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Other Investments (Tables)
 6 Months Ended
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.