View Filing Data

$ 3,172,352

$ 3,226,648

(421,675)

(427,625)

2,750,677

2,799,023

524,092

635,865

Loans receivable and other lending investments, net

3,274,769

3,434,888

^[1]

1,513,636

1,829,985

Cash and cash equivalents

189,618

398,843

715,906

256,344

Restricted cash

50,413

36,778

Accrued interest and operating lease income receivable, net

9,463

15,226

Deferred operating lease income receivable

89,278

84,735

Deferred expenses and other assets, net

103,697

93,990

Total assets

5,946,780

6,150,789

Liabilities:

Accounts payable, accrued expenses and other liabilities

112,759

132,460

Debt obligations, net

4,402,447

4,691,494

Total liabilities

4,515,206

4,823,954

Commitments and contingencies

Redeemable noncontrolling interests

12,254

13,681

iStar Financial Inc. shareholders' equity:

High Performance Units

9,800

Common Stock, $0.001 par value, 200,000 shares authorized, 144,290 issued and 85,373 outstanding at June 30, 2013 and 142,699 issued and 83,782 outstanding at December 31, 2012

144

143

Additional paid-in capital

4,019,423

3,832,780

Retained earnings (deficit)

(2,430,158)

(2,360,647)

Accumulated other comprehensive income (loss) (see Note 11)

(2,366)

(1,185)

Treasury stock, at cost, $0.001 par value, 58,917 shares at June 30, 2013 and December 31, 2012

(241,969)

Total iStar Financial Inc. shareholders' equity

1,354,900

1,238,944

Noncontrolling interests

64,420

74,210

Total equity

1,419,320

1,313,154

Total liabilities and equity

5,946,780

6,150,789

Series D, E, F, G and I Preferred Stock [Member]

iStar Financial Inc. shareholders' equity:

Preferred Stock

Preferred Stock Series J

iStar Financial Inc. shareholders' equity:

Preferred Stock

$ 4

$ 0

[1]	The Company's recorded investment in loans as of June 30, 2013 and December 31, 2012 includes accrued interest of $7.0 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2013	Dec. 31, 2012
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	144,290,000	142,699,000
Common Stock, shares outstanding	85,373,000	83,782,000
Treasury stock, par value (in dollars per share)	$ 0.001	$ 0.001
Treasury stock, shares	58,917,000	58,917,000
Series D, E, F, G and I Preferred Stock [Member]
Preferred Stock Series, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred Stock Series J
Preferred Stock Series, liquidation preference per share (in dollars per share)	$ 50	$ 0

The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Revenues:

$ 57,522

$ 54,111

$ 115,995

$ 107,305

29,682

36,448

54,349

73,651

13,125

16,659

24,517

27,354

100,329

107,218

194,861

208,310

Costs and expenses:

Interest expense

69,157

94,474

140,723

179,818

37,065

38,172

74,966

73,242

General and administrative

17,389

16,740

34,772

32,909

20,876

19,792

42,723

42,637

5,020

^[1]

26,531

15,226

^[1]

44,031

6,150

6,900

Income (loss) before earnings from equity method investments and other items

146

3,907

5,770

4,360

Total costs and expenses

149,653

205,766

314,180

383,897

(49,324)

(98,548)

(119,319)

(175,587)

Gain (loss) on early extinguishment of debt, net

(15,242)

(4,868)

(24,784)

(3,164)

Earnings from equity method investments

8,323

18,420

30,001

53,206

Income (loss) from continuing operations before income taxes

(56,243)

(84,996)

(114,102)

(125,545)

Income tax expense

(429)

(3,477)

(4,504)

(4,748)

Income (loss) from continuing operations(1)

^[2]

(56,672)

(88,473)

(118,606)

(130,293)

(324)

(773)

616

(14,140)

8,279

24,851

13,323

27,257

34,319

13,266

58,016

19,999

Net (income) loss attributable to noncontrolling interests

(14,398)

(51,129)

(46,651)

(97,177)

311

722

500

696

Net income (loss) attributable to iStar Financial Inc.

(14,087)

(50,407)

(46,151)

(96,481)

Preferred dividends

(12,780)

(10,580)

(23,360)

(21,160)

Net (income) loss allocable to HPU holders and Participating Security holders(2)(3)

^[3],[4]

866

1,991

2,247

3,852

Income (loss) attributable to iStar Financial Inc. from continuing operations:

$ (26,001)

$ (58,996)

$ (67,264)

$ (113,789)

^[2]

$ (0.40)

$ (0.98)

$ (0.95)

$ (1.51)

Net income (loss) attributable to iStar Financial Inc.:

^[2]

(0.40)

(0.98)

(0.95)

(1.51)

(0.31)

(0.70)

(0.79)

(1.36)

Weighted average number of common shares—basic

$ (0.31)

$ (0.70)

$ (0.79)

$ (1.36)

85,125

84,113

84,975

83,834

Weighted average number of common shares—diluted

85,125

84,113

84,975

83,834

Income (loss) attributable to iStar Financial Inc. from continuing operations:

^[2],[3]

$ (74.87)

$ (185.13)

$ (179.87)

$ (285.46)

Net income (loss) attributable to iStar Financial Inc.:

^[2],[3]

(74.87)

(185.13)

(179.87)

(285.46)

^[2],[3]

(57.74)

(132.73)

(149.81)

(256.80)

Weighted average number of HPU shares—basic and diluted

^[2],[3]

$ (57.74)

$ (132.73)

$ (149.81)

$ (256.80)

^[2],[3]

[1]	Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.
[2]	Income (loss) from continuing operations attributable to iStar Financial Inc. for the three months ended June 30, 2013 and 2012 was $(56.4) million and $(87.8) million, respectively, and for the six months ended June 30, 2013, and 2012 was $(118.1) million and $(129.6) million, respectively. See Note 13 for details on the calculation of earnings per share.
[3]	HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program (see Note 11).
[4]	Participating Security holders are Company employees and directors who hold unvested restricted stock units, restricted stock awards and common stock equivalents granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Note 12 and Note 13).

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Statement [Abstract]
Income (loss) from continuing operations attributable to iStar Financial Inc.	$ (56.4)	$ (87.8)	$ (118.1)	$ (129.6)

Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.13)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4613673-111683

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph b(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Statement of Other Comprehensive Income [Abstract]

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization(1)

$ (14,398)

$ (51,129)

$ (46,651)

$ (97,177)

Other comprehensive income (loss):

^[1]

(603)

(593)

Reclassification of (gains)/losses on cash flow hedges into earnings upon realization(2)

^[2]

(68)

151

(240)

Reclassification of (gains)/losses on cumulative translation adjustment into earnings upon realization(1)

^[1]

(1,310)

Unrealized gains/(losses) on available-for-sale securities

(496)

477

(281)

634

Unrealized gains/(losses) on cash flow hedges

1,188

(85)

1,226

(490)

Unrealized gains/(losses) on cumulative translation adjustment

240

108

(374)

(283)

Other comprehensive income (loss)

(902)

432

(1,181)

(379)

Comprehensive income (loss)

(15,300)

(50,697)

(47,832)

(97,556)

Net (income) loss attributable to noncontrolling interests

311

722

500

696

Comprehensive income (loss) attributable to iStar Financial Inc.

$ (14,989)

$ (49,975)

$ (47,332)

$ (96,860)

[1]	Included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.
[2]	Included in "Other expense" on the Company's Consolidated Statements of Operations.

Consolidated Statement of Changes in Equity - 6 months ended Jun. 30, 2013 - USD ($)
$ in Thousands

Total

Preferred Stock

^[1]

Preferred Stock Series J

^[1]

HPU's

Common Stock at Par

Additional Paid-In Capital

Retained Earnings (Deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock at Cost

Noncontrolling Interests

Balance at Dec. 31, 2012

$ 1,313,154

$ 22

$ 9,800

$ 143

$ 3,832,780

$ (2,360,647)

$ (1,185)

$ (241,969)

$ 74,210

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of Preferred Stock

193,510

$ 4

193,506

Dividends declared—preferred

(23,360)

Issuance of stock/restricted stock amortization, net

(5,118)

(5,119)

Net loss for the period(2)

^[2]

(45,224)

(46,151)

927

Change in accumulated other comprehensive income (loss)

(1,181)

Additional paid-in capital attributable to redeemable noncontrolling interest

^[3]

(1,744)

Contributions from noncontrolling interests

^[4]

9,687

Distributions to noncontrolling interests

^[3]

(20,404)

Balance at Jun. 30, 2013

$ 1,419,320

$ 22

$ 4

$ 9,800

$ 144

$ 4,019,423

$ (2,430,158)

$ (2,366)

$ (241,969)

$ 64,420

[1]	See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock.
[2]	For the six months ended June 30, 2013 net loss shown above excludes $1.4 million of net loss attributable to redeemable noncontrolling interests.
[3]	Includes $8.8 million payment to redeem a noncontrolling member's interest.
[4]	Includes $9.4 million of operating property assets contributed by a noncontrolling partner (see Note 4).

Consolidated Statement of Changes in Equity (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2013 USD ($)
Net income (loss) attributable to redeemable noncontrolling interests	$ (1.4)
Payment to redeem noncontrolling member's interest	8.8
Strategic Venture, Commercial Operating Properties
Land assets contributed by a noncontrolling partner	$ 9.4

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Cash flows from operating activities:

Adjustments to reconcile net income (loss) to cash flows from operating activities:

$ (46,651)

$ (97,177)

15,226

^[1]

44,031

550

25,303

Payments for withholding taxes upon vesting of stock-based compensation

34,750

34,418

(13,790)

(11,657)

Non-cash expense for stock-based compensation

9,921

8,113

Amortization of discounts/premiums and deferred financing costs on debt

10,403

17,679

Amortization of discounts/premiums and deferred interest on loans

(16,262)

(29,442)

Earnings from equity method investments

(30,001)

(53,206)

Distributions from operations of equity method investments

10,211

56,769

Deferred operating lease income

(6,477)

(5,466)

(58,016)

(19,999)

(Gain) loss on early extinguishment of debt, net

(13,323)

(27,257)

13,270

3,164

Repayments and repurchases of debt - debt discount and prepayment penalty

(20,394)

(17,326)

Other operating activities, net

4,109

3,879

Changes in assets and liabilities:

Changes in accrued interest and operating lease income receivable, net

5,763

3,278

Changes in deferred expenses and other assets, net

4,702

(5,882)

Changes in accounts payable, accrued expenses and other liabilities

(10,527)

3,723

Cash flows from operating activities

(106,536)

(67,055)

Cash flows from investing activities:

Investment originations and fundings

(98,118)

(23,877)

Capital expenditures on real estate assets

(47,660)

(32,714)

Contributions to unconsolidated entities

(3,248)

(6,145)

Repayments of and principal collections on loans

298,633

332,045

Net proceeds from sales of loans

79,671

56,998

Net proceeds from sales of real estate

260,937

311,102

Net proceeds from sale of unnconsolidated entity

220,281

Distributions from unconsolidated entities

20,437

41,586

Changes in restricted cash held in connection with investing activities

(23,133)

(462,605)

Other investing activities, net

908

(384)

Cash flows from investing activities

708,708

216,006

Cash flows from financing activities:

Borrowings under secured credit facilities

657,847

850,465

Repayments under secured credit facilities

(971,531)

(392,124)

Repayments under unsecured credit facilities

(244,046)

Borrowings under secured term loans

9,412

Repayments under secured term loans

(3,594)

(54,767)

Borrowings under unsecured notes

565,000

264,029

Repayments under unsecured notes

(96,312)

(259,584)

Repurchases and redemptions of unsecured notes

(447,664)

(396,356)

Payments for deferred financing costs

(12,857)

(3,248)

Preferred dividends paid

(23,360)

(21,160)

Proceeds from issuance of preferred stock

193,510

Other financing activities, net

(13,061)

(5,143)

Cash flows from financing activities

(142,610)

(261,934)

Changes in cash and cash equivalents

459,562

(112,983)

Cash and cash equivalents at beginning of period

256,344

356,826

Cash and cash equivalents at end of period

$ 715,906

$ 243,843

[1]	Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.

Business and Organization	6 Months Ended
Business and Organization	Jun. 30, 2013
Business and Organization [Abstract]
Business and Organization	Business and Organization Business—iStar Financial Inc., or the "Company," is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust, or "REIT," has invested more than $35 billion over the past two decades. The Company's primary business segments are real estate finance, net lease, operating properties and land. Organization—The Company began its business in 1993 through private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new lending and leasing transactions, as well as through corporate acquisitions.

Basis of Presentation and Principles of Consolidation

6 Months Ended

Jun. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying unaudited Consolidated Financial Statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited Consolidated Financial Statements and related Notes should be read in conjunction with the Consolidated Financial Statements and related Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

In the opinion of management, the accompanying Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.

Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related Notes to conform to the 2013 presentation.

During the interim period ended June 30, 2012, the Company changed the classification within its cash flow statement for certain transactions involving the repurchase of its debt that was initially issued at a discount, as well as certain payments involving the potential acquisition of real estate. The Company believes the new classification is a more meaningful reflection of these transactions (collectively the “Reclassification”) and changed the Company's cash flows from the initially reported amounts as follows:



	As Previously Reported			Change			As Reclassified
Cash flows from operations:
Six months Ended June 30, 2012	$	(57,196	)	$	(9,859	)	$	(67,055	)

Cash flows from investing activities:
Six months Ended June 30, 2012	$	206,147		$	9,859		$	216,006

The above changes to the amounts for the six months ended June 30, 2012 were classified in connection with the Company's filing on Form 10-Q for the six months ended June 30, 2013.

Principles of Consolidation—The Consolidated Financial Statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Consolidated VIEs—As of June 30, 2013, the Company consolidated five VIEs for which the Company is considered the primary beneficiary. The assets and liabilities of the consolidated VIEs are included in the Company's Consolidated Balance Sheets. The Company's total unfunded commitments related to consolidated VIEs is $49.2 million as of June 30, 2013.

Unconsolidated VIEs—As of June 30, 2013, 28 of the Company's other investments were in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's Consolidated Financial Statements. As of June 30, 2013, the Company's maximum exposure to loss from these investments does not exceed the sum of the $161.0 million carrying value of the investments and $8.1 million of related unfunded commitments.

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of June 30, 2013, the Company's significant accounting policies, which are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, have not changed materially. New Accounting Pronouncements In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This guidance is the culmination of the board's redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual reporting periods beginning after December 15, 2012. The Company adopted this ASU beginning with the reporting period ended March 31, 2013. The adoption did not have a material impact on the financial statements.

Real estate

6 Months Ended

Jun. 30, 2013

Real Estate [Abstract]

Real estate

Real Estate

The Company's real estate assets were comprised of the following ($ in thousands):



	Net Lease Assets			Operating Properties			Land			Total
As of June 30, 2013
Land and land improvements	$	336,562		$	132,028		$	769,298		$	1,237,888
Buildings and improvements	1,292,675			641,789			—			1,934,464
Less: accumulated depreciation and amortization	(326,375		)	(92,480		)	(2,820		)	(421,675		)
Real estate, net	$	1,302,862		$	681,337		$	766,478		$	2,750,677
Real estate available and held for sale	8,694			335,571			179,827			524,092
Total real estate	$	1,311,556		$	1,016,908		$	946,305		$	3,274,769
As of December 31, 2012
Land and land improvements	$	344,239		$	132,028		$	786,114		$	1,262,381
Buildings and improvements	1,295,081			669,186			—			1,964,267
Less: accumulated depreciation and amortization	(315,699		)	(109,634		)	(2,292		)	(427,625		)
Real estate, net	$	1,323,621		$	691,580		$	783,822		$	2,799,023
Real estate available and held for sale	—			454,587			181,278			635,865
Total real estate	$	1,323,621		$	1,146,167		$	965,100		$	3,434,888

Real estate available and held for sale—As of June 30, 2013 and December 31, 2012, the Company had $298.8 million and $374.1 million, respectively, of residential properties available for sale in its operating properties portfolio. The Company is actively marketing and selling condominium units in these projects.

Acquisitions—During the six months ended June 30, 2013, the Company acquired, via foreclosure, title to a property previously serving as collateral on a loan receivable. The Company contributed the property to a newly-formed entity, of which it owns 63%. Based on the control provisions in the partnership agreement, the Company consolidates the entity and reflects its partner's share of the equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value whereby the assets acquired were valued at $25.5 million, which reflects adjustments made to finalize the initial accounting of the purchase price allocation of the assets and noncontrolling interest. No gain or loss was recorded in conjunction with this transaction.

During the six months ended June 30, 2012, the Company acquired title to properties previously serving as collateral on its loan receivables with a total fair value of $185.8 million at the time of foreclosure. These properties included $172.4 million of residential operating properties and $13.4 million of commercial operating properties.

Dispositions—During the three months ended June 30, 2013 and 2012, the Company sold 103 and 168 condominium units, respectively, and recorded income from sales of residential properties totaling $30.9 million and $13.3 million, respectively. During the six months ended June 30, 2013 and 2012, the Company sold 199 and 262 condominium units, respectively, and recorded income from sales of residential properties totaling $54.6 million and $20.0 million, respectively.

During the six months ended June 30, 2013, the Company sold land for net proceeds of $21.4 million to a newly-formed unconsolidated entity in which the Company also received a preferred partnership interest and a 47.5% equity interest. The Company recognized a gain of $3.4 million, reflecting the proportionate share of our sold interest, which is recorded as "Income from sales of residential property" in the Company's Consolidated Statements of Operations.

Additionally, during the six months ended June 30, 2013, the Company sold three net lease assets with a carrying value of $13.5 million resulting in a net gain of $3.4 million. During the same period the Company sold three commercial operating properties with a carrying value of $43.2 million resulting in a net gain of $9.9 million. These gains were recorded as "Gain from discontinued operations" in the Company's Consolidated Statement of Operations. The Company also sold other land assets with a carrying value of $5.5 million for proceeds that approximated carrying value.

On April 30, 2012, the Company sold a portfolio of 12 net lease assets with a carrying value of $105.7 million and recorded a gain of $24.9 million resulting from the transaction, which is recorded in "Gain from discontinued operations" in the Company's Consolidated Statement of Operations.

Additionally, during the six months ended June 30, 2012, the Company sold two net lease assets with a carrying value of $9.8 million, resulting in a net gain of $2.4 million, which is recorded in "Gain from discontinued operations" in the Company's Consolidated Statement of Operations. During 2012, the Company also sold five commercial operating properties with a carrying value of $10.3 million, resulting in a net loss of $1.4 million, and land assets with a carrying value of $2.7 million for proceeds that approximated carrying value.

Discontinued Operations—The following table summarizes income (loss) from discontinued operations for the three and six months ended June 30, 2013 and 2012 ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Revenues	$	872		$	3,037		$	2,810		$	7,939
Total expenses	(769		)	(2,464		)	$	(1,799	)	(5,459		)
Impairment of assets	(427		)	(1,346		)	(395		)	(16,620		)
Income (loss) from discontinued operations	$	(324	)	$	(773	)	$	616		$	(14,140	)

Impairments—During the three months ended June 30, 2013, the Company recorded $0.4 million of impairments on real estate assets, which is recorded in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. During the three and six months ended June 30, 2012, the Company recorded impairments on real estate assets totaling $7.5 million and $23.5 million, respectively. Of these amounts, $1.3 million and $16.6 million, respectively, have been reclassified to discontinued operations as the assets were sold or classified as held for sale as of June 30, 2013.

Intangible assets—As of June 30, 2013 and December 31, 2012 the Company had $53.9 million and $59.9 million, respectively, of finite lived intangible assets, net of accumulated amortization of $27.0 million and $49.3 million, respectively, primarily related to the acquisition of real estate assets. The total amortization expense for these intangible assets was $3.0 million and $6.0 million for the three and six months ended June 30, 2013, respectively, and $2.8 million and $6.0 million for the three and six months ended June 30, 2012, respectively.

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $7.9 million and $15.7 million for the three and six months ended June 30, 2013, respectively, and $7.2 million and $15.0 million for the three and six months ended June 30, 2012, respectively. These amounts are included in “Operating lease income” on the Company's Consolidated Statements of Operations.

Allowance for doubtful accounts—As of June 30, 2013 and December 31, 2012, the total allowance for doubtful accounts related to real estate tenant receivables, including deferred operating lease income receivable, was $6.0 million and $5.6 million, respectively.

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 66
-Paragraph 4, 5, 37, 50, 59, 65, 95, 97
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 22
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 67
-Paragraph 4, 5, 6, 7
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 9, 11, 12, 13, 14, 15, 21
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7, 34
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 10
-Subparagraph a, b
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Subparagraph 4
-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 11
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 9
-Chapter 3
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 04-2
-Paragraph 41, 63, 64
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 75-2
-Paragraph 47, 51, 52
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Paragraph 2, 6, 9-11, 18, 20
-IssueDate 2006-05-01
-Chapter 11
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-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph f
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 15
-Paragraph 28
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-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 23, 24
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Loans Receivable and Other Lending Investments, net

Loans Receivable and Other Lending Investments, net

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):



	As of
Type of Investment	June 30, 2013			December 31, 2012
Senior mortgages	$	1,397,524		$	1,751,256
Subordinate mortgages	114,218			152,737
Corporate/Partnership loans	415,998			450,491
Total gross carrying value of loans	$	1,927,740		$	2,354,484
Reserves for loan losses	(479,826		)	(524,499		)
Total loans receivable, net	$	1,447,914		$	1,829,985
Other lending investments—securities	65,722			—
Total loans receivable and other lending investments, net(1)	$	1,513,636		$	1,829,985

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of June 30, 2013 and December 31, 2012 includes accrued interest of $7.0 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets.

During the six months ended June 30, 2013, the Company originated and funded $89.3 million of loans and other lending investments and received principal repayments of $298.6 million. During the same period, the Company sold loans with a total carrying value of $80.3 million, which resulted in net realized losses of $0.6 million. Gains and losses on sales of loans are reported in "Other income" on the Company's Consolidated Statements of Operations.

Reserve for Loan Losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Reserve for loan losses at beginning of period	$	521,795		$	567,179		$	524,499		$	646,624
Provision for loan losses(1)	5,020			26,531			15,226			44,031
Charge-offs	(46,989		)	(29,924		)	(59,899		)	(126,869		)
Reserve for loan losses at end of period	$	479,826		$	563,786		$	479,826		$	563,786

Explanatory Note:

_______________________________________________________________________________


(1)	Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.

The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):



	Individually Evaluated for Impairment(1)			Collectively Evaluated for Impairment(2)			Loans Acquired with Deteriorated Credit Quality(3)			Total
As of June 30, 2013
Loans	$	994,445		$	930,202		$	9,930		$	1,934,577
Less: Reserve for loan losses	(447,526		)	(32,300		)	—			(479,826		)
Total	$	546,919		$	897,902		$	9,930		$	1,454,751
As of December 31, 2012
Loans	$	1,095,957		$	1,210,077		$	58,281		$	2,364,315
Less: Reserve for loan losses	(472,058		)	(33,100		)	(19,341		)	(524,499		)
Total	$	623,899		$	1,176,977		$	38,940		$	1,839,816

Explanatory Notes:

_______________________________________________________________________________

(1)

The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $2.4 million and $4.0 million as of June 30, 2013 and December 31, 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.


(2)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $5.4 million and $3.8 million as of June 30, 2013 and December 31, 2012, respectively.


(3)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of June 30, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $10.3 million and $58.8 million, as of June 30, 2013 and December 31, 2012, respectively.

Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):



	As of
	June 30, 2013			December 31, 2012
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	668,326	2.75	$	840,593	2.75
Subordinate mortgages	60,750		3.08	99,698		2.27
Corporate/Partnership loans	409,083		3.81	444,772		3.69
Total	$	1,138,159	3.15	$	1,385,063	3.01

As of June 30, 2013, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):



	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
Senior mortgages	$	702,619	$	—	$	697,999	$	697,999	$	1,400,618
Subordinate mortgages	60,750		—		54,136		54,136		114,886
Corporate/Partnership loans	409,083		—		9,990		9,990		419,073
Total	$	1,172,452	$	—	$	762,125	$	762,125	$	1,934,577

Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):



	As of June 30, 2013							As of December 31, 2012
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	14,411	$	14,339	$	—		$	108,077	$	107,850	$	—
Corporate/Partnership loans	9,990		10,041		—			10,110		10,160		—
Subtotal	$	24,401	$	24,380	$	—		$	118,187	$	118,010	$	—
With an allowance recorded:
Senior mortgages	$	853,573	$	851,343	$	(398,887	)	$	918,975	$	918,496	$	(442,760	)
Subordinate mortgages	54,136		53,468		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	62,336		62,419		(9,060		)	63,096		63,246		(9,060		)
Subtotal	$	970,045	$	967,230	$	(447,526	)	$	1,036,050	$	1,035,421	$	(491,399	)
Total:
Senior mortgages	$	867,984	$	865,682	$	(398,887	)	$	1,027,052	$	1,026,346	$	(442,760	)
Subordinate mortgages	54,136		53,468		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	72,326		72,460		(9,060		)	73,206		73,406		(9,060		)
Total	$	994,446	$	991,610	$	(447,526	)	$	1,154,237	$	1,153,431	$	(491,399	)

Explanatory Note:

_______________________________________________________________________________

(1)

All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of June 30, 2013 and December 31, 2012, certain loans modified through troubled debt restructurings with a recorded investment of $198.0 million and $175.0 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.

The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):



	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2013				2012				2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	16,561	$	8,212	$	180,037	$	1,799	$	47,067	$	9,057	$	193,187	$	2,206
Corporate/Partnership loans	10,051		320		10,110		—		10,070		440		10,110		—
Subtotal	$	26,612	$	8,532	$	190,147	$	1,799	$	57,137	$	9,497	$	203,297	$	2,206
With an allowance recorded:
Senior mortgages	$	878,381	$	450	$	1,041,613	$	1,194	$	891,912	$	956	$	1,117,396	$	2,434
Subordinate mortgages	53,966		—		65,659		—		53,971		—		51,266		—
Corporate/Partnership loans	61,945		80		61,956		76		62,329		157		62,168		156
Subtotal	$	994,292	$	530	$	1,169,228	$	1,270	$	1,008,212	$	1,113	$	1,230,830	$	2,590
Total:
Senior mortgages	$	894,942	$	8,662	$	1,221,650	$	2,993	$	938,979	$	10,013	$	1,310,583	$	4,640
Subordinate mortgages	53,966		—		65,659		—		53,971		—		51,266		—
Corporate/Partnership loans	71,996		400		72,066		76		72,399		597		72,278		156
Total	$	1,020,904	$	9,062	$	1,359,375	$	3,069	$	1,065,349	$	10,610	$	1,434,127	$	4,796

During the quarter ended June 30, 2013, the Company recorded interest income of $8.0 million related to the resolution of a certain non-performing loan. Interest income was not previously recorded while the loan was on non-accrual status.

Troubled Debt Restructurings—During the three and six months ended June 30, 2013 and 2012, the Company modified loans that were determined to be troubled debt restructurings. The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands):



	For the Three Months Ended June 30,
	2013					2012
	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages	2	$	71,758	$	71,758	1	$	4,561	$	4,561



	For the Six Months Ended June 30,
	2013					2012
	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages	3	$	144,432	$	136,758	6	$	310,342	$	264,868

During the three months ended June 30, 2013, the Company restructured one performing loan with a recorded investment of $3.2 million to grant a maturity extension of one year. The Company also extended a payoff option on a loan with a recorded investment of $68.6 million that was classified as non-performing.

During the six months ended June 30, 2013, the Company restructured three loans that were considered troubled debt restructurings. In addition to the loans modified during the current quarter that are described above, the Company restructured one non-performing loan with a recorded investment of $72.7 million. The Company received a $13.3 million paydown and accepted a discounted payoff option, with final payment expected to be made in January 2014 and the loan was reclassified from non-performing to performing status as the Company believes the borrower can perform under the modified terms of the agreement.

During the three months ended June 30, 2012, the Company restructured one loan that was considered a troubled debt restructuring. The Company extended the term of this performing loan by one year with the interest rate unchanged.

Troubled debt restructurings that occurred during the six months ended June 30, 2012 included the modifications of performing loans with a combined recorded investment of $62.6 million. The modified terms of these loans granted maturity extensions ranging from three months to one year and included conditional extension options in certain cases dependent on borrower-specific performance hurdles. In each case, the Company believes the borrowers can perform under the modified terms of the loans and continues to classify these loans as performing.

Non-performing loans with a combined recorded investment of $247.7 million were also modified during the six months ended June 30, 2012 and continued to be classified as non-performing subsequent to modification. Included in this balance was a loan with a recorded investment of $181.5 million prior to modification, for which the Company agreed to reduce the outstanding principal balance and recorded charge-offs totaling $45.5 million, and also reduced the loan's interest rate. The remaining non-performing loans were granted maturity extensions ranging from one month to seven months and the interest rate was reduced on one loan.

Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of June 30, 2013, the Company had $21.4 million of unfunded commitments associated with modified loans considered troubled debt restructurings.

Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
	Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
Senior mortgages	1	$	26,693	1	$	26,120	1	$	26,693	1	$	26,120

Securities—During the six months ended June 30, 2013, the Company originated a mandatorily redeemable preferred equity investment of $65.7 million, which has a term of three years with two 12-month extensions. The Company has an unfunded commitment of $80.3 million, which it expects to fund later this year. The investment is classified as a held-to-maturity debt security as the Company has the ability and intent to hold the investment until maturity. As of June 30, 2013, the estimated fair value approximated the net carrying amount.

Other Investments

6 Months Ended

Jun. 30, 2013

Investments, All Other Investments [Abstract]

Other Investments

The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands):



	Carrying Value as of				Equity in Earnings
	June 30, 2013		December 31, 2012		For the Three Months Ended June 30,						For the Six Months Ended June 30,
					2013			2012			2013		2012
LNR	$	—	$	205,773	$	1,719		$	8,674		$	16,465	$	20,811
Madison Funds	60,109		56,547		4,865			(767		)	7,124		8,731
Oak Hill Funds	24,624		29,840		909			508			2,065		3,883
Real estate equity investments	47,684		47,619		957			8,719			2,721		15,490
Other equity method investments	48,166		47,939		(127		)	1,286			1,626		4,291
Total equity method investments	$	180,583	$	387,718	$	8,323		$	18,420		$	30,001	$	53,206
Other	9,035		11,125
Total other investments	$	189,618	$	398,843

Equity Method Investments

LNR—On July 29, 2010, the Company acquired an ownership interest of approximately 24% in LNR Property Corporation ("LNR"). LNR is a servicer and special servicer of commercial mortgage loans and CMBS and a diversified real estate investment, finance and management company. In the transaction, the Company and a group of investors, including other creditors of LNR, acquired 100% of the common stock of LNR in exchange for cash and the extinguishment of existing senior notes of LNR's parent holding company (the "Holdco Notes"). The Company contributed $100.0 million aggregate principal amount of Holdco Notes and $100.0 million in cash in exchange for an equity interest of $120.0 million.

On April 22, 2013, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds, which approximated our carrying value on the disposition date. Approximately $25.2 million of net proceeds were placed in escrow for potential indemnification obligations through April 2014. The Company is not currently aware that any material indemnification claims are probable of occurring.

The following tables represent the latest available investee level summarized financial information for LNR ($ in thousands)(1):



	For the Three Months Ended March 31,						For the Six Months Ended March 31,
	2013			2012			2013			2012
Income Statements
Total revenue(2)	$	68,779		$	71,337		$	146,579		$	148,696
Income tax expense	$	1,121		$	1,805		$	1,401		$	3,642
Net income attributable to LNR	$	42,452		$	36,178		$	231,701		$	86,799
iStar's ownership percentage	24		%	24		%	24		%	24		%
Subtotal	$	10,178		$	8,674		$	55,553		$	20,811
Basis difference(3)	$	(8,459	)	$	—		$	(39,088	)	$	—
iStar's equity in earnings from LNR	$	1,719		$	8,674		$	16,465		$	20,811



	As of March 31,			As of September 30,
	2013			2012
Balance Sheets
Total assets(2)	$	1,675,581		$	1,384,337
Total debt(2)	$	492,590		$	398,912
Total liabilities(2)	$	575,738		$	517,088
Noncontrolling interests	$	1,603		$	1,560
LNR Property LLC equity	$	1,098,241		$	865,689
iStar's ownership percentage	24		%	24		%
iStar's equity in LNR(4)	$	—		$	205,773

Explanatory Notes:

_______________________________________________________________________________


(1)	The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three and six months ended June 30, 2013 and 2012 are based on balances and results from LNR for the three and six months ended March 31, 2013 and 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 excluded from the amounts presented above. As of March 31, 2013 and September 30, 2012, the assets of these trusts, which aggregated $92.50 billion and $97.52 billion, respectively, were the sole source of repayment of the related liabilities, which aggregated approximately $92.15 billion and $97.21 billion, respectively, and are non-recourse to LNR and its equity holders, including the Company. In addition, total revenue presented above includes $21.1 million and $16.3 million for the three months ended March 31, 2013 and 2012, respectively, and $50.4 million and $45.1 million for the six months ended March 31, 2013 and 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)	The Company has limited its recognition of its proportionate share of earnings in LNR for the three and six months ended June 30, 2013 to the amount of proceeds it received from the sale.


(4)	Represents the Company's investment in LNR at June 30, 2013 and December 31, 2012, respectively.

Madison Funds—As of June 30, 2013, the Company owned a 29.52% interest in Madison International Real Estate Fund II, LP, a 32.92% interest in Madison International Real Estate Fund III, LP and a 29.52% interest in Madison GP1 Investors, LP (collectively, the "Madison Funds"). The Madison Funds invest in ownership positions of entities that own real estate assets. The Company determined that these entities are variable interest entities and that the Company is not the primary beneficiary.

Oak Hill Funds—As of June 30, 2013, the Company owned a 5.92% interest in OHA Strategic Credit Master Fund, L.P. ("OHASCF"). OHASCF was formed to acquire and manage a diverse portfolio of assets, investing in distressed, stressed and undervalued loans, bonds, equities and other investments. The Company determined that this entity is a variable interest entity and that the Company is not the primary beneficiary.

Real estate equity investments—During the quarter ended June 30, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company has a preferred partnership interest and a 47.5% equity interest. The Company has a recorded equity interest of $10.6 million, which represents the Company's proportionate share of the assets retained on a carryover basis.

As of June 30, 2013, the Company's real estate equity investments included equity interests in real estate ventures ranging from 31% to 70%, comprised of investments of $16.4 million in net lease assets, $18.2 million in operating properties and $13.1 million in other land assets. As of December 31, 2012, the Company's real estate equity investments included $16.4 million in net lease assets, $25.7 million in operating properties and $5.5 million in land assets. One of the Company's equity investments in operating properties represents a 33% interest in residential property units. The Company's earnings from its interest in this property includes income from sales of residential units of $1.5 million and $10.2 million for the three months ended June 30, 2013 and 2012, respectively, and $4.0 million and $18.2 million for the six months ended June 30, 2013 and 2012, respectively.

Other Equity Method Investments—The Company also had smaller investments in several other entities that were accounted for under the equity method. Several of these investments are in real estate related funds or other strategic investments.

Other Assets and Other Liabilities

6 Months Ended

Jun. 30, 2013

Other Assets and Other Liabilities [Abstract]

Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):



	As of
	June 30, 2013		December 31, 2012
Deferred financing fees, net(1)	$	33,929	$	26,629
Leasing costs, net(2)	20,277		20,205
Other receivables	9,498		11,517
Prepaid expenses	7,218		5,218
Corporate furniture, fixtures and equipment, net(3)	6,947		7,537
Derivative asset	2,471		—
Other assets	23,357		22,884
Deferred expenses and other assets, net	$	103,697	$	93,990

Explanatory Notes:

_______________________________________________________________________________


(1)	Accumulated amortization on deferred financing fees was $4.9 million and $4.1 million as of June 30, 2013 and December 31, 2012, respectively.


(2)	Accumulated amortization on leasing costs was $5.6 million and $6.6 million as of June 30, 2013 and December 31, 2012, respectively.


(3)	Accumulated depreciation on corporate furniture, fixtures and equipment was $5.9 million and $6.2 million as of June 30, 2013 and December 31, 2012, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):



	As of
	June 30, 2013		December 31, 2012
Accrued interest payable	$	36,730	$	29,521
Accrued expenses	38,716		50,467
Property taxes payable	10,573		8,206
Unearned operating lease income	8,976		11,294
Security deposits and other investment deposits(1)	5,133		13,717
Derivative liabilities	2,043		3,435
Other liabilities	10,588		15,820
Accounts payable, accrued expenses and other liabilities	$	112,759	$	132,460

Explanatory Note:

_______________________________________________________________________________


(1)	During the six months ended June 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):



	As of
	June 30, 2013			December 31, 2012
Deferred tax assets(1)	$	51,473		$	40,800
Valuation allowance	(51,473		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Deferred tax assets as of June 30, 2013, include real estate basis differences of $32.0 million, net operating loss carryforwards of $6.5 million, investment basis differences of $8.5 million and capital loss carryforwards of $4.3 million. Deferred tax assets as of December 31, 2012, include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million.

Debt Obligations, net

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Debt Obligations, net

As of June 30, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	June 30, 2013			December 31, 2012			Stated Interest Rates				Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	8,096		$	169,164		LIBOR + 4.00%		(1	)	March 2016
2012 Tranche A-2 Facility	470,000			470,000			LIBOR + 5.75%		(1	)	March 2017
October 2012 Secured Credit Facility	—			1,754,466			LIBOR + 4.50%		(2	)	—
February 2013 Secured Credit Facility	1,597,054			—			LIBOR + 3.50%		(3	)	October 2017
Term loans collateralized by net lease assets	270,250			264,432			4.851% - 7.68%				Various through 2026
Total secured credit facilities and term loans	$	2,345,400		$	2,658,062
Unsecured notes:
8.625% senior notes	$	—		$	96,801		8.625	%			—
5.95% senior notes	—			448,453			5.95	%			—
5.70% senior notes	200,601			200,601			5.70	%			March 2014
6.05% senior notes	105,765			105,765			6.05	%			April 2015
5.875% senior notes	261,403			261,403			5.875	%			March 2016
3.875% senior notes	265,000			—			3.875	%			July 2016
3.0% senior convertible notes(4)	200,000			200,000			3.0	%			November 2016
5.85% senior notes	99,722			99,722			5.85	%			March 2017
9.0% senior notes	275,000			275,000			9.0	%			June 2017
7.125% senior notes	300,000			300,000			7.125	%			February 2018
4.875% senior notes	300,000			—			4.875	%			July 2018
Total unsecured notes	$	2,007,491		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5%				October 2035
Total debt obligations	$	4,452,891		$	4,745,807
Debt discounts, net	(50,444		)	(54,313		)
Total debt obligations, net	$	4,402,447		$	4,691,494

Explanatory Notes:

_______________________________________________________________________________


(1)	These loans each have a LIBOR floor of 1.25%. As of June 30, 2013, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.


(2)	This loan had a LIBOR floor of 1.25%.


(3)	This loan has a LIBOR floor of 1.00%. As of June 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.


(4)	The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016.

Future Scheduled Maturities—As of June 30, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2013 (remaining six months)	$	—		$	—		$	—
2014	200,601			9,412			210,013
2015	105,765			—			105,765
2016	726,403			8,096			734,499
2017	374,722			2,067,054			2,441,776
Thereafter	700,000			260,838			960,838
Total principal maturities	$	2,107,491		$	2,345,400		$	4,452,891
Unamortized debt discounts, net	(14,720		)	(35,724		)	(50,444		)
Total long-term debt obligations, net	$	2,092,771		$	2,309,676		$	4,402,447

February 2013 Secured Credit Facility—On February 11, 2013, the Company entered into a $1.71 billion senior secured credit facility due October 15, 2017 (the “February 2013 Secured Credit Facility”) that amended and restated its $1.82 billion senior secured credit facility, dated October 15, 2012 (the “October 2012 Secured Credit Facility”). The February 2013 Credit Facility amended the October 2012 Secured Credit Facility by: (i) reducing the interest rate from LIBOR plus 4.50%, with a 1.25% LIBOR floor, to LIBOR plus 3.50%, with a 1.00% LIBOR floor; and (ii) extending the call protection period for the lenders from October 15, 2013 to December 31, 2013.

Borrowings under the February 2013 Secured Credit Facility are collateralized by a first lien on a fixed pool of assets, with required minimum collateral coverage of not less than 125% of outstanding borrowings. If collateral coverage is less than 137.5% of outstanding borrowings, 100% of the proceeds from principal repayments and sales of collateral will be applied to repay outstanding borrowings under the February 2013 Secured Credit Facility. For so long as collateral coverage is between 137.5% and 150% of outstanding borrowings, 50% of proceeds from principal repayments and sales of collateral will be applied to repay outstanding borrowings under the February 2013 Secured Credit Facility and for so long as collateral coverage is greater than 150% of outstanding borrowings, the Company may retain all proceeds from principal repayments and sales of collateral. The Company retains proceeds from interest, rent, lease payments and fee income in all cases.

In connection with the February 2013 Secured Credit Facility transaction, the Company incurred $17.1 million of lender fees, of which $14.4 million was capitalized in "Debt Obligations, net" on the Company's Consolidated Balance Sheets and $2.7 million was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statement of Operations as it related to the lenders who did not participate in the new facility. The Company also incurred $3.8 million in third party fees, of which $3.6 million was recognized in “Other expense” on the Company's Consolidated Statements of Operations, as it related primarily to those lenders from the original facility that modified their debt under the new facility, and $0.2 million was recorded in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets, as it related to the new lenders.

The February 2013 Secured Credit Facility contains certain covenants relating to the collateral, among other matters, but does not contain corporate level financial covenants. For so long as the Company maintains its qualification as a REIT, it is permitted to distribute 100% of its REIT taxable income on an annual basis. In addition, the Company may distribute to its stockholders real estate assets, or interests therein, having an aggregate equity value not to exceed $200 million, that are not collateral securing the borrowings under the February 2013 Secured Credit Facility. Except for the distribution of real estate assets described in the preceding sentence, the Company may not pay common dividends if it ceases to qualify as a REIT.

Through June 30, 2013, the Company has made cumulative amortization repayments of $109.9 million on the February 2013 Secured Credit Facility. Repayments of the February 2013 Secured Credit Facility prior to the scheduled maturity date have resulted in losses on early extinguishment of debt of $1.7 million and $2.5 million for the three and six months ended June 30, 2013, respectively, related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

October 2012 Secured Credit Facility—On October 15, 2012, the Company entered into a $1.82 billion senior secured credit agreement due October 15, 2017 (the “October 2012 Secured Credit Facility”). Proceeds from the October 2012 Secured Credit Facility were used to refinance the remaining outstanding balances of the Company’s then existing 2011 Secured Credit Facilities.

The October 2012 Secured Credit Facility was refinanced by the February 2013 Secured Credit Facility. Prior to refinancing, the Company made cumulative amortization repayments of $113.0 million on the October 2012 Secured Credit Facility, which resulted in losses on early extinguishment of debt of $0.8 million for the three months ended March 31, 2013 related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

At the time of the refinancing, the Company had $30.5 million of unamortized discounts and financing fees related to the October 2012 Secured Credit Facility. In connection with the refinancing, the Company recorded a loss on early extinguishment of debt of $4.9 million, related primarily to the portion of lenders in the original facility that did not participate in the new facility. The remaining $25.6 million of unamortized fees and discounts will continue to be amortized to interest expense over the remaining term of the February 2013 Secured Credit Facility.

March 2012 Secured Credit Facilities—In March 2012, the Company entered into an $880.0 million senior secured credit agreement providing for two tranches of term loans: a $410.0 million 2012 A-1 tranche due March 2016, which bears interest at a rate of LIBOR + 4.00% (the "2012 Tranche A-1 Facility"), and a $470.0 million 2012 A-2 tranche due March 2017, which bears interest at a rate of LIBOR + 5.75% (the "2012 Tranche A-2 Facility," together the "March 2012 Secured Credit Facilities"). The 2012 A-1 and A-2 tranches were issued at 98.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25%. Proceeds from the March 2012 Secured Credit Facilities were used to repurchase and repay at maturity $606.7 million aggregate principal amount of the Company's convertible notes due October 2012, to fully repay the $244.0 million balance on the Company's unsecured credit facility due June 2012, and to repay, upon maturity, $90.3 million outstanding principal balance of its 5.50% senior unsecured notes.

The March 2012 Secured Credit Facilities are collateralized by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the March 2012 Secured Credit Facilities. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The 2012 Tranche A-1 Facility requires amortization payments of $41.0 million to be made every six months beginning December 31, 2012. After the 2012 Tranche A-1 Facility is repaid, proceeds from principal repayments and sales of collateral will be used to amortize the 2012 Tranche A-2 Facility. The Company may make optional prepayments on each tranche of term loans, subject to prepayment fees.

Through June 30, 2013, the Company made cumulative amortization repayments of $401.9 million on the 2012 Tranche A-1 Facility, which exceeds all required amortization payments through maturity. Repayments of the 2012 Tranche A-1 Facility prior to scheduled amortization dates have resulted in losses on early extinguishment of debt of $1.3 million and $4.2 million for the three and six months ended June 30, 2013, respectively, related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

Unsecured Notes—In May 2013, the Company issued $265.0 million aggregate principal of 3.875% senior unsecured notes due July 2016 and issued $300.0 million aggregate principal of 4.875% senior unsecured notes due July 2018. Net proceeds from these transactions, together with cash on hand, were used to fully repay the remaining $96.8 million of outstanding 8.625% senior unsecured notes due June 2013 and the remaining $448.5 million of outstanding 5.95% senior unsecured notes due in October 2013. In connection with the repayment of the 5.95% senior unsecured notes, the Company incurred $9.5 million of losses related to a prepayment penalty and the acceleration of amortization of discounts, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the three months and six months ended June 30, 2013.

Unencumbered/Encumbered Assets—As of June 30, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	June 30, 2013				December 31, 2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,659,468	$	1,091,209	$	1,794,198	$	1,004,825
Real estate available and held for sale	223,340		300,752		141,673		494,192
Loans receivable, net(1)	1,044,024		501,912		1,197,373		665,712
Other investments	29,482		160,136		43,545		355,298
Cash and other assets	—		968,757		—		487,073
Total	$	2,956,314	$	3,022,766	$	3,176,789	$	3,007,100

Explanatory Note:

_______________________________________________________________________________


(1)	As of June 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $32.3 million and $33.1 million, respectively.

Debt Covenants

The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a restriction on debt incurrence based upon the effect of the debt incurrence on the Company's fixed charge coverage ratio. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. While the Company expects that its ability to incur new indebtedness under the fixed charge coverage ratio will be limited for the foreseeable future, it will continue to be permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures.

The Company's March 2012 Secured Credit Facilities and February 2013 Secured Credit Facility are collectively defined as the "Secured Credit Facilities." The Company's Secured Credit Facilities contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the Company is required to maintain collateral coverage of 1.25x outstanding borrowings. In addition, for so long as the Company maintains its qualification as a REIT, the Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis and the February 2013 Secured Credit Facility permits the Company to distribute to its shareholders real estate assets, or interests therein, having an aggregate equity value not to exceed $200 million, so long as such assets are not collateral for the February 2013 Secured Credit Facility. The Company may not pay common dividends if it ceases to qualify as a REIT (except that the February 2013 Secured Credit Facility permits us to distribute certain real estate assets as described in the preceding sentence).

The Company's Secured Credit Facilities contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies

Unfunded Commitments—As of June 30, 2013, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):



	Loans and Other Lending Investments		Real Estate		Strategic Investments		Total
Performance-Based Commitments	$	118,145	$	46,397	$	—	$	164,542
Discretionary Fundings	—		—		—		—
Strategic investments	—		—		47,040		47,040
Total	$	118,145	$	46,397	$	47,040	$	211,582

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings.

The Company evaluates, on a quarterly basis, developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial statements.

The entire disclosure for commitments and contingencies.

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Derivatives

6 Months Ended

Jun. 30, 2013

Risk Management and Derivatives

The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate hedges and foreign exchange hedges. The principal objective of such hedges is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements.

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012 ($ in thousands):



	Derivative Assets as of						Derivative Liabilities as of
	June 30, 2013			December 31, 2012			June 30, 2013			December 31, 2012
Derivative	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other Assets	$	1,991	N/A	$	—	Other Liabilities	$	2,043	Other Liabilities	$	2,855
Cash flow interest rate swap	Other Assets	480		N/A	—		N/A	—		Other Liabilities	580
Total		$	2,471		$	—		$	2,043		$	3,435

The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2012 ($ in thousands):



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)			Amount of Gain (Loss) Recognized in Earnings (Ineffective Portion)
For the Three Months Ended June 30, 2013
Cash flow interest rate swap	Interest Expense	$	844		$	79		N/A
Foreign exchange contract	Other Expense	$	344		$	—		N/A
For the Three Months Ended June 30, 2012
Cash flow interest rate swap	Interest Expense	$	(85	)	$	(68	)	N/A
For the Six Months Ended June 30, 2013
Cash flow interest rate swap	Interest Expense	$	882		$	151		N/A
Foreign exchange contract	Other Expense	$	344		$	—		N/A
For the Six Months Ended June 30, 2012
Cash flow interest rate swap	Interest Expense	$	(124	)	$	(240	)	N/A

The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses currency forward agreements to hedge its exposure to changes in foreign exchange rates on its foreign investments. Currency forward agreements involve fixing the USD to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their settlement date.

For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. In June 2013, the Company entered into a foreign exchange contract to hedge its exposure in a subsidiary whose functional currency is INR. As of June 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated:



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells INR/Buys USD Forward	₨	456,000	$	7,642	January 2014



	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Derivatives Designated in Hedging Relationships	2013		2012		2013		2012
Foreign Exchange Contracts	$	344	$	—	$	344	$	—

For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Consolidated Statements of Operations within other expense. As of June 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated:



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells EUR/Buys USD Forward	€	84,400	$	109,831	July 2013
Sells GBP/Buys USD Forward	£	27,900	$	42,421	July 2013
Sells CAD/Buys USD Forward	C$	43,150	$	41,042	July 2013



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Three Months Ended June 30,					For the Six Months Ended June 30,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2013			2012		2013		2012
Foreign Exchange Contracts	Other Expense	$	(414	)	$	10,191	$	9,742	$	1,332

The Company marks its foreign investments to market each quarter based on current exchange rates and records the gain or loss through “Other expense” on its Consolidated Statements of Operations for loan investments or “Accumulated comprehensive income,” on its Consolidated Balance Sheets for net investments in foreign subsidiaries. The Company recorded net losses related to foreign investments of $0.4 million and $0.1 million during the three months ended June 30, 2013 and 2012, respectively, and $0.5 million and $0.1 million during the six months ended June 30, 2013 and 2012, respectively, in its Consolidated Statements of Operations.

Qualifying Cash Flow Hedges—In October 2012, the Company entered into an interest rate swap to convert its variable rate debt to fixed rate on a $28.0 million secured term loan maturing in 2019. The following table presents the Company's interest rate swap outstanding as of June 30, 2013 ($ in thousands).



Derivative Type	Notional Amount		Variable Rate	Fixed Rate	Maturity
Interest Rate Swap	$	28,000	LIBOR + 2.00%	3.75%	November 2019

Over the next 12 months, the Company expects that $0.8 million will be reclassified to interest expense from the existing swap and $0.6 million will be reclassified to income related to terminated cash flow hedges from "Accumulated other comprehensive income (loss)" into earnings.

Credit risk-related contingent features—The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

In connection with its foreign currency derivatives, as of June 30, 2013 and December 31, 2012, the Company has posted collateral of $11.2 million and $9.6 million, respectively, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets.

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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Equity

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of June 30, 2013:



				Cumulative Preferential Cash Dividends(1)(2)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference		Rate per Annum		Equivalent to Fixed Annual Rate (per share)
D	4,000	$	0.001	$	25.00	8.000	%	$	2.00
E	5,600	$	0.001	$	25.00	7.875	%	$	1.97
F	4,000	$	0.001	$	25.00	7.8	%	$	1.95
G	3,200	$	0.001	$	25.00	7.65	%	$	1.91
I	5,000	$	0.001	$	25.00	7.50	%	$	1.88
J	4,000	$	0.001	$	50.00	4.50	%	$	2.25
	25,800

Explanatory Notes:

_______________________________________________________________________________

(1)

Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.

(2)

The Company declared and paid dividends of $4.0 million, $5.5 million, $3.9 million, $3.1 million, and $4.7 million on its Series D, E, F, G, and I preferred stock, respectively, during each of the six months ended June 30, 2013 and 2012. The Company also declared and paid dividends of $2.2 million on its Series J preferred stock during the six months ended June 30, 2013. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

In March 2013, the Company completed a public offering of $200.0 million of its 4.5% Series J Cumulative Convertible Perpetual Preferred Stock, having a liquidation preference of $50.00 per share. Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.

Dividends—In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded net operating losses and may record net operating losses in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2011, the Company had $423.9 million of net operating loss carryforwards at the corporate REIT level that can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2031 if unused. The amount net of operating loss carryforwards as of June 30, 2013 will be subject to finalization of the 2012 and 2013 tax returns. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends or, alternatively, may need to make dividend payments in excess of operating cash flows. The Company's 2013 and 2012 Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis, for so long as the Company maintains its qualification as a REIT. The 2013 and 2012 Secured Credit Facilities restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the six months ended June 30, 2013 and 2012.

Stock Repurchase Programs—On May 15, 2012, the Company's Board of Directors approved a stock repurchase program that authorized the repurchase of up to $20.0 million of its Common Stock in open market and privately negotiated purchases, including pursuant to one or more trading plans. As of June 30, 2013, the Company had $16.0 million available to repurchase Common Stock under its Board authorized stock repurchase programs.

Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):



	As of
	June 30, 2013			December 31, 2012
Unrealized gains on available-for-sale securities	$	(7	)	$	867
Unrealized gains on cash flow hedges	1,984			607
Unrealized losses on cumulative translation adjustment	(4,343		)	(2,659		)
Accumulated other comprehensive income (loss)	$	(2,366	)	$	(1,185	)

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans and Employee Benefits

6 Months Ended

Jun. 30, 2013

Stock-Based Compensation Plans and Employee Benefits

Stock-based Compensation—The Company recorded stock-based compensation expense of $4.7 million and $3.4 million for the three months ended June 30, 2013 and 2012, respectively, and $9.9 million and $8.1 million for the six months ended June 30, 2013 and 2012, respectively, in "General and administrative" on the Company's Consolidated Statements of Operations. As of June 30, 2013, there was $9.1 million of total unrecognized compensation cost related to all unvested restricted stock units that is expected to be recognized over a weighted average remaining vesting/service period of 0.82 years.

As of June 30, 2013, an aggregate of 4.0 million shares remain available for issuance pursuant to future awards under the Company's 2006 and 2009 Long-Term Incentive Plans.

2013 Activity—During the six months ended June 30, 2013, 3,004,474 restricted stock units vested and 1,536,781 were issued to employees, net of statutory minimum required tax withholdings. These vested restricted stock units were primarily comprised of 1,719,304 Amended Units which vested on January 1, 2013 (see below), 185,720 service-based restricted stock units granted to employees in February 2011 that cliff vested on February 11, 2013, 164,685 of annual incentive restricted stock units granted to employees and vested in February 2013 (see below), 313,334 service-based restricted stock units granted to employees in March 2011 that cliff vested on March 20, 2013, and 600,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer in October 2011 that vested on June 15, 2013.

During the six months ended June 30, 2013, the Company made stock-based compensation awards to certain employees in the form of annual incentive awards and long-term incentive awards:

Effective February 1, 2013, the Company granted 164,685 shares of our Common Stock in connection with annual incentive awards. The shares are fully-vested and were issued to certain employees, net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to two years from the date of grant.

Effective February 1, 2013, the Company also granted service-based restricted stock units, or Units, representing the right to receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment three years from the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled. As of June 30, 2013, 197,564 units were outstanding.

Effective February 1, 2013, the Company also granted performance-based Units based on the Company's total shareholder return, or TSR, measured over the one-year and two-year performance periods ending on the vesting dates, respectively. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company's TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award). The Company and any companies not included in the index at the beginning and end of the performance period are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units, were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these performance-based awards were 0.26% for risk-free interest rate and 50.44% for expected stock price volatility. As of June 30, 2013, 97,835 units with a vesting date on December 31, 2013, and 195,672 units with a vesting date on December 31, 2014 were outstanding.

As of June 30, 2013, the Company also had the following restricted stock awards outstanding:

•

600,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer that will vest on June 15, 2014. Upon vesting of these units, the holder will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holder to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

•

1,686,303 restricted stock units originally granted to executives and other officers of the Company on December 19, 2008 (the "Original Units") and subsequently modified in July 2011 (the "Amended Units"). The number of Amended Units is equal to 75% of the Original Units granted to an employee less, in the case of each executive level employee, the number of restricted stock units granted to the executive in March 2011. The remaining Amended Units will vest on January 1, 2014, so long as the employee remains employed by the Company on the vesting dates, subject to certain accelerated vesting rights in the event of termination of employment without cause. Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holders to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

•

143,998 service-based restricted stock units granted to employees with original vesting terms ranging from one year to four years. Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holders to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

Directors' Awards—During the six months ended June 30, 2013, the Company awarded to Directors 33,474 common share equivalents ("CSEs") and restricted shares at a fair value per share of $12.30 at the time of grant. These CSEs and restricted shares have a one year vesting period and pay dividends in an amount equal to the dividends paid on the equivalent number of shares of the Company's Common stock from the date of grant, as and when dividends are paid on Common Stock. In addition, during the six months ended June 30, 2013, the Company issued 51,091 shares to a former director in settlement of previously vested CSE awards. As of June 30, 2013, there were 316,548 CSEs and restricted shares granted to members of the Company's Board of Directors that remained outstanding with an aggregate intrinsic value of $3.6 million.

401(k) Plan—The Company made gross contributions of approximately $0.1 million and $0.1 million for the three months ended June 30, 2013 and 2012, respectively and $0.7 million and $0.7 million for the six months ended June 30, 2013 and 2012, respectively.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

EPS is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit (HPU) Program. These HPU units are treated as a separate class of common stock.

The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Income (loss) from continuing operations	$	(56,672	)	$	(88,473	)	$	(118,606	)	$	(130,293	)
Net (income) loss attributable to noncontrolling interests	311			722			500			696
Income from sales of residential property	34,319			13,266			58,016			19,999
Preferred dividends	(12,780		)	(10,580		)	(23,360		)	(21,160		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(34,822	)	$	(85,065	)	$	(83,450	)	$	(130,758	)



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Earnings allocable to common shares:
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,699	)	$	(82,288	)	$	(80,752	)	$	(126,476	)
Income (loss) from discontinued operations	(314		)	(748		)	596			(13,677		)
Gain from discontinued operations	8,012			24,040			12,892			26,364
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(26,001	)	$	(58,996	)	$	(67,264	)	$	(113,789	)
Numerator for diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,699	)	$	(82,288	)	$	(80,752	)	$	(126,476	)
Income (loss) from discontinued operations	(314		)	(748		)	596			(13,677		)
Gain from discontinued operations	8,012			24,040			12,892			26,364
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(26,001	)	$	(58,996	)	$	(67,264	)	$	(113,789	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	85,125			84,113			84,975			83,834
Basic earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(0.98	)	$	(0.95	)	$	(1.51	)
Income (loss) from discontinued operations	—			(0.01		)	0.01			(0.16		)
Gain from discontinued operations	0.09			0.29			0.15			0.31
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.31	)	$	(0.70	)	$	(0.79	)	$	(1.36	)
Diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(0.98	)	$	(0.95	)	$	(1.51	)
Income (loss) from discontinued operations	—			(0.01		)	0.01			(0.16		)
Gain from discontinued operations	0.09			0.29			0.15			0.31
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.31	)	$	(0.70	)	$	(0.79	)	$	(1.36	)



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Earnings allocable to High Performance Units:
Numerator for basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,123	)	$	(2,777	)	$	(2,698	)	$	(4,282	)
Income (loss) from discontinued operations	(10		)	(25		)	20			(463		)
Gain from discontinued operations	267			811			431			893
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(866	)	$	(1,991	)	$	(2,247	)	$	(3,852	)
Numerator for diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,123	)	$	(2,777	)	$	(2,698	)	$	(4,282	)
Income (loss) from discontinued operations	(10		)	(25		)	20			(463		)
Gain from discontinued operations	267			811			431			893
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(866	)	$	(1,991	)	$	(2,247	)	$	(3,852	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15			15			15
Basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(74.87	)	$	(185.13	)	$	(179.87	)	$	(285.46	)
Income (loss) from discontinued operations	(0.67		)	(1.67		)	1.33			(30.87		)
Gain from discontinued operations	17.80			54.07			28.73			59.53
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(57.74	)	$	(132.73	)	$	(149.81	)	$	(256.80	)
Diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(74.87	)	$	(185.13	)	$	(179.87	)	$	(285.46	)
Income (loss) from discontinued operations	(0.67		)	(1.67		)	1.33			(30.87		)
Gain from discontinued operations	17.80			54.07			28.73			59.53
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(57.74	)	$	(132.73	)	$	(149.81	)	$	(256.80	)

For the three and six months ended June 30, 2013 and 2012, the following shares were anti-dilutive (in thousands):



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2013	2012	2013	2012
Joint venture shares	298	298	298	298
3% Senior convertible unsecured notes	16,992	—	16,992	—
Series J convertible perpetual preferred stock	15,635	—	15,635	—

Fair Values

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Values

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis.

The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):



			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of June 30, 2013
Recurring basis:
Derivative assets	$	2,471	$	—	$	2,471	$	—
Derivative liabilities	$	2,043	$	—	$	2,043	$	—
Available-for-sale securities	$	1,070	$	1,070	$	—	$	—
Non-recurring basis:
Impaired loans(1)	$	12,700	$	—	$	—	$	12,700
Impaired real estate	$	4,950	$	—	$	4,950	$	—
As of December 31, 2012
Recurring basis:
Derivative liabilities	$	3,435	$	—	$	3,435	$	—
Non-recurring basis:
Impaired loans	$	57,201	$	—	$	—	$	57,201
Impaired real estate	$	31,597	$	—	$	7,649	$	23,948

Explanatory Note:

_______________________________________________________________________________


(1)	The Company recorded the fair value of impaired loans based on a weighted average discount rate of 14.6% and a weighted average annual percentage market rate growth of 3.0% using discounted cash flows.

Fair values of financial instruments—The Company's estimated fair values of its loans receivable and debt obligations were $1.6 billion and $4.5 billion, respectively, as of June 30, 2013 and $1.9 billion and $4.9 billion, respectively, as of December 31, 2012. The Company determined that the significant inputs used to value its loans receivable and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Subparagraph a-d
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting

The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land segment includes the Company's activities related to its developable land portfolio.

The Company evaluates performance based on the following financial measures for each segment, and has conformed the prior periods presentation for the change in composition of its business segments, ($ in thousands):



	Real Estate Finance			Net Lease			Operating Property			Land			Corporate/ Other(1)			Company Total
For the Three Months Ended June 30, 2013
Operating lease income	$	—		$	36,193		$	21,329		$	—		$	—		$	57,522
Interest income	29,682			—			—			—			—			29,682
Other income	290			—			11,440			—			1,395			13,125
Total revenue	$	29,972		$	36,193		$	32,769		$	—		$	1,395		$	100,329
Earnings (loss) from equity method investments	—			652			1,816			(1,511		)	7,366			8,323
Income from sales of residential property	—			—			30,842			3,477			—			34,319
Net operating income from discontinued operations(2)	—			66			110			—			—			176
Gain from discontinued operations	—			3,365			4,914			—			—			8,279
Revenue and other earnings	$	29,972		$	40,276		$	70,451		$	1,966		$	8,761		$	151,426
Real estate expense	—			(5,757		)	(24,781		)	(6,527		)	—			(37,065		)
Other expense	(414		)	—			—			—			268			(146		)
Direct expenses	$	(414	)	$	(5,757	)	$	(24,781	)	$	(6,527	)	$	268		$	(37,211	)
Direct segment profit (loss)	$	29,558		$	34,519		$	45,670		$	(4,561	)	$	9,029		$	114,215
Allocated interest expense(2)	(18,470		)	(20,079		)	(12,452		)	(7,943		)	(10,213		)	(69,157		)
Allocated general and administrative(3)	(2,895		)	(3,158		)	(2,147		)	(1,788		)	(6,169		)	(16,157		)
Segment profit (loss)(4)	$	8,193		$	11,282		$	31,071		$	(14,292	)	$	(7,353	)	$	28,901
Other significant non-cash items:
Provision for loan losses	$	5,020		$	—		$	—		$	—		$	—		$	5,020
Impairment of assets(2)	$	—		$	—		$	427		$	—		$	—		$	427
Depreciation and amortization(2)	$	—		$	9,589		$	7,231		$	265		$	315		$	17,400
Capitalized expenditures	$	—		$	13,889		$	9,485		$	7,972		$	—		$	31,346
For the Six Months Ended June 30, 2013
Operating lease income	$	—		$	73,303		$	42,692		$	—		$	—		$	115,995
Interest income	54,349			—			—			—			—			54,349
Other income	2,498			—			19,552			500			1,967			24,517
Total revenue	$	56,847		$	73,303		$	62,244		$	500		$	1,967		$	194,861
Earnings (loss) from equity method investments	—			1,338			4,473			(3,090		)	27,280			30,001
Income from sales of residential property	—			—			54,539			3,477			—			58,016



	Real Estate Finance			Net Lease			Operating Property			Land			Corporate/ Other(1)			Company Total
Net operating income from discontinued operations(2)	—			312			843			—			—			1,155
Gain from discontinued operations	—			3,395			9,928			—			—			13,323
Revenue and other earnings	$	56,847		$	78,348		$	132,027		$	887		$	29,247		$	297,356
Real estate expense	—			(11,420		)	(50,515		)	(13,031		)	—			(74,966		)
Other expense	(1,857		)	—			—			—			(3,913		)	(5,770		)
Direct expenses	$	(1,857	)	$	(11,420	)	$	(50,515	)	$	(13,031	)	$	(3,913	)	$	(80,736	)
Direct segment profit (loss)	$	54,990		$	66,928		$	81,512		$	(12,144	)	$	25,334		$	216,620
Allocated interest expense(2)	(39,532		)	(40,069		)	(25,935		)	(15,625		)	(19,562		)	(140,723		)
Allocated general and administrative(3)	(6,135		)	(6,217		)	(4,410		)	(3,635		)	(12,405		)	(32,802		)
Segment profit (loss)(4)	$	9,323		$	20,642		$	51,167		$	(31,404	)	$	(6,633	)	$	43,095
Other significant non-cash items:
Provision for loan losses	$	15,226		$	—		$	—		$	—		$	—		$	15,226
Impairment of assets(2)	$	—		$	—		$	395		$	—		$	—		$	395
Depreciation and amortization(2)	$	—		$	19,229		$	14,437		$	530		$	658		$	34,854
Capitalized expenditures	$	—		$	17,656		$	14,406		$	15,598		$	—		$	47,660
For the Three Months Ended June 30, 2012
Operating lease income	$	—		$	37,392		$	16,719		$	—		$	—		$	54,111
Interest income	36,448			—			—			—			—			36,448
Other income	6,796			—			9,070			—			793			16,659
Total revenue	$	43,244		$	37,392		$	25,789		$	—		$	793		$	107,218
Earnings (loss) from equity method investments	—			649			9,620			(1,550		)	9,701			18,420
Income from sales of residential property	—			—			13,266			—			—			13,266
Net operating income from discontinued operations(2)	—			1,276			2			—			—			1,278
Gain from discontinued operations	—			24,851			—			—			—			24,851
Revenue and other earnings	$	43,244		$	64,168		$	48,677		$	(1,550	)	$	10,494		$	165,033
Real estate expense	—			(6,860		)	(25,929		)	(5,383		)	—			(38,172		)
Other expense	(1,512		)	—			—			—			(2,395		)	(3,907		)
Direct expenses	$	(1,512	)	$	(6,860	)	$	(25,929	)	$	(5,383	)	$	(2,395	)	$	(42,079	)
Direct segment profit (loss)	$	41,732		$	57,308		$	22,748		$	(6,933	)	$	8,099		$	122,954
Allocated interest expense(2)	(32,054		)	(23,288		)	(17,109		)	(10,755		)	(11,532		)	(94,738		)
Allocated general and administrative(3)	(3,656		)	(2,581		)	(2,017		)	(1,745		)	(6,346		)	(16,345		)
Segment profit (loss)(4)	$	6,022		$	31,439		$	3,622		$	(19,433	)	$	(9,779	)	$	11,871
Other significant non-cash items:
Provision for loan losses	$	26,531		$	—		$	—		$	—		$	—		$	26,531
Impairment of assets(2)	$	—		$	6,150		$	1,346		$	—		$	—		$	7,496
Depreciation and amortization(2)	$	—		$	9,758		$	6,613		$	349		$	461		$	17,181
Capitalized expenditures	$	—		$	1,643		$	16,465		$	3,526		$	—		$	21,634
For the Six Months Ended June 30, 2012
Operating lease income	$	—		$	74,627		$	32,678		$	—		$	—		$	107,305
Interest income	73,651			—			—			—			—			73,651
Other income	6,862			—			17,880			—			2,612			27,354
Total revenue	$	80,513		$	74,627		$	50,558		$	—		$	2,612		$	208,310



	Real Estate Finance			Net Lease			Operating Property			Land			Corporate/ Other(1)			Company Total
Earnings (loss) from equity method investments	—			1,295			17,297			(3,102		)	37,716			53,206
Income from sales of residential property	—			—			19,999			—			—			19,999
Net operating income from discontinued operations(2)	—			4,618			435			—			—			5,053
Gain from discontinued operations	—			27,257			—			—			—			27,257
Revenue and other earnings	$	80,513		$	107,797		$	88,289		$	(3,102	)	$	40,328		$	313,825
Real estate expense	—			(11,998		)	(51,667		)	(9,577		)	—			(73,242		)
Other expense	(2,427		)	—			—			—			(1,933		)	(4,360		)
Direct expenses	$	(2,427	)	$	(11,998	)	$	(51,667	)	$	(9,577	)	$	(1,933	)	$	(77,602	)
Direct segment profit (loss)	$	78,086		$	95,799		$	36,622		$	(12,679	)	$	38,395		$	236,223
Allocated interest expense(2)	(63,798		)	(45,669		)	(31,228		)	(20,771		)	(19,416		)	(180,882		)
Allocated general and administrative(3)	(7,969		)	(5,505		)	(4,004		)	(2,537		)	(14,509		)	(34,524		)
Segment profit (loss)(4)	$	6,319		$	44,625		$	1,390		$	(35,987	)	$	4,470		$	20,817
Other significant non-cash items:
Provision for loan losses	$	44,031		$	—		$	—		$	—		$	—		$	44,031
Impairment of assets(2)	$	—		$	6,670		$	17,400		$	—		$	(550	)	$	23,520
Depreciation and amortization(2)	$	—		$	19,964		$	12,636		$	694		$	1,124		$	34,418
Capitalized expenditures	$	—		$	2,056		$	24,931		$	5,727		$	—		$	32,714
As of June 30, 2013
Real estate
Real estate, at cost	$	—		$	1,629,237		$	773,817		$	769,298		$	—		$	3,172,352
Less: accumulated depreciation	—			(326,375		)	(92,480		)	(2,820		)	—			(421,675		)
Real estate, net	$	—		$	1,302,862		$	681,337		$	766,478		$	—		$	2,750,677
Real estate available and held for sale	—			8,694			335,571			179,827			—			524,092
Total real estate	$	—		$	1,311,556		$	1,016,908		$	946,305		$	—		$	3,274,769
Loans receivable and other lending investments, net	1,513,636			—			—			—			—			1,513,636
Other investments	—			16,446			18,169			13,068			141,935			189,618
Total portfolio assets	$	1,513,636		$	1,328,002		$	1,035,077		$	959,373		$	141,935		$	4,978,023
Cash and other assets																968,757
Total assets																$	5,946,780
As of December 31, 2012
Real estate
Real estate, at cost	$	—		$	1,639,320		$	801,214		$	786,114		$	—		$	3,226,648
Less: accumulated depreciation	—			(315,699		)	(109,634		)	(2,292		)	—			(427,625		)
Real estate, net	$	—		$	1,323,621		$	691,580		$	783,822		$	—		$	2,799,023
Real estate available and held for sale	—			—			454,587			181,278			—			635,865
Total real estate	$	—		$	1,323,621		$	1,146,167		$	965,100		$	—		$	3,434,888
Loans receivable and other lending investments, net	1,829,985			—			—			—			—			1,829,985
Other investments	—			16,380			25,745			5,493			351,225			398,843
Total portfolio assets	$	1,829,985		$	1,340,001		$	1,171,912		$	970,593		$	351,225		$	5,663,716
Cash and other assets																487,073
Total assets																$	6,150,789

Explanatory Notes:

_______________________________________________________________________________

(1)

Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's equity investment in LNR of $205.8 million, as of December 31, 2012, respectively, and the Company's share of equity in earnings from LNR of $1.7 million and $8.7 million for the three months ended June 30, 2013 and 2012, respectively, and $16.5 million and $20.8 million for the six months ended June 30, 2013 and 2012, respectively. See Note 6 for further details on the Company's accounting policy and summarized financial information for its investment in LNR.


(2)	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(3)	General and administrative excludes stock-based compensation expense of $4.7 million and $3.4 million for the three months ended June 30, 2013 and 2012, respectively, and $9.9 million and $8.1 million for the six months ended June 30, 2013 and 2012, respectively.


(4)	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Segment profit (loss)	$	28,901		$	11,871		$	43,095		$	20,817
Less: Provision for loan losses	(5,020		)	(26,531		)	(15,226		)	(44,031		)
Less: Impairment of assets(2)	(427		)	(7,496		)	(395		)	(23,520		)
Less: Stock-based compensation expense	(4,719		)	(3,447		)	(9,921		)	(8,113		)
Less: Depreciation and amortization(2)	(17,400		)	(17,181		)	(34,854		)	(34,418		)
Less: Income tax (expense) benefit(2)	(491		)	(3,477		)	(4,566		)	(4,748		)
Add: Gain (loss) on early extinguishment of debt, net	(15,242		)	(4,868		)	(24,784		)	(3,164		)
Net income (loss)	$	(14,398	)	$	(51,129	)	$	(46,651	)	$	(97,177	)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2013
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This guidance is the culmination of the board's redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual reporting periods beginning after December 15, 2012. The Company adopted this ASU beginning with the reporting period ended March 31, 2013. The adoption did not have a material impact on the financial statements.

Basis of Presentation and Principles of Consolidation (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Error Corrections and Prior Period Adjustments

The Company believes the new classification is a more meaningful reflection of these transactions (collectively the “Reclassification”) and changed the Company's cash flows from the initially reported amounts as follows:



	As Previously Reported			Change			As Reclassified
Cash flows from operations:
Six months Ended June 30, 2012	$	(57,196	)	$	(9,859	)	$	(67,055	)

Cash flows from investing activities:
Six months Ended June 30, 2012	$	206,147		$	9,859		$	216,006

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

Schedule of Real Estate Assets

Real estate (Tables)

6 Months Ended

Jun. 30, 2013

Real Estate [Abstract]

The Company's real estate assets were comprised of the following ($ in thousands):



	Net Lease Assets			Operating Properties			Land			Total
As of June 30, 2013
Land and land improvements	$	336,562		$	132,028		$	769,298		$	1,237,888
Buildings and improvements	1,292,675			641,789			—			1,934,464
Less: accumulated depreciation and amortization	(326,375		)	(92,480		)	(2,820		)	(421,675		)
Real estate, net	$	1,302,862		$	681,337		$	766,478		$	2,750,677
Real estate available and held for sale	8,694			335,571			179,827			524,092
Total real estate	$	1,311,556		$	1,016,908		$	946,305		$	3,274,769
As of December 31, 2012
Land and land improvements	$	344,239		$	132,028		$	786,114		$	1,262,381
Buildings and improvements	1,295,081			669,186			—			1,964,267
Less: accumulated depreciation and amortization	(315,699		)	(109,634		)	(2,292		)	(427,625		)
Real estate, net	$	1,323,621		$	691,580		$	783,822		$	2,799,023
Real estate available and held for sale	—			454,587			181,278			635,865
Total real estate	$	1,323,621		$	1,146,167		$	965,100		$	3,434,888

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following table summarizes income (loss) from discontinued operations for the three and six months ended June 30, 2013 and 2012 ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Revenues	$	872		$	3,037		$	2,810		$	7,939
Total expenses	(769		)	(2,464		)	$	(1,799	)	(5,459		)
Impairment of assets	(427		)	(1,346		)	(395		)	(16,620		)
Income (loss) from discontinued operations	$	(324	)	$	(773	)	$	616		$	(14,140	)

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

Schedule of the Company's loans and other lending investments by class

Loans Receivable and Other Lending Investments, net (Tables)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):



	As of
Type of Investment	June 30, 2013			December 31, 2012
Senior mortgages	$	1,397,524		$	1,751,256
Subordinate mortgages	114,218			152,737
Corporate/Partnership loans	415,998			450,491
Total gross carrying value of loans	$	1,927,740		$	2,354,484
Reserves for loan losses	(479,826		)	(524,499		)
Total loans receivable, net	$	1,447,914		$	1,829,985
Other lending investments—securities	65,722			—
Total loans receivable and other lending investments, net(1)	$	1,513,636		$	1,829,985

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of June 30, 2013 and December 31, 2012 includes accrued interest of $7.0 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets.

Schedule of changes in the Company's reserve for loan losses

Changes in the Company's reserve for loan losses were as follows ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Reserve for loan losses at beginning of period	$	521,795		$	567,179		$	524,499		$	646,624
Provision for loan losses(1)	5,020			26,531			15,226			44,031
Charge-offs	(46,989		)	(29,924		)	(59,899		)	(126,869		)
Reserve for loan losses at end of period	$	479,826		$	563,786		$	479,826		$	563,786

Explanatory Note:

_______________________________________________________________________________


(1)	Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.

Schedule of recorded investment in loans and associated reserve for loan losses

The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):



	Individually Evaluated for Impairment(1)			Collectively Evaluated for Impairment(2)			Loans Acquired with Deteriorated Credit Quality(3)			Total
As of June 30, 2013
Loans	$	994,445		$	930,202		$	9,930		$	1,934,577
Less: Reserve for loan losses	(447,526		)	(32,300		)	—			(479,826		)
Total	$	546,919		$	897,902		$	9,930		$	1,454,751
As of December 31, 2012
Loans	$	1,095,957		$	1,210,077		$	58,281		$	2,364,315
Less: Reserve for loan losses	(472,058		)	(33,100		)	(19,341		)	(524,499		)
Total	$	623,899		$	1,176,977		$	38,940		$	1,839,816

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $5.4 million and $3.8 million as of June 30, 2013 and December 31, 2012, respectively.


(3)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of June 30, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $10.3 million and $58.8 million, as of June 30, 2013 and December 31, 2012, respectively.

Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating

The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):



	As of
	June 30, 2013			December 31, 2012
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	668,326	2.75	$	840,593	2.75
Subordinate mortgages	60,750		3.08	99,698		2.27
Corporate/Partnership loans	409,083		3.81	444,772		3.69
Total	$	1,138,159	3.15	$	1,385,063	3.01

Schedule of recorded investment in loans, aged by payment status and presented by class

As of June 30, 2013, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):



	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
Senior mortgages	$	702,619	$	—	$	697,999	$	697,999	$	1,400,618
Subordinate mortgages	60,750		—		54,136		54,136		114,886
Corporate/Partnership loans	409,083		—		9,990		9,990		419,073
Total	$	1,172,452	$	—	$	762,125	$	762,125	$	1,934,577

Schedule of recorded investment in impaired loans, presented by class

The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):



	As of June 30, 2013							As of December 31, 2012
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	14,411	$	14,339	$	—		$	108,077	$	107,850	$	—
Corporate/Partnership loans	9,990		10,041		—			10,110		10,160		—
Subtotal	$	24,401	$	24,380	$	—		$	118,187	$	118,010	$	—
With an allowance recorded:
Senior mortgages	$	853,573	$	851,343	$	(398,887	)	$	918,975	$	918,496	$	(442,760	)
Subordinate mortgages	54,136		53,468		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	62,336		62,419		(9,060		)	63,096		63,246		(9,060		)
Subtotal	$	970,045	$	967,230	$	(447,526	)	$	1,036,050	$	1,035,421	$	(491,399	)
Total:
Senior mortgages	$	867,984	$	865,682	$	(398,887	)	$	1,027,052	$	1,026,346	$	(442,760	)
Subordinate mortgages	54,136		53,468		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	72,326		72,460		(9,060		)	73,206		73,406		(9,060		)
Total	$	994,446	$	991,610	$	(447,526	)	$	1,154,237	$	1,153,431	$	(491,399	)

Explanatory Note:

_______________________________________________________________________________

(1)

Schedule of average recorded investment in impaired loans and interest income recognized, presented by class

The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):



	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2013				2012				2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	16,561	$	8,212	$	180,037	$	1,799	$	47,067	$	9,057	$	193,187	$	2,206
Corporate/Partnership loans	10,051		320		10,110		—		10,070		440		10,110		—
Subtotal	$	26,612	$	8,532	$	190,147	$	1,799	$	57,137	$	9,497	$	203,297	$	2,206
With an allowance recorded:
Senior mortgages	$	878,381	$	450	$	1,041,613	$	1,194	$	891,912	$	956	$	1,117,396	$	2,434
Subordinate mortgages	53,966		—		65,659		—		53,971		—		51,266		—
Corporate/Partnership loans	61,945		80		61,956		76		62,329		157		62,168		156
Subtotal	$	994,292	$	530	$	1,169,228	$	1,270	$	1,008,212	$	1,113	$	1,230,830	$	2,590
Total:
Senior mortgages	$	894,942	$	8,662	$	1,221,650	$	2,993	$	938,979	$	10,013	$	1,310,583	$	4,640
Subordinate mortgages	53,966		—		65,659		—		53,971		—		51,266		—
Corporate/Partnership loans	71,996		400		72,066		76		72,399		597		72,278		156
Total	$	1,020,904	$	9,062	$	1,359,375	$	3,069	$	1,065,349	$	10,610	$	1,434,127	$	4,796

Schedule of troubled debt restructurings, presented by class

Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
	Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
Senior mortgages	1	$	26,693	1	$	26,120	1	$	26,693	1	$	26,120

The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands):



	For the Three Months Ended June 30,
	2013					2012
	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages	2	$	71,758	$	71,758	1	$	4,561	$	4,561



	For the Six Months Ended June 30,
	2013					2012
	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages	3	$	144,432	$	136,758	6	$	310,342	$	264,868

Other Investments (Tables)

6 Months Ended

Jun. 30, 2013

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 as of				Equity in Earnings
	June 30, 2013		December 31, 2012		For the Three Months Ended June 30,						For the Six Months Ended June 30,
					2013			2012			2013		2012
LNR	$	—	$	205,773	$	1,719		$	8,674		$	16,465	$	20,811
Madison Funds	60,109		56,547		4,865			(767		)	7,124		8,731
Oak Hill Funds	24,624		29,840		909			508			2,065		3,883
Real estate equity investments	47,684		47,619		957			8,719			2,721		15,490
Other equity method investments	48,166		47,939		(127		)	1,286			1,626		4,291
Total equity method investments	$	180,583	$	387,718	$	8,323		$	18,420		$	30,001	$	53,206
Other	9,035		11,125
Total other investments	$	189,618	$	398,843

LNR Property LLC (LNR)

Schedule of summarized Income Statements

The following tables represent the latest available investee level summarized financial information for LNR ($ in thousands)(1):



	For the Three Months Ended March 31,						For the Six Months Ended March 31,
	2013			2012			2013			2012
Income Statements
Total revenue(2)	$	68,779		$	71,337		$	146,579		$	148,696
Income tax expense	$	1,121		$	1,805		$	1,401		$	3,642
Net income attributable to LNR	$	42,452		$	36,178		$	231,701		$	86,799
iStar's ownership percentage	24		%	24		%	24		%	24		%
Subtotal	$	10,178		$	8,674		$	55,553		$	20,811
Basis difference(3)	$	(8,459	)	$	—		$	(39,088	)	$	—
iStar's equity in earnings from LNR	$	1,719		$	8,674		$	16,465		$	20,811

Schedule of summarized Balance Sheets



	As of March 31,			As of September 30,
	2013			2012
Balance Sheets
Total assets(2)	$	1,675,581		$	1,384,337
Total debt(2)	$	492,590		$	398,912
Total liabilities(2)	$	575,738		$	517,088
Noncontrolling interests	$	1,603		$	1,560
LNR Property LLC equity	$	1,098,241		$	865,689
iStar's ownership percentage	24		%	24		%
iStar's equity in LNR(4)	$	—		$	205,773

Explanatory Notes:

_______________________________________________________________________________


(1)	The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three and six months ended June 30, 2013 and 2012 are based on balances and results from LNR for the three and six months ended March 31, 2013 and 2012.

(2)


(3)	The Company has limited its recognition of its proportionate share of earnings in LNR for the three and six months ended June 30, 2013 to the amount of proceeds it received from the sale.


(4)	Represents the Company's investment in LNR at June 30, 2013 and December 31, 2012, respectively.

Other Assets and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):



	As of
	June 30, 2013		December 31, 2012
Deferred financing fees, net(1)	$	33,929	$	26,629
Leasing costs, net(2)	20,277		20,205
Other receivables	9,498		11,517
Prepaid expenses	7,218		5,218
Corporate furniture, fixtures and equipment, net(3)	6,947		7,537
Derivative asset	2,471		—
Other assets	23,357		22,884
Deferred expenses and other assets, net	$	103,697	$	93,990

Explanatory Notes:

_______________________________________________________________________________


(1)	Accumulated amortization on deferred financing fees was $4.9 million and $4.1 million as of June 30, 2013 and December 31, 2012, respectively.


(2)	Accumulated amortization on leasing costs was $5.6 million and $6.6 million as of June 30, 2013 and December 31, 2012, respectively.


(3)	Accumulated depreciation on corporate furniture, fixtures and equipment was $5.9 million and $6.2 million as of June 30, 2013 and December 31, 2012, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):



	As of
	June 30, 2013		December 31, 2012
Accrued interest payable	$	36,730	$	29,521
Accrued expenses	38,716		50,467
Property taxes payable	10,573		8,206
Unearned operating lease income	8,976		11,294
Security deposits and other investment deposits(1)	5,133		13,717
Derivative liabilities	2,043		3,435
Other liabilities	10,588		15,820
Accounts payable, accrued expenses and other liabilities	$	112,759	$	132,460

Explanatory Note:

_______________________________________________________________________________


(1)	During the six months ended June 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):



	As of
	June 30, 2013			December 31, 2012
Deferred tax assets(1)	$	51,473		$	40,800
Valuation allowance	(51,473		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Schedule of debt obligations

As of June 30, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	June 30, 2013			December 31, 2012			Stated Interest Rates				Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	8,096		$	169,164		LIBOR + 4.00%		(1	)	March 2016
2012 Tranche A-2 Facility	470,000			470,000			LIBOR + 5.75%		(1	)	March 2017
October 2012 Secured Credit Facility	—			1,754,466			LIBOR + 4.50%		(2	)	—
February 2013 Secured Credit Facility	1,597,054			—			LIBOR + 3.50%		(3	)	October 2017
Term loans collateralized by net lease assets	270,250			264,432			4.851% - 7.68%				Various through 2026
Total secured credit facilities and term loans	$	2,345,400		$	2,658,062
Unsecured notes:
8.625% senior notes	$	—		$	96,801		8.625	%			—
5.95% senior notes	—			448,453			5.95	%			—
5.70% senior notes	200,601			200,601			5.70	%			March 2014
6.05% senior notes	105,765			105,765			6.05	%			April 2015
5.875% senior notes	261,403			261,403			5.875	%			March 2016
3.875% senior notes	265,000			—			3.875	%			July 2016
3.0% senior convertible notes(4)	200,000			200,000			3.0	%			November 2016
5.85% senior notes	99,722			99,722			5.85	%			March 2017
9.0% senior notes	275,000			275,000			9.0	%			June 2017
7.125% senior notes	300,000			300,000			7.125	%			February 2018
4.875% senior notes	300,000			—			4.875	%			July 2018
Total unsecured notes	$	2,007,491		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5%				October 2035
Total debt obligations	$	4,452,891		$	4,745,807
Debt discounts, net	(50,444		)	(54,313		)
Total debt obligations, net	$	4,402,447		$	4,691,494

Explanatory Notes:

_______________________________________________________________________________


(1)	These loans each have a LIBOR floor of 1.25%. As of June 30, 2013, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.


(2)	This loan had a LIBOR floor of 1.25%.


(3)	This loan has a LIBOR floor of 1.00%. As of June 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.


(4)	The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net

Future Scheduled Maturities—As of June 30, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2013 (remaining six months)	$	—		$	—		$	—
2014	200,601			9,412			210,013
2015	105,765			—			105,765
2016	726,403			8,096			734,499
2017	374,722			2,067,054			2,441,776
Thereafter	700,000			260,838			960,838
Total principal maturities	$	2,107,491		$	2,345,400		$	4,452,891
Unamortized debt discounts, net	(14,720		)	(35,724		)	(50,444		)
Total long-term debt obligations, net	$	2,092,771		$	2,309,676		$	4,402,447

Schedule of carrying value of encumbered assets by asset type

Unencumbered/Encumbered Assets—As of June 30, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	June 30, 2013				December 31, 2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,659,468	$	1,091,209	$	1,794,198	$	1,004,825
Real estate available and held for sale	223,340		300,752		141,673		494,192
Loans receivable, net(1)	1,044,024		501,912		1,197,373		665,712
Other investments	29,482		160,136		43,545		355,298
Cash and other assets	—		968,757		—		487,073
Total	$	2,956,314	$	3,022,766	$	3,176,789	$	3,007,100

Explanatory Note:

_______________________________________________________________________________


(1)	As of June 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $32.3 million and $33.1 million, respectively.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments



	Loans and Other Lending Investments		Real Estate		Strategic Investments		Total
Performance-Based Commitments	$	118,145	$	46,397	$	—	$	164,542
Discretionary Fundings	—		—		—		—
Strategic investments	—		—		47,040		47,040
Total	$	118,145	$	46,397	$	47,040	$	211,582

Risk Management and Derivatives (Tables)

6 Months Ended

Jun. 30, 2013

Derivative [Line Items]

Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets



	Derivative Assets as of						Derivative Liabilities as of
	June 30, 2013			December 31, 2012			June 30, 2013			December 31, 2012
Derivative	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other Assets	$	1,991	N/A	$	—	Other Liabilities	$	2,043	Other Liabilities	$	2,855
Cash flow interest rate swap	Other Assets	480		N/A	—		N/A	—		Other Liabilities	580
Total		$	2,471		$	—		$	2,043		$	3,435

Schedule of derivative financial instruments on Consolidated Statements of Operations



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)			Amount of Gain (Loss) Recognized in Earnings (Ineffective Portion)
For the Three Months Ended June 30, 2013
Cash flow interest rate swap	Interest Expense	$	844		$	79		N/A
Foreign exchange contract	Other Expense	$	344		$	—		N/A
For the Three Months Ended June 30, 2012
Cash flow interest rate swap	Interest Expense	$	(85	)	$	(68	)	N/A
For the Six Months Ended June 30, 2013
Cash flow interest rate swap	Interest Expense	$	882		$	151		N/A
Foreign exchange contract	Other Expense	$	344		$	—		N/A
For the Six Months Ended June 30, 2012
Cash flow interest rate swap	Interest Expense	$	(124	)	$	(240	)	N/A

Schedule of qualifying cash flow hedges

The following table presents the Company's interest rate swap outstanding as of June 30, 2013 ($ in thousands).



Derivative Type	Notional Amount		Variable Rate	Fixed Rate	Maturity
Interest Rate Swap	$	28,000	LIBOR + 2.00%	3.75%	November 2019

Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of derivative instruments

As of June 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated:



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells INR/Buys USD Forward	₨	456,000	$	7,642	January 2014



	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Derivatives Designated in Hedging Relationships	2013		2012		2013		2012
Foreign Exchange Contracts	$	344	$	—	$	344	$	—

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of derivative instruments

As of June 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated:



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells EUR/Buys USD Forward	€	84,400	$	109,831	July 2013
Sells GBP/Buys USD Forward	£	27,900	$	42,421	July 2013
Sells CAD/Buys USD Forward	C$	43,150	$	41,042	July 2013



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Three Months Ended June 30,					For the Six Months Ended June 30,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2013			2012		2013		2012
Foreign Exchange Contracts	Other Expense	$	(414	)	$	10,191	$	9,742	$	1,332

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

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Schedule of Cumulative Redeemable Preferred Stock outstanding by series

Equity (Tables)

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of June 30, 2013:



				Cumulative Preferential Cash Dividends(1)(2)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference		Rate per Annum		Equivalent to Fixed Annual Rate (per share)
D	4,000	$	0.001	$	25.00	8.000	%	$	2.00
E	5,600	$	0.001	$	25.00	7.875	%	$	1.97
F	4,000	$	0.001	$	25.00	7.8	%	$	1.95
G	3,200	$	0.001	$	25.00	7.65	%	$	1.91
I	5,000	$	0.001	$	25.00	7.50	%	$	1.88
J	4,000	$	0.001	$	50.00	4.50	%	$	2.25
	25,800

Explanatory Notes:

_______________________________________________________________________________

(1)

(2)

Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity

Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):



	As of
	June 30, 2013			December 31, 2012
Unrealized gains on available-for-sale securities	$	(7	)	$	867
Unrealized gains on cash flow hedges	1,984			607
Unrealized losses on cumulative translation adjustment	(4,343		)	(2,659		)
Accumulated other comprehensive income (loss)	$	(2,366	)	$	(1,185	)

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 150
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Income (loss) from continuing operations	$	(56,672	)	$	(88,473	)	$	(118,606	)	$	(130,293	)
Net (income) loss attributable to noncontrolling interests	311			722			500			696
Income from sales of residential property	34,319			13,266			58,016			19,999
Preferred dividends	(12,780		)	(10,580		)	(23,360		)	(21,160		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(34,822	)	$	(85,065	)	$	(83,450	)	$	(130,758	)

Schedule of earnings per share allocable to common shares and HPU shares



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Earnings allocable to common shares:
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,699	)	$	(82,288	)	$	(80,752	)	$	(126,476	)
Income (loss) from discontinued operations	(314		)	(748		)	596			(13,677		)
Gain from discontinued operations	8,012			24,040			12,892			26,364
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(26,001	)	$	(58,996	)	$	(67,264	)	$	(113,789	)
Numerator for diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,699	)	$	(82,288	)	$	(80,752	)	$	(126,476	)
Income (loss) from discontinued operations	(314		)	(748		)	596			(13,677		)
Gain from discontinued operations	8,012			24,040			12,892			26,364
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(26,001	)	$	(58,996	)	$	(67,264	)	$	(113,789	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	85,125			84,113			84,975			83,834
Basic earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(0.98	)	$	(0.95	)	$	(1.51	)
Income (loss) from discontinued operations	—			(0.01		)	0.01			(0.16		)
Gain from discontinued operations	0.09			0.29			0.15			0.31
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.31	)	$	(0.70	)	$	(0.79	)	$	(1.36	)
Diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(0.98	)	$	(0.95	)	$	(1.51	)
Income (loss) from discontinued operations	—			(0.01		)	0.01			(0.16		)
Gain from discontinued operations	0.09			0.29			0.15			0.31
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.31	)	$	(0.70	)	$	(0.79	)	$	(1.36	)



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Earnings allocable to High Performance Units:
Numerator for basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,123	)	$	(2,777	)	$	(2,698	)	$	(4,282	)
Income (loss) from discontinued operations	(10		)	(25		)	20			(463		)
Gain from discontinued operations	267			811			431			893
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(866	)	$	(1,991	)	$	(2,247	)	$	(3,852	)
Numerator for diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,123	)	$	(2,777	)	$	(2,698	)	$	(4,282	)
Income (loss) from discontinued operations	(10		)	(25		)	20			(463		)
Gain from discontinued operations	267			811			431			893
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(866	)	$	(1,991	)	$	(2,247	)	$	(3,852	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15			15			15
Basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(74.87	)	$	(185.13	)	$	(179.87	)	$	(285.46	)
Income (loss) from discontinued operations	(0.67		)	(1.67		)	1.33			(30.87		)
Gain from discontinued operations	17.80			54.07			28.73			59.53
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(57.74	)	$	(132.73	)	$	(149.81	)	$	(256.80	)
Diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(74.87	)	$	(185.13	)	$	(179.87	)	$	(285.46	)
Income (loss) from discontinued operations	(0.67		)	(1.67		)	1.33			(30.87		)
Gain from discontinued operations	17.80			54.07			28.73			59.53
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(57.74	)	$	(132.73	)	$	(149.81	)	$	(256.80	)

Schedule of anti-dilutive shares

For the three and six months ended June 30, 2013 and 2012, the following shares were anti-dilutive (in thousands):



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2013	2012	2013	2012
Joint venture shares	298	298	298	298
3% Senior convertible unsecured notes	16,992	—	16,992	—
Series J convertible perpetual preferred stock	15,635	—	15,635	—

Fair Values (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels

The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):



			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of June 30, 2013
Recurring basis:
Derivative assets	$	2,471	$	—	$	2,471	$	—
Derivative liabilities	$	2,043	$	—	$	2,043	$	—
Available-for-sale securities	$	1,070	$	1,070	$	—	$	—
Non-recurring basis:
Impaired loans(1)	$	12,700	$	—	$	—	$	12,700
Impaired real estate	$	4,950	$	—	$	4,950	$	—
As of December 31, 2012
Recurring basis:
Derivative liabilities	$	3,435	$	—	$	3,435	$	—
Non-recurring basis:
Impaired loans	$	57,201	$	—	$	—	$	57,201
Impaired real estate	$	31,597	$	—	$	7,649	$	23,948

Explanatory Note:

_______________________________________________________________________________


(1)	The Company recorded the fair value of impaired loans based on a weighted average discount rate of 14.6% and a weighted average annual percentage market rate growth of 3.0% using discounted cash flows.

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Schedule of financial measures for each segment based on which performance is evaluated

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]



	Real Estate Finance			Net Lease			Operating Property			Land			Corporate/ Other(1)			Company Total
For the Three Months Ended June 30, 2013
Operating lease income	$	—		$	36,193		$	21,329		$	—		$	—		$	57,522
Interest income	29,682			—			—			—			—			29,682
Other income	290			—			11,440			—			1,395			13,125
Total revenue	$	29,972		$	36,193		$	32,769		$	—		$	1,395		$	100,329
Earnings (loss) from equity method investments	—			652			1,816			(1,511		)	7,366			8,323
Income from sales of residential property	—			—			30,842			3,477			—			34,319
Net operating income from discontinued operations(2)	—			66			110			—			—			176
Gain from discontinued operations	—			3,365			4,914			—			—			8,279
Revenue and other earnings	$	29,972		$	40,276		$	70,451		$	1,966		$	8,761		$	151,426
Real estate expense	—			(5,757		)	(24,781		)	(6,527		)	—			(37,065		)
Other expense	(414		)	—			—			—			268			(146		)
Direct expenses	$	(414	)	$	(5,757	)	$	(24,781	)	$	(6,527	)	$	268		$	(37,211	)
Direct segment profit (loss)	$	29,558		$	34,519		$	45,670		$	(4,561	)	$	9,029		$	114,215
Allocated interest expense(2)	(18,470		)	(20,079		)	(12,452		)	(7,943		)	(10,213		)	(69,157		)
Allocated general and administrative(3)	(2,895		)	(3,158		)	(2,147		)	(1,788		)	(6,169		)	(16,157		)
Segment profit (loss)(4)	$	8,193		$	11,282		$	31,071		$	(14,292	)	$	(7,353	)	$	28,901
Other significant non-cash items:
Provision for loan losses	$	5,020		$	—		$	—		$	—		$	—		$	5,020
Impairment of assets(2)	$	—		$	—		$	427		$	—		$	—		$	427
Depreciation and amortization(2)	$	—		$	9,589		$	7,231		$	265		$	315		$	17,400
Capitalized expenditures	$	—		$	13,889		$	9,485		$	7,972		$	—		$	31,346
For the Six Months Ended June 30, 2013
Operating lease income	$	—		$	73,303		$	42,692		$	—		$	—		$	115,995
Interest income	54,349			—			—			—			—			54,349
Other income	2,498			—			19,552			500			1,967			24,517
Total revenue	$	56,847		$	73,303		$	62,244		$	500		$	1,967		$	194,861
Earnings (loss) from equity method investments	—			1,338			4,473			(3,090		)	27,280			30,001
Income from sales of residential property	—			—			54,539			3,477			—			58,016



	Real Estate Finance			Net Lease			Operating Property			Land			Corporate/ Other(1)			Company Total
Net operating income from discontinued operations(2)	—			312			843			—			—			1,155
Gain from discontinued operations	—			3,395			9,928			—			—			13,323
Revenue and other earnings	$	56,847		$	78,348		$	132,027		$	887		$	29,247		$	297,356
Real estate expense	—			(11,420		)	(50,515		)	(13,031		)	—			(74,966		)
Other expense	(1,857		)	—			—			—			(3,913		)	(5,770		)
Direct expenses	$	(1,857	)	$	(11,420	)	$	(50,515	)	$	(13,031	)	$	(3,913	)	$	(80,736	)
Direct segment profit (loss)	$	54,990		$	66,928		$	81,512		$	(12,144	)	$	25,334		$	216,620
Allocated interest expense(2)	(39,532		)	(40,069		)	(25,935		)	(15,625		)	(19,562		)	(140,723		)
Allocated general and administrative(3)	(6,135		)	(6,217		)	(4,410		)	(3,635		)	(12,405		)	(32,802		)
Segment profit (loss)(4)	$	9,323		$	20,642		$	51,167		$	(31,404	)	$	(6,633	)	$	43,095
Other significant non-cash items:
Provision for loan losses	$	15,226		$	—		$	—		$	—		$	—		$	15,226
Impairment of assets(2)	$	—		$	—		$	395		$	—		$	—		$	395
Depreciation and amortization(2)	$	—		$	19,229		$	14,437		$	530		$	658		$	34,854
Capitalized expenditures	$	—		$	17,656		$	14,406		$	15,598		$	—		$	47,660
For the Three Months Ended June 30, 2012
Operating lease income	$	—		$	37,392		$	16,719		$	—		$	—		$	54,111
Interest income	36,448			—			—			—			—			36,448
Other income	6,796			—			9,070			—			793			16,659
Total revenue	$	43,244		$	37,392		$	25,789		$	—		$	793		$	107,218
Earnings (loss) from equity method investments	—			649			9,620			(1,550		)	9,701			18,420
Income from sales of residential property	—			—			13,266			—			—			13,266
Net operating income from discontinued operations(2)	—			1,276			2			—			—			1,278
Gain from discontinued operations	—			24,851			—			—			—			24,851
Revenue and other earnings	$	43,244		$	64,168		$	48,677		$	(1,550	)	$	10,494		$	165,033
Real estate expense	—			(6,860		)	(25,929		)	(5,383		)	—			(38,172		)
Other expense	(1,512		)	—			—			—			(2,395		)	(3,907		)
Direct expenses	$	(1,512	)	$	(6,860	)	$	(25,929	)	$	(5,383	)	$	(2,395	)	$	(42,079	)
Direct segment profit (loss)	$	41,732		$	57,308		$	22,748		$	(6,933	)	$	8,099		$	122,954
Allocated interest expense(2)	(32,054		)	(23,288		)	(17,109		)	(10,755		)	(11,532		)	(94,738		)
Allocated general and administrative(3)	(3,656		)	(2,581		)	(2,017		)	(1,745		)	(6,346		)	(16,345		)
Segment profit (loss)(4)	$	6,022		$	31,439		$	3,622		$	(19,433	)	$	(9,779	)	$	11,871
Other significant non-cash items:
Provision for loan losses	$	26,531		$	—		$	—		$	—		$	—		$	26,531
Impairment of assets(2)	$	—		$	6,150		$	1,346		$	—		$	—		$	7,496
Depreciation and amortization(2)	$	—		$	9,758		$	6,613		$	349		$	461		$	17,181
Capitalized expenditures	$	—		$	1,643		$	16,465		$	3,526		$	—		$	21,634
For the Six Months Ended June 30, 2012
Operating lease income	$	—		$	74,627		$	32,678		$	—		$	—		$	107,305
Interest income	73,651			—			—			—			—			73,651
Other income	6,862			—			17,880			—			2,612			27,354
Total revenue	$	80,513		$	74,627		$	50,558		$	—		$	2,612		$	208,310



	Real Estate Finance			Net Lease			Operating Property			Land			Corporate/ Other(1)			Company Total
Earnings (loss) from equity method investments	—			1,295			17,297			(3,102		)	37,716			53,206
Income from sales of residential property	—			—			19,999			—			—			19,999
Net operating income from discontinued operations(2)	—			4,618			435			—			—			5,053
Gain from discontinued operations	—			27,257			—			—			—			27,257
Revenue and other earnings	$	80,513		$	107,797		$	88,289		$	(3,102	)	$	40,328		$	313,825
Real estate expense	—			(11,998		)	(51,667		)	(9,577		)	—			(73,242		)
Other expense	(2,427		)	—			—			—			(1,933		)	(4,360		)
Direct expenses	$	(2,427	)	$	(11,998	)	$	(51,667	)	$	(9,577	)	$	(1,933	)	$	(77,602	)
Direct segment profit (loss)	$	78,086		$	95,799		$	36,622		$	(12,679	)	$	38,395		$	236,223
Allocated interest expense(2)	(63,798		)	(45,669		)	(31,228		)	(20,771		)	(19,416		)	(180,882		)
Allocated general and administrative(3)	(7,969		)	(5,505		)	(4,004		)	(2,537		)	(14,509		)	(34,524		)
Segment profit (loss)(4)	$	6,319		$	44,625		$	1,390		$	(35,987	)	$	4,470		$	20,817
Other significant non-cash items:
Provision for loan losses	$	44,031		$	—		$	—		$	—		$	—		$	44,031
Impairment of assets(2)	$	—		$	6,670		$	17,400		$	—		$	(550	)	$	23,520
Depreciation and amortization(2)	$	—		$	19,964		$	12,636		$	694		$	1,124		$	34,418
Capitalized expenditures	$	—		$	2,056		$	24,931		$	5,727		$	—		$	32,714
As of June 30, 2013
Real estate
Real estate, at cost	$	—		$	1,629,237		$	773,817		$	769,298		$	—		$	3,172,352
Less: accumulated depreciation	—			(326,375		)	(92,480		)	(2,820		)	—			(421,675		)
Real estate, net	$	—		$	1,302,862		$	681,337		$	766,478		$	—		$	2,750,677
Real estate available and held for sale	—			8,694			335,571			179,827			—			524,092
Total real estate	$	—		$	1,311,556		$	1,016,908		$	946,305		$	—		$	3,274,769
Loans receivable and other lending investments, net	1,513,636			—			—			—			—			1,513,636
Other investments	—			16,446			18,169			13,068			141,935			189,618
Total portfolio assets	$	1,513,636		$	1,328,002		$	1,035,077		$	959,373		$	141,935		$	4,978,023
Cash and other assets																968,757
Total assets																$	5,946,780
As of December 31, 2012
Real estate
Real estate, at cost	$	—		$	1,639,320		$	801,214		$	786,114		$	—		$	3,226,648
Less: accumulated depreciation	—			(315,699		)	(109,634		)	(2,292		)	—			(427,625		)
Real estate, net	$	—		$	1,323,621		$	691,580		$	783,822		$	—		$	2,799,023
Real estate available and held for sale	—			—			454,587			181,278			—			635,865
Total real estate	$	—		$	1,323,621		$	1,146,167		$	965,100		$	—		$	3,434,888
Loans receivable and other lending investments, net	1,829,985			—			—			—			—			1,829,985
Other investments	—			16,380			25,745			5,493			351,225			398,843
Total portfolio assets	$	1,829,985		$	1,340,001		$	1,171,912		$	970,593		$	351,225		$	5,663,716
Cash and other assets																487,073
Total assets																$	6,150,789

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(3)	General and administrative excludes stock-based compensation expense of $4.7 million and $3.4 million for the three months ended June 30, 2013 and 2012, respectively, and $9.9 million and $8.1 million for the six months ended June 30, 2013 and 2012, respectively.


(4)	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Segment profit (loss)	$	28,901		$	11,871		$	43,095		$	20,817
Less: Provision for loan losses	(5,020		)	(26,531		)	(15,226		)	(44,031		)
Less: Impairment of assets(2)	(427		)	(7,496		)	(395		)	(23,520		)
Less: Stock-based compensation expense	(4,719		)	(3,447		)	(9,921		)	(8,113		)
Less: Depreciation and amortization(2)	(17,400		)	(17,181		)	(34,854		)	(34,418		)
Less: Income tax (expense) benefit(2)	(491		)	(3,477		)	(4,566		)	(4,748		)
Add: Gain (loss) on early extinguishment of debt, net	(15,242		)	(4,868		)	(24,784		)	(3,164		)
Net income (loss)	$	(14,398	)	$	(51,129	)	$	(46,651	)	$	(97,177	)

Reconciliation of segment profit (loss) to income (loss) from continuing operations

The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Segment profit (loss)	$	28,901		$	11,871		$	43,095		$	20,817
Less: Provision for loan losses	(5,020		)	(26,531		)	(15,226		)	(44,031		)
Less: Impairment of assets(2)	(427		)	(7,496		)	(395		)	(23,520		)
Less: Stock-based compensation expense	(4,719		)	(3,447		)	(9,921		)	(8,113		)
Less: Depreciation and amortization(2)	(17,400		)	(17,181		)	(34,854		)	(34,418		)
Less: Income tax (expense) benefit(2)	(491		)	(3,477		)	(4,566		)	(4,748		)
Add: Gain (loss) on early extinguishment of debt, net	(15,242		)	(4,868		)	(24,784		)	(3,164		)
Net income (loss)	$	(14,398	)	$	(51,129	)	$	(46,651	)	$	(97,177	)

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

Business and Organization (Details) $ in Billions	6 Months Ended
Business and Organization (Details) $ in Billions	Jun. 30, 2013 USD ($) decades
Business and Organization [Abstract]
Investment across a range of real estate sectors over the past two decades (more than $35 billion at December 31, 2012) \| $	$ 35
Period over which the entity has made the investment across a range of real estate (in decades) \| decades	2

Basis of Presentation and Principles of Consolidation (Details) $ in Millions	Jun. 30, 2013 USD ($) investments
Consolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| investments	5
Variable interest entity unfunded commitment	$ 49.2
Unconsolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| investments	28
Variable interest entity unfunded commitment	$ 8.1
Carrying value of the investments	$ 161.0

Basis of Presentation and Principles of Consolidation (Reclassification) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities	$ (106,536)	$ (67,055)
Cash flows from investing activities	$ 708,708	216,006
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities		(57,196)
Cash flows from investing activities		206,147
Change
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities		(9,859)
Cash flows from investing activities		$ 9,859

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

Real estate (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land and land improvements	$ 1,237,888	$ 1,262,381
Buildings and improvements	1,934,464	1,964,267
Less: accumulated depreciation and amortization	(421,675)	(427,625)
Real estate, net	2,750,677	2,799,023
Real estate available and held for sale	524,092	635,865
Total real estate	3,274,769	3,434,888
Net Lease Assets
Real Estate Properties [Line Items]
Land and land improvements	336,562	344,239
Buildings and improvements	1,292,675	1,295,081
Less: accumulated depreciation and amortization	(326,375)	(315,699)
Real estate, net	1,302,862	1,323,621
Real estate available and held for sale	8,694	0
Total real estate	1,311,556	1,323,621
Operating Properties
Real Estate Properties [Line Items]
Land and land improvements	132,028	132,028
Buildings and improvements	641,789	669,186
Less: accumulated depreciation and amortization	(92,480)	(109,634)
Real estate, net	681,337	691,580
Real estate available and held for sale	335,571	454,587
Total real estate	1,016,908	1,146,167
Land
Real Estate Properties [Line Items]
Land and land improvements	769,298	786,114
Buildings and improvements	0	0
Less: accumulated depreciation and amortization	(2,820)	(2,292)
Real estate, net	766,478	783,822
Real estate available and held for sale	179,827	181,278
Total real estate	$ 946,305	$ 965,100

Real estate (Details 2) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
Real estate (Details 2) $ in Millions	Apr. 30, 2012 USD ($) property	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) property	Jun. 30, 2012 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets sale carve out		$ 1.3		$ 16.6
Net Lease Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| property			3	2
Net lease assets sold, carrying value			$ 13.5	$ 9.8
Gain (loss) on sale of leased assets, net, operating leases, sale carve out			3.4	2.4
Commercial Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value			43.2	$ 10.3
Gain (Loss) on disposition of property, sale carve out			$ 9.9
Number of real estate properties sold \| property			3	5
Impairment of long-lived assets sale carve out				$ (1.4)
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value			$ 5.5	$ 2.7
Portfolio Lease Asset Sale \| Net Lease Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| property	12
Net lease assets sold, carrying value	$ 105.7
Gain (loss) on sale of leased assets, net, operating leases, sale carve out	$ 24.9
Real estate equity investments \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value			21.4
Gain (Loss) on disposition of property, sale carve out			$ 3.4
iStar's ownership percentage, equity method			47.50%

Real estate (Details 3) - USD ($) $ in Millions	6 Months Ended
Real estate (Details 3) - USD ($) $ in Millions	Jun. 30, 2013	Jun. 30, 2012
Real Estate Properties [Line Items]
Properties acquired		$ 185.8
Corporate Joint Venture
Real Estate Properties [Line Items]
iStar's ownership percentage, consolidated	63.00%
Fair value of assets acquired	$ 25.5
Residential Operating Properties
Real Estate Properties [Line Items]
Properties acquired		172.4
Commercial Operating Properties
Real Estate Properties [Line Items]
Properties acquired		$ 13.4

Real estate (Details 4) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Real estate (Details 4) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Real Estate [Abstract]
Revenues	$ 872	$ 3,037	$ 2,810	$ 7,939
Total expenses	(769)	(2,464)	(1,799)	(5,459)
Impairment of assets	(427)	(1,346)	(395)	(16,620)
Income (loss) from discontinued operations	$ (324)	$ (773)	$ 616	$ (14,140)

Real estate (Details 5) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Real estate (Details 5) - USD ($) $ in Millions	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2012
Real Estate [Abstract]
Impairment of assets held for use and sale carve-outs	$ 0.4	$ 7.5	$ 23.5
Impairment of long-lived assets sale carve out		$ 1.3	$ 16.6

Real estate (Details 6) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Real estate (Details 6) - USD ($) $ in Millions	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Real Estate [Abstract]
Unamortized finite lived intangible assets	$ 53.9		$ 53.9		$ 59.9
Finite-lived intangible assets, accumulated amortization	27.0		27.0		$ 49.3
Amortization expense related to real estate intangibles	$ 3.0	$ 2.8	$ 6.0	$ 6.0

Real estate (Details 7) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Real estate (Details 7) - USD ($) $ in Millions	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Real Estate [Abstract]
Customer reimbursements	$ 7.9	$ 7.2	$ 15.7	$ 15.0

Real estate (Details 8) $ in Thousands	3 Months Ended		6 Months Ended
Real estate (Details 8) $ in Thousands	Jun. 30, 2013 USD ($) Condominium_Unit	Jun. 30, 2012 USD ($) Condominium_Unit	Jun. 30, 2013 USD ($) Condominium_Unit	Jun. 30, 2012 USD ($) Condominium_Unit	Dec. 31, 2012 USD ($)
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 524,092		$ 524,092		$ 635,865
Income from sales of residential property	34,319	$ 13,266	58,016	$ 19,999
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 298,800		$ 298,800		374,100
Condominium Units
Real Estate Properties [Line Items]
Number of condominium units sold \| Condominium_Unit	103	168	199	262
Income from sales of residential property	$ 30,900	$ 13,300	$ 54,600	$ 20,000
Land
Real Estate Properties [Line Items]
Real estate available and held for sale	179,827		179,827		181,278
Net Lease Assets
Real Estate Properties [Line Items]
Gain (loss) on sale of leased assets, net, operating leases, sale carve out			3,400	$ 2,400
Real estate available and held for sale	$ 8,694		$ 8,694		$ 0

Real estate (Details 9) - USD ($) $ in Millions	Jun. 30, 2013	Dec. 31, 2012
Real Estate [Abstract]
Allowance for doubtful accounts related to real estate tenant receivables	$ 6.0	$ 5.6

Loans Receivable and Other Lending Investments, net (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Dec. 31, 2012

Total loans receivable, net

$ 1,927,740

$ 2,354,484

Reserves for loan losses

$ (521,795)

$ (563,786)

$ (479,826)

$ (563,786)

(479,826)

(524,499)

1,447,914

1,829,985

Other lending investments—securities

65,722

Total loans receivable, net

^[1]

1,513,636

1,829,985

Accrued interest

7,000

9,800

Fundings under existing loan commitments

89,300

Amount received from principal repayments

298,600

Carrying value of loans sold

80,300

Realized Investment Gains (Losses)

600

Allowance for Loan Losses [Roll Forward]

Reserve for loan losses at beginning of period

521,795

567,179

524,499

646,624

Reserve for loan losses at end of period

5,020

^[2]

26,531

15,226

^[2]

44,031

Charge-offs

(46,989)

(29,924)

(59,899)

(126,869)

479,826

$ 563,786

479,826

$ 563,786

Recovery of fully reserved loan

$ 6,000

Senior mortgages

1,397,524

1,751,256

Subordinate mortgages

Corporate/Partnership loans

114,218

152,737

Individually Evaluated for Impairment

$ 415,998

$ 450,491

[1]	The Company's recorded investment in loans as of June 30, 2013 and December 31, 2012 includes accrued interest of $7.0 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets.
[2]	Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.

Loans Receivable and Other Lending Investments, net (Details 2) - USD ($)
$ in Thousands

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Loans

^[1]

$ 994,445

$ 1,095,957

Collectively Evaluated for Impairment

^[2]

930,202

1,210,077

Loans Acquired with Deteriorated Credit Quality

^[3]

9,930

58,281

Total loans

1,934,577

2,364,315

Less: Reserve for loan losses

Individually Evaluated for Impairment

^[1]

(447,526)

(472,058)

Collectively Evaluated for Impairment

^[2]

(32,300)

(33,100)

Loans Acquired with Deteriorated Credit Quality

^[3]

(19,341)

Total reserve for loan losses

(479,826)

$ (521,795)

(524,499)

$ (563,786)

$ (567,179)

$ (646,624)

Total

Individually Evaluated for Impairment

^[1]

546,919

623,899

Collectively Evaluated for Impairment

^[2]

897,902

1,176,977

Loans Acquired with Deteriorated Credit Quality

^[3]

9,930

38,940

Total loans net of reserve for loan losses

1,454,751

1,839,816

Unamortized discounts, premiums, deferred fees and costs, individually evaluated for impairment, net premium (discount)

2,400

4,000

Unamortized discounts, premiums, deferred fees and costs, collectively evaluated for impairment, net premium (discount)

5,400

3,800

Unamortized discounts, premiums, deferred fees and costs, loans acquired with deteriorated credit quality, net premium (discount)

400

100

Cumulative principal balances of loans acquired with deteriorated credit quality

$ 10,300

$ 58,800

[1]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $2.4 million and $4.0 million as of June 30, 2013 and December 31, 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.
[2]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $5.4 million and $3.8 million as of June 30, 2013 and December 31, 2012, respectively.
[3]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of June 30, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $10.3 million and $58.8 million, as of June 30, 2013 and December 31, 2012, respectively.

Loans Receivable and Other Lending Investments, net (Details 3) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2013 USD ($) rating	Dec. 31, 2012 USD ($) rating
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 1,934,577	$ 2,364,315
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	1,400,618
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	114,886
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	419,073
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 1,138,159	$ 1,385,063
Weighted Average Risk Ratings \| rating	3.15	3.01
Real Estate Finance \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 668,326	$ 840,593
Weighted Average Risk Ratings \| rating	2.75	2.75
Real Estate Finance \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 60,750	$ 99,698
Weighted Average Risk Ratings \| rating	3.08	2.27
Real Estate Finance \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 409,083	$ 444,772
Weighted Average Risk Ratings \| rating	3.81	3.69

Loans Receivable and Other Lending Investments, net (Details 4) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Recorded investment in loans, aged by payment status and presented by class
Current	$ 1,172,452
Less Than and Equal to 90 Days	0
Greater Than 90 Days	762,125
Total Past Due	762,125
Total loans	1,934,577	$ 2,364,315
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	702,619
Less Than and Equal to 90 Days	0
Greater Than 90 Days	697,999
Total Past Due	697,999
Total loans	1,400,618
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	60,750
Less Than and Equal to 90 Days	0
Greater Than 90 Days	54,136
Total Past Due	54,136
Total loans	114,886
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	409,083
Less Than and Equal to 90 Days	0
Greater Than 90 Days	9,990
Total Past Due	9,990
Total loans	$ 419,073

Loans Receivable and Other Lending Investments, net (Details 5) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Dec. 31, 2012

^[1]

$ 994,446

$ 1,154,237

^[1]

991,610

1,153,431

Loans modified through troubled debt restructurings

^[1]

(447,526)

(491,399)

198,000

175,000

1,020,904

$ 1,359,375

1,065,349

$ 1,434,127

9,062

3,069

10,610

4,796

Senior mortgages

^[1]

867,984

1,027,052

^[1]

865,682

1,026,346

^[1]

(398,887)

(442,760)

894,942

1,221,650

938,979

1,310,583

8,662

2,993

10,013

4,640

Subordinate mortgages

^[1]

54,136

53,979

^[1]

53,468

53,679

^[1]

(39,579)

53,966

65,659

53,971

51,266

Corporate/Partnership loans

^[1]

72,326

73,206

^[1]

72,460

73,406

^[1]

(9,060)

71,996

72,066

72,399

72,278

With no related allowance recorded

400

597

156

^[1]

24,401

118,187

^[1]

24,380

118,010

^[1]

26,612

190,147

57,137

203,297

8,532

1,799

9,497

2,206

^[1]

14,411

108,077

^[1]

14,339

107,850

^[1]

16,561

180,037

47,067

193,187

8,212

1,799

9,057

2,206

^[1]

9,990

10,110

^[1]

10,041

10,160

^[1]

10,051

10,110

10,070

10,110

With an allowance recorded

320

440

^[1]

970,045

1,036,050

^[1]

967,230

1,035,421

^[1]

(447,526)

(491,399)

994,292

1,169,228

1,008,212

1,230,830

With an allowance recorded | Senior mortgages

530

1,270

1,113

2,590

^[1]

853,573

918,975

^[1]

851,343

918,496

^[1]

(398,887)

(442,760)

878,381

1,041,613

891,912

1,117,396

With an allowance recorded | Subordinate mortgages

450

1,194

956

2,434

^[1]

54,136

53,979

^[1]

53,468

53,679

^[1]

(39,579)

53,966

65,659

53,971

51,266

With an allowance recorded | Corporate/Partnership loans

^[1]

62,336

63,096

^[1]

62,419

63,246

^[1]

(9,060)

$ (9,060)

61,945

61,956

62,329

62,168

$ 80

$ 76

$ 157

$ 156

[1]

Loans Receivable and Other Lending Investments, net (Details 6) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013 USD ($) loans	Jun. 30, 2012 USD ($) loans	Jun. 30, 2013 USD ($) loans	Jun. 30, 2012 USD ($) loans
Troubled debt restructurings
Unfunded commitments	$ 21,400		$ 21,400
Nonperforming financing receivable
Troubled debt restructurings
Interest income	$ 8,000
Senior mortgages
Troubled debt restructurings
Number of Loans \| loans	2	1	3	6
Pre-Modification Outstanding Recorded Investment	$ 71,758	$ 4,561	$ 144,432	$ 310,342
Post-Modification Outstanding Recorded Investment	71,758	4,561	$ 136,758	264,868
Non-performing senior mortgages
Troubled debt restructurings
Number of Loans \| loans			1
Recorded investment of loans whose maturity was extended	$ 68,600		$ 72,700
Pre-modification recorded investment		$ 247,700		247,700
Financing receivable modification charge offs				45,500
Repayment of debt
Troubled debt restructurings
Recorded investment of loans whose maturity was extended			$ 13,300
Non-performing first mortgage with recorded chargeoffs and rate reductions
Troubled debt restructurings
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal				181,500
Performing senior mortgages
Troubled debt restructurings
Number of Loans \| loans	1	1	3
Recorded investment of loans whose maturity was extended	$ 3,200
Maturity extension	1 year	1 year
Pre-modification recorded investment		$ 62,600		$ 62,600
Senior mortgage troubled debt restructurings subsequently defaulted
Troubled debt restructurings
Number of Loans \| loans	1	1	1	1
Outstanding Recorded Investment	$ 26,693	$ 26,120	$ 26,693	$ 26,120
Minimum \| Performing senior mortgages
Troubled debt restructurings
Maturity extension				3 months
Maximum \| Performing senior mortgages
Troubled debt restructurings
Maturity extension				1 year

Loans Receivable and Other Lending Investments, net (Details 7) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Jun. 28, 2013 USD ($) extension
Schedule of Held-to-maturity Securities [Line Items]
Unfunded commitments	$ 211,582
Corporate Debt Securities
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities			$ 65,700
Held-to-maturity securities, term			3 years
Held-to-maturity securities, number of term extensions \| extension			2
Held-to-maturity securities, term extension			12 months
Unfunded commitments		$ 80,300

For an unclassified balance sheet, this item represents investments in debt securities which are categorized as held-to-maturity. The held-to-maturity category is for those securities that the entity has the positive intent and ability to hold until maturity.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=7534914&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.6)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.1)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 5
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 4
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Other Investments (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 31, 2010

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2012

Mar. 31, 2012

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2012

Mar. 31, 2012

Apr. 19, 2013

Dec. 31, 2012

Sep. 30, 2012

Jul. 28, 2010

$ 180,583

$ 387,718

Total other investments, carrying value

8,323

$ 18,420

30,001

$ 53,206

Other, carrying value

9,035

11,125

189,618

398,843

8,323

18,420

30,001

53,206

LNR Property LLC (LNR)

205,773

Percentage of ownership acquired by the Company and a group of investors

1,719

$ 1,719

^[1]

8,674

$ 8,674

^[1]

16,465

$ 16,465

^[1]

20,811

$ 20,811

^[1]

100.00%

Contribution towards principal amount of Holdco Notes

$ 100,000

Amount of cash contributed in exchange for equity interest

$ 100,000

Equity interest in investee

$ 120,000

Real estate, agreement to sell investment

$ 220,300

Real estate, net proceeds held in escrow for potential indemnification obligations

25,200

Net income attributable to LNR

Total revenue

^[1],[2]

68,779

71,337

146,579

148,696

Income tax expense

^[1]

1,121

1,805

1,401

3,642

^[1]

$ 42,452

$ 36,178

$ 231,701

$ 86,799

24.00%

^[1]

24.00%

^[1]

24.00%

^[1]

24.00%

^[1]

24.00%

^[1]

24.00%

Subtotal

^[1]

$ 10,178

$ 8,674

$ 55,553

$ 20,811

Basis difference

^[1],[3]

(8,459)

(39,088)

LNR and certain commercial mortgage backed securities and collateralized debt obligation trusts that are considered VIEs

1,719

^[1]

8,674

^[1]

16,465

^[1]

20,811

^[1]

Balance Sheets

Total assets(2)

^[1],[2]

1,675,581

$ 1,384,337

Total debt(2)

^[1],[2]

492,590

398,912

Total liabilities(2)

^[1],[2]

575,738

517,088

Noncontrolling interests

^[1]

1,603

1,560

LNR Property LLC equity

^[1]

1,098,241

865,689

iStar's equity in LNR

^[1],[4]

205,773

Balance Sheets

Total VIE trust assets

92,500,000

97,520,000

Total VIE trust liabilities

92,150,000

$ 97,210,000

Servicing fee revenue

$ 21,100

$ 16,300

$ 50,400

$ 45,100

Madison Funds

60,109

56,547

4,865

(767)

7,124

8,731

Madison International Real Estate Fund IILP

$ 4,865

(767)

$ 7,124

8,731

Madison International Real Estate Fund IIILP

29.52%

32.92%

Madison GP1 Investors LP

29.52%

Oak Hill Funds

$ 24,624

29,840

909

508

2,065

3,883

$ 909

508

$ 2,065

3,883

Oak Hill Funds Group 2

Real estate equity investments

5.92%

$ 47,684

47,619

957

8,719

2,721

15,490

Other equity method investments

957

8,719

2,721

15,490

48,166

47,939

(127)

1,286

1,626

4,291

Minimum | Real estate equity investments

$ (127)

1,286

$ 1,626

4,291

Maximum | Real estate equity investments

31.00%

Net Lease Assets | Real estate equity investments

70.00%

Operating Properties | Real estate equity investments

$ 16,400

16,400

18,200

25,700

$ 1,500

10,200

$ 4,000

18,200

33.00%

$ 1,500

$ 10,200

$ 4,000

18,200

Land

Property sold, aggregate, carrying value

5,500

$ 2,700

Land | Real estate equity investments

$ 10,600

Property sold, aggregate, carrying value

47.50%

$ 21,400

Land Assets | Real estate equity investments

Deferred expenses and other assets, net

$ 13,100

$ 5,500

[1]	The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three and six months ended June 30, 2013 and 2012 are based on balances and results from LNR for the three and six months ended March 31, 2013 and 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 excluded from the amounts presented above. As of March 31, 2013 and September 30, 2012, the assets of these trusts, which aggregated $92.50 billion and $97.52 billion, respectively, were the sole source of repayment of the related liabilities, which aggregated approximately $92.15 billion and $97.21 billion, respectively, and are non-recourse to LNR and its equity holders, including the Company. In addition, total revenue presented above includes $21.1 million and $16.3 million for the three months ended March 31, 2013 and 2012, respectively, and $50.4 million and $45.1 million for the six months ended March 31, 2013 and 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]	The Company has limited its recognition of its proportionate share of earnings in LNR for the three and six months ended June 30, 2013 to the amount of proceeds it received from the sale.
[4]	Represents the Company's investment in LNR at June 30, 2013 and December 31, 2012, respectively.

Other Assets and Other Liabilities (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Deferred financing fees, net(1)

^[1]

$ 33,929

$ 26,629

Leasing costs, net(2)

^[2]

20,277

20,205

Other receivables

9,498

11,517

Prepaid expenses

7,218

5,218

Corporate furniture, fixtures and equipment, net(3)

^[3]

6,947

7,537

Derivative asset

2,471

Other assets

23,357

22,884

Deferred expenses and other assets, net

103,697

93,990

Accumulated amortization of deferred financing fees

4,900

4,100

Accumulated amortization on leasing costs

5,600

6,600

Accumulated depreciation on corporate furniture, fixtures and equipment

5,900

6,200

Accounts payable, accrued expenses and other liabilities

Accrued interest payable

36,730

29,521

Accrued expenses

38,716

50,467

Property taxes payable

10,573

8,206

Unearned operating lease income

8,976

11,294

Security deposits and other investment deposits

^[4]

5,133

13,717

Accounts payable, accrued expenses and other liabilities

2,043

3,435

Other liabilities

10,588

15,820

112,759

$ 132,460

Restricted cash collateralizing a letter of credit, disbursed

$ 8,900

[1]	Accumulated amortization on deferred financing fees was $4.9 million and $4.1 million as of June 30, 2013 and December 31, 2012, respectively.
[2]	Accumulated amortization on leasing costs was $5.6 million and $6.6 million as of June 30, 2013 and December 31, 2012, respectively.
[3]	Accumulated depreciation on corporate furniture, fixtures and equipment was $5.9 million and $6.2 million as of June 30, 2013 and December 31, 2012, respectively.
[4]	During the six months ended June 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

Other Assets and Other Liabilities (Details 2) - USD ($)
$ in Thousands

Jun. 30, 2013

Dec. 31, 2012

Dec. 31, 2011

Income Taxes [Line Items]

Deferred tax assets(1)

^[1]

$ 51,473

$ 40,800

Valuation allowance

(51,473)

(40,800)

Net deferred tax assets (liabilities)

Operating loss carryforwards

$ 423,900

Taxable REIT Subsidiaries (TRS)

Income Taxes [Line Items]

Real estate asset basis differences

32,000

31,200

Operating loss carryforwards

6,500

10,800

Investment basis differences

$ 8,500

$ (1,200)

[1]

Debt Obligations, net (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2013

USD ($)

May 31, 2013

Dec. 31, 2012

USD ($)

Total long-term debt obligations, net

$ 4,452,891

$ 4,745,807

Debt discounts, net

(50,444)

(54,313)

4,402,447

4,691,494

Secured 2012 Tranche A-1 Facility Due 2016

^[1]

$ 8,096

169,164

^[2]

4.00%

Effective interest rate (as a percent)

^[2]

LIBOR

5.25%

Secured 2012 Tranche A-2 Facility Due 2017

^[1]

$ 470,000

470,000

^[2]

5.75%

Effective interest rate (as a percent)

^[2]

LIBOR

7.00%

October 2012 Secured Credit Facility

^[2]

$ 0

1,754,466

^[3]

4.50%

February 2013 Secured Credit Facility

^[3]

LIBOR

^[3]

$ 1,597,054

^[3]

3.50%

Effective interest rate (as a percent)

^[3]

LIBOR

4.50%

Secured Term Loans Collateralized by net lease assets due through 2026

Stated interest rate, minimum (as a percent)

$ 270,250

264,432

4.851%

Stated interest rate, maximum (as a percent)

7.68%

Secured Credit Facility

Unsecured Notes 8.625% senior notes

$ 2,345,400

2,658,062

$ 0

96,801

Unsecured Notes 5.95% senior notes

8.625%

$ 0

448,453

Unsecured Notes 5.70% senior notes

5.95%

$ 200,601

200,601

Unsecured Notes 6.05% senior notes

5.70%

$ 105,765

105,765

Unsecured Notes 5.875% senior notes

6.05%

$ 261,403

261,403

Unsecured Notes 3.875% senior notes

5.875%

$ 265,000

Senior Convertible 3.0% notes

3.875%

^[4]

$ 200,000

200,000

Convertible debt conversion ratio

^[4]

3.00%

85.0

Unsecured Notes 5.85% senior notes

$ 99,722

99,722

Unsecured Notes 9.0% senior notes

5.85%

$ 275,000

275,000

Unsecured Notes 7.125% senior notes

9.00%

$ 300,000

300,000

Unsecured Notes 4.875% senior notes

7.125%

$ 300,000

4.875%

Unsecured Notes

Other debt obligations due in October, 2035

$ 2,007,491

1,987,745

$ 100,000

1.50%

Minimum | Secured 2012 Tranche A-1 Facility Due 2016

LIBOR

Minimum | Secured 2012 Tranche A-2 Facility Due 2017

1.25%

Minimum | October 2012 Secured Credit Facility

1.25%

Minimum | February 2013 Secured Credit Facility

1.25%

Real estate, net (Encumbered Assets)

1.00%

[1]	These loans each have a LIBOR floor of 1.25%. As of June 30, 2013, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.
[2]	This loan had a LIBOR floor of 1.25%.
[3]	This loan has a LIBOR floor of 1.00%. As of June 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.
[4]	The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Details 2) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Aggregate amounts of principal maturities of long-term debt
2013 (remaining six months)	$ 0
2014	210,013
2015	105,765
2016	734,499
2017	2,441,776
Thereafter	960,838
Total principal maturities	4,452,891	$ 4,745,807
Unamortized debt discounts, net	(50,444)	(54,313)
Total long-term debt obligations, net	4,402,447	$ 4,691,494
Unsecured Debt
Aggregate amounts of principal maturities of long-term debt
2013 (remaining six months)	0
2014	200,601
2015	105,765
2016	726,403
2017	374,722
Thereafter	700,000
Total principal maturities	2,107,491
Unamortized debt discounts, net	(14,720)
Total long-term debt obligations, net	2,092,771
Secured Debt
Aggregate amounts of principal maturities of long-term debt
2013 (remaining six months)	0
2014	9,412
2015	0
2016	8,096
2017	2,067,054
Thereafter	260,838
Total principal maturities	2,345,400
Unamortized debt discounts, net	(35,724)
Total long-term debt obligations, net	$ 2,309,676

Debt Obligations, net (Details 3) - USD ($)
$ in Thousands

Jun. 30, 2013

Dec. 31, 2012

Debt Disclosure [Abstract]

$ 1,659,468

$ 1,794,198

Real estate available and held for sale (Encumbered Assets)

223,340

141,673

Loans receivable, net (Encumbered Assets)

^[1]

1,044,024

1,197,373

Other investments (Encumbered Assets)

29,482

43,545

Cash and other assets (Encumbered Assets)

Total (Encumbered Assets)

2,956,314

3,176,789

Real estate, net (Unencumbered Assets)

1,091,209

1,004,825

Real estate available and held for sale (Unencumbered Assets)

300,752

494,192

Loans receivable, net (Unencumbered Assets)

^[1]

501,912

665,712

Other investments (Unencumbered Assets)

160,136

355,298

Cash and other assets (Unencumbered Assets)

968,757

487,073

Total (Unencumbered Assets)

3,022,766

3,007,100

Reserve for loan losses

^[2]

$ 32,300

$ 33,100

[1]	As of June 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $32.3 million and $33.1 million, respectively.
[2]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $5.4 million and $3.8 million as of June 30, 2013 and December 31, 2012, respectively.

Debt Obligations, net (Details 4)	1 Months Ended		3 Months Ended		6 Months Ended
Debt Obligations, net (Details 4)	May 31, 2013 USD ($)	Mar. 31, 2012 USD ($) tranches	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Feb. 11, 2013 USD ($)	Oct. 15, 2012 USD ($)
Debt Instrument [Line Items]
Gain (loss) on early extinguishment of debt, net			$ (15,242,000)	$ (4,868,000)	$ (24,784,000)	$ (3,164,000)
February 2013 Secured Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 1,706,980,000
Line of credit facility, lender fees			17,100,000		17,100,000
Line of credit facility, capitalized lender fees			14,400,000		14,400,000
Line of credit facility, lender fees, amount recorded in gain (loss) on early extinguishment of debt			2,700,000		2,700,000
Line of credit facility, third party fees					3,800,000
Line of credit facility, third party fees, amount recognized					3,600,000
Line of credit facility, third party fees, amount capitalized					$ 200,000
Percentage of REIT taxable income permitted for distribution under debt covenants					100.00%
Debt instrument, amount of real estate assets or interests available to distribute					$ 200,000,000
Line of credit facility, amortization repayments					109,900,000
Debt instrument, unamortized discounts and financing fees			$ 25,600,000		$ 25,600,000
Effective interest rate (as a percent)			4.50%		4.50%
Gain (loss) on early extinguishment of debt, net			$ 1,700,000		$ 2,500,000
October 2012 Secured Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 1,820,000,000
Debt instrument, covenant, minimum collateral coverage, one							125.00%
Debt instrument, collateral, percent of proceeds from principal repayments and sales applied to repayment, one							100.00%
Debt instrument, collateral, percent of proceeds from principal repayments and sales applied to repayment, two							50.00%
Debt instrument, covenant, minimum collateral coverage, three							150.00%
Line of credit facility, amortization repayments					113,000,000
Debt instrument, unamortized discounts and financing fees			$ 30,500,000		30,500,000
Gain (loss) on early extinguishment of debt, net					$ 800,000
2012 Secured Credit Facilities
Debt Instrument [Line Items]
Borrowings on debt instrument		$ 880,000,000
Number of tranches \| tranches		2
Secured 2012 Tranche A-1 Facility Due 2016
Debt Instrument [Line Items]
Borrowings on debt instrument		$ 410,000,000
Percentage of par credit facilities were issued at			98.00%		98.00%
Repayment of principal amount					$ 401,900,000
Effective interest rate (as a percent)			5.25%		5.25%
Minimum aggregate cumulative amortization payment			$ 41,000,000		$ 41,000,000
Gain (loss) on early extinguishment of debt, net			$ (1,300,000)		$ (4,200,000)
Secured 2012 Tranche A-2 Facility Due 2017
Debt Instrument [Line Items]
Borrowings on debt instrument		470,000,000
Percentage of par credit facilities were issued at			98.50%		98.50%
Effective interest rate (as a percent)			7.00%		7.00%
Unsecured Notes LIBOR plus 0.50% senior convertible notes
Debt Instrument [Line Items]
Repayment of principal amount		606,700,000
Effective interest rate (as a percent)			5.50%		5.50%
Unsecured Line of credit due June 2012
Debt Instrument [Line Items]
Repayment of principal amount		$ 244,000,000
Unsecured Notes 5.50% senior notes
Debt Instrument [Line Items]
Repayment of principal amount					$ 90,300,000
Secured 2011 Tranche A-2 Facility Due 2014
Debt Instrument [Line Items]
Periods following the initial payment of amortization that additional amortization payments are due					6 months
Unsecured Notes 3.875% senior notes
Debt Instrument [Line Items]
Principal amount	$ 265,000,000
Stated interest rate (as a percent)	3.875%		3.875%		3.875%
Unsecured Notes 4.875% senior notes
Debt Instrument [Line Items]
Principal amount	$ 300,000,000
Stated interest rate (as a percent)	4.875%		4.875%		4.875%
Unsecured Notes 8.625% senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.625%		8.625%		8.625%
Extinguishment of debt, amount	$ 96,800,000
Unsecured Notes 5.95% senior notes
Debt Instrument [Line Items]
Gain (loss) on early extinguishment of debt, net			$ (9,500,000)		$ 8,800,000
Stated interest rate (as a percent)	5.95%		5.95%		5.95%
Extinguishment of debt, amount	$ 448,500,000
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness			1.2		1.2
Secured Credit Facility
Debt Instrument [Line Items]
Percentage of REIT taxable income permitted for distribution under debt covenants			100.00%
Multiple of the minimum collateral coverage on outstanding borrowings			1.25		1.25
Aggregate equity value permitted to be distributed			$ 200,000,000
Minimum \| October 2012 Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, minimum collateral coverage, two							137.50%
Maximum \| October 2012 Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, minimum collateral coverage, two							150.00%
Lenders from Original Credit Facility Not Participating in New Credit Facility
Debt Instrument [Line Items]
Gain (loss) on early extinguishment of debt, net					$ (4,900,000)

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2013 USD ($)
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	$ 164,542
Discretionary Fundings	0
Strategic investments	47,040
Total unfunded commitments	211,582
Loans
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	118,145
Discretionary Fundings	0
Strategic investments	0
Total unfunded commitments	118,145
Real Estate
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	46,397
Discretionary Fundings	0
Strategic investments	0
Total unfunded commitments	46,397
Strategic Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	0
Discretionary Fundings	0
Strategic investments	47,040
Total unfunded commitments	$ 47,040

Commitments and Contingencies (Details 2)	6 Months Ended
Commitments and Contingencies (Details 2)	Jun. 30, 2013
Unfunded Financial Commitments [Line Items]
Percentage of capital committed to strategic investments that may be drawn down	100.00%

Risk Management and Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	$ 2,471	$ 0
Derivative Liabilities, Fair Value	2,043	3,435
Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	1,991	0
Derivative Liabilities, Fair Value	2,043	2,855
Cash flow interest rate swap
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	480	0
Derivative Liabilities, Fair Value	$ 0	$ 580

Risk Management and Derivatives (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Derivative financial instruments on consolidated statements of operations
Gain (loss) on foreign investments	$ (400)	$ (100)	$ (500)	$ (100)
Interest Expense \| Cash flow interest rate swap \| Designated as Hedging Instrument [Member]
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	844	(85)	882	(124)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	79	(68)	151	(240)
Other Expense \| Foreign exchange contracts \| Designated as Hedging Instrument [Member]
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	344	0	344	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0		0
Other Expense \| Foreign exchange contracts \| Not Designated as Hedging Instrument [Member]
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income on Derivative	$ (414)	$ 10,191	$ 9,742	$ 1,332

Risk Management and Derivatives (Details 2) € in Thousands, дин in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 CAD ($)	Jun. 30, 2013 EUR (€)	Jun. 30, 2013 GBP (£)	Jun. 30, 2013 RSD (дин)	Jun. 30, 2013 USD ($)	Dec. 31, 2012 USD ($)
Foreign currency derivatives
Derivative [Line Items]
Foreign currency derivative collateral included in restricted cash									$ 11,200	$ 9,600
Sells INR Buys USD Forward
Derivative [Line Items]
Notional Amount								дин 456,000	7,642
Maturity			Jan. 01, 2014
Sells EUR/Buys USD Forward
Derivative [Line Items]
Notional Amount						€ 84,400			109,831
Maturity			Jul. 03, 2013
Sells GBP/Buys USD Forward
Derivative [Line Items]
Notional Amount							£ 27,900		42,421
Maturity			Jul. 03, 2013
Sells CAD/Buys USD Forward
Derivative [Line Items]
Notional Amount					$ 43,150				41,042
Maturity			Jul. 03, 2013
Interest rate swap
Derivative [Line Items]
Notional Amount									$ 28,000
Maturity	Nov. 01, 2019
Variable Rate					2.00%	2.00%	2.00%	2.00%	2.00%
Fixed Rate					3.75%	3.75%	3.75%	3.75%	3.75%
Expense related to qualifying cash flow hedges expected to be reclassified to earnings over the next 12 months			$ 800
Income related to previously terminated cash flow hedges expected to be reclassified to earnings over the next 12 months			600
Designated as Hedging Instrument [Member] \| Foreign exchange contracts \| Other Expense
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	$ 344	$ 0	344	$ 0
Not Designated as Hedging Instrument [Member] \| Foreign exchange contracts \| Other Expense
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in Income	$ (414)	$ 10,191	$ 9,742	$ 1,332

Equity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

6 Months Ended

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Number of days in year used in the computation of preferred stock dividends for any partial dividend period

25,800

360 days

Number of months used in the computation of preferred stock dividends for any partial dividend period

12 months

Number of days in month, dividends computation of dividends payable for any partial dividend period

30 days

Amount of preferred dividends in arrears

$ 0.0

Maximum

Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date

30 days

Minimum

Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date

10 days

Series D

4,000

$ 0.001

$ 25

Equivalent to Fixed Annual Rate (in dollars per share)

^[1],[2]

8.00%

^[1],[2]

$ 2.00

$ 4.0

Series E

5,600

$ 0.001

$ 25

Equivalent to Fixed Annual Rate (in dollars per share)

^[1],[2]

7.875%

^[1],[2]

$ 1.97

$ 5.5

Series F

4,000

$ 0.001

$ 25

Equivalent to Fixed Annual Rate (in dollars per share)

^[1],[2]

7.80%

^[1],[2]

$ 1.95

$ 3.9

Series G

3,200

$ 0.001

$ 25

Equivalent to Fixed Annual Rate (in dollars per share)

^[1],[2]

7.65%

^[1],[2]

$ 1.91

$ 3.1

Series I

5,000

$ 0.001

$ 25

Equivalent to Fixed Annual Rate (in dollars per share)

^[1],[2]

7.50%

^[1],[2]

$ 1.88

$ 4.7

Series J

4,000

$ 0.001

$ 50

$ 50.00

$ 0

Equivalent to Fixed Annual Rate (in dollars per share)

^[1],[2]

4.50%

^[1],[2]

$ 2.25

$ 2.2

[1]

[2]

Equity (Details 2) - Preferred Stock Series J - USD ($)	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Preferred stock issued		$ 200,000,000.0
Preferred stock, stated percentage		4.50%
Preferred Stock Series, liquidation preference per share (in dollars per share)	$ 50	$ 50.00	$ 0
Convertible preferred stock, shares issued upon conversion		3.9087
Convertible preferred stock, conversion price (in dollars per share)		$ 12.79
Preferred stock, liquidation redemption price percent of liquidation preference		100.00%

Equity (Details 3) - USD ($) $ in Millions	6 Months Ended
Equity (Details 3) - USD ($) $ in Millions	Jun. 30, 2013	Dec. 31, 2011
Dividends [Abstract]
Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT	90.00%
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT	100.00%
Operating loss carryforwards		$ 423.9

Equity (Details 4) - USD ($)	1 Months Ended	6 Months Ended
Equity (Details 4) - USD ($)	May 31, 2012	Jun. 30, 2013
Stock Repurchase Program
Repurchase of common stock, authorized amount	$ 20,000,000
Available repurchase of common stock, authorized amount		$ 16,000,000

Equity (Details 5) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	$ (7)	$ 867
Unrealized gains on cash flow hedges	1,984	607
Unrealized losses on cumulative translation adjustment	(4,343)	(2,659)
Accumulated other comprehensive income (loss)	$ (2,366)	$ (1,185)

Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Stock-Based Compensation Plans and Employee Benefits (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,719	$ 3,447	$ 9,921	$ 8,113
Unrecognized compensation cost	$ 9,100		$ 9,100
Weighted-average period to recognize the unrecognized compensation cost	9 months 26 days
Long-term Incentive Plan 2006 and 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	4.0		4.0

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations

Stock-Based Compensation Plans and Employee Benefits (Details 2) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Sep. 30, 2011	Jun. 30, 2013	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Gross contributions made by the Company	$ 0.1	$ 0.1		$ 0.7	$ 0.7
Amended restricted stock units that vested on January 1, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				1,719,304
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.26%
Expected stock price volatility	50.44%
Performance-based restricted stock units, vesting on December 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	97,835			97,835
Performance-based restricted stock units, vesting on December 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	195,672			195,672
Company's chairman and chief executive officer \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				600,000
Company's chairman and chief executive officer \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				313,334
Company's chairman and chief executive officer \| Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	600,000			600,000
Executives and other officers \| Market-condition based restricted stock units granted on December 19, 2008, modified and measured on July 1, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,686,303			1,686,303
Percentage of original units granted equal to amended units			75.00%
Employees \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				3,004,474
Amount RSU's issued net of statuatory minimum required tax witholdings (in shares)				1,536,781
Employees \| Service-based restricted stock units vesting on February 11, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				185,720
Employees \| Annual incentive restricted stock units granted and vested to employees in February 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				164,685
Employees \| Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				197,564
Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	143,998			143,998
Former director \| CSE and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				33,474
Granted, fair value per share (in dollars per share)	$ 12.30			$ 12.30
Shares issued for settlement (in shares)				51,091
Directors \| CSE and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				316,548
Aggregate intrinsic value for directors	$ 3.6			$ 3.6
Minimum \| Employees \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period				1 year
Vesting percentage				0.00%
Minimum \| Employees \| Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term				1 year
Minimum \| Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term				1 year
Maximum \| Employees \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period				2 years
Vesting percentage				200.00%
Maximum \| Employees \| Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term				3 years
Maximum \| Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term				4 years

Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Income (loss) from continuing operations

^[1]

$ (56,672)

$ (88,473)

$ (118,606)

$ (130,293)

Net (income) loss attributable to noncontrolling interests

311

722

500

696

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders

34,319

13,266

58,016

19,999

Preferred dividends

(12,780)

(10,580)

(23,360)

(21,160)

(34,822)

(85,065)

(83,450)

(130,758)

Numerator for basic earnings per share:

(324)

(773)

616

(14,140)

8,279

24,851

13,323

27,257

Denominator for basic and diluted earnings per share:

$ (26,001)

$ (58,996)

$ (67,264)

$ (113,789)

Weighted average common shares outstanding for basic earnings per common share

85,125

84,113

84,975

83,834

Weighted average High Performance Units outstanding for basic and diluted earnings per share (in shares)

^[1],[2]

Basic earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

^[1]

$ (0.40)

$ (0.98)

$ (0.95)

$ (1.51)

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

(0.31)

(0.70)

(0.79)

(1.36)

Diluted earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

^[1]

(0.40)

(0.98)

(0.95)

(1.51)

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

$ (0.31)

$ (0.70)

$ (0.79)

$ (1.36)

Common shares

Numerator for basic earnings per share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders

$ (33,699)

$ (82,288)

$ (80,752)

$ (126,476)

(314)

(748)

596

(13,677)

8,012

24,040

12,892

26,364

Numerator for diluted earnings per share:

(26,001)

(58,996)

(67,264)

(113,789)

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders

(33,699)

(82,288)

(80,752)

(126,476)

(314)

(748)

596

(13,677)

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders

8,012

24,040

12,892

26,364

$ (26,001)

$ (58,996)

$ (67,264)

$ (113,789)

Denominator for basic and diluted earnings per share:

Weighted average common shares outstanding for basic earnings per common share

85,125

84,113

84,975

83,834

Basic earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

$ (0.40)

$ (0.98)

$ (0.95)

$ (1.51)

Income from discontinued operations (in dollars per share)

0.00

(0.01)

0.01

(0.16)

Gain from discontinued operations (in dollars per share)

0.09

0.29

0.15

0.31

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

(0.31)

(0.70)

(0.79)

(1.36)

Diluted earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

(0.40)

(0.98)

(0.95)

(1.51)

Income from discontinued operations (in dollars per share)

0.00

(0.01)

0.01

(0.16)

Gain from discontinued operations (in dollars per share)

0.09

0.29

0.15

0.31

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

$ (0.31)

$ (0.70)

$ (0.79)

$ (1.36)

HPU's

Numerator for basic earnings per share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders

$ (1,123)

$ (2,777)

$ (2,698)

$ (4,282)

(10)

(25)

(463)

267

811

431

893

Numerator for diluted earnings per share:

(866)

(1,991)

(2,247)

(3,852)

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders

(1,123)

(2,777)

(2,698)

(4,282)

(10)

(25)

(463)

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders

267

811

431

893

$ (866)

$ (1,991)

$ (2,247)

$ (3,852)

Denominator for basic and diluted earnings per share:

Weighted average High Performance Units outstanding for basic and diluted earnings per share (in shares)

Basic earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

$ (74.87)

$ (185.13)

$ (179.87)

$ (285.46)

Income from discontinued operations (in dollars per share)

(0.67)

(1.67)

1.33

(30.87)

Gain from discontinued operations (in dollars per share)

17.80

54.07

28.73

59.53

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

(57.74)

(132.73)

(149.81)

(256.80)

Diluted earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

(74.87)

(185.13)

(179.87)

(285.46)

Income from discontinued operations (in dollars per share)

(0.67)

(1.67)

1.33

(30.87)

Gain from discontinued operations (in dollars per share)

17.80

54.07

28.73

59.53

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share)

$ (57.74)

$ (132.73)

$ (149.81)

$ (256.80)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. for the three months ended June 30, 2013 and 2012 was $(56.4) million and $(87.8) million, respectively, and for the six months ended June 30, 2013, and 2012 was $(118.1) million and $(129.6) million, respectively. See Note 13 for details on the calculation of earnings per share.
[2]	HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program (see Note 11).

Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended		6 Months Ended
Earnings Per Share (Details 2) - shares shares in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Joint venture shares
Anti-dilutive shares
Anti-dilutive shares	298	298	298	298
3% Senior convertible unsecured notes
Anti-dilutive shares
Anti-dilutive shares	16,992	0	16,992	0
Preferred Stock Series J
Anti-dilutive shares
Anti-dilutive shares	15,635	0	15,635	0

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Fair Values (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Recurring basis | Total

$ 2,471

2,043

$ 3,435

Recurring basis | Quoted market prices in active markets (Level 1)

1,070

Recurring basis | Significant other observable inputs (Level 2)

1,070

2,471

2,043

3,435

Recurring basis | Significant unobservable inputs (Level 3)

Non-recurring basis | Total

12,700

^[1]

57,201

Non-recurring basis | Quoted market prices in active markets (Level 1)

4,950

31,597

^[1]

Non-recurring basis | Significant other observable inputs (Level 2)

^[1]

Non-recurring basis | Significant unobservable inputs (Level 3)

4,950

7,649

12,700

^[1]

57,201

Discounted Cash Flow Valuation Technique

$ 0

$ 23,948

Average annual market rate growth

Discount rate

14.60%

3.00%

[1]	The Company recorded the fair value of impaired loans based on a weighted average discount rate of 14.6% and a weighted average annual percentage market rate growth of 3.0% using discounted cash flows.

Fair Values (Details 2) - USD ($)
$ in Thousands

Jun. 30, 2013

Dec. 31, 2012

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Loans receivable and other lending investments, net

^[1]

$ 1,513,636

$ 1,829,985

Debt obligations, net

4,402,447

4,691,494

Fair Value

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Loans receivable and other lending investments, net

1,600,000

1,900,000

Debt obligations, net

$ 4,500,000

$ 4,900,000

[1]	The Company's recorded investment in loans as of June 30, 2013 and December 31, 2012 includes accrued interest of $7.0 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets.

Segment Reporting (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Mar. 31, 2013

^[6]

Jun. 30, 2012

Mar. 31, 2012

^[6]

Jun. 30, 2013

Mar. 31, 2013

^[6]

Jun. 30, 2012

Mar. 31, 2012

^[6]

Dec. 31, 2012

$ 57,522

$ 54,111

$ 115,995

$ 107,305

29,682

36,448

54,349

73,651

13,125

16,659

24,517

27,354

100,329

107,218

194,861

208,310

8,323

18,420

30,001

53,206

34,319

13,266

58,016

19,999

^[1]

176

1,278

1,155

5,053

8,279

24,851

13,323

27,257

151,426

165,033

297,356

313,825

(37,065)

(38,172)

(74,966)

(73,242)

(146)

(3,907)

(5,770)

(4,360)

(37,211)

(42,079)

(80,736)

(77,602)

114,215

122,954

216,620

236,223

^[1]

(69,157)

(94,738)

(140,723)

(180,882)

^[2]

(16,157)

(16,345)

(32,802)

(34,524)

^[3]

28,901

11,871

43,095

20,817

5,020

^[4]

26,531

15,226

^[4]

44,031

^[1]

427

7,496

395

23,520

^[1]

17,400

17,181

34,854

34,418

31,346

21,634

47,660

32,714

3,172,352

$ 3,226,648

(421,675)

(427,625)

2,750,677

2,799,023

524,092

635,865

Loans receivable and other lending investments, net

3,274,769

3,434,888

^[5]

1,513,636

1,829,985

189,618

398,843

4,978,023

5,663,716

Cash and other assets

968,757

487,073

Total assets

5,946,780

6,150,789

Stock-based compensation expense

180,583

387,718

4,719

3,447

9,921

8,113

LNR Property LLC (LNR)

1,719

$ 1,719

8,674

$ 8,674

16,465

$ 16,465

20,811

$ 20,811

205,773

Real Estate Finance

29,682

36,448

54,349

73,651

290

6,796

2,498

6,862

29,972

43,244

56,847

80,513

^[1]

29,972

43,244

56,847

80,513

(414)

(1,512)

(1,857)

(2,427)

(414)

(1,512)

(1,857)

(2,427)

29,558

41,732

54,990

78,086

^[1]

(18,470)

(32,054)

(39,532)

(63,798)

^[2]

(2,895)

(3,656)

(6,135)

(7,969)

^[3]

8,193

6,022

9,323

6,319

5,020

26,531

15,226

44,031

^[1]

^[1]

Loans receivable and other lending investments, net

1,513,636

1,829,985

1,513,636

1,829,985

Net Lease

36,193

37,392

73,303

74,627

36,193

37,392

73,303

74,627

652

649

1,338

1,295

^[1]

1,276

312

4,618

3,365

24,851

3,395

27,257

40,276

64,168

78,348

107,797

(5,757)

(6,860)

(11,420)

(11,998)

(5,757)

(6,860)

(11,420)

(11,998)

34,519

57,308

66,928

95,799

^[1]

(20,079)

(23,288)

(40,069)

(45,669)

^[2]

(3,158)

(2,581)

(6,217)

(5,505)

^[3]

11,282

31,439

20,642

44,625

^[1]

6,150

6,670

^[1]

9,589

9,758

19,229

19,964

13,889

1,643

17,656

2,056

1,629,237

1,639,320

(326,375)

(315,699)

1,302,862

1,323,621

8,694

Loans receivable and other lending investments, net

1,311,556

1,323,621

16,446

16,380

1,328,002

1,340,001

Operating Property

21,329

16,719

42,692

32,678

11,440

9,070

19,552

17,880

32,769

25,789

62,244

50,558

1,816

9,620

4,473

17,297

30,842

13,266

54,539

19,999

^[1]

110

843

435

4,914

9,928

70,451

48,677

132,027

88,289

(24,781)

(25,929)

(50,515)

(51,667)

(24,781)

(25,929)

(50,515)

(51,667)

45,670

22,748

81,512

36,622

^[1]

(12,452)

(17,109)

(25,935)

(31,228)

^[2]

(2,147)

(2,017)

(4,410)

(4,004)

^[3]

31,071

3,622

51,167

1,390

^[1]

427

1,346

395

17,400

^[1]

7,231

6,613

14,437

12,636

9,485

16,465

14,406

24,931

773,817

801,214

(92,480)

(109,634)

681,337

691,580

335,571

454,587

Loans receivable and other lending investments, net

1,016,908

1,146,167

18,169

25,745

1,035,077

1,171,912

Land

500

500

(1,511)

(1,550)

(3,090)

(3,102)

3,477

^[1]

1,966

(1,550)

887

(3,102)

(6,527)

(5,383)

(13,031)

(9,577)

(6,527)

(5,383)

(13,031)

(9,577)

(4,561)

(6,933)

(12,144)

(12,679)

^[1]

(7,943)

(10,755)

(15,625)

(20,771)

^[2]

(1,788)

(1,745)

(3,635)

(2,537)

^[3]

(14,292)

(19,433)

(31,404)

(35,987)

^[1]

^[1]

265

349

530

694

7,972

3,526

15,598

5,727

769,298

786,114

(2,820)

(2,292)

766,478

783,822

179,827

181,278

Loans receivable and other lending investments, net

946,305

965,100

13,068

5,493

959,373

970,593

Corporate/ Other

^[7]

^[7]

^[7]

1,395

793

1,967

2,612

^[7]

1,395

793

1,967

2,612

^[7]

7,366

9,701

27,280

37,716

^[7]

^[1],[7]

^[7]

^[7]

8,761

10,494

29,247

40,328

^[7]

^[7]

268

(2,395)

(3,913)

(1,933)

^[7]

268

(2,395)

(3,913)

(1,933)

^[7]

9,029

8,099

25,334

38,395

^[1],[7]

(10,213)

(11,532)

(19,562)

(19,416)

^[2],[7]

(6,169)

(6,346)

(12,405)

(14,509)

^[3],[7]

(7,353)

(9,779)

(6,633)

4,470

^[7]

^[1],[7]

(550)

^[1],[7]

315

461

658

1,124

^[7]

$ 0

^[7]

^[7]

^[7]

^[7]

Loans receivable and other lending investments, net

^[7]

^[7]

^[7]

141,935

351,225

Reconciliation of segment profit (loss) to income (loss) from continuing operations

^[7]

$ 141,935

$ 351,225

[1]	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
[2]	General and administrative excludes stock-based compensation expense of $4.7 million and $3.4 million for the three months ended June 30, 2013 and 2012, respectively, and $9.9 million and $8.1 million for the six months ended June 30, 2013 and 2012, respectively.
[3]	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2013 2012 2013 2012Segment profit (loss)$28,901 $11,871 $43,095 $20,817Less: Provision for loan losses(5,020) (26,531) (15,226) (44,031)Less: Impairment of assets(2)(427) (7,496) (395) (23,520)Less: Stock-based compensation expense(4,719) (3,447) (9,921) (8,113)Less: Depreciation and amortization(2)(17,400) (17,181) (34,854) (34,418)Less: Income tax (expense) benefit(2)(491) (3,477) (4,566) (4,748)Add: Gain (loss) on early extinguishment of debt, net(15,242) (4,868) (24,784) (3,164)Net income (loss)$(14,398) $(51,129) $(46,651) $(97,177)
[4]	Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.
[5]	The Company's recorded investment in loans as of June 30, 2013 and December 31, 2012 includes accrued interest of $7.0 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets.
[6]	The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three and six months ended June 30, 2013 and 2012 are based on balances and results from LNR for the three and six months ended March 31, 2013 and 2012.
[7]	Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's equity investment in LNR of $205.8 million, as of December 31, 2012, respectively, and the Company's share of equity in earnings from LNR of $1.7 million and $8.7 million for the three months ended June 30, 2013 and 2012, respectively, and $16.5 million and $20.8 million for the six months ended June 30, 2013 and 2012, respectively. See Note 6 for further details on the Company's accounting policy and summarized financial information for its investment in LNR.

Segment Reporting (Details 2) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Segment profit (loss)

^[1]

$ 28,901

$ 11,871

$ 43,095

$ 20,817

Less: Provision for loan losses

(5,020)

^[2]

(26,531)

(15,226)

^[2]

(44,031)

Less: Impairment of assets

^[3]

(427)

(7,496)

(395)

(23,520)

Less: Stock-based compensation expense

(4,719)

(3,447)

(9,921)

(8,113)

Less: Depreciation and amortization

^[3]

(17,400)

(17,181)

(34,854)

(34,418)

Less: Income tax (expense) benefit

^[3]

(491)

(3,477)

(4,566)

(4,748)

Add: Gain (loss) on early extinguishment of debt, net

(15,242)

(4,868)

(24,784)

(3,164)

$ (14,398)

$ (51,129)

$ (46,651)

$ (97,177)

[1]	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2013 2012 2013 2012Segment profit (loss)$28,901 $11,871 $43,095 $20,817Less: Provision for loan losses(5,020) (26,531) (15,226) (44,031)Less: Impairment of assets(2)(427) (7,496) (395) (23,520)Less: Stock-based compensation expense(4,719) (3,447) (9,921) (8,113)Less: Depreciation and amortization(2)(17,400) (17,181) (34,854) (34,418)Less: Income tax (expense) benefit(2)(491) (3,477) (4,566) (4,748)Add: Gain (loss) on early extinguishment of debt, net(15,242) (4,868) (24,784) (3,164)Net income (loss)$(14,398) $(51,129) $(46,651) $(97,177)
[2]	Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.
[3]	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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