|
(Mark One)
|
|
ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended December 31, 2018
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OR
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|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from to
|
Maryland
(State or other jurisdiction of
incorporation or organization)
|
|
95-6881527
(I.R.S. Employer
Identification Number)
|
1114 Avenue of the Americas, 39
th
Floor
New York, NY
(Address of principal executive offices)
|
|
10036
(Zip code)
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|
|
|
Title of each class:
|
|
Name of Exchange on which registered:
|
Common Stock, $0.001 par value
|
|
New York Stock Exchange
|
8.00% Series D Cumulative Redeemable
Preferred Stock, $0.001 par value
|
|
New York Stock Exchange
|
7.65% Series G Cumulative Redeemable
Preferred Stock, $0.001 par value
|
|
New York Stock Exchange
|
7.50% Series I Cumulative Redeemable
Preferred Stock, $0.001 par value
|
|
New York Stock Exchange
|
|
|
|
Title of each class:
|
|
Name of Exchange on which registered:
|
4.50% Series J Convertible Perpetual
Preferred Stock, $0.001 par value |
|
N/A
|
Large accelerated filer
ý
|
|
Accelerated filer
o
|
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Non-accelerated
filer
o
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Smaller reporting company
o
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Emerging growth company
o
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(1)
|
For purposes of this Annual Report only, includes all outstanding common stock other than common stock held directly by the registrant's directors and executive officers.
|
1.
|
Portions of the registrant's definitive proxy statement for the registrant's
2019
Annual Meeting, to be filed within 120 days after the close of the registrant's fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K.
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Page
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||
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||
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||
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||
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•
|
Targeting custom-tailored opportunities where customers require flexible financial solutions and "one-call" responsiveness, such as a joint offering of a SAFE Ground Lease and an iStar leasehold loan;
|
•
|
Acquiring a fee simple interest in a commercial property that we intend to bifurcate into a SAFE Ground Lease to be acquired by SAFE and a leasehold interest which we may sell or hold for investment;
|
•
|
Avoiding commodity businesses where there is significant direct competition from other providers of capital;
|
•
|
Developing direct relationships with borrowers and corporate customers in addition to sourcing transactions through intermediaries;
|
•
|
Adding value beyond simply providing capital by offering borrowers and corporate customers specific lending expertise, flexibility, certainty of closing and continuing relationships beyond the closing of a particular financing transaction;
|
•
|
Taking advantage of market anomalies in the real estate financing markets when, in the Company's view, credit is mispriced by other providers of capital; and
|
•
|
Evaluating relative risk adjusted returns across multiple investment markets.
|
•
|
adverse changes in international, regional or local economic and demographic conditions;
|
•
|
tenant vacancies and market pressures to offer tenant incentives to sign or renew leases;
|
•
|
adverse changes in the financial position or liquidity of tenants;
|
•
|
the inability to collect rent from tenants;
|
•
|
tenant bankruptcies;
|
•
|
higher costs resulting from capital expenditures and property operating expenses;
|
•
|
civil disturbances, hurricanes and other natural disasters, or terrorist acts or acts of war, which may result in uninsured or underinsured losses;
|
•
|
liabilities under environmental laws;
|
•
|
risks of loss from casualty or condemnation;
|
•
|
changes in, and changes in enforcement of, laws, regulations and governmental policies, including, without limitation, health, safety, environmental, zoning and tax laws; and
|
•
|
the other risks described under "We are subject to additional risks associated with owning and developing property."
|
•
|
We must incur costs to carry these assets and in some cases make repairs to defects in construction, make improvements to, or complete the assets, which requires additional liquidity and results in additional expenses that could exceed our original estimates and impact our operating results.
|
•
|
Real estate projects are not liquid and, to the extent we need to raise liquidity through asset sales, we may be limited in our ability to sell these assets in a short-time frame.
|
•
|
Uncertainty associated with economic conditions, rezoning, obtaining governmental permits and approvals, concerns of community associations, reliance on third party contractors, increasing commodity costs and threatened or pending litigation may materially delay our completion of rehabilitation and development activities and materially increase their cost to us.
|
•
|
The values of our real estate investments are subject to a number of factors outside of our control, including changes in the general economic climate, changes in interest rates and the availability of attractive financing, over-building or decreasing demand in the markets where we own assets, and changes in law and governmental regulations.
|
•
|
Reduced Tax Rates.
The highest individual U.S. federal income tax rate on ordinary income is reduced from 39.6% to 37% (through taxable years ending in 2025), and the maximum corporate income tax rate is reduced from 35% to 21%. In addition, individuals, trust, and estates that own the Company's stock are permitted to deduct up to 20% of dividends received from the Company (other than dividends that are designated as capital gain dividends or qualified dividend income), generally resulting in an effective maximum U.S. federal income tax rate of 29.6% on such dividends (through taxable years ending in 2025). Further, the amount that the Company is required to withhold on distributions to non-U.S. stockholders that are treated as attributable to gains from the Company's sale or exchange of U.S. real property interests is reduced from 35% to 21%.
|
•
|
Net Operating Losses.
The Company may not use net operating losses generated beginning in 2018 to offset more than 80% of the Company's taxable income (after the application of the dividends paid deduction). Net operating losses generated beginning in 2018 can be carried forward indefinitely but can no longer be carried back.
|
•
|
Limitation on Interest Deductions.
The amount of net interest expense that each of the Company and its TRSs may deduct for a taxable year is limited to the sum of: (i) the taxpayer's business interest income for the taxable year; and (ii) 30% of the taxpayer's "adjusted taxable income" for the taxable year. For taxable years beginning before January 1, 2022, adjusted taxable income means earnings before interest, taxes, depreciation, and amortization ("EBITDA"); for taxable years beginning on or after January 1, 2022, adjusted taxable income is limited to earnings before interest and taxes ("EBIT"). Certain electing businesses, including electing real estate businesses, may elect out of the foregoing limitation.
|
•
|
Alternative Minimum Tax.
The corporate alternative minimum tax is eliminated.
|
•
|
Income Accrual.
The Company is required to recognize certain items of income for U.S. federal income tax purposes no later than the Company would report such items on its financial statements. As discussed in Item 1a-Risk factors-"To qualify as a REIT, we may be forced to borrow funds, sell assets or take other actions during unfavorable market conditions", earlier recognition of income for U.S. federal income tax purposes could impact the Company's ability to satisfy the REIT distribution requirements. This provision generally applies to taxable years beginning after December 31, 2017, but will apply with respect to income from a debt instrument having "original issue discount" for U.S. federal income tax purposes only for taxable years beginning after December 31, 2018.
|
|
Total Number of Shares Purchased
(1)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of a Publicly Announced Plan
|
Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans
(1)
|
||||||
October 1 to October 31, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$
|
41,710,022
|
|
November 1 to November 30, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$
|
41,710,022
|
|
December 1 to December 31, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$
|
41,710,022
|
|
(1)
|
We may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans.
|
Plans Category
|
|
(a)
Number of securities to
be issued upon exercise
of outstanding options,
warrants and rights
|
|
(b)
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
|
(c)
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
|
||
Equity compensation plans approved by security holders-restricted stock awards
(1)(2)
|
|
597,215
|
|
|
N/A
|
|
2,574,093
|
|
(1)
|
Restricted Stock—The amount shown in column (a) includes
357,414
unvested restricted stock units which may vest in the future based on the employees' continued service to the Company (see Item 8—"Financial Statements and Supplemental Data—Note 14" for a more detailed description of the Company's restricted stock grants). Substantially all of the restricted stock units included in column (a) are required to be settled on a net, after-tax basis (after deducting shares for minimum required statutory withholdings); therefore, the actual number of shares issued will be less than the gross amount of the awards. The amount shown in column (a) also includes
239,801
of common stock equivalents and restricted stock awarded to our non-employee directors in consideration of their service to the Company as directors. Common stock equivalents represent rights to receive shares of common stock at the date the common stock equivalents are settled. Common stock equivalents have dividend equivalent rights beginning on the date of grant. The amount in column (c) represents the aggregate amount of stock options, shares of restricted stock units or other performance awards that could be granted under compensation plans approved by the Company's security holders after giving effect to previously issued awards of stock options, shares of restricted stock units and other performance awards (see Item 8—"Financial Statements and Supplemental Data—Note 14" for a more detailed description of the Company's Long-Term Incentive Plans).
|
(2)
|
The amount shown in column (a) does not include a currently indeterminable number of shares that may be issued upon the satisfaction of performance and vesting conditions of awards made under the Company's Performance Incentive Plan ("iPIP") approved by shareholders. In no event may the number of shares issued exceed the amount available in column (c) unless shareholders authorize additional shares (see Item 8—"Financial Statements and Supplemental Data—Note 14" for a more detailed description of iPIP.)
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
|
(In thousands, except per share data and ratios)
|
||||||||||||||||||
OPERATING DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating lease income
|
|
$
|
208,192
|
|
|
$
|
187,684
|
|
|
$
|
191,180
|
|
|
$
|
211,207
|
|
|
$
|
229,672
|
|
Interest income
|
|
97,878
|
|
|
106,548
|
|
|
129,153
|
|
|
134,687
|
|
|
122,704
|
|
|||||
Other income
|
|
82,342
|
|
|
188,091
|
|
|
46,514
|
|
|
49,924
|
|
|
77,583
|
|
|||||
Land development revenue
|
|
409,710
|
|
|
196,879
|
|
|
88,340
|
|
|
100,216
|
|
|
15,191
|
|
|||||
Total revenue
|
|
798,122
|
|
|
679,202
|
|
|
455,187
|
|
|
496,034
|
|
|
445,150
|
|
|||||
Interest expense
|
|
183,751
|
|
|
194,686
|
|
|
221,398
|
|
|
224,639
|
|
|
224,483
|
|
|||||
Real estate expense
|
|
139,289
|
|
|
147,617
|
|
|
137,522
|
|
|
146,509
|
|
|
162,829
|
|
|||||
Land development cost of sales
|
|
350,181
|
|
|
180,916
|
|
|
62,007
|
|
|
67,382
|
|
|
12,840
|
|
|||||
Depreciation and amortization
|
|
58,699
|
|
|
49,033
|
|
|
51,660
|
|
|
62,045
|
|
|
70,375
|
|
|||||
General and administrative
|
|
92,135
|
|
|
98,882
|
|
|
84,027
|
|
|
81,277
|
|
|
88,287
|
|
|||||
Provision for (recovery of) loan losses
|
|
16,937
|
|
|
(5,828
|
)
|
|
(12,514
|
)
|
|
36,567
|
|
|
(1,714
|
)
|
|||||
Impairment of assets
(1)
|
|
147,108
|
|
|
32,379
|
|
|
14,484
|
|
|
10,524
|
|
|
34,634
|
|
|||||
Other expense
|
|
6,040
|
|
|
20,954
|
|
|
5,883
|
|
|
6,374
|
|
|
6,340
|
|
|||||
Total costs and expenses
|
|
994,140
|
|
|
718,639
|
|
|
564,467
|
|
|
635,317
|
|
|
598,074
|
|
|||||
Income from sales of real estate
|
|
126,004
|
|
|
92,049
|
|
|
105,296
|
|
|
93,816
|
|
|
89,943
|
|
|||||
Income (loss) from operations before earnings from equity method investments and other items
|
|
(70,014
|
)
|
|
52,612
|
|
|
(3,984
|
)
|
|
(45,467
|
)
|
|
(62,981
|
)
|
|||||
Loss on early extinguishment of debt, net
|
|
(10,367
|
)
|
|
(14,724
|
)
|
|
(1,619
|
)
|
|
(281
|
)
|
|
(25,369
|
)
|
|||||
Earnings (losses) from equity method investments
|
|
(5,007
|
)
|
|
13,015
|
|
|
77,349
|
|
|
32,153
|
|
|
94,905
|
|
|||||
Gain on consolidation of equity method investment
(2)
|
|
67,877
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) from continuing operations before income taxes
|
|
(17,511
|
)
|
|
50,903
|
|
|
71,746
|
|
|
(13,595
|
)
|
|
6,555
|
|
|||||
Income tax (expense) benefit
|
|
(815
|
)
|
|
948
|
|
|
10,166
|
|
|
(7,639
|
)
|
|
(3,912
|
)
|
|||||
Income (loss) from continuing operations
|
|
(18,326
|
)
|
|
51,851
|
|
|
81,912
|
|
|
(21,234
|
)
|
|
2,643
|
|
|||||
Income from discontinued operations
|
|
—
|
|
|
4,939
|
|
|
18,270
|
|
|
15,077
|
|
|
13,122
|
|
|||||
Gain from discontinued operations
|
|
—
|
|
|
123,418
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss)
|
|
(18,326
|
)
|
|
180,208
|
|
|
100,182
|
|
|
(6,157
|
)
|
|
15,765
|
|
|||||
Net (income) loss attributable to noncontrolling interests
|
|
(13,936
|
)
|
|
(4,526
|
)
|
|
(4,876
|
)
|
|
3,722
|
|
|
704
|
|
|||||
Net income (loss) attributable to iStar Inc.
|
|
(32,262
|
)
|
|
175,682
|
|
|
95,306
|
|
|
(2,435
|
)
|
|
16,469
|
|
|||||
Preferred dividends
|
|
(32,495
|
)
|
|
(64,758
|
)
|
|
(51,320
|
)
|
|
(51,320
|
)
|
|
(51,320
|
)
|
|||||
Net (income) loss allocable to HPU holders and Participating Security holders
(3)
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
1,080
|
|
|
1,129
|
|
|||||
Net income (loss) allocable to common shareholders
|
|
$
|
(64,757
|
)
|
|
$
|
110,924
|
|
|
$
|
43,972
|
|
|
$
|
(52,675
|
)
|
|
$
|
(33,722
|
)
|
Per common share data
(4)
:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) attributable to iStar Inc. from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
(0.95
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
Diluted
|
|
$
|
(0.95
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
Net income (loss) attributable to iStar Inc.:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
(0.95
|
)
|
|
$
|
1.56
|
|
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
Diluted
|
|
$
|
(0.95
|
)
|
|
$
|
1.56
|
|
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
Dividends declared per common share
|
|
$
|
0.18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Refer to "Item 7. - Management's Discussion and Analysis - Our Portfolio" for more information on impairments recognized in 2018.
|
(2)
|
Refer to Note 7 for more information on "Gain from consolidation of equity method investment."
|
(3)
|
All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (see Item 8—"Financial Statements and Supplemental Data—Note 13). Participating Security holders are non-employee directors who hold unvested common stock equivalents and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Item 8—"Financial Statements and Supplemental Data—Note 14 and 15).
|
(4)
|
See Item 8—"Financial Statements and Supplemental Data—Note 15."
