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Other Investments (Tables) | 12 Months Ended
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Dec. 31, 2013
Schedule of Equity Method Investments [Line Items] |
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 |  | Equity in Earnings
| As of December 31, |  | For the Years Ended December 31,
| 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2011
LNR | $ | — |  |  | $ | 205,773 |  |  | $ | 16,465 |  |  | $ | 60,669 |  |  | $ | 53,861 |
Madison Funds | 67,782 |  |  | 56,547 |  |  | 14,796 |  |  | 10,246 |  |  | 3,641 |
Oak Hill Funds | 21,366 |  |  | 29,840 |  |  | 4,174 |  |  | 5,844 |  |  | 1,918 |
Real estate equity investments | 62,205 |  |  | 47,619 |  |  | 2,753 |  |  | 21,636 |  |  | (5,273 | )
Other equity method investments(1) | 45,954 |  |  | 47,939 |  |  | 3,332 |  |  | 4,614 |  |  | 40,944 |
Total equity method investments | $ | 197,307 |  |  | $ | 387,718 |  |  | $ | 41,520 |  |  | $ | 103,009 |  |  | $ | 95,091 |
Other | 9,902 |  |  | 11,125 |  |  |  |  |  |  |
Total other investments | $ | 207,209 |  |  | $ | 398,843 |  |  |  |  |  |  |
Explanatory Note: _______________________________________________________________________________
(1) | For the year ended December 31, 2011, equity in earnings includes $38.4 million of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011.
LNR Property LLC (LNR) |
Schedule of Equity Method Investments [Line Items] |
Schedule of other investments and its proportionate share of results for equity method investments | The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and for the year ended December 31, 2013 ($ in thousands):
| For the Three Months Ended March 31, 2013 |  | For the Three Months Ended June 30, 2013 |  | For the Six Months Ended December 31, 2013 |  | For the Year Ended December 31, 2013 |
Carrying value of LNR at beginning of period | $ | 205,773 |  |  | $ | 220,281 |  |  | $ | — |  |  | $ | 205,773 |  |
Equity in earnings of LNR for the period(1) | $ | 45,375 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,375 |  | (a)
Balance before other than temporary impairment | $ | 251,148 |  |  | $ | 220,281 |  |  | $ | — |  |  | $ | 251,148 |  |
Other than temporary impairment(1) | $ | (30,867 | ) |  | $ | — |  |  | $ | — |  |  | $ | (30,867 | ) | (b)
Sales proceeds pursuant to contract | $ | — |  |  | $ | (220,281 | ) |  | $ | — |  |  | $ | (220,281 | ) |
Carrying value of LNR at end of period | $ | 220,281 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Schedule of summarized Income Statements | The following table represents investee level summarized financial information for LNR ($ in thousands)(1):
| For the Period from October 1, 2012 to April 19, |  | For the Years Ended September 30,
| 2013 |  | 2012 |  | 2011
Income Statements |  |  |  |  |
Total revenue(2) | $ | 179,373 |  |  | $ | 332,902 |  |  | $ | 327,032 |
Income tax (expense) benefit(3) | $ | (2,137 | ) |  | $ | (6,731 | ) |  | $ | 76,558 |
Net income attributable to LNR(4) | $ | 113,478 |  |  | $ | 253,039 |  |  | $ | 225,190 |
iStar's ownership percentage | 24 | % |  | 24 | % |  | 24 | %
iStar's equity in earnings from LNR(5) | $ | 45,375 |  |  | $ | 60,669 |  |  | $ | 53,861 |
Schedule of summarized Balance Sheets |
| As of September 30,
| 2013 |  | 2012
Balance Sheets |  |  |
Total assets(2) | $ | — |  |  | $ | 98,513,452 |
Total debt(2) | $ | — |  |  | $ | 97,521,520 |
Total liabilities(2) | $ | — |  |  | $ | 97,639,696 |
Noncontrolling interests | $ | — |  |  | $ | 8,067 |
LNR Property LLC equity | $ | — |  |  | $ | 865,689 |
iStar's ownership percentage | — | % |  | 24 | %
iStar's equity in LNR(6) | $ | — |  |  | $ | 205,773 |
Schedule of summarized Cash Flow Statements |
| For the Period from October 1, 2012 to April 19, |  | For the Years Ended September 30,
| 2013 |  | 2012 |  | 2011
Cash Flows |  |  |  |  |
Operating cash flows | $ | (127,075 | ) |  | $ | (85,909 | ) |  | $ | 170,703 |
Cash flows from investing activities | $ | (36,543 | ) |  | $ | (55,686 | ) |  | $ | 45,488 |
Cash flows from financing activities | $ | 217,241 |  |  | $ | 229,634 |  |  | $ | (123,506 | )
Net cash flows | $ | 53,623 |  |  | $ | 88,039 |  |  | $ | 92,685 |
Cash distributions | $ | — |  |  | $ | 61,179 |  |  | $ | 73,916 |
iStar's ownership percentage | 24 | % |  | 24 | % |  | 24 | %
Cash distributions received by iStar | — |  |  | 14,690 |  |  | 17,722 |
Explanatory Notes: _______________________________________________________________________________
(1) | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The 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, respectively.
(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 included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 billion and are non-recourse to LNR and its equity holders, including the Company. Excluding the amounts related to VIEs, as of September 30, 2012, total assets were $1.38 billion , total debt was $398.9 million, and total liabilities were $517.1 million. In addition, total revenue presented above includes $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 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.
(3) | During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities.
(4) | Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR as described above.
(5) | LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013.
(6) | Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively.
Equity method investments excluding LNR |
Schedule of Equity Method Investments [Line Items] |
Schedule of summarized Income Statements | The following table presents the investee level summarized financial information of the Company's equity method investments, excluding LNR ($ in thousands):
|  | For the Years Ended December 31,
|  | 2013 |  | 2012 |  | 2011
Income Statements |  |  |  |  |  |
Revenues |  | $ | 284,513 |  |  | $ | 401,870 |  |  | $ | 198,340 |
Net income attributable to parent entities |  | $ | 206,198 |  |  | $ | 304,960 |  |  | $ | 97,066 |
Schedule of summarized Balance Sheets |
|  | As of December 31,
|  | 2013 |  | 2012
Balance Sheets |  |  |  |
Total assets |  | $ | 2,980,737 |  |  | $ | 2,758,889 |
Total liabilities |  | $ | 303,100 |  |  | $ | 170,997 |
Noncontrolling interests |  | $ | 333 |  |  | $ | 2,253 |
Total equity |  | $ | 2,677,304 |  |  | $ | 2,585,639 |

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