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Equity Investments in Ground Leases
12 Months Ended
Dec. 31, 2021
Investments, All Other Investments [Abstract]  
Equity Investments in Ground Leases

Note 6—Equity Investments in Ground Leases

In June 2021, the Company acquired a 29.2% noncontrolling equity interest in a Ground Lease at an office property in New York City. As of December 31, 2021, the Company’s investment in the Ground Lease was $42.1 million. During the year ended December 31, 2021, the Company recorded $2.9 million in earnings from equity method investments from the Ground Lease.

In August 2019, the Company formed a venture with a sovereign wealth fund that is an existing shareholder of the Company to acquire the existing Ground Lease at 425 Park Avenue in New York City. The venture acquired the Ground Lease in November 2019. The Company has a 54.8% noncontrolling equity interest in the venture and iStar is the manager of the venture. As of December 31, 2021 and 2020, the Company’s investment in the venture was $131.3 million and $129.6 million, respectively. During the years ended December 31, 2021, 2020 and 2019, the Company recorded $3.4 million, $3.3 million and ($0.4) million, respectively, in earnings (losses) from the venture.