XML 32 R31.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt Obligations, net (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2013
Debt Disclosure [Abstract] |
Schedule of debt obligations | As of September 30, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands):
| Carrying Value as of |  |  |  |
| September 30, 2013 |  | December 31, 2012 |  | Stated Interest Rates |  | Scheduled Maturity Date
Secured credit facilities and term loans: |  |  |  |  |  |  |
2012 Tranche A-1 Facility | $ | — |  |  | $ | 169,164 |  |  | LIBOR + 4.00% |  | (1 | ) | —
2012 Tranche A-2 Facility | 439,882 |  |  | 470,000 |  |  | LIBOR + 5.75% |  | (1 | ) | March 2017
October 2012 Secured Credit Facility | — |  |  | 1,754,466 |  |  | LIBOR + 4.50% |  | (2 | ) | —
February 2013 Secured Credit Facility | 1,476,071 |  |  | — |  |  | LIBOR + 3.50% |  | (3 | ) | October 2017
Term loans collateralized by net lease assets | 273,861 |  |  | 264,432 |  |  | 4.851% - 7.26% |  | (4 | ) | Various through 2026
Total secured credit facilities and term loans | $ | 2,189,814 |  |  | $ | 2,658,062 |  |  |  |  |  |
Unsecured notes: |  |  |  |  |  |  |
8.625% senior notes | $ | — |  |  | $ | 96,801 |  |  | 8.625 | % |  | —
5.95% senior notes | — |  |  | 448,453 |  |  | 5.95 | % |  | —
5.70% senior notes | 200,601 |  |  | 200,601 |  |  | 5.70 | % |  | March 2014
6.05% senior notes | 105,765 |  |  | 105,765 |  |  | 6.05 | % |  | April 2015
5.875% senior notes | 261,403 |  |  | 261,403 |  |  | 5.875 | % |  | March 2016
3.875% senior notes | 265,000 |  |  | — |  |  | 3.875 | % |  | July 2016
3.0% senior convertible notes(5) | 200,000 |  |  | 200,000 |  |  | 3.0 | % |  | November 2016
5.85% senior notes | 99,722 |  |  | 99,722 |  |  | 5.85 | % |  | March 2017
9.0% senior notes | 275,000 |  |  | 275,000 |  |  | 9.0 | % |  | June 2017
7.125% senior notes | 300,000 |  |  | 300,000 |  |  | 7.125 | % |  | February 2018
4.875% senior notes | 300,000 |  |  | — |  |  | 4.875 | % |  | July 2018
Total unsecured notes | $ | 2,007,491 |  |  | $ | 1,987,745 |  |  |  |  |  |
Other debt obligations: |  |  |  |  |  |  |
Other debt obligations | $ | 100,000 |  |  | $ | 100,000 |  |  | LIBOR + 1.5% |  |  | October 2035
Total debt obligations | $ | 4,297,305 |  |  | $ | 4,745,807 |  |  |  |  |  |
Debt discounts, net | (44,140 | ) |  | (54,313 | ) |  |  |  |  |
Total debt obligations, net | $ | 4,253,165 |  |  | $ | 4,691,494 |  |  |  |  |  |
Explanatory Notes: _______________________________________________________________________________
(1) | These loans each have a LIBOR floor of 1.25%. As of September 30, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.
(2) | This loan had a LIBOR floor of 1.25%.
(3) | This loan has a LIBOR floor of 1.00%. As of September 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.
(4) | Includes a loan with a floating rate of LIBOR plus 2.00%.
(5) | The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016.
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | Future scheduled maturities—As of September 30, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):
| Unsecured Debt |  | Secured Debt |  | Total
2013 (remaining three months) | $ | — |  |  | $ | — |  |  | $ | — |
2014 | 200,601 |  |  | 14,826 |  |  | 215,427 |
2015 | 105,765 |  |  | — |  |  | 105,765 |
2016 | 726,403 |  |  | — |  |  | 726,403 |
2017 | 374,722 |  |  | 1,915,953 |  |  | 2,290,675 |
Thereafter | 700,000 |  |  | 259,035 |  |  | 959,035 |
Total principal maturities | $ | 2,107,491 |  |  | $ | 2,189,814 |  |  | $ | 4,297,305 |
Unamortized debt discounts, net | (13,233 | ) |  | (30,907 | ) |  | (44,140 | )
Total long-term debt obligations, net | $ | 2,094,258 |  |  | $ | 2,158,907 |  |  | $ | 4,253,165 |
Schedule of carrying value of encumbered assets by asset type | Unencumbered/encumbered assets—As of September 30, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):
| As of
| September 30, 2013 |  | December 31, 2012
| Encumbered Assets |  | Unencumbered Assets |  | Encumbered Assets |  | Unencumbered Assets
Real estate, net | $ | 1,683,823 |  |  | $ | 1,101,612 |  |  | $ | 1,794,198 |  |  | $ | 1,004,825 |
Real estate available and held for sale | 195,692 |  |  | 214,388 |  |  | 141,673 |  |  | 494,192 |
Loans receivable, net(1) | 919,398 |  |  | 471,154 |  |  | 1,197,373 |  |  | 665,712 |
Other investments | 26,929 |  |  | 160,581 |  |  | 43,545 |  |  | 355,298 |
Cash and other assets | — |  |  | 1,027,563 |  |  | — |  |  | 487,073 |
Total | $ | 2,825,842 |  |  | $ | 2,975,298 |  |  | $ | 3,176,789 |  |  | $ | 3,007,100 |
Explanatory Note: _______________________________________________________________________________
(1) | As of September 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $27.8 million and $33.1 million, respectively.

X
- Definition Tabular disclosure of assets which were encumbered with mortgages or pledged as collateral for borrowings at the end of the reporting period(s). + References No definition available. + Details
Name: | sfi_ScheduleOfEncumberedAssetsTableTextBlock
Namespace Prefix: | sfi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration