Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedules of discontinued operations

The following table presents the Company’s consolidated assets and liabilities recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021 ($ in thousands).

	As of
	March 31,		December 31,
	2022		2021
ASSETS
Real estate
Real estate, at cost	$	—	$	1,537,655
Less: accumulated depreciation		—		(271,183)
Total real estate, net		—		1,266,472
Net investment in leases		—		486,389
Loans receivable held for sale		—		48,675
Other investments		216,309		103,229
Finance lease right of use assets		—		150,099
Accrued interest and operating lease income receivable, net		1,018		2,997
Deferred operating lease income receivable, net		—		63,156
Deferred expenses and other assets, net		8,982		178,694
Total real estate and other assets available and held for sale and classified as discontinued operations	$	226,309	$	2,299,711
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	15,963	$	92,865
Finance lease liabilities		—		161,258
Debt obligations, net		—		714,296
Total liabilities associated with real estate held for sale and classified as discontinued operations	$	15,963	$	968,419

The transaction described above involving the Company's net lease business qualified for discontinued operations and the following table summarizes net income from discontinued operations for the three months ended March 31, 2022 and 2021 ($ in thousands):

	For the Three Months Ended March 31,
	2022		2021
Revenues:
Operating lease income	$	35,596	$	42,513
Interest income		885		861
Interest income from sales-type leases		8,803		8,627
Other income		4,292		1,275
Total revenues		49,576		53,276
Costs and expenses:
Interest expense(1)		7,484		10,754
Real estate expense		5,072		8,175
Depreciation and amortization(1)		—		13,054
Recovery of loan losses		—		(152)
Recovery of losses on net investment in leases		—		(1,601)
Impairment of assets		1,492		1,528
Other expense(2)		(5,669)		—
Total costs and expenses		8,379		31,758
Income from sales of real estate		683,738		—
Income from discontinued operations before earnings from equity method investments and other items		724,935		21,518
Earnings from equity method investments		127,129		1,001
Loss on early extinguishment of debt, net		(41,408)		—
Net income from discontinued operations before income taxes		810,656		22,519
Income tax expense		(12,968)		(33)
Net income from discontinued operations		797,688		22,486
Net (income) from discontinued operations attributable to noncontrolling interests		(179,089)		(2,564)
Net income from discontinued operations attributable to iStar Inc.	$	618,599	$	19,922

(1) For the three months ended March 31, 2022, the Company recorded $1.3 million of “Interest expense” in its consolidated statements of operations from its Ground Leases with SAFE. For the three months ended March 31, 2021, the Company recorded $2.1 million and $0.4 million, respectively, of “Interest expense” and “Depreciation and amortization” in its consolidated statements of operations from its Ground Leases with SAFE.

(2) Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the three months ended March 31, 2022.

The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the three months ended March 31, 2022 and 2021 ($ in thousands).

	For the Three Months Ended March 31,
	2022		2021
Cash flows provided by operating activities	$	22,571	$	20,847
Cash flows provided by investing activities		2,553,349		566