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Schedule IV - Mortgage Loans on Real Estate (Notes)
 12 Months Ended
Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
iStar Financial Inc.
Schedule IV—Mortgage Loans on Real Estate
As of December 31, 2014
($ in thousands)
Type of Loan/Borrower
 
Underlying Property Type
 
Contractual
Interest
Accrual
Rates
 
Contractual
Interest
Payment
Rates
 
Effective
Maturity
Dates
 
Periodic
Payment
Terms
 
Prior
Liens
 
Face
Amount
of
Mortgages
 
Carrying
Amount
of
Mortgages(1)(2)
Senior Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrower A
 
Office
 
LIBOR + 5.25%
 
LIBOR + 5.25%
 
December 2017
 
IO
 
$
—

 
$
142,736

 
$
140,553

Borrower B(3)
 
Mixed Use/Mixed Collateral
 
LIBOR + 8%
 
LIBOR + 8%
 
January 2017
 
IO
 
—

 
118,750

 
117,818

Borrower C
 
Mixed Use/Mixed Collateral
 
LIBOR + 6%
 
LIBOR + 6%
 
July 2017
 
IO
 
—

 
93,500

 
92,525

Borrower D
 
Apartment/Residential
 
LIBOR + 5.25%
 
LIBOR + 5.25%
 
January 2015
 
IO
 
—

 
63,842

 
64,574

Borrower E(4)
 
Retail
 
LIBOR + 3%
 
LIBOR + 3%
 
July 2009
 
IO
 
—

 
46,075

 
24,270

Senior mortgages individually <3%
 
Apartment/Residential, Retail, Land, Industrial/R&D, Mixed Use/Mixed Collateral, Office, Hotel, Other
 
Fixed: 4% to 13% Variable: LIBOR + 2.75% to LIBOR + 8%
 
Fixed: 4% to 9.68% Variable: LIBOR + 2.75% to LIBOR + 8%
 
2015 to 2024
 
 
 
 

 
276,626

 
233,355

 
 
 
 
 
 
 
 
 
 
 
 
 

 
741,529

 
673,095

Subordinate Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrower F
 
Other
 
8%
 
8%
 
April 2015
 
IO
 
$
100,000

 
25,000

 
24,992

Subordinate mortgages individually <3%
 
Retail, Hotel, Other
 
Fixed: 6.8% to 14%
 
Fixed: 8.12% to 14%
 
2015 to 2057
 
 
 
 

 
28,274

 
28,339

 
 
 
 
 
 
 
 
 
 
 
 
 

 
53,274

 
53,331

Total mortgages
 
 
 
 
 
 
 
 
 
 
 
 

 
$
794,803

 
$
726,426


Explanatory Notes:
_______________________________________________________________________________

(1)
Amounts are presented net of asset-specific reserves of $64.4 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.
(2)
The carrying amount of mortgages approximated the federal income tax basis.
(3)
As of December 31, 2014, included a LIBOR interest rate floor of 0.25%.
(4)
Loan is in default with $46.1 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. As of December 31, 2014, included a LIBOR interest rate floor of 4.0%.

iStar Financial Inc.
Schedule IV—Mortgage Loans on Real Estate (Continued)
As of December 31, 2014
($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2012 to December 31, 2014(1):

 
2014
 
2013
 
2012
Balance at January 1
$
827,796

 
$
1,421,654

 
$
2,449,554

Additions:
 
 
 
 
 
   New mortgage loans
476,332

 
19,249

 
2,205

   Additions under existing mortgage loans
13,108

 
31,589

 
29,887

   Other(2)
26,156

 
16,385

 
33,324

Deductions(3):
 
 
 
 
 
   Collections of principal
(532,465
)
 
(636,883
)
 
(700,943
)
   Recovery of (provision for) loan losses
483

 
25,011

 
(121,869
)
   Transfers to real estate and equity investments
(84,912
)
 
(49,100
)
 
(270,359
)
   Amortization of premium
(72
)
 
(109
)
 
(145
)
Balance at December 31
$
726,426

 
$
827,796

 
$
1,421,654


Explanatory Notes:
_______________________________________________________________________________

(1)
Balances represent the carrying value of loans, which are net of asset specific reserves.
(2)
Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates.
(3)
Amounts are presented net of charge-offs of $239.6 million, $152.8 million and $106.9 million for the years ended December 31, 2014, 2013 and 2012, respectively.