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Other Investments (Tables)
 12 Months Ended
Dec. 31, 2015
Investment [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 earnings (losses) from equity method investments were as follows ($ in thousands):
 
Carrying Value
 
Equity in Earnings (Losses)
 
As of December 31,
 
For the Years Ended December 31,
 
2015
 
2014
 
2015
 
2014
 
2013
Other real estate equity investments (1)
$
81,452

 
$
88,848

 
$
(5,212
)
 
$
36,842

 
$
2,869

iStar Net Lease I LLC ("Net Lease Venture")
69,096

 
125,360

 
5,221

 
1,915

 
—

Other investments (2)(3)
51,559

 
63,263

 
9,434

 
38,385

 
23,810

Marina Palms, LLC ("Marina Palms")
30,099

 
30,677

 
23,626

 
14,671

 
45

Madison Funds
21,966

 
45,971

 
(916
)
 
3,092

 
14,796

Total other investments
254,172

 
354,119

 
$
32,153

 
$
94,905

 
$
41,520


_______________________________________________________________________________
(1)
For the year ended December 31, 2014, the Company recognized $32.9 million of earnings from equity method investments resulting from asset sales by one of its equity method investees.
(2)
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.
(3)
In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the years ended December 31, 2015 and 2014, the Company recognized $2.2 million and $9.0 million of carried interest income.
Summary of financial information of the equity method investments
The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands):
 
Revenues
 
Expenses
 
Net Income Attributable to Parent Entities
For the Year Ended December 31, 2015
 
 
 
 
 
Marina Palms, LLC ("Marina Palms")
$
179,333

 
$
(115,584
)
 
$
63,749

iStar Net Lease I LLC ("Net Lease Venture")
31,315

 
(20,666
)
 
10,060

OHASCF
111,707

 
(697
)
 
111,010

1000 SCI, LLC
—

 
(367
)
 
(367
)
Outlets at Westgate, LLC ("Westgate")
15,726

 
(11,150
)
 
4,576

Other investments
143,143

 
(97,504
)
 
45,501

Total
$
481,224

 
$
(245,968
)
 
$
234,529

For the Year Ended December 31, 2014
 
 
 
 
 
Marina Palms
$
114,125

 
$
(77,120
)
 
$
37,005

Net Lease Venture(1)
13,826

 
(9,917
)
 
3,691

OHASCF
78,262

 
(951
)
 
77,311

Westgate
13,118

 
(9,618
)
 
3,500

Other investments
406,708

 
(87,997
)
 
318,703

Total
$
626,039

 
$
(185,603
)
 
$
440,210

For the Year Ended December 31, 2013
 
 
 
 
 
OHASCF
$
72,313

 
$
(1,642
)
 
$
70,671

Westgate
12,447

 
(8,889
)
 
3,558

Marina Palms(2)
73

 
(3,525
)
 
(3,452
)
Other investments
199,680

 
(63,577
)
 
135,421

Total
$
284,513

 
$
(77,633
)
 
$
206,198

_______________________________________________________________________________
(1)
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.
(2)
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,
 
 
2015
 
2014
Balance Sheets
 
 
 
 
Total assets
 
$
3,597,587

 
$
3,464,984

Total liabilities
 
768,622

 
479,298

Noncontrolling interests
 
19,208

 
3,297

Total equity
 
2,809,757

 
2,982,389
LNR Property LLC  
Investment [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

 
—

 
—

 
—

 
_______________________________________________________________________________
(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 $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.
Summary of financial information of the equity method investments
The following table represents investee level summarized financial information for LNR ($ 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

_______________________________________________________________________________
(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.