturity Securities Debt securities 100,000 89,234 — 89,234 89,234 Total $ 120,680 $ 109,914 $ 3,951 $ 113,865 $ 113,865 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 September 30, 2020 Available-for-Sale Securities Municipal debt securities $ 20,680 $ 20,680 $ 3,951 $ 24,631 $ 24,631 Held-to-Maturity Securities Debt securities 100,000 89,234 — 89,234 89,234 Total $ 120,680 $ 109,914 $ 3,951 $ 113,865 $ 113,865 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 September 30, 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 89,234 89,234 — — After 5 years through 10 years — — — — After 10 years — — 20,680 24,631 Total $ 89,234 $ 89,234 $ 20,680 $ 24,631

Other Investments (Tables)

Other Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Schedule of other investments and proportionate share of earnings from equity method investments	The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands): Earnings (Losses) from Equity Method Investments (1) Carrying Value For the Three Months Ended September 30, For the Nine Months September 30, 2020 December 31, 2019 2020 2019 2020 2019 Real estate equity investments Safehold Inc. ("SAFE") (2) $ 855,925 $ 729,357 $ 9,331 $ 2,946 $ 36,905 $ 14,076 iStar Net Lease II LLC ("Net Lease Venture II") 103,276 30,712 811 (98) 1,568 (416) Other real estate equity investments 91,672 104,553 (3,542) 4,574 (10,517) 2,744 Subtotal 1,050,873 864,622 6,600 7,422 27,956 16,404 Other strategic investments (3) 72,220 43,253 205 195 (1,953) 162 Total $ 1,123,093 $ 907,875 $ 6,805 $ 7,617 $ 26,003 $ 16,566 ____________________________________________________________ (1) For the three months ended September 30, 2020 and 2019, earnings (losses) from equity method investments is net of the Company's pro rata share of $4.6 million and $3.5 million, respectively, of depreciation expense and $14.6 million and $8.2 million, respectively, of interest expense. For the nine months ended September 30, 2020 and 2019, earnings (losses) from equity method investments is net of the Company's pro rata share of $13.4 million and $10.7 million, respectively, of depreciation expense and $44.0 million and $21.6 million, respectively, of interest expense. (2) As of September 30, 2020, the Company owned 33.7 million shares of SAFE common stock which, based on the closing price of $62.10 on September 30, 2020, had a market value of $2.1 billion. For the nine months ended September 30, 2020, equity in earnings includes a dilution gain of $7.9 million resulting from a SAFE equity offering in March 2020. (3) During the three and nine months ended September 30, 2020, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains of $14.0 million and $23.9 million, respectively, in "Other income" in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2019, equity in earnings (losses) includes $8.2 million of income resulting from the sale of a property at one of the Company's equity method investments.
Schedule of summarized financial information	The following table presents the investee level summarized financial information of the Company's equity method investments that were significant as of September 30, 2020 ($ in thousands): Revenues Expenses Net Income Attributable to Parent For the Nine Months Ended September 30, 2020 SAFE $ 115,518 $ 73,821 $ 44,024 For the Nine Months Ended September 30, 2019 SAFE $ 63,810 $ 38,480 $ 16,574

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 December 31, 2019 Intangible assets, net (1) $ 158,976 $ 174,973 Restricted cash 47,787 45,034 Finance lease right-of-use assets (2) 144,097 145,209 Operating lease right-of-use assets (2) 50,371 34,063 Other assets (3) 21,114 17,534 Other receivables 16,997 16,846 Leasing costs, net (4) 2,830 3,793 Corporate furniture, fixtures and equipment, net (5) 2,204 2,736 Deferred financing fees, net 1,769 2,300 Deferred expenses and other assets, net $ 446,145 $ 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 $42.2 million and $33.4 million as of September 30, 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 $0.3 million and $0.4 million for the three months ended September 30, 2020 and 2019, respectively, and $1.0 million and $1.4 million for the nine months ended September 30, 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 $2.6 million and $2.4 million for the three months ended September 30, 2020 and 2019, respectively, and $7.9 million and $6.9 million for the nine months ended September 30, 2020 and 2019, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of September 30, 2020, the weighted average amortization period for the Company's intangible assets was approximately 16.9 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 8.5 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 97.2 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 September 30, 2020 and 2019, the Company recognized $2.0 million and $1.7 million, respectively, in "Interest expense" and $0.4 million and $0.3 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the nine months ended September 30, 2020 and 2019, the Company recognized $6.1 million and $3.0 million, respectively, in "Interest expense" and $1.1 million and $0.5 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. During the three months ended September 30, 2020 and 2019, the Company recognized $1.2 million and $0.9 million, respectively, in "General and administrative" and $0.9 million and $0.9 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. During the nine months ended September 30, 2020 and 2019, the Company recognized $3.4 million and $2.8 million, respectively, in "General and administrative" and $2.6 million and $2.6 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 $2.5 million and $3.3 million as of September 30, 2020 and December 31, 2019, respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $14.0 million and $13.1 million as of September 30, 2020 and December 31, 2019, respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2020 December 31, 2019 Other liabilities (1) $ 81,422 81,709 Accrued expenses 84,742 83,778 Finance lease liabilities (see table above) 149,823 147,749 Intangible liabilities, net (2) 49,361 51,223 Operating lease liabilities (see table above) 51,223 34,182 Accrued interest payable 28,385 25,733 Accounts payable, accrued expenses and other liabilities $ 444,956 $ 424,374 _______________________________________________________________________________ (1) As of September 30, 2020 and December 31, 2019, other liabilities includes $26.8 million and $27.5 million, respectively, of deferred income. As of September 30, 2020 and December 31, 2019, other liabilities includes $20.8 million and $8.7 million, respectively, of derivative liabilities. As of September 30, 2020, other liabilities includes $1.7 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 $6.9 million and $5.0 million as of September 30, 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 $0.7 million for the three months ended September 30, 2020 and 2019, respectively, and $1.9 million and $1.8 million for the nine months ended September 30, 2020 and 2019, respectively.

Loan Participations Payable, _2

Loan Participations Payable, net (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 December 31, 2019 Loan participations payable (1) $ 41,941 $ 35,656 Debt premiums, discounts and deferred financing costs, net (10) (18) Total loan participations payable, net $ 41,931 $ 35,638 _______________________________________________________________________________

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled September 30, 2020 December 31, 2019 Secured credit facilities and mortgages: Revolving Credit Facility $ 20,000 $ — 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) 724,836 721,118 1.70% - 7.26% (3) Total secured credit facilities and mortgages 1,236,711 1,212,993 Unsecured notes: 6.00% senior notes (4) — 110,545 6.00% — 5.25% senior notes (5) — 400,000 5.25% — 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 5.50% senior notes (9) 400,000 — 5.50% February 2026 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 3,349,211 3,436,038 Debt discounts and deferred financing costs, net (41,528) (48,958) Total debt obligations, net (10) $ 3,307,683 $ 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 September 30, 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 repaid these senior notes in September 2020. (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 September 30, 2020 was 69.7134 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.34 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 September 30, 2020, the carrying value of the 3.125% Convertible Notes was $273.5 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $11.6 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 September 30, 2020 and 2019, the Company recognized $2.2 million and $2.2 million, respectively, of contractual interest and $1.3 million and $1.3 million, respectively, of discount amortization on the 3.125% Convertible Notes. During the nine months ended September 30, 2020 and 2019, the Company recognized $6.7 million and $6.7 million, respectively, of contractual interest and $3.9 million and $3.7 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 can prepay these senior notes without penalty beginning August 15, 2024. (10) The Company capitalized interest relating to development activities of $0.5 million and $0.5 million during the three months ended September 30, 2020 and 2019, respectively, and $1.6 million and $6.9 million during the nine months ended September 30, 2020 and 2019, respectively.
Schedule of future scheduled maturities of outstanding debt obligations	As of September 30, 2020, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2020 (remaining three months) $ — $ — $ — 2021 — 156,891 156,891 2022 287,500 67,074 354,574 2023 — 491,875 491,875 2024 775,000 — 775,000 Thereafter 1,050,000 520,871 1,570,871 Total principal maturities 2,112,500 1,236,711 3,349,211 Unamortized discounts and deferred financing costs, net (35,081) (6,447) (41,528) Total debt obligations, net $ 2,077,419 $ 1,230,264 $ 3,307,683

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of September 30, 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 Other Total Performance-Based Commitments $ 83,423 $ 14,726 $ 27,902 $ 126,051 Strategic Investments — — 9,967 9,967 Total $ 83,423 $ 14,726 $ 37,869 $ 136,018 _______________________________________________________________________________ (1) Excludes $8.0 million of commitments on loan participations sold that are not the obligation of the Company.
Schedule of future minimum lease obligations - operating leases	Future minimum lease obligations under operating and finance leases as of September 30, 2020 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 (remaining three months) $ 1,065 $ 1,357 2021 3,797 5,494 2022 6,756 5,604 2023 6,393 5,716 2024 6,309 5,830 Thereafter 6,793 1,573,773 Total undiscounted cash flows 31,113 1,597,774 Present value discount (1) (4,103) (1,447,951) Other adjustments (2) 24,213 — Lease liabilities $ 51,223 $ 149,823 _______________________________________________________________________________ (1) During the three months ended September 30, 2020 and 2019, the Company made payments of $1.0 million and $1.0 million, respectively, related to its operating leases and $1.4 million and $1.1 million, respectively, related to its finance leases. During the nine months ended September 30, 2020 and 2019, the Company made payments of $3.2 million and $3.0 million, respectively, related to its operating leases and $4.0 million and $2.0 million, respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.8 years and the weighted average discount rate was 5.0%. The weighted average lease term for the Company's finance leases was 97.2 years and the weighted average discount rate was 5.5%. (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ 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 weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. The weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%. (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 September 30, 2020 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2020 (remaining three months) $ 1,065 $ 1,357 2021 3,797 5,494 2022 6,756 5,604 2023 6,393 5,716 2024 6,309 5,830 Thereafter 6,793 1,573,773 Total undiscounted cash flows 31,113 1,597,774 Present value discount (1) (4,103) (1,447,951) Other adjustments (2) 24,213 — Lease liabilities $ 51,223 $ 149,823 _______________________________________________________________________________ (1) During the three months ended September 30, 2020 and 2019, the Company made payments of $1.0 million and $1.0 million, respectively, related to its operating leases and $1.4 million and $1.1 million, respectively, related to its finance leases. During the nine months ended September 30, 2020 and 2019, the Company made payments of $3.2 million and $3.0 million, respectively, related to its operating leases and $4.0 million and $2.0 million, respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.8 years and the weighted average discount rate was 5.0%. The weighted average lease term for the Company's finance leases was 97.2 years and the weighted average discount rate was 5.5%. (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ 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 weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. The weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%. (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)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 ($ in thousands): (1) Derivative Assets Derivative Liabilities As of September 30, 2020 Balance Sheet Fair Balance Sheet Fair Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ — Accounts payable, accrued expenses and other liabilities $ 20,818 Total $ — $ 20,818 Derivative Assets Derivative Liabilities As of December 31, 2019 Balance Sheet Fair Balance Sheet Fair 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 _________________________________________________________
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) Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended September 30, 2020 Interest rate swaps Earnings from equity method investments $ 598 $ (333) Interest rate swaps Interest expense (401) (2,038) For the Three Months Ended September 30, 2019 Interest rate swaps Interest Expense (3,009) (539) Interest rate swaps Earnings from equity method investments (6,082) (126) For the Nine Months Ended September 30, 2020 Interest rate swaps Earnings from equity method investments (15,559) (866) Interest rate swaps Interest expense (15,371) (4,926) For the Nine Months Ended September 30, 2019 Interest rate swaps Interest Expense (23,781) (957) Interest rate swaps Earnings from equity method investments (21,309) 28