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
|
(In thousands, except per share data and ratios)
|
||||||||||||||||||
Weighted average common shares outstanding—basic
|
|
67,958
|
|
|
71,021
|
|
|
73,453
|
|
|
84,987
|
|
|
85,031
|
|
|||||
Weighted average common shares outstanding—diluted
|
|
67,958
|
|
|
71,021
|
|
|
73,453
|
|
|
84,987
|
|
|
85,031
|
|
|||||
Cash flows from (used in):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
|
$
|
(24,128
|
)
|
|
$
|
101,543
|
|
|
$
|
29,489
|
|
|
$
|
(57,827
|
)
|
|
$
|
25,593
|
|
Investing activities
|
|
778,859
|
|
|
263,071
|
|
|
465,028
|
|
|
191,578
|
|
|
130,510
|
|
|||||
Financing activities
|
|
(457,939
|
)
|
|
(41,480
|
)
|
|
(877,655
|
)
|
|
112,185
|
|
|
(227,096
|
)
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total real estate
(1)
|
|
$
|
1,793,570
|
|
|
$
|
1,350,619
|
|
|
$
|
1,624,805
|
|
|
$
|
1,776,890
|
|
|
$
|
1,987,843
|
|
Land and development, net
(1)
|
|
598,218
|
|
|
860,311
|
|
|
945,565
|
|
|
1,001,963
|
|
|
978,962
|
|
|||||
Loans receivable and other lending investments, net
|
|
988,224
|
|
|
1,300,655
|
|
|
1,450,439
|
|
|
1,601,985
|
|
|
1,377,843
|
|
|||||
Total assets
|
|
5,014,277
|
|
|
4,731,078
|
|
|
4,825,514
|
|
|
5,597,792
|
|
|
5,426,483
|
|
|||||
Debt obligations, net
|
|
3,609,086
|
|
|
3,476,400
|
|
|
3,389,908
|
|
|
4,118,823
|
|
|
3,986,034
|
|
|||||
Total equity
(2)
|
|
1,064,115
|
|
|
914,249
|
|
|
1,059,684
|
|
|
1,101,330
|
|
|
1,248,348
|
|
(1)
|
Prior to December 31, 2015, land and development assets were recorded in total real estate. Prior year amounts have been reclassified to conform to the current period presentation.
|
(2)
|
Total equity includes $201.1 million of noncontrolling interests as of December 31, 2018.
|
Property/Collateral Types
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land & Development
|
|
Total
|
|
% of
Total |
|||||||||||
Office / Industrial
|
|
$
|
67,924
|
|
|
$
|
1,191,980
|
|
|
$
|
110,679
|
|
|
$
|
—
|
|
|
$
|
1,370,583
|
|
|
32.7
|
%
|
Land and Development
|
|
96,140
|
|
|
—
|
|
|
—
|
|
|
672,198
|
|
|
768,338
|
|
|
18.4
|
%
|
|||||
Entertainment / Leisure
|
|
—
|
|
|
712,220
|
|
|
14,871
|
|
|
—
|
|
|
727,091
|
|
|
17.4
|
%
|
|||||
Hotel
|
|
248,855
|
|
|
—
|
|
|
47,468
|
|
|
—
|
|
|
296,323
|
|
|
7.1
|
%
|
|||||
Mixed Use / Mixed Collateral
|
|
215,719
|
|
|
—
|
|
|
76,673
|
|
|
—
|
|
|
292,392
|
|
|
7.0
|
%
|
|||||
Condominium
|
|
159,075
|
|
|
—
|
|
|
20,551
|
|
|
—
|
|
|
179,626
|
|
|
4.3
|
%
|
|||||
Ground Leases
|
|
—
|
|
|
172,178
|
|
|
—
|
|
|
—
|
|
|
172,178
|
|
|
4.1
|
%
|
|||||
Multifamily
|
|
139,087
|
|
|
—
|
|
|
29,189
|
|
|
—
|
|
|
168,276
|
|
|
4.0
|
%
|
|||||
Other Property Types
|
|
51,113
|
|
|
57,348
|
|
|
—
|
|
|
—
|
|
|
108,461
|
|
|
2.6
|
%
|
|||||
Retail
|
|
23,311
|
|
|
—
|
|
|
69,472
|
|
|
—
|
|
|
92,783
|
|
|
2.2
|
%
|
|||||
Strategic Investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,516
|
|
|
0.2
|
%
|
|||||
Total
|
|
$
|
1,001,224
|
|
|
$
|
2,133,726
|
|
|
$
|
368,903
|
|
|
$
|
672,198
|
|
|
$
|
4,183,567
|
|
|
100.0
|
%
|
Geographic Region
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land & Development
|
|
Total
|
|
% of
Total |
|||||||||||
Northeast
|
|
$
|
503,702
|
|
|
$
|
624,605
|
|
|
$
|
62,824
|
|
|
$
|
314,572
|
|
|
$
|
1,505,703
|
|
|
36.0
|
%
|
West
|
|
147,936
|
|
|
358,007
|
|
|
54,144
|
|
|
102,508
|
|
|
662,595
|
|
|
15.8
|
%
|
|||||
Southeast
|
|
123,922
|
|
|
300,200
|
|
|
59,341
|
|
|
76,251
|
|
|
559,714
|
|
|
13.4
|
%
|
|||||
Mid-Atlantic
|
|
—
|
|
|
401,726
|
|
|
6,300
|
|
|
127,550
|
|
|
535,576
|
|
|
12.8
|
%
|
|||||
Southwest
|
|
84,249
|
|
|
229,735
|
|
|
128,458
|
|
|
19,780
|
|
|
462,222
|
|
|
11.0
|
%
|
|||||
Central
|
|
44,207
|
|
|
212,319
|
|
|
57,836
|
|
|
31,537
|
|
|
345,899
|
|
|
8.3
|
%
|
|||||
Various
|
|
97,208
|
|
|
7,134
|
|
|
—
|
|
|
—
|
|
|
104,342
|
|
|
2.5
|
%
|
|||||
Strategic Investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,516
|
|
|
0.2
|
%
|
|||||
Total
|
|
$
|
1,001,224
|
|
|
$
|
2,133,726
|
|
|
$
|
368,903
|
|
|
$
|
672,198
|
|
|
$
|
4,183,567
|
|
|
100.0
|
%
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land and Development
|
|
Corporate / Other
(1)
|
|
Total
|
||||||||||||
Real estate, at cost
|
$
|
—
|
|
|
$
|
1,824,010
|
|
|
$
|
252,323
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,076,333
|
|
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
|
—
|
|
|
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
(2)
|
—
|
|
|
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
|
|
(1)
|
Corporate/Other includes certain joint venture and strategic investments that are not included in the other reportable segments. See Item 8—"Financial Statements and Supplemental Data—Note 7" for further detail on these investments.
|
(2)
|
The Net Lease segment includes our equity method investment in SAFE. As of December 31, 2018, we owned
7.6 million
shares of SAFE's common stock, or 41.8%. On January 2, 2019, we made an additional $250.0 million cash investment in Investor Units of SAFE OP, representing an additional
12.5 million
shares of common stock, bringing our total economic interest in SAFE to approximately
65.5%
.
|
|
As of December 31,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
Total
|
|
% of Total
|
|
Total
|
|
% of Total
|
||||||
Performing loans:
|
|
|
|
|
|
|
|
||||||
Senior mortgages
|
$
|
694,025
|
|
|
69.4
|
%
|
|
$
|
709,809
|
|
|
53.9
|
%
|
Corporate/partnership loans
|
148,583
|
|
|
14.8
|
%
|
|
332,387
|
|
|
25.2
|
%
|
||
Subordinate mortgages
|
10,161
|
|
|
1.0
|
%
|
|
9,495
|
|
|
0.7
|
%
|
||
Subtotal
|
852,769
|
|
|
85.2
|
%
|
|
1,051,691
|
|
|
79.8
|
%
|
||
Non-performing loans
(1)
:
|
|
|
|
|
|
|
|
||||||
Senior mortgages
|
26,329
|
|
|
2.6
|
%
|
|
32,825
|
|
|
2.5
|
%
|
||
Corporate/partnership loans
|
—
|
|
|
—
|
%
|
|
144,063
|
|
|
10.9
|
%
|
||
Subtotal
|
26,329
|
|
|
2.6
|
%
|
|
176,888
|
|
|
13.4
|
%
|
||
Total carrying value of loans
|
879,098
|
|
|
87.8
|
%
|
|
1,228,579
|
|
|
93.2
|
%
|
||
Other lending investments—securities
|
122,126
|
|
|
12.2
|
%
|
|
89,576
|
|
|
6.8
|
%
|
||
Total carrying value
|
1,001,224
|
|
|
100.0
|
%
|
|
1,318,155
|
|
|
100.0
|
%
|
||
General reserve for loan losses
|
(13,000
|
)
|
|
|
|
(17,500
|
)
|
|
|
|
|||
Total loans receivable and other lending investments, net
|
$
|
988,224
|
|
|
|
|
|
$
|
1,300,655
|
|
|
|
|
(1)
|
Non-performing loans are presented net of asset-specific loan loss reserves of
$40.4 million
and
$61.0 million
, respectively, as of
December 31, 2018
and
2017
.
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||
|
|
Carrying
Value
|
|
%
of Total
|
|
Weighted
Average
Accrual Rate
|
|
Carrying
Value
|
|
%
of Total
|
|
Weighted
Average
Accrual Rate
|
||||||||
Fixed-rate loans and other lending investments
|
|
$
|
179,122
|
|
|
17.9
|
%
|
|
7.7
|
%
|
|
$
|
251,185
|
|
|
19.1
|
%
|
|
9.4
|
%
|
Variable-rate loans
(1)
|
|
795,772
|
|
|
79.5
|
%
|
|
6.2
|
%
|
|
890,082
|
|
|
67.5
|
%
|
|
8.2
|
%
|
||
Non-performing loans
(2)
|
|
26,330
|
|
|
2.6
|
%
|
|
N/A
|
|
|
176,888
|
|
|
13.4
|
%
|
|
N/A
|
|
||
Total carrying value
|
|
1,001,224
|
|
|
100.0
|
%
|
|
|
|
1,318,155
|
|
|
100.0
|
%
|
|
|
|
|||
General reserve for loan losses
|
|
(13,000
|
)
|
|
|
|
|
|
(17,500
|
)
|
|
|
|
|
|
|
||||
Total loans receivable and other lending investments, net
|
|
$
|
988,224
|
|
|
|
|
|
|
$
|
1,300,655
|
|
|
|
|
|
|
|
(1)
|
As of
December 31, 2018
and
2017
, includes
$461.3 million
and
$416.6 million
, respectively, of loans with a weighted average LIBOR floor of
1.1%
and
0.3%
, respectively.
|
(2)
|
Non-performing loans are presented net of asset-specific loan loss reserves of
$40.4 million
and
$61.0 million
, respectively, as of
December 31, 2018
and
2017
.
|
Year of Maturity
(1)
|
|
Number of
Loans
Maturing
|
|
Carrying
Value
|
|
%
of Total
|
||||
2019
|
|
15
|
|
|
$
|
516,030
|
|
|
51.5
|
%
|
2020
|
|
6
|
|
|
145,069
|
|
|
14.5
|
%
|
|
2021
|
|
11
|
|
|
164,188
|
|
|
16.4
|
%
|
|
2022
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
2023
|
|
1
|
|
|
79,606
|
|
|
8.0
|
%
|
|
2024 and thereafter
|
|
5
|
|
|
70,001
|
|
|
7.0
|
%
|
|
Total performing loans and other lending investments
|
|
38
|
|
|
$
|
974,894
|
|
|
97.4
|
%
|
Non-performing loans
(2)
|
|
3
|
|
|
26,330
|
|
|
2.6
|
%
|
|
Total carrying value
|
|
41
|
|
|
$
|
1,001,224
|
|
|
100.0
|
%
|
General reserve for loan losses
|
|
|
|
|
(13,000
|
)
|
|
|
|
|
Total loans receivable and other lending investments, net
|
|
|
|
|
$
|
988,224
|
|
|
|
|
(1)
|
Year of maturity represents the initial maturity and does not include any extension options. As of December 31, 2018, our real estate finance portfolio had a weighted average remaining term, exclusive of any borrower extension options, of
2.5 years
.
|
(2)
|
Non-performing loans are presented net of asset-specific loan loss reserves of
$40.4 million
.
|
|
December 31, 2018
|
|||||||||||||||||
|
Number
|
|
Gross Carrying Value
|
|
Reserve for Loan Losses
|
|
Carrying Value
|
|
% of Total
|
|
Reserve for Loan Losses as a % of Gross Carrying Value
|
|||||||
Performing loans
|
35
|
|
|
$
|
852,768
|
|
|
$
|
(13,000
|
)
|
|
$
|
839,768
|
|
|
97.0%
|
|
1.5%
|
Non-performing loans
|
3
|
|
|
66,725
|
|
|
(40,395
|
)
|
|
26,330
|
|
|
3.0%
|
|
60.5%
|
|||
Total
|
38
|
|
|
$
|
919,493
|
|
|
$
|
(53,395
|
)
|
|
$
|
866,098
|
|
|
100.0%
|
|
5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, 2017
|
|||||||||||||||||
|
Number
|
|
Gross Carrying Value
|
|
Reserve for Loan Losses
|
|
Carrying Value
|
|
% of Total
|
|
Reserve for Loan Losses as a % of Gross Carrying Value
|
|||||||
Performing loans
|
36
|
|
|
$
|
1,051,691
|
|
|
$
|
(17,500
|
)
|
|
$
|
1,034,191
|
|
|
85.4%
|
|
1.7%
|
Non-performing loans
|
5
|
|
|
237,877
|
|
|
(60,989
|
)
|
|
176,888
|
|
|
14.6%
|
|
25.6%
|
|||
Total
|
41
|
|
|
$
|
1,289,568
|
|
|
$
|
(78,489
|
)
|
|
$
|
1,211,079
|
|
|
100.0%
|
|
6.1%
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
Senior mortgages
|
$
|
694,025
|
|
|
$
|
709,809
|
|
Corporate/Partnership loans
|
148,583
|
|
|
332,387
|
|
||
Subordinate mortgages
|
10,160
|
|
|
9,495
|
|
||
Total
|
$
|
852,768
|
|
|
$
|
1,051,691
|
|
|
|
|
|
||||
Weighted average LTV
|
63
|
%
|
|
67
|
%
|
||
Yield
|
9.2
|
%
|
|
9.8
|
%
|
•
|
the right to receive equivalent distributions per unit to those paid on one share of SAFE common stock;
|
•
|
no voting rights;
|
•
|
non-transferable prior to June 30, 2019;
|
•
|
no automatic conversion or exchange rights; and
|
•
|
limited protective consent rights.
|
•
|
limits our discretionary voting power to 41.9% of the outstanding voting power of SAFE's Common Stock until our aggregate ownership of SAFE common stock is less than 41.9%;
|
•
|
requires us to cast all of our voting power in favor of three director nominees to SAFE's board who are independent of each of us and SAFE for three years;
|
•
|
subjects us to certain standstill provisions for two years;
|
•
|
restricts our ability to transfer shares of SAFE common stock issued in exchange for Investor Units, or "Exchange Shares," for one year after their issuance;
|
•
|
prohibits us from transferring shares of SAFE common stock representing more than 20% of the outstanding SAFE common stock in one transaction or a series of related transactions to any person or group, other than pursuant to a widely distributed public offering, unless SAFE's other stockholders have participation rights in the transaction; and
|
•
|
provides us certain preemptive rights.
|
|
|
Consolidated
Real Estate
(1)
|
|
Net Lease
Venture II
|
|
SAFE
(2)
|
||||||
Ownership %
|
|
100.0
|
%
|
|
51.9
|
%
|
|
41.8
|
%
|
|||
Gross book value (millions)
(3)
|
|
$
|
1,961
|
|
|
$
|
31
|
|
|
$
|
884
|
|
|
|
|
|
|
|
|
||||||
% Leased
|
|
98.8
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||
Square feet (thousands)
|
|
16,754
|
|
|
169
|
|
|
1,793
|
|
|||
Weighted average lease term (years)
(4)
|
|
15.3
|
|
|
10.0
|
|
|
83.4
|
|
|||
Weighted average yield
|
|
8.8
|
%
|
|
8.2
|
%
|
|
|
Year of Lease Expiration
|
|
Number of
Leases Expiring |
|
Annualized In-Place
Operating Lease Income |
|
% of In-Place
Operating Lease Income |
|
% of Total
Revenue (1) |
|
Square Feet of Leases Expiring (in thousands)
|
||||||
2019
|
|
4
|
|
|
$
|
4,001
|
|
|
2.3
|
%
|
|
0.7
|
%
|
|
254
|
|
2020
|
|
1
|
|
|
2,228
|
|
|
1.3
|
%
|
|
0.4
|
%
|
|
153
|
|
|
2021
|
|
1
|
|
|
1,987
|
|
|
1.1
|
%
|
|
0.4
|
%
|
|
69
|
|
|
2022
|
|
1
|
|
|
7,204
|
|
|
4.1
|
%
|
|
1.3
|
%
|
|
484
|
|
|
2023
|
|
3
|
|
|
4,657
|
|
|
2.6
|
%
|
|
0.8
|
%
|
|
96
|
|
|
2024
|
|
1
|
|
|
5,272
|
|
|
3.0
|
%
|
|
0.9
|
%
|
|
200
|
|
|
2025
|
|
1
|
|
|
7,383
|
|
|
4.2
|
%
|
|
1.3
|
%
|
|
410
|
|
|
2026
|
|
4
|
|
|
10,020
|
|
|
5.7
|
%
|
|
1.8
|
%
|
|
638
|
|
|
2027
|
|
2
|
|
|
2,796
|
|
|
1.6
|
%
|
|
0.5
|
%
|
|
892
|
|
|
2028
|
|
1
|
|
|
1,095
|
|
|
0.6
|
%
|
|
0.2
|
%
|
|
104
|
|
|
2029 and thereafter
|
|
16
|
|
|
129,233
|
|
|
73.5
|
%
|
|
23.0
|
%
|
|
13,454
|
|
|
Total
|
|
35
|
|
|
$
|
175,876
|
|
|
100.0
|
%
|
|
31.3
|
%
|
|
16,754
|
|
Weighted average remaining lease term (in years)
(2)
|
|
15.3
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the percentage of annualized operating lease income for leases in-place as a percentage of annualized total revenue.
|
(2)
|
Represents the initial maturity and does not include extension options.
|
|
|
Commercial
|
|
Residential
|
||||||||||||
|
|
As of December 31,
|
|
As of December 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Real estate, at cost
|
|
$
|
252,323
|
|
|
$
|
521,385
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Less: accumulated depreciation
|
|
(17,798
|
)
|
|
(55,137
|
)
|
|
—
|
|
|
—
|
|
||||
Real estate, net
(1)
|
|
$
|
234,525
|
|
|
$
|
466,248
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate available and held for sale
|
|
945
|
|
|
20,069
|
|
|
20,551
|
|
|
48,519
|
|
||||
Other investments
|
|
65,643
|
|
|
38,761
|
|
|
—
|
|
|
—
|
|
||||
Total portfolio assets
|
|
$
|
301,113
|
|
|
$
|
525,078
|
|
|
$
|
20,551
|
|
|
$
|
48,519
|
|
(1)
|
There are 10 commercial real estate assets in the operating properties segment, of which the largest four properties comprise 83.0% of the segment's carrying value as of December 31, 2018. The remaining six properties have an average carrying value of $6.7 million per property.
|
Gross Book
Value
(in thousands)
(1)
|
|
Properties
|
|
Yield
|
||
$
|
280,464
|
|
|
14
|
|
7.0%
|
(1)
|
Gross book value represents the acquisition cost of real estate and any additional capital invested into the property by us.
|
Operating Property Rollforward
|
|||||||||||||||
(in millions)
|
|||||||||||||||
|
Commercial
|
|
Residential
|
|
Other Investments
|
|
Total
Segment
|
||||||||
Beginning balance
|
$
|
486.3
|
|
|
$
|
48.5
|
|
|
$
|
38.8
|
|
|
$
|
573.6
|
|
Dispositions/distributions
(1)
|
(215.2
|
)
|
|
(26.3
|
)
|
|
(20.3
|
)
|
|
(261.8
|
)
|
||||
Capital expenditures/contributions
(2)
|
13.0
|
|
|
6.9
|
|
|
29.8
|
|
|
49.7
|
|
||||
Impairments
|
(71.7
|
)
|
|
(8.5
|
)
|
|
—
|
|
|
(80.2
|
)
|
||||
Placed into service
(3)
|
37.4
|
|
|
—
|
|
|
—
|
|
|
37.4
|
|
||||
Other
(4)
|
(0.5
|
)
|
|
—
|
|
|
17.3
|
|
|
16.8
|
|
||||
Depreciation
|
(13.9
|
)
|
|
—
|
|
|
—
|
|
|
(13.9
|
)
|
||||
Ending balance
|
$
|
235.4
|
|
|
$
|
20.6
|
|
|
$
|
65.6
|
|
|
$
|
321.6
|
|
(1)
|
For commercial and residential, represents net book value of the assets sold, rather than proceeds received. For other investments, represents distributions received by us.
|
(2)
|
For other investments, represents contributions made by us.
|
(4)
|
For other investments, includes a
$12.9 million
step-up in basis to fair value relating to the disposition of real estate to ventures for which we previously recognized partial gains. Prior to the adoption of ASU 2017-05 (refer to Note 3), we were required to recognize gains on only the portion of our interest transferred to third parties and were precluded from recognizing a gain on our retained noncontrolling interest, which was carried at our historical cost basis.
|
Year of Lease Expiration
|
|
Number of
Leases Expiring |
|
Annualized In-Place
Operating Lease Income |
|
% of In-Place
Operating Lease Income |
|
% of Total
Revenue (1) |
|
Square Feet of Leases Expiring (in thousands)
|
||||||
2019
(2)
|
|
107
|
|
|
$
|
2,568
|
|
|
16.3
|
%
|
|
0.5
|
%
|
|
167
|
|
2020
|
|
26
|
|
|
1,399
|
|
|
8.9
|
%
|
|
0.2
|
%
|
|
46
|
||
2021
|
|
16
|
|
|
998
|
|
|
6.3
|
%
|
|
0.2
|
%
|
|
27
|
||
2022
|
|
21
|
|
|
1,008
|
|
|
6.4
|
%
|
|
0.2
|
%
|
|
45
|
||
2023
|
|
8
|
|
|
982
|
|
|
6.2
|
%
|
|
0.2
|
%
|
|
54
|
||
2024
|
|
4
|
|
|
981
|
|
|
6.2
|
%
|
|
0.2
|
%
|
|
120
|
||
2025
|
|
6
|
|
|
1,220
|
|
|
7.7
|
%
|
|
0.2
|
%
|
|
40
|
||
2026
|
|
9
|
|
|
1,657
|
|
|
10.5
|
%
|
|
0.3
|
%
|
|
238
|
||
2027
|
|
38
|
|
|
3,977
|
|
|
25.2
|
%
|
|
0.8
|
%
|
|
69
|
||
2028
|
|
7
|
|
|
980
|
|
|
6.3
|
%
|
|
0.2
|
%
|
|
36
|
||
2029 and thereafter
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
0
|
||
Total
|
|
242
|
|
|
$
|
15,770
|
|
|
100.0
|
%
|
|
3.0
|
%
|
|
842
|
|
Weighted average remaining lease term (in years)
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the percentage of annualized operating lease income for leases in-place as a percentage of annualized total revenue.
|
(2)
|
Includes office leases expiring in commercial properties as well as month-to-month and short term license agreements within our retail properties.
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Land and development, net
|
|
$
|
598,218
|
|
|
$
|
860,311
|
|
Other investments
|
|
65,312
|
|
|
63,855
|
|
||
Total
|
|
$
|
663,530
|
|
|
$
|
924,166
|
|
(2)
|
Represents gross book value of the assets sold, rather than proceeds received. During the year ended December 31, 2018, we received approximately $253.4 million in gross proceeds in connection with the sale of two land parcels totaling 93 acres in San Jose, CA and San Pedro, CA. We also completed the monetization of a 785 acre master planned community entitled for 1,458 single family lots in Riverside County, California.
|
Project
|
|
Property Type
|
|
Location
|
|
Current Anticipated Sales Completion Date
(1)
|
|
2018 Revenue
|
|
Units Sold in 2018
(2)
|
|
Cumulative Units Sold
|
|
Estimated Remaining Units
(2)
|
|||||
Land and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Highpark
|
|
Infill Land Parcel
|
|
San Jose, CA
|
|
2018
|
|
$
|
151,600
|
|
|
N/A
|
|
N/A
|
|
N/A
|
|||
Great Oaks
|
|
Infill Land Parcel
|
|
San Pedro, CA
|
|
2018
|
|
101,684
|
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Spring Mountain Ranch Phase 2 & 3
|
|
MPC
|
|
Riverside, CA
|
|
2018
|
|
73,974
|
|
|
878
|
|
974
|
|
—
|
||||
Naples Reserve
|
|
MPC
|
|
Naples, FL
|
|
2020
|
|
38,393
|
|
|
325
|
|
689
|
|
394
|
||||
Magnolia Green
|
|
MPC
|
|
Richmond, VA
|
|
2026
|
|
14,757
|
|
|
166
|
|
1,151
|
|
1,837
|
||||
Coney Bath
|
|
Waterfront
|
|
Brooklyn, NY
|
|
2021
|
|
10,100
|
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Palm Tree
|
|
Infill Land Parcel
|
|
Miami, FL
|
|
2019
|
|
9,500
|
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Savannah Godley
|
|
Infill Land Parcel
|
|
Savannah, GA
|
|
2018
|
|
5,500
|
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Asbury Monroe
|
|
MPC
|
|
Asbury Park, NJ
|
|
2019
|
|
2,532
|
|
|
3
|
|
32
|
|
2
|
||||
Potomac
|
|
Infill Land Parcel
|
|
Ranson, WV
|
|
2022
|
|
1,670
|
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Total land and development
|
|
|
|
|
|
409,710
|
|
|
1,372
|
|
|
2,846
|
|
|
2,233
|
|
|||
Land and development equity method investments
(3)
|
|
|
|
Equity in Earnings (Losses)
|
|
Units Sold in 2018
(2)
|
|
Cumulative Units Sold
|
|
Estimated Remaining Units
(2)
|
|||||||||
Marina Palms
(4)
|
|
Waterfront
|
|
N. Miami Beach, FL
|
|
2019
|
|
3,221
|
|
|
11
|
|
444
|
|
24
|
||||
Other land and development equity method investments
|
|
Various
|
|
Various
|
|
Various
|
|
(6,331
|
)
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Total land and development equity method investments
|
|
|
|
(3,110
|
)
|
|
11
|
|
|
444
|
|
|
24
|
|
|||||
Total Land and Development Projects Contributing to Earnings
|
|
$
|
406,600
|
|
|
1,383
|
|
|
3,290
|
|
|
2,257
|
|
(1)
|
Current anticipated completion dates are subject to change as a result of factors that may be outside of the Company's control, such as economic conditions, uncertainty with rezoning, obtaining governmental permits and approvals, concerns of community associations and reliance on third party contractors.
|
(2)
|
Units sold in 2018 excludes bulk land parcel sales. Estimated remaining units may include single-family lots, condos, multifamily rental units and hotel keys, as applicable, for the respective properties and are subject to change.
|
(3)
|
These land and development projects are accounted for under the equity method of accounting.
|
(4)
|
Sales activity is the result of percentage of completion accounting at the venture during the year ended December 31, 2018.
|
|
For the Years Ended
December 31, |
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Operating lease income
|
$
|
208,192
|
|
|
$
|
187,684
|
|
|
$
|
20,508
|
|
|
11
|
%
|
Interest income
|
97,878
|
|
|
106,548
|
|
|
(8,670
|
)
|
|
(8
|
)%
|
|||
Other income
|
82,342
|
|
|
188,091
|
|
|
(105,749
|
)
|
|
(56
|
)%
|
|||
Land development revenue
|
409,710
|
|
|
196,879
|
|
|
212,831
|
|
|
>100%
|
|
|||
Total revenue
|
798,122
|
|
|
679,202
|
|
|
118,920
|
|
|
18
|
%
|
|||
Interest expense
|
183,751
|
|
|
194,686
|
|
|
(10,935
|
)
|
|
(6
|
)%
|
|||
Real estate expenses
|
139,289
|
|
|
147,617
|
|
|
(8,328
|
)
|
|
(6
|
)%
|
|||
Land development cost of sales
|
350,181
|
|
|
180,916
|
|
|
169,265
|
|
|
94
|
%
|
|||
Depreciation and amortization
|
58,699
|
|
|
49,033
|
|
|
9,666
|
|
|
20
|
%
|
|||
General and administrative
|
92,135
|
|
|
98,882
|
|
|
(6,747
|
)
|
|
(7
|
)%
|
|||
Provision for (recovery of) loan losses
|
16,937
|
|
|
(5,828
|
)
|
|
22,765
|
|
|
>(100%)
|
|
|||
Impairment of assets
|
147,108
|
|
|
32,379
|
|
|
114,729
|
|
|
>100%
|
|
|||
Other expense
|
6,040
|
|
|
20,954
|
|
|
(14,914
|
)
|
|
(71
|
)%
|
|||
Total costs and expenses
|
994,140
|
|
|
718,639
|
|
|
275,501
|
|
|
38
|
%
|
|||
Income from sales of real estate
|
126,004
|
|
|
92,049
|
|
|
33,955
|
|
|
37
|
%
|
|||
Loss on early extinguishment of debt, net
|
(10,367
|
)
|
|
(14,724
|
)
|
|
4,357
|
|
|
(30
|
)%
|
|||
Earnings (losses) from equity method investments
|
(5,007
|
)
|
|
13,015
|
|
|
(18,022
|
)
|
|
>(100%)
|
|
|||
Gain from consolidation of equity method investment
|
67,877
|
|
|
—
|
|
|
67,877
|
|
|
100
|
%
|
|||
Income tax benefit (expense)
|
(815
|
)
|
|
948
|
|
|
(1,763
|
)
|
|
>(100%)
|
|
|||
Income from discontinued operations
|
—
|
|
|
4,939
|
|
|
(4,939
|
)
|
|
(100
|
)%
|
|||
Gain from discontinued operations
|
—
|
|
|
123,418
|
|
|
(123,418
|
)
|
|
(100
|
)%
|
|||
Net income (loss)
|
$
|
(18,326
|
)
|
|
$
|
180,208
|
|
|
$
|
(198,534
|
)
|
|
>(100%)
|
|
|
|
2018
|
|
2017
|
|
Change
|
||||||
Net Lease
(1)
|
|
$
|
152.0
|
|
|
$
|
123.7
|
|
|
$
|
28.3
|
|
Operating Properties
(2)
|
|
55.7
|
|
|
63.2
|
|
|
(7.5
|
)
|
|||
Land and Development
|
|
0.5
|
|
|
0.8
|
|
|
(0.3
|
)
|
|||
Total
|
|
$
|
208.2
|
|
|
$
|
187.7
|
|
|
$
|
20.5
|
|
(1)
|
Change primarily due to a $36.9 million increase from the consolidation of the Net Lease Venture and entering into new leases, partially offset by $8.6 million from asset sales.
|
(2)
|
Change primarily due to a decrease of $8.9 million due to asset sales, partially offset by an increase of $2.3 million from the net amortization of intangible lease liabilities relating to lease terminations and an operating property placed into service in 2018.
|
|
|
2018
|
|
2017
|
||||
Operating lease income
|
|
|
|
|
||||
Net Lease
|
|
$
|
109.3
|
|
|
$
|
107.1
|
|
Operating Properties
(1)
|
|
$
|
35.1
|
|
|
$
|
36.3
|
|
|
|
|
|
|
||||
Rent per square foot
|
|
|
|
|
||||
Net Lease
|
|
$
|
10.08
|
|
|
$
|
9.99
|
|
Operating Properties
(1)
|
|
$
|
41.71
|
|
|
$
|
34.45
|
|
|
|
|
|
|
||||
Occupancy
(2)
|
|
|
|
|
||||
Net Lease
|
|
98.1
|
%
|
|
97.9
|
%
|
||
Operating Properties
|
|
67.3
|
%
|
|
83.1
|
%
|
(1)
|
Excludes $2.6 million recognized during the year ended December 31, 2018 in connection with the termination of two leases.
|
(2)
|
Occupancy as of December 31,
2018
and
2017
.
|
|
|
Year Ended December 31,
|
|
|
||||||||
|
|
2018
|
|
2017
|
|
Change
|
||||||
Operating Properties
(1)
|
|
$
|
80.6
|
|
|
$
|
89.7
|
|
|
$
|
(9.1
|
)
|
Land and Development
(2)
|
|
41.7
|
|
|
41.2
|
|
|
0.5
|
|
|||
Net Lease
(3)
|
|
17.0
|
|
|
16.7
|
|
|
0.3
|
|
|||
Total
|
|
$
|
139.3
|
|
|
$
|
147.6
|
|
|
$
|
(1.1
|
)
|
(1)
|
Change primarily due to a sale of assets, partially offset by new assets beginning operations in 2018.
|
(2)
|
Change primarily due to an increase in marketing and other costs associated with launching residential condominium sales, partially offset by asset sales.
|
(3)
|
Change primarily due to a $1.9 million increase from the consolidation of the Net Lease Venture, partially offset by asset sales.
|
|
|
Year Ended
December 31,
|
|
|
|||||||||
|
|
2018
|
|
2017
|
|
Change
|
|||||||
Payroll and related costs
(1)
|
|
$
|
50.3
|
|
|
$
|
62.0
|
|
|
$
|
(11.7
|
)
|
|
Severance costs
(2)
|
|
5.3
|
|
|
—
|
|
|
5.3
|
|
||||
Performance Incentive Plans
(3)
|
|
15.4
|
|
5.0
|
|
14.9
|
|
|
0.5
|
|
|||
Occupancy costs
|
|
5.2
|
|
|
5.2
|
|
|
—
|
|
||||
Public company costs
|
|
5.0
|
|
|
6.7
|
|
|
(1.7
|
)
|
||||
Other
|
|
10.9
|
|
|
10.1
|
|
|
0.8
|
|
||||
Total
|
|
$
|
92.1
|
|
|
$
|
98.9
|
|
|
$
|
(6.8
|
)
|
(1)
|
Decrease due to a reduced bonus payout and a reduction in headcount. We reduced our headcount to 166 employees as of December 31, 2018 from 186 employees as of December 31, 2017.
|
(2)
|
Represents costs associated with terminated employees.
|
(3)
|
Represents the fair value of points issued and change in fair value of the plans during the periods presented. Such amounts may increase or decrease over time until the awards are settled. Please refer to Note 14 - Stock-Based Compensation Plans and Employee Benefits for a description of the Performance Incentive Plans.
