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