Other Investments (Tables)

3 Months Ended

Mar. 31, 2014

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 as of				Equity in Earnings for the Three Months Ended March 31,
	March 31, 2014		December 31, 2013		2014			2013
Real estate equity investments	$	82,546	$	62,205	$	245		$	1,763
Other equity method investments	46,605		45,954		1,036			1,753
Madison Funds	45,520		67,782		(402		)	2,259
Oak Hill Funds	20,810		21,366		2,298			1,157
LNR	—		—		—			14,746
Total equity method investments	$	195,481	$	197,307	$	3,177		$	21,678
Other	9,616		9,902
Total other investments	$	205,097	$	207,209

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 ($ in thousands):



	For the Three Months Ended March 31, 2013
Carrying value of LNR at beginning of period	$	205,773
Equity in earnings of LNR for the period	$	45,375		(a)
Balance before other than temporary impairment	$	251,148
Other than temporary impairment	$	(30,867	)	(b)
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 Three Months Ended December 31,
	2012
Income Statements
Total revenue(2)	$	77,780
Income tax (expense) benefit	$	(279	)
Net income attributable to LNR	$	189,249
iStar's ownership percentage	24		%
iStar's equity in earnings from LNR(3)	$	45,375

Explanatory Notes:

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(1)	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the three months ended March 31, 2013 were based on balances and results from LNR for the three months ended December 31, 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 included in the amounts presented above. For the three months ended December 31, 2012, total revenue presented above includes $29.3 million 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 three months ended March 31, 2013, the Company recorded an other than temporary impairment of $30.9 million.