XML 42 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Other Investments (Tables)
 9 Months Ended
Sep. 30, 2016
Investments, All Other Investments [Abstract]  
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):
 
 
 
Equity in Earnings (Losses)
 
Carrying Value as of
 
For the Three Months Ended September 30,
 
For the Nine Months
Ended September 30,
 
September 30, 2016
 
December 31, 2015
 
2016
 
2015
 
2016
 
2015
Real estate equity investments
 
 
 
 
 
 
 
 
 
 
 
iStar Net Lease I LLC ("Net Lease Venture")
$
103,468

 
$
69,096

 
$
723

 
$
971

 
$
2,613

 
$
4,270

Marina Palms, LLC ("Marina Palms")
32,714

 
30,099

 
6,182

 
10,017

 
19,583

 
19,636

Other real estate equity investments(1)
72,918

 
81,452

 
16,289

 
(2,906
)
 
$
43,187

 
(4,545
)
Subtotal
209,100

 
180,647

 
23,194

 
8,082

 
65,383

 
19,361

Other strategic investments(2)
53,396

 
73,525

 
3,346

 
2,490

 
8,871

 
6,543

Total
$
262,496

 
254,172

 
$
26,540

 
$
10,572

 
$
74,254

 
$
25,904


_______________________________________________________________________________
(1)
During the nine months ended September 30, 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized equity in earnings of $31.5 million, of which $10.1 million was attributable to the noncontrolling interest. In September 2016, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the three and nine months ended September 30, 2016 of $15.8 million and $11.6 million, respectively.
(2)
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 three and nine months ended September 30, 2016, the Company recognized $0.6 million and $4.3 million, respectively, of carried interest income. During the nine months ended September 30, 2015, the Company recognized $2.2 million of carried interest income.
Summarized investee financial information
The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the nine months ended September 30, 2016 and 2015 ($ in thousands):
 
Revenues
 
Expenses
 
Net Income Attributable to Parent Entities
For the Nine Months Ended September 30, 2016
 
 
 
 
 
Marina Palms
$
129,697

 
$
(72,736
)
 
$
56,961

 
 
 
 
 
 
For the Nine Months Ended September 30, 2015
 
 
 
 
 
Marina Palms
$
142,419

 
$
(88,661
)
 
$
53,758