XML 22 R33.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Loans Receivable, net (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Receivables [Abstract] |
Schedule of the Company's loans and other lending investments by class | The following is a summary of the Company's loans receivable by class ($ in thousands):
| As of December 31,
Type of Investment | 2012 |  | 2011
Senior mortgages | $ | 1,751,256 |  |  | $ | 2,801,213 |
Subordinate mortgages | 152,737 |  |  | 211,491 |
Corporate/Partnership loans | 450,491 |  |  | 478,892 |
Total gross carrying value of loans(1) | $ | 2,354,484 |  |  | $ | 3,491,596 |
Reserves for loan losses | (524,499 | ) |  | (646,624 | )
Total carrying value of loans | $ | 1,829,985 |  |  | $ | 2,844,972 |
Other lending investments—securities | — |  |  | 15,790 |
Total loans receivable, net | $ | 1,829,985 |  |  | $ | 2,860,762 |
Explanatory Note: _______________________________________________________________________________
(1) | The Company's recorded investment in loans as of December 31, 2012 and 2011, was $2.36 billion and $3.50 billion, respectively, which consists of total gross carrying value of loans plus accrued interest of $9.8 million and $13.3 million, for the same two periods, respectively.
Schedule of changes in the Company's reserve for loan losses | Reserve for Loan Losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands):
| For the Years Ended December 31,
| 2012 |  | 2011 |  | 2010
Reserve for loan losses at beginning of period | $ | 646,624 |  |  | $ | 814,625 |  |  | $ | 1,417,949 |
Provision for loan losses | 81,740 |  |  | 46,412 |  |  | 331,487 |
Charge-offs | (203,865 | ) |  | (214,413 | ) |  | (934,811 | )
Reserve for loan losses at end of period | $ | 524,499 |  |  | $ | 646,624 |  |  | $ | 814,625 |
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
| Individually Evaluated for Impairment(1) |  | Collectively Evaluated for Impairment(2) |  | Loans Acquired with Deteriorated Credit Quality(3) |  | Total
As of December 31, 2012 |  |  |  |  |  |  |
Loans | $ | 1,095,957 |  |  | $ | 1,210,077 |  |  | $ | 58,281 |  |  | $ | 2,364,315 |
Less: Reserve for loan losses | (472,058 | ) |  | (33,100 | ) |  | (19,341 | ) |  | (524,499 | )
Total | $ | 623,899 |  |  | $ | 1,176,977 |  |  | $ | 38,940 |  |  | $ | 1,839,816 |
As of December 31, 2011 |  |  |  |  |  |  |
Loans | $ | 1,525,337 |  |  | $ | 1,919,876 |  |  | $ | 59,648 |  |  | $ | 3,504,861 |
Less: Reserve for loan losses | (554,131 | ) |  | (73,500 | ) |  | (18,993 | ) |  | (646,624 | )
Total | $ | 971,206 |  |  | $ | 1,846,376 |  |  | $ | 40,655 |  |  | $ | 2,858,237 |
Explanatory Notes: _______________________________________________________________________________
(1) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.0 million and a net premium of $0.1 million as of December 31, 2012 and 2011, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and 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 aggregating to a net discount of $3.8 million and $0.2 million as of December 31, 2012 and 2011, respectively.