|
|
|
2018
|
|
2017
|
||||
Operating Properties
|
|
$
|
81.0
|
|
|
$
|
4.5
|
|
Net Lease
|
|
45.0
|
|
|
87.5
|
|
||
Total income from sales of real estate
|
|
$
|
126.0
|
|
|
$
|
92.0
|
|
|
For the Years Ended
December 31, |
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Operating lease income
|
$
|
187,684
|
|
|
$
|
191,180
|
|
|
$
|
(3,496
|
)
|
|
(2
|
)%
|
Interest income
|
106,548
|
|
|
129,153
|
|
|
(22,605
|
)
|
|
(18
|
)%
|
|||
Other income
|
188,091
|
|
|
46,514
|
|
|
141,577
|
|
|
>100%
|
|
|||
Land development revenue
|
196,879
|
|
|
88,340
|
|
|
108,539
|
|
|
>100%
|
|
|||
Total revenue
|
679,202
|
|
|
455,187
|
|
|
224,015
|
|
|
49
|
%
|
|||
Interest expense
|
194,686
|
|
|
221,398
|
|
|
(26,712
|
)
|
|
(12
|
)%
|
|||
Real estate expenses
|
147,617
|
|
|
137,522
|
|
|
10,095
|
|
|
7
|
%
|
|||
Land development cost of sales
|
180,916
|
|
|
62,007
|
|
|
118,909
|
|
|
>100%
|
|
|||
Depreciation and amortization
|
49,033
|
|
|
51,660
|
|
|
(2,627
|
)
|
|
(5
|
)%
|
|||
General and administrative
|
98,882
|
|
|
84,027
|
|
|
14,855
|
|
|
18
|
%
|
|||
(Recovery of) provision for loan losses
|
(5,828
|
)
|
|
(12,514
|
)
|
|
6,686
|
|
|
(53
|
)%
|
|||
Impairment of assets
|
32,379
|
|
|
14,484
|
|
|
17,895
|
|
|
>100%
|
|
|||
Other expense
|
20,954
|
|
|
5,883
|
|
|
15,071
|
|
|
>100%
|
|
|||
Total costs and expenses
|
718,639
|
|
|
564,467
|
|
|
154,172
|
|
|
27
|
%
|
|||
Income from sales of real estate
|
92,049
|
|
|
105,296
|
|
|
(13,247
|
)
|
|
(13
|
)%
|
|||
Loss on early extinguishment of debt, net
|
(14,724
|
)
|
|
(1,619
|
)
|
|
(13,105
|
)
|
|
>100%
|
|
|||
Earnings from equity method investments
|
13,015
|
|
|
77,349
|
|
|
(64,334
|
)
|
|
(83
|
)%
|
|||
Income tax benefit
|
948
|
|
|
10,166
|
|
|
(9,218
|
)
|
|
(91
|
)%
|
|||
Income from discontinued operations
|
4,939
|
|
|
18,270
|
|
|
(13,331
|
)
|
|
(73
|
)%
|
|||
Gain from discontinued operations
|
123,418
|
|
|
—
|
|
|
123,418
|
|
|
100
|
%
|
|||
Net income
|
$
|
180,208
|
|
|
$
|
100,182
|
|
|
$
|
80,026
|
|
|
80
|
%
|
|
|
2017
|
|
2016
|
|
Change
|
||||||
Net Lease
(1)
|
|
$
|
123.7
|
|
|
$
|
126.2
|
|
|
$
|
(2.5
|
)
|
Operating Properties
(2)
|
|
63.2
|
|
|
64.6
|
|
|
(1.4
|
)
|
|||
Land and Development
|
|
0.8
|
|
|
0.4
|
|
|
0.4
|
|
|||
Total
|
|
$
|
187.7
|
|
|
$
|
191.2
|
|
|
$
|
(3.5
|
)
|
(1)
|
Change primarily due to the sale of assets.
|
(2)
|
Change primarily due to the sale of assets partially offset by the execution of new leases.
|
|
|
2017
|
|
2016
|
||||
Operating lease income
|
|
|
|
|
||||
Net Lease
|
|
$
|
113.7
|
|
|
$
|
111.4
|
|
Operating Properties
|
|
$
|
46.4
|
|
|
$
|
45.2
|
|
|
|
|
|
|
||||
Rent per square foot
|
|
|
|
|
||||
Net Lease
|
|
$
|
10.26
|
|
|
$
|
10.08
|
|
Operating Properties
|
|
$
|
24.25
|
|
|
$
|
24.50
|
|
|
|
|
|
|
||||
Occupancy
(1)
|
|
|
|
|
||||
Net Lease
|
|
97.9
|
%
|
|
97.6
|
%
|
||
Operating Properties
|
|
75.4
|
%
|
|
72.7
|
%
|
(1)
|
Occupancy as of December 31,
2017
and
2016
.
|
|
|
2017
|
|
2016
|
||||
Net Lease
|
|
$
|
87.5
|
|
|
$
|
21.1
|
|
Operating Properties
|
|
4.5
|
|
|
75.4
|
|
||
Land and Development
(1)
|
|
—
|
|
|
8.8
|
|
||
Total income from sales of real estate
|
|
$
|
92.0
|
|
|
$
|
105.3
|
|
(1)
|
During the year ended December 31, 2016, we sold a land and development asset to a newly formed unconsolidated entity in which we own a 50.0% equity interest and recognized a gain on sale of $8.8 million, reflecting our share of the interest sold to a third party.
|
|
For the Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Adjusted Income
|
|
|
|
||||
Net income (loss) allocable to common shareholders
|
$
|
(64,757
|
)
|
|
$
|
110,924
|
|
Add: Depreciation and amortization
(1)
|
71,359
|
|
|
60,828
|
|
||
Add/Less: (Recovery of) provision for loan losses
|
16,937
|
|
|
(5,828
|
)
|
||
Add: Impairment of assets
(2)
|
163,765
|
|
|
32,379
|
|
||
Add: Stock-based compensation expense
|
17,563
|
|
|
18,812
|
|
||
Add: Loss on early extinguishment of debt, net
|
4,318
|
|
|
3,065
|
|
||
Add: Non-cash interest expense on senior convertible notes
|
4,733
|
|
|
1,255
|
|
||
Add: Premium on redemption of preferred stock
|
—
|
|
|
16,314
|
|
||
Add: Impact from adoption of new accounting standards
(3)
|
75,869
|
|
|
—
|
|
||
Less: Losses on charge-offs and dispositions
(4)
|
(67,506
|
)
|
|
(23,130
|
)
|
||
Adjusted income allocable to common shareholders
|
$
|
222,281
|
|
|
$
|
214,619
|
|
(1)
|
Depreciation and amortization also includes our proportionate share of depreciation and amortization expense for equity method investments and excludes the portion of depreciation and amortization expense allocable to noncontrolling interests.
|
(2)
|
Impairment of assets also includes impairments on equity method investments recorded in "Earnings from equity method investments" in our consolidated statements of operations.
|
(3)
|
Represents an increase to retained earnings on January 1, 2018 upon the adoption of ASU 2017-05 (refer to Note 3).
|
(4)
|
Represents the impact of charge-offs and dispositions realized during the period. These charge-offs and dispositions were on assets that were previously impaired for GAAP and reflected in net income but not in Adjusted Income.
|
|
For the Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Operating Properties
|
$
|
26,016
|
|
|
$
|
33,774
|
|
Net Lease
|
34,479
|
|
|
3,293
|
|
||
Total capital expenditures on real estate assets
|
$
|
60,495
|
|
|
$
|
37,067
|
|
|
|
|
|
||||
Land and Development
|
$
|
128,543
|
|
|
$
|
121,400
|
|
Total capital expenditures on land and development assets
|
$
|
128,543
|
|
|
$
|
121,400
|
|
|
Amounts Due By Period
|
||||||||||||||||||||||
|
Total
|
|
Less Than 1
Year |
|
1 - 3
Years |
|
3 - 5
Years |
|
5 - 10
Years |
|
After 10
Years |
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Long-Term Debt Obligations
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unsecured notes
|
$
|
2,112,500
|
|
|
$
|
375,000
|
|
(1)
|
$
|
675,000
|
|
|
$
|
1,062,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Secured credit facilities
|
646,750
|
|
|
6,500
|
|
|
13,000
|
|
|
627,250
|
|
|
—
|
|
|
—
|
|
||||||
Mortgages
|
802,367
|
|
|
13,292
|
|
|
180,749
|
|
|
66,871
|
|
|
527,428
|
|
|
14,027
|
|
||||||
Trust preferred securities
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
||||||
Total principal maturities
|
3,661,617
|
|
|
394,792
|
|
|
868,749
|
|
|
1,756,621
|
|
|
527,428
|
|
|
114,027
|
|
||||||
Interest Payable
(2)
|
771,540
|
|
|
184,398
|
|
|
304,380
|
|
|
150,706
|
|
|
100,470
|
|
|
31,586
|
|
||||||
Loan Participations Payable
(3)
|
22,642
|
|
|
—
|
|
|
22,642
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Operating Lease Obligations
|
14,253
|
|
|
4,340
|
|
|
5,605
|
|
|
1,839
|
|
|
2,469
|
|
|
—
|
|
||||||
Total
|
$
|
4,470,052
|
|
|
$
|
583,530
|
|
|
$
|
1,201,376
|
|
|
$
|
1,909,166
|
|
|
$
|
630,367
|
|
|
$
|
145,613
|
|
(1)
|
Subsequent to
December 31, 2018
, we called these notes for redemption on the redemption date of March 7, 2019.
|
(2)
|
Variable-rate debt assumes one-month LIBOR of
2.51%
and three-month LIBOR of
2.81%
that were in effect as of
December 31, 2018
.
|
(3)
|
Refer to Note 9 to the consolidated financial statements.
|
|
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 our 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.
|
|
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 our obligation.
|
Change in Interest Rates
|
|
Net Income
(1)
|
||
-100 Basis Points
|
|
$
|
(9,331
|
)
|
-50 Basis Points
|
|
(4,940
|
)
|
|
-10 Basis Points
|
|
(1,003
|
)
|
|
Base Interest Rate
|
|
—
|
|
|
+10 Basis Points
|
|
1,003
|
|
|
+50 Basis Points
|
|
5,016
|
|
|
+100 Basis Points
|
|
10,033
|
|
(1)
|
We have an overall net variable-rate asset position, which results in an increase in net income when rates increase and a decrease in net income when rates decrease. As of
December 31, 2018
,
$462.4 million
of our floating rate loans have a cumulative weighted average LIBOR floor of
1.1%
and
$22.6 million
of our floating rate debt has a cumulative weighted average interest rate floor of
0.4%
.
|
|
Page
|
|
|
Financial Statements:
|
|
Financial Statement Schedules:
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Operating lease income
|
$
|
208,192
|
|
|
$
|
187,684
|
|
|
$
|
191,180
|
|
Interest income
|
97,878
|
|
|
106,548
|
|
|
129,153
|
|
|||
Other income
|
82,342
|
|
|
188,091
|
|
|
46,514
|
|
|||
Land development revenue
|
409,710
|
|
|
196,879
|
|
|
88,340
|
|
|||
Total revenues
|
798,122
|
|
|
679,202
|
|
|
455,187
|
|
|||
Costs and expenses:
|
|
|
|
|
|
||||||
Interest expense
|
183,751
|
|
|
194,686
|
|
|
221,398
|
|
|||
Real estate expense
|
139,289
|
|
|
147,617
|
|
|
137,522
|
|
|||
Land development cost of sales
|
350,181
|
|
|
180,916
|
|
|
62,007
|
|
|||
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
|
|
|
(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
|
|
|
—
|
|
|
—
|
|
|||
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
|
—
|
|
|
4,939
|
|
|
18,270
|
|
|||
Gain from discontinued operations
|
—
|
|
|
123,418
|
|
|
—
|
|
|||
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)
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||
Net income (loss) allocable to common shareholders
|
$
|
(64,757
|
)
|
|
$
|
110,924
|
|
|
$
|
43,972
|
|
Per common share data:
|
|
|
|
|
|
||||||
Income (loss) attributable to iStar Inc. from continuing operations:
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.95
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
0.35
|
|
Diluted
|
$
|
(0.95
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
0.35
|
|
Net income (loss) attributable to iStar Inc.:
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.95
|
)
|
|
$
|
1.56
|
|
|
$
|
0.60
|
|
Diluted
|
$
|
(0.95
|
)
|
|
$
|
1.56
|
|
|
$
|
0.60
|
|
Weighted average number of common shares:
|
|
|
|
|
|
||||||
Basic
|
67,958
|
|
|
71,021
|
|
|
73,453
|
|
|||
Diluted
|
67,958
|
|
|
71,021
|
|
|
73,835
|
|
(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
).
|
|
For the Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income (loss)
|
$
|
(18,326
|
)
|
|
$
|
180,208
|
|
|
$
|
100,182
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Impact from adoption of new accounting standards (refer to Note 3)
|
276
|
|
|
—
|
|
|
—
|
|
|||
Reclassification of losses on cumulative translation adjustment into earnings upon realization
(1)
|
721
|
|
|
—
|
|
|
—
|
|
|||
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 consolidated
|
|
|
iStar Inc. Shareholders' Equity
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
Preferred
Stock
(1)
|
|
Preferred Stock Series J
(1)
|
|
Common
Stock at
Par
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||||||
Balance as of December 31, 2015
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
81
|
|
|
$
|
3,689,330
|
|
|
$
|
(2,625,474
|
)
|
|
$
|
(4,851
|
)
|
|
$
|
42,218
|
|
|
$
|
1,101,330
|
|
||||
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
||||||||||||
Issuance of stock/restricted stock unit amortization, net
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,031
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,031
|
|
||||||||||||
Issuance of common stock for conversion of senior unsecured convertible notes
|
|
—
|
|
|
—
|
|
|
1
|
|
|
9,595
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,596
|
|
||||||||||||
Net income for the period
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95,306
|
|
|
—
|
|
|
10,927
|
|
|
106,233
|
|
||||||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
633
|
|
|
—
|
|
|
633
|
|
||||||||||||
Repurchase of stock
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(98,419
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(98,429
|
)
|
||||||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(365
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(365
|
)
|
||||||||||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
790
|
|
|
790
|
|
||||||||||||
Distributions to noncontrolling interests
(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,815
|
)
|
|
(10,815
|
)
|
||||||||||||
Balance as of December 31, 2016
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
72
|
|
|
$
|
3,602,172
|
|
|
$
|
(2,581,488
|
)
|
|
$
|
(4,218
|
)
|
|
$
|
43,120
|
|
|
$
|
1,059,684
|
|
||||
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,614
|
)
|
|
—
|
|
|
—
|
|
|
(46,614
|
)
|
||||||||||||
Issuance of stock/restricted stock unit amortization, net
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,522
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,522
|
|
||||||||||||
Net income for the period
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175,682
|
|
|
—
|
|
|
5,853
|
|
|
181,535
|
|
||||||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,736
|
|
|
—
|
|
|
1,736
|
|
||||||||||||
Repurchase of stock
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(45,924
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,928
|
)
|
||||||||||||
Issuance of senior unsecured convertible notes (refer to Note 10)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,869
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,869
|
|
||||||||||||
Dividends declared and payable — Series E and Series F Preferred Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,830
|
)
|
|
—
|
|
|
—
|
|
|
(1,830
|
)
|
||||||||||||
Redemption of Series E and F Preferred Stock
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(223,676
|
)
|
|
(16,314
|
)
|
|
—
|
|
|
—
|
|
|
(240,000
|
)
|
||||||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interest
(5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,298
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,298
|
)
|
||||||||||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
||||||||||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(14,439
|
)
|
|
(14,439
|
)
|
||||||||
Balance as of December 31, 2017
|
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
68
|
|
|
$
|
3,352,665
|
|
|
$
|
(2,470,564
|
)
|
|
$
|
(2,482
|
)
|
|
$
|
34,546
|
|
|
$
|
914,249
|
|
|
|
iStar Inc. Shareholders' Equity
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
Preferred
Stock
(1)
|
|
Preferred Stock Series J
(1)
|
|
Common
Stock at
Par
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||||||
Balance as of December 31, 2017
|
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
68
|
|
|
$
|
3,352,665
|
|
|
$
|
(2,470,564
|
)
|
|
$
|
(2,482
|
)
|
|
$
|
34,546
|
|
|
$
|
914,249
|
|
||||
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,495
|
)
|
|
—
|
|
|
—
|
|
|
(32,495
|
)
|
||||||||||||
Dividends declared—common
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,333
|
)
|
|
—
|
|
|
—
|
|
|
(12,333
|
)
|
||||||||||||
Issuance of stock/restricted stock unit amortization, net
(2)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
7,863
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,864
|
|
||||||||||||
Net loss for the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,262
|
)
|
|
—
|
|
|
13,936
|
|
|
(18,326
|
)
|
||||||||||||
Change in accumulated other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,064
|
)
|
|
(1,921
|
)
|
|
(16,985
|
)
|
||||||||||||
Repurchase of stock
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(8,303
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,304
|
)
|
||||||||||||
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 (refer to Note 7)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188,279
|
|
|
188,279
|
|
||||||||||||
Impact from adoption of new accounting standards (refer to Note 3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,593
|
|
|
276
|
|
|
—
|
|
|
75,869
|
|
||||||||||||
Balance as of December 31, 2018
|
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
68
|
|
|
$
|
3,352,225
|
|
|
$
|
(2,472,061
|
)
|
|
$
|
(17,270
|
)
|
|
$
|
201,137
|
|
|
$
|
1,064,115
|
|
(1)
|
Refer to Note 13 for details on the Company's Preferred Stock.
|
(2)
|
Net of payments for withholding taxes upon vesting of stock-based compensation.
|
(3)
|
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.
|
(4)
|
Includes payments of
$10.8 million
to acquire a noncontrolling interest.
|
(5)
|
Represents the amount paid in excess of its carrying value to acquire a redeemable noncontrolling interest.
|
|
For the Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
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
|
|
|
(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
|
)
|
|
—
|
|
|
—
|
|
|||
Gain from discontinued operations
|
—
|
|
|
(123,418
|
)
|
|
—
|
|
|||
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
|
—
|
|
|
—
|
|
|
43,936
|
|
|||
Cash acquired upon consolidation of equity method investments
|
13,608
|
|
|
—
|
|
|
—
|
|
|||
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
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from loan participations payable
|
—
|
|
|
—
|
|
|
22,844
|
|
|||
Preferred dividends paid
|
(32,496
|
)
|
|
(48,444
|
)
|
|
(51,320
|
)
|
|||
Common dividends paid
|
(12,227
|
)
|
|
—
|
|
|
—
|
|
|||
Repurchase of stock
|
(8,304
|
)
|
|
(45,928
|
)
|
|
(99,335
|
)
|
|||
Redemption of Series E and F preferred stock
|
—
|
|
|
(240,000
|
)
|
|
—
|
|
|||
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
|
—
|
|
|
—
|
|
|
9,478
|
|
|||
Acquisitions of real estate and land and development assets through deed-in-lieu
|
4,600
|
|
|
—
|
|
|
40,583
|
|
|||
Contributions of real estate and land and development assets to equity method investments, net
|
—
|
|
|
—
|
|
|
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
|
|
|
—
|
|
|
—
|
|
|||
Accounts payable for capital expenditures on real estate assets
|
—
|
|
|
2,709
|
|
|
—
|
|
|||
Conversion of senior unsecured convertible notes into common stock
|
—
|
|
|
—
|
|
|
9,596
|
|
|||
Defeasance of mortgage notes payable
|
(105,785
|
)
|
|
—
|
|
|
—
|
|
|||
Receivable from sales of real estate and land parcels
|
—
|
|
|
4,853
|
|
|
7,509
|
|
|||
Financing provided on sales of land and development assets, net
|
142,639
|
|
|
—
|
|
|
—
|
|
|||
Increase in net lease assets upon consolidation of equity method investment
|
844,550
|
|
|
—
|
|
|
—
|
|
|||
Increase in debt obligations upon consolidation of equity method investment
|
464,706
|
|
|
—
|
|
|
—
|
|
|||
Increase in noncontrolling interests upon consolidation of equity method investment
|
200,093
|
|
|
—
|
|
|
—
|
|
|
As of
|
||||||
|
December 31,
2018
|
|
December 31,
2017 |
||||
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
|
|
|
|
|
|
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
|
|
|
|
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
|
|
|
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.
|
|
|
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.
|
|
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.
|
|
|
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.
|
|
|
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.
|
|
|
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
|
)
|
|
|
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
.
|
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
|
|
|
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
|
|
|
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.
|
|
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
.
|
|
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.
|
|
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
|
|
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.
|
|
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.
|
|
For the Years Ended December 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
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
|
|
|
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
|
|
|
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
|
|
|
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.
|
•
|
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.
|
|
|
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
|
|
|
|
|
|
|
|
|
|
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.
|
|
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.
|
2019
|
$
|
8,833
|
|
2020
|
8,702
|
|
|
2021
|
8,701
|
|
|
2022
|
8,700
|
|
|
2023
|
8,579
|
|
|
|
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%
.
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
2019
|
$
|
4,340
|
|
2020
|
4,016
|
|
|
2021
|
1,589
|
|
|
2022
|
991
|
|
|
2023
|
849
|
|
|
Thereafter
|
2,469
|
|
|
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.
|
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.
|
|
|
|
|
|
|
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.
|
|
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
|
)
|
|
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
|
|
|
|
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
|
|
|
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
|
|
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 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.
|
|
|
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
|
|
|
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
|
|
|
|
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
|
|
Terms
|
|
Prior Agreement
|
|
Amended Agreement
|
Management Fee
|
|
Annual fee of 1.0% of SAFE total equity (up to $2.5 billion)
Annual fee of 0.75% of SAFE total equity (> $2.5 billion) |
|
Annual fee of 1.0% of SAFE total equity (up to $1.5 billion)
Annual fee of 1.25% of SAFE total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of SAFE total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of SAFE total equity (for incremental equity over $5.0 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.
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
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
.
|
|
|
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
|
|
|
|
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
|
)
|
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.
|
|
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.
|
(a)
|
and (c) Financial statements and schedules—see Index to Financial Statements and Schedules included in Item 8.
|
(b)
|
Exhibits—see index on following page.
|
Exhibit
Number
|
|
Document Description
|
3.1
|
|
|
3.2
|
|
|
3.6
|
|
|
3.8
|
|
|
3.9
|
|
|
3.10
|
|
|
4.1
|
|
|
4.3
|
|
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
|
4.13
|
|
|
4.14
|
|
|
4.16
|
|
|
4.18
|
|
|
4.22
|
|
|
4.23
|
|
|
4.24
|
|
|
4.25
|
|
|
4.26
|
|
|
4.27
|
|
|
4.28
|
|
|
4.29
|
|
|
4.30
|
|
|
4.31
|
|
|
10.2
|
|
|
10.3
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
10.11
|
|
|
10.12
|
|
|
10.13
|
|
|
14.0
|
|
|
16.1
|
|
|
21.1*
|
|
|
23.1*
|
|
|
23.2*
|
|
|
31.0*
|
|
|
32.0*
|
|
|
100*
|
|
XBRL-related documents
|
101
|
|
Interactive data file
|
|
|
iStar Inc.
Registrant
|
Date:
|
February 25, 2019
|
/s/ JAY SUGARMAN
|
|
|
Jay Sugarman
Chairman of the Board of Directors and Chief
Executive Officer (principal executive officer)
|
|
|
iStar Inc.
Registrant
|
Date:
|
February 25, 2019
|
/s/ ANDREW C. RICHARDSON
|
|
|
Andrew C. Richardson
Chief Financial Officer (principal financial and
accounting officer)
|
|
|
|
Date:
|
February 25, 2019
|
/s/ JAY SUGARMAN
|
|
|
Jay Sugarman
Chairman of the Board of Directors
Chief Executive Officer
|
|
|
|
Date:
|
February 25, 2019
|
/s/ CLIFFORD DE SOUZA
|
|
|
Clifford De Souza
Director
|
|
|
|
Date:
|
February 25, 2019
|
/s/ ROBERT W. HOLMAN, JR.
|
|
|
Robert W. Holman, Jr.
Director
|
|
|
|
Date:
|
February 25, 2019
|
/s/ ROBIN JOSEPHS
|
|
|
Robin Josephs
Director
|
|
|
|
Date:
|
February 25, 2019
|
/s/ DALE ANNE REISS
|
|
|
Dale Anne Reiss
Director
|
|
|
|
Date:
|
February 25, 2019
|
/s/ BARRY W. RIDINGS
|
|
|
Barry W. Ridings
Director
|
|
|
|
Subsidiary
|
|
State of Formation
|
100 Elkhorn Road - Sun Valley LLC
|
|
Delaware
|
100 Riverview Condominium Association Inc.
|
|
New Jersey
|
1000 South Clark Mezz Lender LLC
|
|
Delaware
|
1000 South Clark Street Holdings LLC
|
|
Delaware
|
1000 South Clark Street LLC
|
|
Delaware
|
1000 South Clark Street Partners LLC
|
|
Delaware
|
1050 N. El Mirage Road - Avondale LLC
|
|
Delaware
|
1101 Ocean Ave Parking LLC
|
|
New Jersey
|
1101 Ocean Ave Venture LLC
|
|
New Jersey
|
12 Union Street - Westborough LLC
|
|
Delaware
|
1250 N. El Mirage Road - Avondale LLC
|
|
Delaware
|
14000 N. Hayden Road - Scottsdale LLC
|
|
Delaware
|
1515 Dock Street - Tacoma LLC
|
|
Delaware
|
17093 Biscayne Boulevard - North Miami LLC
|
|
Delaware
|
1812 North Moore Lender LLC
|
|
Delaware
|
2021 Lakeside Boulevard - Richardson LLC
|
|
Delaware
|
210 5th Ave. Venture Urban Renewal LLC
|
|
New Jersey
|
212 Fifth Lender LLC
|
|
Delaware
|
215 North Michigan Owner LLC
|
|
Delaware
|
2220 West First Street - Fort Myers LLC
|
|
Delaware
|
2611 Corporate West Drive Venture LLC
|
|
Delaware
|
2611 CWD Net Lease I REIT
|
|
Maryland
|
2901 Kinwest Parkway - Irving LLC
|
|
Delaware
|
300 Riverview Condominium Association Inc.
|
|
New Jersey
|
3000 Waterview Parkway - Richardson LLC
|
|
Delaware
|
3150 SW 38th Avenue - Miami LLC
|
|
Delaware
|
333 Rector Park - River Rose LLC
|
|
Delaware
|
3376 Peachtree Hotel LLC
|
|
Delaware
|
3376 Peachtree Hotel Operator LLC
|
|
Delaware
|
3376 Peachtree Penthouse LLC
|
|
Delaware
|
3376 Peachtree Residential LLC
|
|
Georgia
|
3376 Peachtree Retail LLC
|
|
Delaware
|
3376 Peachtree Road - Atlanta Hotel LL Inc.
|
|
Delaware
|
3376 Peachtree Road - Atlanta Restaurant LL Inc.
|
|
Delaware
|
377 East 33rd Investor LLC
|
|
Delaware
|
38 North Almaden Boulevard Venture LLC
|
|
Delaware
|
432 Star Lender LLC
|
|
Delaware
|
4471 Dean Martin Drive - Las Vegas LLC
|
|
Delaware
|
46831 Lakeview Boulevard - Fremont LLC
|
|
Delaware
|
6162 S Willow Drive - Englewood LLC
|
|
Delaware
|
628 East Cleveland Street - Clearwater LLC
|
|
Delaware
|
6400 Christie Avenue - Emeryville LLC
|
|
Delaware
|
6801 Woolridge Road - Moseley LP
|
|
Delaware
|
6801 Woolridge Road GenPar LLC
|
|
Delaware
|
7297 North Scottsdale Unit LW105 Inc.
|
|
Delaware
|
7445 East Chaparral Road - Scottsdale LLC
|
|
Delaware
|
99 Shawan Road Joint Venture LLC
|
|
Delaware
|
Acquest Government Holdings II, LLC
|
|
New York
|
Acquest Government Holdings, L.L.C.
|
|
New York
|
Acquest Holdings FC, LLC
|
|
New York
|
AP at Monroe Urban Renewal LLC
|
|
New Jersey
|
AP at South Grand Urban Renewal LLC
|
|
New Jersey
|
AP Block 146 Developer Urban Renewal, LLC
|
|
New Jersey
|
AP Block 176 Venture Urban Renewal LLC
|
|
New Jersey
|
AP Block 178 Venture LLC
|
|
New Jersey
|
AP Block 4502 Beach Club LLC
|
|
New Jersey
|
AP Fifteen Property Holdings, L.L.C.
|
|
New Jersey
|
AP Five Property Holdings, L.L.C.
|
|
New Jersey
|
AP Mortgagee LLC
|
|
Delaware
|
AP Retail Venture LLC
|
|
Delaware
|
AP Ten Property Holdings, L.L.C.
|
|
New Jersey
|
AP Triangle LLC
|
|
Delaware
|
AP Wesley Lake LLC
|
|
Delaware
|
Artesia Development Partners LLC
|
|
Delaware
|
Asbury Convention Hall Limited Liability Company
|
|
New Jersey
|
Asbury One Liquor License LLC
|
|
New Jersey
|
Asbury Partners, LLC
|
|
New Jersey
|
ASTAR 1360 Greely Chapel Road - Lima LLC
|
|
Delaware
|
ASTAR ASB AR1, LLC
|
|
Delaware
|
ASTAR ASB AR2, LLC
|
|
Delaware
|
ASTAR ASB FL1, LLC
|
|
Delaware
|
ASTAR ASB FL10, LLC
|
|
Delaware
|
ASTAR ASB FL2, LLC
|
|
Delaware
|
ASTAR ASB FL3, LLC
|
|
Delaware
|
ASTAR ASB FL4, LLC
|
|
Delaware
|
ASTAR ASB FL5, LLC
|
|
Delaware
|
ASTAR ASB FL6, LLC
|
|
Delaware
|
ASTAR ASB FL7, LLC
|
|
Delaware
|
ASTAR ASB FL8, LLC
|
|
Delaware
|
ASTAR ASB FL9, LLC
|
|
Delaware
|
ASTAR ASB GA1, LLC
|
|
Delaware
|
ASTAR ASB GA2, LLC
|
|
Delaware
|
ASTAR ASB GA3, LLC
|
|
Delaware
|
ASTAR ASB Holdings LLC
|
|
Delaware
|
ASTAR ASB NC1, LLC
|
|
Delaware
|
ASTAR ASB NC2, LLC
|
|
Delaware
|
ASTAR ASB NC3, LLC
|
|
Delaware
|
ASTAR ASB NC4, LLC
|
|
Delaware
|
ASTAR ASB TX1 GenPar LLC
|
|
Delaware
|
ASTAR ASB TX1 LimPar LLC
|
|
Delaware
|
ASTAR ASB TX1 LP
|
|
Delaware
|
ASTAR ASB VA1, LLC
|
|
Delaware
|
ASTAR ASB VA2, LLC
|
|
Delaware
|
ASTAR Finance Falcon I LLC
|
|
Delaware
|
ASTAR Finance Falcon II LLC
|
|
Delaware
|
ASTAR Finance LLC
|
|
Delaware
|
ASTAR FRR FL1, LLC
|
|
Delaware
|
ASTAR FRR TX1 GenPar LLC
|
|
Delaware
|
ASTAR FRR TX1 LP
|
|
Delaware
|
ASTAR Pima Road - Scottsdale LLC
|
|
Delaware
|
ASTAR ROU LA1, LLC
|
|
Delaware
|
ASTAR Spokane LLC
|
|
Delaware
|
ASTAR Suncadia LLC
|
|
Delaware
|
ASTAR Two Notch Columbia LLC
|
|
Delaware
|
ASTAR UAG AZ1, LLC
|
|
Delaware
|
ASTAR UAG AZ2, LLC
|
|
Delaware
|
ASTAR UAG AZ3, LLC
|
|
Delaware
|
ASTAR UAG FL1, LLC
|
|
Delaware
|
ASTAR UAG NJ1 LLC
|
|
Delaware
|
Autostar Investors Partnership LLP
|
|
Delaware
|
Autostar Realty GP LLC
|
|
Delaware
|
Autostar Realty Operating Partnership, L.P.
|
|
Delaware
|
Avenida Naperville Partners LLC
|
|
Delaware
|
Bath Site LLC
|
|
Delaware
|
Bedford Joint Venture LLC
|
|
Delaware
|
Belmont Ridge Development Co. LLC
|
|
Delaware
|
BF Net Lease I REIT
|
|
Maryland
|
BF NLA LLC
|
|
Delaware
|
Bond Portfolio Holdings II LLC
|
|
Delaware
|
Bond Portfolio Holdings LLC
|
|
Delaware
|
Bonita Grande 68, LLC
|
|
Florida
|
BW Bowling Net Lease I REIT
|
|
Maryland
|
BW Bowling Properties Canada Inc.
|
|
British Columbia
|
BW Bowling Properties GenPar LLC
|
|
Delaware
|
BW Bowling Properties LLC
|
|
Delaware
|
BW Bowling Properties LP
|
|
Delaware
|
Cajun Fish Holdings, L.L.C.
|
|
New Jersey
|
Campbell Commons - Richardson LLC
|
|
Delaware
|
Charwell TP LLC
|
|
New York
|
Chicago Square Partners LLC
|
|
Delaware
|
Chicago STAR LLC
|
|
Delaware
|
Childs Associates LLC
|
|
Delaware
|
Coney Childs Lender LLC
|
|
Delaware
|
Coney Entertainment LLC
|
|
Delaware
|
Coney Island Holdings LLC
|
|
Delaware
|
Coyote Center Development, LLC
|
|
Delaware
|
DT Net Lease I REIT
|
|
Maryland
|
DT-XCIII-IS, LLC
|
|
Delaware
|
Entertainment Center Development, LLC
|
|
Delaware
|
Every Bear Investments LLC
|
|
Delaware
|
Falcon Auto Dealership Loan Trust 2001-1
|
|
Delaware
|
Falcon Auto Dealership, LLC
|
|
Delaware
|
Falcon Financial II, LLC
|
|
Delaware
|
Falcon Franchise Loan Corp.
|
|
Delaware
|
Falcon Franchise Loan TR Series 2003-1
|
|
Delaware
|
FF Net Lease II REIT
|
|
Delaware
|
FF NLA II LLC
|
|
Delaware
|
Florida 2005 Theaters LLC
|
|
Delaware
|
GFV Shawan Office, LLC
|
|
Delaware
|
Gold Coast Chicago Acquisition Company LLC
|
|
Delaware
|
Grand Monarch Partners LLC
|
|
Delaware
|
Great Oaks MF Fee Owner LLC
|
|
Delaware
|
Harbor Bay Net Lease I REIT
|
|
Maryland
|
Harbor Bay NLA LLC
|
|
Delaware
|
Harko, LLC
|
|
Delaware
|
Hicksville GL Owner LLC
|
|
Delaware
|
Highland View Associates LLC
|
|
Delaware
|
IS CI Bath Member LLC
|
|
Delaware
|
iStar 100 LLC
|
|
Delaware
|
iStar 100 Management Inc.
|
|
Delaware
|
iStar 100 Riverview LLC
|
|
Delaware
|
iStar 181 Fremont Holdings LLC
|
|
Delaware
|
iStar 200-300 LLC
|
|
Delaware
|
iStar 200-300 Management Inc.
|
|
Delaware
|
iStar 200-300 Riverview LLC
|
|
Delaware
|
iStar 320 East Warner Lender LLC
|
|
Delaware
|
iStar 4th & Virginia LLC
|
|
Delaware
|
iStar 4th & Virginia Manager LLC
|
|
Delaware
|
iStar 701 TS Holdings LLC
|
|
Delaware
|
iStar Alpha Structured Products LLC
|
|
Delaware
|
iStar Artesia Land LLC
|
|
Delaware
|
iStar Asset Services, Inc.
|
|
Delaware
|
iStar Automotive Investments LLC
|
|
Delaware
|
iStar Bishops Gate LLC
|
|
Delaware
|
iStar Blues LLC
|
|
Delaware
|
iStar Bowling Centers I LLC
|
|
Delaware
|
iStar Bowling Centers I LP
|
|
Delaware
|
iStar Bowling Centers II LLC
|
|
Delaware
|
iStar Bowling Centers II LP
|
|
Delaware
|
iStar Bowling Centers PR GenPar LLC
|
|
Delaware
|
iStar Bowling Centers PR LP
|
|
Delaware
|
iStar Busco Inc.
|
|
Delaware
|
iStar Chicago Hotel Lender LLC
|
|
Delaware
|
iStar Corporate Collateral LLC
|
|
Delaware
|
iStar CS Emery Bay North LLC
|
|
Delaware
|
iStar CTL I GenPar, Inc.
|
|
Delaware
|
iStar CTL I, L.P.
|
|
Delaware
|
iStar CTL Manager LLC
|
|
Delaware
|
iStar DH Holdings TRS Inc.
|
|
Cayman Islands
|
iStar Diplomat Drive - Farmers Branch LLC
|
|
Delaware
|
iStar DMI LLC
|
|
Delaware
|
iStar DOJ Holdings LLC
|
|
Delaware
|
iStar Financial Protective Trust
|
|
Maryland
|
iStar Financial Statutory Trust I
|
|
Delaware
|
iStar FKEC Holdings LLC
|
|
Delaware
|
iStar Florida 2015 Cinemas LLC
|
|
Delaware
|
iStar FM Loans LLC
|
|
Delaware
|
iStar Garden State Lender LLC
|
|
Delaware
|
iStar Grand Monarch Investor LLC
|
|
Delaware
|
iStar Harrisburg Business Trust
|
|
Delaware
|
iStar Harrisburg GenPar LLC
|
|
Delaware
|
iStar Harrisburg, L.P.
|
|
Delaware
|
iStar Henderson Lender LLC
|
|
Delaware
|
iStar IF III LLC
|
|
Delaware
|
iStar iPIP 2019 LLC
|
|
Delaware
|
iStar Land and Development Company Inc.
|
|
California
|
iStar Lex Lender LLC
|
|
Delaware
|
iStar Madison LLC
|
|
Delaware
|
iStar Minnesota LLC
|
|
Delaware
|
iStar Net Lease I LLC
|
|
Delaware
|
iStar Net Lease II LLC
|
|
Delaware
|
iStar Net Lease Manager I LLC
|
|
Delaware
|
iStar Net Lease Manager II LLC
|
|
Delaware
|
iStar Net Lease Member I LLC
|
|
Delaware
|
iStar Net Lease Member II LLC
|
|
Delaware
|
iStar Pinnacle Lender LLC
|
|
Delaware
|
iStar Potomac LLC
|
|
Delaware
|
iStar Raintree Venture Member LLC
|
|
Delaware
|
iStar RC Paradise Valley LLC
|
|
Delaware
|
iStar Real Estate Services, Inc.
|
|
Maryland
|
iStar Reeder Lender LLC
|
|
Delaware
|
iStar REO Holdings II TRS LLC
|
|
Delaware
|
iStar REO Holdings TRS LLC
|
|
Delaware
|
iStar San Jose, L.L.C.
|
|
Delaware
|
iStar SLC LLC
|
|
Delaware
|
iStar SoHo Lender LLC
|
|
Delaware
|
iStar SPP II LLC
|
|
Delaware
|
iStar SPP LLC
|
|
Delaware
|
iStar Standard Lender LLC
|
|
Delaware
|
iStar Sunnyvale Partners, L.P.
|
|
Delaware
|
iStar Sunnyvale, LLC
|
|
Delaware
|
iStar Tara Holdings LLC
|
|
Delaware
|
iStar Tara Kickers TRS LLC
|
|
Delaware
|
iStar Tara LLC
|
|
Delaware
|
iStar WALH Investor TRS LLC
|
|
Delaware
|
iStar West Walton Lender LLC
|
|
Delaware
|
iStar West Walton Mezz LLC
|
|
Delaware
|
Jade Eight Properties LLC
|
|
Delaware
|
Jersey Star GenPar LLC
|
|
Delaware
|
Jersey Star LP
|
|
Delaware
|
Key West Harbour Development, L.L.C.
|
|
Florida
|
Key West Marina Investments, L.L.C.
|
|
Florida
|
Loft Office Acquisition, LLC
|
|
Delaware
|
Long Beach Wayfarer LLC
|
|
Delaware
|
Lysol Limited
|
|
Cyprus
|
Madison Asbury Retail, LLC
|
|
Delaware
|
Magnolia Green Development Partners LLC
|
|
Delaware
|
MFF NLA LLC
|
|
Delaware
|
MFF Net Lease I REIT
|
|
Maryland
|
MF III Albion LLC
|
|
New Jersey
|
MG Apartment Entity, LLC
|
|
Delaware
|
MG Apartments Parcel 3 LLC
|
|
Delaware
|
MN Theaters 2006 LLC
|
|
Minnesota
|
Naples AW Holdco LLC
|
|
Delaware
|
Naples Harbour Development, L.L.C.
|
|
Florida
|
Naples Marina Investments, L.L.C.
|
|
Florida
|
NHN Holdco LLC
|
|
Delaware
|
NHN Venture 2, LLC
|
|
Delaware
|
Oakton Net Lease I REIT
|
|
Maryland
|
Oakton NLA LLC
|
|
Delaware
|
OHA Strategic Credit Fund (Parallel I), L.P.
|
|
|
One Palm Hotel Operator LLC
|
|
Delaware
|
One Palm LLC
|
|
Delaware
|
Paramount Bay Owner LLC
|
|
Delaware
|
Parrot Cay Holdco LLC
|
|
Delaware
|
Piscataway Road - Clinton MD LLC
|
|
Delaware
|
Potomac TC Owner LLC
|
|
West Virginia
|
Raintree Venture Owner, LLC
|
|
Delaware
|
Raintree Venture Partners, LLC
|
|
Delaware
|
Rattlefish Raw Bar and Grill, LLC
|
|
Florida
|
Royal Oaks Lane (Biscayne Landing) - North Miami LLC
|
|
Delaware
|
Seaside Park LLC
|
|
Delaware
|
SFI 10 Rittenhouse LLC
|
|
Delaware
|
SFI Acquest Holdings LLC
|
|
Delaware
|
SFI Almaden Manager LLC
|
|
Delaware
|
SFI Artesia LLC
|
|
Delaware
|
SFI Ballpark Village LLC
|
|
Delaware
|
SFI Bedford LLC
|
|
Delaware
|
SFI Belmont LLC
|
|
Delaware
|
SFI BR Villa Luisa LLC
|
|
Delaware
|
SFI Bridgeview LLC
|
|
Delaware
|
SFI Bullseye - Chicago LLC
|
|
Delaware
|
SFI Cascade Highlands LLC
|
|
Delaware
|
SFI Chicago Tollway LLC
|
|
Delaware
|
SFI Coney Island Manager LLC
|
|
Delaware
|
SFI CWD Venture Manager LLC
|
|
Delaware
|
SFI DT Holdings LLC
|
|
Delaware
|
SFI Eagle Land LLC
|
|
Delaware
|
SFI Emery Bay Participant LLC
|
|
Delaware
|
SFI Euro Holdings II LLC
|
|
Delaware
|
SFI Euro Holdings LLC
|
|
Delaware
|
SFI Ford City -Chicago LLC
|
|
Delaware
|
SFI Ginn Investments LLC
|
|
Delaware
|
SFI Gold Coast Partner LLC
|
|
Delaware
|
SFI Grand Vista LLC
|
|
Delaware
|
SFI Harborspire GenPar LLC
|
|
Delaware
|
SFI Harborspire LimPar LLC
|
|
Delaware
|
SFI Ilikai 104 LLC
|
|
Delaware
|
SFI Ilikai GenPar LLC
|
|
Delaware
|
SFI Ilikai LL Inc.
|
|
Delaware
|
SFI Ilikai LL Parent Inc.
|
|
Delaware
|
SFI Ilikai LP
|
|
Delaware
|
SFI Ilikai Property Owner LLC
|
|
Delaware
|
SFI Ilikai Retail Owner LLC
|
|
Delaware
|
SFI Kauai GenPar LLC
|
|
Delaware
|
SFI Kauai LP
|
|
Delaware
|
SFI Kauai Operator LLC
|
|
Delaware
|
SFI Kauai Owner LLC
|
|
Delaware
|
SFI Key West Harbour Holdings LLC
|
|
Delaware
|
SFI Key West Marina LLC
|
|
Delaware
|
SFI Kua 4 Partner LLC
|
|
Delaware
|
SFI Los Valles LLC
|
|
Delaware
|
SFI Magnolia Avenue - Riverside LLC
|
|
Delaware
|
SFI Mammoth Crossing LLC
|
|
Delaware
|
SFI Mammoth Finance LLC
|
|
Delaware
|
SFI Mammoth GenPar LLC
|
|
Delaware
|
SFI Mammoth Owner LP
|
|
Delaware
|
SFI Marina Investments LLC
|
|
Delaware
|
SFI Marina Stuart TRS LLC
|
|
Delaware
|
SFI MG Investor LLC
|
|
Delaware
|
SFI Mortgage Funding LLC
|
|
Delaware
|
SFI Naples Harbour Holdings LLC
|
|
Delaware
|
SFI Naples Marina LLC
|
|
Delaware
|
SFI Naples Reserve LLC
|
|
Delaware
|
SFI Net Lease Holdings LLC
|
|
Delaware
|
SFI One Palm Partner LLC
|
|
Delaware
|
SFI Palm Tree (St Lucie) LLC
|
|
Delaware
|
SFI Palm Tree Farms LLC
|
|
Delaware
|
SFI Penn Holdco Statutory Trust
|
|
Delaware
|
SFI Penn Properties Statutory Trust
|
|
Delaware
|
SFI Raintree - Scottsdale LLC
|
|
Delaware
|
SFI Savannah Residential LLC
|
|
Delaware
|
SFI SMR GenPar LLC
|
|
Delaware
|
SFI SMR LP
|
|
Delaware
|
SFI Spring Mountain Ranch Phase 1 LLC
|
|
Delaware
|
SFI Sugar Mill Investor LLC
|
|
Delaware
|
SFI Tampa Harbour Holdings LLC
|
|
Delaware
|
SFI Tampa Marina LLC
|
|
Delaware
|
SFI Top Ilikai LL Inc.
|
|
Delaware
|
SFI Top Ilikai Parent LL Inc.
|
|
Delaware
|
SFI Valley Plaza - North Hollywood LLC
|
|
Delaware
|
SFI Westgate City Center - Glendale LLC
|
|
Delaware
|
SFI Winkel Way LLC
|
|
Delaware
|
SFT I, Inc.
|
|
Delaware
|
SFTY Manager LLC
|
|
Delaware
|
Shawan Net Lease I REIT
|
|
Delaware
|
Shore Road GenPar LLC
|
|
Delaware
|
Shore Road - Long Beach LP
|
|
Delaware
|
Shore Road - Long Beach Superblock LLC
|
|
Delaware
|
SMR Phase 1 Joint Venture LLC
|
|
Delaware
|
St. Lucie Palm Tree Sales LLC
|
|
Delaware
|
STAR 100 Barclay Lender LLC
|
|
Delaware
|
STAR 540 West 26th Lender LLC
|
|
Delaware
|
STAR 570 Washington LH LLC
|
|
Delaware
|
STAR 2019 Lender LLC
|
|
Delaware
|
STAR AGRO Lender LLC
|
|
Delaware
|
STAR Arizona Avenue Lender LLC
|
|
Delaware
|
STAR Artesia 2 Member LLC
|
|
Delaware
|
STAR Barclay A-2 Lender LLC
|
|
|
STAR Boerum Lender LLC
|
|
Delaware
|
STAR Dayton Hangar One LLC
|
|
Delaware
|
STAR Dream Lender LLC
|
|
Delaware
|
Star FW Ventures II Investor LLC
|
|
Delaware
|
STAR Germantown Lender LLC
|
|
Delaware
|
STAR Glenridge Lender LLC
|
|
Delaware
|
STAR Highpark Lender LLC
|
|
Delaware
|
Star Jadian Investor LLC
|
|
Delaware
|
STAR Equus McDowell Member LLC
|
|
Delaware
|
STAR McDowell Venture Partner LLC
|
|
Delaware
|
STAR Mezzanine I LLC
|
|
Delaware
|
STAR Metropolitan Lender LLC
|
|
Delaware
|
STAR Mortgage I LLC
|
|
Delaware
|
STAR Naperville Investor LLC
|
|
Delaware
|
STAR Nevele Owner LLC
|
|
Delaware
|
STAR NM Northside Lender LLC
|
|
Delaware
|
STAR Nashville Hangar 6 LLC
|
|
Delaware
|
STAR North Clark Lender LLC
|
|
Delaware
|
STAR Palm Desert Lender GenPar LLC
|
|
Delaware
|
STAR Palm Desert Lender LP
|
|
Delaware
|
STAR Preferred Holdings LLC
|
|
Delaware
|
STAR Shidler-Terra Lender LLC
|
|
Delaware
|
STAR Structured Lender I LLC
|
|
Delaware
|
STAR Sycamore Avenue Lender LLC
|
|
Delaware
|
STAR Town Square Lender Member LLC
|
|
Delaware
|
State Road 710 - Indiantown LLC
|
|
Delaware
|
Stone Pony Partners LLC
|
|
New Jersey
|
Sunnyvale GenPar LLC
|
|
Delaware
|
Talking Partners LLC
|
|
New Jersey
|
Tampa Harbour Development, L.L.C.
|
|
Florida
|
Tampa Marina Investments, L.L.C.
|
|
Florida
|
TDM Kua 4, LLC
|
|
Delaware
|
THCF LLC
|
|
New Jersey
|
The Lanes at AP LLC
|
|
New Jersey
|
The New Westgate LLC
|
|
Delaware
|
TimberStar GP LLC
|
|
Delaware
|
TimberStar Investors Partnership LLP
|
|
Delaware
|
TimberStar Operating Partnership, L.P.
|
|
Delaware
|
TimberStar Selling Party Representative Holdco LLC
|
|
Delaware
|
TimberStar Southwest Investor LLC
|
|
Delaware
|
TPRJC Owner LLC
|
|
New Jersey
|
TriNet Essential Facilities XXVII, Inc.
|
|
Maryland
|
TriNet Sunnyvale Partners, L.P.
|
|
Delaware
|
TSM I, LLC
|
|
Delaware
|
TSM II, LLC
|
|
Delaware
|
Uncommon CCRC Investor LLC
|
|
Delaware
|
Vector Urban Renewal Associates I, L.P.
|
|
New Jersey
|
Westgate CCDEP Investor LLC
|
|
Delaware
|
Westgate Investments, LLC
|
|
Delaware
|
Westgate Signage, LLC
|
|
Delaware
|
Westgate Sports and Entertainment Group, LLC
|
|
Delaware
|
WG Net Lease I REIT
|
|
Maryland
|
WG NLA LLC
|
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Delaware
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Date:
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February 25, 2019
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By:
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/s/ JAY SUGARMAN
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Name:
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Jay Sugarman
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Title:
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Chief Executive Officer
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Date:
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February 25, 2019
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By:
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/s/ ANDREW C. RICHARDSON
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Name:
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Andrew C. Richardson
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Title:
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Chief Financial Officer (principal
financial and accounting officer)
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Date:
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February 25, 2019
|
By:
|
|
/s/ JAY SUGARMAN
|
||
|
|
|
|
Name:
|
|
Jay Sugarman
|
|
|
|
|
Title:
|
|
Chief Executive Officer
|
Date:
|
February 25, 2019
|
By:
|
|
/s/ ANDREW C. RICHARDSON
|
||
|
|
|
|
Name:
|
|
Andrew C. Richardson
|
|
|
|
|
Title:
|
|
Chief Financial Officer (principal
financial and accounting officer)
|