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Par Value Liquidation Preference (3) Rate per Annum Annual Carrying Value 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 (2) The Company declared and paid dividends of $6.0 million, $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the nine months ended September 30, 2020 and 2019. The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 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 September 30, 2020 December 31, 2019 Unrealized gains on available-for-sale securities $ 3,951 $ 2,756 Unrealized losses on cash flow hedges (56,863) (37,264) Unrealized losses on cumulative translation adjustment (4,199) (4,199) Accumulated other comprehensive loss $ (57,111) $ (38,707)

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans and Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020. iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 81.17 73.28 77.27 Forfeited (1.00) (2.88) (3.93) Points at end of period 80.17 70.40 73.34
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 nine months ended September 30, 2020, is as follows (in thousands): Nonvested at beginning of period 598 Granted 181 Vested (109) Nonvested at end of period 670

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of 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 September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Net income (loss) $ 6,451 $ 3,626 $ (20,793) $ 370,347 Net income attributable to noncontrolling interests (2,646) (2,845) (8,435) (8,168) Preferred dividends (5,874) (8,124) (17,622) (24,372) Net income (loss) allocable to common shareholders for basic earnings per common share $ (2,069) $ (7,343) $ (46,850) $ 337,807 Add: Effect of Series J convertible perpetual preferred stock — — — 6,750 Net income (loss) allocable to common shareholders for diluted earnings per common share $ (2,069) $ (7,343) $ (46,850) $ 344,557
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Earnings allocable to common shares: Numerator for basic earnings per share: Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (2,069) $ (7,343) $ (46,850) $ 337,807 Numerator for diluted earnings per share: Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (2,069) $ (7,343) $ (46,850) $ 344,557 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 75,033 62,168 76,232 64,624 Add: Effect of assumed shares issued under treasury stock method for restricted stock units — — — 114 Add: Effect of series J convertible perpetual preferred stock — — — 16,138 Weighted average common shares outstanding for diluted earnings per common share 75,033 62,168 76,232 80,876 Basic earnings per common share: Net income (loss) allocable to common shareholders $ (0.03) $ (0.12) $ (0.61) $ 5.23 Diluted earnings per common share: (1) Net income (loss) allocable to common shareholders $ (0.03) $ (0.12) $ (0.61) $ 4.26 ____________________________________________________________

Fair Values (Tables)

Fair Values (Tables)	9 Months Ended
	Sep. 30, 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 Significant other Significant As of September 30, 2020 Recurring basis: Derivative liabilities (1) $ 20,818 $ — $ 20,818 $ — Available-for-sale securities (1) 24,631 — — 24,631 Non-recurring basis: Other investments (2) 62,961 — 62,961 — 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 September 30, 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 $40.0 million. The estimated fair values are based on expected sales proceeds.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the nine months ended September 30, 2020 and 2019 ($ in thousands): 2020 2019 Beginning balance $ 23,896 $ 21,661 Repayments (460) (45) Unrealized gains recorded in other comprehensive income 1,195 2,486 Ending balance $ 24,631 $ 24,102

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020: Operating lease income $ 41,144 $ — $ 5,137 $ 89 $ — $ 46,370 Interest income 911 13,359 — — — 14,270 Interest income from sales-type leases 8,360 — — — — 8,360 Other income 4,554 104 2,956 3,831 14,107 25,552 Land development revenue — — — 20,502 — 20,502 Earnings (losses) from equity method investments 10,141 — (4,134) 592 206 6,805 Income from sales of real estate 6,055 — — — — 6,055 Total revenue and other earnings 71,165 13,463 3,959 25,014 14,313 127,914 Real estate expense (7,136) — (4,428) (5,371) — (16,935) Land development cost of sales — — — (21,358) — (21,358) Other expense — (37) — — (36) (73) Allocated interest expense (26,049) (5,831) (2,289) (4,606) (3,632) (42,407) Allocated general and administrative (2) (5,161) (1,451) (582) (2,320) (4,693) (14,207) Segment profit (loss) (3) $ 32,819 $ 6,144 $ (3,340) $ (8,641) $ 5,952 $ 32,934 Other significant items: Provision for (recovery of) loan losses $ 19 $ (1,995) $ — $ — $ — $ (1,976) Provision for losses on net investment in leases 175 — — — — 175 Depreciation and amortization 12,781 — 1,287 243 310 14,621 Capitalized expenditures 1,896 — 84 5,170 — 7,150 Three Months Ended September 30, 2019: Operating lease income $ 38,006 $ — $ 6,034 $ 70 $ — $ 44,110 Interest income 789 18,912 — — — 19,701 Interest income from sales-type leases 8,339 — — — — 8,339 Other income 6,347 115 7,611 2,124 2,073 18,270 Land development revenue — — — 54,918 — 54,918 Earnings (losses) from equity method investments 2,848 — 4,875 (301) 195 7,617 Income from sales of real estate 3,458 — 18 — — 3,476 Total revenue and other earnings 59,787 19,027 18,538 56,811 2,268 156,431 Real estate expense (6,460) — (9,314) (7,413) — (23,187) Land development cost of sales — — — (48,101) — (48,101) Other expense — (49) — — (358) (407) Allocated interest expense (25,176) (6,902) (2,393) (5,268) (6,783) (46,522) Allocated general and administrative (2) (6,887) (2,035) (727) (3,019) (4,702) (17,370) Segment profit (loss) (3) $ 21,264 $ 10,041 $ 6,104 $ (6,990) $ (9,575) $ 20,844 Other significant items: Recovery of loan losses $ — $ (3,805) $ — $ — $ — $ (3,805) Depreciation and amortization 12,409 — 1,244 243 303 14,199 Capitalized expenditures 7,846 — 2,816 20,536 — 31,198 Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total Nine Months Ended September 30, 2020: Operating lease income $ 124,109 $ — $ 16,153 $ 267 $ — $ 140,529 Interest income 2,594 44,331 — — — 46,925 Interest income from sales-type leases 25,010 — — — — 25,010 Other income 13,468 4,249 6,605 5,558 26,332 56,212 Land development revenue — — — 116,254 — 116,254 Earnings (losses) from equity method investments 38,472 — (11,741) 1,225 (1,953) 26,003 Income from sales of real estate 6,056 — 62 — — 6,118 Total revenue and other earnings 209,709 48,580 11,079 123,304 24,379 417,051 Real estate expense (19,497) — (16,600) (17,611) — (53,708) Land development cost of sales — — — (114,704) — (114,704) Other expense — (80) — — (271) (351) Allocated interest expense (74,915) (17,989) (6,731) (13,598) (14,515) (127,748) Allocated general and administrative (2) (17,327) (5,123) (1,966) (7,524) (14,523) (46,463) Segment profit (loss) (3) $ 97,970 $ 25,388 $ (14,218) $ (30,133) $ (4,930) $ 74,077 Other significant non-cash items: Provision for loan losses $ 212 $ 3,881 $ — $ — $ — $ 4,093 Provision for losses on net investment in leases 2,001 — — — — 2,001 Impairment of assets 2,036 — 2,983 1,472 — 6,491 Depreciation and amortization 37,924 — 3,843 729 911 43,407 Capitalized expenditures 8,913 — 1,421 25,222 — 35,556 Nine Months Ended September 30, 2019: Operating lease income $ 136,150 $ — $ 21,844 $ 216 $ — $ 158,210 Interest income 1,197 59,220 — — — 60,417 Interest income from sales-type leases 12,157 — — — — 12,157 Other income 12,705 2,836 13,960 6,877 6,755 43,133 Land development revenue — — — 76,691 — 76,691 Earnings (losses) from equity method investments 13,660 — (166) 2,910 162 16,566 Selling profit from sales-type leases 180,416 — — — — 180,416 Income from sales of real estate 223,200 — 10,206 — — 233,406 Total revenue and other earnings 579,485 62,056 45,844 86,694 6,917 780,996 Real estate expense (18,335) — (28,646) (24,184) — (71,165) Land development cost of sales — — — (71,785) — (71,785) Other expense — (359) — — (12,439) (12,798) Allocated interest expense (70,548) (23,251) (7,859) (15,888) (19,305) (136,851) Allocated general and administrative (2) (19,299) (6,523) (2,214) (9,199) (14,583) (51,818) Segment profit (loss) (3) $ 471,303 $ 31,923 $ 7,125 $ (34,362) $ (39,410) $ 436,579 Other significant non-cash items: Recovery of loan losses $ — $ (3,792) $ — $ — $ — $ (3,792) Impairment of assets — — 3,853 1,100 — 4,953 Depreciation and amortization 38,242 — 3,701 733 910 43,586 Capitalized expenditures 12,707 — 4,878 86,029 — 103,614 Net Real Estate Finance Operating Properties Land and Development Corporate/Other (1) Company Total As of September 30, 2020 Real estate, net $ 1,288,931 $ — $ 198,164 $ — $ — $ 1,487,095 Real estate available and held for sale — — 5,519 — — 5,519 Total real estate 1,288,931 — 203,683 — — 1,492,614 Net investment in leases 420,417 — — — — 420,417 Land and development, net — — — 488,916 — 488,916 Loans receivable and other lending investments, net 44,528 720,545 — — — 765,073 Other investments 959,201 — 61,315 30,357 72,220 1,123,093 Total portfolio assets $ 2,713,077 $ 720,545 $ 264,998 $ 519,273 $ 72,220 4,290,113 Cash and other assets 598,010 Total assets $ 4,888,123 As of December 31, 2019 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 $5.7 million and $26.7 million for the three and nine months ended September 30, 2020, respectively, and $6.7 million and $20.7 million for the three and nine months ended September 30, 2019, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Segment profit $ 32,934 $ 20,844 $ 74,077 $ 436,579 Less: Recovery of (provision for) loan losses 1,976 3,805 (4,093) 3,792 Less: Provision for losses on net investment in leases (175) — (2,001) — Less: Impairment of assets — — (6,491) (4,953) Less: Stock-based compensation expense (5,661) (6,740) (26,675) (20,694) Less: Depreciation and amortization (14,621) (14,199) (43,407) (43,586) Less: Income tax expense (78) (84) (165) (323) Less: Loss on early extinguishment of debt, net (7,924) — (12,038) (468) Net income (loss) $ 6,451 $ 3,626 $ (20,793) $ 370,347
Schedule of reconciliation of segment profit to income (loss)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Segment profit $ 32,934 $ 20,844 $ 74,077 $ 436,579 Less: Recovery of (provision for) loan losses 1,976 3,805 (4,093) 3,792 Less: Provision for losses on net investment in leases (175) — (2,001) — Less: Impairment of assets — — (6,491) (4,953) Less: Stock-based compensation expense (5,661) (6,740) (26,675) (20,694) Less: Depreciation and amortization (14,621) (14,199) (43,407) (43,586) Less: Income tax expense (78) (84) (165) (323) Less: Loss on early extinguishment of debt, net (7,924) — (12,038) (468) Net income (loss) $ 6,451 $ 3,626 $ (20,793) $ 370,347

