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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission File No. 1-15371
_______________________________________________________________________________
iStar Inc.
(Exact name of registrant as specified in its charter)
Maryland95-6881527
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
1114 Avenue of the Americas, 39th Floor  
New York,NY10036
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (212930-9400
_______________________________________________________________________________
Indicate by check mark whether the registrant: (i) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports); and (ii) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated 
Filer 
 
Non‑accelerated Filer 

 Smaller Reporting Company Emerging Growth Company 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No 



Table of Contents
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock,
$0.001 par value
 STAR New York Stock Exchange
8.00% Series D Cumulative Redeemable Preferred Stock,
$0.001 par value
STAR-PDNew York Stock Exchange
7.65% Series G Cumulative Redeemable Preferred Stock,
$0.001 par value
STAR-PGNew York Stock Exchange
7.50% Series I Cumulative Redeemable Preferred Stock,
$0.001 par value
STAR-PINew York Stock Exchange
As of April 27, 2021, there were 73,235,779 shares, $0.001 par value per share, of iStar Inc. common stock outstanding.


Table of Contents
TABLE OF CONTENTS
  Page



Table of Contents
PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1.    Financial Statements
iStar Inc.
Consolidated Balance Sheets
(In thousands, except per share data)(1)
(unaudited)
 As of
 March 31,
2021
December 31,
2020
ASSETS 
Real estate
Real estate, at cost$1,753,378 $1,752,053 
Less: accumulated depreciation(278,985)(267,772)
Real estate, net1,474,393 1,484,281 
Real estate available and held for sale2,600 5,212 
Total real estate1,476,993 1,489,493 
Net investment in leases ($9,270 and $10,871 of allowances as of March 31, 2021 and December 31, 2020, respectively)
431,126 429,101 
Land and development, net406,781 430,663 
Loans receivable and other lending investments, net ($9,058 and $13,170 of allowances as of March 31, 2021 and December 31, 2020, respectively)
533,716 732,330 
Loan receivable held for sale16,086  
Other investments1,237,295 1,176,560 
Cash and cash equivalents193,852 98,633 
Accrued interest and operating lease income receivable, net8,686 10,061 
Deferred operating lease income receivable, net60,812 58,128 
Deferred expenses and other assets, net428,244 436,839 
Total assets$4,793,591 $4,861,808 
LIABILITIES AND EQUITY  
Liabilities:  
Accounts payable, accrued expenses and other liabilities$451,010 $467,922 
Liabilities associated with properties held for sale231 27 
Loan participations payable, net 42,501 
Debt obligations, net3,291,343 3,286,975 
Total liabilities3,742,584 3,797,425 
Commitments and contingencies (refer to Note 12)
Equity:  
iStar Inc. shareholders' equity:  
Preferred Stock Series D, G and I, liquidation preference $25.00 per share (refer to Note 14)
12 12 
Common Stock, $0.001 par value, 200,000 shares authorized, 73,440 and 73,967 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
73 74 
Additional paid-in capital3,204,862 3,240,535 
Accumulated deficit(2,309,763)(2,316,972)
Accumulated other comprehensive loss (refer to Note 14)(41,858)(52,680)
Total iStar Inc. shareholders' equity853,326 870,969 
Noncontrolling interests197,681 193,414 
Total equity1,051,007 1,064,383 
Total liabilities and equity$4,793,591 $4,861,808 
_______________________________________________________________________________
(1)Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").
The accompanying notes are an integral part of the consolidated financial statements.
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Table of Contents
iStar Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
 For the Three Months Ended March 31,
 20212020
Revenues:
Operating lease income$47,444 $47,346 
Interest income10,650 17,216 
Interest income from sales-type leases8,627 8,355 
Other income14,290 20,368 
Land development revenue32,249 80,176 
Total revenues113,260 173,461 
Costs and expenses:
Interest expense39,563 43,392 
Real estate expense16,894 22,498 
Land development cost of sales29,323 77,059 
Depreciation and amortization15,455 14,486 
General and administrative21,439 34,271 
(Recovery of) provision for loan losses(3,794)4,003 
(Recovery of) provision for losses on net investment in leases(1,601)1,292 
Impairment of assets1,785 1,708 
Other expense253 74 
Total costs and expenses119,317 198,783 
Income from sales of real estate612  
Loss from operations before earnings from equity method investments and other items(5,445)(25,322)
Loss on early extinguishment of debt, net (4,115)
Earnings from equity method investments12,769 16,612 
Net income (loss) before income taxes7,324 (12,825)
Income tax benefit (expense)665 (60)
Net income (loss)7,989 (12,885)
Net (income) attributable to noncontrolling interests(2,520)(2,691)
Net income (loss) attributable to iStar Inc. 5,469 (15,576)
Preferred dividends(5,874)(5,874)
Net loss allocable to common shareholders$(405)$(21,450)
Per common share data:
Net loss allocable to common shareholders:
Basic$(0.01)$(0.28)
Diluted$(0.01)$(0.28)
Weighted average number of common shares:
Basic73,901 77,444 
Diluted73,901 77,444 


