XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other Investments (Tables)
 3 Months Ended
Mar. 31, 2018
Investments, All Other Investments [Abstract]  
Schedule of other investments and its proportionate share of results for equity method investments
The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands):
 
 
 
Equity in Earnings (Losses)
 
Carrying Value as of
 
For the Three Months Ended March 31,
 
March 31, 2018
 
December 31, 2017
 
2018
 
2017
Real estate equity investments
 
 
 
 
 
 
 
iStar Net Lease I LLC ("Net Lease Venture")
$
132,103

 
$
121,139

 
$
2,084

 
$
981

Safety, Income & Growth Inc. ("SAFE")(1)
146,991

 
83,868

 
1,472

 
—

Marina Palms, LLC ("Marina Palms")(1)
4,670

 
2,555

 
1,489

 
3,117

Other real estate equity investments(1)
126,855

 
100,061

 
(1,219
)
 
1,357

Subtotal
410,619

 
307,623

 
3,826

 
5,455

Other strategic investments
12,234

 
13,618

 
(494
)
 
247

Total
$
422,853

 
$
321,241

 
$
3,332

 
$
5,702


____________________________________________________________
(1)
On January 1, 2018, the Company recorded a step-up in basis to fair value of its retained noncontrolling interest relating to the sale of its Ground Lease business (refer to note 4) and other transactions where the Company sold or contributed real estate to a venture and previously recognized partial gains. Prior to the adoption of ASU 2017-05 (refer to Note 3), the Company was required to recognize gains on only the portion of its interest transferred to third parties and was precluded from recognizing a gain on its retained noncontrolling interest, which was carried at the Company’s historical cost basis.

Summarized investee financial information
The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries, for the three months ended March 31, 2018 and 2017 ($ in thousands):
 
Revenues
 
Expenses
 
Net Income
For the Three Months Ended March 31, 2018
 
 
 
 
 
Marina Palms
$
12,315

 
$
(7,873
)
 
$
4,442

 
 
 
 
 
 
For the Three Months Ended March 31, 2017
 
 
 
 
 
Marina Palms
$
23,669

 
$
(14,911
)
 
$
8,758