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Sep. 30, 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	Sep. 30, 2020	Dec. 31, 2019
Real estate
Real estate, at cost	$ 1,744,613	$ 1,761,079
Less: accumulated depreciation	(257,518)	(233,860)
Real estate, net	1,487,095	1,527,219
Land and development, net	488,916	580,545
Other investments	1,123,093	907,875
Cash and cash equivalents	88,187	307,172
Accrued interest and operating lease income receivable, net	8,053	10,162
Deferred operating lease income receivable, net	55,625	54,222
Deferred expenses and other assets, net	446,145	442,488
Total assets	4,888,123	5,085,109
LIABILITIES
Accounts payable, accrued expenses and other liabilities	444,956	424,374
Debt obligations, net	3,307,683	3,387,080
Total liabilities	3,794,675	3,847,149
Consolidated VIEs
Real estate
Real estate, at cost	898,733	891,000
Less: accumulated depreciation	(55,785)	(37,542)
Real estate, net	842,948	853,458
Land and development, net	249,585	273,617
Other investments	39	45
Cash and cash equivalents	29,933	19,112
Accrued interest and operating lease income receivable, net	1,154	1,208
Deferred operating lease income receivable, net	26,998	19,547
Deferred expenses and other assets, net	126,573	134,117
Total assets	1,277,230	1,301,104
LIABILITIES
Accounts payable, accrued expenses and other liabilities	118,786	107,455
Debt obligations, net	490,987	482,918
Total liabilities	609,773	$ 590,373
Unconsolidated VIEs
LIABILITIES
Carrying value of the investments	140,500
Variable interest entity unfunded commitment	$ 10,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to reserves for loan losses	$ 1,700
Allowance for losses on net investment in leases at end of period	11,113	$ 10,937		$ 0
Accrued interest	$ 3,600			$ 4,200
ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to reserves for loan losses			$ 3,300
Allowance for losses on net investment in leases at end of period			$ 9,100

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Land, at cost	$ 294,605	$ 305,897
Buildings and improvements, at cost	1,450,008	1,455,182
Less: accumulated depreciation	(257,518)	(233,860)
Real estate, net	1,487,095	1,527,219
Real estate available and held for sale	5,519	8,650
Total real estate	1,492,614	1,535,869
Net Lease
Real Estate Properties [Line Items]
Land, at cost	188,418	199,710
Buildings and improvements, at cost	1,340,832	1,347,321
Less: accumulated depreciation	(240,319)	(219,949)
Real estate, net	1,288,931	1,327,082
Real estate available and held for sale	0	0
Total real estate	$ 1,288,931	1,327,082
Net Lease | Revenue Benchmark | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of revenues attributable to largest net lease tenant	11.90%
Net Lease | Net Lease Venture
Real Estate Properties [Line Items]
Real estate, net	$ 760,400	768,600
Operating Properties
Real Estate Properties [Line Items]
Land, at cost	106,187	106,187
Buildings and improvements, at cost	109,176	107,861
Less: accumulated depreciation	(17,199)	(13,911)
Real estate, net	198,164	200,137
Real estate available and held for sale	5,519	8,650
Total real estate	203,683	208,787
Residential Condominiums
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 5,500	$ 8,600

Real Estate - Net Lease Venture

Real Estate - Net Lease Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)		50.00%		50.00%
Equity method investment, partner ownership percentage	47.50%		47.50%
Revenues	$ 115,054	$ 145,338	$ 384,930	$ 350,608
Net Lease Venture | Management Fees | Other income
Schedule of Equity Method Investments [Line Items]
Revenues	$ 400	$ 400	$ 1,100	$ 1,100
Net Lease Venture | Net Lease
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	51.90%		51.90%
Equity method investment, related party ownership percentage	0.60%		0.60%
Equity method investment, related party promote fee percentage	50.00%		50.00%

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended				9 Months Ended
	Jun. 30, 2020	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate Properties [Line Items]
Acquisitions of real estate assets			$ 56,700		$ 0	$ 240,487
SAFE
Real Estate Properties [Line Items]
Ground lease term (in years)	99 years	99 years		98 years		99 years
Net Lease Asset
Real Estate Properties [Line Items]
Acquisitions of real estate assets						$ 11,500
Leasehold Interest | SAFE
Real Estate Properties [Line Items]
Acquisitions of real estate assets						98,200
Net Lease Asset Two
Real Estate Properties [Line Items]
Acquisitions of real estate assets						$ 110,600

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate [Line Items]
Net proceeds from sales of real estate			$ 42,684	$ 307,493
Impairment of assets	$ 0	$ 0	6,491	4,953
Income from sales of real estate	$ 6,055	$ 3,476	6,118	233,406
Net Lease
Real Estate [Line Items]
Net proceeds from sales of real estate			7,500
Impairment of assets			$ 1,700
Carrying value of property sold				220,400
Income from sales of real estate				219,700
Non-recourse mortgage assumed by buyer				228,000
Operating Properties
Real Estate [Line Items]
Carrying value of property sold				69,900
Income from sales of real estate				$ 10,200

Real Estate - Real Estate Avail

Real Estate - Real Estate Available and Held for Sale (Details) $ in Millions	Sep. 30, 2020USD ($)
Net Lease
Real Estate Properties [Line Items]
Real estate asset transferred to held for sale	$ 25.7

Real Estate - Impairments (Deta

Real Estate - Impairments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Real Estate Properties [Line Items]
Impairment of real estate	$ 3	$ 3.3
Impairment in connection with sale of residential condominium units		$ 0.6
Net Lease
Real Estate Properties [Line Items]
Impairment of real estate	$ 1.7

Real Estate - Tenant Reimbursem

Real Estate - Tenant Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate [Abstract]
Tenant expense reimbursements	$ 5.8	$ 4.9	$ 17.1	$ 14.8

Real Estate - Allowance for Dou

Real Estate - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 2.1	$ 1
Deferred Operating Lease
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable		$ 1

Net Investment in Leases - Narr

Net Investment in Leases - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	May 31, 2019USD ($)property	Sep. 30, 2020USD ($)lease	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Net investment in leases [Line Items]
Payments to acquire real estate assets	$ 56,700				$ 0	$ 240,487
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 proceeds from sale of lessee's facilities			$ 10,000
Term of rent deferral granted for lessee		9 months
Number of master leases | lease		2
Net investment in leases	$ 424,100	$ 420,417			420,417		$ 418,915
Selling profit from sales-type leases		0		$ 0	0	180,416
Cash interest income from sales-type leases		1,500		6,900	10,700	10,100
Noncash interest income from sales-type leases		6,900		$ 1,400	$ 14,300	$ 2,100
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	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	May 31, 2019
Leases [Abstract]
Total undiscounted cash flows	$ 1,020,921		$ 1,042,019
Unguaranteed estimated residual value	345,815		340,620
Present value discount	(935,206)		(963,724)
Allowance for losses on net investment in leases	(11,113)	$ (10,937)	0
Net investment in leases	$ 420,417		$ 418,915	$ 424,100
Risk rating	200.00%

Net Investment in Leases - Futu

Net Investment in Leases - Future Minimum Lease Payments to be Collected Under Sales-Type Leases (Details) $ in Thousands	Sep. 30, 2020USD ($)
Amount
2020 (remaining three months)	$ 0
2021	14,248
2022	30,481
2023	41,855
2024	41,584
Thereafter	892,753
Total undiscounted cash flows	$ 1,020,921

Net Investment in Leases - Allo

Net Investment in Leases - Allowance for Losses on Net Investment in Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Jan. 01, 2020
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Reserve for losses on net investment in leases at beginning of period	$ 10,937	$ 0
Initial allowance recorded upon adoption of new accounting standard	10,937	0
Provision for losses on net investment in leases	176	2,002
Allowance for losses on net investment in leases at end of period	11,113	$ 11,113
ASU 2016-13
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Initial allowance recorded upon adoption of new accounting standard			$ 9,100
Period of Adoption, Adjustment
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Reserve for losses on net investment in leases at beginning of period	0
Initial allowance recorded upon adoption of new accounting standard	$ 0		$ 9,111

Land and Development - Schedule

Land and Development - Schedule of Land and Development Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Land And Development [Abstract]
Land and land development, at cost	$ 499,231	$ 590,153
Less: accumulated depreciation	(10,315)	(9,608)
Total land and development, net	$ 488,916	$ 580,545

Land and Development - Narrativ

Land and Development - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Equity interest (as a percent)		50.00%		50.00%
Real estate transaction price				$ 34,300
Payments to acquire land and develop asset				7,300
Assumption of loan in acquisition transaction				27,000
Revenues	$ 115,054	$ 145,338	$ 384,930	350,608
Impairment of assets	0	0	6,491	4,953
Land and development asset
Property, Plant and Equipment [Line Items]
Impairment of assets			1,500	1,100
Land development revenue
Property, Plant and Equipment [Line Items]
Revenues	20,502	54,918	116,254	76,691
Cost of sales expense	$ 21,358	$ 48,101	$ 114,704	$ 71,785

Loans Receivable and Other Le_3

Loans Receivable and Other Lending Investments, net - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	$ 159,569		$ 153,216
Total gross carrying value of loans receivable and other lending investments	798,520		856,495
Allowance for loan losses	(33,447)		(28,634)
Total loans receivable and other lending investments, net	765,073		827,861
Financing receivables (refer to Note 5)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	45,704		44,339
Held-to-maturity debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	89,234		84,981
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	24,631		23,896
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	638,951		703,280
Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	520,629		572,585
Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	106,877		119,818
Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	11,445		10,877
Construction loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	552,806		614,386
Allowance for loan losses	(9,138)	$ (11,736)	(6,668)
Construction loans | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	552,806		614,386
Construction loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	467,774		518,992
Construction loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	85,032		95,394
Completed construction | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 262,100
Percentage of construction loans	47.00%
Substantially completed construction | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 22,500
Percentage of construction loans	4.00%
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 86,145		88,893
Allowance for loan losses	(478)	$ (905)	(265)
Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	52,855		53,592
Loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	21,845		24,424
Loans | Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 11,445		$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Jan. 01, 2020
Financing Receivables
Allowance for loan losses at beginning of period			$ 28,634
Adoption of new accounting	$ 33,447		28,634		$ 33,447
(Recovery of) provision for loan losses	(1,976)	$ (3,805)	4,093	$ (3,792)
Allowance for loan losses at end of period	33,447		33,447
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	111		0
Adoption of new accounting standard	55		0		55
(Recovery of) Provision for loan losses	(56)		35
Allowance for loan losses at end of period	55		55
Total
Allowance for loan losses at beginning of period	35,612		28,634
Allowance For Credit Loss	33,447		33,447		33,447
(Recovery of) Provision for loan losses	(2,165)		4,084
Allowance for loan losses at end of period	33,447		33,447
Increase to reserves for loan losses					1,700
Recovery for loan losses	2,000		4,100
Accounts Payable, Accrued Expenses, and Other Liabilities
Total
Increase to reserves for loan losses						$ 2,500
Recoveries for unfunded commitments	700		900
Accrued Interest And Operating Lease Income Receivable, Net
Financing Receivables
(Recovery of) provision for loan losses	900		900
ASU 2016-13
Total
Increase to reserves for loan losses						3,300
Period of Adoption, Adjustment
Held to Maturity Debt Securities
Adoption of new accounting standard						20
Total
Allowance For Credit Loss						729
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	11,736		6,668
Adoption of new accounting	9,138		6,668		9,138
(Recovery of) provision for loan losses	(2,598)		2,823
Allowance for loan losses at end of period	9,138		9,138
Construction Loans | Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting						(353)
Loans
Financing Receivables
Allowance for loan losses at beginning of period	905		265
Adoption of new accounting	478		265		478
(Recovery of) provision for loan losses	(427)		115
Allowance for loan losses at end of period	478		478
Loans | Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting						98
Financing Receivables
Financing Receivables
Allowance for loan losses at beginning of period	1,159		0
Adoption of new accounting	1,176		0		1,176
(Recovery of) provision for loan losses	17		212
Allowance for loan losses at end of period	1,176		1,176
Financing Receivables | Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting						964
Specific Allowance
Financing Receivables
Allowance for loan losses at beginning of period	21,701		21,701
Adoption of new accounting	22,600		22,600		$ 22,600
(Recovery of) provision for loan losses	899		899
Allowance for loan losses at end of period	$ 22,600		$ 22,600
Specific Allowance | Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting						$ 0

Loans Receivable and Other Le_5

Loans Receivable and Other Lending Investments, net - Investment in Loans and Associated Allowance for Loan Losses (Details) $ in Thousands	Sep. 30, 2020USD ($)Loan	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)Loan
Other Lending Investments
Total	$ 159,569		$ 153,216
Less: Allowance for loan losses
Individually Evaluated for Impairment	(22,600)		(21,701)
Collectively Evaluated for Impairment	(10,847)		(6,933)
Total	(33,447)		(28,634)
Individually Evaluated for Impairment	64,677		16,119
Collectively Evaluated for Impairment	700,396		811,742
Total loans receivable and other lending investments, net	765,073		827,861
Net discounts	$ 600		$ 100
Number of non accrual loans | Loan	2		1
Held-to-maturity debt securities
Other Lending Investments
Individually Evaluated for Impairment	$ 0		$ 0
Collectively Evaluated for Impairment	89,234		84,981
Total	89,234		84,981
Available-for-sale debt securities
Other Lending Investments
Individually Evaluated for Impairment	0		0
Collectively Evaluated for Impairment	24,631		23,896
Total	24,631		23,896
Construction loans
Loans
Individually Evaluated for Impairment	50,257		0
Collectively Evaluated for Impairment	502,549		614,386
Total	552,806		614,386
Less: Allowance for loan losses
Total	(9,138)	$ (11,736)	(6,668)
Loans and Other Lending Investments
Loans
Individually Evaluated for Impairment	37,020		37,820
Collectively Evaluated for Impairment	49,125		51,073
Total	86,145		88,893
Less: Allowance for loan losses
Total	(478)	(905)	(265)
Net discounts	300		700
Financing Receivables
Loans
Individually Evaluated for Impairment	0		0
Collectively Evaluated for Impairment	45,704		44,339
Total	45,704		44,339
Less: Allowance for loan losses
Total	$ (1,176)	$ (1,159)	$ 0

Loans Receivable and Other Le_6

Loans Receivable and Other Lending Investments, net - Credit Characteristics for Performing Loans (Details) $ in Thousands	Sep. 30, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Number of non accrual loans | Loan	2	1
Commercial Portfolio Segment
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 638,951	$ 703,280
Commercial Portfolio Segment | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	60,504
2018	293,426
2017	144,011
2016	83,862
Prior to 2016	15,575
Total	597,378
Commercial Portfolio Segment | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	520,629	572,585
Loan on non-accrual status	87,300
Commercial Portfolio Segment | Senior mortgages | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	13,296
2018	229,984
2017	144,011
2016	41,931
Prior to 2016	4,130
Total	433,352
Commercial Portfolio Segment | Senior mortgages | Risk Rating 1.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Senior mortgages | Risk Rating 1.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Senior mortgages | Risk Rating 2.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Senior mortgages | Risk Rating 2.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	123,519
2017	0
2016	0
Prior to 2016	0
Total	123,519
Commercial Portfolio Segment | Senior mortgages | Risk Rating 3.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	13,296
2018	106,465
2017	144,011
2016	41,931
Prior to 2016	4,130
Total	309,833
Commercial Portfolio Segment | Senior mortgages | Risk Rating 3.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Senior mortgages | Risk Rating 4.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Senior mortgages | Risk Rating 4.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Senior mortgages | Risk Rating 5.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	106,877	119,818
Commercial Portfolio Segment | Corporate/Partnership loans | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	1,504
2018	63,442
2017	0
2016	41,931
Prior to 2016	0
Total	106,877
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 1.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	16,404
2017	0
2016	0
Prior to 2016	0
Total	16,404
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 1.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 2.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 2.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 3.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	1,504
2018	25,194
2017	0
2016	0
Prior to 2016	0
Total	26,698
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 3.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 4.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	21,844
2017	0
2016	41,931
Prior to 2016	0
Total	63,775
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 4.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Corporate/Partnership loans | Risk Rating 5.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	11,445	$ 10,877
Commercial Portfolio Segment | Subordinate mortgages | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	11,445
Total	11,445
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 1.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 1.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 2.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 2.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 3.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	11,445
Total	11,445
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 3.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 4.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 4.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Subordinate mortgages | Risk Rating 5.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	45,704
2018	0
2017	0
2016	0
Prior to 2016	0
Total	45,704
Commercial Portfolio Segment | Financing Receivables | Risk Rating 1.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Risk Rating 1.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Risk Rating 2.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	45,704
2018	0
2017	0
2016	0
Prior to 2016	0
Total	45,704
Commercial Portfolio Segment | Financing Receivables | Risk Rating 2.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Risk Rating 3.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Risk Rating 3.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Risk Rating 4.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Risk Rating 4.5 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment | Financing Receivables | Risk Rating 5.0 | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	$ 0

Loans Receivable and Other Le_7

Loans Receivable and Other Lending Investments, net - Credit Characteristics by Payment Status (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Financing receivable, number of loans greater than 90 days past due | loan	1	1
Financing receivables, past due time period	11 years 3 months 18 days	10 years 6 months
Commercial Portfolio Segment
Recorded investment in loans, aged by payment status and presented by class
Current	$ 601,931	$ 665,460
Total Past Due	37,020	37,820
Total	638,951	703,280
Commercial Portfolio Segment | 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 | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	37,020	37,820
Commercial Portfolio Segment | Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	483,609	534,765
Total Past Due	37,020	37,820
Total	520,629	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	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	37,020	37,820
Commercial Portfolio Segment | Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	106,877	119,818
Total Past Due	0	0
Total	106,877	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	11,445	10,877
Total Past Due	0	0
Total	11,445	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)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)Loan	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Loan	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of non accrual loans | Loan	2		2		1
Interest income on Impaired loans	$ 0	$ 0	$ 0	$ 0
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost with related allowance recorded	87,277,000		87,277,000		$ 37,820,000
Unpaid principal balance with related allowance recorded	86,627,000		86,627,000		37,923,000
Related Allowance with an allowance recorded	(22,600,000)		(22,600,000)		(21,701,000)
Commercial Portfolio Segment | Senior mortgages
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost with related allowance recorded	87,277,000		87,277,000		37,820,000
Unpaid principal balance with related allowance recorded	86,627,000		86,627,000		37,923,000
Related Allowance with an allowance recorded	$ (22,600,000)		$ (22,600,000)		$ (21,701,000)

Loans Receivable and Other Le_9

Loans Receivable and Other Lending Investments, net - Other Lending Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Available-for-Sale Securities
Amortized Cost Basis	$ 20,680
Estimated Fair Value	24,631
Held-to-Maturity Securities
Amortized Cost Basis	89,234
Estimated Fair Value	89,234
Total Other Lending Investments
Face Value	120,680	$ 121,140
Amortized Cost Basis	109,914	106,121
Net Unrealized Gain	3,951	2,756
Estimated Fair Value	113,865	108,877
Net Carrying Value	113,865	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	3,951	2,756
Estimated Fair Value	24,631	23,896
Net Carrying Value	24,631	23,896
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Amortized Cost Basis	89,234	84,981
Net Unrealized Gain	0	0
Estimated Fair Value	89,234	84,981
Net Carrying Value	$ 89,234	$ 84,981

Loans Receivable and Other L_10

Loans Receivable and Other Lending Investments, net - Maturities (Details) $ in Thousands	Sep. 30, 2020USD ($)
Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	89,234
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	89,234
Estimated Fair Value
Within one year	0
After one year through 5 years	89,234
After 5 years through 10 years	0
After 10 years	0
Total	89,234
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	24,631
Total	$ 24,631

Other Investments - Schedule of

Other Investments - Schedule of Other Investments (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Other investments	$ 1,123,093		$ 1,123,093		$ 907,875
Earnings (losses) from equity method investments	6,805	$ 7,617	26,003	$ 16,566
Interest expense	42,407	46,522	127,748	136,851
Dilution gain		8,200		8,200
Mark-to-market gain	14,000		23,900
Equity in earnings		8,200		8,200
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Depreciation expense	4,600	3,500	13,400	10,700
Interest expense	$ 14,600	8,200	$ 44,000	21,600
SAFE
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)	33.7		33.7
Closing price (in dollars per share)	$ 62.10		$ 62.10
Market value	$ 2,100,000		$ 2,100,000
Dilution gain			7,900
Equity in earnings			7,900
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Other investments	72,220		72,220		43,253
Earnings (losses) from equity method investments	205	195	(1,953)	162
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value	1,050,873		1,050,873		864,622
Earnings (losses) from equity method investments	6,600	7,422	27,956	16,404
Real estate equity investments | SAFE
Schedule of Equity Method Investments [Line Items]
Carrying value	855,925		855,925		729,357
Earnings (losses) from equity method investments	9,331	2,946	36,905	14,076
Real estate equity investments | iStar Net Lease II LLC (Net Lease Venture II)
Schedule of Equity Method Investments [Line Items]
Carrying value	103,276		103,276		30,712
Earnings (losses) from equity method investments	811	(98)	1,568	(416)
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value	91,672		91,672		$ 104,553
Earnings (losses) from equity method investments	$ (3,542)	$ 4,574	$ (10,517)	$ 2,744

Other Investments - Safehold In

Other Investments - Safehold Inc. (Details) $ / shares in Units, shares in Millions

Jan. 02, 2019director

Jun. 30, 2020

Mar. 31, 2020USD ($)shares

Aug. 31, 2019

Feb. 28, 2019

Jan. 31, 2019USD ($)$ / sharesshares

May 31, 2018USD ($)office_building

Oct. 31, 2017USD ($)

Sep. 30, 2020USD ($)multiple

Sep. 30, 2019USD ($)

Sep. 30, 2020USD ($)multiple

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)

Aug. 31, 2017USD ($)

Schedule of Equity Method Investments [Line Items]

Equity interest (as a percent)

50.00%

50.00%

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

$ 194,775,000

$ 494,339,000

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

SAFE

Schedule of Equity Method Investments [Line Items]

Ground lease term (in years)

99 years

99 years

98 years

99 years

SAFE

Schedule of Equity Method Investments [Line Items]

Equity interest (as a percent)

65.80%

65.80%

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

$ 300,000

$ 1,200,000

Multifamily Development San Jose

Schedule of Equity Method Investments [Line Items]

Amount of loan funded

$ 59,100,000

$ 59,100,000

Interest income

900,000

400,000

2,500,000

700,000

Lessor, operating lease, term of contract (in years)

99 years

Real estate, leasehold improvement allowance

$ 7,200,000

Proceeds from sale of ground lease

34,000,000

34,000,000

Gain on sale of ground lease

6,100,000

Multifamily Development San Jose | Leasehold First Mortgage

Schedule of Equity Method Investments [Line Items]

Commitment to provide loan to lessee

80,500,000

Carrying value of loans

$ 80,500,000

Ground Lease, Multi-tenant Office Atlanta

Schedule of Equity Method Investments [Line Items]

Commitment to provide loan to lessee

$ 19,900,000

Interest income

500,000

1,600,000

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

Interest income

300,000

300,000

800,000

700,000

SAFE

Schedule of Equity Method Investments [Line Items]

Expense reimbursements from related party

1,300,000

500,000

3,800,000

1,600,000

Management Fees | SAFE

Schedule of Equity Method Investments [Line Items]

Management fee revenue from related party

3,200,000

$ 1,900,000

$ 9,300,000

$ 5,000,000

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 | 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 $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 $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 | 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 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 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 | Private Placement

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

Real estate equity investments | SAFE

Schedule of Equity Method Investments [Line Items]

Voting power cap threshold (as a 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 (as a percent)

20.00%

Other Investments - Net Lease V

Other Investments - Net Lease Venture II (Details)	1 Months Ended			3 Months Ended		9 Months Ended
	Dec. 31, 2019USD ($)ft²buildinglease	May 31, 2019USD ($)	Dec. 31, 2018USD ($)leasebuilding	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)					50.00%		50.00%
Commitment to provide loan to lessee	$ 150,000,000
Number of units to be built | building	3
Acquisitions of real estate assets		$ 56,700,000				$ 0	$ 240,487,000
Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)				51.90%		51.90%
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	$ 81,800,000		$ 31,200,000
Percentage of acquired properties leased (as a percent)	100.00%		100.00%
Number of leases | lease	2		4
Area of properties (sq ft) | ft²	168,636
Net Lease Venture II | Other income
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party				$ 400,000	$ 400,000	$ 1,100,000	$ 1,100,000
Net Lease Venture II | Other income | Management Fees
Schedule of Equity Method Investments [Line Items]
Amount of loan funded				$ 81,600,000		$ 81,600,000
Net Lease Venture II | Other income | Master Lease | Management Fees
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)		50.00%		50.00%
Other Real Estate Equity Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	31.00%		31.00%
Other Real Estate Equity Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	95.00%		95.00%
Other Real Estate Equity Investments | Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 61.3		$ 61.3		$ 61.7
Other Real Estate Equity Investments | Land Assets
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 30.4		$ 30.4		$ 42.9
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	50.00%		50.00%		50.00%
Loans receivable, carrying value	$ 33		$ 33		$ 33
Interest income	$ 0.6	$ 0.7	$ 1.8	$ 2.1

Other Investments - Summarized

Other Investments - Summarized Investee Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 115,054	$ 145,338	$ 384,930	$ 350,608
Expenses	113,461	152,721	425,641	409,858
Net Income Attributable to Parent	$ 3,805	$ 781	(29,228)	362,179
SAFE
Schedule of Equity Method Investments [Line Items]
Revenues			115,518	63,810
Expenses			73,821	38,480
Net Income Attributable to Parent			$ 44,024	$ 16,574

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Deferred Expenses and Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating Leased Assets [Line Items]
Intangible assets, net	$ 158,976		$ 158,976		$ 174,973
Restricted cash	47,787		47,787		45,034
Finance lease right-of-use assets	144,097		144,097		145,209
Operating lease right-of-use assets	50,371		50,371		34,063
Other assets	21,114		21,114		17,534
Other receivables	16,997		16,997		16,846
Leasing costs, net	2,830		2,830		3,793
Corporate furniture, fixtures and equipment, net	2,204		2,204		2,736
Deferred financing fees, net	1,769		1,769		2,300
Deferred expenses and other assets, net	446,145		446,145		442,488
Intangible assets, accumulated amortization	42,200		42,200		33,400
Amortization of above market lease	$ 300	$ 400	$ 1,000	$ 1,400
Weighted average amortization period			16 years 10 months 24 days
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	5.10%		5.10%
Operating leases, weighted average lease term (in years)	8 years 6 months		8 years 6 months
Finance leases, weighted average rate implicit in the lease, discount rate (percent)	5.50%		5.50%
Finance leases, weighted average lease term (in years)	97 years 2 months 12 days		97 years 2 months 12 days
Accumulated amortization on leasing costs	$ 2,500		$ 2,500		3,300
Accumulated depreciation on corporate furniture, fixtures and equipment	14,000		14,000		$ 13,100
Interest Expense
Operating Leased Assets [Line Items]
Finance lease, interest expense	2,000	1,700	6,100	3,000
Depreciation and Amortization
Operating Leased Assets [Line Items]
Finance lease, amortization	400	300	1,100	500
General and Administrative
Operating Leased Assets [Line Items]
Operating lease, expense	1,200	900	3,400	2,800
Real Estate Expense
Operating Leased Assets [Line Items]
Operating lease, expense	900	900	2,600	2,600
In-Place Leases
Operating Leased Assets [Line Items]
Amortization of intangible assets	$ 2,600	$ 2,400	$ 7,900	$ 6,900

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Other Assets and Other Liabilities [Abstract]
Other liabilities	$ 81,422		$ 81,422		$ 81,709
Accrued expenses	84,742		84,742		83,778
Finance lease liabilities (see table above)	149,823		149,823		147,749
Intangible liabilities, net	49,361		49,361		51,223
Operating lease liabilities (see table above)	51,223		51,223		34,182
Accrued interest payable	28,385		28,385		25,733
Accounts payable, accrued expenses and other liabilities	444,956		444,956		424,374
Deferred income	26,800		26,800		27,500
Derivative liabilities	20,800		20,800		8,700
Expected credit losses for unfunded commitments	1,700		1,700
Below market lease, accumulated amortization	6,900		6,900		$ 5,000
Amortization of below market lease	$ 600	$ 700	$ 1,900	$ 1,800

Loan Participations Payable, _3

Loan Participations Payable, net (Details) $ in Thousands	Sep. 30, 2020USD ($)loan_payable	Dec. 31, 2019USD ($)loan_payable
Transfers and Servicing [Abstract]
Loan participations payable	$ 41,941	$ 35,656
Debt premiums, discounts and deferred financing costs, net	(10)	(18)
Total loan participations payable, net	41,931	35,638
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net	765,073	827,861
Loan Participations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net	$ 41,900	$ 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 (as a percent)	600.00%	6.30%