(3) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.1 million and a net discount of $15.0 million as of December 31, 2012 and 2011, respectively. These loans had cumulative principal balances of $58.8 million and $74.5 million, as of December 31, 2012 and 2011, respectively.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
| As of
| December 31, 2012 |  | December 31, 2011
| Performing Loans |  | Weighted Average Risk Ratings |  | Performing Loans |  | Weighted Average Risk Ratings
Senior mortgages | $ | 840,593 |  |  | 2.75 |  |  | $ | 1,514,016 |  |  | 3.19 |
Subordinate mortgages | 99,698 |  |  | 2.27 |  |  | 190,342 |  |  | 3.36 |
Corporate/Partnership loans | 444,772 |  |  | 3.69 |  |  | 472,178 |  |  | 3.61 |
Total | $ | 1,385,063 |  |  | 3.01 |  |  | $ | 2,176,536 |  |  | 3.29 |
Schedule of recorded investment in loans, aged by payment status and presented by class | As of December 31, 2012, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):
| Current |  | Less Than and Equal to 90 Days |  | Greater Than 90 Days |  | Total Past Due |  | Total
Senior mortgages | $ | 862,082 |  |  | $ | 62,768 |  |  | $ | 830,906 |  |  | $ | 893,674 |  |  | $ | 1,755,756 |
Subordinate mortgages | 99,698 |  |  | — |  |  | 53,979 |  |  | 53,979 |  |  | 153,677 |
Corporate/Partnership loans | 444,772 |  |  | — |  |  | 10,110 |  |  | 10,110 |  |  | 454,882 |
Total | $ | 1,406,552 |  |  | $ | 62,768 |  |  | $ | 894,995 |  |  | $ | 957,763 |  |  | $ | 2,364,315 |
Schedule of recorded investment in impaired loans, presented by class | Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):
| As of December 31, 2012 |  | As of December 31, 2011
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 108,077 |  |  | $ | 107,850 |  |  | $ | — |  |  | $ | 219,488 |  |  | $ | 218,612 |  |  | $ | — |
Corporate/Partnership loans | 10,110 |  |  | 10,160 |  |  | — |  |  | 10,110 |  |  | 10,160 |  |  | — |
Subtotal | $ | 118,187 |  |  | $ | 118,010 |  |  | $ | — |  |  | $ | 229,598 |  |  | $ | 228,772 |  |  | $ | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 918,975 |  |  | $ | 918,496 |  |  | $ | (442,760 | ) |  | $ | 1,268,962 |  |  | $ | 1,263,195 |  |  | $ | (540,670 | )
Subordinate mortgages | 53,979 |  |  | 53,679 |  |  | (39,579 | ) |  | 22,480 |  |  | 22,558 |  |  | (22,480 | )
Corporate/Partnership loans | 63,096 |  |  | 63,246 |  |  | (9,060 | ) |  | 62,591 |  |  | 62,845 |  |  | (9,974 | )
Subtotal | $ | 1,036,050 |  |  | $ | 1,035,421 |  |  | $ | (491,399 | ) |  | $ | 1,354,033 |  |  | $ | 1,348,598 |  |  | $ | (573,124 | )
Total: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 1,027,052 |  |  | $ | 1,026,346 |  |  | $ | (442,760 | ) |  | $ | 1,488,450 |  |  | $ | 1,481,807 |  |  | $ | (540,670 | )
Subordinate mortgages | 53,979 |  |  | 53,679 |  |  | (39,579 | ) |  | 22,480 |  |  | 22,558 |  |  | (22,480 | )
Corporate/Partnership loans | 73,206 |  |  | 73,406 |  |  | (9,060 | ) |  | 72,701 |  |  | 73,005 |  |  | (9,974 | )
Total | $ | 1,154,237 |  |  | $ | 1,153,431 |  |  | $ | (491,399 | ) |  | $ | 1,583,631 |  |  | $ | 1,577,370 |  |  | $ | (573,124 | )
Explanatory Note: _______________________________________________________________________________
(1) | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2012 and 2011, certain loans modified through troubled debt restructurings with a recorded investment of $175.0 million and $255.3 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):
| For the Years Ended December 31,
| 2012 |  | 2011 |  | 2010
| 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 | $ | 162,093 |  |  | $ | 2,765 |  |  | $ | 309,079 |  |  | $ | 31,799 |  |  | $ | 659,150 |  |  | $ | 20,472 |
Subordinate mortgages | — |  |  | — |  |  | — |  |  | — |  |  | 1,404 |  |  | 87 |
Corporate/Partnership loans | 10,110 |  |  | 160 |  |  | 10,110 |  |  | 680 |  |  | 27,526 |  |  | 1,868 |