The accompanying notes are an integral part of the consolidated financial statements.
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Table of Contents
iStar Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)
 For the Three Months Ended March 31,
 20212020
Net income (loss)$7,989 $(12,885)
Other comprehensive income (loss):
Reclassification of losses on cash flow hedges into earnings upon realization(1)
2,338 1,314 
Unrealized (losses) gains on available-for-sale securities(1,031)203 
Unrealized gains (losses) on cash flow hedges11,973 (27,776)
Other comprehensive income (loss)13,280 (26,259)
Comprehensive income (loss)21,269 (39,144)
Comprehensive (income) loss attributable to noncontrolling interests(4,978)2,753 
Comprehensive income (loss) attributable to iStar Inc. $16,291 $(36,391)
_______________________________________________________________________________
(1)Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the three months ended March 31, 2021 and 2020 are $2,104 and $1,088, respectively. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the three months ended March 31, 2021 and 2020 are $234 and $226, respectively.
The accompanying notes are an integral part of the consolidated financial statements.
3


iStar Inc.
Consolidated Statements of Changes in Equity
(In thousands)
(unaudited)

 iStar Inc. Shareholders' Equity  
Preferred
Stock(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, 2020$12 $74 $3,240,535 $(2,316,972)$(52,680)$193,414 $1,064,383 
Impact from adoption of new accounting standards (refer to Note 3)— — (25,869)15,850 — — (10,019)
Dividends declared—preferred— — — (5,874)— — (5,874)
Dividends declared—common ($0.11 per share)
— — — (8,236)— — (8,236)
Issuance of stock/restricted stock unit amortization, net(2)
— — 2,572 — — 1,370 3,942 
Net income— — — 5,469 — 2,520 7,989 
Change in accumulated other comprehensive income (loss)— — — — 10,822 2,458 13,280 
Repurchase of stock— (1)(12,376)— — — (12,377)
Contributions from noncontrolling interests— — — — — 64 64 
Distributions to noncontrolling interests— — — — — (2,145)(2,145)
Balance as of March 31, 2021$12 $73 $3,204,862 $(2,309,763)$(41,858)$197,681 $1,051,007 
Balance as of December 31, 2019$12 $78 $3,284,877 $(2,205,838)$(38,707)$197,538 $1,237,960 
Impact from adoption of new accounting standards— — — (12,382)— — (12,382)
Dividends declared—preferred— — — (5,874)— — (5,874)
Dividends declared—common ($0.10 per share)
— — — (7,834)— — (7,834)
Issuance of stock/restricted stock unit amortization, net(2)
— 2,222 — — 727 2,949 
Net income (loss)— — — (15,576)— 2,691 (12,885)
Change in accumulated other comprehensive income (loss)— — — — (20,815)(5,444)(26,259)
Repurchase of stock— (1)(12,044)— — — (12,045)
Contributions from noncontrolling interests— — — — — 163 163 
Distributions to noncontrolling interests— — — — — (3,724)(3,724)
Balance as of March 31, 2020$12 $77 $3,275,055 $(2,247,504)$(59,522)$191,951 $1,160,069 
_________________________________________________________
(1)Refer to Note 14 for details on the Company's Preferred Stock.
(2)Net of payments for withholding taxes upon vesting of stock-based compensation.

The accompanying notes are an integral part of the consolidated financial statements.


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Table of Contents
iStar Inc.
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
 For the Three Months Ended March 31,
20212020
Cash flows from operating activities:  
Net income (loss)$7,989 $(12,885)
Adjustments to reconcile net income (loss) to cash flows from operating activities:  
(Recovery of) provision for loan losses(3,794)4,003 
(Recovery of) provision for losses on net investment in leases(1,601)1,292 
Impairment of assets1,785 1,708 
Depreciation and amortization15,455 14,486 
Non-cash interest income from sales-type leases(9,388)(1,570)
Stock-based compensation expense5,508 16,270 
Amortization of discounts/premiums and deferred financing costs on debt obligations, net2,016 3,320 
Amortization of discounts/premiums and deferred interest on loans, net(3,379)(8,404)
Deferred interest on loans received23,703  
Earnings from equity method investments(12,769)(16,612)
Distributions from operations of other investments10,598 5,009 
Deferred operating lease income(2,684)(3,618)
Income from sales of real estate (612) 
Land development revenue in excess of cost of sales(2,926)(3,117)
Loss on early extinguishment of debt, net 4,115 
Other operating activities, net(3,917)(9,710)
Changes in assets and liabilities: 
Origination of loan receivable held for sale(16,086) 
Changes in accrued interest and operating lease income receivable1,945 79 
Changes in deferred expenses and other assets, net1,776 (3,039)
Changes in accounts payable, accrued expenses and other liabilities(17,414)(12,324)
  Cash flows provided by (used in) operating activities(3,795)(20,997)
Cash flows from investing activities:  
Originations and fundings of loans receivable, net(50,670)(37,977)
Capital expenditures on real estate assets(648)(4,008)
Capital expenditures on land and development assets(4,134)(15,035)
Repayments of and principal collections on loans receivable and other lending investments, net109,926 18,346 
Net proceeds from sales of loans receivable79,560  
Net proceeds from sales of real estate 2,967 7,493 
Net proceeds from net investment in leases6,575  
Net proceeds from sales of land and development assets30,801 76,776 
Distributions from other investments20,032 9,866 
Contributions to and acquisition of interest in other investments(59,866)(118,991)
Other investing activities, net3,092 769 
  Cash flows used in investing activities137,635 (62,761)
Cash flows from financing activities:  
Borrowings from debt obligations25,000 306,180 
Repayments and repurchases of debt obligations(32,308)(113,634)
Preferred dividends paid(5,874)(5,874)
Common dividends paid(8,216)(7,797)
Repurchase of stock(10,775)(18,153)
Payments for debt prepayment or extinguishment costs (3,316)
Payments for deferred financing costs(75)(2,382)
Payments for withholding taxes upon vesting of stock-based compensation(2,085)(1,984)
Contributions from noncontrolling interests64 163 
Distributions to noncontrolling interests(2,145)(3,724)
  Cash flows (used in) provided by financing activities(36,414)149,479 
Effect of exchange rate changes on cash(111)(25)
Changes in cash, cash equivalents and restricted cash97,315 65,696 
Cash, cash equivalents and restricted cash at beginning of period150,566 352,206 
Cash, cash equivalents and restricted cash at end of period$247,881 $417,902 
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Table of Contents
iStar Inc.
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For the Three Months Ended March 31,
20212020
Supplemental disclosure of non-cash investing and financing activity:
Fundings and (repayments) of loan receivables and loan participations, net$(42,501)$2,110 
Accrued repurchase of stock1,802 250 
The accompanying notes are an integral part of the consolidated financial statements.
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Table of Contents
iStar Inc.
Notes to Consolidated Financial Statements
(unaudited)




Note 1—Business and Organization

Business—iStar Inc. (the "Company") finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company also manages entities focused on ground lease and net lease investments (refer to Note 8). The Company has invested over $40 billion of capital over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary reportable business segments are net lease, real estate finance, operating properties and land and development (refer to Note 18).

Organization—The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments and corporate acquisitions.