Debt Obligations, net - Schedul

Debt Obligations, net - Schedule of Debt (Details)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)	Aug. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 30, 2019USD ($)	Oct. 31, 2017USD ($)	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Total debt obligations			$ 3,349,211,000		$ 3,349,211,000			$ 3,436,038,000
Debt discounts and deferred financing costs, net			(41,528,000)		(41,528,000)			(48,958,000)
Total debt obligations, net			3,307,683,000		3,307,683,000			3,387,080,000
Interest costs capitalized			$ 500,000	$ 500,000	$ 1,600,000	$ 6,900,000
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%		3.125%	3.125%	3.125%	3.125%
Secured Credit Facility and Mortgages
Debt Instrument [Line Items]
Total debt obligations			$ 1,236,711,000		$ 1,236,711,000			1,212,993,000
Debt discounts and deferred financing costs, net			(6,447,000)		(6,447,000)
Total debt obligations, net			1,230,264,000		1,230,264,000
Secured Credit Facility and Mortgages | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations			20,000,000		$ 20,000,000			0
Debt instrument term (in years)					1 year
Secured Credit Facility 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 Facility and Mortgages | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)					2.00%
Secured Credit Facility 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 Facility 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 Facility 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 Facility 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 Facility 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 Facility 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 Facility 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 Facility 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 Facility and Mortgages | Senior Term Loan
Debt Instrument [Line Items]
Total debt obligations			491,875,000		$ 491,875,000			491,875,000
Debt instrument, face amount		$ 650,000,000
Secured Credit Facility 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 Facility 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 Facility 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 Facility and Mortgages | Mortgages Collateralized by Net Lease Assets
Debt Instrument [Line Items]
Total debt obligations			$ 724,836,000		$ 724,836,000			721,118,000
Weighted average interest rate (as a percent)			4.40%		4.40%
Secured Credit Facility and Mortgages | Mortgages Collateralized by Net Lease Assets | Minimum
Debt Instrument [Line Items]
Stated interest rates (as a percent)			1.70%		1.70%
Secured Credit Facility and Mortgages | Mortgages Collateralized by Net Lease Assets | Maximum
Debt Instrument [Line Items]
Stated interest rates (as a percent)			7.26%		7.26%
Unsecured Notes
Debt Instrument [Line Items]
Total debt obligations			$ 2,012,500,000		$ 2,012,500,000			2,123,045,000
Unsecured Notes | 6.00% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 0		$ 0			$ 110,545,000
Stated interest rates (as a percent)			6.00%		6.00%			6.00%
Unsecured Notes | 5.25% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 0		$ 0			$ 400,000,000
Stated interest rates (as a percent)			5.25%		5.25%
Unsecured Notes | 3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Total debt obligations			$ 287,500,000		$ 287,500,000			287,500,000
Total debt obligations, net			$ 273,500,000		$ 273,500,000			$ 268,700,000
Stated interest rates (as a percent)	3.125%		3.125%	3.125%	3.125%	3.125%		3.125%		3.125%
Convertible debt, conversion ratio (in shares per par value)					0.0697134
Convertible debt, conversion price (in dollars per share) | $ / shares			$ 14.34		$ 14.34
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			$ 11,600,000		$ 11,600,000			$ 15,500,000
Contractual interest			2,200,000	$ 2,200,000	6,700,000	$ 6,700,000
Amortization of debt discount			$ 1,300,000	$ 1,300,000	$ 3,900,000	$ 3,700,000
Effective interest rate (as a percent)			5.20%		5.20%
Unsecured Notes | 4.75% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 775,000,000		$ 775,000,000			775,000,000
Stated interest rates (as a percent)	4.75%		4.75%	4.75%	4.75%	4.75%			4.75%
Debt instrument, face amount	$ 675,000,000			$ 675,000,000		$ 675,000,000			$ 100,000,000
Effective interest rate (as a percent)									4.29%
Unsecured Notes | 4.25% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 550,000,000		$ 550,000,000			$ 550,000,000
Stated interest rates (as a percent)			4.25%		4.25%			4.25%
Debt instrument, face amount								$ 550,000,000
Unsecured Notes | 5.50% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 400,000,000		$ 400,000,000			0
Stated interest rates (as a percent)			5.50%		5.50%		5.50%
Debt instrument, face amount							$ 400,000,000
Other Debt Obligations | Trust Preferred Securities
Debt Instrument [Line Items]
Total debt obligations			$ 100,000,000		$ 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	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2020 (remaining three months)	$ 0
2021	156,891
2022	354,574
2023	491,875
2024	775,000
Thereafter	1,570,871
Total principal maturities	3,349,211	$ 3,436,038
Unamortized discounts and deferred financing costs, net	(41,528)	(48,958)
Total debt obligations, net	3,307,683	3,387,080
Unsecured Debt
Debt Instrument [Line Items]
2020 (remaining three months)	0
2021	0
2022	287,500
2023	0
2024	775,000
Thereafter	1,050,000
Total principal maturities	2,112,500
Unamortized discounts and deferred financing costs, net	(35,081)
Total debt obligations, net	2,077,419
Secured Debt
Debt Instrument [Line Items]
2020 (remaining three months)	0
2021	156,891
2022	67,074
2023	491,875
2024	0
Thereafter	520,871
Total principal maturities	1,236,711	$ 1,212,993
Unamortized discounts and deferred financing costs, net	(6,447)
Total debt obligations, net	$ 1,230,264

Debt Obligations, net - Secured

Debt Obligations, net - Secured Term Loan and Credit Facility Narrative (Details) - USD ($)	1 Months Ended		9 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Sep. 30, 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
Current borrowing capacity			$ 330,000,000
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		9 Months Ended
	Jan. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 7,924,000	$ 0	$ 12,038,000	$ 468,000
Unsecured notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt					$ 12,000,000	500,000
Unsecured notes | 5.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 400,000,000
Stated interest rates (as a percent)			5.50%		5.50%		5.50%
Unsecured notes | 5.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 400,000,000
Stated interest rates (as a percent)							5.25%
Unsecured notes | 4.75% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 675,000,000		$ 675,000,000		$ 100,000,000
Stated interest rates (as a percent)			4.75%	4.75%	4.75%	4.75%		4.75%
Percentage of par								102.00%
Yield to maturity (as a percent)								4.29%
Unsecured notes | 4.625% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 400,000,000		$ 400,000,000
Stated interest rates (as a percent)				4.625%		4.625%
Unsecured notes | 6.50% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 275,000,000		$ 275,000,000
Stated interest rates (as a percent)				6.50%		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%		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%	6.00%		6.00%
Principal amount redeemed	$ 110,500,000

Debt Obligations, net - Debt Co

Debt Obligations, net - Debt Covenants (Details)	Sep. 30, 2020
Unsecured Debt
Debt Instrument [Line Items]
Unencumbered assets to unsecured indebtedness ratio (at least)	1.2
Secured Debt | Senior Term Loan
Debt Instrument [Line Items]
Collateral coverage ratio (at least)	1.25
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base asset value ratio	1.5
Cash flow to fixed charges ratio	1.5

Commitments and Contingencies -

Commitments and Contingencies - Fundings That May be Required (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed that may be drawn down	100.00%
Other Commitments [Line Items]
Performance-Based Commitments	$ 126,051
Strategic Investments	9,967
Total	136,018
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments	83,423
Strategic Investments	0
Total	83,423
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	14,726
Strategic Investments	0
Total	14,726
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	27,902
Strategic Investments	9,967
Total	37,869
Loan Participations
Other Commitments [Line Items]
Performance-Based Commitments	$ 8,000

Commitments and Contingencies_2

Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating
Remainder of fiscal year	$ 1,065		$ 1,065
Year one	3,797		3,797		$ 4,167
Year two	6,756		6,756		1,803
Year three	6,393		6,393		1,098
Year four	6,309		6,309		728
After year four	6,793		6,793
Year five					617
After year five					1,447
Total undiscounted cash flows	31,113		31,113		9,860
Present value discount	(4,103)		(4,103)		(1,057)
Other adjustments	24,213		24,213		25,379
Lease liabilities	51,223		51,223		34,182
Finance
Remainder of fiscal year	1,357		1,357
Year one	5,494		5,494		5,386
Year two	5,604		5,604		5,494
Year three	5,716		5,716		5,604
Year four	5,830		5,830		5,716
After year four	1,573,773		1,573,773
Year five					5,830
After year five					1,573,824
Total undiscounted cash flows	1,597,774		1,597,774		1,601,854
Present value discount	(1,447,951)		(1,447,951)		(1,454,105)
Other adjustments	0		0		0
Lease liabilities	149,823		149,823		$ 147,749
Operating lease payments made	1,000	$ 1,000	3,200	$ 3,000
Finance lease payments made	$ 1,400	$ 1,100	$ 4,000	$ 2,000
Operating leases, excluding tenant paid leases, weighted average lease term (in years)			5 years 9 months 18 days		4 years 2 months 12 days
Operating leases, weighted average incremental borrowing rate, discount rate (as a percent)	5.00%		5.00%		5.60%
Finance leases, weighted average lease term (in years)	97 years 2 months 12 days		97 years 2 months 12 days		93 years
Finance leases, weighted average rate implicit in the lease, discount rate (as a percent)	5.50%		5.50%		5.40%

Derivatives - Classification on

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 20,800	$ 8,700
Expected amount related to cash flow hedge that will be reclassified over next twelve months	9,800
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Assets	0	114
Derivative Liabilities	20,818	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	$ 20,818	$ 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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ 197	$ (9,091)	$ (30,930)	$ (45,090)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	[1]	(2,371)	(665)	(5,792)	(13,408)
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		598	(6,082)	(15,559)	(21,309)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		(333)	(126)	(866)	28
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		(401)	(3,009)	(15,371)	(23,781)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		$ (2,038)	$ (539)	$ (4,926)	$ (957)
[1]	Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the three months ended September 30, 2020 and 2019 are $2,038 and $539, respectively, and amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the nine months ended September 30, 2020 and 2019 are $4,926 and $957, respectively. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $806 for the nine months ended September 30, 2019. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the three months ended September 30, 2020 and 2019 are $333 and $126, respectively, and amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the nine months ended September 30, 2020 and 2019 are $866 and $(28), respectively. Amount reclassified to "Other expense" in the Company's consolidated statements of operations is $11,673 for the nine months ended September 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur.

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 01, 2019
Class of Stock [Line Items]
Carrying value prior to redemption	$ 282,490,000	$ 282,490,000		$ 282,490,000		$ 282,490,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25		$ 25
Preferred Stock
Shares Issued and Outstanding (in shares)	12,200,000	12,200,000		12,200,000		12,200,000
Liquidation Preference (in dollars per share)	$ 25	$ 25		$ 25		$ 25
Carrying Value	$ 282,490,000	$ 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	$ 17,622,000	$ 24,372,000
Capital gains distribution (as a percent)					100.00%
Unrecaptured Section 1250 gain (as 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 J (convertible)
Class of Stock [Line Items]
Shares issued upon conversion (in shares)	16,500,000
Conversion rate (in shares)							4.125
Carrying value prior to redemption							$ 193,500,000
Liquidation preference (in dollars per share)							$ 50
Preferred Stock
Liquidation Preference (in dollars per share)							$ 50
Carrying Value							$ 193,500,000
Preferred stock dividends declared and paid					$ 6,800,000
Series D
Class of Stock [Line Items]
Carrying value prior to redemption	$ 89,041,000	$ 89,041,000		$ 89,041,000		$ 89,041,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25		$ 25
Preferred Stock
Shares Issued and Outstanding (in shares)	4,000,000	4,000,000		4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001	$ 0.001		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25	$ 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		$ 89,041,000
Preferred stock dividends declared and paid				6,000,000	6,000,000
Series G
Class of Stock [Line Items]
Carrying value prior to redemption	$ 72,664,000	$ 72,664,000		$ 72,664,000		$ 72,664,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25		$ 25
Preferred Stock
Shares Issued and Outstanding (in shares)	3,200,000	3,200,000		3,200,000		3,200,000
Par Value (in dollars per share)	$ 0.001	$ 0.001		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25	$ 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		$ 72,664,000
Preferred stock dividends declared and paid				$ 4,600,000	4,600,000
Redemption price as a percentage of liquidation preference				100.00%
Series I
Class of Stock [Line Items]
Carrying value prior to redemption	$ 120,785,000	$ 120,785,000		$ 120,785,000		$ 120,785,000
Liquidation preference (in dollars per share)	$ 25	$ 25		$ 25		$ 25
Preferred Stock
Shares Issued and Outstanding (in shares)	5,000,000	5,000,000		5,000,000		5,000,000
Par Value (in dollars per share)	$ 0.001	$ 0.001		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25	$ 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		$ 120,785,000
Preferred stock dividends declared and paid				$ 7,000,000	$ 7,000,000
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Equity [Abstract]
Operating loss carryforwards					$ 460,600
Common stock dividends declared	$ 8,315	$ 6,291	$ 24,598	$ 18,991
Common stock dividends declared per share (in dollars per share)	$ 0.11	$ 0.10	$ 0.32	$ 0.29

Equity - Stock Repurchase Progr

Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2020
Equity [Abstract]
Stock repurchased during period (in shares)	3.7	6.2
Common stock value repurchased including acquisition costs	$ 41,400,000	$ 58,800,000
Average cost per share of repurchased shares (in dollars per share)	$ 11.32	$ 9.44
Stock repurchase program, authorized amount			$ 50,000,000
Stock repurchase program remaining authorized amount	$ 40,800,000

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impact from adoption of new accounting standards	$ 1,093,448	$ 1,113,785	$ 1,237,960	$ 1,300,623	$ 1,321,197	$ 1,064,115
Unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impact from adoption of new accounting standards	3,951		2,756
Unrealized losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impact from adoption of new accounting standards	(56,863)		(37,264)
Unrealized losses on cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impact from adoption of new accounting standards	(4,199)		(4,199)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impact from adoption of new accounting standards	$ (57,111)	$ (59,045)	$ (38,707)	$ (40,522)	$ (34,137)	$ (17,270)

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans and Employee Benefits - Stock-Based Compensation and Long-Term Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 31, 2019	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,661	$ 6,740	$ 26,675	$ 20,694
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)	2,400,000		2,400,000

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans and Employee Benefits - Performance Incentive Plans (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)ownership_class$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation | $	$ 5,661	$ 6,740	$ 26,675	$ 20,694
Performance Incentive Plan
Accrued expenses | $	84,742		$ 84,742		$ 83,778
iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			6 years
Performance Incentive Plan
Accrued expenses | $	$ 58,600		$ 58,600		$ 41,900
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 (as a percent)			100.00%
Equity-based compensation | $			$ 2,500	2,000
Settlement or distribution on units and awards, cash (as a percent)			50.00%
Settlement or distribution on units and awards, common stock (as a percent)			50.00%
2013-2018 Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation | $			$ 20,200	14,100
Settlement or distribution on units and awards, cash (as a percent)			50.00%
Settlement or distribution on units and awards, common stock (as a percent)			50.00%
2013-2014 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	80.17		80.17
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)	70.40		70.40
Forfeited (in shares)			(2.88)
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)	73.34		73.34
Forfeited (in shares)			(3.93)
Points at end of period (in shares)			77.27
Vesting at end of second year | iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			40.00%
Vesting at end of third year | iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			15.00%
Vesting at end of fourth year | iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			15.00%
Vesting at end of fifth year | iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			15.00%
Vesting at end of sixth year | iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			15.00%

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans and Employee Benefits - Restricted Stock Unit Activity (Details) - Restricted Stock Units shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)shares
Number of Shares
Non-vested at beginning of period (in shares)	598
Granted (in shares)	181
Vested (in shares)	(109)
Non-vested at end of period (in shares)	670
Unrecognized compensation cost | $	$ 3.3
Weighted-average period to recognize the unrecognized compensation cost	1 year 2 months 12 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans and Employee Benefits - Directors' Awards (Details) - Directors $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
CSE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	2,438
Grant date fair value (in dollars per share) | $ / shares	$ 11.48
CSE and Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	178,864
Non-vested, aggregate intrinsic value | $	$ 2.1
Award Date One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	79,138
Grant date fair value (in dollars per share) | $ / shares	$ 9.75
Award Date Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	10,710
Grant date fair value (in dollars per share) | $ / shares	$ 11.52

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans and Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Gross contributions made by the Company	$ 0.2	$ 0.1	$ 1	$ 0.8

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 6,451	$ 3,626	$ (20,793)	$ 370,347
Net income attributable to noncontrolling interests	(2,646)	(2,845)	(8,435)	(8,168)
Preferred dividends	(5,874)	(8,124)	(17,622)	(24,372)
Net income (loss) allocable to common shareholders	(2,069)	(7,343)	(46,850)	337,807
Add: Effect of Series J convertible perpetual preferred stock	0	0	0	6,750
Net income (loss) allocable to common shareholders for diluted earnings per common share	$ (2,069)	$ (7,343)	$ (46,850)	$ 344,557

Earnings Per Share - Earnings A

Earnings Per Share - Earnings Allocable to Common Shares (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)trading_day$ / sharesshares
Numerator for basic earnings per share:
Net income (loss) attributable to iStar Inc. and allocable to common shareholders | $	$ (2,069)	$ (7,343)	$ (46,850)	$ 337,807
Numerator for diluted earnings per share:
Net income (loss) attributable to iStar Inc. and allocable to common shareholders | $	$ (2,069)	$ (7,343)	$ (46,850)	$ 344,557
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share (in shares)	75,033	62,168	76,232	64,624
Add: Effect of assumed shares issued under treasury stock method for restricted stock units (in shares)	0	0	0	114
Add: Effect of series J convertible perpetual preferred stock (in shares)	0	0	0	16,138
Weighted average common shares outstanding for diluted earnings per common share (in shares)	75,033	62,168	76,232	80,876
Basic earnings per common share:
Net income (loss) allocable to common shareholders (in dollars per share) | $ / shares	$ (0.03)	$ (0.12)	$ (0.61)	$ 5.23
Diluted earnings per common share:
Net income (loss) allocable to common shareholders (in dollars per share) | $ / shares	$ (0.03)	$ (0.12)	$ (0.61)	$ 4.26
Series J convertible perpetual preferred stock		16,306
3.125% Senior Convertible Notes
Diluted earnings per common share:
Stated interest rates (as a percent)	3.125%	3.125%	3.125%	3.125%
Threshold consecutive trading days | trading_day				40

Fair Values - Schedule of Fair

Fair Values - Schedule of Fair Value Measurement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)land_asset	Sep. 30, 2020USD ($)
Assets and liabilities recorded at fair value
Derivative liabilities	$ 8,700	$ 20,800
Other investments	907,875	1,123,093
Recurring Basis | Fair Value
Assets and liabilities recorded at fair value
Derivative assets	114
Derivative liabilities	8,680	20,818
Available-for-sale securities	23,896	24,631
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
Recurring Basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Derivative assets	114
Derivative liabilities	8,680	20,818
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	24,631
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		62,961
Impaired land and development	$ 40,000
Non-recurring Basis | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Other investments		0
Impaired land and development	0
Non-recurring Basis | Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Other investments		62,961
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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 23,896	$ 21,661
Repayments	(460)	(45)
Unrealized gains recorded in other comprehensive income	1,195	2,486
Ending balance	$ 24,631	$ 24,102

Fair Values - Fair Values of Fi

Fair Values - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	$ 765,073	$ 827,861
Debt obligations, net	3,307,683	3,387,080
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	800,000	900,000
Debt obligations, net	$ 3,300,000	$ 3,600,000

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	May 31, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			4
Segment Reporting
Revenues	$ 115,054	$ 145,338	$ 384,930	$ 350,608
Earnings from equity method investments	6,805	7,617	26,003	16,566
Selling profit from sales-type leases	0	0	0	180,416
Income from sales of real estate	6,055	3,476	6,118	233,406
Total revenue and other earnings	127,914	156,431	417,051	780,996
Other expense	(73)	(407)	(351)	(12,798)
Allocated interest expense	(42,407)	(46,522)	(127,748)	(136,851)
Allocated general and administrative	(14,207)	(17,370)	(46,463)	(51,818)
Segment profit (loss)	32,934	20,844	74,077	436,579
Other significant items:
(Recovery of) provision for loan losses	(1,976)	(3,805)	4,093	(3,792)
Provision for losses on net investment in leases	175	0	2,001	0
Impairment of assets	0	0	6,491	4,953
Depreciation and amortization	14,621	14,199	43,407	43,586
Capitalized expenditures	7,150	31,198	35,556	103,614
Segment assets
Real estate, net	1,487,095		1,487,095		$ 1,527,219
Real estate available and held for sale	5,519		5,519		8,650
Total real estate	1,492,614		1,492,614		1,535,869
Net investment in leases	420,417		420,417		418,915	$ 424,100
Land and development, net	488,916		488,916		580,545
Loans receivable and other lending investments, net	765,073		765,073		827,861
Other investments	1,123,093		1,123,093		907,875
Total portfolio assets	4,290,113		4,290,113		4,271,065
Cash and other assets	598,010		598,010		814,044
Total assets	4,888,123		4,888,123		5,085,109
Stock-based compensation expense	5,661	6,740	26,675	20,694
Operating lease income
Segment Reporting
Revenues	46,370	44,110	140,529	158,210
Interest income
Segment Reporting
Revenues	14,270	19,701	46,925	60,417
Interest income from sales-type leases
Segment Reporting
Revenues	8,360	8,339	25,010	12,157
Other income
Segment Reporting
Revenues	25,552	18,270	56,212	43,133
Real estate expense
Segment Reporting
Cost of sales expense	(16,935)	(23,187)	(53,708)	(71,165)
Land development revenue
Segment Reporting
Revenues	20,502	54,918	116,254	76,691
Cost of sales expense	(21,358)	(48,101)	(114,704)	(71,785)
Operating Segments | Net Lease
Segment Reporting
Earnings from equity method investments	10,141	2,848	38,472	13,660
Selling profit from sales-type leases				180,416
Income from sales of real estate	6,055	3,458	6,056	223,200
Total revenue and other earnings	71,165	59,787	209,709	579,485
Other expense	0	0	0	0
Allocated interest expense	(26,049)	(25,176)	(74,915)	(70,548)
Allocated general and administrative	(5,161)	(6,887)	(17,327)	(19,299)
Segment profit (loss)	32,819	21,264	97,970	471,303
Other significant items:
(Recovery of) provision for loan losses	19	0	212	0
Provision for losses on net investment in leases	175		2,001
Impairment of assets			2,036	0
Depreciation and amortization	12,781	12,409	37,924	38,242
Capitalized expenditures	1,896	7,846	8,913	12,707
Segment assets
Real estate, net	1,288,931		1,288,931		1,327,082
Real estate available and held for sale	0		0		0
Total real estate	1,288,931		1,288,931		1,327,082
Net investment in leases	420,417		420,417		418,915
Land and development, net	0		0		0
Loans receivable and other lending investments, net	44,528		44,528		44,339
Other investments	959,201		959,201		760,068
Total portfolio assets	2,713,077		2,713,077		2,550,404
Operating Segments | Net Lease | Operating lease income
Segment Reporting
Revenues	41,144	38,006	124,109	136,150
Operating Segments | Net Lease | Interest income
Segment Reporting
Revenues	911	789	2,594	1,197
Operating Segments | Net Lease | Interest income from sales-type leases
Segment Reporting
Revenues	8,360	8,339	25,010	12,157
Operating Segments | Net Lease | Other income
Segment Reporting
Revenues	4,554	6,347	13,468	12,705
Operating Segments | Net Lease | Real estate expense
Segment Reporting
Cost of sales expense	(7,136)	(6,460)	(19,497)	(18,335)
Operating Segments | Net Lease | Land development revenue
Segment Reporting
Revenues	0	0	0	0
Cost of sales expense	0	0	0	0
Operating Segments | Real Estate Finance
Segment Reporting
Earnings from equity method investments	0	0	0	0
Selling profit from sales-type leases				0
Income from sales of real estate	0	0	0	0
Total revenue and other earnings	13,463	19,027	48,580	62,056
Other expense	(37)	(49)	(80)	(359)
Allocated interest expense	(5,831)	(6,902)	(17,989)	(23,251)
Allocated general and administrative	(1,451)	(2,035)	(5,123)	(6,523)
Segment profit (loss)	6,144	10,041	25,388	31,923
Other significant items:
(Recovery of) provision for loan losses	(1,995)	(3,805)	3,881	(3,792)
Provision for losses on net investment in leases	0		0
Impairment of assets			0	0
Depreciation and amortization	0	0	0	0
Capitalized expenditures	0	0	0	0
Segment assets
Real estate, net	0		0		0
Real estate available and held for sale	0		0		0
Total real estate	0		0		0
Net investment in leases	0		0		0
Land and development, net	0		0		0
Loans receivable and other lending investments, net	720,545		720,545		783,522
Other investments	0		0		0
Total portfolio assets	720,545		720,545		783,522
Operating Segments | Real Estate Finance | Operating lease income
Segment Reporting
Revenues	0	0	0	0
Operating Segments | Real Estate Finance | Interest income
Segment Reporting
Revenues	13,359	18,912	44,331	59,220
Operating Segments | Real Estate Finance | Interest income from sales-type leases
Segment Reporting
Revenues	0	0	0	0
Operating Segments | Real Estate Finance | Other income
Segment Reporting
Revenues	104	115	4,249	2,836
Operating Segments | Real Estate Finance | Real estate expense
Segment Reporting
Cost of sales expense	0	0	0	0
Operating Segments | Real Estate Finance | Land development revenue
Segment Reporting
Revenues	0	0	0	0
Cost of sales expense	0	0	0	0
Operating Segments | Operating Properties
Segment Reporting
Earnings from equity method investments	(4,134)	4,875	(11,741)	(166)
Selling profit from sales-type leases				0
Income from sales of real estate	0	18	62	10,206
Total revenue and other earnings	3,959	18,538	11,079	45,844
Other expense	0	0	0	0
Allocated interest expense	(2,289)	(2,393)	(6,731)	(7,859)
Allocated general and administrative	(582)	(727)	(1,966)	(2,214)
Segment profit (loss)	(3,340)	6,104	(14,218)	7,125
Other significant items:
(Recovery of) provision for loan losses	0	0	0	0
Provision for losses on net investment in leases	0		0
Impairment of assets			2,983	3,853
Depreciation and amortization	1,287	1,244	3,843	3,701
Capitalized expenditures	84	2,816	1,421	4,878
Segment assets
Real estate, net	198,164		198,164		200,137
Real estate available and held for sale	5,519		5,519		8,650
Total real estate	203,683		203,683		208,787
Net investment in leases	0		0		0
Land and development, net	0		0		0
Loans receivable and other lending investments, net	0		0		0
Other investments	61,315		61,315		61,686
Total portfolio assets	264,998		264,998		270,473
Operating Segments | Operating Properties | Operating lease income
Segment Reporting
Revenues	5,137	6,034	16,153	21,844
Operating Segments | Operating Properties | Interest income
Segment Reporting
Revenues	0	0	0	0
Operating Segments | Operating Properties | Interest income from sales-type leases
Segment Reporting
Revenues	0	0	0	0
Operating Segments | Operating Properties | Other income
Segment Reporting
Revenues	2,956	7,611	6,605	13,960
Operating Segments | Operating Properties | Real estate expense
Segment Reporting
Cost of sales expense	(4,428)	(9,314)	(16,600)	(28,646)
Operating Segments | Operating Properties | Land development revenue
Segment Reporting
Revenues	0	0	0	0
Cost of sales expense	0	0	0	0
Operating Segments | Land and Development
Segment Reporting
Earnings from equity method investments	592	(301)	1,225	2,910
Selling profit from sales-type leases				0
Income from sales of real estate	0	0	0	0
Total revenue and other earnings	25,014	56,811	123,304	86,694
Other expense	0	0	0	0
Allocated interest expense	(4,606)	(5,268)	(13,598)	(15,888)
Allocated general and administrative	(2,320)	(3,019)	(7,524)	(9,199)
Segment profit (loss)	(8,641)	(6,990)	(30,133)	(34,362)
Other significant items:
(Recovery of) provision for loan losses	0	0	0	0
Provision for losses on net investment in leases	0		0
Impairment of assets			1,472	1,100
Depreciation and amortization	243	243	729	733
Capitalized expenditures	5,170	20,536	25,222	86,029
Segment assets
Real estate, net	0		0		0
Real estate available and held for sale	0		0		0
Total real estate	0		0		0
Net investment in leases	0		0		0
Land and development, net	488,916		488,916		580,545
Loans receivable and other lending investments, net	0		0		0
Other investments	30,357		30,357		42,866
Total portfolio assets	519,273		519,273		623,411
Operating Segments | Land and Development | Operating lease income
Segment Reporting
Revenues	89	70	267	216
Operating Segments | Land and Development | Interest income
Segment Reporting
Revenues	0	0	0	0
Operating Segments | Land and Development | Interest income from sales-type leases
Segment Reporting
Revenues	0	0	0	0
Operating Segments | Land and Development | Other income
Segment Reporting
Revenues	3,831	2,124	5,558	6,877
Operating Segments | Land and Development | Real estate expense
Segment Reporting
Cost of sales expense	(5,371)	(7,413)	(17,611)	(24,184)
Operating Segments | Land and Development | Land development revenue
Segment Reporting
Revenues	20,502	54,918	116,254	76,691
Cost of sales expense	(21,358)	(48,101)	(114,704)	(71,785)
Corporate/Other
Segment Reporting
Earnings from equity method investments	206	195	(1,953)	162
Selling profit from sales-type leases				0
Income from sales of real estate	0	0	0	0
Total revenue and other earnings	14,313	2,268	24,379	6,917
Other expense	(36)	(358)	(271)	(12,439)
Allocated interest expense	(3,632)	(6,783)	(14,515)	(19,305)
Allocated general and administrative	(4,693)	(4,702)	(14,523)	(14,583)
Segment profit (loss)	5,952	(9,575)	(4,930)	(39,410)
Other significant items:
(Recovery of) provision for loan losses	0	0	0	0
Provision for losses on net investment in leases	0		0
Impairment of assets			0	0
Depreciation and amortization	310	303	911	910
Capitalized expenditures	0	0	0	0
Segment assets
Real estate, net	0		0		0
Real estate available and held for sale	0		0		0
Total real estate	0		0		0
Net investment in leases	0		0		0
Land and development, net	0		0		0
Loans receivable and other lending investments, net	0		0		0
Other investments	72,220		72,220		43,255
Total portfolio assets	72,220		72,220		$ 43,255
Corporate/Other | Operating lease income
Segment Reporting
Revenues	0	0	0	0
Corporate/Other | Interest income
Segment Reporting
Revenues	0	0	0	0
Corporate/Other | Interest income from sales-type leases
Segment Reporting
Revenues	0	0	0	0
Corporate/Other | Other income
Segment Reporting
Revenues	14,107	2,073	26,332	6,755
Corporate/Other | Real estate expense
Segment Reporting
Cost of sales expense	0	0	0	0
Corporate/Other | Land development revenue
Segment Reporting
Revenues	0	0	0	0
Cost of sales expense	$ 0	$ 0	$ 0	$ 0

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Profit to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting [Abstract]
Segment profit	$ 32,934	$ 20,844	$ 74,077	$ 436,579
Less: Recovery of (provision for) loan losses	1,976	3,805	(4,093)	3,792
Less: Provision for losses on net investment in leases	(175)	0	(2,001)	0
Less: Impairment of assets	0	0	(6,491)	(4,953)
Less: Stock-based compensation expense	(5,661)	(6,740)	(26,675)	(20,694)
Less: Depreciation and amortization	(14,621)	(14,199)	(43,407)	(43,586)
Less: Income tax expense	(78)	(84)	(165)	(323)
Less: Loss on early extinguishment of debt, net	(7,924)	0	(12,038)	(468)
Net income (loss)	$ 6,451	$ 3,626	$ (20,793)	$ 370,347