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Other Investments (Tables) | 6 Months Ended
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Jun. 30, 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
| June 30, 2013 |  | December 31, 2012 |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  |  |  |  | 2013 |  | 2012 |  | 2013 |  | 2012
LNR | $ | — |  |  | $ | 205,773 |  |  | $ | 1,719 |  |  | $ | 8,674 |  |  | $ | 16,465 |  |  | $ | 20,811 |
Madison Funds | 60,109 |  |  | 56,547 |  |  | 4,865 |  |  | (767 | ) |  | 7,124 |  |  | 8,731 |
Oak Hill Funds | 24,624 |  |  | 29,840 |  |  | 909 |  |  | 508 |  |  | 2,065 |  |  | 3,883 |
Real estate equity investments | 47,684 |  |  | 47,619 |  |  | 957 |  |  | 8,719 |  |  | 2,721 |  |  | 15,490 |
Other equity method investments | 48,166 |  |  | 47,939 |  |  | (127 | ) |  | 1,286 |  |  | 1,626 |  |  | 4,291 |
Total equity method investments | $ | 180,583 |  |  | $ | 387,718 |  |  | $ | 8,323 |  |  | $ | 18,420 |  |  | $ | 30,001 |  |  | $ | 53,206 |
Other | 9,035 |  |  | 11,125 |  |  |  |  |  |  |  |  |
Total other investments | $ | 189,618 |  |  | $ | 398,843 |  |  |  |  |  |  |  |  |
LNR Property LLC (LNR) |
Equity method investments |
Schedule of summarized Income Statements | The following tables represent the latest available investee level summarized financial information for LNR ($ in thousands)(1):
| For the Three Months Ended March 31, |  | For the Six Months Ended March 31,
| 2013 |  | 2012 |  | 2013 |  | 2012
Income Statements |  |  |  |  |  |  |
Total revenue(2) | $ | 68,779 |  |  | $ | 71,337 |  |  | $ | 146,579 |  |  | $ | 148,696 |
Income tax expense | $ | 1,121 |  |  | $ | 1,805 |  |  | $ | 1,401 |  |  | $ | 3,642 |
Net income attributable to LNR | $ | 42,452 |  |  | $ | 36,178 |  |  | $ | 231,701 |  |  | $ | 86,799 |
iStar's ownership percentage | 24 | % |  | 24 | % |  | 24 | % |  | 24 | %
Subtotal | $ | 10,178 |  |  | $ | 8,674 |  |  | $ | 55,553 |  |  | $ | 20,811 |
Basis difference(3) | $ | (8,459 | ) |  | $ | — |  |  | $ | (39,088 | ) |  | $ | — |
iStar's equity in earnings from LNR | $ | 1,719 |  |  | $ | 8,674 |  |  | $ | 16,465 |  |  | $ | 20,811 |
Schedule of summarized Balance Sheets |
| As of March 31, |  | As of September 30,
| 2013 |  | 2012
Balance Sheets |  |  |
Total assets(2) | $ | 1,675,581 |  |  | $ | 1,384,337 |
Total debt(2) | $ | 492,590 |  |  | $ | 398,912 |
Total liabilities(2) | $ | 575,738 |  |  | $ | 517,088 |
Noncontrolling interests | $ | 1,603 |  |  | $ | 1,560 |
LNR Property LLC equity | $ | 1,098,241 |  |  | $ | 865,689 |
iStar's ownership percentage | 24 | % |  | 24 | %
iStar's equity in LNR(4) | $ | — |  |  | $ | 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 and six months ended June 30, 2013 and 2012 are based on balances and results from LNR for the three and six months ended March 31, 2013 and 2012.
(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 March 31, 2013 and September 30, 2012, the assets of these trusts, which aggregated $92.50 billion and $97.52 billion, respectively, were the sole source of repayment of the related liabilities, which aggregated approximately $92.15 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 $21.1 million and $16.3 million for the three months ended March 31, 2013 and 2012, respectively, and $50.4 million and $45.1 million for the six months ended March 31, 2013 and 2012, 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) | The Company has limited its recognition of its proportionate share of earnings in LNR for the three and six months ended June 30, 2013 to the amount of proceeds it received from the sale.
(4) | Represents the Company's investment in LNR at June 30, 2013 and December 31, 2012, respectively.

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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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