Note 2—Basis of Presentation and Principles of Consolidation
Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report").
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation.
Principles of Consolidation—The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has provided no financial support to those VIEs that it was not previously contractually required to provide.    
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Table of Contents
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)

    Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of March 31, 2021 and December 31, 2020. The following table presents the assets and liabilities of the Company's consolidated VIEs as of March 31, 2021 and December 31, 2020 ($ in thousands):
 As of
 March 31,
2021
December 31,
2020
ASSETS
Real estate
Real estate, at cost$900,349 $899,110 
Less: accumulated depreciation(68,141)(61,917)
Real estate, net832,208 837,193 
Land and development, net220,273 240,137 
Other investments31 35 
Cash and cash equivalents32,756 22,571 
Accrued interest and operating lease income receivable, net2,501 1,472 
Deferred operating lease income receivable, net31,785 29,428 
Deferred expenses and other assets, net120,288 122,591 
Total assets$1,239,842 $1,253,427 
LIABILITIES   
Accounts payable, accrued expenses and other liabilities$116,224 $115,581 
Debt obligations, net482,827 488,719 
Total liabilities599,051 604,300 
Unconsolidated VIEs—The Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of March 31, 2021, the Company's maximum exposure to loss from these investments does not exceed the sum of the $127.7 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $17.0 million of related unfunded commitments.

Note 3—Summary of Significant Accounting Policies

The following paragraph describes the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2021.

The Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06") on January 1, 2021 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment on January 1, 2021 by increasing "Debt obligations, net" by $10.0 million, increasing retained earnings by $15.9 million and decreasing "Additional paid-in capital" by $25.9 million with respect to its 3.125% senior convertible notes (refer to Note 11). Periods presented that are prior to the adoption date of January 1, 2021 will not be adjusted. In addition, upon the adoption of ASU 2020-06, the Company is required to use a modified if-converted method when calculating earnings per share. The Company will settle conversions of the 3.125% senior 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 if-converted method is modified so that interest expense is not added back to the numerator, and the denominator only includes the net number of incremental shares that would be issued upon conversion.

For the remainder of the Company's significant accounting policies, refer to the Company's Annual Report.

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Table of Contents
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)

New Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In March 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Note 4—Real Estate
The Company's real estate assets were comprised of the following ($ in thousands):
Net Lease(1)
Operating
Properties
Total
As of March 31, 2021
Land, at cost$188,418 $103,530 $291,948 
Buildings and improvements, at cost1,354,952 106,478 1,461,430 
Less: accumulated depreciation(260,288)(18,697)(278,985)
Real estate, net(1)
1,283,082 191,311 1,474,393 
Real estate available and held for sale(2)
 2,600 2,600 
Total real estate$1,283,082 $193,911 $1,476,993 
As of December 31, 2020
Land, at cost$188,418 $103,530 $291,948 
Buildings and improvements, at cost1,353,683 106,422 1,460,105 
Less: accumulated depreciation(250,198)(17,574)(267,772)
Real estate, net(1)
1,291,903 192,378 1,484,281 
Real estate available and held for sale(2)
 5,212 5,212 
Total real estate$1,291,903 $197,590 $1,489,493 
_______________________________________________________________________________
(1)As of March 31, 2021 and December 31, 2020, real estate, net included $751.4 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below).
(2)As of March 31, 2021 and December 31, 2020, the Company had $2.6 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first offer to the venture on all new net lease investments. The Company and its partner had joint decision making rights pertaining to the acquisition of new investments. Upon the expiration of the investment period on June 30, 2018, the Company obtained control of the venture through its unilateral rights of management and disposition of the assets. As a result, the expiration of the investment period resulted in a reconsideration event under GAAP and the Company determined that the Net Lease Venture is a VIE for which the Company is the primary beneficiary. Effective June 30, 2018, the Company consolidated the Net Lease Venture as an asset acquisition under ASC 810. The Net Lease Venture had previously been accounted for as an equity method investment. The Company has an equity interest in the Net Lease Venture of approximately 51.9%. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a management fee and incentive fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% external partner's interest.
Dispositions—During the three months ended March 31, 2020, the Company sold a net lease asset for net proceeds of $7.5 million and recognized an impairment of $1.7 million in connection with the sale.

Real Estate Available and Held for Sale—During the three months ended March 31, 2020, the Company transferred a net lease asset with an aggregate carrying value of $25.7 million to held for sale due to an executed contract with SAFE. The net lease asset was sold to SAFE in September 2020.
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Table of Contents
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Impairments—During the three months ended March 31, 2020, the Company recorded an impairment of $1.7 million in connection with the sale of a net lease asset.
Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $7.0 million and $5.9 million for the three months ended March 31, 2021 and 2020, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.
Allowance for Doubtful Accounts—As of March 31, 2021 and December 31, 2020, the allowance for doubtful accounts related to real estate tenant receivables was $1.0 million and $1.7 million, respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets.
Future Minimum Operating Lease PaymentsFuture minimum operating lease payments to be collected under non-cancelable operating leases, excluding customer reimbursements of expenses, in effect as of March 31, 2021, are as follows by year ($ in thousands):
YearNet
Lease
Operating Properties
2021 (remaining nine months)$95,970 $10,877 
2022130,077 6,677 
2023121,718 6,421 
2024116,027 6,383 
2025119,483 5,720 
Thereafter1,254,867 8,247 
Note 5—Net Investment in Leases

In May 2019, the Company entered into a transaction with an operator of bowling entertainment venues, consisting of the purchase of nine bowling centers for $56.7 million, of which seven were acquired from the lessee for $44.1 million, and a commitment to invest up to $55.0 million in additional bowling centers over the next several years. The new centers were added to the Company's existing master leases with the tenant. In connection with this transaction, the maturities of the master leases were extended by 15 years to 2047. In the second quarter 2020, the Company entered into a transaction with the lessee whereby it would apply $10 million of the net proceeds it received from certain sales of the lessee's facilities to the lessee's upcoming rent obligations to the Company. In exchange, the Company's obligation under the lease to acquire an equal amount of new facilities for them or to reduce their rent in the future has been terminated. In the third quarter 2020, the Company granted the lessee a nine-month rent deferral on its two wholly-owned master leases in exchange for eliminating the Company's commitment to invest up to $55.0 million in additional bowling centers over the next several years. All deferred amounts are required to be repaid with interest beginning in January 2023.

As a result of the May 2019 modifications to the leases, the Company classified the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" on its consolidated balance sheet. As a result of the modifications in the second and third quarter 2020, the Company reassessed this classification as required by ASC 842, and concluded that the leases should continue to be classified as sales-type leases. In May 2019, the Company determined that the seven bowling centers acquired did not qualify as a sale leaseback transaction and recorded $44.1 million in "Loans receivable and other lending investments, net" on its consolidated balance sheet (refer to Note 7). For the three months ended March 31, 2021 and 2020, the Company recognized $0.1 million and $6.9 million, respectively, of cash interest income and $8.5 million and $1.5 million, respectively, of non-cash interest income in "Interest income from sales-type leases" in the Company's consolidated statements of operations.

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Table of Contents
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)

Dispositions—During the three months ended March 31, 2021, the Company sold net lease assets for net proceeds of $6.6 million and recognized an aggregate impairment of $1.5 million in connection with the sales.

The Company's net investment in leases were comprised of the following as of March 31, 2021 and December 31, 2020 ($ in thousands):
March 31, 2021December 31, 2020
Total undiscounted cash flows$1,020,921 $1,020,921 
Unguaranteed estimated residual value338,543 345,284 
Present value discount(919,068)(926,233)
Allowance for losses on net investment in leases(9,270)(10,871)
Net investment in leases(1)
$431,126 $429,101 
_______________________________________________________________________________
(1)As of March 31, 2021 and December 31, 2020, all of the Company's net investment in leases were current in their payment status and performing in accordance with the terms of the respective leases. As of March 31, 2021, the risk rating on the Company's net investment in leases was 2.0.

Future Minimum Lease Payments under Sales-type LeasesFuture minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of March 31, 2021, are as follows by year ($ in thousands):
Amount
2021 (remaining nine months)$14,248 
202230,481 
202341,854 
2024