Subtotal | $ | 172,203 |  |  | $ | 2,925 |  |  | $ | 319,189 |  |  | $ | 32,479 |  |  | $ | 688,080 |  |  | $ | 22,427 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 1,064,045 |  |  | $ | 3,865 |  |  | $ | 1,608,486 |  |  | $ | 7,187 |  |  | $ | 2,411,735 |  |  | $ | 5,183 |
Subordinate mortgages | 52,208 |  |  | — |  |  | 19,477 |  |  | — |  |  | 77,125 |  |  | 107 |
Corporate/Partnership loans | 62,248 |  |  | 312 |  |  | 66,087 |  |  | 332 |  |  | 65,118 |  |  | — |
Subtotal | $ | 1,178,501 |  |  | $ | 4,177 |  |  | $ | 1,694,050 |  |  | $ | 7,519 |  |  | $ | 2,553,978 |  |  | $ | 5,290 |
Total: |  |  |  |  |  |  |  |  |  |  |
Senior mortgages | $ | 1,226,138 |  |  | $ | 6,630 |  |  | $ | 1,917,565 |  |  | $ | 38,986 |  |  | $ | 3,070,885 |  |  | $ | 25,655 |
Subordinate mortgages | 52,208 |  |  | — |  |  | 19,477 |  |  | — |  |  | 78,529 |  |  | 194 |
Corporate/Partnership loans | 72,358 |  |  | 472 |  |  | 76,197 |  |  | 1,012 |  |  | 92,644 |  |  | 1,868 |
Total | $ | 1,350,704 |  |  | $ | 7,102 |  |  | $ | 2,013,239 |  |  | $ | 39,998 |  |  | $ | 3,242,058 |  |  | $ | 27,717 |
Schedule of troubled debt restructurings, presented by class | The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands):
| For the Years Ended December 31,
| 2012 |  | 2011
| Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Senior mortgages | 8 |  |  | $ | 319,667 |  |  | $ | 272,753 |  |  | 7 |  |  | $ | 191,158 |  |  | $ | 190,893 |
Schedule of troubled debt restructurings that subsequently defaulted | Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands):
| For the Years Ended December 31,
| 2012 |  | 2011
| Number of Loans |  | Outstanding Recorded Investment |  | Number of Loans |  | Outstanding Recorded Investment
Senior mortgages | 1 |  |  | $ | 18,511 |  |  | 1 |  |  | $ | 28,005 |

X
- Definition Tabular disclosure by class of the average recorded investment in impaired loans and the related interest income recognized. + References No definition available. + Details
Name: | sfi_ImpairedFinancingReceivablesAverageRecordedInvestmentAndInterestIncomeRecognizedTableTextBlock
Namespace Prefix: | sfi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the Company's recorded investment in loans and the associated reserve for loan losses. + References No definition available. + Details
Name: | sfi_ScheduleOfInvestmentInLoansAndAssociatedReserveForLoanLossesTableTextBlock
Namespace Prefix: | sfi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of loans and other lending investments by class. Includes the gross carrying value of a loan by class, reserve for loan losses, and the net carrying value as of the Balance Sheet date. + References No definition available. + Details
Name: | sfi_ScheduleOfLoansAndOtherLendingInvestmentsTableTextBlock
Namespace Prefix: | sfi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of loans modified as a troubled debt restructuring within the previous twelve months that subsequently defaulted. + References No definition available. + Details
Name: | sfi_ScheduleOfLoansModifiedAsTdrWithinPreviousTwelveMonthsSubsequentlyDefaultedDuringCurrentPeriodTableTextBlock
Namespace Prefix: | sfi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=7512638&loc=SL6953423-111524 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=7512638&loc=SL6953659-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=7880640&loc=SL6953803-111525 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of impaired financing receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5212-111524 + Details
Name: | us-gaap_ImpairedFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5111-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -URI http://asc.fasb.org/extlink&oid=7512638&loc=SL6953401-111524 + Details
Name: | us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables and troubled debt restructurings. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=7512638&loc=SL6953682-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=7512638&loc=SL6953676-111524 + Details
Name: | us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration