Other Investments (Tables)

3 Months Ended

Mar. 31, 2022

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
	Carrying Value				Equity Method Investments
	as of				For the Three Months Ended
	March 31,		December 31,		March 31,
	2022		2021		2022		2021
Real estate equity investments
Safehold Inc. ("SAFE")⁽¹⁾	$	1,388,657	$	1,168,532	$	17,029	$	11,412
Ground Lease Plus Fund		64,548		17,630		769		—
Other real estate equity investments		43,441		44,349		3,611		(602)
Subtotal		1,496,646		1,230,511		21,409		10,810
Other strategic investments⁽²⁾		29,373		66,770		3,623		958
Total	$	1,526,019	$	1,297,281	$	25,032	$	11,768

(1)

As of March 31, 2022, the Company owned 40.1 million shares of SAFE common stock which, based on the closing price of $55.45 on March 31, 2022, had a market value of $2.2 billion. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the three months ended March 31, 2022 and 2021, equity in earnings includes dilution gains of $0.9 million and $0.5 million, respectively, resulting from SAFE equity offerings.

(2)

During the three months ended March 31, 2021, 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 – Investments – Equity Securities, the Company remeasured its equity investment at fair value and recognized a mark-to-market gain of $5.1 million in “Other income” in the Company’s consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021.

Schedule of summarized financial information

The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of March 31, 2022 ($ in thousands):


	Revenues		Expenses		Net Income Attributable to Parent
For the Three Months Ended March 31, 2022
SAFE	$	60,363	$	37,732	$	24,873

For the Three Months Ended March 31, 2021
SAFE	$	43,507	$	27,174	$	16,908