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Other Investments (Tables)
 3 Months Ended
Mar. 31, 2013
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
 
Equity in earnings for the Three Months Ended March 31,
 
March 31, 2013
 
December 31, 2012
 
2013
 
2012
LNR
$
221,912

 
$
205,773

 
$
14,746

 
$
12,137

Madison Funds
56,245

 
56,547

 
2,259

 
9,498

Oak Hill Funds
26,794

 
29,840

 
1,157

 
3,374

Real estate equity investments
40,560

 
47,619

 
1,763

 
6,771

Other equity method investments
48,489

 
47,939

 
1,753

 
3,006

Total equity method investments
$
394,000

 
$
387,718

 
$
21,678

 
$
34,786

Other
9,759

 
11,125

 
 
 
 
Total other investments
$
403,759

 
$
398,843

 
 
 
 
LNR Property LLC (LNR)
  
Equity method investments  
Schedule of summarized Income Statements
The following table represents the latest available investee level summarized financial information for LNR ($ in thousands)(1):
 
For the Three Months Ended December 31,
 
2012
 
2011
Income Statements
 
 
 
Total revenue(2)
$
77,780

 
$
77,360

Other Income
$
164,582

 
$
20,936

Income tax expense
$
279

 
$
1,837

Net income attributable to LNR
$
189,249

 
$
50,621

iStar's ownership percentage
24
%
 
24
%
Subtotal
$
45,420

 
$
12,137

Basis difference(3)
$
(30,674
)
 
$
—

iStar's equity in earnings from LNR
$
14,746

 
$
12,137
Schedule of summarized Balance Sheets
 
As of December 31,
 
As of September 30,
 
2012
 
2012
Balance Sheets
 
 
 
Total assets(2)
$
1,610,143

 
$
1,384,337

Total debt(2)
$
468,355

 
$
398,912

Total liabilities(2)
$
553,150

 
$
517,088

Noncontrolling interests
$
1,588

 
$
1,560

LNR Property LLC equity
$
1,055,405

 
$
865,689

iStar's ownership percentage
24
%
 
24
%
iStar's equity in LNR
$
221,912

 
$
205,773

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 three months ended March 31, 2013 and 2012 are based on balances and results from LNR for the three months ended December 31, 2012 and 2011.
(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 December 31, 2012 and September 30, 2012, the assets of these trusts, which aggregated approximately $91.06 billion and $97.52 billion, respectively, were the sole source of repayment of the related liabilities, which aggregated approximately $90.74 billion and $97.21 billion, respectively, and are non-recourse to LNR and its equity holders, including the Company. In addition, total revenue presented above includes $29.3 million and $28.7 million for the three months ended December 31, 2012, and 2011, 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.