Other Investments (Tables)

12 Months Ended

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