XML 77 R35.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Other Investments (Tables) | 12 Months Ended
--- | ---
Dec. 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 |  | Equity in Earnings
| As of December 31, |  | For the Years Ended December 31,
| 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2012
Real estate equity investments | $ | 244,886 |  |  | $ | 62,205 |  |  | $ | 53,428 |  |  | $ | 2,753 |  |  | $ | 21,636 |
Madison Funds | 45,971 |  |  | 67,782 |  |  | 3,092 |  |  | 14,796 |  |  | 10,246 |
Other equity method investments(1)(2) | 30,415 |  |  | 45,954 |  |  | 35,172 |  |  | 3,332 |  |  | 4,614 |
Oak Hill Funds | 17,658 |  |  | 21,366 |  |  | 3,213 |  |  | 4,174 |  |  | 5,844 |
LNR | — |  |  | — |  |  | — |  |  | 16,465 |  |  | 60,669 |
Total equity method investments | 338,930 |  |  | 197,307 |  |  | $ | 94,905 |  |  | $ | 41,520 |  |  | $ | 103,009 |
Other | 15,189 |  |  | 9,902 |  |  |  |  |  |  |
Total other investments | $ | 354,119 |  |  | $ | 207,209 |  |  |  |  |  |  |
Explanatory Notes: _______________________________________________________________________________
(1) | During the year ended December 31, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees.
(2) | In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained interests in its share of carried interest related to various funds. During the year ended December 31, 2014, the Company recognized $9.0 million of carried interest income.
LNR Property LLC (LNR) |
Schedule of Equity Method Investments [Line Items] |
Schedule of other investments and its proportionate share of results for equity method investments | The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and the year ended December 31, 2013 ($ 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 |  |  | — |  |  | — |  |  | — |  |
Explanatory Note: _______________________________________________________________________________
(1) | During the year ended December 31, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.
Schedule of summarized Income Statements | The following table represents investee level summarized financial information for LNR ($ in thousands)(1):
| For the Period from October 1, 2012 to April 19, 2013 |  | For the Year Ended September 30, 2012
Income Statements |  |  |
Total revenue(2) | $ | 179,373 |  |  | $ | 332,902 |
Income tax (expense) benefit | (2,137 | ) |  | (6,731 | )
Net income attributable to LNR(3) | 113,478 |  |  | 253,039 |
iStar's ownership percentage | 24 | % |  | 24 | %
iStar's equity in earnings from LNR | $ | 45,375 |  |  | $ | 60,669 |
| For the Period from October 1, 2012 to April 19, 2013 |  | For the Year Ended September 30, 2012
Cash Flows |  |  |
Operating cash flows | $ | (127,075 | ) |  | $ | (85,909 | )
Cash flows from investing activities | (36,543 | ) |  | (55,686 | )
Cash flows from financing activities | 217,241 |  |  | 229,634 |
Net cash flows | 53,623 |  |  | 88,039 |
Cash distributions | — |  |  | 61,179 |
iStar's ownership percentage | 24 | % |  | 24 | %
Cash distributions received by iStar | $ | — |  |  | $ | 14,690 |
Explanatory Notes: _______________________________________________________________________________
(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 year ended December 31, 2013 was 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 are based on the balances and results from LNR for the year ended September 30, 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. Total revenue presented above includes $55.5 million and $95.4 million for the period from October 1, 2012 to April 19, 2013 and for the year ended September 30, 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) | Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.
