Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ISTAR INC. | ||
Entity Central Index Key | 1,095,651 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 68,158,151 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 698.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate | ||
Real estate, at cost | $ 2,076,333 | $ 1,629,436 |
Less: accumulated depreciation | (305,314) | (347,405) |
Real estate, net | 1,771,019 | 1,282,031 |
Real estate available and held for sale | 22,551 | 68,588 |
Total real estate | 1,793,570 | 1,350,619 |
Land and development, net | 598,218 | 860,311 |
Loans receivable and other lending investments, net | 988,224 | 1,300,655 |
Other investments | 304,275 | 321,241 |
Cash and cash equivalents | 931,751 | 657,688 |
Accrued interest and operating lease income receivable, net | 10,669 | 11,957 |
Deferred operating lease income receivable, net | 98,302 | 86,877 |
Deferred expenses and other assets, net | 289,268 | 141,730 |
Total assets | 5,014,277 | 4,731,078 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities | 318,592 | 238,004 |
Loan participations payable, net | 22,484 | 102,425 |
Debt obligations, net | 3,609,086 | 3,476,400 |
Total liabilities | 3,950,162 | 3,816,829 |
Commitments and contingencies | ||
iStar Inc. shareholders' equity: | ||
Common Stock, $0.001 par value, 200,000 shares authorized, 68,085 and 68,236 shares issued and outstanding as of December 31, 2018 and 2017, respectively | 68 | 68 |
Additional paid-in capital | 3,352,225 | 3,352,665 |
Accumulated deficit | (2,472,061) | (2,470,564) |
Accumulated other comprehensive loss | (17,270) | (2,482) |
Total iStar Inc. shareholders' equity | 862,978 | 879,703 |
Noncontrolling interests | 201,137 | 34,546 |
Total equity | 1,064,115 | 914,249 |
Total liabilities and equity | 5,014,277 | 4,731,078 |
Preferred Stock Series D, G, and I | ||
iStar Inc. shareholders' equity: | ||
Preferred Stock | 12 | 12 |
Preferred Stock Series J | ||
iStar Inc. shareholders' equity: | ||
Preferred Stock | $ 4 | $ 4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 68,085,000 | 68,236,000 |
Common stock, shares outstanding (in shares) | 68,085,000 | 68,236,000 |
Preferred Stock Series D, G, and I | ||
Liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred Stock Series J | ||
Liquidation preference (in dollars per share) | $ 50 | $ 50 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues: | ||||
Total revenues | $ 798,122 | $ 679,202 | $ 455,187 | |
Costs and expenses: | ||||
Interest expense | 183,751 | 194,686 | 221,398 | |
Depreciation and amortization | 58,699 | 49,033 | 51,660 | |
General and administrative | [1] | 92,135 | 98,882 | 84,027 |
Provision for (recovery of) loan losses | 16,937 | |||
Provision for (recovery of) loan losses | (5,828) | (12,514) | ||
Impairment of assets | 147,108 | 32,379 | 14,484 | |
Other expense | 6,040 | 20,954 | 5,883 | |
Total costs and expenses | 994,140 | 718,639 | 564,467 | |
Income from sales of real estate | 126,004 | 92,049 | 105,296 | |
Income (loss) from operations before earnings from equity method investments and other items | (70,014) | 52,612 | (3,984) | |
Loss on early extinguishment of debt, net | (10,367) | (14,724) | (1,619) | |
Earnings (losses) from equity method investments | (5,007) | 13,015 | 77,349 | |
Gain on consolidation of equity method investment | 67,877 | 0 | 0 | |
Income (loss) from continuing operations before income taxes | (17,511) | 50,903 | 71,746 | |
Income tax benefit (expense) | (815) | 948 | 10,166 | |
Income (loss) from continuing operations | (18,326) | 51,851 | 81,912 | |
Income from discontinued operations | 0 | 4,939 | 18,270 | |
Gain from discontinued operations | 0 | 123,418 | 0 | |
Net income (loss) | (18,326) | 180,208 | 100,182 | |
Net income attributable to noncontrolling interests | (13,936) | (4,526) | (4,876) | |
Net income (loss) attributable to iStar Inc. | (32,262) | 175,682 | 95,306 | |
Preferred dividends | (32,495) | (64,758) | (51,320) | |
Net income allocable to Participating Security holders(2) | [2] | 0 | 0 | (14) |
Net income (loss) allocable to common shareholders | $ (64,757) | $ 110,924 | $ 43,972 | |
Income (loss) attributable to iStar Inc. from continuing operations: | ||||
Basic (in dollars per share) | $ (0.95) | $ (0.25) | $ 0.35 | |
Diluted (in dollars per share) | (0.95) | (0.25) | 0.35 | |
Net income (loss) attributable to iStar Inc.: | ||||
Basic (in dollars per share) | (0.95) | 1.56 | 0.60 | |
Diluted (in dollars per share) | $ (0.95) | $ 1.56 | $ 0.60 | |
Weighted average number of common shares: | ||||
Basic (in shares) | 67,958 | 71,021 | 73,453 | |
Diluted (in shares) | 67,958 | 71,021 | 73,835 | |
Equity-based compensation | $ 17,563 | $ 18,812 | $ 10,889 | |
Operating lease income | ||||
Revenues: | ||||
Total revenues | 208,192 | 187,684 | 191,180 | |
Interest income | ||||
Revenues: | ||||
Total revenues | 97,878 | 106,548 | 129,153 | |
Other income | ||||
Revenues: | ||||
Total revenues | 82,342 | 188,091 | 46,514 | |
Land development | ||||
Revenues: | ||||
Total revenues | 409,710 | 196,879 | 88,340 | |
Costs and expenses: | ||||
Cost of sales expense | 350,181 | 180,916 | 62,007 | |
Real estate | ||||
Costs and expenses: | ||||
Cost of sales expense | 139,289 | 147,617 | 137,522 | |
iPIP Plans | ||||
Weighted average number of common shares: | ||||
Equity-based compensation | $ 15,400 | $ 14,900 | $ 5,800 | |
[1] | For the years ended December 31, 2018, 2017 and 2016, includes $15.4 million, $14.9 million and $5.8 million, respectively, of equity-based compensation associated with iPIP Plans (refer to Note 14). These plans are liability-based plans which are marked-to-market quarterly and such marks are based upon the performance of the assets underlying the plans as of the quarterly measurement dates; however, actual amounts cannot be determined until the end date of the plans and the ultimate repayment or monetization of the related assets. | |||
[2] | Participating Security holders are non-employee directors who hold common stock equivalents ("CSEs") and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (refer to Note 14 and Note 15). |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (18,326) | $ 180,208 | $ 100,182 | |
Other comprehensive income: | ||||
Impact from adoption of new accounting standards | 276 | 0 | 0 | |
Reclassification of losses on cumulative translation adjustment into earnings upon realization | [1] | 721 | 0 | 0 |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | [2] | (1,508) | (168) | 598 |
Unrealized gains/(losses) on available-for-sale securities | (1,135) | 1,186 | 274 | |
Unrealized gains/(losses) on cash flow hedges | (14,699) | 847 | (85) | |
Unrealized gains/(losses) on cumulative translation adjustment | (364) | (129) | (154) | |
Other comprehensive income (loss) | (16,709) | 1,736 | 633 | |
Comprehensive income (loss) | (35,035) | 181,944 | 100,815 | |
Comprehensive income attributable to noncontrolling interests | (12,015) | (4,526) | (4,876) | |
Comprehensive income (loss) attributable to iStar Inc. | $ (47,050) | $ 177,418 | $ 95,939 | |
[1] | Amounts were reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations. | |||
[2] | Reclassified to "Interest expense" in the Company's consolidated statements of operations are $388, $64 and $217 for the years ended December 31, 2018, 2017 and 2016, respectively. Amount reclassified to "Gain on consolidation of equity method investment" in the Company's consolidatedstatements of operations is $1,876 for the year ended December 31, 2018. Reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(20), $304 and $381, respectively, for the years ended December 31, December 31, 2018, 2017 and 2016. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest expense | $ 183,751 | $ 194,686 | $ 221,398 |
Losses (earnings) from equity method investments | 5,007 | (13,015) | (77,349) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge | |||
Interest expense | 388 | 64 | 217 |
Gain on consolidation of equity method investment | (1,876) | ||
Losses (earnings) from equity method investments | $ (20) | $ 304 | $ 381 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Series E and F Preferred Stock | Preferred Stock | [1] | Preferred Stock Series J | [1] | Common Stock at Par | Additional Paid-In Capital | Retained Earnings (Deficit) | Retained Earnings (Deficit)Series E and F Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |
Beginning Balance at Dec. 31, 2015 | $ 1,101,330 | $ 22 | $ 4 | $ 81 | $ 3,689,330 | $ (2,625,474) | $ (4,851) | $ 42,218 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared—preferred | (51,320) | (51,320) | |||||||||||
Issuance of stock/restricted stock unit amortization, net | 2,031 | 2,031 | |||||||||||
Issuance of common stock for conversion of senior unsecured convertible notes | 9,596 | 1 | 9,595 | ||||||||||
Net income (loss) for the period | [2] | 106,233 | 95,306 | 10,927 | |||||||||
Change in accumulated other comprehensive income (loss) | 633 | 633 | |||||||||||
Repurchase of stock | (98,429) | (10) | (98,419) | ||||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interests | (365) | (365) | |||||||||||
Contributions from noncontrolling interests | 790 | 790 | |||||||||||
Distributions to noncontrolling interests | [3] | (10,815) | (10,815) | ||||||||||
Ending Balance at Dec. 31, 2016 | 1,059,684 | 22 | 4 | 72 | 3,602,172 | (2,581,488) | (4,218) | 43,120 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared—preferred | (46,614) | $ (1,830) | (46,614) | $ (1,830) | |||||||||
Issuance of stock/restricted stock unit amortization, net | 2,522 | 2,522 | |||||||||||
Net income (loss) for the period | [2] | 181,535 | 175,682 | 5,853 | |||||||||
Change in accumulated other comprehensive income (loss) | 1,736 | 1,736 | |||||||||||
Repurchase of stock | (45,928) | (4) | (45,924) | ||||||||||
Issuance of senior unsecured convertible notes | 25,869 | 25,869 | |||||||||||
Redemption of Series E and F Preferred Stock | (240,000) | (10) | (223,676) | (16,314) | |||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interests | [4] | (8,298) | (8,298) | ||||||||||
Contributions from noncontrolling interests | 12 | 12 | |||||||||||
Distributions to noncontrolling interests | (14,439) | (14,439) | |||||||||||
Ending Balance at Dec. 31, 2017 | 914,249 | 12 | 4 | 68 | 3,352,665 | (2,470,564) | (2,482) | 34,546 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared—preferred | (32,495) | (32,495) | |||||||||||
Dividends declared—common | (12,333) | (12,333) | |||||||||||
Issuance of stock/restricted stock unit amortization, net | 7,864 | 1 | 7,863 | ||||||||||
Net income (loss) for the period | (18,326) | (32,262) | 13,936 | ||||||||||
Change in accumulated other comprehensive income (loss) | (16,709) | ||||||||||||
Change in accumulated other comprehensive income | (16,985) | (15,064) | (1,921) | ||||||||||
Repurchase of stock | (8,304) | (1) | (8,303) | ||||||||||
Contributions from noncontrolling interests | 15,227 | 15,227 | |||||||||||
Distributions to noncontrolling interests | (48,930) | (48,930) | |||||||||||
Change in noncontrolling interest attributable to consolidation of equity method investment | 188,279 | 188,279 | |||||||||||
Ending Balance at Dec. 31, 2018 | $ 1,064,115 | $ 12 | $ 4 | $ 68 | $ 3,352,225 | $ (2,472,061) | $ (17,270) | $ 201,137 | |||||
[1] | Refer to Note 13 for details on the Company's Preferred Stock. | ||||||||||||
[2] | For the years ended December 31, 2017 and 2016 net income shown above excludes $1,327 and $6,051 of net loss attributable to redeemable noncontrolling interests. | ||||||||||||
[3] | Includes payments of $10.8 million to acquire a noncontrolling interest. | ||||||||||||
[4] | Represents the amount paid in excess of its carrying value to acquire a redeemable noncontrolling interest. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Net loss attributable to redeemable noncontrolling interest | $ (1,327) | $ (6,051) |
Payments to acquire noncontrolling interest | $ 10,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (18,326) | $ 180,208 | $ 100,182 |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Provision for (recovery of) loan losses | 16,937 | ||
Provision for (recovery of) loan losses | (5,828) | (12,514) | |
Impairment of assets | 147,108 | 32,379 | 14,484 |
Depreciation and amortization | 58,699 | 49,934 | 54,329 |
Non-cash expense for stock-based compensation | 17,563 | 18,812 | 10,889 |
Amortization of discounts/premiums and deferred financing costs on debt obligations, net | 15,422 | 13,857 | 16,810 |
Amortization of discounts/premiums and deferred interest on loans, net | (41,168) | (55,985) | (77,851) |
Deferred interest on loans received | 40,463 | 52,795 | 85,374 |
Gain from consolidation of equity method investment | (67,877) | 0 | 0 |
Gain from discontinued operations | 0 | (123,418) | 0 |
Losses (earnings) from equity method investments | 5,007 | (13,015) | (77,349) |
Distributions from operations of other investments | 18,133 | 42,059 | 48,732 |
Deferred operating lease income | (14,989) | (6,830) | (9,921) |
Income from sales of real estate | (126,004) | (92,557) | (105,296) |
Land development revenue in excess of cost of sales | (59,529) | (15,963) | (26,333) |
Loss on early extinguishment of debt, net | 10,367 | 14,724 | 1,619 |
Other operating activities, net | 3,377 | 16,878 | 8,809 |
Changes in assets and liabilities: | |||
Changes in accrued interest and operating lease income receivable, net | 949 | 1,424 | 3,634 |
Changes in deferred expenses and other assets, net | (1,925) | (15,230) | (5,656) |
Changes in accounts payable, accrued expenses and other liabilities, net | (28,335) | 7,299 | (453) |
Cash flows provided by (used in) operating activities | (24,128) | 101,543 | 29,489 |
Cash flows from investing activities: | |||
Originations and fundings of loans receivable, net | (482,143) | (522,269) | (410,975) |
Capital expenditures on real estate assets | (60,495) | (37,067) | (69,810) |
Capital expenditures on land and development assets | (128,543) | (121,400) | (103,806) |
Acquisitions of real estate assets | (19,454) | (6,600) | (38,433) |
Repayments of and principal collections on loans receivable and other lending investments, net | 832,982 | 615,620 | 504,844 |
Net proceeds from sales of real estate | 411,786 | 314,013 | 435,560 |
Net proceeds from sales of land and development assets | 223,416 | 194,090 | 94,424 |
Net proceeds from sale of other investments | 0 | 0 | 43,936 |
Cash acquired upon consolidation of equity method investments | 13,608 | 0 | 0 |
Distributions from other investments | 40,804 | 49,672 | 92,482 |
Contributions to and acquisition of interest in other investments | (94,578) | (224,219) | (58,197) |
Other investing activities, net | 41,476 | 1,231 | (24,997) |
Cash flows provided by investing activities | 778,859 | 263,071 | 465,028 |
Cash flows from financing activities: | |||
Borrowings from debt obligations and convertible notes | 704,360 | 2,288,654 | 716,001 |
Repayments and repurchases of debt obligations | (944,800) | (1,921,699) | (1,442,938) |
Purchase of marketable securities in connection with the defeasance of mortgage notes payable | (110,939) | 0 | 0 |
Proceeds from loan participations payable | 0 | 0 | 22,844 |
Preferred dividends paid | (32,496) | (48,444) | (51,320) |
Common dividends paid | (12,227) | 0 | 0 |
Repurchase of stock | (8,304) | (45,928) | (99,335) |
Redemption of Series E and F preferred stock | 0 | (240,000) | 0 |
Payments for deferred financing costs | (5,471) | (32,419) | (9,980) |
Payments for withholding taxes upon vesting of stock-based compensation | (4,807) | (724) | (1,451) |
Distributions to and redemption of noncontrolling interests | (60,743) | (26,213) | (10,771) |
Payments for debt prepayment or extinguishment costs | (4,132) | (14,108) | (1,912) |
Other financing activities, net | 21,620 | (599) | 1,207 |
Cash flows used in financing activities | (457,939) | (41,480) | (877,655) |
Effect of exchange rate changes on cash | 19 | (28) | 7 |
Changes in cash, cash equivalents and restricted cash | 296,811 | 323,106 | (383,131) |
Cash, cash equivalents and restricted cash at beginning of period | 677,733 | 354,627 | 737,758 |
Cash, cash equivalents and restricted cash at end of period | 974,544 | 677,733 | 354,627 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest, net of amount capitalized | 171,590 | 179,208 | 199,667 |
Supplemental disclosure of non-cash investing and financing activity: | |||
Fundings and repayments of loan receivables and loan participations, net | (80,095) | (57,514) | (15,594) |
Developer fee payable | 0 | 0 | 9,478 |
Acquisitions of real estate and land and development assets through deed-in-lieu | 4,600 | 0 | 40,583 |
Contributions of real estate and land and development assets to equity method investments, net | 0 | 0 | 8,828 |
Accounts payable for capital expenditures on land and development assets | 16,052 | 3,775 | 3,674 |
Marketable securities transferred in connection with the defeasance of mortgage notes payable | 110,939 | 0 | 0 |
Accounts payable for capital expenditures on real estate assets | 0 | 2,709 | 0 |
Conversion of senior unsecured convertible notes into common stock | 0 | 0 | 9,596 |
Defeasance of mortgage notes payable | (105,785) | 0 | 0 |
Receivable from sales of real estate and land parcels | 0 | 4,853 | 7,509 |
Financing provided on sales of land and development assets, net | 142,639 | 0 | 0 |
Increase in net lease assets upon consolidation of equity method investment | 844,550 | 0 | 0 |
Increase in debt obligations upon consolidation of equity method investment | 464,706 | 0 | 0 |
Increase in noncontrolling interests upon consolidation of equity method investment | $ 200,093 | $ 0 | $ 0 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2018 | |
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 7). The Company has invested approximately $40 billion of capital over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary reportable business segments are real estate finance, net lease and operating properties and land and development (refer to Note 17 ). 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 | 12 Months Ended |
Dec. 31, 2018 | |
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 audited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. 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. Principles of Consolidation —The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("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 December 31, 2018 . The following table presents the assets and liabilities of the Company's consolidated VIEs as of December 31, 2018 and 2017 ($ in thousands): As of December 31, 2018 December 31, ASSETS Real estate Real estate, at cost $ 848,052 $ 47,073 Less: accumulated depreciation (15,365 ) (2,732 ) Real estate, net 832,687 44,341 Land and development, net 279,031 212,408 Other investments 72 — Cash and cash equivalents 25,219 9,842 Accrued interest and operating lease income receivable, net 1,302 230 Deferred operating lease income receivable, net 8,972 — Deferred expenses and other assets, net 167,324 30,791 Total assets $ 1,314,607 $ 297,612 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 106,907 $ 38,616 Debt obligations, net 485,000 — Total liabilities 591,907 38,616 Unconsolidated VIEs —The Company has investments in VIEs where it is not the primary beneficiary, and accordingly, the VIEs have not been consolidated in the Company's consolidated financial statements. As of December 31, 2018 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $93.2 million carrying value of the investments, which are classified in "Other investments" and "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets, and $35.7 million of related unfunded commitments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2018. ASU 2014-09 — ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. The Company's revenue within the scope of the guidance is primarily ancillary income related to its operating properties. The Company adopted ASU 2014-09 using the modified retrospective approach and the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2016-01 and ASU 2018-03 — ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, provided technical corrections and improvements to ASU 2016-01. ASU 2016-01 requires entities to measure equity investments not accounted for under the equity method at fair value and recognize changes in fair value in net income. For equity investments without readily determinable fair values, entities may elect a measurement alternative that will allow those investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. Upon adoption, entities must record a cumulative-effect adjustment to the balance sheet as of the beginning of the first reporting period in which the standard is adopted. ASU 2016-01 also eliminated the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The adoption of ASU 2016-01 and ASU 2018-03 did not have a material impact on the Company's consolidated financial statements. ASU 2016-15 — ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. The adoption of ASU 2016-15 was retrospective and resulted in an increase to cash flows provided by operating activities of $20.8 million and a decrease to cash flows provided by financing activities of $20.8 million for the year ended December 31, 2017 and an increase to cash flows provided by operating activities of $7.3 million and a decrease to cash flows provided by financing activities of $7.3 million for the year ended December 31, 2016, primarily resulting from the reclassification of cash payments made related to the extinguishment of debt. ASU 2016-18 — ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18"), requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows and requires disclosure of what is included in restricted cash. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. The adoption of ASU 2016-18 was retrospective and resulted in an increase to cash flows provided by operating activities of $0.6 million and a decrease to cash flows provided by investing activities of $6.4 million for year ended December 31, 2017 and resulted in an increase to cash flows provided by operating activities of $0.7 million and a decrease to cash flows provided by investing activities of $1.5 million for the year ended December 31, 2016. ASU 2017-01 — The adoption of ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01"), did not have a material impact on the Company's consolidated financial statements. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the former accounting guidance will be accounted for as asset acquisitions under ASU 2017-01. As a result, the Company expects more transaction costs to be capitalized relating to real estate acquisitions as a result of ASU 2017-01. ASU 2017-05 — ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05"), simplifies GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. The Company adopted ASU 2017-05 using the modified retrospective approach which was applied to all contracts. 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, 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. The adoption of ASU 2017-05 had the following impact on the Company's consolidated financial statements (in thousands): Impact from ASU 2017-05 on January 1, 2018 December 31, 2017 January 1, 2018 Other investments $ 321,241 $ 75,869 $ 397,110 Total assets 4,731,078 75,869 4,806,947 Retained earnings (deficit) $ (2,470,564 ) $ 75,869 $ (2,394,695 ) Total equity 914,249 75,869 990,118 ASU 2017-12 — ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), was issued to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The Company adopted ASU 2017-12 on January 1, 2018 and the adoption did not have a material impact on the Company's consolidated financial statements. Significant Accounting Policies Real estate and land and development— Real estate and land and development assets are recorded at cost less accumulated depreciation and amortization, as follows: Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. Purchase price allocation— Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases and in-place leases which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions. Impairments— The Company reviews real estate assets to be held and used and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of: (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used; or (ii) the estimated fair value at the date of the subsequent decision not to sell. Dispositions— Revenue from sales of land and development assets and gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in "Income from sales of real estate" in the Company's consolidated statements of operations. Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if: (1) the Company has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" in the Company's consolidated statements of operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development, net," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure. Equity and cost method investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's consolidated balance sheets. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations. Cash and cash equivalents — Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. Restricted cash — Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. Restricted cash is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): December 31, 2018 December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 931,751 $ 657,688 $ 328,744 $ 711,101 Restricted cash included in deferred expenses and other assets, net 42,793 20,045 25,883 26,657 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 974,544 $ 677,733 $ 354,627 $ 737,758 Variable interest entities — The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. Deferred expenses and other assets — Deferred expenses and other assets include certain non-tenant receivables, leasing costs, lease incentives and financing fees associated with revolving-debt arrangements. Financing fees associated with other debt obligations are recorded as a reduction of the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets. Lease incentives and leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations. Identified intangible assets and liabilities — Upon the acquisition of a business or an asset, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2018 , all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. Loan participations payable, net — The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing,” as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net". Financial asset activities that are accounted for as sales are removed from the balance sheet with any realized gain (loss) reflected in earnings during the period of sale. Revenue recognition — The Company's revenue recognition policies are as follows: Operating lease income: The Company's leases have all been determined to be operating leases based on analyses performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable, net" on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2018 and 2017 , the allowance for doubtful accounts related to real estate tenant receivables was $1.5 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.8 million and $1.3 million , respectively. Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees, management fees and other ancillary income. During the year ended December 31, 2017, the Company recorded $123.4 million of interest income and real estate tax reimbursements resulting from the settlement of litigation involving a dispute over the purchase and sale of land (refer to Note11). Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Reserve for loan losses — The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, ba |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate | Real Estate The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of December 31, 2018 Land, at cost $ 336,740 $ 133,599 $ 470,339 Buildings and improvements, at cost 1,487,270 118,724 1,605,994 Less: accumulated depreciation (287,516 ) (17,798 ) (305,314 ) Real estate, net 1,536,494 234,525 1,771,019 Real estate available and held for sale (2) 1,055 21,496 22,551 Total real estate $ 1,537,549 $ 256,021 $ 1,793,570 As of December 31, 2017 Land, at cost $ 219,092 $ 203,278 $ 422,370 Buildings and improvements, at cost 888,959 318,107 1,207,066 Less: accumulated depreciation (292,268 ) (55,137 ) (347,405 ) Real estate, net 815,783 466,248 1,282,031 Real estate available and held for sale (2) — 68,588 68,588 Total real estate $ 815,783 $ 534,836 $ 1,350,619 _______________________________________________________________________________ (1) On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $743.6 million to "Real estate, net" on the Company's consolidated balance sheet. (2) As of December 31, 2018 and 2017 the Company had $20.6 million and $48.5 million , respectively, of residential condominiums available for sale in its operating properties portfolio. Real Estate Available and Held for Sale— The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions) (1) : Year Ended December 31, Property Type 2018 2017 2016 Operating Properties $ 23.2 $ 20.1 $ 16.1 Net Lease 8.1 0.9 1.8 Total $ 31.3 $ 21.0 $ 17.9 _______________________________________________________________________________ (1) Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy. Acquisitions— During the year ended December 31, 2018, the Company acquired two net lease assets for an aggregate $14.8 million . During the year ended December 31, 2017, the Company acquired one net lease asset for $6.6 million . In addition, in the third quarter 2017, in conjunction with the modification of two master leases, the Company exchanged real property with the tenant. The fair value of the property exchanged exceeded the Company's cost basis by approximately $1.5 million which will be deferred and amortized to "Operating lease income" in the Company's consolidated statements of operations over the remaining master lease terms. During the year ended December 31, 2016, the Company acquired one net lease asset for $32.7 million . During the same period, the Company also acquired land for $3.9 million and simultaneously entered into a 99 year ground lease with the seller. This asset was one of the 12 properties comprising the Company's Ground Lease business that was disposed of in April 2017 (see "Disposition of Ground Lease Business" below). Disposition of Ground Lease Business— In April 2017, institutional investors acquired a controlling interest in the Company's ground lease business through the merger of a Company subsidiary and related transactions (the "Acquisition Transactions"). Ground leases generally represent ownership of the land underlying commercial real estate projects that is triple net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Lease"). The Company's Ground Lease business was a component of the Company's net lease segment and consisted of 12 properties subject to long term net leases including seven Ground Leases and one master lease (covering five properties). The acquiring entity was a newly formed unconsolidated entity named Safety, Income & Growth Inc. ("SAFE"). The carrying value of the Company's Ground Lease assets was approximately $161.1 million . Shortly before the Acquisition Transactions, the Company completed the $227.0 million 2017 Secured Financing on its Ground Lease assets (refer to Note 10). The Company received all of the proceeds of the 2017 Secured Financing. The Company received an additional $113.0 million of proceeds in the Acquisition Transactions, including $55.5 million that the Company contributed to SAFE in its initial capitalization. As a result of the Acquisition Transactions, the Company deconsolidated the 12 properties and the associated 2017 Secured Financing. The Company accounts for its investment in SAFE as an equity method investment (refer to Note 7). The Company accounted for this transaction as an in substance sale of real estate and recognized a gain of $123.4 million , reflecting the aggregate gain less the fair value of the Company's retained interest in SAFE. The gain was recorded in "Gain from discontinued operations" in the Company's consolidated statements of operations. As a result of the adoption of ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, on January 1, 2018, the Company recorded an increase to retained earnings of $55.5 million , bringing the Company's aggregate gain on the sale of its Ground Lease business to approximately $178.9 million . Discontinued Operations— The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the years ended December 31, 2017 and 2016 ($ in thousands) (1) : Year Ended December 31, 2017 2016 Revenues $ 5,922 $ 21,839 Expenses (1,491 ) (3,569 ) Income from sales of real estate 508 — Income from discontinued operations $ 4,939 $ 18,270 _______________________________________________________________________________ (1) The transactions closed on April 14, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the years ended December 31, 2017 and 2016 ($ in thousands). Year Ended December 31, 2017 2016 Cash flows provided by operating activities $ 5,702 $ 16,662 Cash flows used in investing activities (534 ) (7,972 ) Other Dispositions— The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions): Year Ended December 31, 2018 2017 2016 Operating Properties (1) Proceeds $ 327.9 $ 41.3 $ 326.9 Income from sales of real estate 81.0 4.5 75.4 Net Lease (2)(3) Proceeds $ 79.7 $ 175.4 $ 117.2 Income from sales of real estate 45.0 87.5 21.1 Total Proceeds $ 407.6 $ 216.7 $ 444.1 Income from sales of real estate 126.0 92.0 96.5 _______________________________________________________________________________ (1) During the year ended December 31, 2018 , the Company sold 10 commercial operating properties and residential condominium units from other properties and recognized $81.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the year ended December 31, 2018 , the Company sold five net lease assets and recognized $45.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. (3) During the year ended December 31, 2017, the Company sold one net lease property and recognized a gain on sale of $62.5 million . Prior to the sale, the Company acquired the noncontrolling interest with a carrying value of $3.5 million for $12.0 million . Impairments— During the years ended December 31, 2018 , 2017 and 2016, the Company recorded aggregate impairments on real estate assets totaling $90.4 million , $11.9 million and $10.7 million , respectively. Refer to Note 16 for a description of the impairments recorded during the year ended December 31, 2018. The impairments recorded in 2017 were primarily the result of shifting demand in the local condominium markets, changes in our exit strategy on other real estate assets and an impairment recorded in connection with the sale of an outparcel located at a commercial operating property. The impairments recorded in 2016 resulted from unfavorable local market conditions on residential operating properties and impairments upon the execution of sales contracts on net lease assets. 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 $22.4 million , $21.9 million and $23.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of December 31, 2018 and 2017 , the allowance for doubtful accounts related to real estate tenant receivables was $1.5 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.8 million and $1.3 million , respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets. Future Minimum Operating Lease Payments— Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2018 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2019 $ 156,968 $ 22,400 2020 157,476 21,146 2021 158,453 19,953 2022 160,395 11,358 2023 154,105 10,417 |
Land and Development
Land and Development | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 2017 Land and land development, at cost $ 606,849 $ 868,692 Less: accumulated depreciation (8,631 ) (8,381 ) Total land and development, net $ 598,218 $ 860,311 Acquisitions— During the year ended December 31, 2018, the Company acquired, via foreclosure, title to a land asset which had a total fair value of $4.6 million and had previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. During the year ended December 31, 2016, the Company acquired, via deed-in-lieu, title to two land assets which had a total fair value of $40.6 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with these transactions. Dispositions— During the years ended December 31, 2018 , 2017 and 2016 , the Company sold land parcels and residential lots and units and recognized land development revenue of $409.7 million , $196.9 million and $88.3 million , respectively. In connection with the sale of two land parcels totaling 93 acres during the year ended December 31, 2018, the Company provided an aggregate $145.0 million of financing to the buyers, of which $81.2 million was repaid in the second quarter 2018. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized land development cost of sales of $350.2 million , $180.9 million and $62.0 million , respectively, from its land and development portfolio. In connection with the resolution of litigation involving a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland, during the year ended December 31, 2017, the Company recognized $114.0 million of land development revenue and $106.3 million of land development cost of sales. During the year ended December 31, 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 7). The Company recognized a gain of $8.8 million , reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statement of operations. Impairments— During the year ended December 31, 2018, the Company recorded an aggregate impairment of $56.7 million on five land and development assets. Refer to Note 16 for a description of the impairments recorded during the year ended December 31, 2018. During the year ended December 31, 2017, the Company recorded impairments on land and development assets of $20.5 million resulting from a decrease in expected cash flows on one asset and a change in exit strategy on another asset. During the year ended December 31, 2016, the Company recorded impairments on land and development assets of $3.8 million . |
Loans Receivable and Other Lend
Loans Receivable and Other Lending Investments, net | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans Receivable and Other Lending Investments, net | Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of December 31, Type of Investment 2018 2017 Senior mortgages $ 760,749 $ 791,152 Corporate/Partnership loans (1) 148,583 488,921 Subordinate mortgages 10,161 9,495 Total gross carrying value of loans 919,493 1,289,568 Reserves for loan losses (53,395 ) (78,489 ) Total loans receivable, net 866,098 1,211,079 Other lending investments—securities 122,126 89,576 Total loans receivable and other lending investments, net $ 988,224 $ 1,300,655 _______________________________________________________________________________ (1) In the second quarter 2018, the Company resolved a non-performing loan with a carrying value of $145.8 million . Refer to "Impaired Loans" section below. Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Reserve for loan losses at beginning of period $ 78,489 $ 85,545 $ 108,165 (Recovery of) provision for loan losses (1) 16,937 (5,828 ) (12,514 ) Charge-offs (42,031 ) (1,228 ) (10,106 ) Reserve for loan losses at end of period $ 53,395 $ 78,489 $ 85,545 ______________________________________________________________________________ (1) For the year ended December 31, 2016 , the (recovery of) provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $13.7 million . The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of December 31, 2018 Loans $ 66,725 $ 857,662 $ 924,387 Less: Reserve for loan losses (40,395 ) (13,000 ) (53,395 ) Total (3) $ 26,330 $ 844,662 $ 870,992 As of December 31, 2017 Loans $ 237,877 $ 1,056,944 $ 1,294,821 Less: Reserve for loan losses (60,989 ) (17,500 ) (78,489 ) Total (3) $ 176,888 $ 1,039,444 $ 1,216,332 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.5 million and $0.7 million as of December 31, 2018 and 2017 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $3.1 million and net premiums of $6.2 million as of December 31, 2018 and 2017 , respectively. (3) The Company's recorded investment in loans as of December 31, 2018 and 2017 includes accrued interest of $4.9 million and $5.3 million , respectively, which is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of December 31, 2018 and 2017 , the total amounts exclude $122.1 million and $89.6 million , respectively, of securities that are evaluated for impairment under ASC 320. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of December 31, 2018 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 697,807 2.76 $ 713,057 2.72 Corporate/Partnership loans 149,663 2.84 334,364 2.85 Subordinate mortgages 10,192 3.00 9,523 3.00 Total $ 857,662 2.77 $ 1,056,944 2.77 The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands): As of December 31, 2018 Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total Senior mortgages $ 703,807 $ — $ 60,725 $ 60,725 $ 764,532 Corporate/Partnership loans 149,663 — — — 149,663 Subordinate mortgages 10,192 — — — 10,192 Total $ 863,662 $ — $ 60,725 $ 60,725 $ 924,387 As of December 31, 2017 Senior mortgages $ 719,057 $ — $ 75,343 $ 75,343 $ 794,400 Corporate/Partnership loans 334,364 — 156,534 156,534 490,898 Subordinate mortgages 9,523 — — — 9,523 Total $ 1,062,944 $ — $ 231,877 $ 231,877 $ 1,294,821 _______________________________________________________________________________ (1) As of December 31, 2018 , the Company had two loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 4.0 to 9.0 years outstanding. As of December 31, 2017, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 1.0 to 9.0 years outstanding. Impaired Loans —In the second quarter 2018, the Company resolved a non-performing loan with a carrying value of $145.8 million . The Company received a $45.8 million cash payment and a preferred equity investment with a face value of $100.0 million that is mandatorily redeemable in five years. The Company recorded the preferred equity at its fair value of $77.0 million and are accruing interest over the expected duration of the investment. In addition, the Company recorded a $21.4 million loan loss provision and simultaneously charged-off of the remaining unpaid balance. The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands) (1) : As of December 31, 2018 As of December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 66,725 $ 66,777 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans — — — 156,534 145,849 (12,471 ) Total $ 66,725 $ 66,777 $ (40,395 ) $ 237,877 $ 227,280 $ (60,989 ) _______________________________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, was as follows ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Average Interest Average Interest Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ — $ — $ 3,661 $ 226 Subordinate mortgages — 301 6,582 1,127 6,799 — Subtotal — 301 6,582 1,127 10,460 226 With an allowance recorded: Senior mortgages 67,041 — 82,749 — 118,921 — Corporate/Partnership loans 39,169 — 156,756 — 66,101 — Subtotal 106,210 — 239,505 — 185,022 — Total: Senior mortgages 67,041 — 82,749 — 122,582 226 Corporate/Partnership loans 39,169 — 156,756 — 66,101 — Subordinate mortgages — 301 6,582 1,127 6,799 — Total $ 106,210 $ 301 $ 246,087 $ 1,127 $ 195,482 $ 226 There was no interest income related to the resolution of non-performing loans recorded during the years ended December 31, 2018 , 2017 and 2016 . Securities —Other lending investments—securities include the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of December 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 476 $ 21,661 $ 21,661 Held-to-Maturity Securities Debt securities 120,866 100,465 7 100,472 100,465 Total $ 142,051 $ 121,650 $ 483 $ 122,133 $ 122,126 As of December 31, 2017 Available-for-Sale Securities Municipal debt securities $ 21,230 $ 21,230 $ 1,612 $ 22,842 $ 22,842 Held-to-Maturity Securities Debt securities 66,618 66,734 1,581 68,315 66,734 Total $ 87,848 $ 87,964 $ 3,193 $ 91,157 $ 89,576 As of December 31, 2018 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ 20,859 $ 20,866 $ — $ — After one year through 5 years 79,606 79,606 — — After 5 years through 10 years — — — — After 10 years — — 21,185 21,661 Total $ 100,465 $ 100,472 $ 21,185 $ 21,661 |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2018 | |
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): Carrying Value Equity in Earnings (Losses) As of December 31, For the Years Ended December 31, 2018 2017 2018 2017 2016 Real estate equity investments Safety, Income & Growth Inc. ("SAFE") (1)(2) $ 149,589 $ 83,868 $ 4,711 $ 551 $ — iStar Net Lease II LLC ("Net Lease Venture II") 16,215 — (333 ) — — iStar Net Lease I LLC ("Net Lease Venture") (3) — 121,139 4,100 4,534 3,567 Other real estate equity investments (2)(4) 130,955 102,616 (4,112 ) 6,520 63,875 Subtotal 296,759 307,623 4,366 11,605 67,442 Other strategic investments (5) 7,516 13,618 (9,373 ) 1,410 9,907 Total $ 304,275 $ 321,241 $ (5,007 ) $ 13,015 $ 77,349 _______________________________________________________________________________ (1) On January 2, 2019, the Company made an additional $250.0 million cash investment in newly designated limited partnership units (the "Investor Units") of SAFE's operating partnership ("SAFE OP") (refer to Note 19). For the year ended December 31, 2017, equity in earnings is for the period from April 14, 2017 to December 31, 2017. (2) 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, 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. (3) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (4) During the year ended December 31, 2018, the Company recorded a $6.1 million impairment on a land and development equity method investment due to a change in business strategy. During the year ended December 31, 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized equity in earnings of $31.5 million , of which $10.1 million was attributable to the noncontrolling interest. In addition, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the year ended December 31, 2016 of $11.6 million . (5) For the year ended December 31, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions. Safety, Income & Growth Inc. —The Company and two institutional investors capitalized SIGI Acquisition, Inc. ("SIGI") on April 14, 2017 to acquire, manage and capitalize Ground Leases. The Company contributed $55.5 million for an initial 49.1% noncontrolling interest in SIGI and the two institutional investors contributed an aggregate $57.5 million for an initial 50.9% controlling interest in SIGI. A wholly-owned subsidiary of the Company that held the Company's Ground Lease business and assets merged with and into SIGI on April 14, 2017 with SIGI surviving the merger and being renamed Safety, Income & Growth Inc. ("SAFE"). Through this merger and related transactions, the institutional investors acquired a controlling interest in the Company's Ground Lease business. The Company's carrying value of the Ground Lease assets was approximately $161.1 million . Shortly before the Acquisition Transactions, the Company completed the $227.0 million 2017 Secured Financing on its Ground Lease assets (refer to Note 10). The Company received all of the proceeds of the 2017 Secured Financing. The Company received an additional $113.0 million of proceeds in the Acquisition Transactions, including $55.5 million that the Company contributed to SAFE in its initial capitalization. As a result of the Acquisition Transactions, the Company deconsolidated the 12 properties and the associated 2017 Secured Financing. The Company accounted for this transaction as an in substance sale of real estate and recognized a gain of $123.4 million , reflecting the aggregate gain less the fair value of the Company's retained interest in SAFE. As a result of the adoption of ASU 2017-05, on January 1, 2018, the Company recorded an increase to retained earnings of $55.5 million , bringing the Company's aggregate gain on the sale of its Ground Lease business to approximately $178.9 million . On June 27, 2017, SAFE completed its initial public offering (the "Offering") raising $205.0 million in gross proceeds and concurrently completed a $45.0 million private placement to the Company. In addition, the Company paid $18.9 million in organization and offering costs of the up to $25.0 million in organization and offering costs it agreed to pay in connection with the Offering and concurrent private placement. The Company expensed the portion of offering costs that was attributable to other investors in "Other expense" in the Company's consolidated statements of operations and capitalized the portion of offering costs attributable to the Company's ownership interest in "Other investments" on the Company's consolidated balance sheets. Subsequent to the initial public offering and through December 31, 2018, the Company purchased 2.4 million shares of SAFE's common stock for $45.7 million , representing an average cost of $18.69 per share, pursuant to 10b5-1 plans in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which the Company could buy shares of SAFE's common stock in the open market. The Company also purchased an additional 133,524 shares of SAFE's common stock in open market and negotiated transactions for $2.2 million , representing an average cost of $16.39 per share. As of December 31, 2018 , the Company owned approximately 41.8% of SAFE's common stock outstanding. A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee. In connection with the Company's $250.0 million cash investment in Investor Units of SAFE OP (refer to Note 19), the management agreement was amended on January 2, 2019. Highlights of the management agreement terms are included below: • We received no management fee through June 30, 2018, which covered the first year of the management agreement; • We receive 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 will be locked up for two years, subject to certain restrictions; • There is no additional performance or incentive fee; • From January 1, 2019 through June 30, 2022, the management agreement is non-terminable by SAFE except for cause; and • Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE's independent directors and payment of termination fee equal to three times the prior year's management fee, subject to SAFE having raised $820 million of total equity since inception. The Company is also entitled to receive expense reimbursements, including for the allocable costs of its personnel that perform certain legal, accounting, due diligence tasks and other services that third-party professionals or outside consultants otherwise would perform. The Company waived both the management fee and certain of the expense reimbursements through June 30, 2018. For the six months ended June 30, 2018, the Company waived $1.8 million and $0.8 million , respectively, of management fees and expense reimbursements. For the six months ended December 31, 2018 , the Company recorded $1.8 million and $0.7 million , respectively, of management fees and expense reimbursements. In the fourth quarter 2018, the Company received 45,941 shares of SAFE's common stock for payment of the management fee for the three months ended September 30, 2018. Subsequent to December 31, 2018, the Company was issued 46,020 shares of SAFE's common stock for payment of the management fee for the three months ended December 31, 2018. 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: 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 had an initial term of one year and was extended for an additional year and will be used for the renovation of a medical office building in Atlanta, GA. $17.0 million of the loan was funded as of December 31, 2018 . During the year ended December 31, 2018 , the Company recorded $1.4 million of interest income on the loan. The transaction was approved by the Company's and SAFE's independent directors. 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 Great Oaks Multifamily, a to-be-built 301 -unit community within the Great Oaks Master Plan of San Jose, CA. The transaction includes a combination of: (i) a newly created Ground Lease and up to a $7.2 million leasehold improvement allowance; and (ii) a $80.5 million leasehold first mortgage. The Company entered into a forward purchase contract with SAFE under which SAFE would acquire the Ground Lease in November 2020 for approximately $34.0 million . The forward purchase contract was approved by the Company's and SAFE's independent directors. 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 has an initial term of one year and will be used for the acquisition of 100 and 200 Glenridge Point, two multi-tenant office buildings in Atlanta, GA. During the year ended December 31, 2018 , the Company recorded $1.4 million of interest income on the loan. The transaction was approved by the Company's and SAFE's independent directors. In June 2018, the Company sold two industrial facilities located in Miami, FL to a third-party and simultaneously structured and entered into two Ground Leases. The Company then sold the two Ground Leases to SAFE. Net proceeds from the transactions totaled $36.1 million and the Company recognized a $24.5 million gain on sale. The transactions were approved by the Company's and SAFE's independent directors. Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form the Net Lease Venture to acquire and develop net lease assets and gave a right of first offer to the venture on all new net lease investments. The Company and its partner had joint decision making rights pertaining to the acquisition of new investments. Upon the expiration of the investment period on June 30, 2018, the Company obtained control of the venture through its unilateral rights of management and disposition of the assets. As a result, the expiration of the investment period resulted in a reconsideration event under GAAP and the Company determined that the Net Lease Venture is a VIE for which the Company is the primary beneficiary. Effective June 30, 2018, the Company consolidated the Net Lease Venture as an asset acquisition under ASC 810. The Company recorded a gain of $67.9 million in "Gain on consolidation of equity method investment" in the Company's consolidated statement of operations as a result of the consolidation. The Net Lease Venture had previously been accounted for as an equity method investment. The Company has an equity interest in the Net Lease Venture of approximately 51.9% and recorded a $188.3 million increase to "Noncontrolling interests" and $11.8 million increase to "Redeemable noncontrolling interest" on the Company's consolidated balance sheet as a result of the consolidation. The Company acquired the redeemable noncontrolling interest in the fourth quarter 2018. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a management fee and incentive fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% partner's interest. During the year ended December 31, 2017, the Net Lease Venture acquired industrial properties for $59.0 million . During the year ended December 31, 2017, the Company sold a net lease asset for proceeds of $6.2 million , which approximated its carrying value net of financing, to the Net Lease Venture and derecognized the associated $18.9 million financing. During the year ended December 31, 2017, the Company made contributions of $49.2 million to the Net Lease Venture and received distributions of $26.0 million from the Net Lease Venture. During the year ended December 31, 2016, the Net Lease Venture acquired two office properties and the Company made contributions to the Net Lease Venture of $37.7 million . In November 2016, the Net Lease Venture placed five year non-recourse financing of $29.0 million on one of its net lease assets. Net proceeds from the financing were distributed to the members of which the Company received $13.2 million . As of December 31, 2017, the venture's carrying value of total assets was $658.3 million . During the years ended December 31, 2018, 2017 and 2016, the Company recorded $1.3 million , $2.1 million and $1.6 million , respectively, of management fees from the Net Lease Venture. The management fees are included in "Other income" in the Company's consolidated statements of operations. In addition, beginning after the Company's consolidation of the Net Lease Venture on June 30, 2018 and after the effect of eliminations, the Company earned $0.7 million of management fees with respect to services provided to other investors in the Net Lease Venture, which was recorded as a reduction to "Net income attributable to noncontrolling interests" in the Company's consolidated statements of operations. Net Lease Venture II —In July 2018, the Company entered into a new venture ("Net Lease Venture II") with an investment strategy similar to the Net Lease Venture. The Net Lease Venture II has a right of first offer on all new net lease investments (excluding Ground Leases) originated by the Company. The Company has an equity interest in the new venture of approximately 51.9% , which will be accounted for as an equity method investment, and is responsible for managing the venture in exchange for a management fee and incentive fee. During the year ended December 31, 2018, the Company recorded $0.4 million of management fees from the Net Lease Venture II. In December 2018, Net Lease Venture II acquired four buildings comprising 168,636 square feet (the "Properties") located in Livermore, CA. Net Lease Venture II acquired the Properties for $31.2 million which are 100% leased with four separate leases and which each have 10 years of term remaining. Other real estate equity investments —As of December 31, 2018 , the Company's other real estate equity investments include equity interests in real estate ventures ranging from 16% to 95% , comprised of investments of $65.6 million in operating properties and $65.3 million in land assets. As of December 31, 2017 , the Company's other real estate equity investments included $38.8 million in operating properties and $63.8 million in land assets. In August 2018, the Company provided a $33.0 million mezzanine loan, of which $ 28.4 million was funded as of December 31, 2018 , to an unconsolidated entity in which the Company owns a 50% equity interest. As of December 31, 2018 , the loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheet. During the year ended December 31, 2018 , the Company recorded $1.1 million of interest income on the mezzanine loan. In December 2016, the Company sold a land and development asset for $36.0 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest. The Company recognized a gain of $8.8 million , reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. As a result of the adoption of ASU 2017-05, on January 1, 2018, the Company recorded an increase to retained earnings of $8.8 million , bringing the Company's aggregate gain to approximately $17.6 million . The Company and its partner both made $7.0 million contributions to the venture and the Company provided financing to the entity in the form of a $27.0 million senior loan, of which $27.0 million and $25.4 million was funded as of December 31, 2018 and 2017, respectively, and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The Company received $17.6 million of net proceeds from the sale of the asset. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. During the years ended December 31, 2018 , 2017 and 2016, the Company recorded $2.1 million , $1.9 million and $0.1 million , respectively, of interest income on the senior loan. Other strategic investments —As of December 31, 2018 and 2017, the Company also had investments in real estate related funds and other strategic investments in real estate entities. Summarized investee financial information —The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands): As of December 31, For the Years Ended December 31, 2018 2017 2018 2017 2016 Balance Sheets Income Statements Total assets $ 2,118,045 $ 2,493,798 Revenues $ 262,970 $ 261,867 $ 272,281 Total liabilities 1,016,502 1,169,125 Expenses (187,257 ) (167,999 ) (227,720 ) Noncontrolling interests 2,007 13,258 Net income attributable to parent entities 75,056 91,633 42,209 Total equity attributable to parent entities 1,099,536 1,311,415 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 2017 Intangible assets, net (1) $ 156,281 $ 27,124 Other receivables (2) 46,887 56,369 Restricted cash 42,793 20,045 Other assets (3) 32,333 23,081 Leasing costs, net (4) 6,224 9,050 Corporate furniture, fixtures and equipment, net (5) 3,850 4,652 Deferred financing fees, net 900 1,409 Deferred expenses and other assets, net $ 289,268 $ 141,730 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $135.3 million of intangible assets to "Deferred expenses and other assets, net" on the Company's consolidated balance sheet. Accumulated amortization on intangible assets, net was $27.0 million and $34.9 million as of December 31, 2018 and 2017 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $2.2 million , $2.5 million and $3.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $7.2 million , $1.9 million and $1.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of December 31, 2018 , the weighted average amortization period for the Company's intangible assets was approximately 22.3 years. (2) As of December 31, 2018 and 2017 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $4.4 million and $4.7 million as of December 31, 2018 and 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $11.9 million and $10.5 million as of December 31, 2018 and 2017 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of December 31, 2018 2017 Other liabilities (1) $ 143,808 $ 79,015 Accrued expenses (2) 97,007 101,035 Accrued interest payable 42,669 49,933 Intangible liabilities, net (3) 35,108 8,021 Accounts payable, accrued expenses and other liabilities $ 318,592 $ 238,004 _______________________________________________________________________________ (1) As of December 31, 2018 and 2017 , "Other liabilities" includes $18.5 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of December 31, 2018 and 2017 , includes $0.5 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2018 and 2017 , "Other liabilities" also includes $9.4 million and $6.2 million , respectively related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of December 31, 2018 and 2017 , accrued expenses includes $1.9 million and $2.5 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $34.3 million of intangible liabilities to "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheet. Accumulated amortization on below market leases was $2.8 million and $7.8 million as of December 31, 2018 and 2017 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $3.9 million , $1.3 million and $1.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 , the weighted average amortization period for the Company's intangible liabilities was approximately 22.8 years. Intangible assets— The estimated expense from the amortization of intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): 2019 $ 8,833 2020 8,702 2021 8,701 2022 8,700 2023 8,579 |
Loan Participations Payable, ne
Loan Participations Payable, net | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 December 31, 2017 Loan participations payable (1) $ 22,642 $ 102,737 Debt discounts and deferred financing costs, net (158 ) (312 ) Total loan participations payable, net $ 22,484 $ 102,425 _______________________________________________________________________________ (1) As of December 31, 2018 , the Company had one loan participation payable with an interest rate of 7.0% . As of December 31, 2017 , the Company had two loan participations payable with a weighted average interest rate of 6.5% . Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of December 31, 2018 and 2017 . As of December 31, 2018 and 2017 , the corresponding loan receivable balances were $22.5 million and $102.3 million , respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations. |
Debt Obligations, net
Debt Obligations, net | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Obligations, net | Debt Obligations, net The Company's debt obligations were as follows ($ in thousands): Carrying Value as of December 31, Stated Interest Rates Scheduled Maturity Date 2018 2017 Secured credit facilities and mortgages: 2015 $325 Million Revolving Credit Facility $ — $ 325,000 LIBOR + 2.50% (1) September 2020 2016 Senior Term Loan 646,750 399,000 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 802,367 208,491 3.62% - 7.26% (4) Total secured credit facilities and mortgages 1,449,117 932,491 Unsecured notes: 5.00% senior notes (5) 375,000 770,000 5.00% July 2019 4.625% senior notes (6) 400,000 400,000 4.625% September 2020 6.50% senior notes (7) 275,000 275,000 6.50% July 2021 6.00% senior notes (8) 375,000 375,000 6.00% April 2022 5.25% senior notes (9) 400,000 400,000 5.25% September 2022 3.125% senior convertible notes (10) 287,500 287,500 3.125% September 2022 Total unsecured notes 2,112,500 2,507,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,661,617 3,539,991 Debt discounts and deferred financing costs, net (52,531 ) (63,591 ) Total debt obligations, net (11) $ 3,609,086 $ 3,476,400 _______________________________________________________________________________ (1) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75% ; or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2021. (2) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) On June 30, 2018, the Company consolidated the Net Lease Venture and recorded $464.7 million to "Debt obligations, net" on the Company's consolidated balance sheet. (4) As of December 31, 2018 , the weighted average interest rate of these loans is 4.4% inclusive of the effect of interest rate swaps. (5) The Company can prepay these senior notes without penalty. Subsequent to December 31, 2018 , the Company called for redemption the remaining principal amount of these notes on March 7, 2019. (6) The Company can prepay these senior notes without penalty beginning June 15, 2020. (7) The Company can prepay these senior notes without penalty beginning July 1, 2020. (8) The Company can prepay these senior notes without penalty beginning April 1, 2021. (9) The Company can prepay these senior notes without penalty beginning September 15, 2021. (10) 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 a conversion rate of 65.47 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $15.27 per share, at any time prior to the close of business on the business day immediately preceding September 15, 2022. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the 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 December 31, 2018 , the carrying value of the 3.125% Convertible Notes was $262.6 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $20.5 million , net of fees. As of December 31, 2017, the carrying value of the 3.125% Convertible Notes was $256.7 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $25.2 million , net of fees. During the years ended December 31, 2018 and 2017, the Company recognized $9.0 million and $2.5 million , respectively, of contractual interest and $4.7 million and $1.3 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate for 2018 and 2017 was 5.2% . (11) The Company capitalized interest relating to development activities of $11.3 million , $8.5 million and $5.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Future Scheduled Maturities —As of December 31, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2019 $ 375,000 $ 434 $ 375,434 2020 400,000 — 400,000 2021 275,000 161,914 436,914 2022 1,062,500 48,968 1,111,468 2023 — 646,750 646,750 Thereafter 100,000 591,051 691,051 Total principal maturities 2,212,500 1,449,117 3,661,617 Unamortized discounts and deferred financing costs, net (41,267 ) (11,264 ) (52,531 ) Total debt obligations, net $ 2,171,233 $ 1,437,853 $ 3,609,086 _______________________________________________________________________________ (1) Subsequent to December 31, 2018 , the Company called for redemption $375.0 million principal amount of senior notes on March 7, 2019. 2017 Secured Financing —In March 2017, the predecessor of SAFE (which at the time was comprised of the Company's wholly-owned subsidiaries conducting its Ground Lease business) entered into a $227.0 million secured financing transaction (the "2017 Secured Financing") that accrued interest at 3.795% and matures in April 2027. The 2017 Secured Financing was collateralized by the 12 properties comprising SAFE's initial portfolio. In connection with the 2017 Secured Financing, the Company incurred $7.3 million of lender and third-party fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. In April 2017, the Company derecognized the 2017 Secured Financing when third parties acquired a controlling interest in SAFE's predecessor, prior to SAFE's initial public offering (refer to Note 4). The Company is providing a limited recourse guaranty and environmental indemnity under the 2017 Secured Financing that will remain in effect until SAFE has achieved either an equity market capitalization of at least $500.0 million (inclusive of the initial portfolio that the Company contributed to SAFE) or a net worth of at least $250.0 million (exclusive of the initial portfolio that the Company contributed to SAFE), and SAFE or another replacement guarantor provides similar guaranties and indemnities to the lenders. The management agreement with SAFE provides that SAFE may not terminate the management agreement unless a successor guarantor reasonably acceptable to the Company has agreed to replace the Company as guarantor and indemnitor or has provided the Company with a reasonably acceptable indemnity for any losses suffered by the Company as guarantor and indemnitor. SAFE has generally agreed to indemnify the Company for any amounts the Company is required to pay, or other losses the Company may suffer, under the limited recourse guaranty and environmental indemnity. 2016 Senior Term Loan —In June 2016, the Company entered into a senior term loan of $450.0 million (the "2016 Senior Term Loan"). In August 2016, the Company upsized the facility to $500.0 million . The initial $450.0 million of the 2016 Senior Term Loan was issued at 99.0% of par and the upsize was issued at par. In September 2017, the Company reduced, repriced and extended the 2016 Senior Term Loan to $400.0 million priced at LIBOR plus 3.00% with a 0.75% LIBOR floor and maturing in October 2021. In June 2018, the Company increased the 2016 Senior Term Loan to $650.0 million , reduced the interest rate to LIBOR plus 2.75% and extended its maturity to June 2023. The facility was also modified to permit substitution of collateral, subject to overall collateral pool coverage and concentration limits, over the life of the facility. This modification eliminates the mandatory amortization upon payoff or sale of collateral which existed prior to the upsize and broadens the types of collateral permitted under the facility. The Company may make optional prepayments, subject to prepayment fees, and is required to repay 0.25% of the principal amount each quarter. During the years ended December 31, 2018 and 2017, repayments of the 2016 Senior Term Loan prior to its modifications and expenses incurred for the modifications resulted in losses on early extinguishment of debt of $2.5 million and $0.8 million , respectively. 2015 Revolving Credit Facility —In March 2015, the Company entered into a revolving credit facility with a maximum capacity of $250.0 million (the "2015 Revolving Credit Facility"). In September 2017, the Company upsized the 2015 Revolving Credit Facility to $325.0 million , added additional lenders to the syndicate, extended the maturity date to September 2020 and made certain other changes. This facility is secured by a pledge of the equity interest in a pool of assets which provide asset value coverage for borrowings under the facility. Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.30% to 0.50% , based on corporate credit ratings. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2021. During the year ended December 31, 2018 , the Company repaid from cash on hand the $325.0 million outstanding on the 2015 Revolving Credit Facility and as of December 31, 2018 , the Company had $325.0 million of borrowing capacity available under the 2015 Revolving Credit Facility. Unsecured Notes —In September 2017, the Company issued $400.0 million principal amount of 4.625% senior unsecured notes due September 2020, $400.0 million principal amount of 5.25% senior unsecured notes due September 2022 and $250.0 million of 3.125% Convertible Notes due September 2022. The Company incurred approximately $18.6 million dollars in fees related to these offerings, all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. Proceeds from these offerings, together with cash on hand, were used to repay in full the $550.0 million principal amount outstanding of the 4.0% senior unsecured notes due November 2017, the $300.0 million principal amount outstanding of the 7.125% senior unsecured notes due February 2018 and the $300.0 million principal amount outstanding of the 4.875% senior unsecured notes due July 2018. In addition, 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. During the years ended December 31, 2018 , 2017 and 2016 , repayments of senior unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $1.2 million , $13.6 million and $0.4 million , respectively. These amounts are included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations. In November 2016, in connection with the retirement of the Company's $200.0 million principal amount of 3.0% senior unsecured convertible notes due November 2016, the Company converted $9.6 million principal amount into 0.8 million shares of our common stock. Collateral Assets —The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of December 31, 2018 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,620,008 $ 151,011 $ 795,321 $ 486,710 Real estate available and held for sale 1,055 21,496 20,069 48,519 Land and development, net 12,300 585,918 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 498,524 480,154 194,529 1,021,340 Other investments — 304,275 — 321,241 Cash and other assets — 1,329,990 — 898,252 Total $ 2,131,887 $ 2,872,844 $ 1,035,019 $ 3,611,273 _______________________________________________________________________________ (1) The 2016 Senior Term Loan and the 2015 Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). As of December 31, 2018 , Collateral Assets includes $403.5 million carrying value of assets held by entities whose equity interests are pledged as collateral for the $325.0 million 2015 Revolving Credit Facility that is undrawn as of December 31, 2018 . (2) As of December 31, 2018 and 2017 , the amounts presented exclude general reserves for loan losses of $13.0 million and $17.5 million , respectively. (3) As of December 31, 2018 and 2017 , the amounts presented exclude loan participations of $22.5 million and $102.3 million , respectively. Debt Covenants The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness, as such terms are defined in the indentures governing the debt securities, of at least 1.2 x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5 x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures. The Company's 2016 Senior Term Loan and the 2015 Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Term Loan requires the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facility. The 2015 Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both borrowing base asset value of at least 1.5 x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5 x. The 2015 Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the borrowing base asset value remains at least 1.5 x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. The Company may not pay common dividends if it ceases to qualify as a REIT. In June 2018, the Company amended the terms of the 2016 Senior Term Loan and the 2015 Revolving Credit Facility to include the ability to pay common dividends with no restrictions so long as the Company is not in default on any of its debt obligations. The Company's 2016 Senior Term Loan and the 2015 Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 , the maximum amount of fundings the Company may be obligated to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and assuming 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 Investments Total Performance-Based Commitments $ 436,910 $ 12,610 $ — $ 449,520 Strategic Investments — — 39,754 39,754 Total $ 436,910 $ 12,610 $ 39,754 $ 489,274 _______________________________________________________________________________ (1) Excludes $27.4 million of commitments on loan participations sold that are not the obligation of the Company. Other Commitments —Total operating lease expense for the years ended December 31, 2018 , 2017 and 2016 was $5.0 million , $5.2 million and $5.9 million , respectively. Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2019 $ 4,340 2020 4,016 2021 1,589 2022 991 2023 849 Thereafter 2,469 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. |
Risk Management and Derivatives
Risk Management and Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Derivatives | Risk Management and Derivatives Risk management In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company's lending investments or leases that result from a borrower's or tenant's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of real estate assets by the Company as well as changes in foreign currency exchange rates. Risk concentrations —Concentrations of credit risks arise when a number of borrowers or tenants related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Substantially all of the Company's real estate as well as assets collateralizing its loans receivable are located in the United States. As of December 31, 2018 , the only states with a concentration greater than 10.0% were New York with 16.5% and California with 11.0% . As of December 31, 2018 , the Company's portfolio contains concentrations in the following asset types: office/industrial 32.7% , land 18.4% , entertainment/leisure 17.4% , hotel 7.1% and mixed use/mixed collateral 7.0% . The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have a material adverse effect on the Company. As of December 31, 2018 , the Company's five largest borrowers or tenants collectively accounted for approximately 14.4% of the Company's 2018 revenues, of which no single customer accounts for more than 6.7% . Derivatives The Company's use of derivative financial instruments has historically been limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. The Company may have derivatives that are not designated as hedges because they do not meet the strict hedge accounting requirements. Although not designated as hedges, such derivatives are entered into to manage the Company's exposure to interest rate movements, foreign exchange rate movements and other identified risks. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 ($ in thousands): Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Other assets $ 3,669 Other liabilities $ 10,244 Total $ 3,669 $ 10,244 ____________________________________________________________________________ (1) Over the next 12 months, the Company expects that $1.0 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense. The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Year Ended December 31, 2018 Interest rate swaps Interest expense $ (12,963 ) $ (388 ) Interest rate swaps Earnings from equity method investments (1,736 ) 20 For the Year Ended December 31, 2017 Interest rate cap Earnings from equity method investments (16 ) (16 ) Interest rate swaps Interest expense 495 339 Interest rate swap Earnings from equity method investments 368 (285 ) Foreign exchange contracts Earnings from equity method investments (352 ) — For the Year Ended December 31, 2016 Interest rate cap Interest expense — (185 ) Interest rate cap Earnings from equity method investments (4 ) (3 ) Interest rate swaps Interest expense (175 ) (32 ) Interest rate swaps Earnings from equity method investments 94 (378 ) Foreign exchange contracts Earnings from equity method investments (167 ) — Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Years Ended December 31, Derivatives not Designated in Hedging Relationships (1) 2017 2016 Interest rate cap Other expense $ 6 $ (1,080 ) Foreign exchange contracts Other expense (970 ) 1,115 ____________________________________________________________________________ (1) The Company did not have any derivatives not designated in hedging relationships during the year ended December 31, 2018. Foreign Exchange Contracts —The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company used foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD for their fair value at or close to their settlement date. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged foreign entity is either sold or substantially liquidated. For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" in its consolidated statements of operations. The Company recorded net gains (losses) related to foreign investments of $0.2 million and $0.1 million during the years ended December 31, 2017 and 2016 , respectively, in its consolidated statements of operations. The Company did not have any outstanding derivatives designated as net investments during the year end December 31, 2018. Interest Rate Hedges —For derivatives designated and qualifying as cash flow hedges, the changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). For derivatives not designated as cash flow hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." During the year ended December 31, 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing and a simultaneous rate lock swap with SAFE. As a result of the settlements, the Company initially recorded a $0.4 million unrealized gain in “Accumulated other comprehensive income” on the Company’s consolidated balance sheets and subsequently derecognized the gain when third parties acquired a controlling interest in the Company's Ground Lease business (refer to Note 4). Credit Risk-Related Contingent Features —The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company reports derivative instruments on a gross basis in its consolidated financial statements. In connection with its derivatives which were in a liability position as of December 31, 2018, the Company posted collateral of $6.4 million and is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The Company's net exposure under these contracts was zero as of December 31, 2018. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock —On October 20, 2017, the Company redeemed all of its issued and outstanding Series E and Series F preferred stock. Each holder of Series E and Series F preferred stock received cash in the amount of the liquidation preference of $25.00 per share, or $240.0 million in the aggregate. The total carrying value of the Series E and Series F preferred stock was $223.7 million , net of discounts and fees, and was recorded in "Additional paid-in-capital" and "Preferred Stock Series D, E, F, G and I, liquidation preference $25.00 per share" on the Company's consolidated balance sheet as of December 31, 2016. The remaining liquidation premium of $16.3 million represents a return similar to a dividend to the holders of the Series E and Series F preferred stock and, as such, has been recorded as an adjustment to "Retained earnings (deficit)" on the Company's consolidated balance sheet. The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2018 and 2017 : Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Equivalent to Fixed Annual Rate (per share) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 Total 16,200 $ 476,000 _______________________________________________________________________________ (1) Holders of shares of the Series D, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $8.0 million , $6.1 million and $9.4 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2018 . The Company declared and paid dividends of $8.0 million , $8.3 million , $5.9 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2017 . In addition, in October 2017, the Company redeemed its Series E and Series F Preferred Stock and paid dividends through the redemption date of $1.1 million and $0.8 million , respectively, on its Series E and Series F Preferred Stock and paid a liquidation premium of $16.3 million representing a return similar to a dividend to the holders of the Series E and Series F Preferred Stock. The Company declared and paid dividends of $9.0 million on its Series J Convertible Perpetual Preferred Stock during the years ended December 31, 2018 and 2017 . The character of the 2018 dividends was 100% capital gain distribution, of which 26.02% represented unrecaptured section 1250 gain and 73.98% long term capital gain. The character of the 2017 dividends was 100% capital gain distribution, of which 27.90% represented unrecaptured section 1250 gain and 72.10% long term capital gain. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) Each share of the Series J Preferred Stock is convertible at the holder's option at any time, into 3.9762 shares of the Company's common stock (equal to a conversion price of approximately $12.57 per share), subject to specified adjustments. The Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Dividends —To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2017 , the Company had $582.4 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will expire beginning in 2031 and through 2036 if unused. The amount of NOL carryforwards as of December 31, 2018 will be determined upon finalization of the Company's 2018 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The 2016 Senior Term Loan and the 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards), as long as the Company maintains its REIT qualification. The 2016 Senior Term Loan and the 2015 Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company declared and paid common stock dividends of $12.3 million , or $0.18 per share, for the year ended December 31, 2018 . The character of the 2018 dividends was 100% capital gain distribution, of which 26.02% represented unrecaptured section 1250 gain and 73.98% long term capital gain. The Company did not declare or pay any common stock dividends for the year ended December 31, 2017. Stock Repurchase Program —The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. During the three months ended March 31, 2018, the Company repurchased 0.8 million shares of its outstanding common stock for $8.3 million , representing an average cost of $10.22 per share. No common stock was repurchased during the nine months ended December 31, 2018 . The Company did not repurchase shares of its common stock during the year ended December 31, 2017 under stock repurchase programs. During the year ended December 31, 2016, the Company repurchased 10.2 million shares of its outstanding common stock for $98.4 million , representing an average cost of $9.67 per share. As of December 31, 2018 , the Company had authorization to repurchase up to $41.7 million of common stock. In addition, in connection with the sale of the 3.125% Convertible Notes in September 2017 (refer to Note 10), the Company repurchased 4.0 million shares of its common stock for $45.9 million , representing an average cost of $11.51 per share, in privately negotiated transactions with purchasers of the 3.125% Convertible Notes. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of December 31, 2018 2017 Unrealized gains on available-for-sale securities $ 475 $ 1,335 Unrealized gains (losses) on cash flow hedges (13,546 ) 707 Unrealized losses on cumulative translation adjustment (4,199 ) (4,524 ) Accumulated other comprehensive loss $ (17,270 ) $ (2,482 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans and Employee Benefits | Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation —The Company recorded stock-based compensation expense, including the expense related to performance incentive plans (see below), of $17.6 million , $18.8 million and $10.9 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 in "General and administrative" in the Company's consolidated statements of operations. As of December 31, 2018 , there was $2.0 million of total unrecognized compensation cost related to all unvested restricted stock units that is expected to be recognized over a weighted average remaining vesting/service period of 1.98 years. Performance Incentive Plans —The Company's Performance Incentive Plan ("iPIP") is 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 plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award, which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of the status of the Company’s iPIP points and changes during the year ended December 31, 2018. Year Ended December 31, 2018 iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 86.57 84.16 40.97 Granted 0.50 — 49.33 Forfeited (1.30 ) (4.75 ) (7.87 ) Points at end of period 85.77 79.41 82.43 In 2018, the Company made initial distributions to participants in the 2013-2014 investment pool following a determination that, as of December 31, 2017, the Company had realized a return of all invested capital in the assets included in the 2013-2014 investment pool, together with a return based on leverage and a preferred return hurdle of 9.0% . The amount distributable to participants was reduced by 4.3% based on the Company's total shareholder return in accordance with the provisions of the iPIP and, as a result, iPIP participants received total distributions in the amount of $15.6 million as compensation, comprised of $7.8 million in cash and 685,624 shares of the Company's common stock, with a fair value of $7.8 million or $11.37 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 374,055 shares of the Company's common stock were issued. As of December 31, 2018 and 2017 , the Company had accrued compensation costs relating to iPIP of $37.5 million and $38.1 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 shareholders approved the Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") which is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. Shareholders approved amendments to the 2009 LTIP and the performance-based provisions of the 2009 LTIP in 2014. 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. A maximum of 8.0 million shares of common stock may be awarded under the 2009 LTIP. 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. As of December 31, 2018 , an aggregate of 2.6 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP. Restricted Share Issuances —During the year ended December 31, 2018 , the Company granted 213,609 shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The weighted average grant date fair value per share of these share awards was $10.10 and the total fair value was $2.2 million . The shares are fully-vested and 135,503 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to 18 months from the date of grant. Restricted Stock Units —Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2018 were as follows (number of shares and $ in thousands, except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Non-vested as of December 31, 2017 282 $ 10.98 $ 3,183 Granted 278 $ 10.16 Vested (142 ) $ 10.37 Forfeited (61 ) $ 10.36 Non-vested as of December 31, 2018 357 $ 10.68 $ 3,277 The total fair value of Units vested during the years ended December 31, 2018 , 2017 and 2016 was $1.4 million , $0.9 million and $2.9 million , respectively. The weighted-average grant date fair value per share of Units granted during the years ended December 31, 2018 , 2017 and 2016 was $10.16 , $12.09 and $10.11 , respectively. Directors' Awards —Non-employee directors are awarded CSEs or restricted share awards at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. During the year ended December 31, 2018 , the Company awarded to non-employee Directors 67,631 restricted shares of common stock at a fair value per share of $10.65 at the time of grant. These restricted shares have a vesting term of one year. The Company also issued a total of 2,805 CSEs at a fair value of $10.91 in respect of dividend equivalents on outstanding CSEs during the year ended December 31, 2018 . Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the CSEs and restricted shares of common stock vest and are settled. As of December 31, 2018 , a combined total of 239,801 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 $2.2 million . 401(k) Plan —The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Company's Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the participant's contributions, up to a maximum of 10% of the participants' compensation. The Company made gross contributions of $1.1 million , $1.1 million and $1.0 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data): For the Years Ended December 31, 2018 2017 2016 Income (loss) from continuing operations $ (18,326 ) $ 51,851 $ 81,912 Net income attributable to noncontrolling interests (13,936 ) (4,526 ) (4,876 ) Preferred dividends (32,495 ) (48,444 ) (51,320 ) Premium above book value on redemption of preferred stock — (16,314 ) — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic earnings per common share (1) $ (64,757 ) $ (17,433 ) $ 25,716 Add: Effect of joint venture shares — — 7 Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for diluted earnings per common share (1) $ (64,757 ) $ (17,433 ) $ 25,723 _______________________________________________________________________________ (1) For the year ended December 31, 2016, includes income from continuing operations allocable to Participating Security Holders of $8 and $8 on a basic and dilutive basis, respectively. For the Years Ended December 31, 2018 2017 2016 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ (17,433 ) $ 25,708 Income from discontinued operations — 4,939 18,264 Gain from discontinued operations — 123,418 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ 110,924 $ 43,972 Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ (17,433 ) $ 25,715 Income from discontinued operations — 4,939 18,264 Gain from discontinued operations — 123,418 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ 110,924 $ 43,979 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,958 71,021 73,453 Add: Effect of assumed shares issued under treasury stock method or restricted stock units — — 84 Add: Effect of joint venture shares — — 298 Weighted average common shares outstanding for diluted earnings per common share 67,958 71,021 73,835 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ (0.25 ) $ 0.35 Income from discontinued operations — 0.07 0.25 Gain from discontinued operations — 1.74 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ 1.56 $ 0.60 Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ (0.25 ) $ 0.35 Income from discontinued operations — 0.07 0.25 Gain from discontinued operations — 1.74 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ 1.56 $ 0.60 For the years ended December 31, 2018 , 2017 and 2016 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1)(2)(3)(4) : For the Years Ended December 31, 2018 2017 2016 Joint venture shares — 255 — 3.00% convertible senior unsecured notes — — 14,764 Series J convertible perpetual preferred stock 15,704 15,635 15,635 1.50% convertible senior unsecured notes — — 9,868 _______________________________________________________________________________ (1) For the year ended December 31, 2016, the effect of 16 and 125 unvested time and market-based Units, respectively, were anti-dilutive. (2) For the year ended December 31, 2017, the effect of 6 and 17 unvested time and market-based Units, respectively, were anti-dilutive. (3) F or the year ended December 31, 2018, the effect of the Company's unvested Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. (4) The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the year ended December 31, 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods. |
Fair Values
Fair Values | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Values | Fair Values Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis. The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of December 31, 2018 Recurring basis: Derivative assets (1) $ 3,669 $ — $ 3,669 $ — Derivative liabilities (1) 10,244 — 10,244 — Available-for-sale securities (1) 21,661 — — 21,661 Non-recurring basis: Impaired real estate (2) 29,400 — — 29,400 Impaired real estate available and held for sale (3) 19,300 — — 19,300 Impaired land and development (4) 78,400 — — 78,400 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (5) 12,400 — — 12,400 Impaired real estate available and held for sale (6) 800 — — 800 Impaired land and development (7) 21,400 — — 21,400 _______________________________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded aggregate impairments of $76.3 million on three real estate assets with an estimated aggregate fair value of $29.4 million . The impairments were as follows: i. A $23.2 million impairment on a commercial operating property based on a decline in expected operating performance. The fair value is based on the Company's estimate of the recoverability of its investment in the project. ii. A $6.0 million impairment on a property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. iii. A $47.1 million impairment on a commercial operating property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. (3) The Company recorded aggregate impairments of $3.7 million on two real estate assets held for sale. The fair values are based on market comparable sales. (4) The Company recorded aggregate impairments of $55.4 million on four land and development assets with an estimated aggregate fair value of $78.4 million . The impairments were as follows: i. A $25.0 million impairment on a waterfront land and development asset based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. ii. A $21.6 million impairment on a master planned community based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. iii. A $6.9 million impairment on an infill land and development asset based on the deterioration of the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. iv. A $1.9 million impairment on a waterfront land and development asset based on the sale of the asset in 2019. (5) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (6) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (7) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (46 ) (10 ) Unrealized gains recorded in other comprehensive income (1,135 ) 1,186 Ending balance $ 21,661 $ 22,842 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.0 billion and $3.5 billion , respectively, as of December 31, 2018 and $1.3 billion and $3.7 billion , respectively, as of December 31, 2017 . The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above. Given the nature of certain assets and liabilities, clearly determinable market based valuation inputs are often not available, therefore, these assets and liabilities are valued using internal valuation techniques. Subjectivity exists with respect to these internal valuation techniques, therefore, the fair values disclosed may not ultimately be realized by the Company if the assets were sold or the liabilities were settled with third parties. The methods the Company used to estimate the fair values presented in the table above are described more fully below for each type of asset and liability. Derivatives —The Company uses interest rate swaps, interest rate caps and foreign exchange contracts to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Impaired loans —The Company's loans identified as being impaired are nearly all collateral dependent loans and are evaluated for impairment by comparing the estimated fair value of the underlying collateral, less costs to sell, to the carrying value of each loan. Due to the nature of the individual properties collateralizing the Company's loans, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In some cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Impaired real estate —If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In some cases, the Company obtains external "as is" appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 3 input under the fair value hierarchy. Loans receivable and other lending investments —The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, that fall within Level 2 of the fair value hierarchy or broker quotes that fall within Level 3 of the fair value hierarchy. Debt obligations, net —For debt obligations traded in secondary markets, the Company uses market quotes, to the extent they are available, to determine fair value and are considered Level 2 on the fair value hierarchy. For debt obligations not traded in secondary markets, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2018 Operating lease income $ — $ 151,958 $ 55,677 $ 557 $ — $ 208,192 Interest income 97,878 — — — — 97,878 Other income 4,556 4,286 54,361 7,320 11,819 82,342 Land development revenue — — — 409,710 — 409,710 Earnings (loss) from equity method investments — 8,479 (1,003 ) (3,110 ) (9,373 ) (5,007 ) Gain from consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 45,038 80,966 — — 126,004 Total revenue and other earnings 102,434 277,638 190,001 414,477 2,446 986,996 Real estate expense — (17,033 ) (80,570 ) (41,686 ) — (139,289 ) Land development cost of sales — — — (350,181 ) — (350,181 ) Other expense (1,578 ) — — — (4,462 ) (6,040 ) Allocated interest expense (40,653 ) (63,706 ) (18,618 ) (21,897 ) (38,877 ) (183,751 ) Allocated general and administrative (2) (12,997 ) (20,713 ) (6,574 ) (14,313 ) (19,975 ) (74,572 ) Segment profit (loss) (3) $ 47,206 $ 176,186 $ 84,239 $ (13,600 ) $ (60,868 ) $ 233,163 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Other significant non-cash items: Provision for loan losses $ 16,937 $ — $ — $ — $ — $ 16,937 Impairment of assets — 10,391 79,991 56,726 — 147,108 Depreciation and amortization — 38,588 17,417 1,353 1,341 58,699 Capitalized expenditures — 40,215 19,912 144,595 — 204,722 Year Ended December 31, 2017 Operating lease income $ — $ 123,685 $ 63,159 $ 840 $ — $ 187,684 Interest income 106,548 — — — — 106,548 Other income 2,633 2,603 49,641 126,259 6,955 188,091 Land development revenue — — — 196,879 — 196,879 Earnings (loss) from equity method investments — 5,086 (772 ) 7,292 1,409 13,015 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 87,512 4,537 — — 92,049 Total revenue and other earnings 109,181 347,243 116,565 331,270 8,364 912,623 Real estate expense — (16,742 ) (89,725 ) (41,150 ) — (147,617 ) Land development cost of sales — — — (180,916 ) — (180,916 ) Other expense (1,413 ) — — — (19,541 ) (20,954 ) Allocated interest expense (40,359 ) (53,710 ) (20,171 ) (28,033 ) (52,413 ) (194,686 ) Allocated general and administrative (2) (15,223 ) (19,563 ) (8,075 ) (16,483 ) (20,726 ) (80,070 ) Segment profit (loss) (3) $ 52,186 $ 257,228 $ (1,406 ) $ 64,688 $ (84,316 ) $ 288,380 Other significant non-cash items: Recovery of loan losses $ (5,828 ) $ — $ — $ — $ — $ (5,828 ) Impairment of assets — 5,486 6,358 20,535 — 32,379 Depreciation and amortization — 28,132 17,684 1,896 1,321 49,033 Capitalized expenditures — 4,838 35,754 125,744 — 166,336 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2016 Operating lease income $ — $ 126,164 $ 64,593 $ 423 $ — $ 191,180 Interest income 129,153 — — — — 129,153 Other income 4,658 1,632 33,216 3,170 3,838 46,514 Land development revenue — — — 88,340 — 88,340 Earnings (loss) from equity method investments — 3,567 33,863 30,012 9,907 77,349 Income from discontinued operations — 18,270 — — — 18,270 Income from sales of real estate — 21,138 75,357 8,801 — 105,296 Total revenue and other earnings 133,811 170,771 207,029 130,746 13,745 656,102 Real estate expense — (18,158 ) (82,401 ) (36,963 ) — (137,522 ) Land development cost of sales — — — (62,007 ) — (62,007 ) Other expense (2,719 ) — — — (3,164 ) (5,883 ) Allocated interest expense (57,787 ) (65,880 ) (23,156 ) (34,888 ) (39,687 ) (221,398 ) Allocated general and administrative (2) (15,311 ) (17,585 ) (6,574 ) (13,693 ) (19,975 ) (73,138 ) Segment profit (loss) (3) $ 57,994 $ 69,148 $ 94,898 $ (16,805 ) $ (49,081 ) $ 156,154 Other significant non-cash items: Recovery of loan losses $ (12,514 ) $ — $ — $ — $ — $ (12,514 ) Impairment of assets — 4,829 5,855 3,800 — 14,484 Depreciation and amortization — 31,380 17,887 1,296 1,097 51,660 Capitalized expenditures — 3,667 56,784 109,548 — 169,999 As of December 31, 2018 Real estate Real estate, net $ — $ 1,536,494 $ 234,525 $ — $ — $ 1,771,019 Real estate available and held for sale — 1,055 21,496 — — 22,551 Total real estate — 1,537,549 256,021 — — 1,793,570 Land and development, net — — — 598,218 — 598,218 Loans receivable and other lending investments, net 988,224 — — — — 988,224 Other investments — 165,804 65,643 65,312 7,516 304,275 Total portfolio assets $ 988,224 $ 1,703,353 $ 321,664 $ 663,530 $ 7,516 3,684,287 Cash and other assets 1,329,990 Total assets $ 5,014,277 As of December 31, 2017 Real estate Real estate, net $ — $ 815,783 $ 466,248 $ — $ — $ 1,282,031 Real estate available and held for sale — — 68,588 — — 68,588 Total real estate — 815,783 534,836 — — 1,350,619 Land and development, net — — — 860,311 — 860,311 Loans receivable and other lending investments, net 1,300,655 — — — — 1,300,655 Other investments — 205,007 38,761 63,855 13,618 321,241 Total portfolio assets $ 1,300,655 $ 1,020,790 $ 573,597 $ 924,166 $ 13,618 3,832,826 Cash and other assets 898,252 Total assets $ 4,731,078 _______________________________________________________________________________ (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 $17.6 million , $18.8 million and $10.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Segment profit $ 233,163 $ 288,380 $ 156,154 Less: (Provision for) recovery of loan losses (16,937 ) 5,828 12,514 Less: Impairment of assets (147,108 ) (32,379 ) (14,484 ) Less: Depreciation and amortization (58,699 ) (49,033 ) (51,660 ) Less: Stock-based compensation expense (17,563 ) (18,812 ) (10,889 ) Less: Income tax (expense) benefit (815 ) 948 10,166 Less: Loss on early extinguishment of debt, net (10,367 ) (14,724 ) (1,619 ) Net income (loss) $ (18,326 ) $ 180,208 $ 100,182 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). For the Quarters Ended December 31, September 30, June 30, March 31, 2018: Revenue $ 140,165 $ 122,141 $ 171,571 $ 364,245 Net income (loss) $ (105,028 ) $ (8,832 ) $ 60,506 $ 35,028 Net income (loss) attributable to iStar Inc. $ (107,332 ) $ (10,860 ) $ 50,997 $ 34,933 Earnings per common share data (1) : Net income (loss) attributable to common shareholders Basic $ (115,455 ) $ (18,984 ) $ 42,873 $ 26,809 Diluted $ (115,455 ) $ (18,984 ) $ 45,123 $ 29,059 Earnings per share Basic $ (1.70 ) $ (0.28 ) $ 0.63 $ 0.39 Diluted $ (1.70 ) $ (0.28 ) $ 0.54 $ 0.35 Weighted average number of common shares Basic 68,012 67,975 67,932 67,913 Diluted 68,012 67,975 83,694 83,670 2017: Revenue $ 103,144 $ 119,872 $ 347,867 $ 108,319 Income from discontinued operations $ — $ — $ (173 ) $ (4,766 ) Net income (loss) $ 3,290 $ (3,716 ) $ 196,007 $ (15,372 ) Net income (loss) attributable to iStar Inc. $ 3,214 $ (3,556 ) $ 190,297 $ (14,272 ) Earnings per common share data (1) : Net income (loss) attributable to common shareholders Basic $ (4,910 ) $ (34,530 ) $ 177,467 $ (27,102 ) Diluted $ (4,910 ) $ (34,530 ) $ 179,722 $ (27,102 ) Earnings per share Basic $ (0.07 ) $ (0.48 ) $ 2.46 $ (0.38 ) Diluted $ (0.07 ) $ (0.48 ) $ 2.04 $ (0.38 ) Weighted average number of common shares Basic 68,200 71,713 72,142 72,065 Diluted 68,200 71,713 88,195 72,065 _______________________________________________________________________________ (1) Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 2, 2019, the Company invested $250.0 million in 12,500,000 Investor Units of SAFE OP, at a purchase price of $20.00 per unit. This transaction was approved by a special committee of the Company's board of directors, with the advice of independent legal and financial advisors. Each Investor Unit will receive distributions equivalent to distributions declared and paid on one share of SAFE common stock. The Investor Units have no voting rights. They have 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 conjunction with this investment, the Company and SAFE have entered into an amended and restated management agreement. The revised agreement reflects the Company's increased commitment to SAFE and aligns with SAFE's ambitious future growth targets. The material revised terms of the amended management agreement are summarized in the following table. Terms Prior Agreement Amended Agreement Management Fee Annual fee of 1.0% of SAFE total equity (up to $2.5 billion) Annual fee of 1.0% of SAFE total equity (up to $1.5 billion) Management Fee Consideration Payment will be made exclusively in shares of the SAFE's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share) At the discretion of the SAFE's independent directors, payment will be made in cash or in shares of SAFE's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share) Term One year Initial term from January 1, 2019 - June 30, 2022; non-terminable except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE's independent directors and payment of termination fee. Termination Fee None Three times prior year's management fee, subject to the SAFE having raised $820 million of total equity since inception. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | Schedule II—Valuation and Qualifying Accounts and Reserves ($ in thousands) Balance at Beginning of Period Charged to Costs and Expenses Adjustments to Valuation Accounts Deductions Balance at End of Period For the Year Ended December 31, 2016 Reserve for loan losses (1)(2) $ 108,165 $ (12,514 ) $ — $ (10,106 ) $ 85,545 Allowance for doubtful accounts (2) 3,384 985 — (1,781 ) 2,588 Allowance for deferred tax assets (2) 53,910 3,233 15,838 (6,483 ) 66,498 $ 165,459 $ (8,296 ) $ 15,838 $ (18,370 ) $ 154,631 For the Year Ended December 31, 2017 Reserve for loan losses (1)(2) $ 85,545 $ (5,828 ) $ — $ (1,228 ) $ 78,489 Allowance for doubtful accounts (2) 2,588 473 — (451 ) 2,610 Allowance for deferred tax assets (2) 66,498 7,108 (9,318 ) (1,030 ) 63,258 $ 154,631 $ 1,753 $ (9,318 ) $ (2,709 ) $ 144,357 For the Year Ended December 31, 2018 Reserve for loan losses (1)(2) $ 78,489 $ 16,937 $ — $ (42,031 ) $ 53,395 Allowance for doubtful accounts (2) 2,610 1,300 — (639 ) 3,271 Allowance for deferred tax assets (2) 63,258 14,849 — — 78,107 $ 144,357 $ 33,086 $ — $ (42,670 ) $ 134,773 _____________________________________________________________ (1) Refer to Note 6 to the Company's consolidated financial statements. (2) Refer to Note 3 to the Company's consolidated financial statements. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) OFFICE FACILITIES: Tempe, Arizona OFF001 $ — (1) $ 1,033 $ 6,652 $ 2,942 $ 1,033 $ 9,594 $ 10,627 $ 4,512 1999 40.0 Tempe, Arizona OFF002 — (1) 1,033 6,652 287 1,033 6,939 7,972 3,331 1999 40.0 Tempe, Arizona OFF003 — (1) 1,033 6,652 461 1,033 7,113 8,146 3,314 1999 40.0 Tempe, Arizona OFF004 — (1) 701 4,339 2,171 701 6,510 7,211 2,257 1999 40.0 Alameda, California OFF005 27,602 9,702 29,831 1,152 9,702 30,983 40,685 479 2018 40.0 Ft. Collins, Colorado OFF006 434 (1) — 16,752 (11,239 ) — 5,513 5,513 — 2002 40.0 Lisle, Illinois OFF007 22,626 7,681 30,230 — 7,681 30,230 37,911 482 2018 40.0 Cockeysville, Maryland OFF008 115,000 19,529 148,286 — 19,529 148,286 167,815 877 2018 40.0 Chelmsford, Massachusetts OFF009 8,179 (1) 1,600 21,947 285 1,600 22,232 23,832 9,420 2002 40.0 Mt. Laurel, New Jersey OFF010 48,968 7,726 74,429 10 7,724 74,441 82,165 29,894 2002 40.0 Riverview, New Jersey OFF011 7,795 (1) 1,008 13,763 206 1,008 13,969 14,977 5,136 2004 40.0 Riverview, New Jersey OFF012 20,568 (1) 2,456 28,955 814 2,456 29,769 32,225 10,995 2004 40.0 North Hills, New York OFF013 70,000 19,631 104,527 — 19,631 104,527 124,158 1,368 2018 40.0 Harrisburg, Pennsylvania OFF014 — (1) 690 26,098 (20,084 ) 257 6,447 6,704 — 2001 40.0 Irving, Texas OFF015 — (1) 1,364 10,628 5,780 2,373 15,399 17,772 7,846 1999 40.0 Richardson, Texas OFF016 — 1,230 5,660 1,207 1,230 6,867 8,097 2,983 1999 40.0 Oakton, Virginia OFF017 56,133 14,242 68,610 — 14,242 68,610 82,852 1,035 2018 40.0 Subtotal $ 377,305 $ 90,659 $ 604,011 $ (16,008 ) $ 91,233 $ 587,429 $ 678,662 $ 83,929 INDUSTRIAL FACILITIES: Avondale, Arizona IND001 — 3,279 5,221 (7,554 ) 946 — 946 — 2009 40.0 Los Angeles, California IND002 34,968 11,635 19,515 5,943 11,635 25,458 37,093 7,042 2007 40.0 Jacksonville, Florida IND003 30,397 3,510 20,846 8,279 3,510 29,125 32,635 7,707 2007 40.0 Atlanta, Georgia IND004 26,237 2,791 24,637 349 2,791 24,986 27,777 6,985 2007 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Bristol, Indiana IND005 — (1) 462 9,224 — 462 9,224 9,686 3,473 2007 40.0 Everett, Massachusetts IND006 37,482 7,439 21,774 10,979 7,439 32,753 40,192 8,666 2007 40.0 Montague, Michigan IND007 — (1) 598 9,814 1 598 9,815 10,413 3,733 2007 40.0 Little Falls, Minnesota IND008 — (1) 6,705 17,690 — 6,225 18,170 24,395 6,319 2005 40.0 Elizabeth, New Jersey IND009 42,053 8,368 15,376 21,141 8,368 36,517 44,885 9,737 2007 40.0 Jackson, Ohio IND010 35,520 1,990 56,329 2,891 1,990 59,220 61,210 828 2018 40.0 El Reno, Oklahoma IND011 9,154 401 7,644 — 401 7,644 8,045 205 2018 40.0 Fort Worth, Texas IND012 9,154 2,341 17,142 — 2,341 17,142 19,483 269 2018 40.0 La Porte, Texas IND013 27,426 1,631 27,858 (416 ) 1,631 27,442 29,073 7,614 2007 40.0 Chesapeake, Virginia IND014 29,437 2,619 28,481 142 2,619 28,623 31,242 8,000 2007 40.0 Chippewa Falls, Wisconsin IND015 32,380 2,845 55,805 — 2,845 55,805 58,650 879 2018 40.0 Subtotal $ 314,208 $ 56,614 $ 337,356 $ 41,755 $ 53,801 $ 381,924 $ 435,725 $ 71,457 LAND: Scottsdale, Arizona LAN001 — 1,400 — 800 2,200 — 2,200 — 2011 0 Whittmann, Arizona LAN002 — 96,700 — — 96,700 — 96,700 — 2010 0 Mammoth Lakes, California LAN003 — 28,464 2,836 (21,064 ) 7,400 2,836 10,236 2,836 2010 0 Mammoth, California LAN004 — 2,382 — — 2,382 — 2,382 — 2007 0 San Jose, California LAN005 — 8,921 — — 8,921 — 8,921 — 2017 0 Santa Clarita Valley, California LAN006 — 59,100 — (21,600 ) 37,500 — 37,500 — 2010 0 Fort Myers, Florida LAN007 — 7,600 — — 7,600 — 7,600 — 2009 0 Fort Myers, Florida LAN008 — 5,883 — 1,789 7,494 178 7,672 — 2014 0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Indiantown, Florida LAN009 — 8,100 — — 8,100 — 8,100 — 2009 0 Naples, Florida LAN010 — 26,600 — 13,538 26,600 13,538 40,138 2 2010 0 St. Lucie, Florida LAN011 — 10,440 — (6,940 ) 3,500 — 3,500 — 2013 0 Stuart, Florida LAN012 — 9,300 — (1,900 ) 7,400 — 7,400 — 2010 0 Chicago, Illinois LAN013 — 31,500 — — 31,500 — 31,500 — 2016 0 Asbury Park, New Jersey LAN014 — 43,300 — 32,296 75,596 — 75,596 942 (3) 2009 0 Asbury Park, New Jersey LAN015 — 3,992 — 161,358 165,350 — 165,350 — (3) 2009 0 Brooklyn, New York LAN016 — 58,900 — (19,874 ) 39,026 — 39,026 — 2011 0 Long Beach, New York LAN017 — 52,461 — (22,461 ) 30,000 — 30,000 — 2009 0 Wawarsing, New York LAN018 — 4,600 — — 4,600 — 4,600 — 2018 0 Warrington, Pennsylvania LAN019 — 1,460 — 664 1,460 664 2,124 — 2011 0 Chesterfield County, Virginia LAN020 — 72,138 — 41,773 113,911 — 113,911 4,338 (3) 2009 0 Chesterfield County, Virginia LAN021 — 3,291 — 397 3,688 — 3,688 — (3) 2009 0 Ranson, West Virginia LAN022 — 9,083 (1,256 ) 7,827 — 7,827 — 2016 0 Subtotal $ — $ 545,615 $ 2,836 $ 157,520 $ 688,755 $ 17,216 $ 705,971 $ 8,118 ENTERTAINMENT: Birmingham, Alabama ENT001 1,698 1,939 1,840 — 1,939 1,840 3,779 58 2018 40.0 Decatur, Alabama ENT002 — (1) 277 359 (6 ) 277 353 630 128 2004 40.0 Huntsville, Alabama ENT003 — (1) 319 414 (25 ) 319 389 708 136 2004 40.0 Mobile, Alabama ENT004 — 279 1,250 — 279 1,250 1,529 71 2018 40.0 Avondale, Arizona ENT005 1,357 389 2,074 1 389 2,075 2,464 39 2018 40.0 Chandler, Arizona ENT006 — (1) 793 1,027 (62 ) 793 965 1,758 337 2004 40.0 Chandler, Arizona ENT007 — (1) 521 673 (10 ) 521 663 1,184 240 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Glendale, Arizona ENT008 2,393 1,750 2,118 — 1,750 2,118 3,868 63 2018 40.0 Gilbert, Arizona ENT009 5,038 1,969 3,552 — 1,969 3,552 5,521 82 2018 40.0 Mesa, Arizona ENT010 1,520 970 1,710 — 970 1,710 2,680 38 2018 40.0 Mesa, Arizona ENT011 — (1) 630 815 (49 ) 630 766 1,396 267 2004 40.0 Peoria, Arizona ENT012 — (1) 590 764 (46 ) 590 718 1,308 250 2004 40.0 Phoenix, Arizona ENT013 — (1) 476 616 (10 ) 476 606 1,082 220 2004 40.0 Phoenix, Arizona ENT014 — (1) 654 845 (14 ) 654 831 1,485 302 2004 40.0 Phoenix, Arizona ENT015 — (1) 666 862 (14 ) 666 848 1,514 307 2004 40.0 Scottsdale, Arizona ENT016 1,778 1,205 1,933 — 1,205 1,933 3,138 41 2018 40.0 Tempe, Arizona ENT017 — (1) 460 596 (36 ) 460 560 1,020 195 2004 40.0 Tucson, Arizona ENT018 994 456 877 1 456 878 1,334 23 2018 40.0 Alameda, California ENT019 — (1) 1,097 1,421 (86 ) 1,097 1,335 2,432 465 2004 40.0 Bakersfield, California ENT020 — (1) 434 560 (33 ) 434 527 961 184 2004 40.0 Bakersfield, California ENT021 — (1) 332 429 (26 ) 332 403 735 141 2004 40.0 Chula Vista, California ENT022 2,678 2,032 4,869 — 2,032 4,869 6,901 111 2018 40.0 Fontana, California ENT023 1,656 1,097 1,882 1 1,097 1,883 2,980 49 2018 40.0 Milpitas, California ENT024 — (1) 676 876 (53 ) 676 823 1,499 287 2004 40.0 Moreno Valley, California ENT025 1,577 990 1,910 — 990 1,910 2,900 46 2018 40.0 Murrieta, California ENT026 2,890 1,649 3,803 — 1,649 3,803 5,452 86 2018 40.0 Norco, California ENT027 2,697 1,503 3,608 — 1,503 3,608 5,111 79 2018 40.0 Palmdale, California ENT028 1,157 777 1,963 — 777 1,963 2,740 53 2018 40.0 Riverside, California ENT029 — (1) 720 932 (56 ) 720 876 1,596 305 2004 40.0 Rocklin, California ENT030 — (1) 574 743 (12 ) 574 731 1,305 265 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Sacramento, California ENT031 — (1) 392 508 (8 ) 392 500 892 181 2004 40.0 San Bernardino, California ENT032 — (1) 358 464 (7 ) 358 457 815 165 2004 40.0 San Diego, California ENT033 — (1) — 18,000 — — 18,000 18,000 6,456 2003 40.0 San Marcos, California ENT034 — (1) 852 1,101 (18 ) 852 1,083 1,935 393 2004 40.0 Thousand Oaks, California ENT035 — (1) — 1,953 25,772 — 27,725 27,725 6,814 2008 40.0 Torrance, California ENT036 — (1) 659 852 (14 ) 659 838 1,497 304 2004 40.0 Upland, California ENT037 1,656 1,167 1,930 — 1,167 1,930 3,097 47 2018 40.0 Visalia, California ENT038 — (1) 562 729 (44 ) 562 685 1,247 239 2004 40.0 W. Los Angeles, California ENT039 — (1) 1,642 2,124 (35 ) 1,642 2,089 3,731 758 2004 40.0 Brampton, ONT, Canada ENT040 2,176 1,231 2,491 — 1,231 2,491 3,722 59 2018 40.0 Aurora, Colorado ENT041 — (1) 640 827 (49 ) 640 778 1,418 271 2004 40.0 Aurora, Colorado ENT042 1,675 1,057 1,719 — 1,057 1,719 2,776 44 2018 40.0 Colorado Springs, Colorado ENT043 1,141 497 820 — 497 820 1,317 24 2018 40.0 Denver, Colorado ENT044 — (1) 729 944 (57 ) 729 887 1,616 309 2004 40.0 Englewood, Colorado ENT045 — (1) 536 694 (11 ) 536 683 1,219 248 2004 40.0 Lakewood, Colorado ENT046 1,587 713 2,206 — 713 2,206 2,919 37 2018 40.0 Littleton, Colorado ENT047 — (1) 901 1,165 (19 ) 901 1,146 2,047 416 2004 40.0 Lone Tree, Colorado ENT048 5,728 2,880 5,586 — 2,880 5,586 8,466 115 2018 40.0 Westminster, Colorado ENT049 1,681 1,018 1,886 — 1,018 1,886 2,904 45 2018 40.0 Wheat Ridge, Colorado ENT050 1,090 669 1,671 — 669 1,671 2,340 40 2018 40.0 Milford, Connecticut ENT051 — (1) 1,097 1,420 (23 ) 1,097 1,397 2,494 506 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Wilmington, Delaware ENT052 — (1) 1,076 1,390 (80 ) 1,076 1,310 2,386 457 2004 40.0 Apopka, Florida ENT053 1,195 757 1,347 — 757 1,347 2,104 34 2018 40.0 Boca Raton, Florida ENT054 — (1) — 41,809 — — 41,809 41,809 21,371 2005 27.0 Boynton Beach, Florida ENT055 — (1) 412 531 (7 ) 412 524 936 190 2004 40.0 Boynton Beach, Florida ENT056 — (1) 6,550 — 17,118 6,533 17,135 23,668 4,995 2006 40.0 Bradenton, Florida ENT057 — (1) 1,067 1,382 (83 ) 1,067 1,299 2,366 453 2004 40.0 Davie, Florida ENT058 — (1) 401 520 (31 ) 401 489 890 170 2004 40.0 Lakeland, Florida ENT059 — (1) 282 364 (6 ) 282 358 640 130 2004 40.0 Leesburg, Florida ENT060 — (1) 352 455 (28 ) 352 427 779 149 2004 40.0 Margate, Florida ENT061 1,283 513 493 — 513 493 1,006 10 2018 40.0 Melbourne, Florida ENT062 1,350 843 1,537 — 843 1,537 2,380 40 2018 40.0 Ocala, Florida ENT063 — (1) 437 567 (34 ) 437 533 970 186 2004 40.0 Ocala, Florida ENT064 — (1) 532 689 (42 ) 532 647 1,179 226 2004 40.0 Orange City, Florida ENT065 — (1) 486 629 (38 ) 486 591 1,077 206 2004 40.0 Pembroke Pines, Florida ENT066 — (1) 497 643 (10 ) 497 633 1,130 229 2004 40.0 Sarasota, Florida ENT067 — (1) 643 833 (14 ) 643 819 1,462 297 2004 40.0 St. Petersburg, Florida ENT068 — (1) 4,200 18,272 — 4,200 18,272 22,472 6,326 2005 40.0 Tampa, Florida ENT069 — (1) 551 714 (12 ) 551 702 1,253 254 2004 40.0 Venice, Florida ENT070 — (1) 507 656 (40 ) 507 616 1,123 215 2004 40.0 W. Palm Beach, Florida ENT071 — (1) — 19,337 — — 19,337 19,337 6,693 2005 40.0 Augusta, Georgia ENT072 1,978 1,383 3,776 — 1,383 3,776 5,159 76 2018 40.0 Atlanta, Georgia ENT073 — (1) 510 660 (11 ) 510 649 1,159 235 2004 40.0 Conyers, Georgia ENT074 — (1) 474 613 (37 ) 474 576 1,050 201 2004 40.0 Kennesaw, Georgia ENT075 4,706 2,098 5,113 (1 ) 2,098 5,112 7,210 100 2018 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Lawrenceville, Georgia ENT076 1,482 911 1,285 — 911 1,285 2,196 32 2018 40.0 Marietta, Georgia ENT077 — (1) 581 752 (46 ) 581 706 1,287 246 2004 40.0 Marietta, Georgia ENT078 2,144 1,180 1,436 — 1,180 1,436 2,616 34 2018 40.0 Marietta, Georgia ENT079 1,275 715 760 — 715 760 1,475 22 2018 40.0 Norcross, Georgia ENT080 2,396 1,110 380 — 1,110 380 1,490 20 2018 40.0 Roswell, Georgia ENT081 2,122 893 311 1 893 312 1,205 11 2018 40.0 Savannah, Georgia ENT082 — (1) 718 930 (15 ) 718 915 1,633 332 2004 40.0 Woodstock, Georgia ENT083 — (1) 502 651 (11 ) 502 640 1,142 232 2004 40.0 Algonquin, Illinois ENT084 3,137 1,312 4,041 — 1,312 4,041 5,353 105 2018 40.0 Buffalo Grove, Illinois ENT085 1,707 861 3,945 — 861 3,945 4,806 79 2018 40.0 Chicago, Illinois ENT086 — (1) 8,803 57 30,479 8,803 30,536 39,339 8,639 2006 40.0 Glendale Heights, Illinois ENT087 1,102 455 819 1 455 820 1,275 16 2018 40.0 Lake Zurich, Illinois ENT088 1,221 924 238 1 924 239 1,163 32 2018 40.0 Lyons, Illinois ENT089 — (1) 433 560 (10 ) 433 550 983 200 2004 40.0 Mount Prospect, Illinois ENT090 1,247 704 956 (1 ) 704 955 1,659 22 2018 40.0 Naperville, Illinois ENT091 — (1) 1,798 2,894 530 1,798 3,424 5,222 1,060 2017 40.0 Romeoville, Illinois ENT092 3,004 2,254 3,251 — 2,254 3,251 5,505 96 2018 40.0 Roselle, Illinois ENT093 1,111 730 682 — 730 682 1,412 24 2018 40.0 River Grove, Illinois ENT094 1,805 1,754 3,289 (1 ) 1,754 3,288 5,042 79 2018 40.0 Springfield, Illinois ENT095 — (1) 431 557 (9 ) 431 548 979 199 2004 40.0 Vernon Hills, Illinois ENT096 995 600 666 — 600 666 1,266 21 2018 40.0 Waukegan, Illinois ENT097 633 342 670 — 342 670 1,012 17 2018 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Woodridge, Illinois ENT098 1,191 829 1,597 (1 ) 829 1,596 2,425 40 2018 40.0 Evansville, Indiana ENT099 — (1) 542 701 (11 ) 542 690 1,232 250 2004 40.0 Baltimore, Maryland ENT100 — (1) 428 554 (34 ) 428 520 948 181 2004 40.0 Baltimore, Maryland ENT101 — (1) 575 745 (45 ) 575 700 1,275 244 2004 40.0 Baltimore, Maryland ENT102 — (1) 362 468 (7 ) 362 461 823 167 2004 40.0 Columbia, Maryland ENT103 1,735 1,762 1,300 — 1,762 1,300 3,062 41 2018 40.0 Ellicott City, Maryland ENT104 1,349 889 1,632 1 889 1,633 2,522 32 2018 40.0 Gaithersburg, Maryland ENT105 — (1) 884 1,145 (19 ) 884 1,126 2,010 408 2004 40.0 Hyattsville, Maryland ENT106 — (1) 399 518 (9 ) 399 509 908 184 2004 40.0 Laurel, Maryland ENT107 — (1) 649 839 (14 ) 649 825 1,474 299 2004 40.0 Linthicum, Maryland ENT108 — (1) 366 473 (7 ) 366 466 832 169 2004 40.0 Pikesville, Maryland ENT109 — (1) 398 516 (8 ) 398 508 906 184 2004 40.0 Timonium, Maryland ENT110 — (1) 1,126 1,458 (88 ) 1,126 1,370 2,496 478 2004 40.0 Towson, Maryland ENT111 — (1) 642 788 454 642 1,242 1,884 361 2017 40.0 Auburn, Massachusetts ENT112 — (1) 523 678 (12 ) 523 666 1,189 241 2004 40.0 Chicopee, Massachusetts ENT113 — (1) 548 711 (43 ) 548 668 1,216 233 2004 40.0 Somerset, Massachusetts ENT114 — (1) 519 672 (11 ) 519 661 1,180 240 2004 40.0 Grand Rapids, Michigan ENT115 — (1) 554 718 (43 ) 554 675 1,229 235 2004 40.0 Grand Rapids, Michigan ENT116 — (1) 860 543 670 860 1,213 2,073 397 2017 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Roseville, Michigan ENT117 — (1) 533 691 (12 ) 533 679 1,212 246 2004 40.0 Blaine, Minnesota ENT118 2,667 1,801 2,814 (1 ) 1,801 2,813 4,614 83 2018 40.0 Brooklyn Park, Minnesota ENT119 2,659 1,455 2,036 — 1,455 2,036 3,491 60 2018 40.0 Burnsville, Minnesota ENT120 — (1) 2,962 — 17,164 2,962 17,164 20,126 5,652 2006 40.0 Eden Prairie, Minnesota ENT121 2,717 1,496 2,117 (1 ) 1,496 2,116 3,612 55 2018 40.0 Lakeville, Minnesota ENT122 2,719 1,910 3,373 — 1,910 3,373 5,283 77 2018 40.0 Rochester, Minnesota ENT123 — (1) 2,437 8,715 2,098 2,437 10,813 13,250 3,989 2006 40.0 Columbia, Missouri ENT124 — (1) 334 432 (26 ) 334 406 740 142 2004 40.0 North Kansas City, Missouri ENT125 — (1) 878 1,139 (69 ) 878 1,070 1,948 373 2004 40.0 St. Peters, Missouri ENT126 2,958 1,936 3,381 — 1,936 3,381 5,317 76 2018 40.0 Valley Park, Missouri ENT127 1,391 803 1,408 — 803 1,408 2,211 31 2018 40.0 Asbury Park, New Jersey ENT128 — 750 10,670 230 750 10,900 11,650 201 2017 40.0 Aberdeen, New Jersey ENT129 — (1) 1,560 2,019 (33 ) 1,560 1,986 3,546 720 2004 40.0 Fairlawn, New Jersey ENT130 1,618 1,141 2,094 — 1,141 2,094 3,235 41 2018 40.0 Turnersville, New Jersey ENT131 1,483 1,354 1,314 — 1,354 1,314 2,668 50 2018 40.0 Wallington, New Jersey ENT132 — (1) 830 1,075 (65 ) 830 1,010 1,840 352 2004 40.0 Brooklyn, New York ENT133 — 3,277 — (248 ) 587 2,442 3,029 — 2013 40.0 Centereach, New York ENT134 — (1) 442 571 (34 ) 442 537 979 187 2004 40.0 Cheektowaga, New York ENT135 — (1) 385 499 (8 ) 385 491 876 178 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Dewpew, New York ENT136 — (1) 350 453 (28 ) 350 425 775 148 2004 40.0 Melville, New York ENT137 — (1) 494 640 (39 ) 494 601 1,095 210 2004 40.0 Rochester, New York ENT138 — (1) 326 421 (25 ) 326 396 722 138 2004 40.0 Rochester, New York ENT139 — (1) 320 414 (7 ) 320 407 727 148 2004 40.0 Rochester, New York ENT140 — (1) 399 516 (8 ) 399 508 907 184 2004 40.0 Sayville, New York ENT141 — (1) 959 1,240 (20 ) 959 1,220 2,179 442 2004 40.0 Shirley, New York ENT142 — (1) 587 761 (46 ) 587 715 1,302 249 2004 40.0 Smithtown, New York ENT143 — (1) 521 675 (11 ) 521 664 1,185 241 2004 40.0 Syosset, New York ENT144 — (1) 711 920 (56 ) 711 864 1,575 301 2004 40.0 Syracuse, New York ENT145 — (1) 558 723 (12 ) 558 711 1,269 258 2004 40.0 Wantagh, New York ENT146 — (1) 747 967 (58 ) 747 909 1,656 317 2004 40.0 Webster, New York ENT147 — (1) 683 885 (15 ) 683 870 1,553 315 2004 40.0 West Babylon, New York ENT148 — (1) 1,492 1,933 (117 ) 1,492 1,816 3,308 633 2004 40.0 White Plains, New York ENT149 — (1) 1,471 1,904 (31 ) 1,471 1,873 3,344 679 2004 40.0 Asheville, North Carolina ENT150 — (1) 397 513 (31 ) 397 482 879 168 2004 40.0 Cary, North Carolina ENT151 — (1) 476 615 (10 ) 476 605 1,081 220 2004 40.0 Charlotte, North Carolina ENT152 — (1) 410 530 (8 ) 410 522 932 189 2004 40.0 Charlotte, North Carolina ENT153 — (1) 402 520 (9 ) 402 511 913 185 2004 40.0 Durham, North Carolina ENT154 — (1) 948 1,227 (75 ) 948 1,152 2,100 402 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Goldsboro, North Carolina ENT155 — (1) 259 336 (6 ) 259 330 589 120 2004 40.0 Greensboro, North Carolina ENT156 — (1) 349 452 (28 ) 349 424 773 148 2004 40.0 Greenville, North Carolina ENT157 — (1) 640 828 (50 ) 640 778 1,418 271 2004 40.0 Hickory, North Carolina ENT158 — (1) 409 531 (32 ) 409 499 908 174 2004 40.0 Matthews, North Carolina ENT159 — (1) 965 1,249 (21 ) 965 1,228 2,193 445 2004 40.0 Raleigh, North Carolina ENT160 — (1) 475 615 (37 ) 475 578 1,053 201 2004 40.0 Winston-Salem, North Carolina ENT161 — (1) 494 638 (10 ) 494 628 1,122 228 2004 40.0 Canton, Ohio ENT162 — (1) 434 562 (34 ) 434 528 962 184 2004 40.0 Columbus, Ohio ENT163 — (1) 967 1,252 (20 ) 967 1,232 2,199 446 2004 40.0 Grove City, Ohio ENT164 — (1) 281 365 (6 ) 281 359 640 130 2004 40.0 Medina, Ohio ENT165 — (1) 393 508 (30 ) 393 478 871 167 2004 40.0 N. Ridgeville, Ohio ENT166 967 290 1,057 — 290 1,057 1,347 16 2018 40.0 Edmond, Oklahoma ENT167 — (1) 431 557 (9 ) 431 548 979 199 2004 40.0 Tulsa, Oklahoma ENT168 — (1) 954 1,235 (75 ) 954 1,160 2,114 405 2004 40.0 Salem, Oregon ENT169 — (1) 393 508 (8 ) 393 500 893 181 2004 40.0 Belle Vernon, Pennsylvania ENT170 840 410 759 — 410 759 1,169 23 2018 40.0 Boothwyn, Pennsylvania ENT171 — (1) 407 527 (32 ) 407 495 902 173 2004 40.0 Croydon, Pennsylvania ENT172 — (1) 421 544 (33 ) 421 511 932 178 2004 40.0 Feasterville, Pennsylvania ENT173 — (1) 2,340 2,824 211 2,340 3,035 5,375 1,029 2017 40.0 Pittsburgh, Pennsylvania ENT174 — (1) 409 528 (8 ) 409 520 929 189 2004 40.0 Pittsburgh, Pennsylvania ENT175 — (1) 407 527 (8 ) 407 519 926 188 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) San Juan, Puerto Rico ENT176 — (1) 950 1,230 (74 ) 950 1,156 2,106 403 2004 40.0 Cranston, Rhode Island ENT177 — (1) 850 1,100 (18 ) 850 1,082 1,932 392 2004 40.0 Greenville, South Carolina ENT178 — (1) 332 429 (26 ) 332 403 735 141 2004 40.0 Addison, Texas ENT179 — (1) 1,045 1,353 (82 ) 1,045 1,271 2,316 443 2004 40.0 Arlington, Texas ENT180 — (1) 593 767 (13 ) 593 754 1,347 273 2004 40.0 Conroe, Texas ENT181 — (1) 838 1,083 (17 ) 838 1,066 1,904 387 2004 40.0 Corpus Christi, Texas ENT182 — (1) 528 682 (11 ) 528 671 1,199 243 2004 40.0 Denton, Texas ENT183 1,191 712 763 — 712 763 1,475 19 2018 40.0 Desota, Texas ENT184 — (1) 480 622 (10 ) 480 612 1,092 222 2004 40.0 Euless, Texas ENT185 — (1) 975 1,261 (21 ) 975 1,240 2,215 450 2004 40.0 Ft. Worth, Texas ENT186 972 379 266 — 379 266 645 10 2018 40.0 Garland, Texas ENT187 — (1) 1,108 1,433 (23 ) 1,108 1,410 2,518 511 2004 40.0 Houston, Texas ENT188 — (1) 425 549 (89 ) 425 460 885 169 2004 40.0 Houston, Texas ENT189 — (1) 518 671 (40 ) 518 631 1,149 220 2004 40.0 Houston, Texas ENT190 — (1) 758 981 (59 ) 758 922 1,680 322 2004 40.0 Houston, Texas ENT191 — (1) 375 485 (8 ) 375 477 852 173 2004 40.0 Humble, Texas ENT192 — (1) 438 567 (9 ) 438 558 996 202 2004 40.0 Lewisville, Texas ENT193 — (1) 561 726 (44 ) 561 682 1,243 238 2004 40.0 Midland, Texas ENT194 — (1) 2,360 1,082 2,023 2,360 3,105 5,465 1,046 2017 40.0 Richardson, Texas ENT195 — (1) 753 976 (59 ) 753 917 1,670 320 2004 40.0 San Antonio, Texas ENT196 — (1) 521 675 (41 ) 521 634 1,155 221 2004 40.0 Stafford, Texas ENT197 — (1) 634 821 (13 ) 634 808 1,442 293 2004 40.0 Waco, Texas ENT198 — (1) 379 491 (8 ) 379 483 862 175 2004 40.0 Watauga, Texas ENT199 2,164 1,073 2,274 — 1,073 2,274 3,347 48 2018 40.0 Webster, Texas ENT200 — (1) 592 766 (46 ) 592 720 1,312 251 2004 40.0 Annandale, Virginia ENT201 — (1) 3,767 7,075 — 3,767 7,075 10,842 20 2018 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Centreville, Virginia ENT202 — (1) 1,134 1,467 (89 ) 1,134 1,378 2,512 481 2004 40.0 Chesapeake, Virginia ENT203 — (1) 845 1,094 (66 ) 845 1,028 1,873 358 2004 40.0 Chesapeake, Virginia ENT204 — (1) 884 1,145 (19 ) 884 1,126 2,010 408 2004 40.0 Fredericksburg, Virginia ENT205 — (1) 953 1,233 (21 ) 953 1,212 2,165 440 2004 40.0 Grafton, Virginia ENT206 — (1) 487 632 (39 ) 487 593 1,080 207 2004 40.0 Lynchburg, Virginia ENT207 — (1) 425 550 (9 ) 425 541 966 196 2004 40.0 Mechanicsville, Virginia ENT208 — (1) 1,151 1,490 (24 ) 1,151 1,466 2,617 531 2004 40.0 Norfolk, Virginia ENT209 — (1) 546 707 (42 ) 546 665 1,211 232 2004 40.0 Richmond, Virginia ENT210 — (1) 819 1,061 (64 ) 819 997 1,816 348 2004 40.0 Richmond, Virginia ENT211 — (1) 958 1,240 (75 ) 958 1,165 2,123 406 2004 40.0 Virginia Beach, Virginia ENT212 — (1) 788 1,020 (17 ) 788 1,003 1,791 364 2004 40.0 Williamsburg, Virginia ENT213 — (1) 554 716 (12 ) 554 704 1,258 255 2004 40.0 Lynnwood, Washington ENT214 2,173 1,608 4,010 — 1,608 4,010 5,618 90 2018 40.0 Quincy, Washington ENT215 — (1) 1,500 6,500 — 1,500 6,500 8,000 2,869 2003 40.0 Milwaukee, Wisconsin ENT216 — (1) 521 673 (39 ) 521 634 1,155 221 2004 40.0 Wauwatosa, Wisconsin ENT217 — (1) 793 1,025 (17 ) 793 1,008 1,801 366 2004 40.0 Subtotal $ 110,854 $ 195,834 $ 372,225 $ 92,220 $ 193,127 $ 467,152 $ 660,279 $ 119,483 RETAIL: Scottsdale, Arizona RET001 — 2,625 4,875 2,825 2,625 7,700 10,325 2,141 2009 40.0 Scottsdale, Arizona RET002 — 2,657 2,666 (106 ) 2,657 2,560 5,217 657 2011 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Colorado Springs, Colorado RET003 — (1) 2,631 279 5,195 2,607 5,498 8,105 1,582 2006 40.0 St. Augustine, Florida RET004 — (1) 3,950 — 10,285 3,908 10,327 14,235 3,152 2005 40.0 Honolulu, Hawaii RET005 — 3,393 21,155 (8,671 ) 3,393 12,484 15,877 3,726 2009 40.0 Chicago, Illinois RET006 — 14,934 29,675 (26,366 ) 5,126 13,117 18,243 — 2012 40.0 Chicago, Illinois RET007 — (1) — 336 1,601 — 1,937 1,937 1,087 2010 40.0 Albuquerque, New Mexico RET008 — (1) 1,733 — 8,728 1,705 8,756 10,461 2,799 2005 40.0 Hamburg, New York RET009 — (1) 731 6,073 699 711 6,792 7,503 2,474 2005 40.0 Anthony, Texas RET010 — (1) 3,538 4,215 (187 ) 3,514 4,052 7,566 1,288 2005 40.0 Draper, Utah RET011 — (1) 3,502 — 5,975 3,502 5,975 9,477 1,804 2005 40.0 Subtotal $ — $ 39,694 $ 69,274 $ (22 ) $ 29,748 $ 79,198 $ 108,946 $ 20,710 HOTEL: Honolulu, Hawaii HOT001 — 17,996 17,996 (31,160 ) 3,419 1,413 4,832 4,531 2009 40.0 Asbury Park, New Jersey HOT002 — 3,815 40,194 3,459 3,815 43,653 47,468 4,594 2016 40.0 Subtotal $ — $ 21,811 $ 58,190 $ (27,701 ) $ 7,234 $ 45,066 $ 52,300 $ 9,125 APARTMENT/RESIDENTIAL: Mammoth, California APA001 — 10,078 40,312 (50,009 ) 76 305 381 — 2007 0 Atlanta, Georgia APA002 — 2,963 11,850 (1,728 ) 2,617 10,468 13,085 — 2010 0 Jersey City, New Jersey APA003 — 36,405 64,719 (100,639 ) 174 311 485 — 2009 0 Philadelphia, Pennsylvania APA004 — 15,890 29,510 (39,100 ) 2,205 4,095 6,300 — 2012 0 Subtotal $ — $ 65,336 $ 146,391 $ (191,476 ) $ 5,072 $ 15,179 $ 20,251 $ — MIXED USE: Riverside, California MXU001 — 5,869 629 2 5,869 631 6,500 514 2010 40.0 Key West, Florida MXU002 — 18,229 20,899 2,750 18,229 23,649 41,878 5,388 2014 40.0 Subtotal $ — $ 24,098 $ 21,528 $ 2,752 $ 24,098 $ 24,280 $ 48,378 $ 5,902 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period Location Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Total $ 802,367 $ 1,039,661 $ 1,611,811 $ 59,040 $ 1,093,068 $ 1,617,444 $ 2,710,512 (4) $ 318,724 (5) _______________________________________________________________________________ (1) Consists of properties pledged as collateral under the Company's secured credit facilities with a carrying value of $472.0 million . (2) Includes impairments and unit sales. (3) These properties have land improvements which have depreciable lives of 15 to 20 years. (4) The aggregate cost for Federal income tax purposes was approximately $3.16 billion at December 31, 2018 . (5) Includes $8.6 million and $4.8 million relating to accumulated depreciation for land and development assets and real estate assets held for sale, respectively, as of December 31, 2018 . The following table reconciles real estate from January 1, 2016 to December 31, 2018 : 2018 2017 2016 Balance at January 1 $ 2,577,195 $ 2,997,351 $ 3,246,469 Improvements and additions 203,124 167,676 169,999 Acquisitions through foreclosure 4,600 — 40,583 Other acquisitions 762,207 5,164 30,618 Dispositions (656,900 ) (561,431 ) (484,810 ) Other — — 4,035 Impairments (179,714 ) (31,565 ) (9,543 ) Balance at December 31 $ 2,710,512 $ 2,577,195 $ 2,997,351 The following table reconciles accumulated depreciation from January 1, 2016 to December 31, 2018 : 2018 2017 2016 Balance at January 1 $ (366,265 ) $ (426,982 ) $ (467,616 ) Additions (48,376 ) (44,270 ) (48,761 ) Dispositions 95,917 104,987 89,395 Balance at December 31 $ (318,724 ) $ (366,265 ) $ (426,982 ) |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV—Mortgage Loans on Real Estate As of December 31, 2018 ($ in thousands) Type of Loan/Borrower Underlying Property Type Contractual Interest Accrual Rates Contractual Interest Payment Rates Effective Maturity Dates Periodic Payment Terms (1) Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages (2)(3) Senior Mortgages: Borrower A Mixed Use/Mixed Collateral LIBOR + 5.15% LIBOR + 5.15% July 2019 IO $ — $ 107,196 $ 107,427 Borrower B Apartment/Residential LIBOR + 5.25% LIBOR + 5.25% December 2019 IO — 88,612 88,114 Borrower C Hotel LIBOR + 6% LIBOR + 6% July 2019 IO — 84,000 84,959 Borrower D Land LIBOR + 6% LIBOR + 6% March 2021 IO — 71,934 71,120 Borrower E Office LIBOR + 4% LIBOR + 4% August 2020 IO — 31,039 31,017 Borrower F Mixed Use/Mixed Collateral LIBOR + 4.75% LIBOR + 4.75% July 2020 IO — 30,833 30,432 Borrower G Hotel LIBOR + 6% LIBOR + 6% April 2019 IO — 29,252 29,085 Borrower H Apartment/Residential LIBOR + 5.75% LIBOR + 5.75% March 2021 IO — 27,274 27,019 Borrower I Apartment/Residential 7.50% 7.50% January 2024 IO — 27,000 26,828 Senior mortgages individually <3% Apartment/Residential, Retail, Mixed Use/Mixed Collateral, Office, Hotel, Land, Other Fixed: 5% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.50% Fixed: 6% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.50% 2019 to 2024 282,469 224,353 779,609 720,354 Subordinate Mortgages: Subordinate mortgages individually <3% Hotel Fixed: 6.8% to 14.0% Fixed: 6.8% to 14% 2019 to 2057 10,485 10,161 10,485 10,161 Total mortgages $ 790,094 $ 730,515 _______________________________________________________________________________ (1) IO = Interest only. (2) Amounts are presented net of asset-specific reserves of $40.4 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell. (3) The carrying amount of mortgages approximated the federal income tax basis. iStar Inc. Schedule IV—Mortgage Loans on Real Estate (Continued) As of December 31, 2018 ($ in thousands) Reconciliation of Mortgage Loans on Real Estate: The following table reconciles Mortgage Loans on Real Estate from January 1, 2016 to December 31, 2018 (1) : 2018 2017 2016 Balance at January 1 $ 752,129 $ 915,905 $ 934,964 Additions: New mortgage loans 381,133 265,966 25,893 Additions under existing mortgage loans 157,702 132,703 165,275 Other (2) 25,778 23,388 30,694 Deductions (3) : Collections of principal (501,466 ) (528,321 ) (247,431 ) Recovery of (provision for) loan losses (45 ) 28 9,747 Transfers to real estate and equity investments (84,684 ) (57,505 ) (3,177 ) Amortization of premium (32 ) (35 ) (60 ) Balance at December 31 $ 730,515 $ 752,129 $ 915,905 ______________________________________________________________ (1) Balances represent the carrying value of loans, which are net of asset specific reserves. (2) Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates. (3) Amounts are presented net of charge-offs of $1.2 million and $10.1 million for the years ended December 31, 2017 and 2016, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Capitalization and depreciation | Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. |
Purchase price allocation | Purchase price allocation— Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases and in-place leases which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions. |
Impairments | Impairments— The Company reviews real estate assets to be held and used and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. |
Real estate available and held for sale | Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of: (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used; or (ii) the estimated fair value at the date of the subsequent decision not to sell. |
Dispositions | Dispositions— Revenue from sales of land and development assets and gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in "Income from sales of real estate" in the Company's consolidated statements of operations. |
Loans receivable and other lending investments, net | Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. |
Debt securities, other than temporary impairment | For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if: (1) the Company has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" in the Company's consolidated statements of operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. |
Loans and leases receivable, real estate acquired through foreclosure | The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development, net," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure. |
Equity and cost method investments | Equity and cost method investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's consolidated balance sheets. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations. |
Cash and cash equivalents | Cash and cash equivalents — Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. |
Restricted cash | Restricted cash — Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. Restricted cash is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. |
Variable interest entities | Variable interest entities — The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. |
Deferred expenses and other assets | Deferred expenses and other assets — Deferred expenses and other assets include certain non-tenant receivables, leasing costs, lease incentives and financing fees associated with revolving-debt arrangements. Financing fees associated with other debt obligations are recorded as a reduction of the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets. Lease incentives and leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations. |
Identified intangible assets and liabilities | Identified intangible assets and liabilities — Upon the acquisition of a business or an asset, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2018 , all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. |
Loan participations payable, net | Loan participations payable, net — The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing,” as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net". Financial asset activities that are accounted for as sales are removed from the balance sheet with any realized gain (loss) reflected in earnings during the period of sale. |
Revenue recognition | Revenue recognition — The Company's revenue recognition policies are as follows: Operating lease income: The Company's leases have all been determined to be operating leases based on analyses performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable, net" on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2018 and 2017 , the allowance for doubtful accounts related to real estate tenant receivables was $1.5 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.8 million and $1.3 million , respectively. Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees, management fees and other ancillary income. During the year ended December 31, 2017, the Company recorded $123.4 million of interest income and real estate tax reimbursements resulting from the settlement of litigation involving a dispute over the purchase and sale of land (refer to Note11). Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. |
Reserve for loan losses | Reserve for loan losses — The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" 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 as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan 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 reserve will be charged off. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. The general reserve component covers performing loans and reserves for loan losses are recorded when: (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio; and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their 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 financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range 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 and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In some cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. |
Loss on debt extinguishments | Loss on debt extinguishments — The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” in the Company's consolidated statements of operations. |
Derivative instruments and hedging activity | Derivative instruments and hedging activity — The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. The Company recognizes derivatives as either assets or liabilities on the Company's consolidated balance sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" in the Company's consolidated statements of operations. The Company does not enter into derivatives for trading purposes. |
Stock-based compensation | Stock-based compensation — Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect: (i) actual forfeitures; and (ii) the outcome of awards with performance or service conditions through the requisite service period. Compensation cost for market-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock, which is reflected in the grant date fair value. All compensation cost for market-based awards in which the service conditions are met is recognized regardless of whether the market-condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" in the Company's consolidated statements of operations. |
Income taxes | Income taxes — The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income; the Company, however, is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While the Company must distribute at least 90% of its taxable income to maintain its REIT status, the Company typically distributes all of its taxable income, if any, to eliminate any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. The Company intends to operate in a manner consistent with, and its election to be treated as, a REIT for tax purposes. The Company made foreclosure elections for certain properties acquired through foreclosure, or an equivalent legal process, which allows the Company to operate these properties within the REIT and subjects net income, if any, from these assets to corporate level tax. The carrying value of assets with foreclosure elections as of December 31, 2018 is $113.1 million . Beginning in 2018, the Tax Cuts and Jobs Act reduced the corporate tax rate to 21% from 35% and net income from foreclosure property, if any, is subject to a 21% tax rate. As of December 31, 2017 , the Company had $582.4 million of REIT net operating loss ("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 expire beginning in 2031 and through 2036 if unused. The amount of NOL carryforwards as of December 31, 2018 will be subject to finalization of the Company's 2018 tax return. The Tax Cuts and Jobs Act reduced the deduction for net operating losses to 80% of the Company’s taxable income for losses incurred after December 31, 2017. The Company's NOL carryforward for losses incurred in taxable years prior to 2018 remain fully deductible. The Company's tax years from 2014 through 2017 remain subject to examination by major tax jurisdictions. During the year ended December 31, 2018 , the Company is expected to have REIT taxable income before the deduction for dividends paid and the NOL deduction. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" in the Company's consolidated statements of operations. The Company may participate in certain activities from which it would be otherwise precluded and maintain its qualification as a REIT. These activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRS"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2018 , $538.0 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated with the REIT for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company applied the corporate tax rate enacted December 22, 2017 under the Tax Cuts and Jobs Act effective for years beginning after 2017 to value its deferred tax assets and liabilities. The Company evaluates whether its deferred tax assets are realizable and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating whether its deferred tax assets are realizable, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2018 and 2017 , respectively. Changes in estimates of our valuation allowance, if any, are included in "Income tax (expense) benefit" in the consolidated statements of operations. |
Earnings per share | Earnings per share — The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Basic earnings per share ("Basic EPS") for the Company's common stock are computed by dividing net income allocable to common shareholders by the weighted average number of shares of common stock outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a "Participating Security" and are included in the computation of earnings per share pursuant to the two-class method. The Company's unvested restricted stock awards granted under its Long-Term Incentive Plans that are eligible to participate in dividends are considered Participating Securities and have been included in the two-class method when calculating EPS. |
New accounting pronouncements | New accounting pronouncements — In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes ("ASU 2018-16"). ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2018-16 effective January 1, 2019 and the adoption did not have a material impact on the Company's consolidated financial statements. In June 2016 , the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), and in July 2018, the FASB issued ASU 2018-11, Leases ("ASU 2018-11"), to address two requirements of ASU 2016-02. ASU 2016-02 and ASU 2018-11 are effective for interim and annual reporting periods beginning after December 15, 2018. ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating or finance leases. For operating and finance leases, a lessee will be required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its statement of financial position. Lessees under operating leases will be required to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-line basis, and classify all cash payments within operating activities in its statement of cash flows. Lessees under finance leases will be required to recognize interest expense on the lease liability (under the effective interest method) and amortization expense of the right-of-use asset (generally on a straight line basis), each reflected separately in its statement of operations. For operating lease arrangements for which the Company is the lessee, primarily under leases of office space and certain ground leases, the adoption of ASU 2016-02 will result in the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The right-of-use assets or lease liabilities will not be material to the Company's balance sheet. The accounting applied by the Company as a lessor will be mostly unchanged from that applied under previous GAAP. Management has decided to elect the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company will elect to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2018-11 amends ASU 2016-02 so that: (a) entities may elect to not recast the comparative periods presented when transitioning to ASC 842 by allowing entities to change their initial application to the beginning of the period of adoption; and (b) provides lessors with a practical expedient to not separate non-lease components from the associated lease component of the contractual payments if certain conditions are met. Management has decided to elect both of these provisions. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 and 2017 ($ in thousands): As of December 31, 2018 December 31, ASSETS Real estate Real estate, at cost $ 848,052 $ 47,073 Less: accumulated depreciation (15,365 ) (2,732 ) Real estate, net 832,687 44,341 Land and development, net 279,031 212,408 Other investments 72 — Cash and cash equivalents 25,219 9,842 Accrued interest and operating lease income receivable, net 1,302 230 Deferred operating lease income receivable, net 8,972 — Deferred expenses and other assets, net 167,324 30,791 Total assets $ 1,314,607 $ 297,612 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 106,907 $ 38,616 Debt obligations, net 485,000 — Total liabilities 591,907 38,616 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of impact of new accounting standard | The adoption of ASU 2017-05 had the following impact on the Company's consolidated financial statements (in thousands): Impact from ASU 2017-05 on January 1, 2018 December 31, 2017 January 1, 2018 Other investments $ 321,241 $ 75,869 $ 397,110 Total assets 4,731,078 75,869 4,806,947 Retained earnings (deficit) $ (2,470,564 ) $ 75,869 $ (2,394,695 ) Total equity 914,249 75,869 990,118 |
Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): December 31, 2018 December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 931,751 $ 657,688 $ 328,744 $ 711,101 Restricted cash included in deferred expenses and other assets, net 42,793 20,045 25,883 26,657 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 974,544 $ 677,733 $ 354,627 $ 737,758 |
Schedule of components of income tax expense (benefit) | The following represents the Company's TRS income tax benefit (expense) ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Current tax benefit (expense) (1)(2) $ (447 ) $ 531 $ 9,751 Total income tax (expense) benefit $ (447 ) $ 531 $ 9,751 _______________________________________________________________________________ (1) For the year ended December 31, 2017, the Company recognized a tax benefit for alternative minimum tax credits generated from a carryback of NOLs to 2014 and 2015. For the year ended December 31, 2018, excludes a REIT tax expense of $0.5 million and for the years ended December 31, 2017 and 2016, excludes a REIT income tax benefit of $0.4 million . (2) Under the Tax Cuts and Jobs Act, the alternative minimum tax credit carryforward is a refundable tax credit over a four year period beginning in 2018 and ending in 2021 upon which the full amount of the credit will be allowed. |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): As of December 31, 2018 2017 Deferred tax assets (1)(2) $ 78,107 $ 63,258 Valuation allowance (78,107 ) (63,258 ) Net deferred tax assets (liabilities) $ — $ — _______________________________________________________________________________ (1) Deferred tax assets as of December 31, 2018 include temporary differences related primarily to asset basis of $35.3 million , deferred expenses and other items of $14.9 million , NOL carryforwards of $25.6 million and other credits of $2.3 million . Deferred tax assets as of December 31, 2017 include temporary differences related primarily to asset basis of $26.1 million , deferred expenses and other items of $15.9 million and NOL carryforwards of $21.3 million . The Company has determined that the change in tax law associated with the Tax Cuts and Jobs Act will not have a material effect on whether its deferred tax assets are realizable. (2) Gross deferred tax assets as of December 31, 2017 were valued at the enacted corporate tax rate during the period in which such deferred tax assets are expected to be realized. The Tax Cuts and Jobs Act reduced the federal corporate tax rate to 21% from 35% for taxable years beginning after December 31, 2017. The Company’s TRS’s applied its reduced effective tax rate to compute its gross deferred tax assets before valuation allowance. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of real estate assets | The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of December 31, 2018 Land, at cost $ 336,740 $ 133,599 $ 470,339 Buildings and improvements, at cost 1,487,270 118,724 1,605,994 Less: accumulated depreciation (287,516 ) (17,798 ) (305,314 ) Real estate, net 1,536,494 234,525 1,771,019 Real estate available and held for sale (2) 1,055 21,496 22,551 Total real estate $ 1,537,549 $ 256,021 $ 1,793,570 As of December 31, 2017 Land, at cost $ 219,092 $ 203,278 $ 422,370 Buildings and improvements, at cost 888,959 318,107 1,207,066 Less: accumulated depreciation (292,268 ) (55,137 ) (347,405 ) Real estate, net 815,783 466,248 1,282,031 Real estate available and held for sale (2) — 68,588 68,588 Total real estate $ 815,783 $ 534,836 $ 1,350,619 _______________________________________________________________________________ (1) On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $743.6 million to "Real estate, net" on the Company's consolidated balance sheet. (2) As of December 31, 2018 and 2017 the Company had $20.6 million and $48.5 million , respectively, of residential condominiums available for sale in its operating properties portfolio. |
Schedule of real estate available and held for sale | The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions) (1) : Year Ended December 31, Property Type 2018 2017 2016 Operating Properties $ 23.2 $ 20.1 $ 16.1 Net Lease 8.1 0.9 1.8 Total $ 31.3 $ 21.0 $ 17.9 _______________________________________________________________________________ (1) Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy. |
Schedule of income (loss) from discontinued operations | The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the years ended December 31, 2017 and 2016 ($ in thousands) (1) : Year Ended December 31, 2017 2016 Revenues $ 5,922 $ 21,839 Expenses (1,491 ) (3,569 ) Income from sales of real estate 508 — Income from discontinued operations $ 4,939 $ 18,270 _______________________________________________________________________________ (1) The transactions closed on April 14, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the years ended December 31, 2017 and 2016 ($ in thousands). Year Ended December 31, 2017 2016 Cash flows provided by operating activities $ 5,702 $ 16,662 Cash flows used in investing activities (534 ) (7,972 ) |
Schedule of proceeds from other dispositions | The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions): Year Ended December 31, 2018 2017 2016 Operating Properties (1) Proceeds $ 327.9 $ 41.3 $ 326.9 Income from sales of real estate 81.0 4.5 75.4 Net Lease (2)(3) Proceeds $ 79.7 $ 175.4 $ 117.2 Income from sales of real estate 45.0 87.5 21.1 Total Proceeds $ 407.6 $ 216.7 $ 444.1 Income from sales of real estate 126.0 92.0 96.5 _______________________________________________________________________________ (1) During the year ended December 31, 2018 , the Company sold 10 commercial operating properties and residential condominium units from other properties and recognized $81.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the year ended December 31, 2018 , the Company sold five net lease assets and recognized $45.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. (3) During the year ended December 31, 2017, the Company sold one net lease property and recognized a gain on sale of $62.5 million . Prior to the sale, the Company acquired the noncontrolling interest with a carrying value of $3.5 million for $12.0 million . |
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2018 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2019 $ 156,968 $ 22,400 2020 157,476 21,146 2021 158,453 19,953 2022 160,395 11,358 2023 154,105 10,417 Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2019 $ 4,340 2020 4,016 2021 1,589 2022 991 2023 849 Thereafter 2,469 |
Land and Development (Tables)
Land and Development (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Land And Development [Abstract] | |
Schedule of land and land improvements | The Company's land and development assets were comprised of the following ($ in thousands): As of December 31, 2018 2017 Land and land development, at cost $ 606,849 $ 868,692 Less: accumulated depreciation (8,631 ) (8,381 ) Total land and development, net $ 598,218 $ 860,311 |
Loans Receivable and Other Le_2
Loans Receivable and Other Lending Investments, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, Type of Investment 2018 2017 Senior mortgages $ 760,749 $ 791,152 Corporate/Partnership loans (1) 148,583 488,921 Subordinate mortgages 10,161 9,495 Total gross carrying value of loans 919,493 1,289,568 Reserves for loan losses (53,395 ) (78,489 ) Total loans receivable, net 866,098 1,211,079 Other lending investments—securities 122,126 89,576 Total loans receivable and other lending investments, net $ 988,224 $ 1,300,655 _______________________________________________________________________________ (1) In the second quarter 2018, the Company resolved a non-performing loan with a carrying value of $145.8 million . Refer to "Impaired Loans" section below. |
Schedule of changes in the Company's reserve for loan losses | Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Reserve for loan losses at beginning of period $ 78,489 $ 85,545 $ 108,165 (Recovery of) provision for loan losses (1) 16,937 (5,828 ) (12,514 ) Charge-offs (42,031 ) (1,228 ) (10,106 ) Reserve for loan losses at end of period $ 53,395 $ 78,489 $ 85,545 ______________________________________________________________________________ (1) For the year ended December 31, 2016 , the (recovery of) provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $13.7 million . |
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of December 31, 2018 Loans $ 66,725 $ 857,662 $ 924,387 Less: Reserve for loan losses (40,395 ) (13,000 ) (53,395 ) Total (3) $ 26,330 $ 844,662 $ 870,992 As of December 31, 2017 Loans $ 237,877 $ 1,056,944 $ 1,294,821 Less: Reserve for loan losses (60,989 ) (17,500 ) (78,489 ) Total (3) $ 176,888 $ 1,039,444 $ 1,216,332 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.5 million and $0.7 million as of December 31, 2018 and 2017 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $3.1 million and net premiums of $6.2 million as of December 31, 2018 and 2017 , respectively. (3) The Company's recorded investment in loans as of December 31, 2018 and 2017 includes accrued interest of $4.9 million and $5.3 million , respectively, which is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of December 31, 2018 and 2017 , the total amounts exclude $122.1 million and $89.6 million , respectively, of securities that are evaluated for impairment under ASC 320. |
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of December 31, 2018 2017 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 697,807 2.76 $ 713,057 2.72 Corporate/Partnership loans 149,663 2.84 334,364 2.85 Subordinate mortgages 10,192 3.00 9,523 3.00 Total $ 857,662 2.77 $ 1,056,944 2.77 |
Schedule of recorded investment in loans, aged by payment status and presented by class | The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands): As of December 31, 2018 Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total Senior mortgages $ 703,807 $ — $ 60,725 $ 60,725 $ 764,532 Corporate/Partnership loans 149,663 — — — 149,663 Subordinate mortgages 10,192 — — — 10,192 Total $ 863,662 $ — $ 60,725 $ 60,725 $ 924,387 As of December 31, 2017 Senior mortgages $ 719,057 $ — $ 75,343 $ 75,343 $ 794,400 Corporate/Partnership loans 334,364 — 156,534 156,534 490,898 Subordinate mortgages 9,523 — — — 9,523 Total $ 1,062,944 $ — $ 231,877 $ 231,877 $ 1,294,821 _______________________________________________________________________________ (1) As of December 31, 2018 , the Company had two loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 4.0 to 9.0 years outstanding. As of December 31, 2017, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 1.0 to 9.0 years outstanding. |
Schedule of recorded investment in impaired loans, presented by class | The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands) (1) : As of December 31, 2018 As of December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 66,725 $ 66,777 $ (40,395 ) $ 81,343 $ 81,431 $ (48,518 ) Corporate/Partnership loans — — — 156,534 145,849 (12,471 ) Total $ 66,725 $ 66,777 $ (40,395 ) $ 237,877 $ 227,280 $ (60,989 ) _______________________________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. |
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | The Company's average recorded investment in impaired loans and interest income recognized, presented by class, was as follows ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Average Interest Average Interest Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ — $ — $ 3,661 $ 226 Subordinate mortgages — 301 6,582 1,127 6,799 — Subtotal — 301 6,582 1,127 10,460 226 With an allowance recorded: Senior mortgages 67,041 — 82,749 — 118,921 — Corporate/Partnership loans 39,169 — 156,756 — 66,101 — Subtotal 106,210 — 239,505 — 185,022 — Total: Senior mortgages 67,041 — 82,749 — 122,582 226 Corporate/Partnership loans 39,169 — 156,756 — 66,101 — Subordinate mortgages — 301 6,582 1,127 6,799 — Total $ 106,210 $ 301 $ 246,087 $ 1,127 $ 195,482 $ 226 |
