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Other Investments (Tables)
 12 Months Ended
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