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Other Investments (Tables) | 12 Months Ended
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Dec. 31, 2012
Equity method investments |
Schedule of other investments and its proportionate share of results for equity method investments | The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands):
| Carrying Value as of December 31, |  | Equity in earnings for the years ended December 31,
| 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2010
LNR | $ | 205,773 |  |  | $ | 159,764 |  |  | $ | 60,669 |  |  | $ | 53,861 |  |  | $ | 1,797 |
Madison Funds | 56,547 |  |  | 103,305 |  |  | 10,246 |  |  | 3,641 |  |  | 9,717 |
Oak Hill Funds | 29,840 |  |  | 56,817 |  |  | 5,844 |  |  | 1,918 |  |  | 11,613 |
Real estate equity investments | 47,619 |  |  | 69,100 |  |  | 21,636 |  |  | (5,273 | ) |  | 2,522 |
Other equity method investments(1) | 47,939 |  |  | 56,849 |  |  | 4,614 |  |  | 40,944 |  |  | 26,259 |
Total equity method investments | $ | 387,718 |  |  | $ | 445,835 |  |  | $ | 103,009 |  |  | $ | 95,091 |  |  | $ | 51,908 |
Other | 11,125 |  |  | 12,000 |  |  |  |  |  |  |
Total other investments | $ | 398,843 |  |  | $ | 457,835 |  |  |  |  |  |  |
Explanatory Note: _______________________________________________________________________________
(1) | For the years ended December 31, 2011 and 2010, amounts include $38.4 million and $22.4 million, respectively, of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011.
LNR Property LLC ("LNR") |
Equity method investments |
Schedule of summarized Income Statements | The following table represents the latest available financial information of investee level summarized financial information for LNR ($ in thousands)(1):
| For the Years Ended September 30, |  | For the period July 29 to September 30,
| 2012 |  | 2011 |  | 2010
Income Statements |  |  |  |  |
Total revenue(2) | $ | 332,902 |  |  | $ | 327,032 |  |  | $ | 40,022 |
Income tax expense (benefit)(3) | $ | 6,731 |  |  | $ | (76,558 | ) |  | $ | 685 |
Net income attributable to LNR | $ | 253,039 |  |  | $ | 225,190 |  |  | $ | 7,495 |
iStar's ownership percentage | 24 | % |  | 24 | % |  | 24 | %
iStar's equity in earnings from LNR | $ | 60,669 |  |  | $ | 53,861 |  |  | $ | 1,797 |
Schedule of summarized Balance Sheets |
| As of September 30,
| 2012 |  | 2011
Balance Sheets |  |  |
Total assets(2) | $ | 1,384,337 |  |  | $ | 1,288,923 |
Total debt(2) | $ | 398,912 |  |  | $ | 469,631 |
Total liabilities(2) | $ | 517,088 |  |  | $ | 576,835 |
Noncontrolling interests | $ | 1,560 |  |  | $ | 39,940 |
LNR Property LLC equity | $ | 865,689 |  |  | $ | 672,147 |
iStar's ownership percentage | 24 | % |  | 24 | %
iStar's equity in LNR | $ | 205,773 |  |  | $ | 159,764 |
Explanatory Notes: _______________________________________________________________________________
(1) | The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011. LNR was acquired in July of 2010, therefore results for the year ended December 31, 2010 are based on balances from LNR for the period July 29, 2010 to September 30, 2010.
(2) | LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been excluded from the amounts presented above. As of September 30, 2012 and 2011, the assets of these trusts, which aggregated approximately $97.52 billion and $126.66 billion, respectively, were the sole source of repayment of the related liabilities, which aggregated approximately $97.21 billion and $126.64 billion, respectively, and are non-recourse to LNR and its equity holders, including the Company. In addition, total revenue presented above includes $95.4 million, $119.0 million and $16.8 million for the years ended September 30, 2012, 2011 and for the period July 29, 2010 to September 30, 2010, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.
(3) | During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities.
Equity method investments excluding LNR |
Equity method investments |
Schedule of summarized Income Statements | Summarized Financial Information—The following table presents the investee level summarized financial information of the Company's equity method investments, excluding LNR ($ in thousands):
|  | For the Years Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Income Statements |  |  |  |  |  |
Revenues |  | $ | 401,870 |  |  | $ | 198,340 |  |  | $ | 590,265 |
Net income (loss) attributable to parent entities |  | $ | 304,960 |  |  | $ | 97,066 |  |  | $ | 342,661 |
Schedule of summarized Balance Sheets |
|  | As of December 31,
|  | 2012 |  | 2011
Balance Sheets |  |  |  |
Total assets |  | $ | 2,830,087 |  |  | $ | 3,079,736 |
Total liabilities |  | $ | 163,164 |  |  | $ | 197,246 |
Noncontrolling interests |  | $ | 29,553 |  |  | $ | 4,139 |
Total equity |  | $ | 2,637,370 |  |  | $ | 2,878,351 |

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- Definition Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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