Schedule of other lending investments - securities | Other lending investments—securities include the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of December 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 476 $ 21,661 $ 21,661 Held-to-Maturity Securities Debt securities 120,866 100,465 7 100,472 100,465 Total $ 142,051 $ 121,650 $ 483 $ 122,133 $ 122,126 As of December 31, 2017 Available-for-Sale Securities Municipal debt securities $ 21,230 $ 21,230 $ 1,612 $ 22,842 $ 22,842 Held-to-Maturity Securities Debt securities 66,618 66,734 1,581 68,315 66,734 Total $ 87,848 $ 87,964 $ 3,193 $ 91,157 $ 89,576 |
Schedule of contractual maturities of the Company's securities | As of December 31, 2018 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ 20,859 $ 20,866 $ — $ — After one year through 5 years 79,606 79,606 — — After 5 years through 10 years — — — — After 10 years — — 21,185 21,661 Total $ 100,465 $ 100,472 $ 21,185 $ 21,661 |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 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 (losses) from equity method investments were as follows ($ in thousands): Carrying Value Equity in Earnings (Losses) As of December 31, For the Years Ended December 31, 2018 2017 2018 2017 2016 Real estate equity investments Safety, Income & Growth Inc. ("SAFE") (1)(2) $ 149,589 $ 83,868 $ 4,711 $ 551 $ — iStar Net Lease II LLC ("Net Lease Venture II") 16,215 — (333 ) — — iStar Net Lease I LLC ("Net Lease Venture") (3) — 121,139 4,100 4,534 3,567 Other real estate equity investments (2)(4) 130,955 102,616 (4,112 ) 6,520 63,875 Subtotal 296,759 307,623 4,366 11,605 67,442 Other strategic investments (5) 7,516 13,618 (9,373 ) 1,410 9,907 Total $ 304,275 $ 321,241 $ (5,007 ) $ 13,015 $ 77,349 _______________________________________________________________________________ (1) On January 2, 2019, the Company made an additional $250.0 million cash investment in newly designated limited partnership units (the "Investor Units") of SAFE's operating partnership ("SAFE OP") (refer to Note 19). For the year ended December 31, 2017, equity in earnings is for the period from April 14, 2017 to December 31, 2017. (2) 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, 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. (3) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (4) During the year ended December 31, 2018, the Company recorded a $6.1 million impairment on a land and development equity method investment due to a change in business strategy. During the year ended December 31, 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized equity in earnings of $31.5 million , of which $10.1 million was attributable to the noncontrolling interest. In addition, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the year ended December 31, 2016 of $11.6 million . (5) For the year ended December 31, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions. |
Summary of financial information of the equity method investments | The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands): As of December 31, For the Years Ended December 31, 2018 2017 2018 2017 2016 Balance Sheets Income Statements Total assets $ 2,118,045 $ 2,493,798 Revenues $ 262,970 $ 261,867 $ 272,281 Total liabilities 1,016,502 1,169,125 Expenses (187,257 ) (167,999 ) (227,720 ) Noncontrolling interests 2,007 13,258 Net income attributable to parent entities 75,056 91,633 42,209 Total equity attributable to parent entities 1,099,536 1,311,415 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 2017 Intangible assets, net (1) $ 156,281 $ 27,124 Other receivables (2) 46,887 56,369 Restricted cash 42,793 20,045 Other assets (3) 32,333 23,081 Leasing costs, net (4) 6,224 9,050 Corporate furniture, fixtures and equipment, net (5) 3,850 4,652 Deferred financing fees, net 900 1,409 Deferred expenses and other assets, net $ 289,268 $ 141,730 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $135.3 million of intangible assets to "Deferred expenses and other assets, net" on the Company's consolidated balance sheet. Accumulated amortization on intangible assets, net was $27.0 million and $34.9 million as of December 31, 2018 and 2017 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $2.2 million , $2.5 million and $3.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $7.2 million , $1.9 million and $1.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of December 31, 2018 , the weighted average amortization period for the Company's intangible assets was approximately 22.3 years. (2) As of December 31, 2018 and 2017 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) Accumulated amortization of leasing costs was $4.4 million and $4.7 million as of December 31, 2018 and 2017 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $11.9 million and $10.5 million as of December 31, 2018 and 2017 , respectively. |
Schedule of accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of December 31, 2018 2017 Other liabilities (1) $ 143,808 $ 79,015 Accrued expenses (2) 97,007 101,035 Accrued interest payable 42,669 49,933 Intangible liabilities, net (3) 35,108 8,021 Accounts payable, accrued expenses and other liabilities $ 318,592 $ 238,004 _______________________________________________________________________________ (1) As of December 31, 2018 and 2017 , "Other liabilities" includes $18.5 million and $29.2 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of December 31, 2018 and 2017 , includes $0.5 million and $1.6 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2018 and 2017 , "Other liabilities" also includes $9.4 million and $6.2 million , respectively related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of December 31, 2018 and 2017 , accrued expenses includes $1.9 million and $2.5 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $34.3 million of intangible liabilities to "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheet. Accumulated amortization on below market leases was $2.8 million and $7.8 million as of December 31, 2018 and 2017 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $3.9 million , $1.3 million and $1.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 , the weighted average amortization period for the Company's intangible liabilities was approximately 22.8 years. |
Schedule of expense from the amortization of lease intangible assets and liabilities | The estimated expense from the amortization of intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): 2019 $ 8,833 2020 8,702 2021 8,701 2022 8,700 2023 8,579 |
Loan Participations Payable, _2
Loan Participations Payable, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Schedule of Participating Mortgage Loans | The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of December 31, 2018 December 31, 2017 Loan participations payable (1) $ 22,642 $ 102,737 Debt discounts and deferred financing costs, net (158 ) (312 ) Total loan participations payable, net $ 22,484 $ 102,425 _______________________________________________________________________________ (1) As of December 31, 2018 , the Company had one loan participation payable with an interest rate of 7.0% . As of December 31, 2017 , the Company had two loan participations payable with a weighted average interest rate of 6.5% . |
Debt Obligations, net (Tables)
Debt Obligations, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | Company's debt obligations were as follows ($ in thousands): Carrying Value as of December 31, Stated Interest Rates Scheduled Maturity Date 2018 2017 Secured credit facilities and mortgages: 2015 $325 Million Revolving Credit Facility $ — $ 325,000 LIBOR + 2.50% (1) September 2020 2016 Senior Term Loan 646,750 399,000 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 802,367 208,491 3.62% - 7.26% (4) Total secured credit facilities and mortgages 1,449,117 932,491 Unsecured notes: 5.00% senior notes (5) 375,000 770,000 5.00% July 2019 4.625% senior notes (6) 400,000 400,000 4.625% September 2020 6.50% senior notes (7) 275,000 275,000 6.50% July 2021 6.00% senior notes (8) 375,000 375,000 6.00% April 2022 5.25% senior notes (9) 400,000 400,000 5.25% September 2022 3.125% senior convertible notes (10) 287,500 287,500 3.125% September 2022 Total unsecured notes 2,112,500 2,507,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,661,617 3,539,991 Debt discounts and deferred financing costs, net (52,531 ) (63,591 ) Total debt obligations, net (11) $ 3,609,086 $ 3,476,400 _______________________________________________________________________________ (1) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75% ; or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2021. (2) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) On June 30, 2018, the Company consolidated the Net Lease Venture and recorded $464.7 million to "Debt obligations, net" on the Company's consolidated balance sheet. (4) As of December 31, 2018 , the weighted average interest rate of these loans is 4.4% inclusive of the effect of interest rate swaps. (5) The Company can prepay these senior notes without penalty. Subsequent to December 31, 2018 , the Company called for redemption the remaining principal amount of these notes on March 7, 2019. (6) The Company can prepay these senior notes without penalty beginning June 15, 2020. (7) The Company can prepay these senior notes without penalty beginning July 1, 2020. (8) The Company can prepay these senior notes without penalty beginning April 1, 2021. (9) The Company can prepay these senior notes without penalty beginning September 15, 2021. (10) 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 a conversion rate of 65.47 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $15.27 per share, at any time prior to the close of business on the business day immediately preceding September 15, 2022. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the 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 December 31, 2018 , the carrying value of the 3.125% Convertible Notes was $262.6 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $20.5 million , net of fees. As of December 31, 2017, the carrying value of the 3.125% Convertible Notes was $256.7 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $25.2 million , net of fees. During the years ended December 31, 2018 and 2017, the Company recognized $9.0 million and $2.5 million , respectively, of contractual interest and $4.7 million and $1.3 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate for 2018 and 2017 was 5.2% . (11) The Company capitalized interest relating to development activities of $11.3 million , $8.5 million and $5.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | As of December 31, 2018 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2019 $ 375,000 $ 434 $ 375,434 2020 400,000 — 400,000 2021 275,000 161,914 436,914 2022 1,062,500 48,968 1,111,468 2023 — 646,750 646,750 Thereafter 100,000 591,051 691,051 Total principal maturities 2,212,500 1,449,117 3,661,617 Unamortized discounts and deferred financing costs, net (41,267 ) (11,264 ) (52,531 ) Total debt obligations, net $ 2,171,233 $ 1,437,853 $ 3,609,086 _______________________________________________________________________________ (1) Subsequent to December 31, 2018 , the Company called for redemption $375.0 million principal amount of senior notes on March 7, 2019. |
Schedule of carrying value of encumbered assets by asset type | The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of December 31, 2018 2017 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,620,008 $ 151,011 $ 795,321 $ 486,710 Real estate available and held for sale 1,055 21,496 20,069 48,519 Land and development, net 12,300 585,918 25,100 835,211 Loans receivable and other lending investments, net (2)(3) 498,524 480,154 194,529 1,021,340 Other investments — 304,275 — 321,241 Cash and other assets — 1,329,990 — 898,252 Total $ 2,131,887 $ 2,872,844 $ 1,035,019 $ 3,611,273 _______________________________________________________________________________ (1) The 2016 Senior Term Loan and the 2015 Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). As of December 31, 2018 , Collateral Assets includes $403.5 million carrying value of assets held by entities whose equity interests are pledged as collateral for the $325.0 million 2015 Revolving Credit Facility that is undrawn as of December 31, 2018 . (2) As of December 31, 2018 and 2017 , the amounts presented exclude general reserves for loan losses of $13.0 million and $17.5 million , respectively. (3) As of December 31, 2018 and 2017 , the amounts presented exclude loan participations of $22.5 million and $102.3 million , respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of unfunded commitments | As of December 31, 2018 , the maximum amount of fundings the Company may be obligated to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and assuming 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments (1) Real Estate Other Investments Total Performance-Based Commitments $ 436,910 $ 12,610 $ — $ 449,520 Strategic Investments — — 39,754 39,754 Total $ 436,910 $ 12,610 $ 39,754 $ 489,274 _______________________________________________________________________________ (1) Excludes $27.4 million of commitments on loan participations sold that are not the obligation of the Company. |
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2018 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2019 $ 156,968 $ 22,400 2020 157,476 21,146 2021 158,453 19,953 2022 160,395 11,358 2023 154,105 10,417 Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2019 $ 4,340 2020 4,016 2021 1,589 2022 991 2023 849 Thereafter 2,469 |
Risk Management and Derivativ_2
Risk Management and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets | 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 December 31, 2018 ($ in thousands): Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Other assets $ 3,669 Other liabilities $ 10,244 Total $ 3,669 $ 10,244 ____________________________________________________________________________ (1) Over the next 12 months, the Company expects that $1.0 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense. |
Schedule of derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Year Ended December 31, 2018 Interest rate swaps Interest expense $ (12,963 ) $ (388 ) Interest rate swaps Earnings from equity method investments (1,736 ) 20 For the Year Ended December 31, 2017 Interest rate cap Earnings from equity method investments (16 ) (16 ) Interest rate swaps Interest expense 495 339 Interest rate swap Earnings from equity method investments 368 (285 ) Foreign exchange contracts Earnings from equity method investments (352 ) — For the Year Ended December 31, 2016 Interest rate cap Interest expense — (185 ) Interest rate cap Earnings from equity method investments (4 ) (3 ) Interest rate swaps Interest expense (175 ) (32 ) Interest rate swaps Earnings from equity method investments 94 (378 ) Foreign exchange contracts Earnings from equity method investments (167 ) — Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Years Ended December 31, Derivatives not Designated in Hedging Relationships (1) 2017 2016 Interest rate cap Other expense $ 6 $ (1,080 ) Foreign exchange contracts Other expense (970 ) 1,115 ____________________________________________________________________________ (1) The Company did not have any derivatives not designated in hedging relationships during the year ended December 31, 2018. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding | The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2018 and 2017 : Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Equivalent to Fixed Annual Rate (per share) Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 Total 16,200 $ 476,000 _______________________________________________________________________________ (1) Holders of shares of the Series D, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $8.0 million , $6.1 million and $9.4 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2018 . The Company declared and paid dividends of $8.0 million , $8.3 million , $5.9 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the year ended December 31, 2017 . In addition, in October 2017, the Company redeemed its Series E and Series F Preferred Stock and paid dividends through the redemption date of $1.1 million and $0.8 million , respectively, on its Series E and Series F Preferred Stock and paid a liquidation premium of $16.3 million representing a return similar to a dividend to the holders of the Series E and Series F Preferred Stock. The Company declared and paid dividends of $9.0 million on its Series J Convertible Perpetual Preferred Stock during the years ended December 31, 2018 and 2017 . The character of the 2018 dividends was 100% capital gain distribution, of which 26.02% represented unrecaptured section 1250 gain and 73.98% long term capital gain. The character of the 2017 dividends was 100% capital gain distribution, of which 27.90% represented unrecaptured section 1250 gain and 72.10% long term capital gain. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) Each share of the Series J Preferred Stock is convertible at the holder's option at any time, into 3.9762 shares of the Company's common stock (equal to a conversion price of approximately $12.57 per share), subject to specified adjustments. The Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. |
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of December 31, 2018 2017 Unrealized gains on available-for-sale securities $ 475 $ 1,335 Unrealized gains (losses) on cash flow hedges (13,546 ) 707 Unrealized losses on cumulative translation adjustment (4,199 ) (4,524 ) Accumulated other comprehensive loss $ (17,270 ) $ (2,482 ) |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of performance incentive plans | The following is a summary of the status of the Company’s iPIP points and changes during the year ended December 31, 2018. Year Ended December 31, 2018 iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 86.57 84.16 40.97 Granted 0.50 — 49.33 Forfeited (1.30 ) (4.75 ) (7.87 ) Points at end of period 85.77 79.41 82.43 |
Schedule of changes in non-vested restricted stock units | Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2018 were as follows (number of shares and $ in thousands, except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Non-vested as of December 31, 2017 282 $ 10.98 $ 3,183 Granted 278 $ 10.16 Vested (142 ) $ 10.37 Forfeited (61 ) $ 10.36 Non-vested as of December 31, 2018 357 $ 10.68 $ 3,277 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations | The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data): For the Years Ended December 31, 2018 2017 2016 Income (loss) from continuing operations $ (18,326 ) $ 51,851 $ 81,912 Net income attributable to noncontrolling interests (13,936 ) (4,526 ) (4,876 ) Preferred dividends (32,495 ) (48,444 ) (51,320 ) Premium above book value on redemption of preferred stock — (16,314 ) — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic earnings per common share (1) $ (64,757 ) $ (17,433 ) $ 25,716 Add: Effect of joint venture shares — — 7 Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for diluted earnings per common share (1) $ (64,757 ) $ (17,433 ) $ 25,723 _______________________________________________________________________________ (1) For the year ended December 31, 2016, includes income from continuing operations allocable to Participating Security Holders of $8 and $8 on a basic and dilutive basis, respectively. |
Schedule of earnings per share allocable to common shares and HPU shares | For the Years Ended December 31, 2018 2017 2016 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ (17,433 ) $ 25,708 Income from discontinued operations — 4,939 18,264 Gain from discontinued operations — 123,418 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ 110,924 $ 43,972 Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ (17,433 ) $ 25,715 Income from discontinued operations — 4,939 18,264 Gain from discontinued operations — 123,418 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (64,757 ) $ 110,924 $ 43,979 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 67,958 71,021 73,453 Add: Effect of assumed shares issued under treasury stock method or restricted stock units — — 84 Add: Effect of joint venture shares — — 298 Weighted average common shares outstanding for diluted earnings per common share 67,958 71,021 73,835 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ (0.25 ) $ 0.35 Income from discontinued operations — 0.07 0.25 Gain from discontinued operations — 1.74 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ 1.56 $ 0.60 Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ (0.25 ) $ 0.35 Income from discontinued operations — 0.07 0.25 Gain from discontinued operations — 1.74 — Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.95 ) $ 1.56 $ 0.60 |
Schedule of anti-dilutive shares | For the years ended December 31, 2018 , 2017 and 2016 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1)(2)(3)(4) : For the Years Ended December 31, 2018 2017 2016 Joint venture shares — 255 — 3.00% convertible senior unsecured notes — — 14,764 Series J convertible perpetual preferred stock 15,704 15,635 15,635 1.50% convertible senior unsecured notes — — 9,868 _______________________________________________________________________________ (1) For the year ended December 31, 2016, the effect of 16 and 125 unvested time and market-based Units, respectively, were anti-dilutive. (2) For the year ended December 31, 2017, the effect of 6 and 17 unvested time and market-based Units, respectively, were anti-dilutive. (3) F or the year ended December 31, 2018, the effect of the Company's unvested Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. (4) The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the year ended December 31, 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods. |
Fair Values (Tables)
Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis | The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of December 31, 2018 Recurring basis: Derivative assets (1) $ 3,669 $ — $ 3,669 $ — Derivative liabilities (1) 10,244 — 10,244 — Available-for-sale securities (1) 21,661 — — 21,661 Non-recurring basis: Impaired real estate (2) 29,400 — — 29,400 Impaired real estate available and held for sale (3) 19,300 — — 19,300 Impaired land and development (4) 78,400 — — 78,400 As of December 31, 2017 Recurring basis: Available-for-sale securities (1) $ 22,842 $ — $ — $ 22,842 Non-recurring basis: Impaired real estate (5) 12,400 — — 12,400 Impaired real estate available and held for sale (6) 800 — — 800 Impaired land and development (7) 21,400 — — 21,400 _______________________________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded aggregate impairments of $76.3 million on three real estate assets with an estimated aggregate fair value of $29.4 million . The impairments were as follows: i. A $23.2 million impairment on a commercial operating property based on a decline in expected operating performance. The fair value is based on the Company's estimate of the recoverability of its investment in the project. ii. A $6.0 million impairment on a property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. iii. A $47.1 million impairment on a commercial operating property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. (3) The Company recorded aggregate impairments of $3.7 million on two real estate assets held for sale. The fair values are based on market comparable sales. (4) The Company recorded aggregate impairments of $55.4 million on four land and development assets with an estimated aggregate fair value of $78.4 million . The impairments were as follows: i. A $25.0 million impairment on a waterfront land and development asset based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. ii. A $21.6 million impairment on a master planned community based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. iii. A $6.9 million impairment on an infill land and development asset based on the deterioration of the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. iv. A $1.9 million impairment on a waterfront land and development asset based on the sale of the asset in 2019. (5) The Company recorded an impairment on a real estate asset with a fair value of $12.4 million based on market comparable sales. (6) The Company recorded an impairment on a residential real estate asset available and held for sale based on market comparable sales. (7) The Company recorded an impairment on a land and development asset with a fair value of $21.4 million based on a discount rate of 6% and a 10 year holding period. |
Summary of changes in Level 3 available-for-sale securities reported at fair value | The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2018 and 2017 ($ in thousands): 2018 2017 Beginning balance $ 22,842 $ 21,666 Repayments (46 ) (10 ) Unrealized gains recorded in other comprehensive income (1,135 ) 1,186 Ending balance $ 21,661 $ 22,842 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of financial measures for each segment based on which performance is evaluated | The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2018 Operating lease income $ — $ 151,958 $ 55,677 $ 557 $ — $ 208,192 Interest income 97,878 — — — — 97,878 Other income 4,556 4,286 54,361 7,320 11,819 82,342 Land development revenue — — — 409,710 — 409,710 Earnings (loss) from equity method investments — 8,479 (1,003 ) (3,110 ) (9,373 ) (5,007 ) Gain from consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 45,038 80,966 — — 126,004 Total revenue and other earnings 102,434 277,638 190,001 414,477 2,446 986,996 Real estate expense — (17,033 ) (80,570 ) (41,686 ) — (139,289 ) Land development cost of sales — — — (350,181 ) — (350,181 ) Other expense (1,578 ) — — — (4,462 ) (6,040 ) Allocated interest expense (40,653 ) (63,706 ) (18,618 ) (21,897 ) (38,877 ) (183,751 ) Allocated general and administrative (2) (12,997 ) (20,713 ) (6,574 ) (14,313 ) (19,975 ) (74,572 ) Segment profit (loss) (3) $ 47,206 $ 176,186 $ 84,239 $ (13,600 ) $ (60,868 ) $ 233,163 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Other significant non-cash items: Provision for loan losses $ 16,937 $ — $ — $ — $ — $ 16,937 Impairment of assets — 10,391 79,991 56,726 — 147,108 Depreciation and amortization — 38,588 17,417 1,353 1,341 58,699 Capitalized expenditures — 40,215 19,912 144,595 — 204,722 Year Ended December 31, 2017 Operating lease income $ — $ 123,685 $ 63,159 $ 840 $ — $ 187,684 Interest income 106,548 — — — — 106,548 Other income 2,633 2,603 49,641 126,259 6,955 188,091 Land development revenue — — — 196,879 — 196,879 Earnings (loss) from equity method investments — 5,086 (772 ) 7,292 1,409 13,015 Income from discontinued operations — 4,939 — — — 4,939 Gain from discontinued operations — 123,418 — — — 123,418 Income from sales of real estate — 87,512 4,537 — — 92,049 Total revenue and other earnings 109,181 347,243 116,565 331,270 8,364 912,623 Real estate expense — (16,742 ) (89,725 ) (41,150 ) — (147,617 ) Land development cost of sales — — — (180,916 ) — (180,916 ) Other expense (1,413 ) — — — (19,541 ) (20,954 ) Allocated interest expense (40,359 ) (53,710 ) (20,171 ) (28,033 ) (52,413 ) (194,686 ) Allocated general and administrative (2) (15,223 ) (19,563 ) (8,075 ) (16,483 ) (20,726 ) (80,070 ) Segment profit (loss) (3) $ 52,186 $ 257,228 $ (1,406 ) $ 64,688 $ (84,316 ) $ 288,380 Other significant non-cash items: Recovery of loan losses $ (5,828 ) $ — $ — $ — $ — $ (5,828 ) Impairment of assets — 5,486 6,358 20,535 — 32,379 Depreciation and amortization — 28,132 17,684 1,896 1,321 49,033 Capitalized expenditures — 4,838 35,754 125,744 — 166,336 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2016 Operating lease income $ — $ 126,164 $ 64,593 $ 423 $ — $ 191,180 Interest income 129,153 — — — — 129,153 Other income 4,658 1,632 33,216 3,170 3,838 46,514 Land development revenue — — — 88,340 — 88,340 Earnings (loss) from equity method investments — 3,567 33,863 30,012 9,907 77,349 Income from discontinued operations — 18,270 — — — 18,270 Income from sales of real estate — 21,138 75,357 8,801 — 105,296 Total revenue and other earnings 133,811 170,771 207,029 130,746 13,745 656,102 Real estate expense — (18,158 ) (82,401 ) (36,963 ) — (137,522 ) Land development cost of sales — — — (62,007 ) — (62,007 ) Other expense (2,719 ) — — — (3,164 ) (5,883 ) Allocated interest expense (57,787 ) (65,880 ) (23,156 ) (34,888 ) (39,687 ) (221,398 ) Allocated general and administrative (2) (15,311 ) (17,585 ) (6,574 ) (13,693 ) (19,975 ) (73,138 ) Segment profit (loss) (3) $ 57,994 $ 69,148 $ 94,898 $ (16,805 ) $ (49,081 ) $ 156,154 Other significant non-cash items: Recovery of loan losses $ (12,514 ) $ — $ — $ — $ — $ (12,514 ) Impairment of assets — 4,829 5,855 3,800 — 14,484 Depreciation and amortization — 31,380 17,887 1,296 1,097 51,660 Capitalized expenditures — 3,667 56,784 109,548 — 169,999 As of December 31, 2018 Real estate Real estate, net $ — $ 1,536,494 $ 234,525 $ — $ — $ 1,771,019 Real estate available and held for sale — 1,055 21,496 — — 22,551 Total real estate — 1,537,549 256,021 — — 1,793,570 Land and development, net — — — 598,218 — 598,218 Loans receivable and other lending investments, net 988,224 — — — — 988,224 Other investments — 165,804 65,643 65,312 7,516 304,275 Total portfolio assets $ 988,224 $ 1,703,353 $ 321,664 $ 663,530 $ 7,516 3,684,287 Cash and other assets 1,329,990 Total assets $ 5,014,277 As of December 31, 2017 Real estate Real estate, net $ — $ 815,783 $ 466,248 $ — $ — $ 1,282,031 Real estate available and held for sale — — 68,588 — — 68,588 Total real estate — 815,783 534,836 — — 1,350,619 Land and development, net — — — 860,311 — 860,311 Loans receivable and other lending investments, net 1,300,655 — — — — 1,300,655 Other investments — 205,007 38,761 63,855 13,618 321,241 Total portfolio assets $ 1,300,655 $ 1,020,790 $ 573,597 $ 924,166 $ 13,618 3,832,826 Cash and other assets 898,252 Total assets $ 4,731,078 _______________________________________________________________________________ (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 $17.6 million , $18.8 million and $10.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Segment profit $ 233,163 $ 288,380 $ 156,154 Less: (Provision for) recovery of loan losses (16,937 ) 5,828 12,514 Less: Impairment of assets (147,108 ) (32,379 ) (14,484 ) Less: Depreciation and amortization (58,699 ) (49,033 ) (51,660 ) Less: Stock-based compensation expense (17,563 ) (18,812 ) (10,889 ) Less: Income tax (expense) benefit (815 ) 948 10,166 Less: Loss on early extinguishment of debt, net (10,367 ) (14,724 ) (1,619 ) Net income (loss) $ (18,326 ) $ 180,208 $ 100,182 |
Reconciliation of segment profit to income (loss) from continuing operations | The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2018 2017 2016 Segment profit $ 233,163 $ 288,380 $ 156,154 Less: (Provision for) recovery of loan losses (16,937 ) 5,828 12,514 Less: Impairment of assets (147,108 ) (32,379 ) (14,484 ) Less: Depreciation and amortization (58,699 ) (49,033 ) (51,660 ) Less: Stock-based compensation expense (17,563 ) (18,812 ) (10,889 ) Less: Income tax (expense) benefit (815 ) 948 10,166 Less: Loss on early extinguishment of debt, net (10,367 ) (14,724 ) (1,619 ) Net income (loss) $ (18,326 ) $ 180,208 $ 100,182 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). For the Quarters Ended December 31, September 30, June 30, March 31, 2018: Revenue $ 140,165 $ 122,141 $ 171,571 $ 364,245 Net income (loss) $ (105,028 ) $ (8,832 ) $ 60,506 $ 35,028 Net income (loss) attributable to iStar Inc. $ (107,332 ) $ (10,860 ) $ 50,997 $ 34,933 Earnings per common share data (1) : Net income (loss) attributable to common shareholders Basic $ (115,455 ) $ (18,984 ) $ 42,873 $ 26,809 Diluted $ (115,455 ) $ (18,984 ) $ 45,123 $ 29,059 Earnings per share Basic $ (1.70 ) $ (0.28 ) $ 0.63 $ 0.39 Diluted $ (1.70 ) $ (0.28 ) $ 0.54 $ 0.35 Weighted average number of common shares Basic 68,012 67,975 67,932 67,913 Diluted 68,012 67,975 83,694 83,670 2017: Revenue $ 103,144 $ 119,872 $ 347,867 $ 108,319 Income from discontinued operations $ — $ — $ (173 ) $ (4,766 ) Net income (loss) $ 3,290 $ (3,716 ) $ 196,007 $ (15,372 ) Net income (loss) attributable to iStar Inc. $ 3,214 $ (3,556 ) $ 190,297 $ (14,272 ) Earnings per common share data (1) : Net income (loss) attributable to common shareholders Basic $ (4,910 ) $ (34,530 ) $ 177,467 $ (27,102 ) Diluted $ (4,910 ) $ (34,530 ) $ 179,722 $ (27,102 ) Earnings per share Basic $ (0.07 ) $ (0.48 ) $ 2.46 $ (0.38 ) Diluted $ (0.07 ) $ (0.48 ) $ 2.04 $ (0.38 ) Weighted average number of common shares Basic 68,200 71,713 72,142 72,065 Diluted 68,200 71,713 88,195 72,065 _______________________________________________________________________________ (1) Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Schedule of material revised terms of the amended management agreement | The material revised terms of the amended management agreement are summarized in the following table. Terms Prior Agreement Amended Agreement Management Fee Annual fee of 1.0% of SAFE total equity (up to $2.5 billion) Annual fee of 1.0% of SAFE total equity (up to $1.5 billion) Management Fee Consideration Payment will be made exclusively in shares of the SAFE's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share) At the discretion of the SAFE's independent directors, payment will be made in cash or in shares of SAFE's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share) Term One year Initial term from January 1, 2019 - June 30, 2022; non-terminable except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE's independent directors and payment of termination fee. Termination Fee None Three times prior year's management fee, subject to the SAFE having raised $820 million of total equity since inception. |
Business and Organization (Deta
Business and Organization (Details) $ in Billions | Dec. 31, 2018USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment across a range of real estate sectors over the past two decades | $ 40 |
Basis of Presentation and Pri_3
Basis of Presentation and Principles of Consolidation (VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate | |||||
Real estate, at cost | $ 2,076,333 | $ 1,629,436 | |||
Less: accumulated depreciation | (305,314) | (347,405) | |||
Real estate, net | 1,771,019 | 1,282,031 | |||
Land and development, net | 598,218 | 860,311 | |||
Other investments | 304,275 | $ 397,110 | 321,241 | ||
Cash and cash equivalents | 931,751 | 657,688 | $ 328,744 | $ 711,101 | |
Accrued interest and operating lease income receivable, net | 10,669 | 11,957 | |||
Deferred operating lease income receivable, net | 98,302 | 86,877 | |||
Deferred expenses and other assets, net | 289,268 | 141,730 | |||
Total assets | 5,014,277 | $ 4,806,947 | 4,731,078 | ||
LIABILITIES | |||||
Accounts payable, accrued expenses and other liabilities | 318,592 | 238,004 | |||
Debt obligations, net | 3,609,086 | 3,476,400 | |||
Total liabilities | 3,950,162 | 3,816,829 | |||
Consolidated VIEs | |||||
Real estate | |||||
Real estate, at cost | 848,052 | 47,073 | |||
Less: accumulated depreciation | (15,365) | (2,732) | |||
Real estate, net | 832,687 | 44,341 | |||
Land and development, net | 279,031 | 212,408 | |||
Other investments | 72 | 0 | |||
Cash and cash equivalents | 25,219 | 9,842 | |||
Accrued interest and operating lease income receivable, net | 1,302 | 230 | |||
Deferred operating lease income receivable, net | 8,972 | 0 | |||
Deferred expenses and other assets, net | 167,324 | 30,791 | |||
Total assets | 1,314,607 | 297,612 | |||
LIABILITIES | |||||
Accounts payable, accrued expenses and other liabilities | 106,907 | 38,616 | |||
Debt obligations, net | 485,000 | 0 | |||
Total liabilities | 591,907 | $ 38,616 | |||
Unconsolidated VIEs | |||||
LIABILITIES | |||||
Carrying value of the investments | 93,200 | ||||
Variable interest entity unfunded commitment | $ 35,700 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Adoption of New Accounting Standards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase to cash flows provided by operating activities | $ (24,128) | $ 101,543 | $ 29,489 | ||
Decrease to cash flows provided by investing activities | (778,859) | (263,071) | (465,028) | ||
Decrease to cash flows provided by finaning activities | 457,939 | 41,480 | 877,655 | ||
Impact of Adoption on Consolidated Financial Statements | |||||
Other investments | 304,275 | 321,241 | $ 397,110 | ||
Total assets | 5,014,277 | 4,731,078 | 4,806,947 | ||
Retained earnings (deficit) | (2,472,061) | (2,470,564) | (2,394,695) | ||
Total equity | $ 1,064,115 | 914,249 | 1,059,684 | 990,118 | $ 1,101,330 |
ASU No. 2016-15 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase to cash flows provided by operating activities | 20,800 | 7,300 | |||
Decrease to cash flows provided by finaning activities | 20,800 | 7,300 | |||
ASU No. 2016-18 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase to cash flows provided by operating activities | 600 | 700 | |||
Decrease to cash flows provided by investing activities | $ 6,400 | $ 1,500 | |||
ASU No. 2017-05 | Impact from ASU | |||||
Impact of Adoption on Consolidated Financial Statements | |||||
Other investments | 75,869 | ||||
Total assets | 75,869 | ||||
Retained earnings (deficit) | 75,869 | ||||
Total equity | $ 75,869 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Real Estate and Land Development) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Facilities | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Furniture and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 931,751 | $ 657,688 | $ 328,744 | $ 711,101 |
Restricted cash included in deferred expenses and other assets, net | 42,793 | 20,045 | 25,883 | 26,657 |
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows | $ 974,544 | $ 677,733 | $ 354,627 | $ 737,758 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Real Estate Tenant Receivables | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.3 | $ 1.5 |
Deferred Operating Lease | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for doubtful accounts receivable | 1.3 | $ 1.8 |
Real Estate Sales | Lennar | ||
Financing Receivable, Impaired [Line Items] | ||
Interest income from settlement of real estate tax reimbursements | $ 123.4 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | |||
Assets with foreclosure elections | $ 113,100 | ||
Operating loss carryforwards | $ 582,400 | ||
Total income tax (expense) benefit | (815) | 948 | $ 10,166 |
Provision adjustment | 2,800 | ||
Taxable REIT Subsidiaries | |||
Entity Information [Line Items] | |||
Operating loss carryforwards | 25,600 | 21,300 | |
Assets owned taxable subsidiaries | 538,000 | ||
Current tax benefit (expense) | (447) | 531 | 9,751 |
Total income tax (expense) benefit | (447) | 531 | 9,751 |
Income (loss) of subsidiaries | 25,900 | 33,100 | 49,400 |
Deferred tax assets | 78,107 | 63,258 | |
Valuation allowance | (78,107) | (63,258) | |
Net deferred tax assets (liabilities) | 0 | 0 | |
Real estate asset basis differences | 35,300 | 26,100 | |
Other credits | 2,300 | ||
Deferred expenses and other items | 14,900 | 15,900 | |
REIT | |||
Entity Information [Line Items] | |||
Current tax benefit (expense) | (500) | 400 | |
Income taxes paid | $ 2,000 | $ 6,000 | $ 200 |
Real Estate (Schedule of Real E
Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | |||
Real estate, net | $ 1,771,019 | $ 1,282,031 | |
Real estate available and held for sale | 22,551 | 68,588 | |
Total real estate | 1,793,570 | 1,350,619 | |
Net Lease | |||
Real Estate Properties [Line Items] | |||
Land, at cost | 336,740 | 219,092 | |
Buildings and improvements, at cost | 1,487,270 | 888,959 | |
Less: accumulated depreciation | (287,516) | (292,268) | |
Real estate, net | 1,536,494 | 815,783 | |
Real estate available and held for sale | 1,055 | 0 | |
Total real estate | 1,537,549 | 815,783 | |
Net Lease | Net Lease Venture | |||
Real Estate Properties [Line Items] | |||
Real estate, net | $ 743,600 | ||
Operating Properties | |||
Real Estate Properties [Line Items] | |||
Land, at cost | 133,599 | 203,278 | |
Buildings and improvements, at cost | 118,724 | 318,107 | |
Less: accumulated depreciation | (17,798) | (55,137) | |
Real estate, net | 234,525 | 466,248 | |
Real estate available and held for sale | 21,496 | 68,588 | |
Total real estate | 256,021 | 534,836 | |
Real Estate Properties | |||
Real Estate Properties [Line Items] | |||
Land, at cost | 470,339 | 422,370 | |
Buildings and improvements, at cost | 1,605,994 | 1,207,066 | |
Less: accumulated depreciation | (305,314) | (347,405) | |
Real estate, net | 1,771,019 | 1,282,031 | |
Real estate available and held for sale | 22,551 | 68,588 | |
Total real estate | 1,793,570 | 1,350,619 | |
Residential Operating Properties | |||
Real Estate Properties [Line Items] | |||
Real estate available and held for sale | $ 20,600 | $ 48,500 |
Real Estate (Real Estate Availa
Real Estate (Real Estate Available and Held for Sale) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Properties [Line Items] | |||
Property transferred to held for sale, aggregate, carrying value | $ 31.3 | $ 21 | $ 17.9 |
Operating Properties | |||
Real Estate Properties [Line Items] | |||
Property transferred to held for sale, aggregate, carrying value | 23.2 | 20.1 | 16.1 |
Net Lease | |||
Real Estate Properties [Line Items] | |||
Property transferred to held for sale, aggregate, carrying value | $ 8.1 | $ 0.9 | $ 1.8 |
Real Estate (Acquisitions) (Det
Real Estate (Acquisitions) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2017property | Sep. 30, 2017USD ($)lease | Dec. 31, 2018USD ($)lease_asset | Dec. 31, 2017USD ($)lease_asset | Dec. 31, 2016USD ($)lease_assetproperty | |
Real Estate Properties [Line Items] | |||||
Number of net lease assets | lease_asset | 2 | 1 | 1 | ||
Acquisitions of real estate assets | $ 19,454 | $ 6,600 | $ 38,433 | ||
Payments for land and funded tenant improvements | $ 3,900 | ||||
Number of properties | property | 2 | ||||
Net Lease Asset | |||||
Real Estate Properties [Line Items] | |||||
Acquisitions of real estate assets | $ 14,800 | $ 6,600 | $ 32,700 | ||
Fair value in excess of carrying value | $ 1,500 | ||||
Operating leases, term (in years) | 99 years | ||||
Ground Net Lease Business | Safety, Income and Growth, Inc. | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | property | 12 | ||||
Master Lease | |||||
Real Estate Properties [Line Items] | |||||
Number of leases modified | lease | 2 |
Real Estate (Disposition of Gro
Real Estate (Disposition of Ground Lease Business) (Details) | Apr. 14, 2017USD ($) | Jun. 30, 2018USD ($) | Apr. 30, 2017USD ($)leaseproperty | Jan. 02, 2018USD ($) | Dec. 31, 2018USD ($)lease_asset | Dec. 31, 2017USD ($)lease_asset | Dec. 31, 2016USD ($)lease_assetproperty | Jan. 01, 2018USD ($) | Mar. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of properties | property | 2 | ||||||||
Number of net lease assets | lease_asset | 2 | 1 | 1 | ||||||
Net proceeds from sales of real estate | $ 36,100,000 | $ 411,786,000 | $ 314,013,000 | $ 435,560,000 | |||||
Payments to acquire equity method investments | 94,578,000 | 224,219,000 | 58,197,000 | ||||||
Gain on sale of discontinued operation | $ 0 | $ 123,418,000 | $ 0 | ||||||
Increase to retained earnings upon adoption of new accounting standard | $ 75,869,000 | ||||||||
ASU No. 2017-05 | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Increase to retained earnings upon adoption of new accounting standard | 55,500,000 | ||||||||
SAFE | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Payments to acquire equity method investments | $ 55,500,000 | $ 55,500,000 | |||||||
Safety, Income and Growth, Inc. | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Carrying value of lease assets | $ 161,100,000 | ||||||||
2017 Secured Financing | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Debt instrument amount | $ 227,000,000 | ||||||||
Secured Debt | 2017 Secured Financing | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Debt instrument amount | $ 227,000,000 | ||||||||
Ground Net Lease Business | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of properties | property | 12 | ||||||||
Number of net lease assets | lease | 7 | ||||||||
Number of master leases | lease | 1 | ||||||||
Number of properties covered under master lease agreement | property | 5 | ||||||||
Net proceeds from sales of real estate | $ 113,000,000 | ||||||||
Gain on sale of discontinued operation | $ 123,400,000 | $ 178,900,000 | |||||||
Ground Net Lease Business | ASU No. 2017-05 | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Increase to retained earnings upon adoption of new accounting standard | $ 55,500,000 |
Real Estate (Discontinued Opera
Real Estate (Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash flows provided by operating activities | $ 5,702 | $ 16,662 |
Cash flows used in investing activities | (534) | (7,972) |
Ground Net Lease Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 5,922 | 21,839 |
Expenses | (1,491) | (3,569) |
Income from sales of real estate | 508 | 0 |
Income from discontinued operations | $ 4,939 | $ 18,270 |
Real Estate (Other Dispositions
Real Estate (Other Dispositions) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | |
Other Dispositions by Property Type | ||||
Income from sales of real estate | $ 24,500 | $ 126,004 | $ 92,049 | $ 105,296 |
Total | ||||
Other Dispositions by Property Type | ||||
Proceeds | 407,600 | 216,700 | 444,100 | |
Income from sales of real estate | 126,000 | 92,000 | 96,500 | |
Operating Properties | ||||
Other Dispositions by Property Type | ||||
Proceeds | 327,900 | 41,300 | 326,900 | |
Income from sales of real estate | $ 81,000 | 4,500 | 75,400 | |
Number of properties sold | property | 10 | |||
Operating Properties, Noncontrolling Interest | ||||
Other Dispositions by Property Type | ||||
Income from sales of real estate | $ 9,800 | |||
Net Lease | ||||
Other Dispositions by Property Type | ||||
Proceeds | 79,700 | 175,400 | 117,200 | |
Income from sales of real estate | $ 45,000 | $ 87,500 | $ 21,100 | |
Number of properties sold | property | 5 | 1 | ||
Net Lease | Net Lease Asset | ||||
Other Dispositions by Property Type | ||||
Income from sales of real estate | $ 62,500 | |||
Noncontrolling interest at carrying value | 3,500 | |||
Payments for repurchase of redeemable noncontrolling interest | $ 12,000 |
Real Estate (Impairments) (Deta
Real Estate (Impairments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate [Abstract] | |||
Impairment of real estate | $ 90.4 | $ 11.9 | $ 10.7 |
Real Estate (Tenant Reimburseme
Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate [Abstract] | |||
Tenant reimbursements | $ 22.4 | $ 21.9 | $ 23.6 |
Real Estate (Allowance for Doub
Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Tenant Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.5 | $ 1.3 |
Deferred Operating Lease | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.8 | $ 1.3 |
Real Estate (Future Minimum Ope
Real Estate (Future Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Net Lease | |
Future Minimum Operating Lease Payments Receivable | |
2,019 | $ 156,968 |
2,020 | 157,476 |
2,021 | 158,453 |
2,022 | 160,395 |
2,023 | 154,105 |
Operating Properties | |
Future Minimum Operating Lease Payments Receivable | |
2,019 | 22,400 |
2,020 | 21,146 |
2,021 | 19,953 |
2,022 | 11,358 |
2,023 | $ 10,417 |
Land and Development (Schedule
Land and Development (Schedule of Land and Development Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||
Total land and development, net | $ 598,218 | $ 860,311 |
Land | ||
Real Estate Properties [Line Items] | ||
Land and land development, at cost | 606,849 | 868,692 |
Less: accumulated depreciation | (8,631) | (8,381) |
Total land and development, net | $ 598,218 | $ 860,311 |
Land and Development (Acquisiti
Land and Development (Acquisitions, Dispositions, Impairments) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)a | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)aparcelland_asset | Dec. 31, 2017USD ($)aland_asset | Dec. 31, 2016USD ($)real_estate_asset | |
Real Estate Properties [Line Items] | ||||||||||||
Increase in net lease assets upon consolidation of equity method investment | $ 844,550 | $ 0 | $ 0 | |||||||||
Revenue | $ 140,165 | $ 122,141 | $ 171,571 | $ 364,245 | $ 103,144 | $ 119,872 | $ 347,867 | $ 108,319 | $ 798,122 | 679,202 | 455,187 | |
Number of land parcels sold | parcel | 2 | |||||||||||
Area of land parcels sold | a | 93 | |||||||||||
iStar's ownership percentage | 51.90% | 51.90% | ||||||||||
Income from sales of real estate | $ 24,500 | $ 126,004 | 92,049 | 105,296 | ||||||||
Impairment of land and development assets | $ 56,700 | $ 20,500 | $ 3,800 | |||||||||
Number of land and development assets impaired | land_asset | 5 | 1 | ||||||||||
Newly Formed Unconsolidated Entity | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
iStar's ownership percentage | 50.00% | |||||||||||
Income from sales of real estate | $ 8,800 | |||||||||||
Prince George's County, Maryland | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Land subject to litigation (in acres) | a | 1,250 | 1,250 | ||||||||||
Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Aggregate financing provided to buyers | $ 145,000 | |||||||||||
Proceeds of notes receivable | 81,200 | |||||||||||
Land development | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Revenue | 409,710 | $ 196,879 | 88,340 | |||||||||
Cost of sales expense | 350,181 | 180,916 | 62,007 | |||||||||
Land development | Prince George's County, Maryland | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Revenue | 114,000 | |||||||||||
Cost of sales expense | $ 106,300 | |||||||||||
Land | Real Estate Acquired in Satisfaction of Debt | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Increase in net lease assets upon consolidation of equity method investment | $ 4,600 | $ 40,600 | ||||||||||
Number of real estate properties acquired | real_estate_asset | 2 |
Loans Receivable and Other Le_3
Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | $ 919,493 | $ 1,289,568 | |||
Reserves for loan losses | (53,395) | (78,489) | $ (85,545) | $ (108,165) | |
Total loans receivable, net | 866,098 | 1,211,079 | |||
Other lending investments—securities | 122,126 | 89,576 | |||
Total loans receivable and other lending investments, net | 988,224 | 1,300,655 | |||
Senior mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | 760,749 | 791,152 | |||
Corporate/Partnership loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | 148,583 | 488,921 | |||
Subordinate mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | $ 10,161 | $ 9,495 | |||
Nonperforming Financial Instruments | Corporate/Partnership loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | $ 145,800 |
Loans Receivable and Other Le_4
Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan Losses [Roll Forward] | |||
Reserve for loan losses at beginning of period | $ 78,489 | $ 85,545 | $ 108,165 |
(Recovery of) provision for loan losses | 16,937 | ||
(Recovery of) provision for loan losses | (5,828) | (12,514) | |
Charge-Offs | (42,031) | (1,228) | (10,106) |
Reserve for loan losses at end of period | $ 53,395 | $ 78,489 | 85,545 |
Recoveries of previously recorded loan loss reserves | $ 13,700 |
Loans Receivable and Other Le_5
Loans Receivable and Other Lending Investments, net (Schedule of Investment in Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||||
Loans | $ 924,387 | $ 1,294,821 | ||
Less: Reserve for loan losses | (53,395) | (78,489) | $ (85,545) | $ (108,165) |
Total | 870,992 | 1,216,332 | ||
Interest receivable | 4,900 | 5,300 | ||
Other lending investments—securities | 122,126 | 89,576 | ||
Individually Evaluated for Impairment | ||||
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||||
Loans | 66,725 | 237,877 | ||
Less: Reserve for loan losses | (40,395) | (60,989) | ||
Total | 26,330 | 176,888 | ||
Unamortized discounts, premiums, deferred fees and costs | (500) | (700) | ||
Collectively Evaluated for Impairment | ||||
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||||
Loans | 857,662 | 1,056,944 | ||
Less: Reserve for loan losses | (13,000) | (17,500) | ||
Total | 844,662 | 1,039,444 | ||
Unamortized discounts, premiums, deferred fees and costs | $ (3,100) | $ 6,200 |
Loans Receivable and Other Le_6
Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 870,992 | $ 1,216,332 |
Real Estate Finance | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 857,662 | $ 1,056,944 |
Weighted Average Risk Ratings | 2.77 | 2.77 |
Real Estate Finance | Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 697,807 | $ 713,057 |
Weighted Average Risk Ratings | 2.76 | 2.72 |
Real Estate Finance | Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 149,663 | $ 334,364 |
Weighted Average Risk Ratings | 2.84 | 2.85 |
Real Estate Finance | Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 10,192 | $ 9,523 |
Weighted Average Risk Ratings | 3 | 3 |
Loans Receivable and Other Le_7
Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 863,662 | $ 1,062,944 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 60,725 | 231,877 |
Total Past Due | 60,725 | 231,877 |
Loans | $ 924,387 | $ 1,294,821 |
Financing receivable, number of loans greater than 90 days past due | loan | 2 | 4 |
Financing receivables, past due time period | 90 days | 90 days |
Minimum | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Financing receivables, past due time period | 4 years | 1 year |
Maximum | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Financing receivables, past due time period | 9 years | 9 years |
Senior mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 703,807 | $ 719,057 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 60,725 | 75,343 |
Total Past Due | 60,725 | 75,343 |
Loans | 764,532 | 794,400 |
Corporate/Partnership loans | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 149,663 | 334,364 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 0 | 156,534 |
Total Past Due | 0 | 156,534 |
Loans | 149,663 | 490,898 |
Subordinate mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 10,192 | 9,523 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Loans | $ 10,192 | $ 9,523 |
Loans Receivable and Other Le_8
Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Loans | ||||
Impaired loans with allowance recorded, Recorded Investment | $ 66,725,000 | $ 237,877,000 | ||
Impaired loans with allowance recorded, Unpaid Principal Balance | 66,777,000 | 227,280,000 | ||
Impaired loans, Related Allowance | (40,395,000) | (60,989,000) | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | 6,582,000 | $ 10,460,000 | |
Impaired loans with no related allowance recorded, Interest Income Recognized | 301,000 | 1,127,000 | 226,000 | |
Impaired loans with allowance recorded, Average Recorded Investment | 106,210,000 | 239,505,000 | 185,022,000 | |
Impaired loans with allowance recorded, Interest Income Recognized | 0 | 0 | 0 | |
Impaired loans, Average Recorded Investment | 106,210,000 | 246,087,000 | 195,482,000 | |
Impaired loans, Interest Income Recognized | 301,000 | 1,127,000 | 226,000 | |
Gross carrying value of loan | 919,493,000 | 1,289,568,000 | ||
Preferred equity investment received, face value | $ 100,000,000 | |||
Preferred equity investment mandatory redemption period (in years) | 5 years | |||
Preferred equity investment received, recorded fair value | $ 77,000,000 | |||
Provision for (recovery of) loan losses | 16,937,000 | |||
Nonperforming Financial Instruments | ||||
Impaired Loans | ||||
Impaired loans, Interest Income Recognized | 0 | 0 | 0 | |
Senior mortgages | ||||
Impaired Loans | ||||
Impaired loans with allowance recorded, Recorded Investment | 66,725,000 | 81,343,000 | ||
Impaired loans with allowance recorded, Unpaid Principal Balance | 66,777,000 | 81,431,000 | ||
Impaired loans, Related Allowance | (40,395,000) | (48,518,000) | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | 0 | 3,661,000 | |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 0 | 226,000 | |
Impaired loans with allowance recorded, Average Recorded Investment | 67,041,000 | 82,749,000 | 118,921,000 | |
Impaired loans with allowance recorded, Interest Income Recognized | 0 | 0 | 0 | |
Impaired loans, Average Recorded Investment | 67,041,000 | 82,749,000 | 122,582,000 | |
Impaired loans, Interest Income Recognized | 0 | 0 | 226,000 | |
Gross carrying value of loan | 760,749,000 | 791,152,000 | ||
Subordinate mortgages | ||||
Impaired Loans | ||||
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | 6,582,000 | 6,799,000 | |
Impaired loans with no related allowance recorded, Interest Income Recognized | 301,000 | 1,127,000 | 0 | |
Impaired loans, Average Recorded Investment | 0 | 6,582,000 | 6,799,000 | |
Impaired loans, Interest Income Recognized | 301,000 | 1,127,000 | 0 | |
Gross carrying value of loan | 10,161,000 | 9,495,000 | ||
Corporate/Partnership loans | ||||
Impaired Loans | ||||
Impaired loans with allowance recorded, Recorded Investment | 0 | 156,534,000 | ||
Impaired loans with allowance recorded, Unpaid Principal Balance | 0 | 145,849,000 | ||
Impaired loans, Related Allowance | 0 | (12,471,000) | ||
Impaired loans with allowance recorded, Average Recorded Investment | 39,169,000 | 156,756,000 | 66,101,000 | |
Impaired loans with allowance recorded, Interest Income Recognized | 0 | 0 | 0 | |
Impaired loans, Average Recorded Investment | 39,169,000 | 156,756,000 | 66,101,000 | |
Impaired loans, Interest Income Recognized | 0 | 0 | $ 0 | |
Gross carrying value of loan | $ 148,583,000 | $ 488,921,000 | ||
Corporate/Partnership loans | Nonperforming Financial Instruments | ||||
Impaired Loans | ||||
Gross carrying value of loan | 145,800,000 | |||
Proceeds from collection of loan receivable | 45,800,000 | |||
Provision for (recovery of) loan losses | $ 21,400,000 |
Loans Receivable and Other Le_9
Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost Basis | $ 21,185 | |
Estimated Fair Value | 21,661 | |
Held-to-Maturity Securities, Debt Maturities [Abstract] | ||
Amortized Cost Basis | 100,465 | |
Estimated Fair Value | 100,472 | |
Investments, Debt and Equity Securities [Abstract] | ||
Face Value | 142,051 | $ 87,848 |
Amortized Cost Basis | 121,650 | 87,964 |
Net Unrealized Gain (Loss) | 483 | 3,193 |
Estimated Fair Value | 122,133 | 91,157 |
Net Carrying Value | 122,126 | 89,576 |
Municipal Bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Face Value | 21,185 | 21,230 |
Amortized Cost Basis | 21,185 | 21,230 |
Net Unrealized Gain (Loss) | 476 | 1,612 |
Estimated Fair Value | 21,661 | 22,842 |
Net Carrying Value | 21,661 | 22,842 |
Corporate Debt Securities | ||
Held-to-Maturity Securities, Debt Maturities [Abstract] | ||
Face Value | 120,866 | 66,618 |
Amortized Cost Basis | 100,465 | 66,734 |
Net Unrealized Gain | 7 | 1,581 |
Estimated Fair Value | 100,472 | 68,315 |
Net Carrying Value | $ 100,465 | $ 66,734 |
Loans Receivable and Other L_10
Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Held-to-Maturity Securities, Amortized Cost Basis | |
Within one year | $ 20,859 |
After one year through 5 years | 79,606 |
After 5 years through 10 years | 0 |
After 10 years | 0 |
Total | 100,465 |
Held-to-Maturity Securities, Estimated Fair Value | |
Within one year | 20,866 |
After one year through 5 years | 79,606 |
After 5 years through 10 years | 0 |
After 10 years | 0 |
Total | 100,472 |
Available-for-Sale Securities, Amortized Cost Basis | |
Within one year | 0 |
After one year through 5 years | 0 |
After 5 years through 10 years | 0 |
After 10 years | 21,185 |
Total | 21,185 |
Available-for-Sale Securities, Estimated Fair Value | |
Within one year | 0 |
After one year through 5 years | 0 |
After 5 years through 10 years | 0 |
After 10 years | 21,661 |
Total | $ 21,661 |
Other Investments (Schedule of
Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands | Jan. 02, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 |
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | $ 304,275 | $ 321,241 | $ 397,110 | ||
Equity in Earnings (Losses) | (5,007) | 13,015 | $ 77,349 | ||
Additional cash investment in equity method investment | 94,578 | 224,219 | 58,197 | ||
Net proceeds from sale of equity method investment | 0 | 0 | 43,936 | ||
Distribution from equity method investments | 18,133 | 42,059 | 48,732 | ||
Net Lease Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional cash investment in equity method investment | 49,200 | ||||
Other Strategic Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 7,516 | 13,618 | |||
Equity in Earnings (Losses) | (9,373) | 1,410 | 9,907 | ||
Impairment on foreign equity method investment | 10,000 | ||||
Real Estate Investment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 296,759 | 307,623 | |||
Equity in Earnings (Losses) | 4,366 | 11,605 | 67,442 | ||
Real Estate Investment | Safety, Income and Growth, Inc. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 149,589 | 83,868 | |||
Equity in Earnings (Losses) | 4,711 | 551 | 0 | ||
Real Estate Investment | iStar Net Lease II LLC (Net Lease Venture II) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 16,215 | 0 | |||
Equity in Earnings (Losses) | (333) | 0 | 0 | ||
Real Estate Investment | Net Lease Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 0 | 121,139 | |||
Equity in Earnings (Losses) | 4,100 | 4,534 | 3,567 | ||
Real Estate Investment | Other real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 130,955 | 102,616 | |||
Equity in Earnings (Losses) | (4,112) | $ 6,520 | 63,875 | ||
Net proceeds from sale of equity method investment | 39,800 | ||||
Impairment on foreign equity method investment | $ 6,100 | ||||
Gain on sale recognized earnings | 31,500 | ||||
Distribution from equity method investments | 11,600 | ||||
Real Estate Investment | Other real estate equity investments | Noncontrolling Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Gain on sale recognized earnings | $ 10,100 | ||||
Subsequent Event | Real Estate Investment | Safety, Income and Growth, Inc. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional cash investment in equity method investment | $ 250,000 |
Other Investments (Narrative) (
Other Investments (Narrative) (Details) | Jun. 27, 2017USD ($) | Apr. 14, 2017USD ($) | Dec. 31, 2018USD ($)ft²leasebuilding | Jun. 30, 2018USD ($)leasefacility | May 31, 2018USD ($)office_building | Aug. 31, 2017USD ($) | Apr. 30, 2017USD ($)property | Dec. 31, 2016USD ($) | Nov. 30, 2016USD ($) | Feb. 25, 2019shares | Dec. 31, 2018USD ($)ft²shares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)ft² | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 02, 2018USD ($) | Dec. 31, 2018USD ($)ft²$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)ft²$ / sharesshares | Aug. 31, 2018USD ($) | Jan. 01, 2018USD ($) | Oct. 31, 2017USD ($)unit | Feb. 28, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Payments to acquire equity method investments | $ 94,578,000 | $ 224,219,000 | $ 58,197,000 | ||||||||||||||||||||||||||||
Carrying value of assets | $ 5,014,277,000 | $ 5,014,277,000 | $ 4,731,078,000 | $ 5,014,277,000 | $ 4,731,078,000 | 5,014,277,000 | 4,731,078,000 | $ 4,731,078,000 | $ 5,014,277,000 | $ 4,806,947,000 | |||||||||||||||||||||
Net proceeds from sales of real estate | $ 36,100,000 | 411,786,000 | 314,013,000 | $ 435,560,000 | |||||||||||||||||||||||||||
Number of properties | property | 2 | ||||||||||||||||||||||||||||||
Gain on sale of discontinued operation | $ 0 | 123,418,000 | $ 0 | ||||||||||||||||||||||||||||
Increase to retained earnings upon adoption of new accounting standard | 75,869,000 | ||||||||||||||||||||||||||||||
Equity interest (percent) | 51.90% | 51.90% | 51.90% | 51.90% | 51.90% | ||||||||||||||||||||||||||
Total gross carrying value of loans | $ 919,493,000 | $ 919,493,000 | 1,289,568,000 | $ 919,493,000 | 1,289,568,000 | $ 919,493,000 | 1,289,568,000 | 1,289,568,000 | $ 919,493,000 | ||||||||||||||||||||||
Number of industrial facilities sold | facility | 2 | ||||||||||||||||||||||||||||||
Number of ground leases structured and entered into | lease | 2 | ||||||||||||||||||||||||||||||
Number of ground leases sold | lease | 2 | ||||||||||||||||||||||||||||||
Income from sales of real estate | $ 24,500,000 | 126,004,000 | 92,049,000 | 105,296,000 | |||||||||||||||||||||||||||
Gain on consolidation of equity method investment | $ 67,900,000 | 67,877,000 | 0 | 0 | |||||||||||||||||||||||||||
Increase in noncontrolling interest from consolidation of equity method investment | 188,300,000 | 188,279,000 | |||||||||||||||||||||||||||||
Increase in redeemable noncontrolling interest from consolidation of equity method investment | 11,800,000 | ||||||||||||||||||||||||||||||
Acquisitions of real estate assets | 19,454,000 | 6,600,000 | 38,433,000 | ||||||||||||||||||||||||||||
Distributions from other investments | 40,804,000 | 49,672,000 | 92,482,000 | ||||||||||||||||||||||||||||
Total assets | $ 2,118,045,000 | 2,118,045,000 | 2,493,798,000 | $ 2,118,045,000 | 2,493,798,000 | 2,118,045,000 | 2,493,798,000 | 2,493,798,000 | $ 2,118,045,000 | ||||||||||||||||||||||
Revenue | $ 140,165,000 | $ 122,141,000 | $ 171,571,000 | $ 364,245,000 | 103,144,000 | $ 119,872,000 | $ 347,867,000 | $ 108,319,000 | 798,122,000 | 679,202,000 | 455,187,000 | ||||||||||||||||||||
Net Lease | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Income from sales of real estate | 45,000,000 | 87,500,000 | 21,100,000 | ||||||||||||||||||||||||||||
Operating Properties | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Income from sales of real estate | $ 81,000,000 | 4,500,000 | 75,400,000 | ||||||||||||||||||||||||||||
Great Oaks | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Lease term (in years) | 99 years | ||||||||||||||||||||||||||||||
Number of units in real estate property to be built | unit | 301 | ||||||||||||||||||||||||||||||
Leasehold improvement allowance | $ 7,200,000 | ||||||||||||||||||||||||||||||
Net Lease Venture | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Payments to acquire equity method investments | 49,200,000 | ||||||||||||||||||||||||||||||
Net proceeds from sales of real estate | 6,200,000 | ||||||||||||||||||||||||||||||
Acquisitions of real estate assets | 59,000,000 | ||||||||||||||||||||||||||||||
Financing derecognized during sale | 18,900,000 | ||||||||||||||||||||||||||||||
Distributions from other investments | $ 13,200,000 | 26,000,000 | |||||||||||||||||||||||||||||
Contributions to other investments | 37,700,000 | ||||||||||||||||||||||||||||||
Net Lease Venture | Net Lease | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity interest (percent) | 51.90% | ||||||||||||||||||||||||||||||
Equity method investment, related party ownership percentage | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | ||||||||||||||||||||||||||
Equity method investment, related party promote fee percentage | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Equity method investment, partner ownership percentage | 47.50% | 47.50% | 47.50% | 47.50% | 47.50% | ||||||||||||||||||||||||||
Total assets | 658,300,000 | 658,300,000 | 658,300,000 | 658,300,000 | |||||||||||||||||||||||||||
Net Lease Venture II | The Properties - Livermore CA | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Number of properties | building | 4 | ||||||||||||||||||||||||||||||
Lease term (in years) | 10 years | 10 years | 10 years | 10 years | 10 years | ||||||||||||||||||||||||||
Acquisitions of real estate assets | $ 31,200,000 | ||||||||||||||||||||||||||||||
Area of properties (sq ft) | ft² | 168,636 | 168,636 | 168,636 | 168,636 | 168,636 | ||||||||||||||||||||||||||
Percentage of acquired properties leased (percent) | 100.00% | ||||||||||||||||||||||||||||||
Number of leases | lease | 4 | ||||||||||||||||||||||||||||||
Other real estate equity investments | Minimum | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity interest (percent) | 16.00% | 16.00% | 16.00% | 16.00% | 16.00% | ||||||||||||||||||||||||||
Other real estate equity investments | Maximum | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity interest (percent) | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | ||||||||||||||||||||||||||
Other real estate equity investments | Land | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Carrying value | $ 65,300,000 | $ 65,300,000 | 63,800,000 | $ 65,300,000 | 63,800,000 | $ 65,300,000 | 63,800,000 | 63,800,000 | $ 65,300,000 | ||||||||||||||||||||||
Other real estate equity investments | Operating Properties | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Carrying value | $ 65,600,000 | $ 65,600,000 | 38,800,000 | $ 65,600,000 | 38,800,000 | $ 65,600,000 | 38,800,000 | 38,800,000 | $ 65,600,000 | ||||||||||||||||||||||
Other Real Estate Equity Investment Aug 2018 | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity interest (percent) | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Interest income | $ 1,100,000 | ||||||||||||||||||||||||||||||
Loans commitment | $ 33,000,000 | ||||||||||||||||||||||||||||||
Payments for funding under loan commitments | $ 28,400,000 | $ 28,400,000 | $ 28,400,000 | $ 28,400,000 | $ 28,400,000 | ||||||||||||||||||||||||||
Other Real Estate Equity Investment Dec 2016 | Operating Properties | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity interest (percent) | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Interest income | $ 2,100,000 | 1,900,000 | 100,000 | ||||||||||||||||||||||||||||
Income from sales of real estate | $ 8,800,000 | 17,600,000 | |||||||||||||||||||||||||||||
Distributions from other investments | 17,600,000 | ||||||||||||||||||||||||||||||
Loans commitment | 27,000,000 | 27,000,000 | |||||||||||||||||||||||||||||
Payments for funding under loan commitments | $ 27,000,000 | $ 27,000,000 | $ 25,400,000 | $ 27,000,000 | 25,400,000 | 27,000,000 | 25,400,000 | $ 25,400,000 | $ 27,000,000 | ||||||||||||||||||||||
Sales price of real estate held for investment | 36,000,000 | ||||||||||||||||||||||||||||||
Proceeds from sale of other real estate, net of equity contribution | $ 7,000,000 | ||||||||||||||||||||||||||||||
Management Fees | Net Lease Venture | Other Income | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Revenue | 1,300,000 | $ 2,100,000 | $ 1,600,000 | ||||||||||||||||||||||||||||
Management Fees | Net Lease Venture | Net Income Attributable To Noncontrolling Interests | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Revenue | $ 700,000 | ||||||||||||||||||||||||||||||
Management Fees | Net Lease Venture II | Other Income | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Revenue | 400,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Great Oaks | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Forward purchase contract, purchase agreement, amount | 34,000,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Ground Lease, Atlanta medical office | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Interest income | 1,400,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Ground Lease, 100 200 Glenridge Point | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Commitment to extend credit | $ 19,900,000 | ||||||||||||||||||||||||||||||
Debt instrument term | 1 year | ||||||||||||||||||||||||||||||
Interest income | $ 1,400,000 | ||||||||||||||||||||||||||||||
Number of office buildings | office_building | 2 | ||||||||||||||||||||||||||||||
Leasehold First Mortgage | Great Oaks | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Commitment to extend credit | 80,500,000 | ||||||||||||||||||||||||||||||
Total gross carrying value of loans | $ 80,500,000 | ||||||||||||||||||||||||||||||
2017 Secured Financing | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument amount | 227,000,000 | ||||||||||||||||||||||||||||||
Net Lease Venture Nonrecourse Financing | Net Lease Venture | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||||||||||||||
Non-recourse financing | $ 29,000,000 | ||||||||||||||||||||||||||||||
Secured Debt | 2017 Secured Financing | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument amount | $ 227,000,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Carrying value of assets | $ 161,100,000 | ||||||||||||||||||||||||||||||
Equity interest (percent) | 41.80% | 41.80% | 41.80% | 41.80% | 41.80% | ||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Ground Lease, Atlanta medical office | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Commitment to extend credit | $ 24,000,000 | ||||||||||||||||||||||||||||||
Debt instrument term | 1 year | ||||||||||||||||||||||||||||||
Commitment to extend credit, amount funded | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | ||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Private Placement | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance of private placement | $ 45,000,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | IPO | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance initial public offering | 205,000,000 | ||||||||||||||||||||||||||||||
Payments of stock issuance costs | $ 18,900,000 | ||||||||||||||||||||||||||||||
Offering costs | $ 25,000,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | 10b5-1 Plan | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Number of shares purchased | shares | 133,524 | 2,400,000 | |||||||||||||||||||||||||||||
Aggregate value of common stock purchased | $ 2,200,000 | $ 45,700,000 | |||||||||||||||||||||||||||||
Average share price of common stock purchased (in dollars per share) | $ / shares | $ 16.39 | $ 18.69 | |||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Management fees waived | 1,800,000 | ||||||||||||||||||||||||||||||
Reimbursement revenue waived | $ 800,000 | ||||||||||||||||||||||||||||||
Common stock received as payment of management fees (in shares) | shares | 45,941 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Management Fees | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Revenue from related party | 1,800,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Expense Reimbursement | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Revenue from related party | $ 700,000 | ||||||||||||||||||||||||||||||
Safety, Income and Growth, Inc. | Subsequent Event | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Common stock received as payment of management fees (in shares) | shares | 46,020 | ||||||||||||||||||||||||||||||
ASU No. 2017-05 | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Increase to retained earnings upon adoption of new accounting standard | 55,500,000 | ||||||||||||||||||||||||||||||
ASU No. 2017-05 | Other Real Estate Equity Investment Dec 2016 | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Increase to retained earnings upon adoption of new accounting standard | 8,800,000 | ||||||||||||||||||||||||||||||
SAFE | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Payments to acquire equity method investments | 55,500,000 | $ 55,500,000 | |||||||||||||||||||||||||||||
Ground Net Lease Business | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Net proceeds from sales of real estate | $ 113,000,000 | ||||||||||||||||||||||||||||||
Number of properties | property | 12 | ||||||||||||||||||||||||||||||
Gain on sale of discontinued operation | $ 123,400,000 | $ 178,900,000 | |||||||||||||||||||||||||||||
Ground Net Lease Business | ASU No. 2017-05 | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Increase to retained earnings upon adoption of new accounting standard | $ 55,500,000 | ||||||||||||||||||||||||||||||
Acquisition Transactions | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Payments to acquire equity method investments | 55,500,000 | ||||||||||||||||||||||||||||||
Acquisition Transactions | Safety, Income and Growth, Inc. | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Payments to acquire interest in joint venture | $ 57,500,000 | ||||||||||||||||||||||||||||||
Acquisition Transactions | SIGI Acquisition Inc | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Ownership interest by noncontrolling owners (percent) | 49.10% | ||||||||||||||||||||||||||||||
Acquisition Transactions | SIGI Acquisition Inc | Safety, Income and Growth, Inc. | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Ownership interest by majority shareholders (percent) | 50.90% |
Other Investments (Summarized I
Other Investments (Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance Sheets | |||
Total assets | $ 2,118,045 | $ 2,493,798 | |
Total liabilities | 1,016,502 | 1,169,125 | |
Noncontrolling interests | 2,007 | 13,258 | |
Total equity attributable to parent entities | 1,099,536 | 1,311,415 | |
Income Statements | |||
Revenues | 262,970 | 261,867 | $ 272,281 |
Expenses | (187,257) | (167,999) | (227,720) |
Net income attributable to parent entities | $ 75,056 | $ 91,633 | $ 42,209 |
Other Investments Other Investm
Other Investments Other Investments (Amended Management Agreement) (Details) | Jan. 02, 2019USD ($)multiple | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Additional cash investment in equity method investment | $ 94,578,000 | $ 224,219,000 | $ 58,197,000 | |
Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management agreement, share lock up period, subject to certain restrictions | 2 years | |||
Management agreement, termination fee as multiple of prior year management fee | multiple | 3 | |||
Management agreement, equity raised since inception metric related to renewal and termination | $ 820,000,000 | |||
Real Estate Investment | Safety, Income and Growth, Inc. | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Additional cash investment in equity method investment | $ 250,000,000 | |||
Fee percent of SAFE Equity up to $1.5 billion | Subsequent Event | ||||
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 | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee equity threshold amount | $ 1,500,000,000 | |||
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee as percent of equity | 1.25% | |||
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Minimum | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee equity threshold amount | $ 1,500,000,000 | |||
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Maximum | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee equity threshold amount | $ 3,000,000,000 | |||
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee as percent of equity | 1.375% | |||
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Minimum | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee equity threshold amount | $ 3,000,000,000 | |||
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Maximum | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee equity threshold amount | $ 5,000,000,000 | |||
Fee percent of SAFE Equity over $5.0 billion | Subsequent Event | ||||
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 | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee equity threshold amount | $ 5,000,000,000 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |||||
Intangible assets, net | $ 156,281 | $ 27,124 | |||
Other receivables | 46,887 | 56,369 | |||
Restricted cash | 42,793 | 20,045 | $ 25,883 | $ 26,657 | |
Other assets | 32,333 | 23,081 | |||
Leasing costs, net | 6,224 | 9,050 | |||
Corporate furniture, fixtures and equipment, net | 3,850 | 4,652 | |||
Deferred financing fees, net | 900 | 1,409 | |||
Deferred expenses and other assets, net | 289,268 | 141,730 | |||
Intangible assets, accumulated amortization | 27,000 | 34,900 | |||
Amortization of above market lease and lease incentives | 2,200 | 2,500 | 3,900 | ||
Amortization of intangible assets | $ 7,200 | 1,900 | $ 1,900 | ||
Weighted average useful life | 22 years 3 months 19 days | ||||
Accumulated amortization on leasing costs | $ 4,400 | 4,700 | |||
Accumulated depreciation on corporate furniture, fixtures and equipment | 11,900 | 10,500 | |||
Net Lease Venture | |||||
Real Estate Properties [Line Items] | |||||
Intangible assets, net | $ 135,300 | ||||
Operating Properties | |||||
Real Estate Properties [Line Items] | |||||
Other receivables | $ 26,000 | $ 26,000 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)land_project | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | |
Other Significant Noncash Transactions [Line Items] | ||||
Other liabilities | $ 143,808 | $ 79,015 | ||
Accrued expenses | 97,007 | 101,035 | ||
Accrued interest payable | 42,669 | 49,933 | ||
Intangible liabilities, net | 35,108 | 8,021 | ||
Accounts payable, accrued expenses and other liabilities | 318,592 | 238,004 | ||
Profit sharing payable | 18,500 | 29,200 | ||
Special assessment bond | $ 9,400 | 6,200 | ||
Number Of Land Projects Related To Tax Increment Financing Bonds | land_project | 2 | |||
Below market lease, accumulated amortization | $ 2,800 | 7,800 | ||
Amortization of below market lease | $ 3,900 | 1,300 | $ 1,100 | |
Below market lease intangible liability, weighted average useful life | 22 years 9 months 18 days | |||
Net Lease Venture | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Intangible liabilities, net | $ 34,300 | |||
Assets Held-for-Sale | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Other liabilities | $ 500 | 1,600 | ||
Accrued expenses | $ 1,900 | $ 2,500 |
Other Assets and Other Liabil_5
Other Assets and Other Liabilities (Intangible assets) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Other Assets and Other Liabilities [Abstract] | |
2,019 | $ 8,833 |
2,020 | 8,702 |
2,021 | 8,701 |
2,022 | 8,700 |
2,023 | $ 8,579 |
Loan Participations Payable, _3
Loan Participations Payable, net (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)debt_instrument | Dec. 31, 2017USD ($)debt_instrument | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan participations payable | $ 22,642 | $ 102,737 |
Debt discounts and deferred financing costs, net | (158) | (312) |
Total loan participations payable, net | 22,484 | 102,425 |
Loans receivable | 866,098 | 1,211,079 |
Loan Participations | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 22,500 | $ 102,300 |
Loan Participations Payable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of debt instruments | debt_instrument | 1 | 2 |
Weighted average interest rate (percent) | 7.00% | 6.50% |
Debt Obligations, net (Schedule
Debt Obligations, net (Schedule of Debt) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2017 | Aug. 31, 2016 | Jun. 30, 2016 | |
Debt Instrument [Line Items] | ||||||||
Debt discounts and deferred financing costs, net | $ (52,531,000) | $ (63,591,000) | ||||||
Total debt obligations | 3,661,617,000 | 3,539,991,000 | ||||||
Debt obligations, net | 3,609,086,000 | 3,476,400,000 | ||||||
Interest costs capitalized | $ 11,300,000 | 8,500,000 | $ 5,800,000 | |||||
2016 Senior Term Loan | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 1.00% | |||||||
5.00% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 5.00% | |||||||
4.625% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 4.625% | |||||||
6.50% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 6.50% | |||||||
6.00% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 6.00% | |||||||
5.25% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 5.25% | |||||||
3.125% senior convertible notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 3.125% | 3.125% | ||||||
Secured credit facilities and mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt discounts and deferred financing costs, net | $ (11,264,000) | |||||||
Total debt obligations | 1,449,117,000 | 932,491,000 | ||||||
Debt obligations, net | 1,437,853,000 | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | 0 | 325,000,000 | ||||||
Debt instrument, face amount | $ 325,000,000 | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 2.50% | |||||||
Debt instrument term | 1 year | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 1.00% | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 2.25% | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 2.75% | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | Base Rate | Minimum | Interest Rate Category One | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 1.25% | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | Base Rate | Maximum | Interest Rate Category One | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 1.75% | |||||||
Secured credit facilities and mortgages | 2015 $325 Million Revolving Credit Facility | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 0.50% | |||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | $ 646,750,000 | 399,000,000 | ||||||
Debt instrument, face amount | $ 650,000,000 | $ 400,000,000 | $ 500,000,000 | $ 450,000,000 | ||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 2.75% | 3.00% | 2.75% | |||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 0.75% | |||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 1.75% | |||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 0.50% | |||||||
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | $ 802,367,000 | 208,491,000 | ||||||
Weighted average interest rate (percent) | 4.40% | |||||||
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Net Lease Venture | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt obligations, net | $ 464,700,000 | |||||||
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 3.62% | |||||||
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (percent) | 7.26% | |||||||
Unsecured notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | $ 2,112,500,000 | 2,507,500,000 | ||||||
Unsecured notes | 5.00% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | 375,000,000 | 770,000,000 | ||||||
Unsecured notes | 4.625% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | 400,000,000 | 400,000,000 | ||||||
Stated interest rate (percent) | 4.625% | |||||||
Debt instrument, face amount | $ 400,000,000 | |||||||
Unsecured notes | 6.50% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | 275,000,000 | 275,000,000 | ||||||
Unsecured notes | 6.00% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | 375,000,000 | 375,000,000 | ||||||
Unsecured notes | 5.25% senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | 400,000,000 | 400,000,000 | ||||||
Stated interest rate (percent) | 5.25% | |||||||
Debt instrument, face amount | $ 400,000,000 | |||||||
Unsecured notes | 3.125% senior convertible notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | 287,500,000 | 287,500,000 | ||||||
Debt obligations, net | $ 262,600,000 | 256,700,000 | ||||||
Stated interest rate (percent) | 3.125% | 3.125% | ||||||
Convertible debt conversion ratio (in shares per par value) | 65.47 | |||||||
Convertible debt conversion ratio principal amount | $ 1,000 | |||||||
Convertible debt conversion price (in dollars per share) | $ 15.27 | |||||||
Liability component of convertible debt | $ 221,800,000 | $ 34,000,000 | ||||||
Equity component of convertible debt | 22,500,000 | 3,400,000 | ||||||
Debt instrument, face amount | $ 250,000,000 | $ 37,500,000 | ||||||
Unamortized discount | $ 20,500,000 | 25,200,000 | ||||||
Contractual interest | 9,000,000 | 2,500,000 | ||||||
Amortization of debt discount | $ 4,700,000 | $ 1,300,000 | ||||||
Effective interest rate (percent) | 5.20% | 5.20% | ||||||
Other debt obligations | Trust preferred securities | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt obligations | $ 100,000,000 | $ 100,000,000 | ||||||
Other debt obligations | Trust preferred securities | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point spread on variable interest rate (percent) | 1.50% |
Debt Obligations, net (Future S
Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands | 2 Months Ended | ||
Feb. 25, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Maturities of Long-term Debt [Abstract] | |||
2,019 | $ 375,434 | ||
2,020 | 400,000 | ||
2,021 | 436,914 | ||
2,022 | 1,111,468 | ||
2,023 | 646,750 | ||
Thereafter | 691,051 | ||
Total principal maturities | 3,661,617 | $ 3,539,991 | |
Debt discounts and deferred financing costs, net | (52,531) | (63,591) | |
Debt obligations, net | 3,609,086 | 3,476,400 | |
Unsecured Debt | |||
Maturities of Long-term Debt [Abstract] | |||
2,019 | 375,000 | ||
2,020 | 400,000 | ||
2,021 | 275,000 | ||
2,022 | 1,062,500 | ||
2,023 | 0 | ||
Thereafter | 100,000 | ||
Total principal maturities | 2,212,500 | ||
Debt discounts and deferred financing costs, net | (41,267) | ||
Debt obligations, net | 2,171,233 | ||
Unsecured Notes | |||
Maturities of Long-term Debt [Abstract] | |||
Total principal maturities | 2,112,500 | 2,507,500 | |
Unsecured Notes | 5.00% senior notes | |||
Maturities of Long-term Debt [Abstract] | |||
Total principal maturities | 375,000 | 770,000 | |
Unsecured Notes | 5.00% senior notes | Subsequent Event | |||
Maturities of Long-term Debt [Abstract] | |||
Aggregate principal amount called for redemption | $ 375,000 | ||
Secured Debt | |||
Maturities of Long-term Debt [Abstract] | |||
2,019 | 434 | ||
2,020 | 0 | ||
2,021 | 161,914 | ||
2,022 | 48,968 | ||
2,023 | 646,750 | ||
Thereafter | 591,051 | ||
Total principal maturities | 1,449,117 | $ 932,491 | |
Debt discounts and deferred financing costs, net | (11,264) | ||
Debt obligations, net | $ 1,437,853 |
Debt Obligations, net (Narrativ
Debt Obligations, net (Narrative) (Details) shares in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($)property | Nov. 30, 2016USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2017USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Loss on early extinguishment of debt, net | $ 10,367,000 | $ 14,724,000 | $ 1,619,000 | ||||||||
Repayment of principal amount | 944,800,000 | 1,921,699,000 | 1,442,938,000 | ||||||||
Conversion of senior unsecured convertible notes into common stock | $ 0 | 0 | 9,596,000 | ||||||||
2017 Secured Financing | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 227,000,000 | ||||||||||
Stated interest rate (percent) | 3.795% | ||||||||||
Number of properties collateralizing loan | property | 12 | ||||||||||
Deferred financing costs | $ 7,300,000 | ||||||||||
2016 Senior Term Loan | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point spread on variable interest rate (percent) | 1.00% | ||||||||||
4.625% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 4.625% | ||||||||||
5.25% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 5.25% | ||||||||||
3.125% senior convertible notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.125% | 3.125% | |||||||||
Safety, Income and Growth, Inc. | 2017 Secured Financing | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity capitalization amount, at least | $ 500,000,000 | ||||||||||
Net worth, at least | $ 250,000,000 | ||||||||||
Secured Debt | 2017 Secured Financing | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 227,000,000 | ||||||||||
Secured Debt | 2016 Senior Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 650,000,000 | $ 400,000,000 | $ 500,000,000 | $ 450,000,000 | |||||||
Percentage of par credit facilities were issued at | 99.00% | ||||||||||
Periodic principal payment (as a percent) | 0.25% | ||||||||||
Secured Debt | 2016 Senior Term Loan | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point spread on variable interest rate (percent) | 2.75% | 3.00% | 2.75% | ||||||||
Secured Debt | 2016 Senior Term Loan | LIBOR | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point spread on variable interest rate (percent) | 0.75% | ||||||||||
Secured Debt | 2016 Senior Term Loan | LIBOR | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point spread on variable interest rate (percent) | 1.75% | ||||||||||
Secured Debt | 2015 Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||||
Secured Debt | 2015 $325 Million Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 325,000,000 | ||||||||||
Maximum borrowing capacity | $ 325,000,000 | $ 325,000,000 | |||||||||
Secured Debt | 2015 $325 Million Revolving Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commitment fee percentage | 0.30% | ||||||||||
Repayments of credit facility | $ 325,000,000 | ||||||||||
Current borrowing capacity | $ 325,000,000 | ||||||||||
Secured Debt | 2015 $325 Million Revolving Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commitment fee percentage | 0.50% | ||||||||||
Secured Debt | 2015 $325 Million Revolving Credit Facility | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point spread on variable interest rate (percent) | 2.50% | ||||||||||
Secured Debt | 2015 $325 Million Revolving Credit Facility | LIBOR | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point spread on variable interest rate (percent) | 1.00% | ||||||||||
Secured Debt | Other expense | 2016 Senior Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on early extinguishment of debt, net | $ 2,500,000 | 800,000 | |||||||||
Unsecured Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on early extinguishment of debt, net | $ 1,200,000 | $ 13,600,000 | $ 400,000 | ||||||||
Debt issuance costs incurred | 18,600,000 | ||||||||||
Unsecured Notes | 4.625% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||
Stated interest rate (percent) | 4.625% | ||||||||||
Unsecured Notes | 5.25% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||
Stated interest rate (percent) | 5.25% | ||||||||||
Unsecured Notes | 3.125% senior convertible notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 250,000,000 | $ 37,500,000 | |||||||||
Stated interest rate (percent) | 3.125% | 3.125% | |||||||||
Unsecured Notes | 4.00% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 4.00% | ||||||||||
Extinguishment of debt | $ 550,000,000 | ||||||||||
Unsecured Notes | 7.125% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 7.125% | ||||||||||
Extinguishment of debt | $ 300,000,000 | ||||||||||
Unsecured Notes | 4.875% senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 4.875% | ||||||||||
Extinguishment of debt | $ 300,000,000 | ||||||||||
Unsecured Notes | 3.00% senior convertible notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.00% | ||||||||||
Repayment of principal amount | $ 200,000,000 | ||||||||||
Conversion of senior unsecured convertible notes into common stock | $ 9,600,000 | ||||||||||
Shares of common stock converted (in shares) | shares | 0.8 |
Debt Obligations, net (Collater
Debt Obligations, net (Collateral Assets) (Details) - USD ($) | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Real estate, net | $ 1,771,019,000 | $ 1,282,031,000 | ||||
Real estate available and held for sale | 22,551,000 | 68,588,000 | ||||
Land and development, net | 598,218,000 | 860,311,000 | ||||
Loans receivable and other lending investments, net | 988,224,000 | 1,300,655,000 | ||||
Other investments | 304,275,000 | $ 397,110,000 | 321,241,000 | |||
Cash and other assets | 1,329,990,000 | 898,252,000 | ||||
Total assets | 5,014,277,000 | $ 4,806,947,000 | 4,731,078,000 | |||
Carrying amount of assets held by entities pledged as collateral | 403,500,000 | |||||
General reserves for loan losses | 53,395,000 | 78,489,000 | $ 85,545,000 | $ 108,165,000 | ||
Loan participations | 866,098,000 | 1,211,079,000 | ||||
Loan Participations Payable | ||||||
Debt Instrument [Line Items] | ||||||
Loan participations | 102,300,000 | |||||
Collectively Evaluated for Impairment | ||||||
Debt Instrument [Line Items] | ||||||
General reserves for loan losses | 13,000,000 | 17,500,000 | ||||
Secured Debt | 2015 $325 Million Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 325,000,000 | $ 325,000,000 | ||||
Collateral Assets | ||||||
Debt Instrument [Line Items] | ||||||
Real estate, net | 1,620,008,000 | 795,321,000 | ||||
Real estate available and held for sale | 1,055,000 | 20,069,000 | ||||
Land and development, net | 12,300,000 | 25,100,000 | ||||
Loans receivable and other lending investments, net | 498,524,000 | 194,529,000 | ||||
Other investments | 0 | 0 | ||||
Cash and other assets | 0 | 0 | ||||
Total assets | 2,131,887,000 | 1,035,019,000 | ||||
Non-Collateral Assets | ||||||
Debt Instrument [Line Items] | ||||||
Real estate, net | 151,011,000 | 486,710,000 | ||||
Real estate available and held for sale | 21,496,000 | 48,519,000 | ||||
Land and development, net | 585,918,000 | 835,211,000 | ||||
Loans receivable and other lending investments, net | 480,154,000 | 1,021,340,000 | ||||
Other investments | 304,275,000 | 321,241,000 | ||||
Cash and other assets | 1,329,990,000 | 898,252,000 | ||||
Total assets | $ 2,872,844,000 | $ 3,611,273,000 |
Debt Obligations, net (Debt Cov
Debt Obligations, net (Debt Covenants) (Details) | Dec. 31, 2018 |
Unsecured Debt | |
Debt Instrument [Line Items] | |
Unencumbered assets to unsecured indebtedness ratio | 1.2 |
Consolidated fixed charge coverage ratio | 1.5 |
Secured Debt | 2016 Senior Term Loan | |
Debt Instrument [Line Items] | |
Collateral coverage ratio | 1.25 |
Secured Debt | 2015 $325 Million Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Borrowing base asset value ratio | 1.5 |
Cash flow to fixed charges ratio | 1.5 |
Commitments and Contingencies_2
Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Percentage of capital committed to strategic investments that may be drawn down | 100.00% |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | $ 449,520 |
Strategic Investments | 39,754 |
Total | 489,274 |
Loans and Other Lending Investments | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 436,910 |
Strategic Investments | 0 |
Total | 436,910 |
Real Estate | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 12,610 |
Strategic Investments | 0 |
Total | 12,610 |
Other Investments | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 0 |
Strategic Investments | 39,754 |
Total | 39,754 |
Loan Participations Payable | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | $ 27,400 |
Commitments and Contingencies_3
Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease expense | $ 5,000 | $ 5,200 | $ 5,900 |
Future Minimum Lease Obligations | |||
2,019 | 4,340 | ||
2,020 | 4,016 | ||
2,021 | 1,589 | ||
2,022 | 991 | ||
2,023 | 849 | ||
Thereafter | $ 2,469 |
Risk Management and Derivativ_3
Risk Management and Derivatives (Risk Concentration) (Details) | 12 Months Ended |
Dec. 31, 2018borrower | |
Office/Industrial | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 32.70% |
Land | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 18.40% |
Entertainment/Leisure | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 17.40% |
Hotel | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 7.10% |
Mixed Use/Mixed Collateral | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 7.00% |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Number of large borrowers or tenants | 5 |
Concentration risk percentage of revenue (no more than) | 14.40% |
Concentration risk percentage of one single customer, revenue (no more than) | 6.70% |
California | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 16.50% |
New York | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 11.00% |
Risk Management and Derivativ_4
Risk Management and Derivatives (Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative financial instruments on consolidated balance sheets | ||
Expected amount related to cash flow hedge that will be reclassified over next twelve months | $ 1,000 | |
Designated as hedge | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 3,669 | |
Derivative Liabilities, Fair Value | $ 10,244 | |
Designated as hedge | Interest rate swaps | Other assets | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | $ 3,669 | |
Designated as hedge | Interest rate swaps | Other liabilities | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Liabilities, Fair Value | $ 10,244 |
Risk Management and Derivativ_5
Risk Management and Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | $ (14,699) | $ 847 | $ (85) | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | [1] | 1,508 | 168 | (598) |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (364) | (129) | (154) | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | [2] | (721) | 0 | 0 |
Interest rate swaps | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | 400 | |||
Interest expense | Interest rate swaps | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (12,963) | 495 | (175) | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | (388) | 339 | (32) | |
Interest expense | Interest rate cap | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | 0 | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | (185) | |||
Earnings from equity method investments | Interest rate swaps | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (1,736) | 368 | 94 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | $ 20 | (285) | (378) | |
Earnings from equity method investments | Interest rate cap | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (16) | (4) | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | (16) | (3) | ||
Earnings from equity method investments | Foreign exchange contracts | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (352) | (167) | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | 0 | 0 | ||
Other expense | Interest rate cap | Not designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain or (Loss) Recognized in Income | 6 | (1,080) | ||
Other expense | Foreign exchange contracts | Not designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain or (Loss) Recognized in Income | $ (970) | $ 1,115 | ||
[1] | Reclassified to "Interest expense" in the Company's consolidated statements of operations are $388, $64 and $217 for the years ended December 31, 2018, 2017 and 2016, respectively. Amount reclassified to "Gain on consolidation of equity method investment" in the Company's consolidatedstatements of operations is $1,876 for the year ended December 31, 2018. Reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(20), $304 and $381, respectively, for the years ended December 31, December 31, 2018, 2017 and 2016. | |||
[2] | Amounts were reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations. |
Risk Management and Derivativ_6
Risk Management and Derivatives (Foreign Exchange Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Foreign currency transaction gain (loss) | $ 0.2 | $ 0.1 |
Risk Management and Derivativ_7
Risk Management and Derivatives (Interest Rate Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | $ (14,699) | $ 847 | $ (85) |
Designated as hedge | Interest rate swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | $ 400 |
Risk Management and Derivativ_8
Risk Management and Derivatives (Credit Risk-Related Contingent Features) (Details) | Dec. 31, 2018USD ($) |
Derivative [Line Items] | |
Net exposure under contracts | $ 0 |
Forward Contracts | |
Derivative [Line Items] | |
Collateral posted for hedges | $ 6,400,000 |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 20, 2017 | Dec. 31, 2016 | |
Preferred Stock | |||||
Shares Issued and Outstanding | 16,200,000 | 16,200,000 | |||
Carrying Value | $ 476,000,000 | $ 476,000,000 | |||
Number of days in year used in the computation of preferred stock dividends for any partial dividend period | 360 days | ||||
Number of months used in the computation of preferred stock dividends for any partial dividend period | 12 months | ||||
Number of days in month, dividends computation of dividends payable for any partial dividend period | 30 days | ||||
Capital gains distribution percentage | 100.00% | 100.00% | |||
Unrecaptured Section 1250 gain percentage | 26.02% | 27.90% | |||
Long term capital gain percentage | 73.98% | 72.10% | |||
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 | ||||
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 | ||||
Series D | |||||
Preferred Stock | |||||
Shares Issued and Outstanding | 4,000,000 | 4,000,000 | |||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | |||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 | |||
Rate per Annum (as a percent) | 8.00% | 8.00% | |||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 2 | $ 2 | |||
Carrying Value | $ 89,041,000 | $ 89,041,000 | |||
Dividends declared and paid | $ 8,000,000 | $ 8,000,000 | |||
Series G | |||||
Preferred Stock | |||||
Shares Issued and Outstanding | 3,200,000 | 3,200,000 | |||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | |||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 | |||
Rate per Annum (as a percent) | 7.65% | 7.65% | |||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.91 | $ 1.91 | |||
Carrying Value | $ 72,664,000 | $ 72,664,000 | |||
Dividends declared and paid | $ 6,100,000 | $ 6,100,000 | |||
Series I | |||||
Preferred Stock | |||||
Shares Issued and Outstanding | 5,000,000 | 5,000,000 | |||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | |||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 | |||
Rate per Annum (as a percent) | 7.50% | 7.50% | |||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.88 | $ 1.88 | |||
Carrying Value | $ 120,785,000 | $ 120,785,000 | |||
Dividends declared and paid | $ 9,400,000 | $ 9,400,000 | |||
Series J convertible perpetual preferred stock | |||||
Preferred Stock | |||||
Shares Issued and Outstanding | 4,000,000 | 4,000,000 | |||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | |||
Liquidation Preference (in dollars per share) | $ 50 | $ 50 | |||
Rate per Annum (as a percent) | 4.50% | 4.50% | |||
Equivalent to Fixed Annual Rate (in dollars per share) | $ 2.25 | $ 2.25 | |||
Carrying Value | $ 193,510,000 | $ 193,510,000 | |||
Dividends declared and paid | $ 9,000,000 | 9,000,000 | |||
Redemption price as a percentage of liquidation preference | 100.00% | ||||
Shares issued upon conversion | 3.9762 | ||||
Conversion price (in dollars per share) | $ 12.57 | ||||
Series E and F Preferred Stock | |||||
Preferred Stock | |||||
Liquidation Preference (in dollars per share) | $ 25 | ||||
Carrying Value | $ 223,700,000 | ||||
Liquidation preference, value | $ 240,000,000 | ||||
Redemption premium | $ 16,300,000 | ||||
Series D, E, F, G and I Preferred Stock | |||||
Preferred Stock | |||||
Liquidation Preference (in dollars per share) | $ 25 | ||||
Series E | |||||
Preferred Stock | |||||
Dividends declared and paid | 1,100,000 | 8,300,000 | |||
Series F | |||||
Preferred Stock | |||||
Dividends declared and paid | $ 800,000 | $ 5,900,000 | |||
Series G and I Preferred Stock | |||||
Preferred Stock | |||||
Liquidation Preference (in dollars per share) | $ 25 | ||||
Redemption price as a percentage of liquidation preference | 100.00% |
Equity (Dividends) (Details)
Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends [Abstract] | ||
Minimum percentage of taxable income excluding capital gains | 90.00% | |
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT | 100.00% | |
Operating loss carryforwards | $ 582,400 | |
Common stock dividends | $ 12,333 | |
Common stock dividends declared (in dollars per share) | $ 0.18 | |
Common stock dividends paid (in dollars per share) | $ 0.18 | |
Capital gains distribution percentage | 100.00% | 100.00% |
Unrecaptured Section 1250 gain percentage | 26.02% | 27.90% |
Long term capital gain percentage | 73.98% | 72.10% |
Common Stock | ||
Dividends [Abstract] | ||
Capital gains distribution percentage | 100.00% | |
Unrecaptured Section 1250 gain percentage | 26.02% | |
Long term capital gain percentage | 73.98% |
Equity (Stock Repurchase Progra
Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||||||
Stock repurchased and retired during period, shares | 0.8 | 0 | 0 | 10.2 | ||
Common stock value acquired including acquisition costs | $ 8,300,000 | $ 98,400,000 | ||||
Average cost per share | $ 11.51 | $ 10.22 | $ 9.67 | |||
Repurchase of common stock, authorized amount | $ 41,700,000 | $ 41,700,000 | ||||
Class of Stock [Line Items] | ||||||
Shares repurchased (in shares) | 4 | |||||
Repurchase of stock | $ 45,900,000 | $ 8,304,000 | $ 45,928,000 | $ 98,429,000 | ||
3.125% senior convertible notes | ||||||
Class of Stock [Line Items] | ||||||
Stated interest rate (percent) | 3.125% | 3.125% | 3.125% |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Unrealized gains on available-for-sale securities | $ 475 | $ 1,335 |
Unrealized gains (losses) on cash flow hedges | (13,546) | 707 |
Unrealized losses on cumulative translation adjustment | (4,199) | (4,524) |
Accumulated other comprehensive loss | $ (17,270) | $ (2,482) |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans and Employee Benefits (Stock-Based Compensation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 17,563 | $ 18,812 | $ 10,889 |
Unrecognized compensation cost | $ 2,000 | ||
Weighted-average period to recognize the unrecognized compensation cost | 1 year 11 months 23 days | ||
Long-term Incentive Plan 2009 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 8,000,000 | ||
Shares available for issuance | 2,600,000 | ||
Common stock subject to sales restriction | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued | 213,609 | ||
Non-vested weighted average grant date fair value per share (in dollars per share) | $ 10.10 | ||
Non-vested, aggregate intrinsic value | $ 2,200 | ||
Restricted shares awarded | 135,503 | ||
Sale restriction period | 18 months |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans and Employee Benefits (Performance Incentive Plans) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2017USD ($) | |
Performance Incentive Plan | ||
Preferred return (as a percent) | 9.00% | |
Reduction in amount distributable (percent) | 4.30% | |
Accrued expenses | $ | $ 97,007 | $ 101,035 |
iPIP Plans | ||
Performance Incentive Plan | ||
iPIP distributions to plan participants | $ | 15,600 | |
iPIP distributions, cash component | $ | $ 7,800 | |
iPIP distributions, equity component (in shares) | 685,624 | |
iPIP distributions, equity component, fair value | $ | $ 7,800 | |
iPIP distributions, equity component, fair value (in dollars per share) | $ / shares | $ 11.37 | |
iPIP distributions, shares issued net of tax withholdings (in shares) | 374,055 | |
Accrued expenses | $ | $ 37,500 | $ 38,100 |
2013-2014 Performance Incentive Plan | ||
Performance Incentive Plan | ||
Points at beginning of period (in shares) | 85.77 | |
Granted (in shares) | 0.50 | |
Forfeited (in shares) | (1.30) | |
Points at end of period (in shares) | 86.57 | |
2015-2016 Performance Incentive Plan | ||
Performance Incentive Plan | ||
Points at beginning of period (in shares) | 79.41 | |
Granted (in shares) | 0 | |
Forfeited (in shares) | (4.75) | |
Points at end of period (in shares) | 84.16 | |
2017-2018 Performance Incentive Plan | ||
Performance Incentive Plan | ||
Points at beginning of period (in shares) | 82.43 | |
Granted (in shares) | 49.33 | |
Forfeited (in shares) | (7.87) | |
Points at end of period (in shares) | 40.97 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Unit Activity) (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Non-vested at Beginning of Period (in shares) | 282 | ||
Granted (in shares) | 278 | ||
Vested (in shares) | (142) | ||
Forfeited (in shares) | (61) | ||
Non-vested at End of Period (in shares) | 357 | 282 | |
Weighted Average Grant Date Fair Value Per Share | |||
Non-vested at Beginning of Period (in dollars per share) | $ 10.98 | ||
Granted (in dollars per share) | 10.16 | $ 12.09 | $ 10.11 |
Vested (in dollars per share) | 10.37 | ||
Forfeited (in dollars per share) | 10.36 | ||
Non-vested at End of Period (in dollars per share) | $ 10.68 | $ 10.98 | |
Non-vested, aggregate intrinsic value | $ 3,277 | $ 3,183 | |
Fair value of units vested during period | $ 1,400 | $ 900 | $ 2,900 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
CSE and Restricted Stock Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, outstanding (in shares) | 239,801 |
Non-vested, aggregate intrinsic value | $ | $ 2.2 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares granted (in shares) | 67,631 |
Grant date fair value (in dollars per share) | $ / shares | $ 10.65 |
Vesting period | 1 year |
CSE | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares granted (in shares) | 2,805 |
Grant date fair value (in dollars per share) | $ / shares | $ 10.91 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Requisite service period | 3 months | ||
Defined contribution plan maximum percentage of matching contribution | 50.00% | ||
Defined contribution plan maximum percentage of employee compensation | 10.00% | ||
Gross contributions made by the Company | $ 1.1 | $ 1.1 | $ 1 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Income (loss) from continuing operations | $ (18,326) | $ 51,851 | $ 81,912 |
Net income attributable to noncontrolling interests | (13,936) | (4,526) | (4,876) |
Preferred dividends | (32,495) | (48,444) | (51,320) |
Premium above book value on redemption of preferred stock | 0 | (16,314) | 0 |
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share | (64,757) | (17,433) | 25,716 |
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share | (64,757) | (17,433) | 25,723 |
Income allocable to participating securities, basic | 8 | ||
Income allocable to participating securities, diluted | 8 | ||
Joint venture shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | $ 0 | $ 0 | $ 7 |
Earnings Per Share (Earnings Al
Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator for basic earnings per share: | |||||||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | $ (115,455) | $ (18,984) | $ 42,873 | $ 26,809 | $ (4,910) | $ (34,530) | $ (64,757) | $ (17,433) | $ 25,708 | ||
Income from discontinued operations | 0 | 4,939 | 18,264 | ||||||||
Gain from discontinued operations | 0 | 123,418 | 0 | ||||||||
Net income (loss) allocable to common shareholders | $ 177,467 | $ (27,102) | (64,757) | 110,924 | 43,972 | ||||||
Numerator for diluted earnings per share: | |||||||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | $ (115,455) | $ (18,984) | $ 45,123 | $ 29,059 | (64,757) | (17,433) | 25,715 | ||||
Income from discontinued operations | 0 | 4,939 | 18,264 | ||||||||
Gain from discontinued operations | 0 | 123,418 | 0 | ||||||||
Net income (loss) attributable to iStar Inc. and allocable to common shareholders | $ 179,722 | $ (27,102) | $ (64,757) | $ 110,924 | $ 43,979 | ||||||
Denominator for basic and diluted earnings per share: | |||||||||||
Weighted average number of shares, Basic (in shares) | 68,012 | 67,975 | 67,932 | 67,913 | 68,200 | 71,713 | 72,142 | 72,065 | 67,958 | 71,021 | 73,453 |
Add: Effect of assumed shares issued under treasury stock method or restricted stock units (in shares) | 0 | 0 | 84 | ||||||||
Add: Effect of joint venture shares (in shares) | 0 | 0 | 298 | ||||||||
Weighted average common shares outstanding for diluted earnings per common share (in shares) | 68,012 | 67,975 | 83,694 | 83,670 | 68,200 | 71,713 | 88,195 | 72,065 | 67,958 | 71,021 | 73,835 |
Basic earnings per common share: | |||||||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | $ (0.95) | $ (0.25) | $ 0.35 | ||||||||
Income from discontinued operations (in dollars per share) | 0 | 0.07 | 0.25 | ||||||||
Gain from discontinued operations (in dollars per share) | 0 | 1.74 | 0 | ||||||||
Earnings per share, basic (in dollars per share) | $ (1.70) | $ (0.28) | $ 0.63 | $ 0.39 | $ (0.07) | $ (0.48) | $ 2.46 | $ (0.38) | (0.95) | 1.56 | 0.60 |
Diluted earnings per common share: | |||||||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | (0.95) | (0.25) | 0.35 | ||||||||
Income from discontinued operations (in dollars per share) | 0 | 0.07 | 0.25 | ||||||||
Gain from discontinued operations (in dollars per share) | 0 | 1.74 | 0 | ||||||||
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | $ (1.70) | $ (0.28) | $ 0.54 | $ 0.35 | $ (0.07) | $ (0.48) | $ 2.04 | $ (0.38) | $ (0.95) | $ 1.56 | $ 0.60 |
Earnings Per Share (Anti-diluti
Earnings Per Share (Anti-dilutive Shares) (Details) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2018trading_dayshares | Dec. 31, 2017shares | Dec. 31, 2016shares | Sep. 30, 2017 | |
Joint venture shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 255 | 0 | |
3.00% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 0 | 14,764 | |
Stated interest rate (percent) | 3.00% | |||
Series J convertible perpetual preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 15,704 | 15,635 | 15,635 | |
1.50% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 0 | 9,868 | |
Stated interest rate (percent) | 1.50% | |||
Unvested Time Based Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 6 | 16 | ||
Market-based Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 17 | 125 | ||
3.125% senior convertible notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stated interest rate (percent) | 3.125% | 3.125% | ||
Threshold consecutive trading days | trading_day | 40 |
Fair Values (Schedule of Fair V
Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)real_estate_assetland_asset | Dec. 31, 2017USD ($) | |
Recurring basis | Fair Value | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | $ 3,669 | |
Derivative liabilities | 10,244 | |
Available-for-sale securities | 21,661 | $ 22,842 |
Recurring basis | Level 1 | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Available-for-sale securities | 0 | 0 |
Recurring basis | Level 2 | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 3,669 | |
Derivative liabilities | 10,244 | |
Available-for-sale securities | 0 | 0 |
Recurring basis | Level 3 | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Available-for-sale securities | 21,661 | 22,842 |
Non-recurring basis | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate, aggregate impairment | $ 76,300 | |
Impaired real estate, number of assets | real_estate_asset | 3 | |
Impaired real estate available and held for sale, aggregate impairment | $ 3,700 | |
Impaired real estate available and held for sale, number of assets | real_estate_asset | 2 | |
Impaired land and development, aggregate impairment | $ 55,400 | |
Impaired land and development, number of assets | land_asset | 4 | |
Non-recurring basis | Fair Value | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | $ 29,400 | 12,400 |
Impaired real estate available and held for sale | 19,300 | 800 |
Impaired land and development | 78,400 | 21,400 |
Non-recurring basis | Level 1 | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | 0 | 0 |
Impaired real estate available and held for sale | 0 | 0 |
Impaired land and development | 0 | 0 |
Non-recurring basis | Level 2 | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | 0 | 0 |
Impaired real estate available and held for sale | 0 | 0 |
Impaired land and development | 0 | 0 |
Non-recurring basis | Level 3 | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | 12,400 | |
Impaired real estate available and held for sale | 19,300 | 800 |
Impaired land and development | $ 21,400 | |
Non-recurring basis | Level 3 | Discount Rate | ||
Assets and liabilities recorded at fair value | ||
Land and development asset, measurement input | 0.06 | |
Non-recurring basis | Level 3 | Holding Period | Fair Value | ||
Assets and liabilities recorded at fair value | ||
Land and development asset, measurement input term | 10 years | |
Non-recurring basis | Commercial operating property one | ||
Assets and liabilities recorded at fair value | ||
Impaired Other Real Estate Owned, Impairment | 23,200 | |
Non-recurring basis | Property to be sold | ||
Assets and liabilities recorded at fair value | ||
Impaired Other Real Estate Owned, Impairment | 6,000 | |
Non-recurring basis | Commercial operating property two | ||
Assets and liabilities recorded at fair value | ||
Impaired Other Real Estate Owned, Impairment | 47,100 | |
Non-recurring basis | Waterfront land and development asset to be sold | ||
Assets and liabilities recorded at fair value | ||
Impaired Other Real Estate Owned, Impairment | 25,000 | |
Non-recurring basis | Master planned community | ||
Assets and liabilities recorded at fair value | ||
Impaired Other Real Estate Owned, Impairment | 21,600 | |
Non-recurring basis | Infill land and development asset | ||
Assets and liabilities recorded at fair value | ||
Impaired Other Real Estate Owned, Impairment | 6,900 | |
Non-recurring basis | Waterfront land and development asset sold | ||
Assets and liabilities recorded at fair value | ||
Impaired Other Real Estate Owned, Impairment | $ 1,900 |
Fair Values (Schedule of Level
Fair Values (Schedule of Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 22,842 | $ 21,666 |
Repayments | (46) | (10) |
Unrealized gains recorded in other comprehensive income | (1,135) | 1,186 |
Ending balance | $ 21,661 | $ 22,842 |
Fair Values (Narrative) (Detail
Fair Values (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Loans receivable and other lending investments, net | $ 988,224 | $ 1,300,655 |
Financial liabilities: | ||
Debt obligations, net | 3,609,086 | 3,476,400 |
Fair Value | ||
Financial assets: | ||
Loans receivable and other lending investments, net | 1,000,000 | 1,300,000 |
Financial liabilities: | ||
Debt obligations, net | $ 3,500,000 | $ 3,700,000 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segments) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)segments | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Segment Reporting [Abstract] | ||||||||||||||
Number of reportable segments | segments | 4 | |||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | $ 140,165 | $ 122,141 | $ 171,571 | $ 364,245 | $ 103,144 | $ 119,872 | $ 347,867 | $ 108,319 | $ 798,122 | $ 679,202 | $ 455,187 | |||
Earnings (losses) from equity method investments | (5,007) | 13,015 | 77,349 | |||||||||||
Income from discontinued operations | 0 | $ 0 | $ (173) | $ (4,766) | 0 | 4,939 | 18,270 | |||||||
Gain from discontinued operations | 0 | 123,418 | 0 | |||||||||||
Gain on consolidation of equity method investment | $ 67,900 | 67,877 | 0 | 0 | ||||||||||
Income from sales of real estate | $ 24,500 | 126,004 | 92,049 | 105,296 | ||||||||||
Total revenue and other earnings | 986,996 | 912,623 | 656,102 | |||||||||||
Other expense | (6,040) | (20,954) | (5,883) | |||||||||||
Allocated interest expense | (183,751) | (194,686) | (221,398) | |||||||||||
Allocated general and administrative | (74,572) | (80,070) | (73,138) | |||||||||||
Segment profit (loss) | 233,163 | 288,380 | 156,154 | |||||||||||
Other Significant Items | ||||||||||||||
Provision for (recovery of) loan losses | 16,937 | |||||||||||||
Provision for (recovery of) loan losses | (5,828) | (12,514) | ||||||||||||
Impairment of assets | 147,108 | 32,379 | 14,484 | |||||||||||
Depreciation and amortization | 58,699 | 49,033 | 51,660 | |||||||||||
Capitalized expenditures | 204,722 | 166,336 | 169,999 | |||||||||||
Segment Assets | ||||||||||||||
Real estate, net | 1,771,019 | 1,282,031 | 1,771,019 | 1,282,031 | ||||||||||
Real estate available and held for sale | 22,551 | 68,588 | 22,551 | 68,588 | ||||||||||
Total real estate | 1,793,570 | 1,350,619 | 1,793,570 | 1,350,619 | ||||||||||
Land and development, net | 598,218 | 860,311 | 598,218 | 860,311 | ||||||||||
Loans receivable and other lending investments, net | 988,224 | 1,300,655 | 988,224 | 1,300,655 | ||||||||||
Other investments | 304,275 | 321,241 | 304,275 | 321,241 | $ 397,110 | |||||||||
Total portfolio assets | 3,684,287 | 3,832,826 | 3,684,287 | 3,832,826 | ||||||||||
Cash and other assets | 1,329,990 | 898,252 | 1,329,990 | 898,252 | ||||||||||
Total assets | 5,014,277 | 4,731,078 | 5,014,277 | 4,731,078 | $ 4,806,947 | |||||||||
Stock-based compensation expense | 17,563 | 18,812 | 10,889 | |||||||||||
Operating Segments | Real Estate Finance | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Earnings (losses) from equity method investments | 0 | 0 | 0 | |||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||||
Gain from discontinued operations | 0 | |||||||||||||
Gain on consolidation of equity method investment | 0 | |||||||||||||
Income from sales of real estate | 0 | 0 | 0 | |||||||||||
Total revenue and other earnings | 102,434 | 109,181 | 133,811 | |||||||||||
Other expense | (1,578) | (1,413) | (2,719) | |||||||||||
Allocated interest expense | (40,653) | (40,359) | (57,787) | |||||||||||
Allocated general and administrative | (12,997) | (15,223) | (15,311) | |||||||||||
Segment profit (loss) | 47,206 | 52,186 | 57,994 | |||||||||||
Other Significant Items | ||||||||||||||
Provision for (recovery of) loan losses | 16,937 | |||||||||||||
Provision for (recovery of) loan losses | (5,828) | (12,514) | ||||||||||||
Impairment of assets | 0 | 0 | 0 | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Capitalized expenditures | 0 | 0 | 0 | |||||||||||
Segment Assets | ||||||||||||||
Real estate, net | 0 | 0 | 0 | 0 | ||||||||||
Real estate available and held for sale | 0 | 0 | 0 | 0 | ||||||||||
Total real estate | 0 | 0 | 0 | 0 | ||||||||||
Land and development, net | 0 | 0 | 0 | 0 | ||||||||||
Loans receivable and other lending investments, net | 988,224 | 1,300,655 | 988,224 | 1,300,655 | ||||||||||
Other investments | 0 | 0 | 0 | 0 | ||||||||||
Total portfolio assets | 988,224 | 1,300,655 | 988,224 | 1,300,655 | ||||||||||
Operating Segments | Net Lease | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Earnings (losses) from equity method investments | 8,479 | 5,086 | 3,567 | |||||||||||
Income from discontinued operations | 4,939 | 18,270 | ||||||||||||
Gain from discontinued operations | 123,418 | |||||||||||||
Gain on consolidation of equity method investment | 67,877 | |||||||||||||
Income from sales of real estate | 45,038 | 87,512 | 21,138 | |||||||||||
Total revenue and other earnings | 277,638 | 347,243 | 170,771 | |||||||||||
Other expense | 0 | 0 | 0 | |||||||||||
Allocated interest expense | (63,706) | (53,710) | (65,880) | |||||||||||
Allocated general and administrative | (20,713) | (19,563) | (17,585) | |||||||||||
Segment profit (loss) | 176,186 | 257,228 | 69,148 | |||||||||||
Other Significant Items | ||||||||||||||
Provision for (recovery of) loan losses | 0 | |||||||||||||
Provision for (recovery of) loan losses | 0 | 0 | ||||||||||||
Impairment of assets | 10,391 | 5,486 | 4,829 | |||||||||||
Depreciation and amortization | 38,588 | 28,132 | 31,380 | |||||||||||
Capitalized expenditures | 40,215 | 4,838 | 3,667 | |||||||||||
Segment Assets | ||||||||||||||
Real estate, net | 1,536,494 | 815,783 | 1,536,494 | 815,783 | ||||||||||
Real estate available and held for sale | 1,055 | 0 | 1,055 | 0 | ||||||||||
Total real estate | 1,537,549 | 815,783 | 1,537,549 | 815,783 | ||||||||||
Land and development, net | 0 | 0 | 0 | 0 | ||||||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | ||||||||||
Other investments | 165,804 | 205,007 | 165,804 | 205,007 | ||||||||||
Total portfolio assets | 1,703,353 | 1,020,790 | 1,703,353 | 1,020,790 | ||||||||||
Operating Segments | Operating Properties | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Earnings (losses) from equity method investments | (1,003) | (772) | 33,863 | |||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||||
Gain from discontinued operations | 0 | |||||||||||||
Gain on consolidation of equity method investment | 0 | |||||||||||||
Income from sales of real estate | 80,966 | 4,537 | 75,357 | |||||||||||
Total revenue and other earnings | 190,001 | 116,565 | 207,029 | |||||||||||
Other expense | 0 | 0 | 0 | |||||||||||
Allocated interest expense | (18,618) | (20,171) | (23,156) | |||||||||||
Allocated general and administrative | (6,574) | (8,075) | (6,574) | |||||||||||
Segment profit (loss) | 84,239 | (1,406) | 94,898 | |||||||||||
Other Significant Items | ||||||||||||||
Provision for (recovery of) loan losses | 0 | |||||||||||||
Provision for (recovery of) loan losses | 0 | 0 | ||||||||||||
Impairment of assets | 79,991 | 6,358 | 5,855 | |||||||||||
Depreciation and amortization | 17,417 | 17,684 | 17,887 | |||||||||||
Capitalized expenditures | 19,912 | 35,754 | 56,784 | |||||||||||
Segment Assets | ||||||||||||||
Real estate, net | 234,525 | 466,248 | 234,525 | 466,248 | ||||||||||
Real estate available and held for sale | 21,496 | 68,588 | 21,496 | 68,588 | ||||||||||
Total real estate | 256,021 | 534,836 | 256,021 | 534,836 | ||||||||||
Land and development, net | 0 | 0 | 0 | 0 | ||||||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | ||||||||||
Other investments | 65,643 | 38,761 | 65,643 | 38,761 | ||||||||||
Total portfolio assets | 321,664 | 573,597 | 321,664 | 573,597 | ||||||||||
Operating Segments | Land and Development | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Earnings (losses) from equity method investments | (3,110) | 7,292 | 30,012 | |||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||||
Gain from discontinued operations | 0 | |||||||||||||
Gain on consolidation of equity method investment | 0 | |||||||||||||
Income from sales of real estate | 0 | 0 | 8,801 | |||||||||||
Total revenue and other earnings | 414,477 | 331,270 | 130,746 | |||||||||||
Other expense | 0 | 0 | 0 | |||||||||||
Allocated interest expense | (21,897) | (28,033) | (34,888) | |||||||||||
Allocated general and administrative | (14,313) | (16,483) | (13,693) | |||||||||||
Segment profit (loss) | (13,600) | 64,688 | (16,805) | |||||||||||
Other Significant Items | ||||||||||||||
Provision for (recovery of) loan losses | 0 | |||||||||||||
Provision for (recovery of) loan losses | 0 | 0 | ||||||||||||
Impairment of assets | 56,726 | 20,535 | 3,800 | |||||||||||
Depreciation and amortization | 1,353 | 1,896 | 1,296 | |||||||||||
Capitalized expenditures | 144,595 | 125,744 | 109,548 | |||||||||||
Segment Assets | ||||||||||||||
Real estate, net | 0 | 0 | 0 | 0 | ||||||||||
Real estate available and held for sale | 0 | 0 | 0 | 0 | ||||||||||
Total real estate | 0 | 0 | 0 | 0 | ||||||||||
Land and development, net | 598,218 | 860,311 | 598,218 | 860,311 | ||||||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | ||||||||||
Other investments | 65,312 | 63,855 | 65,312 | 63,855 | ||||||||||
Total portfolio assets | 663,530 | 924,166 | 663,530 | 924,166 | ||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Earnings (losses) from equity method investments | (9,373) | 1,409 | 9,907 | |||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||||
Gain from discontinued operations | 0 | |||||||||||||
Gain on consolidation of equity method investment | 0 | |||||||||||||
Income from sales of real estate | 0 | 0 | 0 | |||||||||||
Total revenue and other earnings | 2,446 | 8,364 | 13,745 | |||||||||||
Other expense | (4,462) | (19,541) | (3,164) | |||||||||||
Allocated interest expense | (38,877) | (52,413) | (39,687) | |||||||||||
Allocated general and administrative | (19,975) | (20,726) | (19,975) | |||||||||||
Segment profit (loss) | (60,868) | (84,316) | (49,081) | |||||||||||
Other Significant Items | ||||||||||||||
Provision for (recovery of) loan losses | 0 | |||||||||||||
Provision for (recovery of) loan losses | 0 | 0 | ||||||||||||
Impairment of assets | 0 | 0 | 0 | |||||||||||
Depreciation and amortization | 1,341 | 1,321 | 1,097 | |||||||||||
Capitalized expenditures | 0 | 0 | 0 | |||||||||||
Segment Assets | ||||||||||||||
Real estate, net | 0 | 0 | 0 | 0 | ||||||||||
Real estate available and held for sale | 0 | 0 | 0 | 0 | ||||||||||
Total real estate | 0 | 0 | 0 | 0 | ||||||||||
Land and development, net | 0 | 0 | 0 | 0 | ||||||||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | 0 | ||||||||||
Other investments | 7,516 | 13,618 | 7,516 | 13,618 | ||||||||||
Total portfolio assets | $ 7,516 | $ 13,618 | 7,516 | 13,618 | ||||||||||
Operating lease income | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 208,192 | 187,684 | 191,180 | |||||||||||
Operating lease income | Operating Segments | Real Estate Finance | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Operating lease income | Operating Segments | Net Lease | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 151,958 | 123,685 | 126,164 | |||||||||||
Operating lease income | Operating Segments | Operating Properties | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 55,677 | 63,159 | 64,593 | |||||||||||
Operating lease income | Operating Segments | Land and Development | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 557 | 840 | 423 | |||||||||||
Operating lease income | Corporate, Non-Segment [Member] | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Interest income | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 97,878 | 106,548 | 129,153 | |||||||||||
Interest income | Operating Segments | Real Estate Finance | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 97,878 | 106,548 | 129,153 | |||||||||||
Interest income | Operating Segments | Net Lease | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Interest income | Operating Segments | Operating Properties | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Interest income | Operating Segments | Land and Development | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Interest income | Corporate, Non-Segment [Member] | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Other income | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 82,342 | 188,091 | 46,514 | |||||||||||
Other income | Operating Segments | Real Estate Finance | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 4,556 | 2,633 | 4,658 | |||||||||||
Other income | Operating Segments | Net Lease | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 4,286 | 2,603 | 1,632 | |||||||||||
Other income | Operating Segments | Operating Properties | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 54,361 | 49,641 | 33,216 | |||||||||||
Other income | Operating Segments | Land and Development | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 7,320 | 126,259 | 3,170 | |||||||||||
Other income | Corporate, Non-Segment [Member] | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 11,819 | 6,955 | 3,838 | |||||||||||
Land development | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 409,710 | 196,879 | 88,340 | |||||||||||
Cost of sales expense | (350,181) | (180,916) | (62,007) | |||||||||||
Land development | Operating Segments | Real Estate Finance | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Cost of sales expense | 0 | 0 | 0 | |||||||||||
Land development | Operating Segments | Net Lease | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Cost of sales expense | 0 | 0 | 0 | |||||||||||
Land development | Operating Segments | Operating Properties | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Cost of sales expense | 0 | 0 | 0 | |||||||||||
Land development | Operating Segments | Land and Development | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 409,710 | 196,879 | 88,340 | |||||||||||
Cost of sales expense | (350,181) | (180,916) | (62,007) | |||||||||||
Land development | Corporate, Non-Segment [Member] | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Cost of sales expense | 0 | 0 | 0 | |||||||||||
Real estate | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Cost of sales expense | (139,289) | (147,617) | (137,522) | |||||||||||
Real estate | Operating Segments | Real Estate Finance | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Cost of sales expense | 0 | 0 | 0 | |||||||||||
Real estate | Operating Segments | Net Lease | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Cost of sales expense | (17,033) | (16,742) | (18,158) | |||||||||||
Real estate | Operating Segments | Operating Properties | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Cost of sales expense | (80,570) | (89,725) | (82,401) | |||||||||||
Real estate | Operating Segments | Land and Development | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Cost of sales expense | (41,686) | (41,150) | (36,963) | |||||||||||
Real estate | Corporate, Non-Segment [Member] | ||||||||||||||
Segment Profit (Loss) | ||||||||||||||
Cost of sales expense | $ 0 | $ 0 | $ 0 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of segment profit (loss) to income (loss) from continuing operations | |||||||||||
Segment profit | $ 233,163 | $ 288,380 | $ 156,154 | ||||||||
Less: (Provision for) recovery of loan losses | (16,937) | ||||||||||
Less: (Provision for) recovery of loan losses | 5,828 | 12,514 | |||||||||
Less: Impairment of assets | (147,108) | (32,379) | (14,484) | ||||||||
Less: Depreciation and amortization | (58,699) | (49,033) | (51,660) | ||||||||
Less: Stock-based compensation expense | (17,563) | (18,812) | (10,889) | ||||||||
Less: Income tax (expense) benefit | (815) | 948 | 10,166 | ||||||||
Less: Loss on early extinguishment of debt, net | (10,367) | (14,724) | (1,619) | ||||||||
Net income (loss) | $ (105,028) | $ (8,832) | $ 60,506 | $ 35,028 | $ 3,290 | $ (3,716) | $ 196,007 | $ (15,372) | $ (18,326) | $ 180,208 | $ 100,182 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 140,165 | $ 122,141 | $ 171,571 | $ 364,245 | $ 103,144 | $ 119,872 | $ 347,867 | $ 108,319 | $ 798,122 | $ 679,202 | $ 455,187 |
Income from discontinued operations | 0 | 0 | (173) | (4,766) | 0 | 4,939 | 18,270 | ||||
Net income (loss) | (105,028) | (8,832) | 60,506 | 35,028 | 3,290 | (3,716) | 196,007 | (15,372) | (18,326) | 180,208 | 100,182 |
Net income (loss) attributable to common shareholders | (107,332) | (10,860) | 50,997 | 34,933 | 3,214 | (3,556) | 190,297 | (14,272) | (32,262) | 175,682 | 95,306 |
Earnings per common share data: | |||||||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | (115,455) | (18,984) | 42,873 | 26,809 | (4,910) | (34,530) | (64,757) | (17,433) | 25,708 | ||
Net Income (Loss) Available to Common Stockholders, Basic | 177,467 | (27,102) | (64,757) | 110,924 | 43,972 | ||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | $ (115,455) | $ (18,984) | $ 45,123 | $ 29,059 | (64,757) | (17,433) | 25,715 | ||||
Net income (loss) attributable to iStar Inc., diluted | $ (4,910) | $ (34,530) | |||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 179,722 | $ (27,102) | $ (64,757) | $ 110,924 | $ 43,979 | ||||||
Basic (in dollars per share) | $ (1.70) | $ (0.28) | $ 0.63 | $ 0.39 | $ (0.07) | $ (0.48) | $ 2.46 | $ (0.38) | $ (0.95) | $ 1.56 | $ 0.60 |
Diluted (in dollars per share) | $ (1.70) | $ (0.28) | $ 0.54 | $ 0.35 | $ (0.07) | $ (0.48) | $ 2.04 | $ (0.38) | $ (0.95) | $ 1.56 | $ 0.60 |
Weighted average number of shares, Basic (in shares) | 68,012 | 67,975 | 67,932 | 67,913 | 68,200 | 71,713 | 72,142 | 72,065 | 67,958 | 71,021 | 73,453 |
Weighted average number of shares, Diluted (in shares) | 68,012 | 67,975 | 83,694 | 83,670 | 68,200 | 71,713 | 88,195 | 72,065 | 67,958 | 71,021 | 73,835 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 02, 2019USD ($)multiple$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 27, 2017$ / shares |
Subsequent Event [Line Items] | |||||
Additional cash investment in equity method investment | $ 94,578,000 | $ 224,219,000 | $ 58,197,000 | ||
Fee percent of SAFE Equity up to $2.5 billion | |||||
Subsequent Event [Line Items] | |||||
Management fee as percent of equity | 1.00% | ||||
Fee percent of SAFE Equity up to $2.5 billion | Maximum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 2,500,000,000 | ||||
Fee percent of SAFE Equity over $2.5 billion | |||||
Subsequent Event [Line Items] | |||||
Management fee as percent of equity | 0.75% | ||||
Fee percent of SAFE Equity over $2.5 billion | Minimum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 2,500,000,000 | ||||
IPO | Safety, Income and Growth, Inc. | |||||
Subsequent Event [Line Items] | |||||
Initial public offering price per share (in dollars per share) | $ / shares | $ 20 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Management agreement, termination fee as multiple of prior year management fee | multiple | 3 | ||||
Management agreement, equity raised since inception metric related to renewal and termination | $ 820,000,000 | ||||
Subsequent Event | Real Estate Investment | Safety, Income and Growth, Inc. | |||||
Subsequent Event [Line Items] | |||||
Additional cash investment in equity method investment | $ 250,000,000 | ||||
Number of Investor Units purchased (in shares) | shares | 12,500,000 | ||||
Investor Units, purchase price per unit (in dollars per share) | $ / shares | $ 20 | ||||
Subsequent Event | Fee percent of SAFE Equity up to $1.5 billion | |||||
Subsequent Event [Line Items] | |||||
Management fee as percent of equity | 1.00% | ||||
Subsequent Event | Fee percent of SAFE Equity up to $1.5 billion | Maximum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 1,500,000,000 | ||||
Subsequent Event | Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | |||||
Subsequent Event [Line Items] | |||||
Management fee as percent of equity | 1.25% | ||||
Subsequent Event | Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Minimum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 1,500,000,000 | ||||
Subsequent Event | Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Maximum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 3,000,000,000 | ||||
Subsequent Event | Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | |||||
Subsequent Event [Line Items] | |||||
Management fee as percent of equity | 1.375% | ||||
Subsequent Event | Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Minimum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 3,000,000,000 | ||||
Subsequent Event | Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Maximum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 5,000,000,000 | ||||
Subsequent Event | Fee percent of SAFE Equity over $5.0 billion | |||||
Subsequent Event [Line Items] | |||||
Management fee as percent of equity | 1.50% | ||||
Subsequent Event | Fee percent of SAFE Equity over $5.0 billion | Minimum | |||||
Subsequent Event [Line Items] | |||||
Management fee equity threshold amount | $ 5,000,000,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 144,357 | $ 154,631 | $ 165,459 | |
Charged to Costs and Expenses | 33,086 | 1,753 | (8,296) | |
Adjustments to Valuation Accounts | 0 | (9,318) | 15,838 | |
Deductions | (42,670) | (2,709) | (18,370) | |
Balance at End of Period | 144,357 | 154,631 | 165,459 | $ 134,773 |
Reserve for loan losses | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 78,489 | 85,545 | 108,165 | |
Charged to Costs and Expenses | 16,937 | (5,828) | (12,514) | |
Adjustments to Valuation Accounts | 0 | 0 | 0 | |
Deductions | (42,031) | (1,228) | (10,106) | |
Balance at End of Period | 78,489 | 85,545 | 108,165 | 53,395 |
Allowance for doubtful accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 2,610 | 2,588 | 3,384 | |
Charged to Costs and Expenses | 1,300 | 473 | 985 | |
Adjustments to Valuation Accounts | 0 | 0 | 0 | |
Deductions | (639) | (451) | (1,781) | |
Balance at End of Period | 2,610 | 2,588 | 3,384 | 3,271 |
Allowance for deferred tax assets | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 63,258 | 66,498 | 53,910 | |
Charged to Costs and Expenses | 14,849 | 7,108 | 3,233 | |
Adjustments to Valuation Accounts | 0 | (9,318) | 15,838 | |
Deductions | 0 | (1,030) | (6,483) | |
Balance at End of Period | $ 63,258 | $ 66,498 | $ 53,910 | $ 78,107 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 802,367 | |||
Initial Cost to Company, Land | 1,039,661 | |||
Initial Cost to Company, Building and Improvements | 1,611,811 | |||
Cost Capitalized Subsequent to Acquisition | 59,040 | |||
Gross Amount Carried at Close of Period, Land | 1,093,068 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,617,444 | |||
Gross Amount Carried at Close of Period, Total | 2,710,512 | $ 2,577,195 | $ 2,997,351 | $ 3,246,469 |
Accumulated Depreciation | 318,724 | $ 366,265 | $ 426,982 | $ 467,616 |
Properties pledged as collateral | 472,000 | |||
Aggregate cost for federal income tax purposes | 3,160,000 | |||
Office Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 377,305 | |||
Initial Cost to Company, Land | 90,659 | |||
Initial Cost to Company, Building and Improvements | 604,011 | |||
Cost Capitalized Subsequent to Acquisition | (16,008) | |||
Gross Amount Carried at Close of Period, Land | 91,233 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 587,429 | |||
Gross Amount Carried at Close of Period, Total | 678,662 | |||
Accumulated Depreciation | 83,929 | |||
Office Facilities | Arizona OAZ 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 2,942 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,594 | |||
Gross Amount Carried at Close of Period, Total | 10,627 | |||
Accumulated Depreciation | $ 4,512 | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 287 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,939 | |||
Gross Amount Carried at Close of Period, Total | 7,972 | |||
Accumulated Depreciation | $ 3,331 | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 003 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 461 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,113 | |||
Gross Amount Carried at Close of Period, Total | 8,146 | |||
Accumulated Depreciation | $ 3,314 | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 004 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 701 | |||
Initial Cost to Company, Building and Improvements | 4,339 | |||
Cost Capitalized Subsequent to Acquisition | 2,171 | |||
Gross Amount Carried at Close of Period, Land | 701 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,510 | |||
Gross Amount Carried at Close of Period, Total | 7,211 | |||
Accumulated Depreciation | $ 2,257 | |||
Depreciable Life | 40 years | |||
Office Facilities | California OCA 005 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 27,602 | |||
Initial Cost to Company, Land | 9,702 | |||
Initial Cost to Company, Building and Improvements | 29,831 | |||
Cost Capitalized Subsequent to Acquisition | 1,152 | |||
Gross Amount Carried at Close of Period, Land | 9,702 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 30,983 | |||
Gross Amount Carried at Close of Period, Total | 40,685 | |||
Accumulated Depreciation | $ 479 | |||
Depreciable Life | 40 years | |||
Office Facilities | Colorado OCO 006 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 434 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 16,752 | |||
Cost Capitalized Subsequent to Acquisition | (11,239) | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,513 | |||
Gross Amount Carried at Close of Period, Total | 5,513 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 40 years | |||
Office Facilities | Illinois OIL 007 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,626 | |||
Initial Cost to Company, Land | 7,681 | |||
Initial Cost to Company, Building and Improvements | 30,230 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 7,681 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 30,230 | |||
Gross Amount Carried at Close of Period, Total | 37,911 | |||
Accumulated Depreciation | $ 482 | |||
Depreciable Life | 40 years | |||
Office Facilities | Maryland OMD 008 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 115,000 | |||
Initial Cost to Company, Land | 19,529 | |||
Initial Cost to Company, Building and Improvements | 148,286 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 19,529 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 148,286 | |||
Gross Amount Carried at Close of Period, Total | 167,815 | |||
Accumulated Depreciation | $ 877 | |||
Depreciable Life | 40 years | |||
Office Facilities | Massachusetts OMA 009 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,179 | |||
Initial Cost to Company, Land | 1,600 | |||
Initial Cost to Company, Building and Improvements | 21,947 | |||
Cost Capitalized Subsequent to Acquisition | 285 | |||
Gross Amount Carried at Close of Period, Land | 1,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 22,232 | |||
Gross Amount Carried at Close of Period, Total | 23,832 | |||
Accumulated Depreciation | $ 9,420 | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 010 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 48,968 | |||
Initial Cost to Company, Land | 7,726 | |||
Initial Cost to Company, Building and Improvements | 74,429 | |||
Cost Capitalized Subsequent to Acquisition | 10 | |||
Gross Amount Carried at Close of Period, Land | 7,724 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 74,441 | |||
Gross Amount Carried at Close of Period, Total | 82,165 | |||
Accumulated Depreciation | $ 29,894 | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 011 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,795 | |||
Initial Cost to Company, Land | 1,008 | |||
Initial Cost to Company, Building and Improvements | 13,763 | |||
Cost Capitalized Subsequent to Acquisition | 206 | |||
Gross Amount Carried at Close of Period, Land | 1,008 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 13,969 | |||
Gross Amount Carried at Close of Period, Total | 14,977 | |||
Accumulated Depreciation | $ 5,136 | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 012 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,568 | |||
Initial Cost to Company, Land | 2,456 | |||
Initial Cost to Company, Building and Improvements | 28,955 | |||
Cost Capitalized Subsequent to Acquisition | 814 | |||
Gross Amount Carried at Close of Period, Land | 2,456 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 29,769 | |||
Gross Amount Carried at Close of Period, Total | 32,225 | |||
Accumulated Depreciation | $ 10,995 | |||
Depreciable Life | 40 years | |||
Office Facilities | New York ONY 013 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 70,000 | |||
Initial Cost to Company, Land | 19,631 | |||
Initial Cost to Company, Building and Improvements | 104,527 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 19,631 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 104,527 | |||
Gross Amount Carried at Close of Period, Total | 124,158 | |||
Accumulated Depreciation | $ 1,368 | |||
Depreciable Life | 40 years | |||
Office Facilities | Pennsylvania OPA 014 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 690 | |||
Initial Cost to Company, Building and Improvements | 26,098 | |||
Cost Capitalized Subsequent to Acquisition | (20,084) | |||
Gross Amount Carried at Close of Period, Land | 257 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,447 | |||
Gross Amount Carried at Close of Period, Total | 6,704 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 40 years | |||
Office Facilities | Texas OTX 015 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,364 | |||
Initial Cost to Company, Building and Improvements | 10,628 | |||
Cost Capitalized Subsequent to Acquisition | 5,780 | |||
Gross Amount Carried at Close of Period, Land | 2,373 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,399 | |||
Gross Amount Carried at Close of Period, Total | 17,772 | |||
Accumulated Depreciation | $ 7,846 | |||
Depreciable Life | 40 years | |||
Office Facilities | Texas OTX 016 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,230 | |||
Initial Cost to Company, Building and Improvements | 5,660 | |||
Cost Capitalized Subsequent to Acquisition | 1,207 | |||
Gross Amount Carried at Close of Period, Land | 1,230 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,867 | |||
Gross Amount Carried at Close of Period, Total | 8,097 | |||
Accumulated Depreciation | $ 2,983 | |||
Depreciable Life | 40 years | |||
Office Facilities | Virginia OVA 017 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 56,133 | |||
Initial Cost to Company, Land | 14,242 | |||
Initial Cost to Company, Building and Improvements | 68,610 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 14,242 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 68,610 | |||
Gross Amount Carried at Close of Period, Total | 82,852 | |||
Accumulated Depreciation | $ 1,035 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 314,208 | |||
Initial Cost to Company, Land | 56,614 | |||
Initial Cost to Company, Building and Improvements | 337,356 | |||
Cost Capitalized Subsequent to Acquisition | 41,755 | |||
Gross Amount Carried at Close of Period, Land | 53,801 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 381,924 | |||
Gross Amount Carried at Close of Period, Total | 435,725 | |||
Accumulated Depreciation | 71,457 | |||
Industrial Facilities | Arizona IAZ 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 3,279 | |||
Initial Cost to Company, Building and Improvements | 5,221 | |||
Cost Capitalized Subsequent to Acquisition | (7,554) | |||
Gross Amount Carried at Close of Period, Land | 946 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 946 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 34,968 | |||
Initial Cost to Company, Land | 11,635 | |||
Initial Cost to Company, Building and Improvements | 19,515 | |||
Cost Capitalized Subsequent to Acquisition | 5,943 | |||
Gross Amount Carried at Close of Period, Land | 11,635 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 25,458 | |||
Gross Amount Carried at Close of Period, Total | 37,093 | |||
Accumulated Depreciation | $ 7,042 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 003 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 30,397 | |||
Initial Cost to Company, Land | 3,510 | |||
Initial Cost to Company, Building and Improvements | 20,846 | |||
Cost Capitalized Subsequent to Acquisition | 8,279 | |||
Gross Amount Carried at Close of Period, Land | 3,510 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 29,125 | |||
Gross Amount Carried at Close of Period, Total | 32,635 | |||
Accumulated Depreciation | $ 7,707 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Georgia IGA 004 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 26,237 | |||
Initial Cost to Company, Land | 2,791 | |||
Initial Cost to Company, Building and Improvements | 24,637 | |||
Cost Capitalized Subsequent to Acquisition | 349 | |||
Gross Amount Carried at Close of Period, Land | 2,791 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 24,986 | |||
Gross Amount Carried at Close of Period, Total | 27,777 | |||
Accumulated Depreciation | $ 6,985 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Indiana IN 005 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 462 | |||
Initial Cost to Company, Building and Improvements | 9,224 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 462 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,224 | |||
Gross Amount Carried at Close of Period, Total | 9,686 | |||
Accumulated Depreciation | $ 3,473 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Massachusetts IMA 006 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 37,482 | |||
Initial Cost to Company, Land | 7,439 | |||
Initial Cost to Company, Building and Improvements | 21,774 | |||
Cost Capitalized Subsequent to Acquisition | 10,979 | |||
Gross Amount Carried at Close of Period, Land | 7,439 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 32,753 | |||
Gross Amount Carried at Close of Period, Total | 40,192 | |||
Accumulated Depreciation | $ 8,666 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Michigan IMI 007 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 598 | |||
Initial Cost to Company, Building and Improvements | 9,814 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 598 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,815 | |||
Gross Amount Carried at Close of Period, Total | 10,413 | |||
Accumulated Depreciation | $ 3,733 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Minnesota IMN 008 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,705 | |||
Initial Cost to Company, Building and Improvements | 17,690 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 6,225 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,170 | |||
Gross Amount Carried at Close of Period, Total | 24,395 | |||
Accumulated Depreciation | $ 6,319 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | New Jersey INJ 009 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 42,053 | |||
Initial Cost to Company, Land | 8,368 | |||
Initial Cost to Company, Building and Improvements | 15,376 | |||
Cost Capitalized Subsequent to Acquisition | 21,141 | |||
Gross Amount Carried at Close of Period, Land | 8,368 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 36,517 | |||
Gross Amount Carried at Close of Period, Total | 44,885 | |||
Accumulated Depreciation | $ 9,737 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Ohio IOH 010 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 35,520 | |||
Initial Cost to Company, Land | 1,990 | |||
Initial Cost to Company, Building and Improvements | 56,329 | |||
Cost Capitalized Subsequent to Acquisition | 2,891 | |||
Gross Amount Carried at Close of Period, Land | 1,990 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 59,220 | |||
Gross Amount Carried at Close of Period, Total | 61,210 | |||
Accumulated Depreciation | $ 828 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Oklahoma IOK 011 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,154 | |||
Initial Cost to Company, Land | 401 | |||
Initial Cost to Company, Building and Improvements | 7,644 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 401 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,644 | |||
Gross Amount Carried at Close of Period, Total | 8,045 | |||
Accumulated Depreciation | $ 205 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Texas ITX 012 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,154 | |||
Initial Cost to Company, Land | 2,341 | |||
Initial Cost to Company, Building and Improvements | 17,142 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,341 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,142 | |||
Gross Amount Carried at Close of Period, Total | 19,483 | |||
Accumulated Depreciation | $ 269 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Texas ITX 013 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 27,426 | |||
Initial Cost to Company, Land | 1,631 | |||
Initial Cost to Company, Building and Improvements | 27,858 | |||
Cost Capitalized Subsequent to Acquisition | (416) | |||
Gross Amount Carried at Close of Period, Land | 1,631 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 27,442 | |||
Gross Amount Carried at Close of Period, Total | 29,073 | |||
Accumulated Depreciation | $ 7,614 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Virginia IVA 014 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 29,437 | |||
Initial Cost to Company, Land | 2,619 | |||
Initial Cost to Company, Building and Improvements | 28,481 | |||
Cost Capitalized Subsequent to Acquisition | 142 | |||
Gross Amount Carried at Close of Period, Land | 2,619 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 28,623 | |||
Gross Amount Carried at Close of Period, Total | 31,242 | |||
Accumulated Depreciation | $ 8,000 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Wisconsin IWI 015 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 32,380 | |||
Initial Cost to Company, Land | 2,845 | |||
Initial Cost to Company, Building and Improvements | 55,805 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,845 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 55,805 | |||
Gross Amount Carried at Close of Period, Total | 58,650 | |||
Accumulated Depreciation | $ 879 | |||
Depreciable Life | 40 years | |||
Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 545,615 | |||
Initial Cost to Company, Building and Improvements | 2,836 | |||
Cost Capitalized Subsequent to Acquisition | 157,520 | |||
Gross Amount Carried at Close of Period, Land | 688,755 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,216 | |||
Gross Amount Carried at Close of Period, Total | 705,971 | |||
Accumulated Depreciation | $ 8,118 | |||
Land | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life | 15 years | |||
Land | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life | 20 years | |||
Land | Arizona LAZ 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,400 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 800 | |||
Gross Amount Carried at Close of Period, Land | 2,200 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 2,200 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Arizona LAZ 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 96,700 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 96,700 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 96,700 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 003 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28,464 | |||
Initial Cost to Company, Building and Improvements | 2,836 | |||
Cost Capitalized Subsequent to Acquisition | (21,064) | |||
Gross Amount Carried at Close of Period, Land | 7,400 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,836 | |||
Gross Amount Carried at Close of Period, Total | 10,236 | |||
Accumulated Depreciation | $ 2,836 | |||
Depreciable Life | 0 years | |||
Land | California LCA 004 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,382 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,382 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 2,382 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 005 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,921 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 8,921 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 8,921 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 006 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 59,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (21,600) | |||
Gross Amount Carried at Close of Period, Land | 37,500 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 37,500 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFL 007 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,600 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 7,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 7,600 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFL 008 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,883 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,789 | |||
Gross Amount Carried at Close of Period, Land | 7,494 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 178 | |||
Gross Amount Carried at Close of Period, Total | 7,672 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFL 009 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 8,100 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 8,100 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFL 010 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 26,600 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,538 | |||
Gross Amount Carried at Close of Period, Land | 26,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 13,538 | |||
Gross Amount Carried at Close of Period, Total | 40,138 | |||
Accumulated Depreciation | $ 2 | |||
Depreciable Life | 0 years | |||
Land | Florida LFL 011 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,440 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (6,940) | |||
Gross Amount Carried at Close of Period, Land | 3,500 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 3,500 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFL 012 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (1,900) | |||
Gross Amount Carried at Close of Period, Land | 7,400 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 7,400 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Illinois LIL 013 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 31,500 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 31,500 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 31,500 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New Jersey LNJ 014 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 43,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 32,296 | |||
Gross Amount Carried at Close of Period, Land | 75,596 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 75,596 | |||
Accumulated Depreciation | $ 942 | |||
Depreciable Life | 0 years | |||
Land | New Jersey LNJ 015 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,992 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 161,358 | |||
Gross Amount Carried at Close of Period, Land | 165,350 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 165,350 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 016 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 58,900 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (19,874) | |||
Gross Amount Carried at Close of Period, Land | 39,026 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 39,026 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 017 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 52,461 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (22,461) | |||
Gross Amount Carried at Close of Period, Land | 30,000 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 30,000 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 018 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,600 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 4,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 4,600 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Pennsylvania LPA 019 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,460 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 664 | |||
Gross Amount Carried at Close of Period, Land | 1,460 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 664 | |||
Gross Amount Carried at Close of Period, Total | 2,124 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Virginia LVA 020 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 72,138 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 41,773 | |||
Gross Amount Carried at Close of Period, Land | 113,911 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 113,911 | |||
Accumulated Depreciation | $ 4,338 | |||
Depreciable Life | 0 years | |||
Land | Virginia LVA 021 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,291 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 397 | |||
Gross Amount Carried at Close of Period, Land | 3,688 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 3,688 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | West Virginia LWV 022 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,083 | |||
Initial Cost to Company, Building and Improvements | ||||
Cost Capitalized Subsequent to Acquisition | (1,256) | |||
Gross Amount Carried at Close of Period, Land | 7,827 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 7,827 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Entertainment | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 110,854 | |||
Initial Cost to Company, Land | 195,834 | |||
Initial Cost to Company, Building and Improvements | 372,225 | |||
Cost Capitalized Subsequent to Acquisition | 92,220 | |||
Gross Amount Carried at Close of Period, Land | 193,127 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 467,152 | |||
Gross Amount Carried at Close of Period, Total | 660,279 | |||
Accumulated Depreciation | 119,483 | |||
Entertainment | Alabama EAL 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,698 | |||
Initial Cost to Company, Land | 1,939 | |||
Initial Cost to Company, Building and Improvements | 1,840 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,939 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,840 | |||
Gross Amount Carried at Close of Period, Total | 3,779 | |||
Accumulated Depreciation | $ 58 | |||
Depreciable Life | 40 years | |||
Entertainment | Alabama EAL 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 277 | |||
Initial Cost to Company, Building and Improvements | 359 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 277 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 353 | |||
Gross Amount Carried at Close of Period, Total | 630 | |||
Accumulated Depreciation | $ 128 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 319 | |||
Initial Cost to Company, Building and Improvements | 414 | |||
Cost Capitalized Subsequent to Acquisition | (25) | |||
Gross Amount Carried at Close of Period, Land | 319 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 389 | |||
Gross Amount Carried at Close of Period, Total | 708 | |||
Accumulated Depreciation | $ 136 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 279 | |||
Initial Cost to Company, Building and Improvements | 1,250 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 279 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,250 | |||
Gross Amount Carried at Close of Period, Total | 1,529 | |||
Accumulated Depreciation | $ 71 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 005 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,357 | |||
Initial Cost to Company, Land | 389 | |||
Initial Cost to Company, Building and Improvements | 2,074 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 389 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,075 | |||
Gross Amount Carried at Close of Period, Total | 2,464 | |||
Accumulated Depreciation | $ 39 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 006 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 793 | |||
Initial Cost to Company, Building and Improvements | 1,027 | |||
Cost Capitalized Subsequent to Acquisition | (62) | |||
Gross Amount Carried at Close of Period, Land | 793 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 965 | |||
Gross Amount Carried at Close of Period, Total | 1,758 | |||
Accumulated Depreciation | $ 337 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 007 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 673 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 663 | |||
Gross Amount Carried at Close of Period, Total | 1,184 | |||
Accumulated Depreciation | $ 240 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 008 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,393 | |||
Initial Cost to Company, Land | 1,750 | |||
Initial Cost to Company, Building and Improvements | 2,118 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,750 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,118 | |||
Gross Amount Carried at Close of Period, Total | 3,868 | |||
Accumulated Depreciation | $ 63 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 009 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,038 | |||
Initial Cost to Company, Land | 1,969 | |||
Initial Cost to Company, Building and Improvements | 3,552 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,969 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,552 | |||
Gross Amount Carried at Close of Period, Total | 5,521 | |||
Accumulated Depreciation | $ 82 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 010 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,520 | |||
Initial Cost to Company, Land | 970 | |||
Initial Cost to Company, Building and Improvements | 1,710 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 970 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,710 | |||
Gross Amount Carried at Close of Period, Total | 2,680 | |||
Accumulated Depreciation | $ 38 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 011 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 630 | |||
Initial Cost to Company, Building and Improvements | 815 | |||
Cost Capitalized Subsequent to Acquisition | (49) | |||
Gross Amount Carried at Close of Period, Land | 630 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 766 | |||
Gross Amount Carried at Close of Period, Total | 1,396 | |||
Accumulated Depreciation | $ 267 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 012 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 590 | |||
Initial Cost to Company, Building and Improvements | 764 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 590 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 718 | |||
Gross Amount Carried at Close of Period, Total | 1,308 | |||
Accumulated Depreciation | $ 250 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 013 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Building and Improvements | 616 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 476 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 606 | |||
Gross Amount Carried at Close of Period, Total | 1,082 | |||
Accumulated Depreciation | $ 220 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 014 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 654 | |||
Initial Cost to Company, Building and Improvements | 845 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 654 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 831 | |||
Gross Amount Carried at Close of Period, Total | 1,485 | |||
Accumulated Depreciation | $ 302 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 015 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 666 | |||
Initial Cost to Company, Building and Improvements | 862 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 666 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 848 | |||
Gross Amount Carried at Close of Period, Total | 1,514 | |||
Accumulated Depreciation | $ 307 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 016 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,778 | |||
Initial Cost to Company, Land | 1,205 | |||
Initial Cost to Company, Building and Improvements | 1,933 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,205 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,933 | |||
Gross Amount Carried at Close of Period, Total | 3,138 | |||
Accumulated Depreciation | $ 41 | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 017 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 460 | |||
Initial Cost to Company, Building and Improvements | 596 | |||
Cost Capitalized Subsequent to Acquisition | (36) | |||
Gross Amount Carried at Close of Period, Land | 460 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 560 | |||
Gross Amount Carried at Close of Period, Total | 1,020 | |||
Accumulated Depreciation | $ 195 | |||
Depreciable Life | 40 years | |||
Entertainment | Tucson EAZ 018 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 994 | |||
Initial Cost to Company, Land | 456 | |||
Initial Cost to Company, Building and Improvements | 877 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 456 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 878 | |||
Gross Amount Carried at Close of Period, Total | 1,334 | |||
Accumulated Depreciation | $ 23 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 019 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,097 | |||
Initial Cost to Company, Building and Improvements | 1,421 | |||
Cost Capitalized Subsequent to Acquisition | (86) | |||
Gross Amount Carried at Close of Period, Land | 1,097 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,335 | |||
Gross Amount Carried at Close of Period, Total | 2,432 | |||
Accumulated Depreciation | $ 465 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 020 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 434 | |||
Initial Cost to Company, Building and Improvements | 560 | |||
Cost Capitalized Subsequent to Acquisition | (33) | |||
Gross Amount Carried at Close of Period, Land | 434 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 527 | |||
Gross Amount Carried at Close of Period, Total | 961 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 021 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Building and Improvements | 429 | |||
Cost Capitalized Subsequent to Acquisition | (26) | |||
Gross Amount Carried at Close of Period, Land | 332 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 403 | |||
Gross Amount Carried at Close of Period, Total | 735 | |||
Accumulated Depreciation | $ 141 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 022 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,678 | |||
Initial Cost to Company, Land | 2,032 | |||
Initial Cost to Company, Building and Improvements | 4,869 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,032 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,869 | |||
Gross Amount Carried at Close of Period, Total | 6,901 | |||
Accumulated Depreciation | $ 111 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 023 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,656 | |||
Initial Cost to Company, Land | 1,097 | |||
Initial Cost to Company, Building and Improvements | 1,882 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 1,097 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,883 | |||
Gross Amount Carried at Close of Period, Total | 2,980 | |||
Accumulated Depreciation | $ 49 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 024 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 676 | |||
Initial Cost to Company, Building and Improvements | 876 | |||
Cost Capitalized Subsequent to Acquisition | (53) | |||
Gross Amount Carried at Close of Period, Land | 676 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 823 | |||
Gross Amount Carried at Close of Period, Total | 1,499 | |||
Accumulated Depreciation | $ 287 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 025 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,577 | |||
Initial Cost to Company, Land | 990 | |||
Initial Cost to Company, Building and Improvements | 1,910 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 990 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,910 | |||
Gross Amount Carried at Close of Period, Total | 2,900 | |||
Accumulated Depreciation | $ 46 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 026 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,890 | |||
Initial Cost to Company, Land | 1,649 | |||
Initial Cost to Company, Building and Improvements | 3,803 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,649 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,803 | |||
Gross Amount Carried at Close of Period, Total | 5,452 | |||
Accumulated Depreciation | $ 86 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 027 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,697 | |||
Initial Cost to Company, Land | 1,503 | |||
Initial Cost to Company, Building and Improvements | 3,608 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,503 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,608 | |||
Gross Amount Carried at Close of Period, Total | 5,111 | |||
Accumulated Depreciation | $ 79 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 028 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,157 | |||
Initial Cost to Company, Land | 777 | |||
Initial Cost to Company, Building and Improvements | 1,963 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 777 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,963 | |||
Gross Amount Carried at Close of Period, Total | 2,740 | |||
Accumulated Depreciation | $ 53 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 029 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 720 | |||
Initial Cost to Company, Building and Improvements | 932 | |||
Cost Capitalized Subsequent to Acquisition | (56) | |||
Gross Amount Carried at Close of Period, Land | 720 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 876 | |||
Gross Amount Carried at Close of Period, Total | 1,596 | |||
Accumulated Depreciation | $ 305 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 030 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 574 | |||
Initial Cost to Company, Building and Improvements | 743 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 574 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 731 | |||
Gross Amount Carried at Close of Period, Total | 1,305 | |||
Accumulated Depreciation | $ 265 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 031 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 392 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 392 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 500 | |||
Gross Amount Carried at Close of Period, Total | 892 | |||
Accumulated Depreciation | $ 181 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 032 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 358 | |||
Initial Cost to Company, Building and Improvements | 464 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 358 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 457 | |||
Gross Amount Carried at Close of Period, Total | 815 | |||
Accumulated Depreciation | $ 165 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 033 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 18,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,000 | |||
Gross Amount Carried at Close of Period, Total | 18,000 | |||
Accumulated Depreciation | $ 6,456 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 034 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 852 | |||
Initial Cost to Company, Building and Improvements | 1,101 | |||
Cost Capitalized Subsequent to Acquisition | (18) | |||
Gross Amount Carried at Close of Period, Land | 852 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,083 | |||
Gross Amount Carried at Close of Period, Total | 1,935 | |||
Accumulated Depreciation | $ 393 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 035 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 1,953 | |||
Cost Capitalized Subsequent to Acquisition | 25,772 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 27,725 | |||
Gross Amount Carried at Close of Period, Total | 27,725 | |||
Accumulated Depreciation | $ 6,814 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 036 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 659 | |||
Initial Cost to Company, Building and Improvements | 852 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 659 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 838 | |||
Gross Amount Carried at Close of Period, Total | 1,497 | |||
Accumulated Depreciation | $ 304 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 037 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,656 | |||
Initial Cost to Company, Land | 1,167 | |||
Initial Cost to Company, Building and Improvements | 1,930 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,167 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,930 | |||
Gross Amount Carried at Close of Period, Total | 3,097 | |||
Accumulated Depreciation | $ 47 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 038 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 562 | |||
Initial Cost to Company, Building and Improvements | 729 | |||
Cost Capitalized Subsequent to Acquisition | (44) | |||
Gross Amount Carried at Close of Period, Land | 562 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 685 | |||
Gross Amount Carried at Close of Period, Total | 1,247 | |||
Accumulated Depreciation | $ 239 | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 039 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,642 | |||
Initial Cost to Company, Building and Improvements | 2,124 | |||
Cost Capitalized Subsequent to Acquisition | (35) | |||
Gross Amount Carried at Close of Period, Land | 1,642 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,089 | |||
Gross Amount Carried at Close of Period, Total | 3,731 | |||
Accumulated Depreciation | $ 758 | |||
Depreciable Life | 40 years | |||
Entertainment | Ontario EON 040 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,176 | |||
Initial Cost to Company, Land | 1,231 | |||
Initial Cost to Company, Building and Improvements | 2,491 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,231 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,491 | |||
Gross Amount Carried at Close of Period, Total | 3,722 | |||
Accumulated Depreciation | $ 59 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 041 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Building and Improvements | 827 | |||
Cost Capitalized Subsequent to Acquisition | (49) | |||
Gross Amount Carried at Close of Period, Land | 640 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 778 | |||
Gross Amount Carried at Close of Period, Total | 1,418 | |||
Accumulated Depreciation | $ 271 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 042 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,675 | |||
Initial Cost to Company, Land | 1,057 | |||
Initial Cost to Company, Building and Improvements | 1,719 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,057 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,719 | |||
Gross Amount Carried at Close of Period, Total | 2,776 | |||
Accumulated Depreciation | $ 44 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 043 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,141 | |||
Initial Cost to Company, Land | 497 | |||
Initial Cost to Company, Building and Improvements | 820 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 497 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 820 | |||
Gross Amount Carried at Close of Period, Total | 1,317 | |||
Accumulated Depreciation | $ 24 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 044 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 729 | |||
Initial Cost to Company, Building and Improvements | 944 | |||
Cost Capitalized Subsequent to Acquisition | (57) | |||
Gross Amount Carried at Close of Period, Land | 729 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 887 | |||
Gross Amount Carried at Close of Period, Total | 1,616 | |||
Accumulated Depreciation | $ 309 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 045 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 536 | |||
Initial Cost to Company, Building and Improvements | 694 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 536 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 683 | |||
Gross Amount Carried at Close of Period, Total | 1,219 | |||
Accumulated Depreciation | $ 248 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 046 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,587 | |||
Initial Cost to Company, Land | 713 | |||
Initial Cost to Company, Building and Improvements | 2,206 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 713 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,206 | |||
Gross Amount Carried at Close of Period, Total | 2,919 | |||
Accumulated Depreciation | $ 37 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 047 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 901 | |||
Initial Cost to Company, Building and Improvements | 1,165 | |||
Cost Capitalized Subsequent to Acquisition | (19) | |||
Gross Amount Carried at Close of Period, Land | 901 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,146 | |||
Gross Amount Carried at Close of Period, Total | 2,047 | |||
Accumulated Depreciation | $ 416 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 048 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,728 | |||
Initial Cost to Company, Land | 2,880 | |||
Initial Cost to Company, Building and Improvements | 5,586 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,880 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,586 | |||
Gross Amount Carried at Close of Period, Total | 8,466 | |||
Accumulated Depreciation | $ 115 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 049 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,681 | |||
Initial Cost to Company, Land | 1,018 | |||
Initial Cost to Company, Building and Improvements | 1,886 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,018 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,886 | |||
Gross Amount Carried at Close of Period, Total | 2,904 | |||
Accumulated Depreciation | $ 45 | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 050 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,090 | |||
Initial Cost to Company, Land | 669 | |||
Initial Cost to Company, Building and Improvements | 1,671 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 669 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,671 | |||
Gross Amount Carried at Close of Period, Total | 2,340 | |||
Accumulated Depreciation | $ 40 | |||
Depreciable Life | 40 years | |||
Entertainment | Connecticut ECT 051 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,097 | |||
Initial Cost to Company, Building and Improvements | 1,420 | |||
Cost Capitalized Subsequent to Acquisition | (23) | |||
Gross Amount Carried at Close of Period, Land | 1,097 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,397 | |||
Gross Amount Carried at Close of Period, Total | 2,494 | |||
Accumulated Depreciation | $ 506 | |||
Depreciable Life | 40 years | |||
Entertainment | Delaware EDE 052 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,076 | |||
Initial Cost to Company, Building and Improvements | 1,390 | |||
Cost Capitalized Subsequent to Acquisition | (80) | |||
Gross Amount Carried at Close of Period, Land | 1,076 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,310 | |||
Gross Amount Carried at Close of Period, Total | 2,386 | |||
Accumulated Depreciation | $ 457 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 053 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,195 | |||
Initial Cost to Company, Land | 757 | |||
Initial Cost to Company, Building and Improvements | 1,347 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 757 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,347 | |||
Gross Amount Carried at Close of Period, Total | 2,104 | |||
Accumulated Depreciation | $ 34 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 054 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 41,809 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 41,809 | |||
Gross Amount Carried at Close of Period, Total | 41,809 | |||
Accumulated Depreciation | $ 21,371 | |||
Depreciable Life | 27 years | |||
Entertainment | Florida EFL 055 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 412 | |||
Initial Cost to Company, Building and Improvements | 531 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 412 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 524 | |||
Gross Amount Carried at Close of Period, Total | 936 | |||
Accumulated Depreciation | $ 190 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 056 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,550 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,118 | |||
Gross Amount Carried at Close of Period, Land | 6,533 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,135 | |||
Gross Amount Carried at Close of Period, Total | 23,668 | |||
Accumulated Depreciation | $ 4,995 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 057 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,067 | |||
Initial Cost to Company, Building and Improvements | 1,382 | |||
Cost Capitalized Subsequent to Acquisition | (83) | |||
Gross Amount Carried at Close of Period, Land | 1,067 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,299 | |||
Gross Amount Carried at Close of Period, Total | 2,366 | |||
Accumulated Depreciation | $ 453 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 058 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 401 | |||
Initial Cost to Company, Building and Improvements | 520 | |||
Cost Capitalized Subsequent to Acquisition | (31) | |||
Gross Amount Carried at Close of Period, Land | 401 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 489 | |||
Gross Amount Carried at Close of Period, Total | 890 | |||
Accumulated Depreciation | $ 170 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 059 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 282 | |||
Initial Cost to Company, Building and Improvements | 364 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 282 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 358 | |||
Gross Amount Carried at Close of Period, Total | 640 | |||
Accumulated Depreciation | $ 130 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 060 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 352 | |||
Initial Cost to Company, Building and Improvements | 455 | |||
Cost Capitalized Subsequent to Acquisition | (28) | |||
Gross Amount Carried at Close of Period, Land | 352 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 427 | |||
Gross Amount Carried at Close of Period, Total | 779 | |||
Accumulated Depreciation | $ 149 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 061 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,283 | |||
Initial Cost to Company, Land | 513 | |||
Initial Cost to Company, Building and Improvements | 493 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 513 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 493 | |||
Gross Amount Carried at Close of Period, Total | 1,006 | |||
Accumulated Depreciation | $ 10 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 062 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,350 | |||
Initial Cost to Company, Land | 843 | |||
Initial Cost to Company, Building and Improvements | 1,537 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 843 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,537 | |||
Gross Amount Carried at Close of Period, Total | 2,380 | |||
Accumulated Depreciation | $ 40 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 063 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 437 | |||
Initial Cost to Company, Building and Improvements | 567 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 437 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 533 | |||
Gross Amount Carried at Close of Period, Total | 970 | |||
Accumulated Depreciation | $ 186 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 064 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 532 | |||
Initial Cost to Company, Building and Improvements | 689 | |||
Cost Capitalized Subsequent to Acquisition | (42) | |||
Gross Amount Carried at Close of Period, Land | 532 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 647 | |||
Gross Amount Carried at Close of Period, Total | 1,179 | |||
Accumulated Depreciation | $ 226 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 065 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 486 | |||
Initial Cost to Company, Building and Improvements | 629 | |||
Cost Capitalized Subsequent to Acquisition | (38) | |||
Gross Amount Carried at Close of Period, Land | 486 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 591 | |||
Gross Amount Carried at Close of Period, Total | 1,077 | |||
Accumulated Depreciation | $ 206 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 066 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 497 | |||
Initial Cost to Company, Building and Improvements | 643 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 497 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 633 | |||
Gross Amount Carried at Close of Period, Total | 1,130 | |||
Accumulated Depreciation | $ 229 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 067 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 643 | |||
Initial Cost to Company, Building and Improvements | 833 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 643 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 819 | |||
Gross Amount Carried at Close of Period, Total | 1,462 | |||
Accumulated Depreciation | $ 297 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 068 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,200 | |||
Initial Cost to Company, Building and Improvements | 18,272 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 4,200 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,272 | |||
Gross Amount Carried at Close of Period, Total | 22,472 | |||
Accumulated Depreciation | $ 6,326 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 069 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 551 | |||
Initial Cost to Company, Building and Improvements | 714 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 551 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 702 | |||
Gross Amount Carried at Close of Period, Total | 1,253 | |||
Accumulated Depreciation | $ 254 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 070 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 507 | |||
Initial Cost to Company, Building and Improvements | 656 | |||
Cost Capitalized Subsequent to Acquisition | (40) | |||
Gross Amount Carried at Close of Period, Land | 507 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 616 | |||
Gross Amount Carried at Close of Period, Total | 1,123 | |||
Accumulated Depreciation | $ 215 | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 071 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 19,337 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 19,337 | |||
Gross Amount Carried at Close of Period, Total | 19,337 | |||
Accumulated Depreciation | $ 6,693 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 072 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,978 | |||
Initial Cost to Company, Land | 1,383 | |||
Initial Cost to Company, Building and Improvements | 3,776 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,383 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,776 | |||
Gross Amount Carried at Close of Period, Total | 5,159 | |||
Accumulated Depreciation | $ 76 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 073 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 510 | |||
Initial Cost to Company, Building and Improvements | 660 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 510 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 649 | |||
Gross Amount Carried at Close of Period, Total | 1,159 | |||
Accumulated Depreciation | $ 235 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 074 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 474 | |||
Initial Cost to Company, Building and Improvements | 613 | |||
Cost Capitalized Subsequent to Acquisition | (37) | |||
Gross Amount Carried at Close of Period, Land | 474 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 576 | |||
Gross Amount Carried at Close of Period, Total | 1,050 | |||
Accumulated Depreciation | $ 201 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 075 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,706 | |||
Initial Cost to Company, Land | 2,098 | |||
Initial Cost to Company, Building and Improvements | 5,113 | |||
Cost Capitalized Subsequent to Acquisition | (1) | |||
Gross Amount Carried at Close of Period, Land | 2,098 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,112 | |||
Gross Amount Carried at Close of Period, Total | 7,210 | |||
Accumulated Depreciation | $ 100 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 076 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,482 | |||
Initial Cost to Company, Land | 911 | |||
Initial Cost to Company, Building and Improvements | 1,285 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 911 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,285 | |||
Gross Amount Carried at Close of Period, Total | 2,196 | |||
Accumulated Depreciation | $ 32 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 077 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 581 | |||
Initial Cost to Company, Building and Improvements | 752 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 581 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 706 | |||
Gross Amount Carried at Close of Period, Total | 1,287 | |||
Accumulated Depreciation | $ 246 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 078 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,144 | |||
Initial Cost to Company, Land | 1,180 | |||
Initial Cost to Company, Building and Improvements | 1,436 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,180 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,436 | |||
Gross Amount Carried at Close of Period, Total | 2,616 | |||
Accumulated Depreciation | $ 34 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 079 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,275 | |||
Initial Cost to Company, Land | 715 | |||
Initial Cost to Company, Building and Improvements | 760 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 715 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 760 | |||
Gross Amount Carried at Close of Period, Total | 1,475 | |||
Accumulated Depreciation | $ 22 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 080 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,396 | |||
Initial Cost to Company, Land | 1,110 | |||
Initial Cost to Company, Building and Improvements | 380 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,110 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 380 | |||
Gross Amount Carried at Close of Period, Total | 1,490 | |||
Accumulated Depreciation | $ 20 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 081 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,122 | |||
Initial Cost to Company, Land | 893 | |||
Initial Cost to Company, Building and Improvements | 311 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 893 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 312 | |||
Gross Amount Carried at Close of Period, Total | 1,205 | |||
Accumulated Depreciation | $ 11 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 082 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 718 | |||
Initial Cost to Company, Building and Improvements | 930 | |||
Cost Capitalized Subsequent to Acquisition | (15) | |||
Gross Amount Carried at Close of Period, Land | 718 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 915 | |||
Gross Amount Carried at Close of Period, Total | 1,633 | |||
Accumulated Depreciation | $ 332 | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 083 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 502 | |||
Initial Cost to Company, Building and Improvements | 651 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 502 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 640 | |||
Gross Amount Carried at Close of Period, Total | 1,142 | |||
Accumulated Depreciation | $ 232 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 084 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,137 | |||
Initial Cost to Company, Land | 1,312 | |||
Initial Cost to Company, Building and Improvements | 4,041 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,312 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,041 | |||
Gross Amount Carried at Close of Period, Total | 5,353 | |||
Accumulated Depreciation | $ 105 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 085 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,707 | |||
Initial Cost to Company, Land | 861 | |||
Initial Cost to Company, Building and Improvements | 3,945 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 861 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,945 | |||
Gross Amount Carried at Close of Period, Total | 4,806 | |||
Accumulated Depreciation | $ 79 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 086 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,803 | |||
Initial Cost to Company, Building and Improvements | 57 | |||
Cost Capitalized Subsequent to Acquisition | 30,479 | |||
Gross Amount Carried at Close of Period, Land | 8,803 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 30,536 | |||
Gross Amount Carried at Close of Period, Total | 39,339 | |||
Accumulated Depreciation | $ 8,639 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 087 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,102 | |||
Initial Cost to Company, Land | 455 | |||
Initial Cost to Company, Building and Improvements | 819 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 455 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 820 | |||
Gross Amount Carried at Close of Period, Total | 1,275 | |||
Accumulated Depreciation | $ 16 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 088 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,221 | |||
Initial Cost to Company, Land | 924 | |||
Initial Cost to Company, Building and Improvements | 238 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 924 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 239 | |||
Gross Amount Carried at Close of Period, Total | 1,163 | |||
Accumulated Depreciation | $ 32 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 089 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 433 | |||
Initial Cost to Company, Building and Improvements | 560 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 433 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 550 | |||
Gross Amount Carried at Close of Period, Total | 983 | |||
Accumulated Depreciation | $ 200 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 090 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,247 | |||
Initial Cost to Company, Land | 704 | |||
Initial Cost to Company, Building and Improvements | 956 | |||
Cost Capitalized Subsequent to Acquisition | (1) | |||
Gross Amount Carried at Close of Period, Land | 704 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 955 | |||
Gross Amount Carried at Close of Period, Total | 1,659 | |||
Accumulated Depreciation | $ 22 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 091 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,798 | |||
Initial Cost to Company, Building and Improvements | 2,894 | |||
Cost Capitalized Subsequent to Acquisition | 530 | |||
Gross Amount Carried at Close of Period, Land | 1,798 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,424 | |||
Gross Amount Carried at Close of Period, Total | 5,222 | |||
Accumulated Depreciation | $ 1,060 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 092 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,004 | |||
Initial Cost to Company, Land | 2,254 | |||
Initial Cost to Company, Building and Improvements | 3,251 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,254 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,251 | |||
Gross Amount Carried at Close of Period, Total | 5,505 | |||
Accumulated Depreciation | $ 96 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 093 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,111 | |||
Initial Cost to Company, Land | 730 | |||
Initial Cost to Company, Building and Improvements | 682 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 730 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 682 | |||
Gross Amount Carried at Close of Period, Total | 1,412 | |||
Accumulated Depreciation | $ 24 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 094 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,805 | |||
Initial Cost to Company, Land | 1,754 | |||
Initial Cost to Company, Building and Improvements | 3,289 | |||
Cost Capitalized Subsequent to Acquisition | (1) | |||
Gross Amount Carried at Close of Period, Land | 1,754 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,288 | |||
Gross Amount Carried at Close of Period, Total | 5,042 | |||
Accumulated Depreciation | $ 79 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 095 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 431 | |||
Initial Cost to Company, Building and Improvements | 557 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 431 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 548 | |||
Gross Amount Carried at Close of Period, Total | 979 | |||
Accumulated Depreciation | $ 199 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 096 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 995 | |||
Initial Cost to Company, Land | 600 | |||
Initial Cost to Company, Building and Improvements | 666 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 666 | |||
Gross Amount Carried at Close of Period, Total | 1,266 | |||
Accumulated Depreciation | $ 21 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 097 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 633 | |||
Initial Cost to Company, Land | 342 | |||
Initial Cost to Company, Building and Improvements | 670 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 342 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 670 | |||
Gross Amount Carried at Close of Period, Total | 1,012 | |||
Accumulated Depreciation | $ 17 | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 098 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,191 | |||
Initial Cost to Company, Land | 829 | |||
Initial Cost to Company, Building and Improvements | 1,597 | |||
Cost Capitalized Subsequent to Acquisition | (1) | |||
Gross Amount Carried at Close of Period, Land | 829 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,596 | |||
Gross Amount Carried at Close of Period, Total | 2,425 | |||
Accumulated Depreciation | $ 40 | |||
Depreciable Life | 40 years | |||
Entertainment | Indiana EIN 099 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 542 | |||
Initial Cost to Company, Building and Improvements | 701 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 542 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 690 | |||
Gross Amount Carried at Close of Period, Total | 1,232 | |||
Accumulated Depreciation | $ 250 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 100 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 428 | |||
Initial Cost to Company, Building and Improvements | 554 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 428 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 520 | |||
Gross Amount Carried at Close of Period, Total | 948 | |||
Accumulated Depreciation | $ 181 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 101 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 575 | |||
Initial Cost to Company, Building and Improvements | 745 | |||
Cost Capitalized Subsequent to Acquisition | (45) | |||
Gross Amount Carried at Close of Period, Land | 575 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 700 | |||
Gross Amount Carried at Close of Period, Total | 1,275 | |||
Accumulated Depreciation | $ 244 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 012 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 362 | |||
Initial Cost to Company, Building and Improvements | 468 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 362 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 461 | |||
Gross Amount Carried at Close of Period, Total | 823 | |||
Accumulated Depreciation | $ 167 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 103 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,735 | |||
Initial Cost to Company, Land | 1,762 | |||
Initial Cost to Company, Building and Improvements | 1,300 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,762 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,300 | |||
Gross Amount Carried at Close of Period, Total | 3,062 | |||
Accumulated Depreciation | $ 41 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 104 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,349 | |||
Initial Cost to Company, Land | 889 | |||
Initial Cost to Company, Building and Improvements | 1,632 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 889 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,633 | |||
Gross Amount Carried at Close of Period, Total | 2,522 | |||
Accumulated Depreciation | $ 32 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 105 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 884 | |||
Initial Cost to Company, Building and Improvements | 1,145 | |||
Cost Capitalized Subsequent to Acquisition | (19) | |||
Gross Amount Carried at Close of Period, Land | 884 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,126 | |||
Gross Amount Carried at Close of Period, Total | 2,010 | |||
Accumulated Depreciation | $ 408 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 106 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Building and Improvements | 518 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 399 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 509 | |||
Gross Amount Carried at Close of Period, Total | 908 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 107 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 649 | |||
Initial Cost to Company, Building and Improvements | 839 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 649 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 825 | |||
Gross Amount Carried at Close of Period, Total | 1,474 | |||
Accumulated Depreciation | $ 299 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 108 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 366 | |||
Initial Cost to Company, Building and Improvements | 473 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 366 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 466 | |||
Gross Amount Carried at Close of Period, Total | 832 | |||
Accumulated Depreciation | $ 169 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 109 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 398 | |||
Initial Cost to Company, Building and Improvements | 516 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 398 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 508 | |||
Gross Amount Carried at Close of Period, Total | 906 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 110 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,126 | |||
Initial Cost to Company, Building and Improvements | 1,458 | |||
Cost Capitalized Subsequent to Acquisition | (88) | |||
Gross Amount Carried at Close of Period, Land | 1,126 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,370 | |||
Gross Amount Carried at Close of Period, Total | 2,496 | |||
Accumulated Depreciation | $ 478 | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 111 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 642 | |||
Initial Cost to Company, Building and Improvements | 788 | |||
Cost Capitalized Subsequent to Acquisition | 454 | |||
Gross Amount Carried at Close of Period, Land | 642 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,242 | |||
Gross Amount Carried at Close of Period, Total | 1,884 | |||
Accumulated Depreciation | $ 361 | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 112 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 523 | |||
Initial Cost to Company, Building and Improvements | 678 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 523 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 666 | |||
Gross Amount Carried at Close of Period, Total | 1,189 | |||
Accumulated Depreciation | $ 241 | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 113 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 548 | |||
Initial Cost to Company, Building and Improvements | 711 | |||
Cost Capitalized Subsequent to Acquisition | (43) | |||
Gross Amount Carried at Close of Period, Land | 548 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 668 | |||
Gross Amount Carried at Close of Period, Total | 1,216 | |||
Accumulated Depreciation | $ 233 | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 114 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 519 | |||
Initial Cost to Company, Building and Improvements | 672 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 519 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 661 | |||
Gross Amount Carried at Close of Period, Total | 1,180 | |||
Accumulated Depreciation | $ 240 | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 115 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 554 | |||
Initial Cost to Company, Building and Improvements | 718 | |||
Cost Capitalized Subsequent to Acquisition | (43) | |||
Gross Amount Carried at Close of Period, Land | 554 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 675 | |||
Gross Amount Carried at Close of Period, Total | 1,229 | |||
Accumulated Depreciation | $ 235 | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 116 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 860 | |||
Initial Cost to Company, Building and Improvements | 543 | |||
Cost Capitalized Subsequent to Acquisition | 670 | |||
Gross Amount Carried at Close of Period, Land | 860 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,213 | |||
Gross Amount Carried at Close of Period, Total | 2,073 | |||
Accumulated Depreciation | $ 397 | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 117 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 533 | |||
Initial Cost to Company, Building and Improvements | 691 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 533 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 679 | |||
Gross Amount Carried at Close of Period, Total | 1,212 | |||
Accumulated Depreciation | $ 246 | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 118 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,667 | |||
Initial Cost to Company, Land | 1,801 | |||
Initial Cost to Company, Building and Improvements | 2,814 | |||
Cost Capitalized Subsequent to Acquisition | (1) | |||
Gross Amount Carried at Close of Period, Land | 1,801 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,813 | |||
Gross Amount Carried at Close of Period, Total | 4,614 | |||
Accumulated Depreciation | $ 83 | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 119 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,659 | |||
Initial Cost to Company, Land | 1,455 | |||
Initial Cost to Company, Building and Improvements | 2,036 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,455 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,036 | |||
Gross Amount Carried at Close of Period, Total | 3,491 | |||
Accumulated Depreciation | $ 60 | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 120 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,962 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,164 | |||
Gross Amount Carried at Close of Period, Land | 2,962 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,164 | |||
Gross Amount Carried at Close of Period, Total | 20,126 | |||
Accumulated Depreciation | $ 5,652 | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 121 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,717 | |||
Initial Cost to Company, Land | 1,496 | |||
Initial Cost to Company, Building and Improvements | 2,117 | |||
Cost Capitalized Subsequent to Acquisition | (1) | |||
Gross Amount Carried at Close of Period, Land | 1,496 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,116 | |||
Gross Amount Carried at Close of Period, Total | 3,612 | |||
Accumulated Depreciation | $ 55 | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 122 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,719 | |||
Initial Cost to Company, Land | 1,910 | |||
Initial Cost to Company, Building and Improvements | 3,373 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,910 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,373 | |||
Gross Amount Carried at Close of Period, Total | 5,283 | |||
Accumulated Depreciation | $ 77 | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 123 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,437 | |||
Initial Cost to Company, Building and Improvements | 8,715 | |||
Cost Capitalized Subsequent to Acquisition | 2,098 | |||
Gross Amount Carried at Close of Period, Land | 2,437 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,813 | |||
Gross Amount Carried at Close of Period, Total | 13,250 | |||
Accumulated Depreciation | $ 3,989 | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 124 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 334 | |||
Initial Cost to Company, Building and Improvements | 432 | |||
Cost Capitalized Subsequent to Acquisition | (26) | |||
Gross Amount Carried at Close of Period, Land | 334 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 406 | |||
Gross Amount Carried at Close of Period, Total | 740 | |||
Accumulated Depreciation | $ 142 | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 125 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 878 | |||
Initial Cost to Company, Building and Improvements | 1,139 | |||
Cost Capitalized Subsequent to Acquisition | (69) | |||
Gross Amount Carried at Close of Period, Land | 878 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,070 | |||
Gross Amount Carried at Close of Period, Total | 1,948 | |||
Accumulated Depreciation | $ 373 | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 126 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,958 | |||
Initial Cost to Company, Land | 1,936 | |||
Initial Cost to Company, Building and Improvements | 3,381 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,936 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,381 | |||
Gross Amount Carried at Close of Period, Total | 5,317 | |||
Accumulated Depreciation | $ 76 | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 127 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,391 | |||
Initial Cost to Company, Land | 803 | |||
Initial Cost to Company, Building and Improvements | 1,408 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 803 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,408 | |||
Gross Amount Carried at Close of Period, Total | 2,211 | |||
Accumulated Depreciation | $ 31 | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 128 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 750 | |||
Initial Cost to Company, Building and Improvements | 10,670 | |||
Cost Capitalized Subsequent to Acquisition | 230 | |||
Gross Amount Carried at Close of Period, Land | 750 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,900 | |||
Gross Amount Carried at Close of Period, Total | 11,650 | |||
Accumulated Depreciation | $ 201 | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 129 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,560 | |||
Initial Cost to Company, Building and Improvements | 2,019 | |||
Cost Capitalized Subsequent to Acquisition | (33) | |||
Gross Amount Carried at Close of Period, Land | 1,560 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,986 | |||
Gross Amount Carried at Close of Period, Total | 3,546 | |||
Accumulated Depreciation | $ 720 | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 130 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,618 | |||
Initial Cost to Company, Land | 1,141 | |||
Initial Cost to Company, Building and Improvements | 2,094 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,141 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,094 | |||
Gross Amount Carried at Close of Period, Total | 3,235 | |||
Accumulated Depreciation | $ 41 | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 131 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,483 | |||
Initial Cost to Company, Land | 1,354 | |||
Initial Cost to Company, Building and Improvements | 1,314 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,354 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,314 | |||
Gross Amount Carried at Close of Period, Total | 2,668 | |||
Accumulated Depreciation | $ 50 | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 132 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 830 | |||
Initial Cost to Company, Building and Improvements | 1,075 | |||
Cost Capitalized Subsequent to Acquisition | (65) | |||
Gross Amount Carried at Close of Period, Land | 830 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,010 | |||
Gross Amount Carried at Close of Period, Total | 1,840 | |||
Accumulated Depreciation | $ 352 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 133 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,277 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (248) | |||
Gross Amount Carried at Close of Period, Land | 587 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,442 | |||
Gross Amount Carried at Close of Period, Total | 3,029 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 134 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 442 | |||
Initial Cost to Company, Building and Improvements | 571 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 442 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 537 | |||
Gross Amount Carried at Close of Period, Total | 979 | |||
Accumulated Depreciation | $ 187 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 135 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 385 | |||
Initial Cost to Company, Building and Improvements | 499 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 385 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 491 | |||
Gross Amount Carried at Close of Period, Total | 876 | |||
Accumulated Depreciation | $ 178 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 136 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 350 | |||
Initial Cost to Company, Building and Improvements | 453 | |||
Cost Capitalized Subsequent to Acquisition | (28) | |||
Gross Amount Carried at Close of Period, Land | 350 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 425 | |||
Gross Amount Carried at Close of Period, Total | 775 | |||
Accumulated Depreciation | $ 148 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 137 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Building and Improvements | 640 | |||
Cost Capitalized Subsequent to Acquisition | (39) | |||
Gross Amount Carried at Close of Period, Land | 494 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 601 | |||
Gross Amount Carried at Close of Period, Total | 1,095 | |||
Accumulated Depreciation | $ 210 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 138 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 326 | |||
Initial Cost to Company, Building and Improvements | 421 | |||
Cost Capitalized Subsequent to Acquisition | (25) | |||
Gross Amount Carried at Close of Period, Land | 326 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 396 | |||
Gross Amount Carried at Close of Period, Total | 722 | |||
Accumulated Depreciation | $ 138 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 139 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 320 | |||
Initial Cost to Company, Building and Improvements | 414 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 320 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 407 | |||
Gross Amount Carried at Close of Period, Total | 727 | |||
Accumulated Depreciation | $ 148 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 140 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Building and Improvements | 516 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 399 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 508 | |||
Gross Amount Carried at Close of Period, Total | 907 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 141 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 959 | |||
Initial Cost to Company, Building and Improvements | 1,240 | |||
Cost Capitalized Subsequent to Acquisition | (20) | |||
Gross Amount Carried at Close of Period, Land | 959 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,220 | |||
Gross Amount Carried at Close of Period, Total | 2,179 | |||
Accumulated Depreciation | $ 442 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 142 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 587 | |||
Initial Cost to Company, Building and Improvements | 761 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 587 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 715 | |||
Gross Amount Carried at Close of Period, Total | 1,302 | |||
Accumulated Depreciation | $ 249 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 143 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 675 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 664 | |||
Gross Amount Carried at Close of Period, Total | 1,185 | |||
Accumulated Depreciation | $ 241 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 144 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 711 | |||
Initial Cost to Company, Building and Improvements | 920 | |||
Cost Capitalized Subsequent to Acquisition | (56) | |||
Gross Amount Carried at Close of Period, Land | 711 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 864 | |||
Gross Amount Carried at Close of Period, Total | 1,575 | |||
Accumulated Depreciation | $ 301 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 145 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 558 | |||
Initial Cost to Company, Building and Improvements | 723 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 558 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 711 | |||
Gross Amount Carried at Close of Period, Total | 1,269 | |||
Accumulated Depreciation | $ 258 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 146 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 747 | |||
Initial Cost to Company, Building and Improvements | 967 | |||
Cost Capitalized Subsequent to Acquisition | (58) | |||
Gross Amount Carried at Close of Period, Land | 747 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 909 | |||
Gross Amount Carried at Close of Period, Total | 1,656 | |||
Accumulated Depreciation | $ 317 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 147 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 683 | |||
Initial Cost to Company, Building and Improvements | 885 | |||
Cost Capitalized Subsequent to Acquisition | (15) | |||
Gross Amount Carried at Close of Period, Land | 683 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 870 | |||
Gross Amount Carried at Close of Period, Total | 1,553 | |||
Accumulated Depreciation | $ 315 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 148 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,492 | |||
Initial Cost to Company, Building and Improvements | 1,933 | |||
Cost Capitalized Subsequent to Acquisition | (117) | |||
Gross Amount Carried at Close of Period, Land | 1,492 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,816 | |||
Gross Amount Carried at Close of Period, Total | 3,308 | |||
Accumulated Depreciation | $ 633 | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 149 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,471 | |||
Initial Cost to Company, Building and Improvements | 1,904 | |||
Cost Capitalized Subsequent to Acquisition | (31) | |||
Gross Amount Carried at Close of Period, Land | 1,471 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,873 | |||
Gross Amount Carried at Close of Period, Total | 3,344 | |||
Accumulated Depreciation | $ 679 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 150 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 397 | |||
Initial Cost to Company, Building and Improvements | 513 | |||
Cost Capitalized Subsequent to Acquisition | (31) | |||
Gross Amount Carried at Close of Period, Land | 397 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 482 | |||
Gross Amount Carried at Close of Period, Total | 879 | |||
Accumulated Depreciation | $ 168 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 151 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Building and Improvements | 615 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 476 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 605 | |||
Gross Amount Carried at Close of Period, Total | 1,081 | |||
Accumulated Depreciation | $ 220 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 152 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 410 | |||
Initial Cost to Company, Building and Improvements | 530 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 410 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 522 | |||
Gross Amount Carried at Close of Period, Total | 932 | |||
Accumulated Depreciation | $ 189 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 153 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 402 | |||
Initial Cost to Company, Building and Improvements | 520 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 402 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 511 | |||
Gross Amount Carried at Close of Period, Total | 913 | |||
Accumulated Depreciation | $ 185 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 154 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 948 | |||
Initial Cost to Company, Building and Improvements | 1,227 | |||
Cost Capitalized Subsequent to Acquisition | (75) | |||
Gross Amount Carried at Close of Period, Land | 948 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,152 | |||
Gross Amount Carried at Close of Period, Total | 2,100 | |||
Accumulated Depreciation | $ 402 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 155 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 259 | |||
Initial Cost to Company, Building and Improvements | 336 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 259 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 330 | |||
Gross Amount Carried at Close of Period, Total | 589 | |||
Accumulated Depreciation | $ 120 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 156 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 349 | |||
Initial Cost to Company, Building and Improvements | 452 | |||
Cost Capitalized Subsequent to Acquisition | (28) | |||
Gross Amount Carried at Close of Period, Land | 349 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 424 | |||
Gross Amount Carried at Close of Period, Total | 773 | |||
Accumulated Depreciation | $ 148 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 157 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Building and Improvements | 828 | |||
Cost Capitalized Subsequent to Acquisition | (50) | |||
Gross Amount Carried at Close of Period, Land | 640 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 778 | |||
Gross Amount Carried at Close of Period, Total | 1,418 | |||
Accumulated Depreciation | $ 271 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 158 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Building and Improvements | 531 | |||
Cost Capitalized Subsequent to Acquisition | (32) | |||
Gross Amount Carried at Close of Period, Land | 409 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 499 | |||
Gross Amount Carried at Close of Period, Total | 908 | |||
Accumulated Depreciation | $ 174 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 159 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 965 | |||
Initial Cost to Company, Building and Improvements | 1,249 | |||
Cost Capitalized Subsequent to Acquisition | (21) | |||
Gross Amount Carried at Close of Period, Land | 965 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,228 | |||
Gross Amount Carried at Close of Period, Total | 2,193 | |||
Accumulated Depreciation | $ 445 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 160 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 475 | |||
Initial Cost to Company, Building and Improvements | 615 | |||
Cost Capitalized Subsequent to Acquisition | (37) | |||
Gross Amount Carried at Close of Period, Land | 475 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 578 | |||
Gross Amount Carried at Close of Period, Total | 1,053 | |||
Accumulated Depreciation | $ 201 | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 161 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Building and Improvements | 638 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 494 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 628 | |||
Gross Amount Carried at Close of Period, Total | 1,122 | |||
Accumulated Depreciation | $ 228 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 162 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 434 | |||
Initial Cost to Company, Building and Improvements | 562 | |||
Cost Capitalized Subsequent to Acquisition | (34) | |||
Gross Amount Carried at Close of Period, Land | 434 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 528 | |||
Gross Amount Carried at Close of Period, Total | 962 | |||
Accumulated Depreciation | $ 184 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 163 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 967 | |||
Initial Cost to Company, Building and Improvements | 1,252 | |||
Cost Capitalized Subsequent to Acquisition | (20) | |||
Gross Amount Carried at Close of Period, Land | 967 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,232 | |||
Gross Amount Carried at Close of Period, Total | 2,199 | |||
Accumulated Depreciation | $ 446 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 164 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 281 | |||
Initial Cost to Company, Building and Improvements | 365 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 281 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 359 | |||
Gross Amount Carried at Close of Period, Total | 640 | |||
Accumulated Depreciation | $ 130 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 165 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 393 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (30) | |||
Gross Amount Carried at Close of Period, Land | 393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 478 | |||
Gross Amount Carried at Close of Period, Total | 871 | |||
Accumulated Depreciation | $ 167 | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 166 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 967 | |||
Initial Cost to Company, Land | 290 | |||
Initial Cost to Company, Building and Improvements | 1,057 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 290 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,057 | |||
Gross Amount Carried at Close of Period, Total | 1,347 | |||
Accumulated Depreciation | $ 16 | |||
Depreciable Life | 40 years | |||
Entertainment | Oklahoma EOK 167 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 431 | |||
Initial Cost to Company, Building and Improvements | 557 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 431 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 548 | |||
Gross Amount Carried at Close of Period, Total | 979 | |||
Accumulated Depreciation | $ 199 | |||
Depreciable Life | 40 years | |||
Entertainment | Oklahoma EOK 168 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 954 | |||
Initial Cost to Company, Building and Improvements | 1,235 | |||
Cost Capitalized Subsequent to Acquisition | (75) | |||
Gross Amount Carried at Close of Period, Land | 954 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,160 | |||
Gross Amount Carried at Close of Period, Total | 2,114 | |||
Accumulated Depreciation | $ 405 | |||
Depreciable Life | 40 years | |||
Entertainment | Oregon EOR 169 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 393 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 500 | |||
Gross Amount Carried at Close of Period, Total | 893 | |||
Accumulated Depreciation | $ 181 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 170 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 840 | |||
Initial Cost to Company, Land | 410 | |||
Initial Cost to Company, Building and Improvements | 759 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 410 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 759 | |||
Gross Amount Carried at Close of Period, Total | 1,169 | |||
Accumulated Depreciation | $ 23 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 171 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407 | |||
Initial Cost to Company, Building and Improvements | 527 | |||
Cost Capitalized Subsequent to Acquisition | (32) | |||
Gross Amount Carried at Close of Period, Land | 407 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 495 | |||
Gross Amount Carried at Close of Period, Total | 902 | |||
Accumulated Depreciation | $ 173 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 172 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 421 | |||
Initial Cost to Company, Building and Improvements | 544 | |||
Cost Capitalized Subsequent to Acquisition | (33) | |||
Gross Amount Carried at Close of Period, Land | 421 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 511 | |||
Gross Amount Carried at Close of Period, Total | 932 | |||
Accumulated Depreciation | $ 178 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 173 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,340 | |||
Initial Cost to Company, Building and Improvements | 2,824 | |||
Cost Capitalized Subsequent to Acquisition | 211 | |||
Gross Amount Carried at Close of Period, Land | 2,340 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,035 | |||
Gross Amount Carried at Close of Period, Total | 5,375 | |||
Accumulated Depreciation | $ 1,029 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 174 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Building and Improvements | 528 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 409 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 520 | |||
Gross Amount Carried at Close of Period, Total | 929 | |||
Accumulated Depreciation | $ 189 | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 175 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407 | |||
Initial Cost to Company, Building and Improvements | 527 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 407 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 519 | |||
Gross Amount Carried at Close of Period, Total | 926 | |||
Accumulated Depreciation | $ 188 | |||
Depreciable Life | 40 years | |||
Entertainment | Puerto Rico EPR 176 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 950 | |||
Initial Cost to Company, Building and Improvements | 1,230 | |||
Cost Capitalized Subsequent to Acquisition | (74) | |||
Gross Amount Carried at Close of Period, Land | 950 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,156 | |||
Gross Amount Carried at Close of Period, Total | 2,106 | |||
Accumulated Depreciation | $ 403 | |||
Depreciable Life | 40 years | |||
Entertainment | Rhode Island ERI 177 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 850 | |||
Initial Cost to Company, Building and Improvements | 1,100 | |||
Cost Capitalized Subsequent to Acquisition | (18) | |||
Gross Amount Carried at Close of Period, Land | 850 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,082 | |||
Gross Amount Carried at Close of Period, Total | 1,932 | |||
Accumulated Depreciation | $ 392 | |||
Depreciable Life | 40 years | |||
Entertainment | South Carolina ESC 178 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Building and Improvements | 429 | |||
Cost Capitalized Subsequent to Acquisition | (26) | |||
Gross Amount Carried at Close of Period, Land | 332 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 403 | |||
Gross Amount Carried at Close of Period, Total | 735 | |||
Accumulated Depreciation | $ 141 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 179 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,045 | |||
Initial Cost to Company, Building and Improvements | 1,353 | |||
Cost Capitalized Subsequent to Acquisition | (82) | |||
Gross Amount Carried at Close of Period, Land | 1,045 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,271 | |||
Gross Amount Carried at Close of Period, Total | 2,316 | |||
Accumulated Depreciation | $ 443 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 180 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 593 | |||
Initial Cost to Company, Building and Improvements | 767 | |||
Cost Capitalized Subsequent to Acquisition | (13) | |||
Gross Amount Carried at Close of Period, Land | 593 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 754 | |||
Gross Amount Carried at Close of Period, Total | 1,347 | |||
Accumulated Depreciation | $ 273 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 181 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 838 | |||
Initial Cost to Company, Building and Improvements | 1,083 | |||
Cost Capitalized Subsequent to Acquisition | (17) | |||
Gross Amount Carried at Close of Period, Land | 838 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,066 | |||
Gross Amount Carried at Close of Period, Total | 1,904 | |||
Accumulated Depreciation | $ 387 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 182 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 528 | |||
Initial Cost to Company, Building and Improvements | 682 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 528 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 671 | |||
Gross Amount Carried at Close of Period, Total | 1,199 | |||
Accumulated Depreciation | $ 243 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 183 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,191 | |||
Initial Cost to Company, Land | 712 | |||
Initial Cost to Company, Building and Improvements | 763 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 712 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 763 | |||
Gross Amount Carried at Close of Period, Total | 1,475 | |||
Accumulated Depreciation | $ 19 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 184 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 480 | |||
Initial Cost to Company, Building and Improvements | 622 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 480 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 612 | |||
Gross Amount Carried at Close of Period, Total | 1,092 | |||
Accumulated Depreciation | $ 222 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 185 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 975 | |||
Initial Cost to Company, Building and Improvements | 1,261 | |||
Cost Capitalized Subsequent to Acquisition | (21) | |||
Gross Amount Carried at Close of Period, Land | 975 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,240 | |||
Gross Amount Carried at Close of Period, Total | 2,215 | |||
Accumulated Depreciation | $ 450 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 186 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 972 | |||
Initial Cost to Company, Land | 379 | |||
Initial Cost to Company, Building and Improvements | 266 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 379 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 266 | |||
Gross Amount Carried at Close of Period, Total | 645 | |||
Accumulated Depreciation | $ 10 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 187 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,108 | |||
Initial Cost to Company, Building and Improvements | 1,433 | |||
Cost Capitalized Subsequent to Acquisition | (23) | |||
Gross Amount Carried at Close of Period, Land | 1,108 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,410 | |||
Gross Amount Carried at Close of Period, Total | 2,518 | |||
Accumulated Depreciation | $ 511 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 188 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Building and Improvements | 549 | |||
Cost Capitalized Subsequent to Acquisition | (89) | |||
Gross Amount Carried at Close of Period, Land | 425 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 460 | |||
Gross Amount Carried at Close of Period, Total | 885 | |||
Accumulated Depreciation | $ 169 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 189 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 518 | |||
Initial Cost to Company, Building and Improvements | 671 | |||
Cost Capitalized Subsequent to Acquisition | (40) | |||
Gross Amount Carried at Close of Period, Land | 518 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 631 | |||
Gross Amount Carried at Close of Period, Total | 1,149 | |||
Accumulated Depreciation | $ 220 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 190 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 758 | |||
Initial Cost to Company, Building and Improvements | 981 | |||
Cost Capitalized Subsequent to Acquisition | (59) | |||
Gross Amount Carried at Close of Period, Land | 758 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 922 | |||
Gross Amount Carried at Close of Period, Total | 1,680 | |||
Accumulated Depreciation | $ 322 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 191 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 375 | |||
Initial Cost to Company, Building and Improvements | 485 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 375 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 477 | |||
Gross Amount Carried at Close of Period, Total | 852 | |||
Accumulated Depreciation | $ 173 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 192 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 438 | |||
Initial Cost to Company, Building and Improvements | 567 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 438 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 558 | |||
Gross Amount Carried at Close of Period, Total | 996 | |||
Accumulated Depreciation | $ 202 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 193 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 561 | |||
Initial Cost to Company, Building and Improvements | 726 | |||
Cost Capitalized Subsequent to Acquisition | (44) | |||
Gross Amount Carried at Close of Period, Land | 561 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 682 | |||
Gross Amount Carried at Close of Period, Total | 1,243 | |||
Accumulated Depreciation | $ 238 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 194 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,360 | |||
Initial Cost to Company, Building and Improvements | 1,082 | |||
Cost Capitalized Subsequent to Acquisition | 2,023 | |||
Gross Amount Carried at Close of Period, Land | 2,360 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,105 | |||
Gross Amount Carried at Close of Period, Total | 5,465 | |||
Accumulated Depreciation | $ 1,046 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 195 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 753 | |||
Initial Cost to Company, Building and Improvements | 976 | |||
Cost Capitalized Subsequent to Acquisition | (59) | |||
Gross Amount Carried at Close of Period, Land | 753 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 917 | |||
Gross Amount Carried at Close of Period, Total | 1,670 | |||
Accumulated Depreciation | $ 320 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 196 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 675 | |||
Cost Capitalized Subsequent to Acquisition | (41) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 634 | |||
Gross Amount Carried at Close of Period, Total | 1,155 | |||
Accumulated Depreciation | $ 221 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 197 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 634 | |||
Initial Cost to Company, Building and Improvements | 821 | |||
Cost Capitalized Subsequent to Acquisition | (13) | |||
Gross Amount Carried at Close of Period, Land | 634 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 808 | |||
Gross Amount Carried at Close of Period, Total | 1,442 | |||
Accumulated Depreciation | $ 293 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 198 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 379 | |||
Initial Cost to Company, Building and Improvements | 491 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 379 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 483 | |||
Gross Amount Carried at Close of Period, Total | 862 | |||
Accumulated Depreciation | $ 175 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 199 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,164 | |||
Initial Cost to Company, Land | 1,073 | |||
Initial Cost to Company, Building and Improvements | 2,274 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,073 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,274 | |||
Gross Amount Carried at Close of Period, Total | 3,347 | |||
Accumulated Depreciation | $ 48 | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 200 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 592 | |||
Initial Cost to Company, Building and Improvements | 766 | |||
Cost Capitalized Subsequent to Acquisition | (46) | |||
Gross Amount Carried at Close of Period, Land | 592 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 720 | |||
Gross Amount Carried at Close of Period, Total | 1,312 | |||
Accumulated Depreciation | $ 251 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 201 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,767 | |||
Initial Cost to Company, Building and Improvements | 7,075 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,767 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,075 | |||
Gross Amount Carried at Close of Period, Total | 10,842 | |||
Accumulated Depreciation | $ 20 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 202 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,134 | |||
Initial Cost to Company, Building and Improvements | 1,467 | |||
Cost Capitalized Subsequent to Acquisition | (89) | |||
Gross Amount Carried at Close of Period, Land | 1,134 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,378 | |||
Gross Amount Carried at Close of Period, Total | 2,512 | |||
Accumulated Depreciation | $ 481 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 203 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 845 | |||
Initial Cost to Company, Building and Improvements | 1,094 | |||
Cost Capitalized Subsequent to Acquisition | (66) | |||
Gross Amount Carried at Close of Period, Land | 845 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,028 | |||
Gross Amount Carried at Close of Period, Total | 1,873 | |||
Accumulated Depreciation | $ 358 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 204 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 884 | |||
Initial Cost to Company, Building and Improvements | 1,145 | |||
Cost Capitalized Subsequent to Acquisition | (19) | |||
Gross Amount Carried at Close of Period, Land | 884 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,126 | |||
Gross Amount Carried at Close of Period, Total | 2,010 | |||
Accumulated Depreciation | $ 408 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 205 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 953 | |||
Initial Cost to Company, Building and Improvements | 1,233 | |||
Cost Capitalized Subsequent to Acquisition | (21) | |||
Gross Amount Carried at Close of Period, Land | 953 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,212 | |||
Gross Amount Carried at Close of Period, Total | 2,165 | |||
Accumulated Depreciation | $ 440 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 206 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 487 | |||
Initial Cost to Company, Building and Improvements | 632 | |||
Cost Capitalized Subsequent to Acquisition | (39) | |||
Gross Amount Carried at Close of Period, Land | 487 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 593 | |||
Gross Amount Carried at Close of Period, Total | 1,080 | |||
Accumulated Depreciation | $ 207 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 207 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Building and Improvements | 550 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 425 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 541 | |||
Gross Amount Carried at Close of Period, Total | 966 | |||
Accumulated Depreciation | $ 196 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 208 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,151 | |||
Initial Cost to Company, Building and Improvements | 1,490 | |||
Cost Capitalized Subsequent to Acquisition | (24) | |||
Gross Amount Carried at Close of Period, Land | 1,151 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,466 | |||
Gross Amount Carried at Close of Period, Total | 2,617 | |||
Accumulated Depreciation | $ 531 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 209 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 546 | |||
Initial Cost to Company, Building and Improvements | 707 | |||
Cost Capitalized Subsequent to Acquisition | (42) | |||
Gross Amount Carried at Close of Period, Land | 546 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 665 | |||
Gross Amount Carried at Close of Period, Total | 1,211 | |||
Accumulated Depreciation | $ 232 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 210 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 819 | |||
Initial Cost to Company, Building and Improvements | 1,061 | |||
Cost Capitalized Subsequent to Acquisition | (64) | |||
Gross Amount Carried at Close of Period, Land | 819 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 997 | |||
Gross Amount Carried at Close of Period, Total | 1,816 | |||
Accumulated Depreciation | $ 348 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 211 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 958 | |||
Initial Cost to Company, Building and Improvements | 1,240 | |||
Cost Capitalized Subsequent to Acquisition | (75) | |||
Gross Amount Carried at Close of Period, Land | 958 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,165 | |||
Gross Amount Carried at Close of Period, Total | 2,123 | |||
Accumulated Depreciation | $ 406 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 212 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 788 | |||
Initial Cost to Company, Building and Improvements | 1,020 | |||
Cost Capitalized Subsequent to Acquisition | (17) | |||
Gross Amount Carried at Close of Period, Land | 788 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,003 | |||
Gross Amount Carried at Close of Period, Total | 1,791 | |||
Accumulated Depreciation | $ 364 | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 213 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 554 | |||
Initial Cost to Company, Building and Improvements | 716 | |||
Cost Capitalized Subsequent to Acquisition | (12) | |||
Gross Amount Carried at Close of Period, Land | 554 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 704 | |||
Gross Amount Carried at Close of Period, Total | 1,258 | |||
Accumulated Depreciation | $ 255 | |||
Depreciable Life | 40 years | |||
Entertainment | Washington EWA 214 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,173 | |||
Initial Cost to Company, Land | 1,608 | |||
Initial Cost to Company, Building and Improvements | 4,010 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,608 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,010 | |||
Gross Amount Carried at Close of Period, Total | 5,618 | |||
Accumulated Depreciation | $ 90 | |||
Depreciable Life | 40 years | |||
Entertainment | Washington EWA 215 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,500 | |||
Initial Cost to Company, Building and Improvements | 6,500 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,500 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,500 | |||
Gross Amount Carried at Close of Period, Total | 8,000 | |||
Accumulated Depreciation | $ 2,869 | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 216 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 673 | |||
Cost Capitalized Subsequent to Acquisition | (39) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 634 | |||
Gross Amount Carried at Close of Period, Total | 1,155 | |||
Accumulated Depreciation | $ 221 | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 217 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 793 | |||
Initial Cost to Company, Building and Improvements | 1,025 | |||
Cost Capitalized Subsequent to Acquisition | (17) | |||
Gross Amount Carried at Close of Period, Land | 793 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,008 | |||
Gross Amount Carried at Close of Period, Total | 1,801 | |||
Accumulated Depreciation | $ 366 | |||
Depreciable Life | 40 years | |||
Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 39,694 | |||
Initial Cost to Company, Building and Improvements | 69,274 | |||
Cost Capitalized Subsequent to Acquisition | (22) | |||
Gross Amount Carried at Close of Period, Land | 29,748 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 79,198 | |||
Gross Amount Carried at Close of Period, Total | 108,946 | |||
Accumulated Depreciation | 20,710 | |||
Retail | Arizona RAZ 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,625 | |||
Initial Cost to Company, Building and Improvements | 4,875 | |||
Cost Capitalized Subsequent to Acquisition | 2,825 | |||
Gross Amount Carried at Close of Period, Land | 2,625 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,700 | |||
Gross Amount Carried at Close of Period, Total | 10,325 | |||
Accumulated Depreciation | $ 2,141 | |||
Depreciable Life | 40 years | |||
Retail | Arizona RAZ 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,657 | |||
Initial Cost to Company, Building and Improvements | 2,666 | |||
Cost Capitalized Subsequent to Acquisition | (106) | |||
Gross Amount Carried at Close of Period, Land | 2,657 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,560 | |||
Gross Amount Carried at Close of Period, Total | 5,217 | |||
Accumulated Depreciation | $ 657 | |||
Depreciable Life | 40 years | |||
Retail | Colorado RCO 003 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,631 | |||
Initial Cost to Company, Building and Improvements | 279 | |||
Cost Capitalized Subsequent to Acquisition | 5,195 | |||
Gross Amount Carried at Close of Period, Land | 2,607 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,498 | |||
Gross Amount Carried at Close of Period, Total | 8,105 | |||
Accumulated Depreciation | $ 1,582 | |||
Depreciable Life | 40 years | |||
Retail | Florida RFL 004 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,950 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 10,285 | |||
Gross Amount Carried at Close of Period, Land | 3,908 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,327 | |||
Gross Amount Carried at Close of Period, Total | 14,235 | |||
Accumulated Depreciation | $ 3,152 | |||
Depreciable Life | 40 years | |||
Retail | Hawaii RHI 005 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,393 | |||
Initial Cost to Company, Building and Improvements | 21,155 | |||
Cost Capitalized Subsequent to Acquisition | (8,671) | |||
Gross Amount Carried at Close of Period, Land | 3,393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 12,484 | |||
Gross Amount Carried at Close of Period, Total | 15,877 | |||
Accumulated Depreciation | $ 3,726 | |||
Depreciable Life | 40 years | |||
Retail | Illinois RIL 006 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 14,934 | |||
Initial Cost to Company, Building and Improvements | 29,675 | |||
Cost Capitalized Subsequent to Acquisition | (26,366) | |||
Gross Amount Carried at Close of Period, Land | 5,126 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 13,117 | |||
Gross Amount Carried at Close of Period, Total | 18,243 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 40 years | |||
Retail | Illinois RIL 007 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 336 | |||
Cost Capitalized Subsequent to Acquisition | 1,601 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,937 | |||
Gross Amount Carried at Close of Period, Total | 1,937 | |||
Accumulated Depreciation | $ 1,087 | |||
Depreciable Life | 40 years | |||
Retail | New Mexico RNM 008 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,733 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,728 | |||
Gross Amount Carried at Close of Period, Land | 1,705 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,756 | |||
Gross Amount Carried at Close of Period, Total | 10,461 | |||
Accumulated Depreciation | $ 2,799 | |||
Depreciable Life | 40 years | |||
Retail | New York RNY 009 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 731 | |||
Initial Cost to Company, Building and Improvements | 6,073 | |||
Cost Capitalized Subsequent to Acquisition | 699 | |||
Gross Amount Carried at Close of Period, Land | 711 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,792 | |||
Gross Amount Carried at Close of Period, Total | 7,503 | |||
Accumulated Depreciation | $ 2,474 | |||
Depreciable Life | 40 years | |||
Retail | Texas RTX 010 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,538 | |||
Initial Cost to Company, Building and Improvements | 4,215 | |||
Cost Capitalized Subsequent to Acquisition | (187) | |||
Gross Amount Carried at Close of Period, Land | 3,514 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,052 | |||
Gross Amount Carried at Close of Period, Total | 7,566 | |||
Accumulated Depreciation | $ 1,288 | |||
Depreciable Life | 40 years | |||
Retail | Utah RUT 011 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,502 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,975 | |||
Gross Amount Carried at Close of Period, Land | 3,502 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,975 | |||
Gross Amount Carried at Close of Period, Total | 9,477 | |||
Accumulated Depreciation | $ 1,804 | |||
Depreciable Life | 40 years | |||
Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 21,811 | |||
Initial Cost to Company, Building and Improvements | 58,190 | |||
Cost Capitalized Subsequent to Acquisition | (27,701) | |||
Gross Amount Carried at Close of Period, Land | 7,234 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 45,066 | |||
Gross Amount Carried at Close of Period, Total | 52,300 | |||
Accumulated Depreciation | 9,125 | |||
Hotel | Hawaii HHI 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 17,996 | |||
Initial Cost to Company, Building and Improvements | 17,996 | |||
Cost Capitalized Subsequent to Acquisition | (31,160) | |||
Gross Amount Carried at Close of Period, Land | 3,419 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,413 | |||
Gross Amount Carried at Close of Period, Total | 4,832 | |||
Accumulated Depreciation | $ 4,531 | |||
Depreciable Life | 40 years | |||
Hotel | New Jersey HNJ 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,815 | |||
Initial Cost to Company, Building and Improvements | 40,194 | |||
Cost Capitalized Subsequent to Acquisition | 3,459 | |||
Gross Amount Carried at Close of Period, Land | 3,815 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 43,653 | |||
Gross Amount Carried at Close of Period, Total | 47,468 | |||
Accumulated Depreciation | $ 4,594 | |||
Depreciable Life | 40 years | |||
Apartment/Residential | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 65,336 | |||
Initial Cost to Company, Building and Improvements | 146,391 | |||
Cost Capitalized Subsequent to Acquisition | (191,476) | |||
Gross Amount Carried at Close of Period, Land | 5,072 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,179 | |||
Gross Amount Carried at Close of Period, Total | 20,251 | |||
Accumulated Depreciation | 0 | |||
Apartment/Residential | California ACA 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 10,078 | |||
Initial Cost to Company, Building and Improvements | 40,312 | |||
Cost Capitalized Subsequent to Acquisition | (50,009) | |||
Gross Amount Carried at Close of Period, Land | 76 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 305 | |||
Gross Amount Carried at Close of Period, Total | 381 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Georgia AGA 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,963 | |||
Initial Cost to Company, Building and Improvements | 11,850 | |||
Cost Capitalized Subsequent to Acquisition | (1,728) | |||
Gross Amount Carried at Close of Period, Land | 2,617 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,468 | |||
Gross Amount Carried at Close of Period, Total | 13,085 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | New Jersey ANJ 003 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 36,405 | |||
Initial Cost to Company, Building and Improvements | 64,719 | |||
Cost Capitalized Subsequent to Acquisition | (100,639) | |||
Gross Amount Carried at Close of Period, Land | 174 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 311 | |||
Gross Amount Carried at Close of Period, Total | 485 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Pennsylvania APA 004 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 15,890 | |||
Initial Cost to Company, Building and Improvements | 29,510 | |||
Cost Capitalized Subsequent to Acquisition | (39,100) | |||
Gross Amount Carried at Close of Period, Land | 2,205 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,095 | |||
Gross Amount Carried at Close of Period, Total | 6,300 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 24,098 | |||
Initial Cost to Company, Building and Improvements | 21,528 | |||
Cost Capitalized Subsequent to Acquisition | 2,752 | |||
Gross Amount Carried at Close of Period, Land | 24,098 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 24,280 | |||
Gross Amount Carried at Close of Period, Total | 48,378 | |||
Accumulated Depreciation | 5,902 | |||
Mixed Use | California MCA 001 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 5,869 | |||
Initial Cost to Company, Building and Improvements | 629 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Gross Amount Carried at Close of Period, Land | 5,869 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 631 | |||
Gross Amount Carried at Close of Period, Total | 6,500 | |||
Accumulated Depreciation | $ 514 | |||
Depreciable Life | 40 years | |||
Mixed Use | Florida MFL 002 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 18,229 | |||
Initial Cost to Company, Building and Improvements | 20,899 | |||
Cost Capitalized Subsequent to Acquisition | 2,750 | |||
Gross Amount Carried at Close of Period, Land | 18,229 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 23,649 | |||
Gross Amount Carried at Close of Period, Total | 41,878 | |||
Accumulated Depreciation | $ 5,388 | |||
Depreciable Life | 40 years | |||
Land and Land Development Assets | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 8,600 | |||
Assets Held-for-Sale | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,800 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Real Estate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at January 1 | $ 2,577,195 | $ 2,997,351 | $ 3,246,469 |
Improvements and additions | 203,124 | 167,676 | 169,999 |
Acquisitions through foreclosure | 4,600 | 0 | 40,583 |
Other acquisitions | 762,207 | 5,164 | 30,618 |
Dispositions | (656,900) | (561,431) | (484,810) |
Other | 0 | 0 | 4,035 |
Impairments | (179,714) | (31,565) | (9,543) |
Balance at December 31 | $ 2,710,512 | $ 2,577,195 | $ 2,997,351 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at January 1 | $ (366,265) | $ (426,982) | $ (467,616) |
Additions | (48,376) | (44,270) | (48,761) |
Dispositions | 95,917 | 104,987 | 89,395 |
Balance at December 31 | $ (318,724) | $ (366,265) | $ (426,982) |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 790,094 | |||
Carrying Amount of Mortgages | 730,515 | $ 752,129 | $ 915,905 | $ 934,964 |
Reserves on impaired loans | 40,400 | |||
Borrower A | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 0 | |||
Face Amount of Mortgages | 107,196 | |||
Carrying Amount of Mortgages | $ 107,427 | |||
Borrower A | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 5.15% | |||
Borrower A | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 5.15% | |||
Borrower B | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 88,612 | |||
Carrying Amount of Mortgages | $ 88,114 | |||
Borrower B | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 5.25% | |||
Borrower B | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 5.25% | |||
Borrower C | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 84,000 | |||
Carrying Amount of Mortgages | $ 84,959 | |||
Borrower C | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 6.00% | |||
Borrower C | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 6.00% | |||
Borrower D | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 71,934 | |||
Carrying Amount of Mortgages | $ 71,120 | |||
Borrower D | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 6.00% | |||
Borrower D | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 6.00% | |||
Borrower E | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 31,039 | |||
Carrying Amount of Mortgages | $ 31,017 | |||
Borrower E | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 4.00% | |||
Borrower E | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 4.00% | |||
Borrower F | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 30,833 | |||
Carrying Amount of Mortgages | $ 30,432 | |||
Borrower F | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 4.75% | |||
Borrower F | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 4.75% | |||
Borrower G | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 29,252 | |||
Carrying Amount of Mortgages | $ 29,085 | |||
Borrower G | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 6.00% | |||
Borrower G | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 6.00% | |||
Borrower H | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 27,274 | |||
Carrying Amount of Mortgages | $ 27,019 | |||
Borrower H | LIBOR | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 5.75% | |||
Borrower H | LIBOR | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 5.75% | |||
Borrower I | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 27,000 | |||
Carrying Amount of Mortgages | $ 26,828 | |||
Borrower I | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 7.50% | |||
Borrower I | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 7.50% | |||
Senior Mortgages Individually Less than 3 Percent | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 282,469 | |||
Carrying Amount of Mortgages | $ 224,353 | |||
Senior Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 5.00% | |||
Senior Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 6.00% | |||
Senior Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 9.68% | |||
Senior Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 9.68% | |||
Senior Mortgages Individually Less than 3 Percent | LIBOR | Minimum | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 3.00% | |||
Senior Mortgages Individually Less than 3 Percent | LIBOR | Minimum | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 3.00% | |||
Senior Mortgages Individually Less than 3 Percent | LIBOR | Maximum | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 7.50% | |||
Senior Mortgages Individually Less than 3 Percent | LIBOR | Maximum | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 7.50% | |||
Senior Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 779,609 | |||
Carrying Amount of Mortgages | 720,354 | |||
Subordinate Mortgages Individually Less than 3 Percent | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | 10,485 | |||
Carrying Amount of Mortgages | $ 10,161 | |||
Subordinate Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 6.80% | |||
Subordinate Mortgages Individually Less than 3 Percent | Minimum | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 6.80% | |||
Subordinate Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Accrual Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 14.00% | |||
Subordinate Mortgages Individually Less than 3 Percent | Maximum | Contractual Interest Payment Rates | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fixed interest rate (as a percent) | 14.00% | |||
Subordinate Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 10,485 | |||
Carrying Amount of Mortgages | $ 10,161 |
Schedule IV - Mortgage Loans _3
Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at January 1 | $ 752,129 | $ 915,905 | $ 934,964 |
Additions: | |||
New mortgage loans | 381,133 | 265,966 | 25,893 |
Additions under existing mortgage loans | 157,702 | 132,703 | 165,275 |
Other | 25,778 | 23,388 | 30,694 |
Deductions: | |||
Collections of principal | (501,466) | (528,321) | (247,431) |
Recovery of (provision for) loan losses | (45) | 28 | 9,747 |
Transfers to real estate and equity investments | (84,684) | (57,505) | (3,177) |
Amortization of premium | (32) | (35) | (60) |
Balance at December 31 | $ 730,515 | 752,129 | 915,905 |
Charge offs | $ 1,200 | $ 10,100 |
Uncategorized Items - star-2018
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 276,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 75,593,000 |