Equity Method Investments Excluding Lnr Property Corporation |
Schedule of Equity Method Investments [Line Items] |
Equity Method Investments | The following tables present the investee level summarized financial information of the Company's equity method investments, excluding LNR which is presented above ($ in thousands):
| Revenues |  | Expenses |  | Net Income Attributable to Parent Entities
For the Year Ended December 31, 2014 |  |  |  |  |
Alinda Infrastructure Fund I, L.P. ("Alinda")(1) | $ | 233,130 |  |  | $ | (15,433 | ) |  | $ | 217,697 |
Marina Palms, LLC ("Marina Palms") | 114,125 |  |  | (77,120 | ) |  | 37,005 |
OHASCF | 78,262 |  |  | (951 | ) |  | 77,311 |
Moor Park Real Estate Partners II L.P., Incorporated ("Moor Park") | 25,760 |  |  | (224 | ) |  | 25,536 |
MIRELF III | 20,293 |  |  | (1,401 | ) |  | 18,846 |
iStar Net Lease I LLC ("Net Lease Venture")(2) | 13,826 |  |  | (9,917 | ) |  | 3,691 |
Outlets at Westgate, LLC ("Westgate") | 13,118 |  |  | (9,618 | ) |  | 3,500 |
MIRELF III AIV | (1,194 | ) |  | (384 | ) |  | (1,578 | )
Other | 128,719 |  |  | (70,555 | ) |  | 58,202 |
Total | $ | 626,039 |  |  | $ | (185,603 | ) |  | $ | 440,210 |
| Revenues |  | Expenses |  | Net Income Attributable to Parent Entities
For the Year Ended December 31, 2013 |  |  |  |  |
Alinda(1) | $ | 123,447 |  |  | $ | (17,927 | ) |  | $ | 105,520 |
OHASCF | 72,313 |  |  | (1,642 | ) |  | 70,671 |
MIRELF III AIV | 26,348 |  |  | (1,167 | ) |  | 25,181 |
MIRELF III | 19,460 |  |  | (1,675 | ) |  | 17,739 |
Westgate | 12,447 |  |  | (8,889 | ) |  | 3,558 |
Moor Park | 1,373 |  |  | (304 | ) |  | 1,069 |
Marina Palms(3) | 73 |  |  | (3,525 | ) |  | (3,452 | )
Other | 29,052 |  |  | (42,504 | ) |  | (14,088 | )
Total | $ | 284,513 |  |  | $ | (77,633 | ) |  | $ | 206,198 |
For the Year Ended December 31, 2012 |  |  |  |  |
OHASCF | $ | 109,234 |  |  | $ | (2,700 | ) |  | $ | 106,534 |
Alinda(1) | 104,364 |  |  | (16,934 | ) |  | 87,430 |
MIRELF III | 13,490 |  |  | (3,894 | ) |  | 9,550 |
Westgate | 1,935 |  |  | (2,202 | ) |  | (267 | )
Moor Park | 1,225 |  |  | (435 | ) |  | 790 |
MIRELF III AIV | (12,762 | ) |  | (1,731 | ) |  | (14,493 | )
Other | 184,384 |  |  | (67,495 | ) |  | 115,416 |
Total | $ | 401,870 |  |  | $ | (95,391 | ) |  | $ | 304,960 |
Explanatory Notes: _______________________________________________________________________________
(1) | The Company recorded its 1% investment in Alinda on a quarter lag. Therefore, the amounts in the Company's financial statements for the years ended December 31, 2014, 2013 and 2012 were based on balances and results from Alinda for the years ended September 30, 2014, 2013 and 2012, respectively.
(2) | The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014. The amounts in the Company's financial statements for the year ended December 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to December 31, 2014.
(3) | The Company began accounting for its investment in Marina Palms under the equity method of accounting on April 17, 2013. The amounts in the Company's financial statements for the year ended December 31, 2013 are based on the balances and results from Marina Palms for the period from April 17, 2013 to December 31, 2013.
|  | As of December 31,
|  | 2014 |  | 2013
Balance Sheets |  |  |  |
Total assets |  | $ | 3,464,984 |  |  | $ | 2,980,737 |
Total liabilities |  | 479,298 |  |  | 303,100 |
Noncontrolling interests |  | 3,297 |  |  | 333 |
Total equity |  | 2,982,389 |  |  | 2,677,304 |

X
- Definition [Table Text Block] for Equity Method Investments, Summarized Financial Information [Table] + References No definition available. + Details
Name: | star_EquityMethodInvestmentsSummarizedFinancialInformationTableTextBlock
Namespace Prefix: | star_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of latest available summarized Income Statements of equity method investee. + References No definition available. + Details
Name: | star_ScheduleOfEquityMethodInvestmentSummarizedIncomeStatementsTableTextBlock
Namespace Prefix: | star_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=star_EquityMethodInvestmentsExcludingLnrPropertyCorporationMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=star_LnrPropertyLlcMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |