View Filing Data

2,676,714

2,796,181

285,982

360,517

Loans receivable and other lending investments, net

2,962,696

3,156,698

^[1]

1,377,843

1,370,109

Cash and cash equivalents

354,119

207,209

472,061

513,568

Restricted cash

19,283

48,769

Accrued interest and operating lease income receivable, net

16,367

14,941

Deferred operating lease income receivable

98,262

92,737

Deferred expenses and other assets, net

162,502

237,980

Accounts payable, accrued expenses and other liabilities

5,463,133

5,642,011

Liabilities:

180,902

170,831

Debt obligations, net

4,022,684

4,158,125

Total liabilities

4,203,586

4,328,956

Commitments and contingencies

Redeemable noncontrolling interests

11,199

11,590

iStar Financial Inc. shareholders' equity:

High Performance Units

9,800

Common Stock, $0.001 par value, 200,000 shares authorized, 145,807 issued and 85,191 outstanding at December 31, 2014 and 144,334 issued and 83,717 outstanding at December 31, 2013

146

144

Additional paid-in capital

4,007,514

4,022,138

Retained earnings (deficit)

(2,556,469)

(2,521,618)

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

(971)

(4,276)

Treasury stock, at cost, $0.001 par value, 60,617 shares at December 31, 2014 and December 31, 2013

(262,954)

Total iStar Financial Inc. shareholders' equity

1,197,092

1,243,260

Noncontrolling interests

51,256

58,205

Total equity

1,248,348

1,301,465

Total liabilities and equity

5,463,133

5,642,011

Series D, E, F, G and I Preferred Stock

iStar Financial Inc. shareholders' equity:

Preferred Stock

Series J convertible perpetual preferred stock

iStar Financial Inc. shareholders' equity:

Preferred Stock

$ 4

[1]	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Consolidated Balance Sheets (Parenthetical) - $ / shares

Dec. 31, 2014

Dec. 31, 2013

Common Stock, par value (in dollars per share)

$ 0.001

Common Stock, shares authorized

200,000,000

Common Stock, shares issued

145,807,000

144,334,000

Common Stock, shares outstanding

85,191,000

83,717,000

Treasury stock, par value (in dollars per share)

$ 0.001

Treasury stock, shares

60,617,000

Series D, E, F, G and I Preferred Stock

Series J convertible perpetual preferred stock

^[1],[2]

$ 25

^[1],[2]

$ 50

[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 $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the years ended December 31, 2014 and 2013. The Company declared and paid dividends of $9.0 million and $6.7 million on its Series J Convertible Perpetual Preferred Stock during the years ended December 31, 2014 and 2013, respectively. 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.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Revenues:

$ 243,100

$ 234,567

$ 216,291

122,704

108,015

133,410

81,033

48,208

47,838

15,191

462,028

390,790

397,539

Costs and expenses:

Interest expense

224,483

266,225

355,097

163,389

157,441

151,458

12,840

General and administrative

73,571

71,266

68,770

88,806

92,114

80,856

^[1]

(1,714)

5,489

81,740

34,634

12,589

13,778

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

5,821

8,050

17,266

Total costs and expenses

601,830

613,174

768,965

(139,802)

(222,384)

(371,426)

(25,369)

(33,190)

(37,816)

Loss on transfer of interest to unconsolidated subsidiary

94,905

41,520

103,009

(7,373)

Income (loss) from continuing operations before income taxes

(70,266)

(221,427)

(306,233)

Income tax (expense) benefit

(3,912)

659

(8,445)

Income (loss) from continuing operations

^[2]

(74,178)

(220,768)

(314,678)

644

(17,481)

22,233

27,257

89,943

86,658

63,472

Net (income) loss attributable to noncontrolling interests

15,765

(111,233)

(241,430)

704

(718)

1,500

Net income (loss) attributable to iStar Financial Inc.

16,469

(111,951)

(239,930)

Preferred dividends

(51,320)

(49,020)

(42,320)

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

^[3],[4]

1,129

5,202

9,253

Net income (loss) allocable to common shareholders

$ (33,722)

$ (155,769)

$ (272,997)

Per common share data:

Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted (in dollars per share)

^[2]

$ (0.40)

$ (2.09)

$ (3.37)

Net income (loss) attributable to iStar Financial Inc.—Basic and diluted (in dollars per share)

^[2]

$ (0.40)

$ (1.83)

$ (3.26)

Weighted average number of common shares—Basic and diluted

^[2]

85,031

84,990

83,742

Per HPU share data:

Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted (in dollars per share)

^[2],[3]

$ (75.27)

$ (396.07)

$ (638.27)

Net income (loss) attributable to iStar Financial Inc.—Basic and diluted (in dollars per share)

^[2],[3]

$ (75.27)

$ (346.80)

$ (616.87)

Weighted average High Performance Units outstanding for basic and diluted earnings per share

^[2],[3]

[1]	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 million, respectively.
[2]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(73.5) million, $(221.5) million and $(313.2) million for the years ended December 31, 2014, 2013 and 2012, 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.
[4]	Participating Security holders are non-employee directors who hold 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	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
Income (loss) from continuing operations attributable to iStar Financial Inc.	$ (73.5)	$ (221.5)	$ (313.2)

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

$ 15,765

$ (111,233)

$ (241,430)

Other comprehensive income (loss):

^[1]

(90)

(859)

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

^[2]

4,116

310

(44)

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

^[3]

968

(1,310)

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

3,367

(302)

278

Unrealized gains/(losses) on cash flow hedges

(5,187)

(255)

(1,335)

Unrealized gains/(losses) on cumulative translation adjustment

131

(675)

244

Other comprehensive income (loss)

3,305

(3,091)

(857)

Comprehensive income (loss)

19,070

(114,324)

(242,287)

Comprehensive (income) loss attributable to noncontrolling interests

710

(718)

1,500

Comprehensive income (loss) attributable to iStar Financial Inc.

$ 19,780

$ (115,042)

$ (240,787)

[1]	For the years ended December 31, 2014 and 2013, $90 and $266, respectively, are included in "Other income" on the Company's Consolidated Statements of Operations. For the year ended December 31, 2013, $593 is included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.
[2]	For the year ended December 31, 2014, $3,634 is included in "Other expense" on the Company's Consolidated Statements of Operations (see Note 10) and $420 is included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. Included in "Interest expense" on the Company's Consolidated Statements of Operations are $62, $310 and $(44) for years ended December 31, 2014, 2013 and 2012, respectively.
[3]	Included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

^[1]

$ (90,000)

$ (859,000)

$ 0

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

^[2]

4,116,000

310,000

(44,000)

Earnings from Equity Method Investments

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

(593,000)

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

420,000

Other Income

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

(90,000)

(266,000)

Other Expense

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

3,634,000

Interest Expense

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

$ 62,000

$ 310,000

$ (44,000)

[1]

For the years ended December 31, 2014 and 2013, $90 and $266, respectively, are included in "Other income" on the Company's Consolidated Statements of Operations. For the year ended December 31, 2013, $593 is included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.

[2]

For the year ended December 31, 2014, $3,634 is included in "Other expense" on the Company's Consolidated Statements of Operations (see Note 10) and $420 is included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. Included in "Interest expense" on the Company's Consolidated Statements of Operations are $62, $310 and $(44) for years ended December 31, 2014, 2013 and 2012, respectively.

Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Total

Preferred Stock

^[1]

Series J Preferred Stock

^[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, 2011

$ 1,573,604

$ 22

$ 9,800

$ 140

$ 3,834,460

$ (2,078,397)

$ (328)

$ (237,341)

$ 45,248

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

Dividends declared—preferred

(42,320)

Repurchase of stock

(4,628)

Issuance of stock/restricted stock unit amortization, net

2,708

2,705

Net income (loss) for the period

^[2]

(240,618)

(239,930)

(688)

Change in accumulated other comprehensive income (loss)

(857)

Repurchase of convertible notes

(2,728)

Additional paid in capital attributable to redeemable noncontrolling interest

(1,657)

Contributions from noncontrolling interests

^[3]

32,654

Distributions to noncontrolling interests

(3,004)

Balance at Dec. 31, 2012

1,313,154

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

(49,020)

Repurchase of stock

(20,985)

Issuance of stock/restricted stock unit amortization, net

(1,375)

(1,376)

Net income (loss) for the period

^[2]

(108,114)

(111,951)

3,837

Change in accumulated other comprehensive income (loss)

(3,091)

Additional paid in capital attributable to redeemable noncontrolling interest

^[4]

(2,772)

Contributions from noncontrolling interests

^[5]

10,264

Distributions to noncontrolling interests

^[4]

(30,106)

Balance at Dec. 31, 2013

1,301,465

9,800

144

4,022,138

(2,521,618)

(4,276)

(262,954)

58,205

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

Dividends declared—preferred

(51,320)

Issuance of stock/restricted stock unit amortization, net

(13,089)

(13,091)

Net income (loss) for the period

^[2]

17,690

16,469

1,221

Change in accumulated other comprehensive income (loss)

3,305

Additional paid in capital attributable to redeemable noncontrolling interest

(1,533)

Contributions from noncontrolling interests

565

Distributions to noncontrolling interests

(4,820)

Change in noncontrolling interests

^[6]

(3,915)

Balance at Dec. 31, 2014

$ 1,248,348

$ 22

$ 4

$ 9,800

$ 146

$ 4,007,514

$ (2,556,469)

$ (971)

$ (262,954)

$ 51,256

[1]	See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock.
[2]	For the years ended December 31, 2014, 2013 and 2012 net (loss) income shown above excludes $(1,925), $(3,119) and $(812) of net loss attributable to redeemable noncontrolling interests.
[3]	Includes $27.3 million of land assets contributed by a noncontrolling partner.
[4]	Includes an $8.8 million payment to redeem a noncontrolling member's interest (see Note 4).
[5]	Includes $9.4 million of operating property assets contributed by a noncontrolling partner.
[6]	During the year ended December 31, 2014, the Company sold its 72% interest in a previously consolidated entity to one of its unconsolidated ventures (see Note 4 and Note 6).

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net loss attributable to redeemable noncontrolling interest	$ (1,925)	$ (3,119)	$ (812)
Payments for repurchase of redeemable noncontrolling interest		8,800
Strategic Venture, Commercial Operating Properties
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value		$ 9,400
Corporate Joint Venture [Member]
Fair Value of assets acquired			$ 27,300

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Cash flows from operating activities:

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

$ 15,765

$ (111,233)

$ (241,430)

^[1]

(1,714)

5,489

81,740

Loss on transfer of interest to unconsolidated subsidiary

34,634

14,507

38,077

7,373

Payments for withholding taxes upon vesting of stock-based compensation

73,571

71,530

70,786

(21,250)

(14,098)

(12,589)

Non-cash expense for stock-based compensation

13,314

19,261

15,293

Amortization of discounts/premiums and deferred financing costs on debt

16,891

20,915

31,981

Amortization of discounts/premiums and deferred interest on loans

(59,747)

(37,383)

(40,912)

(Gain) loss from sales of loans

(19,067)

596

(6,367)

Distributions from operations of equity method investments

(94,905)

(41,520)

(103,009)

80,116

17,252

105,586

Deferred operating lease income

(8,492)

(12,077)

(11,812)

(92,294)

(86,658)

(63,472)

(22,233)

(27,257)

Repayments and repurchases of debt—debt discount and prepayment penalty

25,369

19,655

22,405

(14,888)

(24,001)

(74,712)

Other operating activities, net

31,935

6,917

9,427

Changes in assets and liabilities:

Changes in accrued interest and operating lease income receivable, net

(1,426)

2,310

1,337

Changes in deferred expenses and other assets, net

4,601

(23,012)

1,271

Changes in accounts payable, accrued expenses and other liabilities

7,245

5,945

11,725

Cash flows from operating activities

(10,342)

(180,465)

(191,932)

Cash flows from investing activities:

Investment originations and fundings

(622,428)

(257,600)

(47,603)

Capital expenditures on real estate assets

(142,787)

(109,403)

(83,070)

Repayments of and principal collections on loans

(4,666)

^[2]

(102,364)

^[3],[4]

(9,750)

^[5]

512,528

613,615

728,657

Net proceeds from sales of loans

65,438

81,614

56,998

Net proceeds from sale of other investments

419,527

437,817

562,705

220,281

Distributions from other investments

61,031

36,918

78,238

Contributions to other investments

(159,424)

(12,784)

(10,640)

Changes in restricted cash held in connection with investing activities

29,283

(19,388)

(5,127)

Other investing activities, net

1,291

4,741

(3,361)

Cash flows from investing activities

159,793

893,447

1,267,047

Cash flows from financing activities:

Borrowings from debt obligations

1,349,822

1,444,565

3,498,794

Repayments of debt obligations

(1,471,174)

(1,984,102)

(4,608,133)

Preferred dividends paid

(51,320)

(49,020)

(42,320)

Proceeds from issuance of preferred stock

193,510

Payments for deferred financing costs

(19,595)

(17,539)

(21,662)

Other financing activities, net

1,309

(43,172)

(2,276)

Cash flows from financing activities

(190,958)

(455,758)

(1,175,597)

Changes in cash and cash equivalents

(41,507)

257,224

(100,482)

Cash and cash equivalents at beginning of period

513,568

256,344

356,826

Cash and cash equivalents at end of period

472,061

513,568

256,344

Cash paid during the period for interest, net of amount capitalized

$ 194,605

$ 237,457

$ 329,546

[1]	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 million, respectively.
[2]	During the year ended December 31, 2014, the Company purchased two condominium units for $3.0 million and one land parcel for $1.7 million.
[3]	During the year ended December 31, 2013, the Company acquired a net lease asset for a purchase price of $93.6 million, including intangible assets of $36.1 million, intangible liabilities of $11.9 million and acquisition-related costs of $0.2 million, which was leased back to the seller. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets were included in "Deferred expenses and other assets, net" and the intangible liabilities were included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The lease was classified as an operating lease. During the year ended December 31, 2014, the net lease asset was sold to its Net Lease Venture for net proceeds of $93.7 million, which approximated carrying value.
[4]	During the year ended December 31, 2013, the Company paid $8.8 million to redeem a noncontrolling member's interest.
[5]	During the year ended December 31, 2012, the Company acquired approximately 900 parking spaces adjacent to an owned property for $9.8 million.

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2014
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 (see Note 15). Organization—The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments, as well as through corporate acquisitions.

Basis of Presentation and Principles of Consolidation

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying audited Consolidated Financial Statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, 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. Certain prior year amounts have been reclassified in the Company's Consolidated Financial Statements and the related notes to conform to the current period presentation.

During the year ended December 31, 2014, the Company determined that its classification of proceeds received from land sales for the quarterly periods ended March 31, June 30 and September 30, 2014 was incorrectly classified as a component of cash flows from operating activities rather than cash flows from investing activities. The Company evaluated the impact on the previously issued statements of cash flows for the aforementioned periods and concluded that it was not material. However, in order to correctly present such cash flows, the Company will revise the amounts as those financial statements are presented in future filings. The impact of the correction is as follows:



	As Previously Reported			Change			As Revised
Cash flows from operating activities:
Three months ended March 31, 2014	$	(60,678	)	$	(4,143	)	$	(64,821	)
Six months ended June 30, 2014	(83,477		)	(8,630		)	(92,107		)
Nine months ended September 30, 2014	1,570			(11,920		)	(10,350		)

Cash flows from investing activities:
Three months ended March 31, 2014	$	31,318		$	4,143		$	35,461
Six months ended June 30, 2014	58,691			8,630			67,321
Nine months ended September 30, 2014	295,785			11,920			307,705

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. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's Consolidated Statements of Operations. The Company has not provided financial support to those VIEs that it was not previously contractually required to provide.

Consolidated VIEs—As of December 31, 2014, the Company consolidated 4 VIEs for which it is considered the primary beneficiary. At December 31, 2014, the total assets of these consolidated VIEs were $156.3 million and total liabilities were $10.3 million. The classifications of these assets are primarily within "Real estate, net" and "Other investments" on the Company's Consolidated Balance Sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company's total unfunded commitments related to consolidated VIEs was $38.8 million as of December 31, 2014.

Unconsolidated VIEs—As of December 31, 2014, 26 of the Company's 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 December 31, 2014, the Company's maximum exposure to loss from these investments does not exceed the sum of the $177.3 million carrying value of the investments, which are classified in "Other investments" on the Company's Consolidated Balance Sheets, and $20.5 million of related unfunded commitments.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Real estate—Real estate assets are recorded at cost less accumulated depreciation and amortization, as follows:

Capitalization and depreciation—Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other value methods as appropriate during construction. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.

Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's Consolidated Balance Sheets.

The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market leases, in-place leases and the value of customer relationships, which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's Consolidated Balance Sheets. In-place leases and customer relationships are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations. The capitalized above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset.

Impairments—The Company reviews long-lived assets to be held and used, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets that are not held for sale are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations. Impairments of real estate assets that are disposed of or classified as held for sale after December 31, 2013 and which do not represent a strategic shift that has (or will have) a major effect on the Company's operations and financial results are also recorded in "Impairments of assets" on the Company's Consolidated Statements of Operations.

Real estate available and held for sale—The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets sold or classified as held for sale on or before December 31, 2013 are included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. Impairment for real estate assets disposed of or classified as held for sale after December 31, 2013 are included in "Impairment of assets" on the Company's Consolidated Statements of Operations. Once a real estate asset is classified as held for sale and represents a strategic shift, depreciation expense is no longer recorded and historical operating results, including impairments, are reclassified to "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations.

If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's Consolidated Balance Sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell.

The Company reports residential property units to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in “Impairment of assets” on the Company's Consolidated Statements of Operations. The net carrying costs for residential property units are recorded in “Real estate expense” on the Company's Consolidated Statements of Operations.

Dispositions—Revenue from sales of land and gains or losses on the sale of other real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20, Real Estate Sales. Sales of land and the associated gains on sales for residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Revenues from sales of land are included in "Land sales revenue" and costs of land sales are included in "Land cost of sales" on the Company’s Consolidated Statements of Operations. Gains on sales of net lease assets or commercial operating properties disposed of or classified as held for sale on or before December 31, 2013 are recorded in “Gains from discontinued operations” on the Company's Consolidated Statements of Operations. Gain on sales of net lease assets or commercial operating properties disposed of or classified as held for sale after December 31, 2013 and profits on sales of residential property within the operating property segment are included in "Income from sales of real estate" on the Company's Consolidated Statements of Operations.

Loans receivable and other lending investments, net—Loans receivable and other lending investments, net includes the following investments: senior mortgages, subordinate mortgages, corporate/partnership loans, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale.

Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets.

Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs.

For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" on the Company's Consolidated Statements of Operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" on the Company's Consolidated Statements of Operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets.

The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure.

Equity and cost method investments—Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" on the Consolidated Statements of Operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's Consolidated Balance Sheets.

To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately small interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors.

The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.

Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days.

Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions.

Variable interest entities—The Company evaluated its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.

The Company has investments in certain funds that meet the deferral criteria in Accounting Standards Update ("ASU") 2010-10 and will continue to assess consolidation of these entities under the overall guidance on the consolidation of VIEs in ASC 810-10. The consolidation evaluation is similar to the process noted above, except that the primary beneficiary is the party that will receive a majority of the VIE's anticipated losses, a majority of the VIE's expected residual returns, or both. In addition, for entities that meet the deferral criteria, the Company reassesses its initial evaluation of the primary beneficiary and whether an entity is a VIE upon the occurrence of certain reconsideration events.

Deferred expenses—Deferred expenses include leasing costs and financing fees. Leasing costs include brokerage, legal and other costs which are amortized over the life of the respective leases. External fees and costs incurred to obtain long-term financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" on the Company's Consolidated Statements of Operations.

Identified intangible assets and liabilities—Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2014, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations.

Revenue recognition—The Company's revenue recognition policies are as follows:

Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's Consolidated Balance Sheets.

The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” on the Company's Consolidated Statements of Operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period.

Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2014 and 2013, the allowance for doubtful accounts related to real estate tenant receivables was $1.3 million and $3.4 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $2.4 million and $2.4 million, respectively.

Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method.

On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" on the Company's Consolidated Statements of Operations.

The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received.

Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower.

Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash.

Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, lease termination fees and other ancillary income.

Reserve for loan losses—The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral value is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" on the Company's Consolidated Statements of Operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related reserve will be charged off. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component.

The general reserve component covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience.

The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan.

Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate.

A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan.

Loss on debt extinguishments—The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” on the Company's Consolidated Statements of Operations.

Derivative instruments and hedging activity—The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies.

The Company recognizes derivatives as either assets or liabilities on the Company's Consolidated Balance Sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability.

Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" on the Company's Consolidated Statements of Operations. The Company does not enter into derivatives for trading purposes.

Stock-based compensation—Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. The Company recognizes compensation cost for performance-based awards if and when the Company concludes that it is probable that the performance condition will be achieved. Compensation cost for market condition-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock, which is reflected in the grant date fair value. All compensation cost for market-condition based awards in which the service conditions are met is recognized regardless of whether the market condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" on the Company's Consolidated Statements of Operations.

Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While it must distribute at least 90% of its taxable income in order to maintain its REIT status, the Company typically distributes all of its taxable income, if any, in order to minimize any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. In addition, the Company has made foreclosure elections for certain properties acquired through foreclosure which allows the Company to operate these properties within the REIT but subjects them to certain tax obligations. The carrying value of assets with foreclosure elections as of December 31, 2014 is $909.3 million. The Company intends to operate in a manner consistent with, and its election to be treated as, a REIT for tax purposes. As of December 31, 2013, the Company had $759.8 million of net operating loss carryforwards at the corporate REIT level, which can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2033 if unused. The amount of net operating loss carryforwards as of December 31, 2014 will be subject to finalization of the Company's 2014 tax return. During the year ended December 31, 2014, the Company did not have REIT taxable income. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" on the Company's Consolidated Statements of Operations.

The Company can participate in certain activities from which it would be otherwise precluded in order to maintain its qualification as a REIT, as long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRSs"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2014, $541.7 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities.

The following represents the Company's TRS income tax expense ($ in thousands):



	For the Years Ended December 31,
	2014			2013		2012
Current tax (expense) benefit	$	(3,912	)	$	659	$	(8,445	)
Deferred tax (expense) benefit	—			—		—
Total income tax (expense) benefit	$	(3,912	)	$	659	$	(8,445	)

During the year ended December 31, 2014, the Company's TRS entities generated taxable income of $19.3 million, which was partially offset by the utilization of net operating loss carryforwards, resulting in a current tax expense of $3.9 million. During the year ended December 31, 2013, the Company's TRS entities generated taxable loss of $1.8 million, which was partially offset by the utilization of net operating loss carryforwards, resulting in current tax benefit of $0.7 million. During the year ended December 31, 2012, the Company's TRS entities generated taxable income of $42.2 million, which was partially offset by the utilization of net operating loss carryforwards, resulting in a current tax expense of $8.4 million.

Total cash paid for taxes for the years ended December 31, 2014, 2013 and 2012 was $1.3 million, $9.2 million and $5.5 million, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2014 and 2013, respectively. Changes in estimates of deferred tax asset realizability, if any, are included in "Income tax (expense) benefit" on the Consolidated Statements of Operations.

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



	As of December 31,
	2014			2013
Deferred tax assets(1)	$	54,318		$	55,962
Valuation allowance	(54,318		)	(55,962		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Deferred tax assets as of December 31, 2014 include timing differences related primarily to real estate basis of $39.3 million, investment basis of $5.9 million and net operating loss carryforwards of $4.1 million. Deferred tax assets as of December 31, 2013, include timing differences related to real estate basis of $33.0 million, investment basis of $8.1 million, and net operating loss carryforwards of $14.9 million.

Earnings per share—The Company uses the two-class method in calculating EPS when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Vested HPU shares are entitled to dividends of the Company when dividends are declared. Basic earnings per share ("Basic EPS") for the Company's Common Stock and HPU shares are computed by dividing net income allocable to common shareholders and HPU holders by the weighted average number of shares of Common Stock and HPU shares outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a "Participating Security" and are included in the computation of earnings per share pursuant to the two-class method. The Company's common stock equivalents granted under its Long-Term Incentive Plans that are eligible to participate in dividends are considered Participating Securities and have been included in the two-class method when calculating EPS.

New accounting pronouncements—In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This guidance requires disposals of a component of an entity or group of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results to be reported as discontinued operations. Assets and liabilities of a disposal group that includes a discontinued operation must be presented separately in asset and liability sections, respectively, of the Company's Consolidated Balance Sheets for each comparative period. Expanded disclosures about the assets, liabilities, revenues and expenses of discontinued operations are also required. For individually significant disposals that do not qualify as discontinued operations, disclosure of pre-tax income is required. ASU 2014-08 is effective for interim and annual periods beginning on or after December 15, 2014. Early adoption is permitted for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements.

In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12") which requires a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition in accordance with Topic 718, Compensation—Stock Compensation. ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ("ASU 2014-15") which requires management to evaluate whether there is substantial doubt that the Company is able to continue operating as a going concern within one year after the date the financial statements are issued or available to be issued. If there is substantial doubt, additional disclosure is required, including the principal condition or event that raised the substantial doubt, the Company's evaluation of the condition or event in relation to its ability to meet its obligations and the Company's plan to alleviate (or, which is intended to alleviate) the substantial doubt. ASU 2014-15 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements.

In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity ("ASU 2014-16") which eliminates the diversity in practice for the accounting for hybrid financial instruments issued in the form of a share. ASU 2014-16 requires management to consider all terms and features, whether stated or implied, of a hybrid instrument when determining whether the nature of the instrument is more akin to a debt instrument or an equity instrument. Embedded derivative features, which are accounted for separately from host contracts, should also be considered in the analysis of the hybrid instrument. ASU 2014-16 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements.

In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which updates the consolidation model for limited partnerships and similar legal entities. ASU 2015-02 includes the evaluation of fees paid to a decision maker as a variable interest and amends the effect of fee arrangements and related parties on the primary beneficiary determination. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements.

Real Estate

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Real Estate

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



	Net Lease			Operating Properties			Land			Total
As of December 31, 2014
Land and land improvements	$	311,890		$	146,417		$	868,650		$	1,326,957
Buildings and improvements	1,240,593			578,013			—			1,818,606
Less: accumulated depreciation and amortization	(364,323		)	(96,159		)	(8,367		)	(468,849		)
Real estate, net	1,188,160			628,271			860,283			2,676,714
Real estate available and held for sale	4,521			162,782			118,679			285,982
Total real estate	$	1,192,681		$	791,053		$	978,962		$	2,962,696
As of December 31, 2013
Land and land improvements	$	350,817		$	132,934		$	803,238		$	1,286,989
Buildings and improvements	1,346,071			587,574			—			1,933,645
Less: accumulated depreciation and amortization	(338,640		)	(82,420		)	(3,393		)	(424,453		)
Real estate, net	1,358,248			638,088			799,845			2,796,181
Real estate available and held for sale	—			228,328			132,189			360,517
Total real estate	$	1,358,248		$	866,416		$	932,034		$	3,156,698

Real Estate Available and Held for Sale—As of December 31, 2014 and 2013 the Company had $155.8 million and $221.0 million, respectively, of residential properties available for sale in its operating properties portfolio.

During the year ended December 31, 2014, the Company reclassified land with a carrying value of $6.5 million from held for sale to held for investment due to a change in the Company's strategy and its plan to re-entitle the property. The asset is included in "Real estate, net" on the Company's Consolidated Balance Sheets. There were no operations to reclassify on the Company's Consolidated Statements of Operations as a result of this change. During the same period, the Company reclassified units with a carrying value of $56.7 million to held for sale due to the conversion of hotel rooms to residential units to be sold. The Company also reclassified net lease assets with a carrying value of $4.0 million to held for sale due to executed contracts with third parties.

During the year ended December 31, 2013, the Company reclassified two land properties with a carrying value of $49.7 million from held for sale to held for investment due to changes in the Company's business plan for the properties. These assets are included in "Real estate, net" on the Company's Consolidated Balance Sheets. There were no operations to reclassify on the Company's Consolidated Statement of Operations as a result of this change. During the same period, the Company reclassified three land assets with a carrying value of $31.8 million and a net lease asset with a carrying value of $9.8 million to held for sale due to executed contracts with third parties. The net lease asset was disposed of for a gain of $3.6 million during the year ended December 31, 2013. The gain was recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. The results of operations for the net lease assets that were reclassified are included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations for all periods presented (see table in "Discontinued Operations" below). The three land properties were sold during the year ended December 31, 2013 for a gain of $0.6 million. These gains were recorded in "Income from sales of real estate" on the Company's Consolidated Statements of Operations.

Acquisitions—The following acquisitions of real estate were reflected in the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 ($ in thousands):



	For the Years Ended December 31,
	2014(1)		2013(2)(3)		2012(4)
Acquisitions of real estate assets	$	4,666	$	102,364	$	9,750

Explanatory Notes:

_______________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company purchased two condominium units for $3.0 million and one land parcel for $1.7 million.

(2)

During the year ended December 31, 2013, the Company acquired a net lease asset for a purchase price of $93.6 million, including intangible assets of $36.1 million, intangible liabilities of $11.9 million and acquisition-related costs of $0.2 million, which was leased back to the seller. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets were included in "Deferred expenses and other assets, net" and the intangible liabilities were included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The lease was classified as an operating lease. During the year ended December 31, 2014, the net lease asset was sold to its Net Lease Venture for net proceeds of $93.7 million, which approximated carrying value.


(3)	During the year ended December 31, 2013, the Company paid $8.8 million to redeem a noncontrolling member's interest.


(4)	During the year ended December 31, 2012, the Company acquired approximately 900 parking spaces adjacent to an owned property for $9.8 million.

During the year ended December 31, 2014, the Company acquired, via deed-in-lieu, title to three commercial operating properties and a land asset, which had a total fair value of $77.9 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with these transactions. The following unaudited table summarizes the Company's pro forma revenues and net income for the years ended December 31, 2014 and 2013, as if the acquisition of these properties acquired during the year ended December 31, 2014 was completed on January 1, 2013 ($ in thousands):



	For the Years Ended December 31,
	2014			2013
Pro forma total revenues	$	466,327		$	399,885
Pro forma net income (loss)	(245		)	(112,355		)

From the date of acquisition in May 2014 through December 31, 2014, $8.3 million in total revenues and $2.9 million in net loss associated with the properties were included in the Company’s Consolidated Statements of Operations. The pro forma revenues and net income are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2013, nor do they purport to represent the Company’s results of operations for future periods.

During the year ended December 31, 2013, the Company acquired, via foreclosure, title to a residential operating property and two land properties, each of which previously served as collateral for loans receivable held by the Company. The total fair value of the land properties was $15.6 million. The Company contributed the residential operating property, which had a fair value of $25.5 million, to an 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 37% share of equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value. No gain or loss was recorded in connection with this transaction.

Dispositions—During the years ended December 31, 2014, 2013 and 2012, the Company sold residential condominiums for total net proceeds of $236.2 million, $269.7 million and $319.3 million, respectively, and recorded income from sales of real estate totaling $79.1 million, $82.6 million and $63.5 million, respectively. During the year ended December 31, 2014, the Company sold residential lots from three of our master planned community properties for proceeds of $15.2 million which had associated cost of sales of $12.8 million. During the same period, the Company also sold properties with a carrying value of $6.8 million for proceeds that approximated carrying value.

During the year ended December 31, 2014, the Company sold net lease assets with a carrying value of $8.0 million resulting in a net gain of $5.7 million. The Company also sold a commercial operating property with a carrying value of $29.4 million resulting in a gain of $4.6 million. These gains were recorded as "Income from sales of real estate" in the Company's Consolidated Statements of Operations. Additionally, during the same period, the Company sold a net lease asset for net proceeds of $7.8 million. The Company recorded an impairment loss of $3.0 million in connection with the sale.

During the year ended December 31, 2014, the Company sold its 72% interest in a previously consolidated entity, which owned a net lease asset subject to a non-recourse mortgage of $26.0 million at the time of sale, to its Net Lease Venture for net proceeds of $10.1 million that approximated carrying value. During the same period, the Company contributed land with a carrying value of $9.5 million to a newly formed unconsolidated entity. See Note 6.

During the year ended December 31, 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 the sold interest, which was recorded as "Income from sales of real estate" in the Company's Consolidated Statements of Operations. The Company also sold land with a carrying value of $18.9 million for proceeds that approximated carrying value.

During the year ended December 31, 2013, the Company contributed land with carrying value of $24.1 million to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6%. As a result of the transfer, the Company recognized a $7.4 million loss, which was recorded as "Loss on transfer of interest to unconsolidated subsidiary" on the Company's Consolidated Statements of Operations. In addition, during the year ended December 31, 2013, the Company contributed land with a carrying value of $2.8 million to a newly formed unconsolidated entity in which the Company also received a 50.0% equity interest. No gain or loss was recorded in conjunction with the transaction.

Additionally, during the year ended December 31, 2013, the Company sold five net lease assets with a carrying value of $18.7 million resulting in a net gain of $2.2 million. During the same period, the Company sold six commercial operating properties with a carrying value of $72.6 million resulting in a net gain of $18.6 million. These gains were recorded as "Gain from discontinued operations" in the Company's Consolidated Statements of Operations. The Company also sold other land assets with a carrying value of $14.8 million resulting in a gain of $0.6 million. During the year ended December 31, 2013, the Company transferred title of net lease assets with a carrying value of $8.7 million to its tenant for consideration that approximated our carrying value.

Discontinued Operations—The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013. During the year ended December 31, 2014, there were no disposals or assets classified as held for sale which were individually significant or represented a strategic shift that has (or will have) a major effect on the Company's operations and financial results.

The following table summarizes income (loss) from discontinued operations for the years ended December 31, 2013 and 2012 ($ in thousands):



	For the Years Ended December 31,
	2013			2012
Revenues	$	5,545		$	14,132
Total expenses	(3,138		)	(9,037		)
Impairment of assets	(1,763		)	(22,576		)
Income (loss) from discontinued operations	$	644		$	(17,481	)

Impairments—During the year ended December 31, 2014, the Company recorded impairments on real estate assets totaling $34.6 million, of which $15.6 million resulted from changes in business strategies for a residential property and a land asset, $15.4 million resulted from continued unfavorable local market conditions for two real estate properties and $3.6 million resulted from the sale of net lease assets. During the years ended December 31, 2013 and 2012, the Company recorded impairments on real estate assets totaling $14.4 million and $35.4 million, respectively, resulting from changes in local market conditions and business strategy for certain assets. Of these amounts, $1.8 million and $22.6 million for the years ended December 31, 2013 and 2012, respectively, have been recorded in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations due to the assets being sold or classified as held for sale as of December 31, 2013 (see above).

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 $30.0 million, $31.8 million and $30.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts are included in "Operating lease income" on the Company's Consolidated Statements of Operations.

Future Minimum Operating Lease Payments—Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2014, are as follows ($ in thousands):



Year	Net Lease Assets		Operating Properties
2015	$	126,316	$	52,823
2016	125,653		51,437
2017	120,918		49,592
2018	118,384		44,288
2019	116,348		38,707

Loans Receivable and Other Lending Investments, net

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Loans Receivable and Other Lending Investments, net

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



	As of December 31,
Type of Investment	2014			2013
Senior mortgages	$	737,535		$	1,071,662
Subordinate mortgages	53,331			60,679
Corporate/Partnership loans	497,796			473,045
Total gross carrying value of loans	1,288,662			1,605,386
Reserves for loan losses	(98,490		)	(377,204		)
Total loans receivable, net	1,190,172			1,228,182
Other lending investments—securities	187,671			141,927
Total loans receivable and other lending investments, net(1)	$	1,377,843		$	1,370,109

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

During the years ended December 31, 2014, 2013 and 2012, the Company sold loans with total carrying values of $30.8 million, $95.1 million and $53.9 million, respectively, which resulted in a realized gain of $19.1 million, a net realized loss of $0.6 million and a net gain of $6.4 million, respectively. Gains and losses on sales of loans are included 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 Years Ended December 31,
	2014			2013			2012
Reserve for loan losses at beginning of period	$	377,204		$	524,499		$	646,624
Provision for (recovery of) loan losses(1)	(1,714		)	5,489			81,740
Charge-offs	(277,000		)	(152,784		)	(203,865		)
Reserve for loan losses at end of period	$	98,490		$	377,204		$	524,499

Explanatory Note:

_______________________________________________________________________________


(1)	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 million, respectively.

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 December 31, 2014
Loans	$	139,672		$	1,156,031		$	—	$	1,295,703
Less: Reserve for loan losses	(64,990		)	(33,500		)	—		(98,490		)
Total	$	74,682		$	1,122,531		$	—	$	1,197,213
As of December 31, 2013
Loans	$	752,425		$	849,613		$	9,889	$	1,611,927
Less: Reserve for loan losses	(348,004		)	(29,200		)	—		(377,204		)
Total	$	404,421		$	820,413		$	9,889	$	1,234,723

Explanatory Notes:

_______________________________________________________________________________

(1)

The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $0.2 million and a net premium of $0.5 million as of December 31, 2014 and 2013, 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 $10.6 million and $4.6 million as of December 31, 2014 and 2013, respectively.


(3)	The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million as of December 31, 2013. The loan had a cumulative principal balance of $10.2 million as of December 31, 2013. The loan was repaid during the year ended December 31, 2014.

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. Risk ratings are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation.

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 December 31,
	2014			2013
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	611,009	2.73	$	591,145	2.50
Subordinate mortgages	53,836		2.87	61,364		3.37
Corporate/Partnership loans	501,620		3.88	438,831		3.88
Total	$	1,166,465	3.23	$	1,091,340	3.11

As of December 31, 2014, 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(1)		Total Past Due		Total
Senior mortgages	$	644,190	$	—	$	96,057	$	96,057	$	740,247
Subordinate mortgages	53,836		—		—		—		53,836
Corporate/Partnership loans	501,620		—		—		—		501,620
Total	$	1,199,646	$	—	$	96,057	$	96,057	$	1,295,703

Explanatory Note:

_______________________________________________________________________________


(1)	As of December 31, 2014, the Company had three loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 5.0 to 6.0 years outstanding.

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



	As of December 31, 2014							As of December 31, 2013
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	—	$	—	$	—		$	3,012	$	2,992	$	—
With an allowance recorded:
Senior mortgages	130,645		129,744		(64,440		)	650,337		645,463		(304,544		)
Corporate/Partnership loans	9,027		9,057		(550		)	99,076		99,067		(43,460		)
Subtotal	139,672		138,801		(64,990		)	749,413		744,530		(348,004		)
Total:
Senior mortgages	130,645		129,744		(64,440		)	653,349		648,455		(304,544		)
Corporate/Partnership loans	9,027		9,057		(550		)	99,076		99,067		(43,460		)
Total	$	139,672	$	138,801	$	(64,990	)	$	752,425	$	747,522	$	(348,004	)

Explanatory Note:

_______________________________________________________________________________


(1)	All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2014 and 2013, certain loans modified through troubled debt restructurings with a recorded investment of $10.4 million and $231.8 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 Years Ended December 31,
	2014				2013				2012
	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	$	35,659	$	1,922	$	31,409	$	9,269	$	162,093	$	2,765
Corporate/Partnership loans	—		—		8,062		6,050		10,110		160
Subtotal	35,659		1,922		39,471		15,319		172,203		2,925
With an allowance recorded:
Senior mortgages	334,351		158		794,247		1,976		1,064,045		3,865
Subordinate mortgages	—		—		32,382		—		52,208		—
Corporate/Partnership loans	52,963		181		77,661		323		62,248		312
Subtotal	387,314		339		904,290		2,299		1,178,501		4,177
Total:
Senior mortgages	370,010		2,080		825,656		11,245		1,226,138		6,630
Subordinate mortgages	—		—		32,382		—		52,208		—
Corporate/Partnership loans	52,963		181		85,723		6,373		72,358		472
Total	$	422,973	$	2,261	$	943,761	$	17,618	$	1,350,704	$	7,102

There was no interest income related to the resolution of non-performing loans recorded during the years ended December 31, 2014 and 2012. During the year ended December 31, 2013, the Company recorded interest income of $13.3 million related to the resolution of non-performing loans. Interest income was not previously recorded while the loans were on non-accrual status.

Troubled Debt Restructurings—During the years ended December 31, 2014 and 2013, 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 Year Ended December 31, 2014					For the Year Ended December 31, 2013
	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	1	$	7,040	$	7,040	6	$	179,030	$	154,278

During the year ended December 31, 2014, the Company restructured one non-performing loan with a recorded investment of $7.0 million to grant a maturity extension of one year and included conditional extension options.

During the year ended December 31, 2013, the Company restructured six loans that were considered troubled debt restructurings. The Company restructured two performing loans with a combined recorded investment of $4.6 million to grant maturity extensions of one year each. Non-performing loans with a combined investment of $174.5 million were also modified during the year ended December 31, 2013. Included in this balance were two loans with a combined recorded investment of $98.3 million in which the Company received $15.4 million of paydowns and accepted discounted payoff options on these loans. At the time of the restructuring, the Company reclassified the loans from non-performing to performing status as the Company believed the borrowers would perform under the modified terms of the agreements. The loans were repaid in January 2014 and July 2014 at the discounted payoff amount.

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 December 31, 2014, there were no unfunded commitments associated with modified loans considered troubled debt restructurings.

Securities—Other lending investments—securities includes the following ($ in thousands):



	Face Value		Amortized Cost Basis		Net Unrealized Gain (Loss)			Estimated Fair Value		Net Carrying Value
As of December 31, 2014
Available-for-Sale Securities
Municipal debt securities	$	1,020	$	1,020	$	147		$	1,167	$	1,167
Held-to-Maturity Securities
Corporate debt securities	176,254		186,504		—			190,199		186,504
Total	$	177,274	$	187,524	$	147		$	191,366	$	187,671
As of December 31, 2013
Available-for-Sale Securities
Municipal debt securities	$	1,055	$	1,055	$	(18	)	$	1,037	$	1,037
Held-to-Maturity Securities
Corporate debt securities	139,842		140,890		—			140,890		140,890
Total	$	140,897	$	141,945	$	(18	)	$	141,927	$	141,927

As of December 31, 2014, the contractual maturities of the Company's securities were as follows ($ in thousands):



	Held-to-Maturity Securities				Available-for-Sale Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	186,504		190,199		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		1,020		1,167
Total	$	186,504	$	190,199	$	1,020	$	1,167

Other Investments

12 Months Ended

Dec. 31, 2014

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				Equity in Earnings
	As of December 31,				For the Years Ended December 31,
	2014		2013		2014		2013		2012
Real estate equity investments	$	244,886	$	62,205	$	53,428	$	2,753	$	21,636
Madison Funds	45,971		67,782		3,092		14,796		10,246
Other equity method investments(1)(2)	30,415		45,954		35,172		3,332		4,614
Oak Hill Funds	17,658		21,366		3,213		4,174		5,844
LNR	—		—		—		16,465		60,669
Total equity method investments	338,930		197,307		$	94,905	$	41,520	$	103,009
Other	15,189		9,902
Total other investments	$	354,119	$	207,209

Explanatory Notes:

_______________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees.


(2)	In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained interests in its share of carried interest related to various funds. During the year ended December 31, 2014, the Company recognized $9.0 million of carried interest income.

Real Estate Equity Investments—During the year ended December 31, 2014, the Company partnered with a sovereign wealth fund to form a new unconsolidated entity in which the Company has a noncontrolling equity interest of approximately 51.9%. This entity is not a VIE and the Company does not have controlling interest due to substantive participating rights of its partner. The partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's senior executives whose time is substantially devoted to the net lease venture own a total of 0.6% equity ownership in the venture via co-investment. These executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. During the year ended December 31, 2014, the Company sold a net lease asset for net proceeds of $93.7 million, which approximated carrying value, to the venture. The Company also sold its 72% interest in a previously consolidated entity, which owned a net lease asset subject to a non-recourse mortgage of $26.0 million at the time of sale, to the venture for net proceeds of $10.1 million, which approximated carrying value. During the same period, the venture purchased a portfolio of 58 net lease assets for a purchase price of $200.0 million from a third party. As of December 31, 2014, the venture's carrying value of total assets was $348.1 million and the Company had a recorded equity interest in the venture of $125.4 million.

During the year ended December 31, 2014, an unconsolidated entity for which the Company held a 50.0% noncontrolling equity interest sold all of its properties. As a result of the transaction, the Company received net proceeds of $48.1 million and recognized a gain of $33.3 million, which is included in "Earnings from equity method investments" in its Consolidated Statements of Operations. As of December 31, 2014 and 2013, the Company had an equity interest in the entity of $0.2 million and $16.4 million, respectively.

During the year ended December 31, 2014, the Company contributed land to a newly formed unconsolidated entity in which the Company received an initial equity interest of 85.7%. This entity is a VIE and the Company does not have controlling interest due to shared power of the entity with its partner. As of December 31, 2014, the Company had a recorded equity interest of $9.4 million. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of December 31, 2014, the loan balance was $14.6 million and is included in "Loans receivable and other lending investments, net" on the Company's Consolidated Balance Sheets.

During the year ended December 31, 2014, the Company and a consortium of co-lenders formed a new unconsolidated entity, in which the Company received an initial 15.7% equity interest, which acquired, via foreclosure sale, title to a land asset which previously served as collateral for a loan receivable held by the consortium. This entity is not a VIE and the Company does not have controlling interest in the entity as the Company's voting rights is based on its ownership percentage in the entity. As a result of the transaction, the Company recorded an additional provision of $2.8 million in "Provision for (recovery of) loan losses" in its Consolidated Statements of Operations. As of December 31, 2014, the Company had a recorded equity interest of $23.5 million.

During the year ended December 31, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company had a preferred partnership interest and a 47.5% equity interest. This entity is a VIE and the Company does not have controlling interest due to shared power of the entity with its partner. The Company's proportionate share of the assets retained on a carryover basis on the date of sale was $10.6 million. The Company held a preferred partnership interest of $6.6 million, which was repaid and no longer outstanding at December 31, 2013. During 2014, the Company acquired an additional preferred partnership interest in the entity of $10.0 million and recognized $14.7 million of income related to sales activity, which is included in "Earnings from equity method investments" in its Consolidated Statements of Operations. As of December 31, 2014 and 2013, the Company had a recorded equity interest of $30.7 million and $5.5 million, respectively.

During the year ended December 31, 2013, the Company contributed land to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6%. As of December 31, 2014 and 2013, the Company had a recorded equity interest of $21.1 million and $18.0 million, respectively. In addition, during the year ended December 31, 2013, the Company contributed land to a newly formed unconsolidated entity in which the Company also received a 50.0% equity interest. As of December 31, 2014 and 2013, the Company had a recorded equity interest of $7.8 million and $3.5 million, respectively. These entities are VIEs and the Company does not have controlling interests due to shared power of the entities with its partners.

As of December 31, 2014, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 31% to 70%, comprised of investments of $13.2 million in operating properties and $13.8 million in land assets. As of December 31, 2013, the Company's real estate equity investments included $16.0 million in operating properties and $2.7 million in land assets.

Madison Funds—As of December 31, 2014, the Company owned a 29.5% interest in Madison International Real Estate Fund II, LP, a 32.9% interest in Madison International Real Estate Liquidity Fund III, LP ("MIRELF III"), a 32.9% interest in Madison International Real Estate Liquidity Fund III AIV, LP ("MIRELF III AIV") and a 29.5% 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 VIEs and that the Company is not the primary beneficiary.

Oak Hill Funds—As of December 31, 2014, the Company owned a 5.9% 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 VIE and that the Company is not the primary beneficiary.

LNR—In July 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.

Beginning in September 2012, the Company and other owners of LNR entered into negotiations with potential purchasers of LNR. After an extensive due diligence and negotiation process, the LNR owners entered into a definitive contract to sell LNR in January 2013 at a fixed sale price which, from the Company's perspective, reflected in part the Company's then-current expectations about the future results of LNR and potential volatility in its business. The definitive sale contract provided that LNR would not make cash distributions to its owners during the fourth quarter of 2012 through the closing of the sale. Notwithstanding the fixed terms of the contract, our investment balance in LNR increased due to equity in earnings recorded which resulted in our recognition of other than temporary impairment on our investment during the year ended December 31, 2013. In April 2013, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds. Approximately $25.2 million of net proceeds, which were placed in escrow for potential indemnification obligations, were released to the Company in April 2014.

The following table represents investee level summarized financial information for LNR ($ in thousands)(1):



	For the Period from October 1, 2012 to April 19, 2013			For the Year Ended September 30, 2012
Income Statements
Total revenue(2)	$	179,373		$	332,902
Income tax (expense) benefit	(2,137		)	(6,731		)
Net income attributable to LNR(3)	113,478			253,039
iStar's ownership percentage	24		%	24		%
iStar's equity in earnings from LNR	$	45,375		$	60,669



	For the Period from October 1, 2012 to April 19, 2013			For the Year Ended September 30, 2012
Cash Flows
Operating cash flows	$	(127,075	)	$	(85,909	)
Cash flows from investing activities	(36,543		)	(55,686		)
Cash flows from financing activities	217,241			229,634
Net cash flows	53,623			88,039
Cash distributions	—			61,179
iStar's ownership percentage	24		%	24		%
Cash distributions received by iStar	$	—		$	14,690

Explanatory Notes:

_______________________________________________________________________________

(1)

The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the year ended December 31, 2013 was based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 are based on the balances and results from LNR for the year ended September 30, 2012.

(2)

LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. Total revenue presented above includes $55.5 million and $95.4 million for the period from October 1, 2012 to April 19, 2013 and for the year ended September 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.

(3)

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

The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and the year ended December 31, 2013 ($ in thousands):



	For the Three Months Ended March 31, 2013			For the Three Months Ended June 30, 2013			For the Six Months Ended December 31, 2013		For the Year Ended December 31, 2013
Carrying value of LNR at beginning of period	$	205,773		$	220,281		$	—	$	205,773
Equity in earnings of LNR for the period(1)	45,375			—			—		45,375			(a)
Balance before other than temporary impairment	251,148			220,281			—		251,148
Other than temporary impairment(1)	(30,867		)	—			—		(30,867		)	(b)
Sales proceeds pursuant to contract	—			(220,281		)	—		(220,281		)
Carrying value of LNR at end of period	220,281			—			—		—

Explanatory Note:

_______________________________________________________________________________

(1)

During the year ended December 31, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.

For the year ended December 31, 2013, the amount that was recognized as income in the Company's Consolidated Statements of Operations is the sum of items (a) and (b), and $1.7 million of income recognized for the release of other comprehensive income related to LNR upon sale, or $16.5 million.

Other Investments—As of December 31, 2014, the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method.

Summarized investee financial information—The following tables present the investee level summarized financial information of the Company's equity method investments, excluding LNR which is presented above ($ in thousands):



	Revenues			Expenses			Net Income Attributable to Parent Entities
For the Year Ended December 31, 2014
Alinda Infrastructure Fund I, L.P. ("Alinda")(1)	$	233,130		$	(15,433	)	$	217,697
Marina Palms, LLC ("Marina Palms")	114,125			(77,120		)	37,005
OHASCF	78,262			(951		)	77,311
Moor Park Real Estate Partners II L.P., Incorporated ("Moor Park")	25,760			(224		)	25,536
MIRELF III	20,293			(1,401		)	18,846
iStar Net Lease I LLC ("Net Lease Venture")(2)	13,826			(9,917		)	3,691
Outlets at Westgate, LLC ("Westgate")	13,118			(9,618		)	3,500
MIRELF III AIV	(1,194		)	(384		)	(1,578		)
Other	128,719			(70,555		)	58,202
Total	$	626,039		$	(185,603	)	$	440,210



	Revenues			Expenses			Net Income Attributable to Parent Entities
For the Year Ended December 31, 2013
Alinda(1)	$	123,447		$	(17,927	)	$	105,520
OHASCF	72,313			(1,642		)	70,671
MIRELF III AIV	26,348			(1,167		)	25,181
MIRELF III	19,460			(1,675		)	17,739
Westgate	12,447			(8,889		)	3,558
Moor Park	1,373			(304		)	1,069
Marina Palms(3)	73			(3,525		)	(3,452		)
Other	29,052			(42,504		)	(14,088		)
Total	$	284,513		$	(77,633	)	$	206,198

For the Year Ended December 31, 2012
OHASCF	$	109,234		$	(2,700	)	$	106,534
Alinda(1)	104,364			(16,934		)	87,430
MIRELF III	13,490			(3,894		)	9,550
Westgate	1,935			(2,202		)	(267		)
Moor Park	1,225			(435		)	790
MIRELF III AIV	(12,762		)	(1,731		)	(14,493		)
Other	184,384			(67,495		)	115,416
Total	$	401,870		$	(95,391	)	$	304,960

Explanatory Notes:

_______________________________________________________________________________


(1)	The Company recorded its 1% investment in Alinda on a quarter lag. Therefore, the amounts in the Company's financial statements for the years ended December 31, 2014, 2013 and 2012 were based on balances and results from Alinda for the years ended September 30, 2014, 2013 and 2012, respectively.


(2)	The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014. The amounts in the Company's financial statements for the year ended December 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to December 31, 2014.


(3)	The Company began accounting for its investment in Marina Palms under the equity method of accounting on April 17, 2013. The amounts in the Company's financial statements for the year ended December 31, 2013 are based on the balances and results from Marina Palms for the period from April 17, 2013 to December 31, 2013.



	As of December 31,
	2014		2013
Balance Sheets
Total assets	$	3,464,984	$	2,980,737
Total liabilities	479,298		303,100
Noncontrolling interests	3,297		333
Total equity	2,982,389		2,677,304

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2014

Other Assets and Other Liabilities

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



	As of December 31,
	2014		2013
Intangible assets, net(1)	$	50,088	$	100,652
Other assets	37,085		40,726
Deferred financing fees, net(2)	36,774		33,591
Leasing costs, net(3)	20,031		21,799
Other receivables	13,115		34,655
Corporate furniture, fixtures and equipment, net(4)	5,409		6,557
Deferred expenses and other assets, net	$	162,502	$	237,980

Explanatory Notes:

_______________________________________________________________________________

(1)

Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $45.1 million and $38.1 million as of December 31, 2014 and 2013, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $7.7 million, $7.0 million and $5.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. The amortization expense for other intangible assets was $6.7 million, $8.2 million and $7.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. These amounts are included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations.


(2)	Accumulated amortization on deferred financing fees was $15.4 million and $9.9 million as of December 31, 2014 and 2013, respectively.


(3)	Accumulated amortization on leasing costs was $9.0 million and $7.1 million as of December 31, 2014 and 2013, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.1 million and $6.2 million as of December 31, 2014 and 2013, respectively.

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



	As of December 31,
	2014		2013
Accrued expenses	$	62,866	$	58,840
Accrued interest payable	57,895		40,015
Other liabilities(1)	48,256		45,753
Intangible liabilities, net(2)	11,885		26,223
Accounts payable, accrued expenses and other liabilities	$	180,902	$	170,831

Explanatory Notes:

_______________________________________________________________________________

(1)

As of December 31, 2014, "Other liabilities" includes $6.8 million related to a profit sharing payable to a developer for residential units sold. "Other liabilities" also includes $7.7 million related to tax increment financing ("TIF") bonds which were issued by a governmental entity to fund the installation of infrastructure within one of the Company's master planned community developments. The balance represents a special assessment associated with each individual land parcel, which will decrease as the Company sells parcels.

(2)

Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $6.2 million and $4.6 million as of December 31, 2014 and 2013, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $2.5 million, $2.8 million and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Intangible assets and liabilities—The estimated aggregate amortization costs of lease intangible assets and liabilities for each of the five succeeding fiscal years are as follows ($ in thousands):



2015	$	5,929
2016	5,677
2017	5,308
2018	4,987
2019	4,830

Debt Obligations, net

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Obligations, net

As of December 31, 2014 and 2013, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of December 31,						Stated Interest Rates			Scheduled Maturity Date
	2014			2013			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	358,504		$	431,475		LIBOR + 5.75%		(1)	March 2017
February 2013 Secured Credit Facility	—			1,379,407			LIBOR + 3.50%		(2)	—
Term loans collateralized by net lease assets	248,955			278,817			4.851% - 7.26%		(3)	Various through 2026
Total secured credit facilities and term loans	607,459			2,089,699
Unsecured notes:
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			265,000			3.875	%		July 2016
3.0% senior convertible notes(4)	200,000			200,000			3.0	%		November 2016
1.50% senior convertible notes(5)	200,000			200,000			1.50	%		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
4.00% senior notes	550,000			—			4.00	%		November 2017
7.125% senior notes	300,000			300,000			7.125	%		February 2018
4.875% senior notes	300,000			300,000			4.875	%		July 2018
5.00% senior notes	770,000			—			5.00	%		July 2019
Total unsecured notes	3,326,890			2,006,890
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,034,349			4,196,589
Debt discounts, net	(11,665		)	(38,464		)
Total debt obligations, net	$	4,022,684		$	4,158,125

Explanatory Notes:

_______________________________________________________________________________


(1)	The loan has a LIBOR floor of 1.25%. As of December 31, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.


(2)	This loan had a LIBOR floor of 1.00%.


(3)	As of December 31, 2014 and 2013, includes a loan with a floating rate of LIBOR plus 2.00%. As of December 31, 2013, includes a loan with a floating rate of LIBOR plus 2.75%. As of December 31, 2014, the weighted average interest rate of these loans is 5.3%.


(4)	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.


(5)	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016.

Future Scheduled Maturities—As of December 31, 2014, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2015	$	105,765		$	—		$	105,765
2016	926,403			—			926,403
2017	924,722			358,504			1,283,226
2018	600,000			15,239			615,239
2019	770,000			32,312			802,312
Thereafter	100,000			201,404			301,404
Total principal maturities	3,426,890			607,459			4,034,349
Unamortized debt discounts, net	(8,371		)	(3,294		)	(11,665		)
Total long-term debt obligations, net	$	3,418,519		$	604,165		$	4,022,684

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.

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 as a loss in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements 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.

During the year ended December 31, 2014, net proceeds from the issuances of the Company's $550.0 million aggregate principal amount of 4.00% senior unsecured notes and $770.0 million aggregate principal amount of 5.00% senior unsecured notes, together with cash on hand, were used to fully repay and terminate the February 2013 Secured Credit Facility. From February 2013 through full payoff in June 2014, the Company made cumulative amortization repayments of $388.5 million. During the year ended December 31, 2014 and 2013, amortization repayments made by the Company resulted in losses on early extinguishment of debt of $1.1 million and $7.0 million, respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. In connection with the repayment and termination of the facility in 2014, the Company recorded a loss on early extinguishment of debt of $22.8 million related to unamortized discounts and financing fees at the time of refinancing. These amounts were included in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations.

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, together with cash on hand, 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 Company may also make optional prepayments, subject to prepayment fees. The 2012 Tranche A-1 Facility was fully repaid in August 2013. Additionally, through December 31, 2014, the Company made cumulative amortization repayments of $111.5 million on the 2012 Tranche A-2 Facility. For the years ended December 31, 2014 and 2013, repayments of the 2012 Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $1.5 million and $1.0 million, respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. These amounts were included in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations.

Repayments of the 2012 Tranche A-1 Facility prior to scheduled amortization dates resulted in losses on early extinguishment of debt of $4.4 million and $8.1 million during the years ended December 31, 2013 and 2012, respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. These amounts were included in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations.

Unsecured Notes—In June 2014, the Company issued $550.0 million aggregate principal amount of 4.00% senior unsecured notes due November 2017 and $770.0 million aggregate principal amount of 5.00% senior unsecured notes due July 2019. Net proceeds from these transactions, together with cash on hand, were used to fully repay and terminate the February 2013 Secured Credit Facility which had an outstanding balance of $1.32 billion.

In November 2013, the Company issued $200.0 million aggregate principal of 1.50% convertible senior unsecured notes due November 2016. Proceeds from the transaction, together with cash on hand, were used to fully repay the remaining $200.6 million of outstanding 5.70% senior unsecured notes due March 2014. In connection with the repayment of the 5.70% senior unsecured notes, the Company incurred $2.8 million of losses related to a prepayment penalty and the accelerated amortization of discounts, which was recorded in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2013.

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 accelerated amortization of discounts, which was recorded in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2013.

Encumbered/Unencumbered Assets—As of December 31, 2014 and 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of December 31,
	2014				2013
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	620,378	$	2,056,336	$	1,644,463	$	1,151,718
Real estate available and held for sale	10,496		275,486		152,604		207,913
Loans receivable and other lending investments, net(1)	46,515		1,364,828		860,557		538,752
Other investments	17,708		336,411		24,093		183,116
Cash and other assets	—		768,475		—		907,995
Total	$	695,097	$	4,801,536	$	2,681,717	$	2,989,494

Explanatory Note:

_______________________________________________________________________________


(1)	As of December 31, 2014 and 2013, the amounts presented exclude general reserves for loan losses of $33.5 million and $29.2 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's ability to incur new indebtedness under the fixed charge coverage ratio is currently limited, which may put limitations on its ability to make new investments, it is 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 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 March 2012 Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis. The Company may not pay common dividends if it ceases to qualify as a REIT.

The Company's March 2012 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Unfunded Commitments—The Company generally funds construction and development loans and build-outs of space in net lease assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company sometimes establishes a maximum amount of additional funding which it will make available to a borrower or tenant for an expansion or addition to a project if it approves of the expansion or addition in its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments.

As of December 31, 2014, 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		Other Investments		Total
Performance-Based Commitments	$	537,924	$	14,667	$	27,004	$	579,595
Strategic Investments	—		—		45,714		45,714
Discretionary Fundings	5,000		—		—		5,000
Total	$	542,924	$	14,667	$	72,718	$	630,309

Other Commitments—Total operating lease expense for the years ended December 31, 2014, 2013 and 2012 were $5.8 million, $6.1 million and $6.5 million, respectively. Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):



2015	$	5,598
2016	5,598
2017	4,982
2018	4,179
2019	3,442
Thereafter	8,266

The Company has also issued letters of credit totaling $3.7 million in connection with its investments.

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. In addition to such matters, the Company is a party to the following legal proceedings:

On March 7, 2014, a shareholder action purporting to assert derivative, class and individual claims was filed in the Circuit Court for Baltimore City, Maryland naming the Company, a number of its current and former senior executives (including its chief executive officer) and current and former directors as defendants. The complaint sought unspecified damages and other relief and alleged breach of fiduciary duty, breach of contract and other causes of action arising out of shares of common stock issued by the Company to its senior executives pursuant to restricted stock unit awards granted in December 2008 and modified in July 2011. On October 30, 2014, the Court granted the defendants’ Motions to Dismiss and plaintiffs’ claims against all of the defendants in this action were dismissed. Plaintiffs have filed a notice of appeal.

On January 22, 2015, the United States District Court for the District of Maryland (the "Court") entered a judgment in favor of the Company in the matter of U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (Civil Action No. DKC 08-1863). The litigation involved a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland. The Court found that the Company was entitled to specific performance and awarded damages to it in the aggregate amount of: (i) the remaining purchase price to be paid by Lennar of $114.0 million; plus (ii) interest on the unpaid amount at a rate of 12% per annum, calculated on a per diem basis, from May 27, 2008, until Lennar proceeds to settlement on the land; plus (iii) real estate taxes paid by the Company in the amount of approximately $1.6 million; plus (iv) actual and reasonable attorneys' fees and costs incurred by the Company in connection with the litigation. The Court ordered Lennar to proceed to settlement on the land and to pay the total amounts awarded to the Company within 30 days of the judgment. A third party is entitled to a 15% participation interest in all proceeds. Lennar has filed a notice of appeal of the Court’s judgment, orders and rulings in the action. There can be no assurance as to the timing or actual receipt by the Company of amounts awarded by the Court or to the outcome of any appeal.

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.

Risk Management and Derivatives

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Derivatives

Derivatives

Risk management

In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company's lending investments or leases that result from a borrower's or tenant's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of real estate assets by the Company as well as changes in foreign currency exchange rates.

Risk concentrations—Concentrations of credit risks arise when a number of borrowers or tenants related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions.

Substantially all of the Company's real estate as well as assets collateralizing its loans receivable are located in the United States. As of December 31, 2014, the only states with a concentration greater than 10.0% were California with 14.6% and New York with 13.9%. As of December 31, 2014, the Company's portfolio contains concentrations in the following asset types: office/industrial 26.7%, land 21.7%, mixed use/mixed collateral 13.0% and entertainment/leisure 11.0%.

The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have an adverse effect on the Company. As of December 31, 2014, the Company's five largest borrowers or tenants collectively accounted for approximately $115 million of the Company's 2014 revenues, of which no single customer accounts for more than 6%.

Derivatives

The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and 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 December 31, 2014 and 2013 ($ in thousands):



	Derivative Assets as of December 31,						Derivative Liabilities as of December 31,
	2014			2013			2014			2013
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	—	Other Assets	$	393	Other Liabilities	$	478	N/A	$	—
Interest rate swaps	Other Assets	52		Other Assets	650		N/A	—		N/A	—
Interest rate cap	Other Assets	—		Other Assets	9,107		N/A	—		N/A	—
Total		$	52		$	10,150		$	478		$	—
Derivatives not Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	1,534	Other Assets	$	1,025	N/A	$	—	Other Liabilities	$	1,653
Interest rate cap	Other Assets	$	4,775	N/A	$	—	N/A	$	—	N/A	$	—
Total		$	6,309		$	1,025		$	—		$	1,653

The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2014, 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) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion)
For the Year Ended December 31, 2014
Interest rate cap	Interest Expense	$	—		$	(56	)	N/A
Interest rate cap	Other Expense	(2,984		)	—			(3,634	)
Interest rate cap	Earnings from equity method investments	(9		)	—			N/A
Interest rate swaps	Interest Expense	(970		)	(6		)	N/A
Interest rate swap	Earnings from equity method investments	(753		)	(420		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(471		)	—			N/A
For the Year Ended December 31, 2013
Interest rate cap	Interest Expense	(1,517		)	—			N/A
Interest rate swap	Interest Expense	869			(310		)	N/A
Foreign exchange contracts	Earnings from equity method investments	393			—			N/A
For the Year Ended December 31, 2012
Interest rate swap	Interest Expense	(968		)	44			N/A



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Years Ended December 31,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2014			2013		2012
Interest rate cap	Other Expense	$	(1,347	)	$	—	$	—
Foreign exchange contracts	Other Expense	7,257			880		(8,920		)

Foreign Exchange Contracts—The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD 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 foreign entity is either sold or substantially liquidated. In January 2014, the Company entered into a foreign exchange contract to hedge its exposure in a subsidiary whose functional currency is Indian rupee ("INR"). The foreign exchange contract replaced an existing contract which matured in January 2014. As of December 31, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells INR/Buys USD Forward	₨	456,000	$	6,534	June 2015

For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's Consolidated Statements of Operations within "Other Expense." As of December 31, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells euro ("EUR")/Buys USD Forward	€	18,800	$	23,807	January 2015
Sells pound sterling ("GBP")/Buys USD Forward	£	3,000	$	4,830	January 2015
Sells Canadian dollar ("CAD")/Buys USD Forward	C$	10,000	$	8,933	January 2015

The Company marks its foreign investments 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 other comprehensive income (loss)," on its Consolidated Balance Sheets for net investments in foreign subsidiaries. The Company recorded net gains (losses) related to foreign investments of $0.1 million, $(2.0) million and $(0.7) million during the years ended December 31, 2014, 2013 and 2012, respectively, in its Consolidated Statements of Operations.

Interest Rate Hedges—For derivatives designated as interest rate hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. In October 2012, the Company entered into an interest rate swap to convert its variable rate debt to fixed rate on a $28.0 million secured term loan maturing in 2019. As of December 31, 2014, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated ($ in thousands):

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest rate swap

27,456

LIBOR + 2.00%

3.47%

October 2012

November 2019

For derivatives not designated as interest rate hedges, the changes in the fair value of the derivatives are reported in the Company's Consolidated Statements of Operations within "Other Expense." In August 2013, the Company entered into an interest rate cap agreement to reduce exposure to expected increases in future interest rates and the resulting payments associated with variable interest rate debt. In June 2014, in connection with the full repayment and termination of the Company's February 2013 Secured Credit Facility referenced in Note 8, the Company realized amounts in earnings from other comprehensive income (loss) as a portion of a hedge related to the Company's variable rate debt was no longer expected to be highly effective. The amount realized was a loss of $3.6 million recorded as a component of "Other expense" in the Company's Consolidated Statements of Operations. As of December 31, 2014, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated ($ in thousands):

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest rate cap

500,000

LIBOR

1.00%

July 2014

July 2017

Over the next 12 months, the Company expects that $0.1 million related to terminated cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into interest expense and $0.7 million relating to other cash flow hedges will be reclassified 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 December 31, 2014 and 2013, the Company has posted collateral of $3.0 million and $7.2 million, respectively, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets.

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

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 45
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2014 and 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)

High Performance Unit Program

In May 2002, the Company's shareholders approved the iStar Financial High Performance Unit ("HPU") Program. The program entitled employee participants ("HPU Holders") to receive distributions if the total rate of return on the Company's Common Stock (share price appreciation plus dividends) exceeded certain performance thresholds over a specified valuation period. The Company established seven HPU plans that had valuation periods ending between 2002 and 2008 and the Company has not established any new HPU plans since 2005. HPU Holders purchased interests in the High Performance Common Stock for an aggregate initial purchase price of $9.8 million. The remaining four plans that had valuation periods which ended in 2005, 2006, 2007 and 2008, did not meet their required performance thresholds, none of the plans were funded and the Company redeemed the participants' units.

The 2002, 2003 and 2004 plans all exceeded their performance thresholds and are entitled to receive distributions equivalent to the amount of dividends payable on 819,254 shares, 987,149 shares and 1,031,875 shares, respectively, of the Company's Common Stock as and when such dividends are paid on the Company's Common Stock. Each of these three plans has 5,000 shares of High Performance Common Stock associated with it, which is recorded as a separate class of stock within shareholders' equity on the Company's Consolidated Balance Sheets. High Performance Common Stock carries 0.25 votes per share. Net income allocable to common shareholders is reduced by the HPU holders' share of earnings.

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, 2013, the Company had $759.8 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 2033 if unused. The amount of net operating loss carryforwards as of December 31, 2014 will be determined upon finalization of the Company's 2014 tax return. 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 2012 Tranche A-2 Facility permits 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 2012 Tranche A-2 Facility restricts 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 years ended December 31, 2014 and 2013.

Stock Repurchase Programs—In September 2013, the Company's Board of Directors approved an increase in the repurchase limit under the Company's previously approved stock repurchase program to $50.0 million. The program authorizes the repurchase of Common Stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. During the year ended December 31, 2013, the Company repurchased 1.7 million shares of its outstanding Common Stock for $21.0 million, at an average cost of $12.35 per share. There were no stock repurchases during the year ended December 31, 2014. As of December 31, 2014, the Company had up to $29.0 million of Common Stock available to repurchase under its Board authorized stock repurchase program.

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 December 31,
	2014			2013
Unrealized gains (losses) on available-for-sale securities	$	2,983		$	(294	)
Unrealized gains (losses) on cash flow hedges	(409		)	662
Unrealized losses on cumulative translation adjustment	(3,545		)	(4,644		)
Accumulated other comprehensive income (loss)	$	(971	)	$	(4,276	)

Stock-Based Compensation Plans and Employee Benefits

12 Months Ended

Dec. 31, 2014

Stock-Based Compensation Plans and Employee Benefits

On May 22, 2014, the Company's shareholders approved the 2013 Performance Incentive Plan ("iPIP") which is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. In 2014, the Company granted 83 iPIP points for the initial 2013-2014 investment pool. All decisions regarding the granting of points under iPIP are made at the discretion of the Board of Directors or a committee of the Board of Directors. The fair value of points are determined using a model that forecasts the Company's projected investment performance. The payout of iPIP is based on the amount of invested capital, investment performance and the Company's total shareholder return, or TSR, as compared to the average TSR of the NAREIT All REIT Index and the Russell 2000 Index during the relevant performance period for the investments in each pool. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. Point holders will not receive a distribution until the Company has received a full return of its capital plus a preferred return distribution, which is based on a preferred return hurdle rate of 9% per annum. Subject to certain vesting and employment requirements, point holders will be paid a combination of cash and stock. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. Compensation costs relating to iPIP are included in "General and administrative" on the Company's Consolidated Statements of Operations.

The Company's shareholders approved the Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") which is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. A maximum of 8,000,000 shares of Common Stock may be awarded under the 2009 LTIP, plus up to an additional 500,000 shares to the extent that a corresponding number of equity awards previously granted under the Company's 1996 Long-Term Incentive Plan expire or are canceled or forfeited. All awards under the 2009 LTIP are made at the discretion of the Board of Directors or a committee of the Board of Directors.

The Company's 2006 Long-Term Incentive Plan (the "2006 LTIP") is designed to provide equity-based incentive compensation for officers, key employees, directors, consultants and advisors of the Company. The 2006 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, dividend equivalent rights and other share-based performance awards. A maximum of 4,550,000 shares of Common Stock may be subject to awards under the 2006 LTIP provided that the number of shares of Common Stock reserved for grants of options designated as incentive stock options is 1.0 million, subject to certain anti-dilution provisions in the 2006 LTIP. All awards under this Plan are at the discretion of the Board of Directors or a committee of the Board of Directors.

As of December 31, 2014, 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.

The Company's 2007 Incentive Compensation Plan ("Incentive Plan") was approved and adopted by the Board of Directors in 2007 in order to establish performance goals for selected officers and other key employees and to determine bonuses that will be awarded to those officers and other key employees based on the extent to which they achieve those performance goals. Equity-based awards may be made under the Incentive Plan, subject to the terms of the Company's equity incentive plans.

Stock-Based Compensation—The Company recorded stock-based compensation expense of $13.3 million, $19.3 million and $15.3 million for the years ended December 31, 2014, 2013 and 2012 in "General and administrative" on the Company's Consolidated Statements of Operations. As of December 31, 2014, there was $2.2 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 1.42 years. As of December 31, 2014, approximately $8.7 million of stock-based compensation was included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets.

Restricted Stock Units

Changes in non-vested restricted stock units, or Units, during the year ended December 31, 2014 were as follows ($ in thousands, except per share amounts):



	Number of Shares		Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Non-vested at December 31, 2013	2,779		$	5.85	$	39,659
Granted	306		$	15.31
Vested	(2,757	)	$	6.09
Forfeited	(8	)	$	15.69
Non-vested at December 31, 2014	320		$	12.57	$	4,367

The total fair value of Units vested during the years ended December 31, 2014, 2013 and 2012 was $39.2 million, $31.6 million and $29.1 million, respectively.

2014 Activity—During the year ended December 31, 2014, the Company issued a total of 1,369,809 shares of our Common Stock to employees, net of statutory minimum required tax withholdings, upon the vesting of 2,757,427 Units that were previously granted. These vested Units were primarily comprised of the following:


•	1,696,053 service-based Units granted to certain employees in 2008 that vested in January 2014;


•	80,000 service-based Units granted to certain employees in 2011 and 2013 that vested in 2014; and


•	600,000 service-based Units granted to the Company's Chairman and Chief Executive Officer in October 2011 that vested in June 2014.

•

381,374 of performance-based Units, granted on February 1, 2013. The Units vested based on the Company's total shareholder return, or TSR, measured over a performance period ending on the vesting date of December 31, 2014. Under the terms of these Units, vesting ranged 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) during the performance period. The Company and any companies not included in the index at the beginning and end of the performance period were excluded from calculation of the performance of such index. Based on the Company's TSR performance, the Units vested in an amount equal to 195.5% of the target amount of the original awards of 195,076 Units resulting in an additional 186,298 shares granted.

During the year ended December 31, 2014, the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following:

•

Effective January 10, 2014, the Company granted 67,637 service-based 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 on December 31, 2016, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. As of December 31, 2014, 64,552 of such service-based Units were outstanding.

•

Effective January 10, 2014, the Company granted 51,726 target amount of performance-based Units based on the Company's TSR measured over a performance period ending on December 31, 2016, which is the date the awards cliff vest. Vesting will range from 0% to 200% of the target amount of the award, 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) during the performance period. The Company, as well as any companies not included in each 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 as and when dividends are declared by the Company on shares of its Common Stock, 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 0.76% for risk-free interest rate and 44.84% for expected stock price volatility. As of December 31, 2014, 50,116 of such performance-based Units were outstanding.

As of December 31, 2014, the Company had the following additional stock-based compensation awards outstanding:

•

194,582 service-based Units, granted on February 1, 2013, representing the right to receive an equivalent number of shares of the Company's Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on February 1, 2016, 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 as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled.

•

10,666 service-based Units granted on various dates to employees with an original vesting term of three 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. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled.

Restricted Shares

•

During the year ended December 31, 2014, the Company granted 235,414 shares of our Common Stock to certain employees as part of annual incentive awards that included a mix of cash and equity awards. The weighted average grant date fair value per share of these awards was $14.89 and the total fair value was $3.5 million. The shares are fully-vested and 132,653 shares were issued 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.

Directors' Awards—Non-employee directors are awarded common stock equivalents, or CSEs, or restricted shares at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. The CSEs and restricted shares generally vest at the time of the next annual shareholders meeting and pay dividends in an amount equal to the dividends paid on an equivalent number of shares of the Company's Common Stock from the date of grant, as and when dividends are paid on the Common Stock.

During the year ended December 31, 2014, the Company awarded a total of 8,602 CSEs and 39,570 restricted shares to non-employee Directors pursuant to the Company's Non-Employee Directors Deferral Plan, at a fair value per share of $14.46 at the time of grant. In addition, during the year ended December 31, 2014, the Company issued 55,076 shares of our Common Stock to a former director in settlement of previously vested CSE awards granted under the Non-Employee Directors Deferral Plan. As of December 31, 2014, a total of 278,471 CSEs and restricted shares of our Common Stock granted to members of the Company's Board of Directors remained outstanding under such Plan, with an aggregate intrinsic value of $3.8 million.

401(k) Plan—The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the first 10% of the participant's annual compensation. The Company made gross contributions of $0.9 million each year for the years ended December 31, 2014, 2013 and 2012.

Earnings Per Share

12 Months Ended

Dec. 31, 2014

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 Years Ended December 31,
	2014			2013			2012
Income (loss) from continuing operations	$	(74,178	)	$	(220,768	)	$	(314,678	)
Net (income) loss attributable to noncontrolling interests	704			(718		)	1,500
Income from sales of real estate	89,943			86,658			63,472
Preferred dividends	(51,320		)	(49,020		)	(42,320		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(34,851	)	$	(183,848	)	$	(292,026	)



	For the Years Ended December 31,
	2014			2013			2012
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,722	)	$	(177,907	)	$	(282,452	)
Income (loss) from discontinued operations	—			623			(16,908		)
Gain from discontinued operations	—			21,515			26,363
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,722	)	$	(155,769	)	$	(272,997	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	85,031			84,990			83,742
Basic and diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(2.09	)	$	(3.37	)
Income (loss) from discontinued operations	—			0.01			(0.20		)
Gain from discontinued operations	—			0.25			0.31
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(1.83	)	$	(3.26	)



	For the Years Ended December 31,
	2014			2013			2012
Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,129	)	$	(5,941	)	$	(9,574	)
Income (loss) from discontinued operations	—			21			(573		)
Gain from discontinued operations	—			718			894
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,129	)	$	(5,202	)	$	(9,253	)
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
Basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(75.27	)	$	(396.07	)	$	(638.27	)
Income (loss) from discontinued operations	—			1.40			(38.20		)
Gain from discontinued operations	—			47.87			59.60
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(75.27	)	$	(346.80	)	$	(616.87	)

For the years ended December 31, 2014, 2013 and 2012, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands):



	For the Years Ended December 31,
	2014(1)	2013(1)	2012(1)
Joint venture shares	298	298	298
3.00% convertible senior unsecured notes	16,992	16,992	—
Series J convertible perpetual preferred stock	15,635	15,635	—
1.50% convertible senior unsecured notes	11,567	11,567	—

Explanatory Note:

_______________________________________________________________________________


(1)	For the years ended December 31, 2014, 2013 and 2012, the effect of the Company's unvested Units, performance-based Units and CSEs were anti-dilutive.

Fair Values

12 Months Ended

Dec. 31, 2014

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 December 31, 2014
Recurring basis:
Derivative assets	$	6,361	$	—	$	6,361	$	—
Derivative liabilities	478		—		478		—
Available-for-sale securities	7,906		7,906		—		—
Non-recurring basis:
Impaired loans(1)	37,169		—		—		37,169
Impaired real estate(2)	7,102		—		—		7,102
As of December 31, 2013
Recurring basis:
Derivative assets	$	11,175	$	—	$	11,175	$	—
Derivative liabilities	1,653		—		1,653		—
Available-for-sale securities	505		505		—		—
Non-recurring basis:
Impaired loans	115,423		—		—		115,423
Impaired real estate	35,680		—		5,744		29,936

Explanatory Notes:

_______________________________________________________________________________

(1)

The Company recorded a recovery of loan losses on one loan with a fair value of $8.5 million based on the loan's remaining term of 1.50 years and interest rate of 4.7% using discounted cash flow analysis. The Company also recorded a provision for loan losses on one loan with a fair value of $5.2 million based on an appraisal. In addition, the Company recorded a provision for loan losses on one loan, collateralized by a land asset, with a fair value of $23.5 million based upon a foreclosure sale agreement. The land asset was acquired by an unconsolidated entity in which the Company is a partner.


(2)	The Company recorded impairment on one real estate asset with a fair value of $7.1 million based on a discount rate of 15.0% using discounted cash flows over a 10 year lease term.

Fair values of financial instruments—The Company's estimated fair values of its loans receivable and other lending investments and debt obligations were $1.4 billion and $4.1 billion, respectively, as of December 31, 2014 and $1.4 billion and $4.5 billion, respectively, as of December 31, 2013. The Company determined that the significant inputs used to value its loans receivable and other lending investments 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.

Given the nature of certain assets and liabilities, clearly determinable market based valuation inputs are often not available, therefore, these assets and liabilities are valued using internal valuation techniques. Subjectivity exists with respect to these internal valuation techniques, therefore, the fair values disclosed may not ultimately be realized by the Company if the assets were sold or the liabilities were settled with third parties. The methods the Company used to estimate the fair values presented in the three tables above are described more fully below for each type of asset and liability.

Derivatives—The Company uses interest rate swaps, interest rate caps and foreign exchange contracts to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Derivative financial instruments subject to master netting agreements are measured on a net basis. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy.

Impaired loans—The Company's loans identified as being impaired are nearly all collateral dependent loans and are evaluated for impairment by comparing the estimated fair value of the underlying collateral, less costs to sell, to the carrying value of each loan. Due to the nature of the individual properties collateralizing the Company's loans, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs and costs of completion and the remaining inventory sell out periods. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy.

Impaired real estate—If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs and costs of completion and the remaining inventory sell out periods. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 2 input under the fair value hierarchy.

Loans receivable and other lending investments—The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, that fall within Level 2 of the fair value hierarchy or broker quotes that fall within Level 3 of the fair value hierarchy.

Debt obligations, net—For debt obligations traded in secondary markets, the Company uses market quotes, to the extent they are available, to determine fair value and are considered Level 2 on the fair value hierarchy. For debt obligations not traded in secondary markets, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy.

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.

+ References + Details

Segment Reporting

12 Months Ended

Dec. 31, 2014

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 and real estate related securities. 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. The Company's segment information is as follows ($ in thousands):



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
Year Ended December 31, 2014:
Operating lease income	$	—		$	151,934		$	90,331		$	835		$	—		$	243,100
Interest income	122,704			—			—			—			—			122,704
Other income	21,217			4,437			42,000			3,327			10,052			81,033
Land sales revenue	—			—			—			15,191			—			15,191
Total revenue	143,921			156,371			132,331			19,353			10,052			462,028
Earnings (loss) from equity method investments	—			3,260			1,669			14,966			75,010			94,905
Income from sales of real estate	—			6,206			83,737			—			—			89,943
Revenue and other earnings	143,921			165,837			217,737			34,319			85,062			646,876
Real estate expense	—			(22,967		)	(113,504		)	(26,918		)	—			(163,389		)
Land cost of sales	—			—			—			(12,840		)	—			(12,840		)
Other expense	(243		)	—			—			—			(5,578		)	(5,821		)
Allocated interest expense	(58,043		)	(72,089		)	(39,535		)	(29,432		)	(25,384		)	(224,483		)
Allocated general and administrative(2)	(13,314		)	(16,736		)	(9,684		)	(13,170		)	(22,588		)	(75,492		)
Segment profit (loss)(3)	$	72,321		$	54,045		$	55,014		$	(48,041	)	$	31,512		$	164,851
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(1,714	)	$	—		$	—		$	—		$	—		$	(1,714	)
Impairment of assets	—			3,689			8,131			22,814			—			34,634
Depreciation and amortization	—			38,841			32,142			1,440			1,148			73,571
Capitalized expenditures	—			3,933			61,186			80,119			—			145,238



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
Year Ended December 31, 2013
Operating lease income	$	—		$	147,313		$	86,352		$	902		$	—		$	234,567
Interest income	108,015			—			—			—			—			108,015
Other income	4,748			250			38,164			1,474			3,572			48,208
Total revenue	112,763			147,563			124,516			2,376			3,572			390,790
Earnings (loss) from equity method investments	—			2,699			5,546			(5,331		)	38,606			41,520
Income from sales of real estate	—			—			82,603			4,055			—			86,658
Income (loss) from discontinued operations(4)	—			1,484			1,251			—			—			2,735
Gain from discontinued operations	—			3,395			18,838			—			—			22,233
Revenue and other earnings	112,763			155,141			232,754			1,100			42,178			543,936
Real estate expense	—			(22,565		)	(101,044		)	(33,832		)	—			(157,441		)
Other expense	(1,625		)	—			—			—			(6,425		)	(8,050		)
Allocated interest expense(5)	(74,377		)	(80,034		)	(49,114		)	(30,368		)	(32,332		)	(266,225		)
Allocated general and administrative(2)	(13,186		)	(14,330		)	(9,189		)	(12,365		)	(23,783		)	(72,853		)
Segment profit (loss)(3)	$	23,575		$	38,212		$	73,407		$	(75,465	)	$	(20,362	)	$	39,367
Other significant non-cash items:
Provision for (recovery of) loan losses	$	5,489		$	—		$	—		$	—		$	—		$	5,489
Impairment of assets(5)	—			1,176			12,449			728			—			14,353
Loss on transfer of interest to unconsolidated subsidiary	—			—			—			7,373			—			7,373
Depreciation and amortization(5)	—			38,582			30,599			1,105			1,244			71,530
Capitalized expenditures	—			34,076			41,131			36,346			—			111,553

Year Ended December 31, 2012
Operating lease income	$	—		$	149,058		$	65,706		$	1,527		$	—		$	216,291
Interest income	133,410			—			—			—			—			133,410
Other income	8,613			—			32,615			2,635			3,975			47,838
Total revenue	142,023			149,058			98,321			4,162			3,975			397,539
Earnings (loss) from equity method investments	—			2,632			25,142			(6,138		)	81,373			103,009
Income from sales of real estate	—			—			63,472			—			—			63,472
Income (loss) from discontinued operations(4)	—			7,289			886			—			—			8,175
Gain from discontinued operations	—			27,257			—			—			—			27,257
Revenue and other earnings	142,023			186,236			187,821			(1,976		)	85,348			599,452
Real estate expense	—			(23,886		)	(100,258		)	(27,314		)	—			(151,458		)
Other expense	(4,775		)	—			—			—			(12,491		)	(17,266		)
Allocated interest expense(5)	(111,898		)	(92,579		)	(69,259		)	(44,125		)	(38,300		)	(356,161		)
Allocated general and administrative(2)	(14,263		)	(10,618		)	(7,572		)	(7,405		)	(25,705		)	(65,563		)
Segment profit (loss)(3)	$	11,087		$	59,153		$	10,732		$	(80,820	)	$	8,852		$	9,004
Other significant non-cash items:
Provision for (recovery of) loan losses	$	81,740		$	—		$	—		$	—		$	—		$	81,740
Impairment of assets(5)	—			6,670			28,501			205			978			36,354
Depreciation and amortization(5)	—			39,250			28,450			1,276			1,810			70,786
Capitalized expenditures	—			10,994			51,579			20,497			—			83,070



	Real Estate Finance		Net Lease		Operating Properties		Land		Corporate/Other(1)		Company Total
As of December 31, 2014
Real estate
Real estate, net	—		1,188,160		628,271		860,283		—		2,676,714
Real estate available and held for sale	—		4,521		162,782		118,679		—		285,982
Total real estate	—		1,192,681		791,053		978,962		—		2,962,696
Loans receivable and other lending investments, net	1,377,843		—		—		—		—		1,377,843
Other investments	—		125,360		13,220		106,155		109,384		354,119
Total portfolio assets	$	1,377,843	$	1,318,041	$	804,273	$	1,085,117	$	109,384	4,694,658
Cash and other assets											768,475
Total assets											$	5,463,133

As of December 31, 2013
Real estate
Real estate, net	—		1,358,248		638,088		799,845		—		2,796,181
Real estate available and held for sale	—		—		228,328		132,189		—		360,517
Total real estate	—		1,358,248		866,416		932,034		—		3,156,698
Loans receivable and other lending investments, net	1,370,109		—		—		—		—		1,370,109
Other investments	—		16,408		16,032		29,765		145,004		207,209
Total portfolio assets	$	1,370,109	$	1,374,656	$	882,448	$	961,799	$	145,004	4,734,016
Cash and other assets											907,995
Total assets											$	5,642,011

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 included in the other reportable segments above.


(2)	General and administrative excludes stock-based compensation expense of $13.3 million, $19.3 million and $15.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.


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



	For the Years Ended December 31,
	2014			2013			2012
Segment profit (loss)	$	164,851		$	39,367		$	9,004
Less: (Provision for) recovery of loan losses	1,714			(5,489		)	(81,740		)
Less: Impairment of assets(4)	(34,634		)	(14,353		)	(36,354		)
Less: Loss on transfer of interest to unconsolidated subsidiary	—			(7,373		)	—
Less: Stock-based compensation expense	(13,314		)	(19,261		)	(15,293		)
Less: Depreciation and amortization(4)	(73,571		)	(71,530		)	(70,786		)
Less: Income tax (expense) benefit(4)	(3,912		)	596			(8,445		)
Less: Loss on early extinguishment of debt, net	(25,369		)	(33,190		)	(37,816		)
Net income (loss)	$	15,765		$	(111,233	)	$	(241,430	)


(4)	For the years ended December 31, 2013 and 2012, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(5)	For the years ended December 31, 2013 and 2012, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.

Quarterly Financial Information Disclosure [Abstract]

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.

+ References

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
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-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
-Section 50
-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
-Paragraph 42
-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
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information (Unaudited)

The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts).



	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2014:
Revenue	$	109,950		$	113,486		$	129,843		$	108,749
Net income (loss)	$	(1,955	)	$	35,491		$	(3,594	)	$	(14,177	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.
Basic(1)	$	(13,270	)	$	22,327		$	(16,207	)	$	(26,572	)
Diluted(1)	$	(13,270	)	$	27,608		$	(16,207	)	$	(26,572	)
Earnings per share
Basic	$	(0.16	)	$	0.26		$	(0.19	)	$	(0.31	)
Diluted	$	(0.16	)	$	0.21		$	(0.19	)	$	(0.31	)
Weighted average number of common shares
Basic	85,188			85,163			84,916			84,819
Diluted	85,188			130,160			84,916			84,819
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.
Basic	$	(442	)	$	744		$	(542	)	$	(889	)
Diluted	$	(442	)	$	602		$	(542	)	$	(889	)
Earnings per share
Basic	$	(29.47	)	$	49.60		$	(36.13	)	$	(59.27	)
Diluted	$	(29.47	)	$	40.13		$	(36.13	)	$	(59.27	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15
	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2013:
Revenue	$	101,073		$	95,696		$	99,919		$	94,102
Net income (loss)	$	(45,992	)	$	(18,590	)	$	(14,398	)	$	(32,253	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(57,934	)	$	(30,571	)	$	(26,001	)	$	(41,263	)
Basic and diluted earnings per share	$	(0.68	)	$	(0.36	)	$	(0.31	)	$	(0.49	)
Weighted average number of common shares—basic and diluted	84,617			85,392			85,125			84,824
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(1,939	)	$	(1,016	)	$	(866	)	$	(1,381	)
Basic and diluted earnings per share	$	(129.26	)	$	(67.73	)	$	(57.74	)	$	(92.07	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15

Explanatory Note:

_______________________________________________________________________________


(1)	For the quarter ended September 30, 2014, includes net income attributable to iStar Financial Inc. and allocable to Participating Security Holders of $2 and $2 on a basic and dilutive basis, respectively.

Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Reserves

Schedule II—Valuation and Qualifying Accounts and Reserves

($ in thousands)



Description	Balance at Beginning of Period		Charged to Costs and Expenses			Adjustments to Valuation Accounts			Deductions			Balance at End of Period
For the Year Ended December 31, 2012
Reserve for loan losses(1)(2)	$	646,624	$	81,740		$	—		$	(203,865	)	$	524,499
Allowance for doubtful accounts(2)	3,668		1,928			—			—			5,596
Allowance for deferred tax assets(2)	50,889		(9,833		)	(176		)	—			40,880
	$	701,181	$	73,835		$	(176	)	$	(203,865	)	$	570,975
For the Year Ended December 31, 2013
Reserve for loan losses(1)(2)	$	524,499	$	5,489		$	—		$	(152,784	)	$	377,204
Allowance for doubtful accounts(2)	5,596		261			—			—			5,857
Allowance for deferred tax assets(2)	40,880		(4,473		)	19,855			—			56,262
	$	570,975	$	1,277		$	19,855		$	(152,784	)	$	439,323
For the Year Ended December 31, 2014
Reserve for loan losses(1)(2)	$	377,204	$	(1,714	)	$	—		$	(277,000	)	$	98,490
Allowance for doubtful accounts(2)	5,857		2,074			—			(4,285		)	3,646
Allowance for deferred tax assets(2)	56,262		(6,246		)	4,302			—			54,318
	$	439,323	$	(5,886	)	$	4,302		$	(281,285	)	$	156,454

Explanatory Notes:

_______________________________________________________________________________


(1)	See Note 5 to the Company's Consolidated Financial Statements.


(2)	See Note 3 to the Company's Consolidated Financial Statements.

Schedule III - Real Estate and Accumulated Depreciation (Notes)

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
OFFICE FACILITIES:
Arizona	OAZ002	$	—		$	1,033	$	6,652	$	951		$	1,033	$	7,603	$	8,636	$	2,825	1999	40.0
Arizona	OAZ003	—			1,033		6,652		287			1,033		6,939		7,972		2,589		1999	40.0
Arizona	OAZ004	—			1,033		6,652		205			1,033		6,857		7,890		2,570		1999	40.0
Arizona	OAZ005	—			701		4,339		—			701		4,339		5,040		1,645		1999	40.0
Arizona	OAZ006	—			10,780		36,336		1,294			10,780		37,630		48,410		5,827		2011	40.0
California	OCA002	—			4,139		5,064		1,596			4,139		6,660		10,799		2,229		2002	40.0
Colorado	OCO001	—			1,757		16,930		6,476			1,757		23,406		25,163		8,823		1999	40.0
Colorado	OCO002	4,856		(1)	—		16,752		48			—		16,800		16,800		5,356		2002	40.0
Florida	OFL001	—			2,517		14,484		5,112			2,517		19,596		22,113		2,168		2010	40.0
Georgia	OGA001	—			905		6,744		45			905		6,789		7,694		3,142		1999	40.0
Georgia	OGA002	—			5,709		49,091		22,344			5,709		71,435		77,144		24,788		1999	40.0
Massachusetts	OMA001	12,581		(1)	1,600		21,947		285			1,600		22,232		23,832		7,126		2002	40.0
Maryland	OMD001	12,033		(1)	1,800		18,706		740			1,800		19,446		21,246		6,044		2002	40.0
Michigan	OMI001	—			5,374		137,956		243			5,374		138,199		143,573		25,622		2007	40.0
New Jersey	ONJ001	52,675			7,726		74,429		10			7,724		74,441		82,165		22,447		2002	40.0
New Jersey	ONJ002	11,517			1,008		13,763		(81		)	1,008		13,682		14,690		3,725		2004	40.0
New Jersey	ONJ003	16,219		(1)	2,456		28,955		767			2,456		29,722		32,178		7,967		2004	40.0
Pennsylvania	OPA001	—			690		26,098		(49		)	690		26,049		26,739		8,656		2001	40.0
Tennessee	OTN001	—			2,702		25,129		(17,064		)	2,702		8,065		10,767		7,878		1999	40.0
Texas	OTX001	—			1,364		10,628		5,644			2,373		15,263		17,636		5,589		1999	40.0
Texas	OTX002	—			1,233		15,160		146			1,233		15,306		16,539		5,480		1999	40.0
Texas	OTX003	—			2,932		31,235		12,644			2,932		43,879		46,811		15,945		1999	40.0
Texas	OTX004	—			1,230		5,660		482			1,230		6,142		7,372		2,303		1999	40.0
Wisconsin	OWI001	—			1,875		13,914		(6,147		)	1,875		7,767		9,642		4,696		1999	40.0
Subtotal		$	109,881		$	61,597	$	593,276	$	35,978		$	62,604	$	628,247	$	690,851	$	185,440
INDUSTRIAL FACILITIES:
Arizona	IAZ001	—			2,519		7,481		1,009			2,519		8,490		11,009		1,249		2009	40.0
Arizona	IAZ002	—			3,279		5,221		2,387			3,279		7,608		10,887		1,185		2009	40.0
California	ICA001	17,736		(1)	11,635		19,515		5,943			11,635		25,458		37,093		4,496		2007	40.0
California	ICA005	—		(1)	654		4,591		2,044			654		6,635		7,289		2,697		1999	40.0
California	ICA006	—			1,086		7,964		2,876			1,086		10,840		11,926		4,560		1999	40.0
California	ICA007	—		(1)	4,880		12,367		3,550			4,880		15,917		20,797		5,656		1999	40.0
California	ICA008	—		(1)	6,857		8,378		1,643			6,856		10,022		16,878		3,326		2002	40.0
California	ICA012	—		(1)	3,044		3,716		3,643			3,044		7,359		10,403		2,266		2002	40.0
California	ICA013	—		(1)	2,633		3,219		290			2,633		3,509		6,142		1,240		2002	40.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
California	ICA014	—			4,600		5,627		4,039			4,600		9,666		14,266		2,434		2002	40.0
California	ICA015	—			5,617		6,877		5,501			5,619		12,376		17,995		6,618		2002	40.0
California	ICA016	27,456			15,708		27,987		7,619			15,708		35,606		51,314		14,473		2004	40.0
California	ICA017	—			808		8,306		588			808		8,894		9,702		3,241		1999	40.0
Colorado	ICO001	—			832		1,379		—			832		1,379		2,211		289		2006	40.0
Florida	IFL002	15,365		(1)	3,510		20,846		8,279			3,510		29,125		32,635		4,795		2007	40.0
Florida	IFL004	—			3,048		8,676		—			3,048		8,676		11,724		3,290		1999	40.0
Florida	IFL005	—			1,612		4,586		(1,408		)	1,241		3,549		4,790		784		1999	40.0
Florida	IFL006	—			1,476		4,198		(4,497		)	450		727		1,177		521		1999	40.0
Georgia	IGA001	13,373		(1)	2,791		24,637		349			2,791		24,986		27,777		4,488		2007	40.0
Indiana	IIN001	—			462		9,224		—			462		9,224		9,686		2,303		2007	40.0
Massachusetts	IMA001	18,400		(1)	7,439		21,774		10,979			7,439		32,753		40,192		5,391		2007	40.0
Michigan	IMI001	—			598		9,814		1			598		9,815		10,413		2,476		2007	40.0
Minnesota	IMN001	—			403		1,147		(344		)	1,206		—		1,206		—		1999	40.0
Minnesota	IMN002	—			6,705		17,690		—			6,225		18,170		24,395		4,502		2005	40.0
North Carolina	INC001	—			680		5,947		—			680		5,947		6,627		1,543		2004	40.0
New Jersey	INJ001	21,340		(1)	8,368		15,376		21,141			8,368		36,517		44,885		6,085		2007	40.0
New York	INY001	—			1,796		5,108		4			1,796		5,112		6,908		1,939		1999	40.0
Texas	ITX003	—			3,617		3,432		—			3,617		3,432		7,049		719		2006	40.0
Texas	ITX004	13,278		(1)	1,631		27,858		(416		)	1,631		27,442		29,073		4,872		2007	40.0
Texas	ITX005	—			1,314		8,903		46			1,314		8,949		10,263		3,389		1999	40.0
Virginia	IVA001	14,321		(1)	2,619		28,481		142			2,619		28,623		31,242		5,139		2007	40.0
Subtotal		$	141,269		$	112,221	$	340,325	$	75,408		$	111,148	$	416,806	$	527,954	$	105,966
LAND:
Arizona	LAZ001	—			96,700		—		—			96,700		—		96,700		—		2010	0.0
Arizona	LAZ002	—		(1)	13,170		5,144		64			13,170		5,208		18,378		472		2011	40.0
California	LCA002	—			28,464		2,836		(11,000		)	17,464		2,836		20,300		2,409		2010	40.0
California	LCA003	—			87,300		—		(11,330		)	75,970		—		75,970		—		2009	0.0
California	LCA004	—			68,155		—		(21,405		)	46,750		—		46,750		—		2000	0.0
California	LCA005	—			84,100		—		5,628			89,728		—		89,728		—		2010	0.0
California	LCA006	—			59,100		—		—			59,100		—		59,100		—		2010	0.0
California	LCA008	—			30,500		—		—			30,500		—		30,500		—		2011	0.0
California	LCA009	—			4,095		8,323		1,638			4,095		9,961		14,056		3,507		1999	40.0
Florida	LFA001	—			7,600		—		—			7,600		—		7,600		—		2009	0.0
Florida	LFA002	—			8,100		—		—			8,100		—		8,100		—		2009	0.0
Florida	LFA003	—			26,600		—		27,218			26,600		27,218		53,818		—		2010	0.0




				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation			Date Acquired	Depreciable Life (Years)
Florida	LFA004	—		10,440		—		—			10,440		—		10,440		—			2013	0.0
Florida	LFA005	—		9,300		—		—			9,300		—		9,300		—			2010	0.0
Florida	LFA006	—		9,300		—		—			9,300		—		9,300		—			2012	0.0
Florida	LFA007	—		5,883		—		—			5,883		—		5,883		—			2014	0.0
Georgia	LGA001	—		3,800		—		—			3,800		—		3,800		—			2013	0.0
Georgia	LGA002	—		1,400		—		—			1,400		—		1,400		—			2013	0.0
Maryland	LMD001	—		102,938		—		—			102,938		—		102,938		—			2009	0.0
Maryland	LMD002	—		2,486		—		—			2,486		—		2,486		326			1999	70.0
New Jersey	LNJ001	—		43,300		—		38,632			81,932		—		81,932		163		(3)	2009	0.0
New York	LNY001	—		52,461		—		2,525			52,461		2,525		54,986		—			2009	0.0
New York	LNY002	—		58,900		—		(9,506		)	49,394		—		49,394		—			2011	0.0
New York	LNY003	—		3,277		—		3,825			3,277		3,825		7,102		—			2013	0.0
Oregon	LOR001	—		3,674		—		215			3,674		215		3,889		—			2012	0.0
Oregon	LOR002	—		20,326		—		(9,558		)	10,768		—		10,768		—			2012	0.0
Texas	LTX001	—		3,375		—		—			3,375		—		3,375		—			2005	0.0
Texas	LTX002	—		3,621		—		—			3,621		—		3,621		—			2005	0.0
Virginia	LVA001	—		60,814		—		27,115			87,929		—		87,929		1,554		(3)	2009	0.0
Virginia	LVA001	—		11,324		—		(8,017		)	3,307		—		3,307		—			2009	0.0
Subtotal		$	—	$	920,503	$	16,303	$	36,044		$	921,062	$	51,788	$	972,850	$	8,431
ENTERTAINMENT:
Alabama	EAL001	—		277		359		(1		)	277		358		635		97			2004	40.0
Alabama	EAL002	—		319		414		1			319		415		734		112			2004	40.0
Arizona	EAZ001	—		793		1,027		3			793		1,030		1,823		278			2004	40.0
Arizona	EAZ002	—		521		673		(1		)	521		672		1,193		183			2004	40.0
Arizona	EAZ003	—		305		394		(1		)	305		393		698		107			2004	40.0
Arizona	EAZ004	—		630		815		2			630		817		1,447		221			2004	40.0
Arizona	EAZ005	—		590		764		2			590		766		1,356		207			2004	40.0
Arizona	EAZ006	—		476		616		(1		)	476		615		1,091		167			2004	40.0
Arizona	EAZ007	—		654		845		(1		)	654		844		1,498		229			2004	40.0
Arizona	EAZ008	—		666		862		(2		)	666		860		1,526		233			2004	40.0
Arizona	EAZ009	—		460		596		2			460		598		1,058		161			2004	40.0
California	ECA001	—		1,097		1,421		3			1,097		1,424		2,521		384			2004	40.0
California	ECA002	—		434		560		2			434		562		996		152			2004	40.0
California	ECA003	—		332		429		1			332		430		762		116			2004	40.0
California	ECA004	—		1,642		2,124		(4		)	1,642		2,120		3,762		575			2004	40.0
California	ECA005	—		676		876		2			676		878		1,554		237			2004	40.0




			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
California	ECA006	—	720	932	2		720	934	1,654	252	2004	40.0
California	ECA007	—	574	743	(1	)	574	742	1,316	201	2004	40.0
California	ECA008	—	392	508	(1	)	392	507	899	137	2004	40.0
California	ECA009	—	358	464	(1	)	358	463	821	126	2004	40.0
California	ECA010	—	—	18,000	—		—	18,000	18,000	4,760	2003	40.0
California	ECA011	—	852	1,101	(2	)	852	1,099	1,951	298	2004	40.0
California	ECA012	—	1,572	2,034	5		1,572	2,039	3,611	551	2004	40.0
California	ECA013	—	—	1,953	25,772		—	27,725	27,725	4,042	2008	40.0
California	ECA014	—	659	852	(2	)	659	850	1,509	231	2004	40.0
California	ECA015	—	562	729	1		562	730	1,292	197	2004	40.0
California	ECA016	—	896	1,159	(2	)	896	1,157	2,053	314	2004	40.0
Colorado	ECO001	—	466	602	(1	)	466	601	1,067	163	2004	40.0
Colorado	ECO002	—	640	827	3		640	830	1,470	224	2004	40.0
Colorado	ECO003	—	729	944	2		729	946	1,675	255	2004	40.0
Colorado	ECO004	—	536	694	(1	)	536	693	1,229	188	2004	40.0
Colorado	ECO005	—	412	533	2		412	535	947	144	2004	40.0
Colorado	ECO006	—	901	1,165	(2	)	901	1,163	2,064	316	2004	40.0
Connecticut	ECT001	—	1,097	1,420	(2	)	1,097	1,418	2,515	385	2004	40.0
Connecticut	ECT002	—	330	426	1		330	427	757	115	2004	40.0
Delaware	EDE001	—	1,076	1,390	7		1,076	1,397	2,473	377	2004	40.0
Florida	EFL001	—	—	41,809	—		—	41,809	41,809	15,198	2005	27.0
Florida	EFL002	—	412	531	—		412	531	943	144	2004	40.0
Florida	EFL003	—	6,550	—	17,118		6,533	17,135	23,668	3,281	2006	40.0
Florida	EFL004	—	1,067	1,382	4		1,067	1,386	2,453	374	2004	40.0
Florida	EFL005	—	340	439	(1	)	340	438	778	119	2004	40.0
Florida	EFL006	—	401	520	1		401	521	922	141	2004	40.0
Florida	EFL007	—	507	655	(1	)	507	654	1,161	178	2004	40.0
Florida	EFL008	—	282	364	(1	)	282	363	645	99	2004	40.0
Florida	EFL009	—	352	455	1		352	456	808	123	2004	40.0
Florida	EFL011	—	437	567	1		437	568	1,005	153	2004	40.0
Florida	EFL012	—	532	689	1		532	690	1,222	186	2004	40.0
Florida	EFL014	—	486	629	2		486	631	1,117	170	2004	40.0
Florida	EFL016	—	497	643	(1	)	497	642	1,139	174	2004	40.0
Florida	EFL018	—	643	833	(2	)	643	831	1,474	225	2004	40.0
Florida	EFL019	—	4,200	18,272	—		4,200	18,272	22,472	4,497	2005	40.0
Florida	EFL020	—	551	714	(2	)	551	712	1,263	193	2004	40.0




			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Florida	EFL021	—	364	470	(1	)	364	469	833	127	2004	40.0
Florida	EFL022	—	507	656	2		507	658	1,165	178	2004	40.0
Florida	EFL023	—	—	19,337	—		—	19,337	19,337	4,759	2005	40.0
Georgia	EGA001	—	510	660	(2	)	510	658	1,168	179	2004	40.0
Georgia	EGA002	—	286	371	1		286	372	658	100	2004	40.0
Georgia	EGA003	—	474	613	1		474	614	1,088	166	2004	40.0
Georgia	EGA004	—	581	752	2		581	754	1,335	203	2004	40.0
Georgia	EGA005	—	718	930	(2	)	718	928	1,646	252	2004	40.0
Georgia	EGA006	—	546	706	2		546	708	1,254	191	2004	40.0
Georgia	EGA007	—	502	651	(1	)	502	650	1,152	176	2004	40.0
Illinois	EIL001	—	335	434	1		335	435	770	117	2004	40.0
Illinois	EIL002	—	481	622	1		481	623	1,104	168	2004	40.0
Illinois	EIL003	—	8,803	57	30,479		8,803	30,536	39,339	5,583	2006	40.0
Illinois	EIL004	—	433	560	(2	)	433	558	991	152	2004	40.0
Illinois	EIL005	—	431	557	(1	)	431	556	987	151	2004	40.0
Indiana	EIN001	—	542	701	(1	)	542	700	1,242	190	2004	40.0
Kentucky	EKY001	—	417	539	1		417	540	957	146	2004	40.0
Kentucky	EKY002	—	365	473	(1	)	365	472	837	128	2004	40.0
Massachusetts	EMA001	—	523	678	(2	)	523	676	1,199	183	2004	40.0
Massachusetts	EMA002	—	548	711	1		548	712	1,260	192	2004	40.0
Massachusetts	EMA003	—	519	672	(2	)	519	670	1,189	182	2004	40.0
Massachusetts	EMA004	—	344	445	1		344	446	790	120	2004	40.0
Maryland	EMD001	—	428	554	1		428	555	983	150	2004	40.0
Maryland	EMD002	—	575	745	2		575	747	1,322	202	2004	40.0
Maryland	EMD003	—	362	468	(1	)	362	467	829	127	2004	40.0
Maryland	EMD004	—	884	1,145	(3	)	884	1,142	2,026	310	2004	40.0
Maryland	EMD006	—	399	518	(1	)	399	517	916	140	2004	40.0
Maryland	EMD007	—	649	839	(2	)	649	837	1,486	227	2004	40.0
Maryland	EMD008	—	366	473	—		366	473	839	128	2004	40.0
Maryland	EMD009	—	398	516	(1	)	398	515	913	140	2004	40.0
Maryland	EMD011	—	1,126	1,458	3		1,126	1,461	2,587	394	2004	40.0
Michigan	EMI002	—	516	667	(1	)	516	666	1,182	181	2004	40.0
Michigan	EMI003	—	554	718	2		554	720	1,274	194	2004	40.0
Michigan	EMI004	—	387	500	(1	)	387	499	886	136	2004	40.0
Michigan	EMI005	—	533	691	(2	)	533	689	1,222	187	2004	40.0
Minnesota	EMN001	—	666	861	(2	)	666	859	1,525	233	2004	40.0




			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Minnesota	EMN002	—	2,962	—	15,384		2,962	15,384	18,346	3,078	2006	40.0
Minnesota	EMN004	—	2,437	8,715	679		2,437	9,394	11,831	2,292	2006	40.0
Missouri	EMO001	—	334	432	1		334	433	767	117	2004	40.0
Missouri	EMO002	—	404	523	(2	)	404	521	925	142	2004	40.0
Missouri	EMO003	—	462	597	(1	)	462	596	1,058	162	2004	40.0
Missouri	EMO004	—	878	1,139	3		878	1,142	2,020	308	2004	40.0
North Carolina	ENC001	—	397	513	1		397	514	911	139	2004	40.0
North Carolina	ENC002	—	476	615	(1	)	476	614	1,090	167	2004	40.0
North Carolina	ENC003	—	410	530	(1	)	410	529	939	144	2004	40.0
North Carolina	ENC004	—	402	520	(1	)	402	519	921	141	2004	40.0
North Carolina	ENC005	—	948	1,227	3		948	1,230	2,178	332	2004	40.0
North Carolina	ENC006	—	259	336	(1	)	259	335	594	91	2004	40.0
North Carolina	ENC007	—	349	452	1		349	453	802	122	2004	40.0
North Carolina	ENC008	—	640	828	2		640	830	1,470	224	2004	40.0
North Carolina	ENC009	—	409	531	1		409	532	941	143	2004	40.0
North Carolina	ENC010	—	965	1,249	(3	)	965	1,246	2,211	338	2004	40.0
North Carolina	ENC011	—	475	615	1		475	616	1,091	166	2004	40.0
North Carolina	ENC012	—	494	638	(1	)	494	637	1,131	173	2004	40.0
New Jersey	ENJ001	—	1,560	2,019	(4	)	1,560	2,015	3,575	547	2004	40.0
New Jersey	ENJ002	—	830	1,075	2		830	1,077	1,907	291	2004	40.0
Nevada	ENV001	—	440	569	(1	)	440	568	1,008	154	2004	40.0
New York	ENY001	—	603	779	(1	)	603	778	1,381	211	2004	40.0
New York	ENY002	—	442	571	2		442	573	1,015	155	2004	40.0
New York	ENY004	—	385	499	(1	)	385	498	883	135	2004	40.0
New York	ENY005	—	350	453	1		350	454	804	123	2004	40.0
New York	ENY006	—	326	421	2		326	423	749	114	2004	40.0
New York	ENY007	—	494	640	2		494	642	1,136	173	2004	40.0
New York	ENY008	—	320	414	(1	)	320	413	733	112	2004	40.0
New York	ENY009	—	399	516	(1	)	399	515	914	140	2004	40.0
New York	ENY010	—	959	1,240	(3	)	959	1,237	2,196	336	2004	40.0
New York	ENY011	—	587	761	2		587	763	1,350	206	2004	40.0
New York	ENY012	—	521	675	(2	)	521	673	1,194	183	2004	40.0
New York	ENY013	—	711	920	2		711	922	1,633	249	2004	40.0
New York	ENY014	—	558	723	(2	)	558	721	1,279	196	2004	40.0
New York	ENY015	—	747	967	3		747	970	1,717	262	2004	40.0
New York	ENY016	—	683	885	(2	)	683	883	1,566	240	2004	40.0




			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
New York	ENY017	—	1,492	1,933	4		1,492	1,937	3,429	523	2004	40.0
New York	ENY018	—	1,471	1,904	(4	)	1,471	1,900	3,371	516	2004	40.0
Ohio	EOH001	—	434	562	1		434	563	997	152	2004	40.0
Ohio	EOH002	—	967	1,252	(2	)	967	1,250	2,217	339	2004	40.0
Ohio	EOH003	—	281	365	(1	)	281	364	645	99	2004	40.0
Ohio	EOH004	—	393	508	2		393	510	903	138	2004	40.0
Oklahoma	EOK001	—	431	557	(1	)	431	556	987	151	2004	40.0
Oklahoma	EOK002	—	954	1,235	3		954	1,238	2,192	334	2004	40.0
Oregon	EOR002	—	393	508	(1	)	393	507	900	138	2004	40.0
Pennsylvania	EPA001	—	407	527	1		407	528	935	143	2004	40.0
Pennsylvania	EPA002	—	421	544	2		421	546	967	147	2004	40.0
Pennsylvania	EPA003	—	409	528	(1	)	409	527	936	143	2004	40.0
Pennsylvania	EPA004	—	407	527	(1	)	407	526	933	143	2004	40.0
Puerto Rico	EPR001	—	950	1,230	3		950	1,233	2,183	333	2004	40.0
Rhode Island	ERI001	—	850	1,100	(2	)	850	1,098	1,948	298	2004	40.0
South Carolina	ESC002	—	332	429	1		332	430	762	116	2004	40.0
South Carolina	ESC003	—	924	1,196	3		924	1,199	2,123	324	2004	40.0
Tennessee	ETN001	—	260	338	—		260	338	598	91	2004	40.0
Texas	ETX001	—	1,045	1,353	3		1,045	1,356	2,401	366	2004	40.0
Texas	ETX002	—	593	767	(2	)	593	765	1,358	208	2004	40.0
Texas	ETX004	—	838	1,083	(2	)	838	1,081	1,919	294	2004	40.0
Texas	ETX005	—	528	682	(1	)	528	681	1,209	185	2004	40.0
Texas	ETX006	—	480	622	(1	)	480	621	1,101	168	2004	40.0
Texas	ETX007	—	975	1,261	(3	)	975	1,258	2,233	342	2004	40.0
Texas	ETX008	—	1,108	1,433	(3	)	1,108	1,430	2,538	388	2004	40.0
Texas	ETX009	—	425	549	(56	)	425	493	918	140	2004	40.0
Texas	ETX010	—	518	671	2		518	673	1,191	182	2004	40.0
Texas	ETX011	—	758	981	3		758	984	1,742	266	2004	40.0
Texas	ETX013	—	375	485	(1	)	375	484	859	131	2004	40.0
Texas	ETX014	—	438	567	(1	)	438	566	1,004	154	2004	40.0
Texas	ETX017	—	561	726	2		561	728	1,289	196	2004	40.0
Texas	ETX018	—	753	976	2		753	978	1,731	264	2004	40.0
Texas	ETX019	—	521	675	2		521	677	1,198	183	2004	40.0
Texas	ETX020	—	634	821	(1	)	634	820	1,454	222	2004	40.0
Texas	ETX021	—	379	491	(1	)	379	490	869	133	2004	40.0
Texas	ETX022	—	592	766	2		592	768	1,360	207	2004	40.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
Utah	EUT001	—			624		808		2			624		810		1,434		219		2004	40.0
Virginia	EVA001	—			1,134		1,467		4			1,134		1,471		2,605		397		2004	40.0
Virginia	EVA002	—			845		1,094		2			845		1,096		1,941		296		2004	40.0
Virginia	EVA003	—			884		1,145		(2		)	884		1,143		2,027		310		2004	40.0
Virginia	EVA004	—			953		1,233		(3		)	953		1,230		2,183		334		2004	40.0
Virginia	EVA005	—			487		632		1			487		633		1,120		171		2004	40.0
Virginia	EVA006	—			425		550		(1		)	425		549		974		149		2004	40.0
Virginia	EVA007	—			1,151		1,490		(3		)	1,151		1,487		2,638		403		2004	40.0
Virginia	EVA008	—			546		707		2			546		709		1,255		191		2004	40.0
Virginia	EVA009	—			851		1,103		3			851		1,106		1,957		298		2004	40.0
Virginia	EVA010	—			819		1,061		2			819		1,063		1,882		287		2004	40.0
Virginia	EVA011	—			958		1,240		3			958		1,243		2,201		336		2004	40.0
Virginia	EVA012	—			788		1,020		(2		)	788		1,018		1,806		276		2004	40.0
Virginia	EVA013	—			554		716		(1		)	554		715		1,269		194		2004	40.0
Washington	EWA001	—			1,500		6,500		—			1,500		6,500		8,000		2,116		2003	40.0
Wisconsin	EWI001	—			521		673		4			521		677		1,198		183		2004	40.0
Wisconsin	EWI002	—			413		535		2			413		537		950		145		2004	40.0
Wisconsin	EWI003	—			542		702		(2		)	542		700		1,242		190		2004	40.0
Wisconsin	EWI004	—			793		1,025		(2		)	793		1,023		1,816		278		2004	40.0
Wisconsin	EWI005	—			1,124		1,455		10			1,124		1,465		2,589		394		2004	40.0
Subtotal		$	—		$	129,798	$	248,396	$	89,411		$	129,781	$	337,824	$	467,605	$	85,812
RETAIL:
Arizona	RAZ003	—			2,625		4,875		1,355			2,625		6,230		8,855		515		2009	40.0
Arizona	RAZ004	—			2,184		4,056		(1,588		)	2,184		2,468		4,652		194		2009	40.0
Arizona	RAZ005	—		(1)	2,657		2,666		(277		)	2,657		2,389		5,046		326		2011	40.0
California	RCA001	—			2,569		3,031		370			2,569		3,401		5,970		413		2010	40.0
Colorado	RCO001	—		(1)	2,631		279		5,195			2,607		5,498		8,105		1,048		2006	40.0
Florida	RFL003	—		(1)	3,950		—		10,285			3,908		10,327		14,235		2,147		2005	40.0
Hawaii	RHI001	—			3,393		21,155		(10,144		)	3,393		11,011		14,404		1,895		2009	40.0
Illinois	RIL001	—		(1)	—		336		1,193			—		1,529		1,529		406		2010	40.0
Illinois	RIL002	—			14,934		29,675		5,606			14,934		35,281		50,215		2,961		2012	40.0
New Mexico	RNM001	—		(1)	1,733		—		8,370			1,705		8,398		10,103		1,592		2005	40.0
New York	RNY001	—		(1)	731		6,073		699			711		6,792		7,503		1,725		2005	40.0
Pennsylvania	RPA001	—			5,687		56,950		2,367			5,687		59,317		65,004		6,264		2011	40.0
South Carolina	RSC001	—			2,126		948		(723		)	1,337		1,014		2,351		185		2007	40.0
Texas	RTX001	—		(1)	3,538		4,215		171			3,514		4,410		7,924		1,249		2005	40.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
Texas	RTX002	—			1,225		2,275		(791		)	1,225		1,484		2,709		—		2010	0.0
Texas	RTX003	—			630		1,170		(409		)	630		761		1,391		—		2010	0.0
Utah	RUT001	—		(1)	3,502		—		5,975			3,502		5,975		9,477		1,226		2005	40.0
Virginia	RVA001	—			4,720		16,711		—			4,720		16,711		21,431		1,010		2011	40.0
Subtotal		$	—		$	58,835	$	154,415	$	27,654		$	57,908	$	182,996	$	240,904	$	23,156
HOTEL:
California	HCA002	—		(1)	4,394		27,030		(871		)	4,394		26,159		30,553		11,311		1998	40.0
California	HCA003	—		(1)	3,308		20,623		(664		)	3,308		19,959		23,267		8,614		1998	40.0
Colorado	HCO001	—		(1)	1,242		7,865		(253		)	1,242		7,612		8,854		3,278		1998	40.0
Georgia	HGA001	—			6,378		25,514		858			6,378		26,372		32,750		3,700		2010	40.0
Hawaii	HHI001	—		(1)	17,996		17,996		6,573			17,996		24,569		42,565		4,531		2009	40.0
Hawaii	HHI002	—			3,000		12,000		1,090			3,000		13,090		16,090		1,628		2009	40.0
Utah	HUT001	—		(1)	5,620		32,695		(1,058		)	5,620		31,637		37,257		13,790		1998	40.0
Washington	HWA004	—		(1)	5,101		32,080		(1,031		)	5,101		31,049		36,150		13,383		1998	40.0
Subtotal		$	—		$	47,039	$	175,803	$	4,644		$	47,039	$	180,447	$	227,486	$	60,235
APARTMENT/RESIDENTIAL:
Arizona	AAZ001	—			2,423		—		13,372			2,423		13,372		15,795		—		2010	0.0
California	ACA001	—			7,333		29,333		(33,290		)	675		2,701		3,376		—		2009	0.0
California	ACA002	—			10,078		40,312		(43,252		)	1,428		5,710		7,138		—		2007	0.0
Florida	AFL001	—			2,394		24,206		(26,420		)	16		164		180		—		2009	0.0
Florida	AFL002	—			6,540		15,260		(21,800		)	—		—		—		—		2010	0.0
Florida	AFL003	—			30,900		30,900		(56,430		)	2,685		2,685		5,370		—		2011	0.0
Georgia	AGA001	—		(1)	2,963		11,850		10,323			5,027		20,109		25,136		—		2010	0.0
Hawaii	AHI001	—			8,080		12,120		(18,535		)	666		999		1,665		—		2010	0.0
Hawaii	AHI003	—			3,483		9,417		(12,417		)	130		353		483		—		2009	0.0
New Jersey	ANJ001	—			36,405		64,719		(100,639		)	175		310		485		—		2009	0.0
Nevada	ANZ001	—			18,117		106,829		(117,328		)	1,104		6,514		7,618		—		2009	0.0
Pennsylvania	APA001	—		(1)	44,438		82,527		(117,620		)	3,271		6,074		9,345		—		2012	0.0
Pennsylvania	APA002	—			15,890		29,510		(8,356		)	15,891		21,153		37,044		—		2012	0.0
Washington	AWA001	—			2,342		44,478		(44,703		)	106		2,011		2,117		—		2009	0.0
Subtotal		$	—		$	191,386	$	501,461	$	(577,095	)	$	33,597	$	82,155	$	115,752	$	—
MIXED USE:
Arizona	MAZ002	—			10,182		52,544		20,731			10,030		73,427		83,457		8,752		2011	40.0
California	MCA001	—			5,869		629		2			5,870		630		6,500		262		2010	40.0
Florida	MFL001	—			8,450		8,216		(2,405		)	8,450		5,811		14,261		1,742		2008	40.0
Florida	MFL002	—			18,229		20,899		1,637			18,229		22,536		40,765		729		2014	40.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total			Accumulated Depreciation			Date Acquired	Depreciable Life (Years)
Florida	MFL003	—			2,507		8,155		1,224			2,507		9,379		11,886			332			2014	40.0
Florida	MFL004	—			4,201		14,652		882			4,201		15,534		19,735			418			2014	40.0
Georgia	MGA001	—		(1)	4,480		17,916		2,274			4,479		20,191		24,670			705			2010	40.0
Subtotal		$	—		$	53,918	$	123,011	$	24,345		$	53,766	$	147,508	$	201,274		$	12,940
Total		$	251,150		$	1,575,297	$	2,152,990	$	(283,611	)	$	1,416,905	$	2,027,771	$	3,444,676	(4) (5)	$	481,980	(5)

Explanatory Notes:

_______________________________________________________________________________


(1)	Consists of properties pledged as collateral under the Company's secured credit facilities with a total book value of $381.6 million


(2)	Includes impairments and unit sales.


(3)	These properties have land improvements which have depreciable lives of 15 to 20 years.


(4)	The aggregate cost for Federal income tax purposes was approximately $3.78 billion at December 31, 2014.


(5)	Includes $13.1 million relating to accumulated depreciation for real estate assets held for sale as of December 31, 2014.

1. Reconciliation of Real Estate:

The following table reconciles Real Estate from January 1, 2012 to December 31, 2014:



	2014			2013			2012
Balance at January 1	$	3,589,072		$	3,763,310		$	3,927,750
Improvements and additions	145,238			126,664			111,760
Acquisitions through foreclosure	77,867			31,764			269,100
Other acquisitions	4,666			69,379			—
Dispositions	(341,453		)	(388,906		)	(510,504		)
Impairments	(30,714		)	(13,139		)	(34,796		)
Balance at December 31	$	3,444,676		$	3,589,072		$	3,763,310

2. Reconciliation of Accumulated Depreciation:

The following table reconciles Accumulated Depreciation from January 1, 2012 to December 31, 2014:



	2014			2013			2012
Balance at January 1	$	(432,374	)	$	(388,346	)	$	(356,810	)
Additions	(62,299		)	(59,208		)	(59,968		)
Dispositions	12,693			15,180			28,432
Balance at December 31	$	(481,980	)	$	(432,374	)	$	(388,346	)

Schedule IV - Mortgage Loans on Real Estate (Notes)

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

iStar Financial Inc.

Schedule IV—Mortgage Loans on Real Estate

As of December 31, 2014

($ in thousands)

Type of Loan/Borrower

Underlying Property Type

Contractual

Interest

Accrual

Rates

Contractual

Interest

Payment

Rates

Effective

Maturity

Dates

Periodic

Payment

Terms

Prior

Liens

Face

Amount

Mortgages

Carrying

Amount

Mortgages(1)(2)

Senior Mortgages:

Borrower A

Office

LIBOR + 5.25%

December 2017

—

142,736

140,553

Borrower B(3)

Mixed Use/Mixed Collateral

LIBOR + 8%

January 2017

—

118,750

117,818

Borrower C

Mixed Use/Mixed Collateral

LIBOR + 6%

July 2017

—

93,500

92,525

Borrower D

Apartment/Residential

LIBOR + 5.25%

January 2015

—

63,842

64,574

Borrower E(4)

Retail

LIBOR + 3%

July 2009

—

46,075

24,270

Senior mortgages individually <3%

Apartment/Residential, Retail, Land, Industrial/R&D, Mixed Use/Mixed Collateral, Office, Hotel, Other

Fixed: 4% to 13% Variable: LIBOR + 2.75% to LIBOR + 8%

Fixed: 4% to 9.68% Variable: LIBOR + 2.75% to LIBOR + 8%

2015 to 2024

276,626

233,355

741,529

673,095

Subordinate Mortgages:

Borrower F

Other

April 2015

100,000

25,000

24,992

Subordinate mortgages individually <3%

Retail, Hotel, Other

Fixed: 6.8% to 14%

Fixed: 8.12% to 14%

2015 to 2057

28,274

28,339

53,274

53,331

Total mortgages

794,803

726,426

Explanatory Notes:

_______________________________________________________________________________


(1)	Amounts are presented net of asset-specific reserves of $64.4 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.


(2)	The carrying amount of mortgages approximated the federal income tax basis.


(3)	As of December 31, 2014, included a LIBOR interest rate floor of 0.25%.


(4)	Loan is in default with $46.1 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. As of December 31, 2014, included a LIBOR interest rate floor of 4.0%.

iStar Financial Inc.

Schedule IV—Mortgage Loans on Real Estate (Continued)

As of December 31, 2014

($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

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



	2014			2013			2012
Balance at January 1	$	827,796		$	1,421,654		$	2,449,554
Additions:
New mortgage loans	476,332			19,249			2,205
Additions under existing mortgage loans	13,108			31,589			29,887
Other(2)	26,156			16,385			33,324
Deductions(3):
Collections of principal	(532,465		)	(636,883		)	(700,943		)
Recovery of (provision for) loan losses	483			25,011			(121,869		)
Transfers to real estate and equity investments	(84,912		)	(49,100		)	(270,359		)
Amortization of premium	(72		)	(109		)	(145		)
Balance at December 31	$	726,426		$	827,796		$	1,421,654

Explanatory Notes:

_______________________________________________________________________________


(1)	Balances represent the carrying value of loans, which are net of asset specific reserves.


(2)	Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates.


(3)	Amounts are presented net of charge-offs of $239.6 million, $152.8 million and $106.9 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2014
Accounting Policies [Abstract]
Capitalization and depreciation	Capitalization and depreciation—Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other value methods as appropriate during construction. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.
Purchase price allocation	Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's Consolidated Balance Sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market leases, in-place leases and the value of customer relationships, which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's Consolidated Balance Sheets. In-place leases and customer relationships are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations. The capitalized above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset.
Impairments	Impairments—The Company reviews long-lived assets to be held and used, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets that are not held for sale are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations. Impairments of real estate assets that are disposed of or classified as held for sale after December 31, 2013 and which do not represent a strategic shift that has (or will have) a major effect on the Company's operations and financial results are also recorded in "Impairments of assets" on the Company's Consolidated Statements of Operations.
Real estate available and held for sale	Real estate available and held for sale—The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets sold or classified as held for sale on or before December 31, 2013 are included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. Impairment for real estate assets disposed of or classified as held for sale after December 31, 2013 are included in "Impairment of assets" on the Company's Consolidated Statements of Operations. Once a real estate asset is classified as held for sale and represents a strategic shift, depreciation expense is no longer recorded and historical operating results, including impairments, are reclassified to "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's Consolidated Balance Sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell. The Company reports residential property units to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in “Impairment of assets” on the Company's Consolidated Statements of Operations. The net carrying costs for residential property units are recorded in “Real estate expense” on the Company's Consolidated Statements of Operations.
Dispositions	Dispositions—Revenue from sales of land and gains or losses on the sale of other real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20, Real Estate Sales. Sales of land and the associated gains on sales for residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Revenues from sales of land are included in "Land sales revenue" and costs of land sales are included in "Land cost of sales" on the Company’s Consolidated Statements of Operations. Gains on sales of net lease assets or commercial operating properties disposed of or classified as held for sale on or before December 31, 2013 are recorded in “Gains from discontinued operations” on the Company's Consolidated Statements of Operations. Gain on sales of net lease assets or commercial operating properties disposed of or classified as held for sale after December 31, 2013 and profits on sales of residential property within the operating property segment are included in "Income from sales of real estate" on the Company's Consolidated Statements of Operations.
Loans receivable and other lending investments, net	Loans receivable and other lending investments, net—Loans receivable and other lending investments, net includes the following investments: senior mortgages, subordinate mortgages, corporate/partnership loans, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs.
Debt securities, other than temporary impairment	For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" on the Company's Consolidated Statements of Operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" on the Company's Consolidated Statements of Operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets.
Loans and leases receivable, real estate acquired through foreclosure	The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure.
Equity and cost method investments	Equity and cost method investments—Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" on the Consolidated Statements of Operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's Consolidated Balance Sheets. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately small interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.
Cash and cash equivalents	Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days.
Restricted cash	Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions.
Variable interest entities	Variable interest entities—The Company evaluated its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. The Company has investments in certain funds that meet the deferral criteria in Accounting Standards Update ("ASU") 2010-10 and will continue to assess consolidation of these entities under the overall guidance on the consolidation of VIEs in ASC 810-10. The consolidation evaluation is similar to the process noted above, except that the primary beneficiary is the party that will receive a majority of the VIE's anticipated losses, a majority of the VIE's expected residual returns, or both. In addition, for entities that meet the deferral criteria, the Company reassesses its initial evaluation of the primary beneficiary and whether an entity is a VIE upon the occurrence of certain reconsideration events.
Deferred expense	Deferred expenses—Deferred expenses include leasing costs and financing fees. Leasing costs include brokerage, legal and other costs which are amortized over the life of the respective leases. External fees and costs incurred to obtain long-term financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" on the Company's Consolidated Statements of Operations.
Identified intangible assets and liabilities	Identified intangible assets and liabilities—Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2014, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations.
Revenue recognition leases	Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's Consolidated Balance Sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” on the Company's Consolidated Statements of Operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period.
Operating lease allowance for doubtful accounts	Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2014 and 2013, the allowance for doubtful accounts related to real estate tenant receivables was $1.3 million and $3.4 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $2.4 million and $2.4 million, respectively.
Interest Income	Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" on the Company's Consolidated Statements of Operations. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash.
Revenue recognition	Revenue recognition—The Company's revenue recognition policies are as follows: Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's Consolidated Balance Sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” on the Company's Consolidated Statements of Operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2014 and 2013, the allowance for doubtful accounts related to real estate tenant receivables was $1.3 million and $3.4 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $2.4 million and $2.4 million, respectively. Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" on the Company's Consolidated Statements of Operations. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, lease termination fees and other ancillary income.
Hotel revenue recognition	Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales.
Reserve for loan losses	Reserve for loan losses—The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral value is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" on the Company's Consolidated Statements of Operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related reserve will be charged off. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. The general reserve component covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan.
Loss on debt extinguishments	Loss on debt extinguishments—The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” on the Company's Consolidated Statements of Operations.
Derivative instruments and hedging activity	Derivative instruments and hedging activity—The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. The Company recognizes derivatives as either assets or liabilities on the Company's Consolidated Balance Sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. 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. Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" on the Company's Consolidated Statements of Operations. The Company does not enter into derivatives for trading purposes.
Stock-based compensation	Stock-based compensation—Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. The Company recognizes compensation cost for performance-based awards if and when the Company concludes that it is probable that the performance condition will be achieved. Compensation cost for market condition-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock, which is reflected in the grant date fair value. All compensation cost for market-condition based awards in which the service conditions are met is recognized regardless of whether the market condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" on the Company's Consolidated Statements of Operations.
Income taxes	Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While it must distribute at least 90% of its taxable income in order to maintain its REIT status, the Company typically distributes all of its taxable income, if any, in order to minimize any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. In addition, the Company has made foreclosure elections for certain properties acquired through foreclosure which allows the Company to operate these properties within the REIT but subjects them to certain tax obligations. The carrying value of assets with foreclosure elections as of December 31, 2014 is $909.3 million. The Company intends to operate in a manner consistent with, and its election to be treated as, a REIT for tax purposes. As of December 31, 2013, the Company had $759.8 million of net operating loss carryforwards at the corporate REIT level, which can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2033 if unused. The amount of net operating loss carryforwards as of December 31, 2014 will be subject to finalization of the Company's 2014 tax return. During the year ended December 31, 2014, the Company did not have REIT taxable income. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" on the Company's Consolidated Statements of Operations. The Company can participate in certain activities from which it would be otherwise precluded in order to maintain its qualification as a REIT, as long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRSs"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2014, $541.7 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2014 and 2013, respectively. Changes in estimates of deferred tax asset realizability, if any, are included in "Income tax (expense) benefit" on the Consolidated Statements of Operations.
Earnings per share	Earnings per share—The Company uses the two-class method in calculating EPS when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Vested HPU shares are entitled to dividends of the Company when dividends are declared. Basic earnings per share ("Basic EPS") for the Company's Common Stock and HPU shares are computed by dividing net income allocable to common shareholders and HPU holders by the weighted average number of shares of Common Stock and HPU shares outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a "Participating Security" and are included in the computation of earnings per share pursuant to the two-class method. The Company's common stock equivalents granted under its Long-Term Incentive Plans that are eligible to participate in dividends are considered Participating Securities and have been included in the two-class method when calculating EPS.
New accounting pronouncements	New accounting pronouncements—In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This guidance requires disposals of a component of an entity or group of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results to be reported as discontinued operations. Assets and liabilities of a disposal group that includes a discontinued operation must be presented separately in asset and liability sections, respectively, of the Company's Consolidated Balance Sheets for each comparative period. Expanded disclosures about the assets, liabilities, revenues and expenses of discontinued operations are also required. For individually significant disposals that do not qualify as discontinued operations, disclosure of pre-tax income is required. ASU 2014-08 is effective for interim and annual periods beginning on or after December 15, 2014. Early adoption is permitted for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12") which requires a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition in accordance with Topic 718, Compensation—Stock Compensation. ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ("ASU 2014-15") which requires management to evaluate whether there is substantial doubt that the Company is able to continue operating as a going concern within one year after the date the financial statements are issued or available to be issued. If there is substantial doubt, additional disclosure is required, including the principal condition or event that raised the substantial doubt, the Company's evaluation of the condition or event in relation to its ability to meet its obligations and the Company's plan to alleviate (or, which is intended to alleviate) the substantial doubt. ASU 2014-15 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements. In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity ("ASU 2014-16") which eliminates the diversity in practice for the accounting for hybrid financial instruments issued in the form of a share. ASU 2014-16 requires management to consider all terms and features, whether stated or implied, of a hybrid instrument when determining whether the nature of the instrument is more akin to a debt instrument or an equity instrument. Embedded derivative features, which are accounted for separately from host contracts, should also be considered in the analysis of the hybrid instrument. ASU 2014-16 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which updates the consolidation model for limited partnerships and similar legal entities. ASU 2015-02 includes the evaluation of fees paid to a decision maker as a variable interest and amends the effect of fee arrangements and related parties on the primary beneficiary determination. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements.

Basis of Presentation and Principles of Consolidation Reclassification (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

The impact of the correction is as follows:



	As Previously Reported			Change			As Revised
Cash flows from operating activities:
Three months ended March 31, 2014	$	(60,678	)	$	(4,143	)	$	(64,821	)
Six months ended June 30, 2014	(83,477		)	(8,630		)	(92,107		)
Nine months ended September 30, 2014	1,570			(11,920		)	(10,350		)

Cash flows from investing activities:
Three months ended March 31, 2014	$	31,318		$	4,143		$	35,461
Six months ended June 30, 2014	58,691			8,630			67,321
Nine months ended September 30, 2014	295,785			11,920			307,705

Summary of Significant Accounting Policies (Tables) - Taxable REIT Subsidiaries [Member]

12 Months Ended

Dec. 31, 2014

Entity Information [Line Items]

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 December 31,
	2014			2013
Deferred tax assets(1)	$	54,318		$	55,962
Valuation allowance	(54,318		)	(55,962		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Schedule of components of income tax expense (benefit)

The following represents the Company's TRS income tax expense ($ in thousands):



	For the Years Ended December 31,
	2014			2013		2012
Current tax (expense) benefit	$	(3,912	)	$	659	$	(8,445	)
Deferred tax (expense) benefit	—			—		—
Total income tax (expense) benefit	$	(3,912	)	$	659	$	(8,445	)

Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Schedule of future minimum rental payments for operating leases

Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2014, are as follows ($ in thousands):



Year	Net Lease Assets		Operating Properties
2015	$	126,316	$	52,823
2016	125,653		51,437
2017	120,918		49,592
2018	118,384		44,288
2019	116,348		38,707

Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):



2015	$	5,598
2016	5,598
2017	4,982
2018	4,179
2019	3,442
Thereafter	8,266

Schedule of Real Estate Assets

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



	Net Lease			Operating Properties			Land			Total
As of December 31, 2014
Land and land improvements	$	311,890		$	146,417		$	868,650		$	1,326,957
Buildings and improvements	1,240,593			578,013			—			1,818,606
Less: accumulated depreciation and amortization	(364,323		)	(96,159		)	(8,367		)	(468,849		)
Real estate, net	1,188,160			628,271			860,283			2,676,714
Real estate available and held for sale	4,521			162,782			118,679			285,982
Total real estate	$	1,192,681		$	791,053		$	978,962		$	2,962,696
As of December 31, 2013
Land and land improvements	$	350,817		$	132,934		$	803,238		$	1,286,989
Buildings and improvements	1,346,071			587,574			—			1,933,645
Less: accumulated depreciation and amortization	(338,640		)	(82,420		)	(3,393		)	(424,453		)
Real estate, net	1,358,248			638,088			799,845			2,796,181
Real estate available and held for sale	—			228,328			132,189			360,517
Total real estate	$	1,358,248		$	866,416		$	932,034		$	3,156,698

Schedule of Acquisitions of Real Estate Assets, Cash Paid

The following acquisitions of real estate were reflected in the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 ($ in thousands):



	For the Years Ended December 31,
	2014(1)		2013(2)(3)		2012(4)
Acquisitions of real estate assets	$	4,666	$	102,364	$	9,750

Explanatory Notes:

_______________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company purchased two condominium units for $3.0 million and one land parcel for $1.7 million.

(2)


(3)	During the year ended December 31, 2013, the Company paid $8.8 million to redeem a noncontrolling member's interest.


(4)	During the year ended December 31, 2012, the Company acquired approximately 900 parking spaces adjacent to an owned property for $9.8 million.

Schedule of Pro Forma Information, Business Combination

The following unaudited table summarizes the Company's pro forma revenues and net income for the years ended December 31, 2014 and 2013, as if the acquisition of these properties acquired during the year ended December 31, 2014 was completed on January 1, 2013 ($ in thousands):



	For the Years Ended December 31,
	2014			2013
Pro forma total revenues	$	466,327		$	399,885
Pro forma net income (loss)	(245		)	(112,355		)

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 years ended December 31, 2013 and 2012 ($ in thousands):



	For the Years Ended December 31,
	2013			2012
Revenues	$	5,545		$	14,132
Total expenses	(3,138		)	(9,037		)
Impairment of assets	(1,763		)	(22,576		)
Income (loss) from discontinued operations	$	644		$	(17,481	)

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

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.

+ References + Details

Loans Receivable and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

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



	As of December 31,
Type of Investment	2014			2013
Senior mortgages	$	737,535		$	1,071,662
Subordinate mortgages	53,331			60,679
Corporate/Partnership loans	497,796			473,045
Total gross carrying value of loans	1,288,662			1,605,386
Reserves for loan losses	(98,490		)	(377,204		)
Total loans receivable, net	1,190,172			1,228,182
Other lending investments—securities	187,671			141,927
Total loans receivable and other lending investments, net(1)	$	1,377,843		$	1,370,109

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on 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 Years Ended December 31,
	2014			2013			2012
Reserve for loan losses at beginning of period	$	377,204		$	524,499		$	646,624
Provision for (recovery of) loan losses(1)	(1,714		)	5,489			81,740
Charge-offs	(277,000		)	(152,784		)	(203,865		)
Reserve for loan losses at end of period	$	98,490		$	377,204		$	524,499

Explanatory Note:

_______________________________________________________________________________


(1)	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 million, respectively.

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 December 31, 2014
Loans	$	139,672		$	1,156,031		$	—	$	1,295,703
Less: Reserve for loan losses	(64,990		)	(33,500		)	—		(98,490		)
Total	$	74,682		$	1,122,531		$	—	$	1,197,213
As of December 31, 2013
Loans	$	752,425		$	849,613		$	9,889	$	1,611,927
Less: Reserve for loan losses	(348,004		)	(29,200		)	—		(377,204		)
Total	$	404,421		$	820,413		$	9,889	$	1,234,723

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $10.6 million and $4.6 million as of December 31, 2014 and 2013, respectively.


(3)	The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million as of December 31, 2013. The loan had a cumulative principal balance of $10.2 million as of December 31, 2013. The loan was repaid during the year ended December 31, 2014.

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 December 31,
	2014			2013
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	611,009	2.73	$	591,145	2.50
Subordinate mortgages	53,836		2.87	61,364		3.37
Corporate/Partnership loans	501,620		3.88	438,831		3.88
Total	$	1,166,465	3.23	$	1,091,340	3.11

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

As of December 31, 2014, 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(1)		Total Past Due		Total
Senior mortgages	$	644,190	$	—	$	96,057	$	96,057	$	740,247
Subordinate mortgages	53,836		—		—		—		53,836
Corporate/Partnership loans	501,620		—		—		—		501,620
Total	$	1,199,646	$	—	$	96,057	$	96,057	$	1,295,703

Explanatory Note:

_______________________________________________________________________________


(1)	As of December 31, 2014, the Company had three loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 5.0 to 6.0 years outstanding.

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 December 31, 2014							As of December 31, 2013
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	—	$	—	$	—		$	3,012	$	2,992	$	—
With an allowance recorded:
Senior mortgages	130,645		129,744		(64,440		)	650,337		645,463		(304,544		)
Corporate/Partnership loans	9,027		9,057		(550		)	99,076		99,067		(43,460		)
Subtotal	139,672		138,801		(64,990		)	749,413		744,530		(348,004		)
Total:
Senior mortgages	130,645		129,744		(64,440		)	653,349		648,455		(304,544		)
Corporate/Partnership loans	9,027		9,057		(550		)	99,076		99,067		(43,460		)
Total	$	139,672	$	138,801	$	(64,990	)	$	752,425	$	747,522	$	(348,004	)

Explanatory Note:

_______________________________________________________________________________


(1)	All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2014 and 2013, certain loans modified through troubled debt restructurings with a recorded investment of $10.4 million and $231.8 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.

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 Years Ended December 31,
	2014				2013				2012
	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	$	35,659	$	1,922	$	31,409	$	9,269	$	162,093	$	2,765
Corporate/Partnership loans	—		—		8,062		6,050		10,110		160
Subtotal	35,659		1,922		39,471		15,319		172,203		2,925
With an allowance recorded:
Senior mortgages	334,351		158		794,247		1,976		1,064,045		3,865
Subordinate mortgages	—		—		32,382		—		52,208		—
Corporate/Partnership loans	52,963		181		77,661		323		62,248		312
Subtotal	387,314		339		904,290		2,299		1,178,501		4,177
Total:
Senior mortgages	370,010		2,080		825,656		11,245		1,226,138		6,630
Subordinate mortgages	—		—		32,382		—		52,208		—
Corporate/Partnership loans	52,963		181		85,723		6,373		72,358		472
Total	$	422,973	$	2,261	$	943,761	$	17,618	$	1,350,704	$	7,102

Schedule of troubled debt restructurings, presented by class

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



	For the Year Ended December 31, 2014					For the Year Ended December 31, 2013
	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	1	$	7,040	$	7,040	6	$	179,030	$	154,278

Marketable securities

ther lending investments—securities includes the following ($ in thousands):



	Face Value		Amortized Cost Basis		Net Unrealized Gain (Loss)			Estimated Fair Value		Net Carrying Value
As of December 31, 2014
Available-for-Sale Securities
Municipal debt securities	$	1,020	$	1,020	$	147		$	1,167	$	1,167
Held-to-Maturity Securities
Corporate debt securities	176,254		186,504		—			190,199		186,504
Total	$	177,274	$	187,524	$	147		$	191,366	$	187,671
As of December 31, 2013
Available-for-Sale Securities
Municipal debt securities	$	1,055	$	1,055	$	(18	)	$	1,037	$	1,037
Held-to-Maturity Securities
Corporate debt securities	139,842		140,890		—			140,890		140,890
Total	$	140,897	$	141,945	$	(18	)	$	141,927	$	141,927

Investments Classified by Contractual Maturity Date [Table Text Block]

As of December 31, 2014, the contractual maturities of the Company's securities were as follows ($ in thousands):



	Held-to-Maturity Securities				Available-for-Sale Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	186,504		190,199		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		1,020		1,167
Total	$	186,504	$	190,199	$	1,020	$	1,167

Other Investments (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Equity Method Investments [Line Items]

Schedule of other investments and its proportionate share of results for equity method investments

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



	Carrying Value				Equity in Earnings
	As of December 31,				For the Years Ended December 31,
	2014		2013		2014		2013		2012
Real estate equity investments	$	244,886	$	62,205	$	53,428	$	2,753	$	21,636
Madison Funds	45,971		67,782		3,092		14,796		10,246
Other equity method investments(1)(2)	30,415		45,954		35,172		3,332		4,614
Oak Hill Funds	17,658		21,366		3,213		4,174		5,844
LNR	—		—		—		16,465		60,669
Total equity method investments	338,930		197,307		$	94,905	$	41,520	$	103,009
Other	15,189		9,902
Total other investments	$	354,119	$	207,209

Explanatory Notes:

_______________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees.


(2)	In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained interests in its share of carried interest related to various funds. During the year ended December 31, 2014, the Company recognized $9.0 million of carried interest income.

Schedule of Equity Method Investments [Line Items]

Schedule of other investments and its proportionate share of results for equity method investments



	For the Three Months Ended March 31, 2013			For the Three Months Ended June 30, 2013			For the Six Months Ended December 31, 2013		For the Year Ended December 31, 2013
Carrying value of LNR at beginning of period	$	205,773		$	220,281		$	—	$	205,773
Equity in earnings of LNR for the period(1)	45,375			—			—		45,375			(a)
Balance before other than temporary impairment	251,148			220,281			—		251,148
Other than temporary impairment(1)	(30,867		)	—			—		(30,867		)	(b)
Sales proceeds pursuant to contract	—			(220,281		)	—		(220,281		)
Carrying value of LNR at end of period	220,281			—			—		—

Explanatory Note:

_______________________________________________________________________________

(1)

Schedule of summarized Income Statements

The following table represents investee level summarized financial information for LNR ($ in thousands)(1):



	For the Period from October 1, 2012 to April 19, 2013			For the Year Ended September 30, 2012
Income Statements
Total revenue(2)	$	179,373		$	332,902
Income tax (expense) benefit	(2,137		)	(6,731		)
Net income attributable to LNR(3)	113,478			253,039
iStar's ownership percentage	24		%	24		%
iStar's equity in earnings from LNR	$	45,375		$	60,669



	For the Period from October 1, 2012 to April 19, 2013			For the Year Ended September 30, 2012
Cash Flows
Operating cash flows	$	(127,075	)	$	(85,909	)
Cash flows from investing activities	(36,543		)	(55,686		)
Cash flows from financing activities	217,241			229,634
Net cash flows	53,623			88,039
Cash distributions	—			61,179
iStar's ownership percentage	24		%	24		%
Cash distributions received by iStar	$	—		$	14,690

Explanatory Notes:

_______________________________________________________________________________

(1)

(2)

(3)

Equity Method Investments Excluding Lnr Property Corporation

Schedule of Equity Method Investments [Line Items]

Equity Method Investments

The following tables present the investee level summarized financial information of the Company's equity method investments, excluding LNR which is presented above ($ in thousands):



	Revenues			Expenses			Net Income Attributable to Parent Entities
For the Year Ended December 31, 2014
Alinda Infrastructure Fund I, L.P. ("Alinda")(1)	$	233,130		$	(15,433	)	$	217,697
Marina Palms, LLC ("Marina Palms")	114,125			(77,120		)	37,005
OHASCF	78,262			(951		)	77,311
Moor Park Real Estate Partners II L.P., Incorporated ("Moor Park")	25,760			(224		)	25,536
MIRELF III	20,293			(1,401		)	18,846
iStar Net Lease I LLC ("Net Lease Venture")(2)	13,826			(9,917		)	3,691
Outlets at Westgate, LLC ("Westgate")	13,118			(9,618		)	3,500
MIRELF III AIV	(1,194		)	(384		)	(1,578		)
Other	128,719			(70,555		)	58,202
Total	$	626,039		$	(185,603	)	$	440,210



	Revenues			Expenses			Net Income Attributable to Parent Entities
For the Year Ended December 31, 2013
Alinda(1)	$	123,447		$	(17,927	)	$	105,520
OHASCF	72,313			(1,642		)	70,671
MIRELF III AIV	26,348			(1,167		)	25,181
MIRELF III	19,460			(1,675		)	17,739
Westgate	12,447			(8,889		)	3,558
Moor Park	1,373			(304		)	1,069
Marina Palms(3)	73			(3,525		)	(3,452		)
Other	29,052			(42,504		)	(14,088		)
Total	$	284,513		$	(77,633	)	$	206,198

For the Year Ended December 31, 2012
OHASCF	$	109,234		$	(2,700	)	$	106,534
Alinda(1)	104,364			(16,934		)	87,430
MIRELF III	13,490			(3,894		)	9,550
Westgate	1,935			(2,202		)	(267		)
Moor Park	1,225			(435		)	790
MIRELF III AIV	(12,762		)	(1,731		)	(14,493		)
Other	184,384			(67,495		)	115,416
Total	$	401,870		$	(95,391	)	$	304,960

Explanatory Notes:

_______________________________________________________________________________


(1)	The Company recorded its 1% investment in Alinda on a quarter lag. Therefore, the amounts in the Company's financial statements for the years ended December 31, 2014, 2013 and 2012 were based on balances and results from Alinda for the years ended September 30, 2014, 2013 and 2012, respectively.


(2)	The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014. The amounts in the Company's financial statements for the year ended December 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to December 31, 2014.


(3)	The Company began accounting for its investment in Marina Palms under the equity method of accounting on April 17, 2013. The amounts in the Company's financial statements for the year ended December 31, 2013 are based on the balances and results from Marina Palms for the period from April 17, 2013 to December 31, 2013.



	As of December 31,
	2014		2013
Balance Sheets
Total assets	$	3,464,984	$	2,980,737
Total liabilities	479,298		303,100
Noncontrolling interests	3,297		333
Total equity	2,982,389		2,677,304

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The estimated aggregate amortization costs of lease intangible assets and liabilities for each of the five succeeding fiscal years are as follows ($ in thousands):



2015	$	5,929
2016	5,677
2017	5,308
2018	4,987
2019	4,830

Schedule of deferred expenses and other assets, net

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



	As of December 31,
	2014		2013
Intangible assets, net(1)	$	50,088	$	100,652
Other assets	37,085		40,726
Deferred financing fees, net(2)	36,774		33,591
Leasing costs, net(3)	20,031		21,799
Other receivables	13,115		34,655
Corporate furniture, fixtures and equipment, net(4)	5,409		6,557
Deferred expenses and other assets, net	$	162,502	$	237,980

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	Accumulated amortization on deferred financing fees was $15.4 million and $9.9 million as of December 31, 2014 and 2013, respectively.


(3)	Accumulated amortization on leasing costs was $9.0 million and $7.1 million as of December 31, 2014 and 2013, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.1 million and $6.2 million as of December 31, 2014 and 2013, 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 December 31,
	2014		2013
Accrued expenses	$	62,866	$	58,840
Accrued interest payable	57,895		40,015
Other liabilities(1)	48,256		45,753
Intangible liabilities, net(2)	11,885		26,223
Accounts payable, accrued expenses and other liabilities	$	180,902	$	170,831

Explanatory Notes:

_______________________________________________________________________________

(1)

(2)

Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of debt obligations

As of December 31, 2014 and 2013, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of December 31,						Stated Interest Rates			Scheduled Maturity Date
	2014			2013			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	358,504		$	431,475		LIBOR + 5.75%		(1)	March 2017
February 2013 Secured Credit Facility	—			1,379,407			LIBOR + 3.50%		(2)	—
Term loans collateralized by net lease assets	248,955			278,817			4.851% - 7.26%		(3)	Various through 2026
Total secured credit facilities and term loans	607,459			2,089,699
Unsecured notes:
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			265,000			3.875	%		July 2016
3.0% senior convertible notes(4)	200,000			200,000			3.0	%		November 2016
1.50% senior convertible notes(5)	200,000			200,000			1.50	%		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
4.00% senior notes	550,000			—			4.00	%		November 2017
7.125% senior notes	300,000			300,000			7.125	%		February 2018
4.875% senior notes	300,000			300,000			4.875	%		July 2018
5.00% senior notes	770,000			—			5.00	%		July 2019
Total unsecured notes	3,326,890			2,006,890
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,034,349			4,196,589
Debt discounts, net	(11,665		)	(38,464		)
Total debt obligations, net	$	4,022,684		$	4,158,125

Explanatory Notes:

_______________________________________________________________________________


(1)	The loan has a LIBOR floor of 1.25%. As of December 31, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.


(2)	This loan had a LIBOR floor of 1.00%.


(3)	As of December 31, 2014 and 2013, includes a loan with a floating rate of LIBOR plus 2.00%. As of December 31, 2013, includes a loan with a floating rate of LIBOR plus 2.75%. As of December 31, 2014, the weighted average interest rate of these loans is 5.3%.


(4)	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.


(5)	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% 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 December 31, 2014, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2015	$	105,765		$	—		$	105,765
2016	926,403			—			926,403
2017	924,722			358,504			1,283,226
2018	600,000			15,239			615,239
2019	770,000			32,312			802,312
Thereafter	100,000			201,404			301,404
Total principal maturities	3,426,890			607,459			4,034,349
Unamortized debt discounts, net	(8,371		)	(3,294		)	(11,665		)
Total long-term debt obligations, net	$	3,418,519		$	604,165		$	4,022,684

Schedule of carrying value of encumbered assets by asset type

Encumbered/Unencumbered Assets—As of December 31, 2014 and 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of December 31,
	2014				2013
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	620,378	$	2,056,336	$	1,644,463	$	1,151,718
Real estate available and held for sale	10,496		275,486		152,604		207,913
Loans receivable and other lending investments, net(1)	46,515		1,364,828		860,557		538,752
Other investments	17,708		336,411		24,093		183,116
Cash and other assets	—		768,475		—		907,995
Total	$	695,097	$	4,801,536	$	2,681,717	$	2,989,494

Explanatory Note:

_______________________________________________________________________________


(1)	As of December 31, 2014 and 2013, the amounts presented exclude general reserves for loan losses of $33.5 million and $29.2 million, respectively.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments



	Loans and Other Lending Investments		Real Estate		Other Investments		Total
Performance-Based Commitments	$	537,924	$	14,667	$	27,004	$	579,595
Strategic Investments	—		—		45,714		45,714
Discretionary Fundings	5,000		—		—		5,000
Total	$	542,924	$	14,667	$	72,718	$	630,309

Schedule of future minimum rental payments for operating leases

Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2014, are as follows ($ in thousands):



Year	Net Lease Assets		Operating Properties
2015	$	126,316	$	52,823
2016	125,653		51,437
2017	120,918		49,592
2018	118,384		44,288
2019	116,348		38,707

Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):



2015	$	5,598
2016	5,598
2017	4,982
2018	4,179
2019	3,442
Thereafter	8,266

Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosures [Line Items]

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



	Derivative Assets as of December 31,						Derivative Liabilities as of December 31,
	2014			2013			2014			2013
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	—	Other Assets	$	393	Other Liabilities	$	478	N/A	$	—
Interest rate swaps	Other Assets	52		Other Assets	650		N/A	—		N/A	—
Interest rate cap	Other Assets	—		Other Assets	9,107		N/A	—		N/A	—
Total		$	52		$	10,150		$	478		$	—
Derivatives not Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	1,534	Other Assets	$	1,025	N/A	$	—	Other Liabilities	$	1,653
Interest rate cap	Other Assets	$	4,775	N/A	$	—	N/A	$	—	N/A	$	—
Total		$	6,309		$	1,025		$	—		$	1,653

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) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion)
For the Year Ended December 31, 2014
Interest rate cap	Interest Expense	$	—		$	(56	)	N/A
Interest rate cap	Other Expense	(2,984		)	—			(3,634	)
Interest rate cap	Earnings from equity method investments	(9		)	—			N/A
Interest rate swaps	Interest Expense	(970		)	(6		)	N/A
Interest rate swap	Earnings from equity method investments	(753		)	(420		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(471		)	—			N/A
For the Year Ended December 31, 2013
Interest rate cap	Interest Expense	(1,517		)	—			N/A
Interest rate swap	Interest Expense	869			(310		)	N/A
Foreign exchange contracts	Earnings from equity method investments	393			—			N/A
For the Year Ended December 31, 2012
Interest rate swap	Interest Expense	(968		)	44			N/A



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Years Ended December 31,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2014			2013		2012
Interest rate cap	Other Expense	$	(1,347	)	$	—	$	—
Foreign exchange contracts	Other Expense	7,257			880		(8,920		)

Foreign exchange contracts | Designated as hedge

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of notional amounts of outstanding derivative positions

As of December 31, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells INR/Buys USD Forward	₨	456,000	$	6,534	June 2015

Foreign exchange contracts | Not designated as hedge

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of notional amounts of outstanding derivative positions

As of December 31, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells euro ("EUR")/Buys USD Forward	€	18,800	$	23,807	January 2015
Sells pound sterling ("GBP")/Buys USD Forward	£	3,000	$	4,830	January 2015
Sells Canadian dollar ("CAD")/Buys USD Forward	C$	10,000	$	8,933	January 2015

Interest rate cap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of notional amounts of outstanding derivative positions

As of December 31, 2014, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated ($ in thousands):

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest rate cap

500,000

LIBOR

1.00%

July 2014

July 2017

Interest rate swap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of notional amounts of outstanding derivative positions

As of December 31, 2014, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated ($ in thousands):

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest rate swap

27,456

LIBOR + 2.00%

3.47%

October 2012

November 2019

Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Schedule of cumulative redeemable preferred stock outstanding by series

Preferred Stock—The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2014 and 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 December 31,
	2014			2013
Unrealized gains (losses) on available-for-sale securities	$	2,983		$	(294	)
Unrealized gains (losses) on cash flow hedges	(409		)	662
Unrealized losses on cumulative translation adjustment	(3,545		)	(4,644		)
Accumulated other comprehensive income (loss)	$	(971	)	$	(4,276	)

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

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27011957&loc=d3e177068-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21300-112643

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5

+ Details

Stock-Based Compensation Plans and Employee Benefits Tables (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of changes in non-vested restricted stock units

Changes in non-vested restricted stock units, or Units, during the year ended December 31, 2014 were as follows ($ in thousands, except per share amounts):



	Number of Shares		Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Non-vested at December 31, 2013	2,779		$	5.85	$	39,659
Granted	306		$	15.31
Vested	(2,757	)	$	6.09
Forfeited	(8	)	$	15.69
Non-vested at December 31, 2014	320		$	12.57	$	4,367

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

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

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 Years Ended December 31,
	2014			2013			2012
Income (loss) from continuing operations	$	(74,178	)	$	(220,768	)	$	(314,678	)
Net (income) loss attributable to noncontrolling interests	704			(718		)	1,500
Income from sales of real estate	89,943			86,658			63,472
Preferred dividends	(51,320		)	(49,020		)	(42,320		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(34,851	)	$	(183,848	)	$	(292,026	)

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



	For the Years Ended December 31,
	2014			2013			2012
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,722	)	$	(177,907	)	$	(282,452	)
Income (loss) from discontinued operations	—			623			(16,908		)
Gain from discontinued operations	—			21,515			26,363
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(33,722	)	$	(155,769	)	$	(272,997	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	85,031			84,990			83,742
Basic and diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(2.09	)	$	(3.37	)
Income (loss) from discontinued operations	—			0.01			(0.20		)
Gain from discontinued operations	—			0.25			0.31
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.40	)	$	(1.83	)	$	(3.26	)



	For the Years Ended December 31,
	2014			2013			2012
Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,129	)	$	(5,941	)	$	(9,574	)
Income (loss) from discontinued operations	—			21			(573		)
Gain from discontinued operations	—			718			894
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,129	)	$	(5,202	)	$	(9,253	)
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
Basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(75.27	)	$	(396.07	)	$	(638.27	)
Income (loss) from discontinued operations	—			1.40			(38.20		)
Gain from discontinued operations	—			47.87			59.60
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(75.27	)	$	(346.80	)	$	(616.87	)

Schedule of anti-dilutive shares

For the years ended December 31, 2014, 2013 and 2012, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands):



	For the Years Ended December 31,
	2014(1)	2013(1)	2012(1)
Joint venture shares	298	298	298
3.00% convertible senior unsecured notes	16,992	16,992	—
Series J convertible perpetual preferred stock	15,635	15,635	—
1.50% convertible senior unsecured notes	11,567	11,567	—

Explanatory Note:

_______________________________________________________________________________


(1)	For the years ended December 31, 2014, 2013 and 2012, the effect of the Company's unvested Units, performance-based Units and CSEs were anti-dilutive.

Fair Values (Tables)

12 Months Ended

Dec. 31, 2014

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 December 31, 2014
Recurring basis:
Derivative assets	$	6,361	$	—	$	6,361	$	—
Derivative liabilities	478		—		478		—
Available-for-sale securities	7,906		7,906		—		—
Non-recurring basis:
Impaired loans(1)	37,169		—		—		37,169
Impaired real estate(2)	7,102		—		—		7,102
As of December 31, 2013
Recurring basis:
Derivative assets	$	11,175	$	—	$	11,175	$	—
Derivative liabilities	1,653		—		1,653		—
Available-for-sale securities	505		505		—		—
Non-recurring basis:
Impaired loans	115,423		—		—		115,423
Impaired real estate	35,680		—		5,744		29,936

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	The Company recorded impairment on one real estate asset with a fair value of $7.1 million based on a discount rate of 15.0% using discounted cash flows over a 10 year lease term.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

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

The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
Year Ended December 31, 2014:
Operating lease income	$	—		$	151,934		$	90,331		$	835		$	—		$	243,100
Interest income	122,704			—			—			—			—			122,704
Other income	21,217			4,437			42,000			3,327			10,052			81,033
Land sales revenue	—			—			—			15,191			—			15,191
Total revenue	143,921			156,371			132,331			19,353			10,052			462,028
Earnings (loss) from equity method investments	—			3,260			1,669			14,966			75,010			94,905
Income from sales of real estate	—			6,206			83,737			—			—			89,943
Revenue and other earnings	143,921			165,837			217,737			34,319			85,062			646,876
Real estate expense	—			(22,967		)	(113,504		)	(26,918		)	—			(163,389		)
Land cost of sales	—			—			—			(12,840		)	—			(12,840		)
Other expense	(243		)	—			—			—			(5,578		)	(5,821		)
Allocated interest expense	(58,043		)	(72,089		)	(39,535		)	(29,432		)	(25,384		)	(224,483		)
Allocated general and administrative(2)	(13,314		)	(16,736		)	(9,684		)	(13,170		)	(22,588		)	(75,492		)
Segment profit (loss)(3)	$	72,321		$	54,045		$	55,014		$	(48,041	)	$	31,512		$	164,851
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(1,714	)	$	—		$	—		$	—		$	—		$	(1,714	)
Impairment of assets	—			3,689			8,131			22,814			—			34,634
Depreciation and amortization	—			38,841			32,142			1,440			1,148			73,571
Capitalized expenditures	—			3,933			61,186			80,119			—			145,238



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
Year Ended December 31, 2013
Operating lease income	$	—		$	147,313		$	86,352		$	902		$	—		$	234,567
Interest income	108,015			—			—			—			—			108,015
Other income	4,748			250			38,164			1,474			3,572			48,208
Total revenue	112,763			147,563			124,516			2,376			3,572			390,790
Earnings (loss) from equity method investments	—			2,699			5,546			(5,331		)	38,606			41,520
Income from sales of real estate	—			—			82,603			4,055			—			86,658
Income (loss) from discontinued operations(4)	—			1,484			1,251			—			—			2,735
Gain from discontinued operations	—			3,395			18,838			—			—			22,233
Revenue and other earnings	112,763			155,141			232,754			1,100			42,178			543,936
Real estate expense	—			(22,565		)	(101,044		)	(33,832		)	—			(157,441		)
Other expense	(1,625		)	—			—			—			(6,425		)	(8,050		)
Allocated interest expense(5)	(74,377		)	(80,034		)	(49,114		)	(30,368		)	(32,332		)	(266,225		)
Allocated general and administrative(2)	(13,186		)	(14,330		)	(9,189		)	(12,365		)	(23,783		)	(72,853		)
Segment profit (loss)(3)	$	23,575		$	38,212		$	73,407		$	(75,465	)	$	(20,362	)	$	39,367
Other significant non-cash items:
Provision for (recovery of) loan losses	$	5,489		$	—		$	—		$	—		$	—		$	5,489
Impairment of assets(5)	—			1,176			12,449			728			—			14,353
Loss on transfer of interest to unconsolidated subsidiary	—			—			—			7,373			—			7,373
Depreciation and amortization(5)	—			38,582			30,599			1,105			1,244			71,530
Capitalized expenditures	—			34,076			41,131			36,346			—			111,553

Year Ended December 31, 2012
Operating lease income	$	—		$	149,058		$	65,706		$	1,527		$	—		$	216,291
Interest income	133,410			—			—			—			—			133,410
Other income	8,613			—			32,615			2,635			3,975			47,838
Total revenue	142,023			149,058			98,321			4,162			3,975			397,539
Earnings (loss) from equity method investments	—			2,632			25,142			(6,138		)	81,373			103,009
Income from sales of real estate	—			—			63,472			—			—			63,472
Income (loss) from discontinued operations(4)	—			7,289			886			—			—			8,175
Gain from discontinued operations	—			27,257			—			—			—			27,257
Revenue and other earnings	142,023			186,236			187,821			(1,976		)	85,348			599,452
Real estate expense	—			(23,886		)	(100,258		)	(27,314		)	—			(151,458		)
Other expense	(4,775		)	—			—			—			(12,491		)	(17,266		)
Allocated interest expense(5)	(111,898		)	(92,579		)	(69,259		)	(44,125		)	(38,300		)	(356,161		)
Allocated general and administrative(2)	(14,263		)	(10,618		)	(7,572		)	(7,405		)	(25,705		)	(65,563		)
Segment profit (loss)(3)	$	11,087		$	59,153		$	10,732		$	(80,820	)	$	8,852		$	9,004
Other significant non-cash items:
Provision for (recovery of) loan losses	$	81,740		$	—		$	—		$	—		$	—		$	81,740
Impairment of assets(5)	—			6,670			28,501			205			978			36,354
Depreciation and amortization(5)	—			39,250			28,450			1,276			1,810			70,786
Capitalized expenditures	—			10,994			51,579			20,497			—			83,070



	Real Estate Finance		Net Lease		Operating Properties		Land		Corporate/Other(1)		Company Total
As of December 31, 2014
Real estate
Real estate, net	—		1,188,160		628,271		860,283		—		2,676,714
Real estate available and held for sale	—		4,521		162,782		118,679		—		285,982
Total real estate	—		1,192,681		791,053		978,962		—		2,962,696
Loans receivable and other lending investments, net	1,377,843		—		—		—		—		1,377,843
Other investments	—		125,360		13,220		106,155		109,384		354,119
Total portfolio assets	$	1,377,843	$	1,318,041	$	804,273	$	1,085,117	$	109,384	4,694,658
Cash and other assets											768,475
Total assets											$	5,463,133

As of December 31, 2013
Real estate
Real estate, net	—		1,358,248		638,088		799,845		—		2,796,181
Real estate available and held for sale	—		—		228,328		132,189		—		360,517
Total real estate	—		1,358,248		866,416		932,034		—		3,156,698
Loans receivable and other lending investments, net	1,370,109		—		—		—		—		1,370,109
Other investments	—		16,408		16,032		29,765		145,004		207,209
Total portfolio assets	$	1,370,109	$	1,374,656	$	882,448	$	961,799	$	145,004	4,734,016
Cash and other assets											907,995
Total assets											$	5,642,011

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 included in the other reportable segments above.


(2)	General and administrative excludes stock-based compensation expense of $13.3 million, $19.3 million and $15.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.

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 Years Ended December 31,
	2014			2013			2012
Segment profit (loss)	$	164,851		$	39,367		$	9,004
Less: (Provision for) recovery of loan losses	1,714			(5,489		)	(81,740		)
Less: Impairment of assets(4)	(34,634		)	(14,353		)	(36,354		)
Less: Loss on transfer of interest to unconsolidated subsidiary	—			(7,373		)	—
Less: Stock-based compensation expense	(13,314		)	(19,261		)	(15,293		)
Less: Depreciation and amortization(4)	(73,571		)	(71,530		)	(70,786		)
Less: Income tax (expense) benefit(4)	(3,912		)	596			(8,445		)
Less: Loss on early extinguishment of debt, net	(25,369		)	(33,190		)	(37,816		)
Net income (loss)	$	15,765		$	(111,233	)	$	(241,430	)


(4)	For the years ended December 31, 2013 and 2012, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(5)	For the years ended December 31, 2013 and 2012, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts).



	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2014:
Revenue	$	109,950		$	113,486		$	129,843		$	108,749
Net income (loss)	$	(1,955	)	$	35,491		$	(3,594	)	$	(14,177	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.
Basic(1)	$	(13,270	)	$	22,327		$	(16,207	)	$	(26,572	)
Diluted(1)	$	(13,270	)	$	27,608		$	(16,207	)	$	(26,572	)
Earnings per share
Basic	$	(0.16	)	$	0.26		$	(0.19	)	$	(0.31	)
Diluted	$	(0.16	)	$	0.21		$	(0.19	)	$	(0.31	)
Weighted average number of common shares
Basic	85,188			85,163			84,916			84,819
Diluted	85,188			130,160			84,916			84,819
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.
Basic	$	(442	)	$	744		$	(542	)	$	(889	)
Diluted	$	(442	)	$	602		$	(542	)	$	(889	)
Earnings per share
Basic	$	(29.47	)	$	49.60		$	(36.13	)	$	(59.27	)
Diluted	$	(29.47	)	$	40.13		$	(36.13	)	$	(59.27	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15
	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2013:
Revenue	$	101,073		$	95,696		$	99,919		$	94,102
Net income (loss)	$	(45,992	)	$	(18,590	)	$	(14,398	)	$	(32,253	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(57,934	)	$	(30,571	)	$	(26,001	)	$	(41,263	)
Basic and diluted earnings per share	$	(0.68	)	$	(0.36	)	$	(0.31	)	$	(0.49	)
Weighted average number of common shares—basic and diluted	84,617			85,392			85,125			84,824
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(1,939	)	$	(1,016	)	$	(866	)	$	(1,381	)
Basic and diluted earnings per share	$	(129.26	)	$	(67.73	)	$	(57.74	)	$	(92.07	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15

Explanatory Note:

_______________________________________________________________________________


(1)	For the quarter ended September 30, 2014, includes net income attributable to iStar Financial Inc. and allocable to Participating Security Holders of $2 and $2 on a basic and dilutive basis, respectively.

Business and Organization (Details) $ in Billions	12 Months Ended
Business and Organization (Details) $ in Billions	Dec. 31, 2014 USD ($)
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

Basis of Presentation and Principles of Consolidation (Details) $ in Millions	Dec. 31, 2014 USD ($) Investment entity
Consolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| entity	4
Variable interest entity, consolidated, carrying amount, assets	$ 156.3
Variable interest entity, consolidated, carrying amount, liabilities	10.3
Variable interest entity unfunded commitment	$ 38.8
Unconsolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| Investment	26
Variable interest entity unfunded commitment	$ 20.5
Carrying value of the investments	$ 177.3

Basis of Presentation and Principles of Consolidation Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Jun. 30, 2014	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net Cash Provided by (Used in) Operating Activities				$ (10,342)	$ (180,465)	$ (191,932)
Net Cash Provided by (Used in) Investing Activities				$ 159,793	$ 893,447	$ 1,267,047
Scenario, Previously Reported [Member]
Net Cash Provided by (Used in) Operating Activities	$ (60,678)	$ (83,477)	$ 1,570
Net Cash Provided by (Used in) Investing Activities	31,318	58,691	295,785
Scenario, Adjustment [Member]
Net Cash Provided by (Used in) Operating Activities	(4,143)	(8,630)	(11,920)
Net Cash Provided by (Used in) Investing Activities	4,143	8,630	11,920
Scenario, Actual [Member]
Net Cash Provided by (Used in) Operating Activities	(64,821)	(92,107)	(10,350)
Net Cash Provided by (Used in) Investing Activities	$ 35,461	$ 67,321	$ 307,705

Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2014
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Real Estate Tenant Receivables
Financing Receivable, Impaired [Line Items]
Allowance for doubtful accounts receivable	$ 1.3	$ 3.4
Deferred Operating Lease
Financing Receivable, Impaired [Line Items]
Allowance for doubtful accounts receivable	$ 2.4	$ 2.4

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Total income tax (expense) benefit

$ (3,912)

$ 659

$ (8,445)

Assets With Foreclosure Elections Carrying Value

909,300

Operating loss carryforwards

759,800

Taxable REIT Subsidiaries [Member]

Real Estate Asset Basis Differences

39,300

33,000

Current tax (expense) benefit

(3,912)

659

(8,445)

Deferred tax (expense) benefit

Combined Taxable Income of Taxable Reit Subsidiaries

19,300

(1,800)

42,200

Operating loss carryforwards

4,100

14,900

Assets Owned By Taxable Real Estate Investment Trust Subsidiaries

541,700

Income Taxes Paid

1,300

9,200

$ 5,500

Deferred tax assets

^[1]

54,318

55,962

Valuation allowance

(54,318)

(55,962)

Net deferred tax assets (liabilities)

Investment Basis Differences

$ 5,900

$ 8,100

[1]

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Land and Land Improvements	$ 1,326,957	$ 1,286,989
Buildings and improvements	1,818,606	1,933,645
Less: accumulated depreciation and amortization	(468,849)	(424,453)
Real estate, net	2,676,714	2,796,181
Real estate available and held for sale	285,982	360,517
Total real estate	2,962,696	3,156,698
Net Lease
Real Estate Properties [Line Items]
Land and Land Improvements	311,890	350,817
Buildings and improvements	1,240,593	1,346,071
Less: accumulated depreciation and amortization	(364,323)	(338,640)
Real estate, net	1,188,160	1,358,248
Real estate available and held for sale	4,521	0
Total real estate	1,192,681	1,358,248
Operating Properties
Real Estate Properties [Line Items]
Land and Land Improvements	146,417	132,934
Buildings and improvements	578,013	587,574
Less: accumulated depreciation and amortization	(96,159)	(82,420)
Real estate, net	628,271	638,088
Real estate available and held for sale	162,782	228,328
Total real estate	791,053	866,416
Land
Real Estate Properties [Line Items]
Land and Land Improvements	868,650	803,238
Buildings and improvements	0	0
Less: accumulated depreciation and amortization	(8,367)	(3,393)
Real estate, net	860,283	799,845
Real estate available and held for sale	118,679	132,189
Total real estate	$ 978,962	$ 932,034

Real Estate (Real Estate Available and Held for Sale) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($)
Real Estate Properties [Line Items]
Impairment of assets	$ 34,634	$ 12,589	$ 13,778
Impairment of Real Estate	34,600	14,400	35,400
Real estate available and held for sale	285,982	360,517
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	155,800	221,000
Land
Real Estate Properties [Line Items]
Real estate available and held for sale	118,679	132,189
Property transferred from HFS, aggregate, carrying value	6,500	49,700
Property transferred to held for sale, aggregate, carrying value		$ 31,800
Number of properties transferred from held for sale to held for use \| property		2
Number of real estate properties transferred to held for sale \| property		3
Number of real estate properties sold \| property		3
Income from sales of real estate		$ 600
Condominium Units
Real Estate Properties [Line Items]
Property transferred to held for sale, aggregate, carrying value	56,700
Income from sales of real estate	79,100	82,600	$ 63,500
Net Lease
Real Estate Properties [Line Items]
Real estate available and held for sale	4,521	0
Property transferred to held for sale, aggregate, carrying value	$ 4,000	9,800
Gain (Loss) on disposition of real estate, discontinued operations		$ 3,600
Number of real estate properties sold \| property		5

Real Estate (Acquisitions) (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

property

Dec. 31, 2013

USD ($)

property

Dec. 31, 2012

USD ($)

space

Payments for repurchase of redeemable noncontrolling interest

$ 4,666

^[1]

$ 102,364

^[2],[3]

$ 9,750

^[4]

$ 8,800

Corporate Joint Venture

Real Estate Acquired in Satisfaction of Debt | Corporate Joint Venture

27,300

Consolidated Entity, Ownership Percentage

63.00%

Noncontrolling Interest, ownership percentage by noncontrolling owners

37.00%

Commercial Operating Properties | Real Estate Acquired in Satisfaction of Debt

$ 25,500

$ 77,900

Condominium Units

$ 3,000

Land

$ 1,700

Land | Real Estate Acquired in Satisfaction of Debt

Number of Real Estate Properties Acquired | property

$ 15,600

Net Lease Asset One

Finite-lived Intangible Assets Acquired

93,600

36,100

Below Market Lease, Acquired

11,900

Asset Acquisition, Transaction Costs

$ 200

Commercial Operating Properties

$ 7,800

$ 9,800

Parking Spaces [Member]

Number of properties acquired | space

900

iStar Net Lease I LLC [Member] | Net Lease Asset One

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 93,700

[1]	During the year ended December 31, 2014, the Company purchased two condominium units for $3.0 million and one land parcel for $1.7 million.
[2]	During the year ended December 31, 2013, the Company acquired a net lease asset for a purchase price of $93.6 million, including intangible assets of $36.1 million, intangible liabilities of $11.9 million and acquisition-related costs of $0.2 million, which was leased back to the seller. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets were included in "Deferred expenses and other assets, net" and the intangible liabilities were included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The lease was classified as an operating lease. During the year ended December 31, 2014, the net lease asset was sold to its Net Lease Venture for net proceeds of $93.7 million, which approximated carrying value.
[3]	During the year ended December 31, 2013, the Company paid $8.8 million to redeem a noncontrolling member's interest.
[4]	During the year ended December 31, 2012, the Company acquired approximately 900 parking spaces adjacent to an owned property for $9.8 million.

Real Estate (Pro Forma Financial Information) (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Pro forma total revenues		$ 466,327	$ 399,885
Pro forma net income (loss)		$ (245)	$ (112,355)
Business combination, pro forma information, revenue of acquiree since acquisition date, actual	$ 8,300
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual	$ (2,900)

Real Estate (Dispositions) (Details) $ in Thousands	12 Months Ended
Real Estate (Dispositions) (Details) $ in Thousands	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land Sales	$ 15,191	$ 0	$ 0
Costs of Land Sales	12,840	0	0
Property sold, aggregate, carrying value	6,800
Income from sales of real estate	89,943	86,658	63,472
Impairment of long-lived assets to be disposed of or sold		1,800	22,600
Loss on transfer of interest to unconsolidated subsidiary	0	$ 7,373	0
Net Lease Asset Two
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value	8,000
Income from sales of real estate	5,700
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| property		5
Property sold, aggregate, carrying value		$ 18,700
Income from sales of real estate		$ 2,200
Impairment of long-lived assets to be disposed of or sold	3,600
Commercial Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| property		6
Property sold, aggregate, carrying value	29,400	$ 72,600
Income from sales of real estate	4,600	18,600
Net Lease Asset One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate	7,800
Impairment of long-lived assets to be disposed of or sold	3,000
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate		$ 600
Number of real estate properties sold \| property		3
Property sold, aggregate, carrying value		$ 14,800
Income from sales of real estate		600
Condominium Units
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of other real estate	236,200	269,700	319,300
Income from sales of real estate	79,100	82,600	$ 63,500
iStar Net Lease I LLC [Member] \| Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate	$ 10,100
Noncontrolling interest, ownership percentage by parent	72.00%
Transfer mortgage payable	$ 26,000
iStar's ownership percentage	51.90%
iStar Net Lease I LLC [Member] \| Net Lease Asset One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate	$ 93,700
Real Estate Equity Investment Three \| Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
iStar's ownership percentage	50.00%
Real Estate Equity Investment Three \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property Contributed, Aggregate, Carrying Value	$ 9,500
Real Estate Equity Investment One \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property Contributed, Aggregate, Carrying Value		24,100
Loss on transfer of interest to unconsolidated subsidiary		7,400
Real Estate Equity Investment Two \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property Contributed, Aggregate, Carrying Value		$ 2,800
iStar's ownership percentage	85.70%	50.00%
Marina Palms, LLC [Member] \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate		$ 3,400
Proceeds from partial sale of real estate		$ 21,400
iStar's ownership percentage		47.50%
Land \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value		$ 18,900
Master Planned Community [Member] \| Residential Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| property	3
Portfolio Lease Asset Sale [Member] \| Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value		$ 8,700

Real Estate (Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Revenues		$ 5,545	$ 14,132
Total expenses		(3,138)	(9,037)
Impairment of assets		(1,763)	(22,576)
Income (loss) from discontinued operations	$ 0	$ 644	$ (17,481)

Real Estate (Impairments) (Details) $ in Thousands	12 Months Ended
Real Estate (Impairments) (Details) $ in Thousands	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Property, Plant and Equipment [Line Items]
Impairment of assets	$ 34,634	$ 12,589	$ 13,778
Impairment of Real Estate	34,600	14,400	35,400
Impairment of long-lived assets to be disposed of or sold		$ 1,800	$ 22,600
Net Lease
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets to be disposed of or sold	3,600
Land and Residential Properties [Member]
Property, Plant and Equipment [Line Items]
Impairment of Real Estate	15,600
Real Estate Properties [Member]
Property, Plant and Equipment [Line Items]
Impairment of Real Estate	$ 15,400
Number of Properties Impaired \| property	2

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Tenant reimbursements	$ 30.0	$ 31.8	$ 30.9

Real Estate (Future Minimum Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Net Lease
2015	$ 126,316
2016	125,653
2017	120,918
2018	118,384
2019	116,348
Operating Properties
2015	52,823
2016	51,437
2017	49,592
2018	44,288
2019	$ 38,707

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Total loans receivable, net

$ 1,288,662

$ 1,605,386

Reserves for loan losses

(98,490)

(377,204)

$ (524,499)

$ (646,624)

1,190,172

1,228,182

Other lending investments—securities

187,671

141,927

Total loans receivable and other lending investments, net

^[1]

1,377,843

1,370,109

Interest receivable

7,000

6,500

Carrying value of loans sold

30,800

95,100

53,900

Realized investment gains (losses)

19,100

(600)

$ 6,400

Senior mortgages

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

737,535

1,071,662

Subordinate mortgages

Corporate/Partnership loans

53,331

60,679

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for Loan Losses [Roll Forward]

$ 497,796

$ 473,045

[1]	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Reserve for loan losses at beginning of period

$ 377,204

$ 524,499

$ 646,624

Reserve for loan losses at end of period

^[1]

(1,714)

5,489

81,740

Charge-offs

(277,000)

(152,784)

(203,865)

98,490

377,204

524,499

Recoveries of previously recorded loan loss reserves

$ 10,100

$ 63,100

$ 4,600

[1]	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 million, respectively.

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

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Loans

Individually Evaluated for Impairment

^[1]

$ 139,672

$ 752,425

Collectively Evaluated for Impairment

^[2]

1,156,031

849,613

Loans Acquired with Deteriorated Credit Quality

^[3]

9,889

Individually Evaluated for Impairment

1,295,703

1,611,927

Less: Reserve for loan losses

^[1]

(64,990)

(348,004)

Collectively Evaluated for Impairment

^[2]

(33,500)

(29,200)

Loans Acquired with Deteriorated Credit Quality

^[3]

Individually Evaluated for Impairment

(98,490)

(377,204)

$ (524,499)

$ (646,624)

Total

^[1]

74,682

404,421

Collectively Evaluated for Impairment

^[2]

1,122,531

820,413

Loans Acquired with Deteriorated Credit Quality

^[3]

9,889

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

1,197,213

1,234,723

(200)

500

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

$ (10,600)

(4,600)

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

359

Cumulative principal balances of loans acquired with deteriorated credit quality

$ 10,229

[1]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $0.2 million and a net premium of $0.5 million as of December 31, 2014 and 2013, 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 $10.6 million and $4.6 million as of December 31, 2014 and 2013, respectively.
[3]	The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million as of December 31, 2013. The loan had a cumulative principal balance of $10.2 million as of December 31, 2013. The loan was repaid during the year ended December 31, 2014.

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 1,295,703	$ 1,611,927
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	740,247
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	53,836
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	501,620
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 1,166,465	$ 1,091,340
Weighted Average Risk Ratings	3.23	3.11
Real Estate Finance \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 611,009	$ 591,145
Weighted Average Risk Ratings	2.73	2.50
Real Estate Finance \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 53,836	$ 61,364
Weighted Average Risk Ratings	2.87	3.37
Real Estate Finance \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 501,620	$ 438,831
Weighted Average Risk Ratings	3.88	3.88

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

loans

Dec. 31, 2013

USD ($)

Recorded investment in loans, aged by payment status and presented by class

$ 1,199,646

Greater Than 90 Days

^[1]

96,057

Total Past Due

96,057

Financing receivable, number of loans greater than 90 days past due | loans

$ 1,295,703

$ 1,611,927

Financing receivables, past due time period

90 days

Senior mortgages

Recorded investment in loans, aged by payment status and presented by class

$ 644,190

Greater Than 90 Days

^[1]

96,057

Total Past Due

96,057

Recorded investment in loans, aged by payment status and presented by class

740,247

Subordinate mortgages

53,836

Greater Than 90 Days

Total Past Due

Corporate/Partnership loans

53,836

Recorded investment in loans, aged by payment status and presented by class

501,620

Recorded investment in loans, aged by payment status and presented by class

$ 501,620

Financing receivables, past due time period

5 years

Maximum

Recorded investment in loans, aged by payment status and presented by class

Financing receivables, past due time period

6 years

[1]	As of December 31, 2014, the Company had three loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 5.0 to 6.0 years outstanding.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

^[1]

$ 139,672,000

$ 752,425,000

^[1]

138,801,000

747,522,000

Loans modified through troubled debt restructurings

^[1]

(64,990,000)

(348,004,000)

10,400,000

231,800,000

422,973,000

943,761,000

$ 1,350,704,000

2,261,000

17,618,000

7,102,000

Senior mortgages

^[1]

130,645,000

653,349,000

^[1]

129,744,000

648,455,000

^[1]

(64,440,000)

(304,544,000)

370,010,000

825,656,000

1,226,138,000

2,080,000

11,245,000

6,630,000

Subordinate mortgages

32,382,000

52,208,000

Corporate/Partnership loans

^[1]

9,027,000

99,076,000

^[1]

9,057,000

99,067,000

^[1]

(550,000)

(43,460,000)

52,963,000

85,723,000

72,358,000

With no related allowance recorded

181,000

6,373,000

472,000

35,659,000

39,471,000

172,203,000

1,922,000

15,319,000

2,925,000

^[1]

3,012,000

^[1]

2,992,000

^[1]

35,659,000

31,409,000

162,093,000

1,922,000

9,269,000

2,765,000

8,062,000

10,110,000

With an allowance recorded

6,050,000

160,000

^[1]

139,672,000

749,413,000

^[1]

138,801,000

744,530,000

^[1]

(64,990,000)

(348,004,000)

387,314,000

904,290,000

1,178,501,000

With an allowance recorded | Senior mortgages

339,000

2,299,000

4,177,000

^[1]

130,645,000

650,337,000

^[1]

129,744,000

645,463,000

^[1]

(64,440,000)

(304,544,000)

334,351,000

794,247,000

1,064,045,000

With an allowance recorded | Subordinate mortgages

158,000

1,976,000

3,865,000

32,382,000

52,208,000

With an allowance recorded | Corporate/Partnership loans

^[1]

9,027,000

99,076,000

^[1]

9,057,000

99,067,000

^[1]

(550,000)

(43,460,000)

52,963,000

77,661,000

62,248,000

Nonperforming Financing Receivable [Member]

181,000

323,000

$ 312,000

Impaired financing receivable, interest income, cash basis method

$ 0

$ 13,300,000

[1]

All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2014 and 2013, certain loans modified through troubled debt restructurings with a recorded investment of $10.4 million and $231.8 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.

Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details)	12 Months Ended
	Dec. 31, 2014 USD ($) Loan loans	Dec. 31, 2013 USD ($) Loan loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| Loan		6
Unfunded commitments, troubled debt restructurings	$ 0
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| loans	1	6
Pre-Modification Outstanding Recorded Investment	$ 7,040,000	$ 179,030,000
Post-Modification Outstanding Recorded Investment	$ 7,040,000	$ 154,278,000
Performing senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| Loan		2
Non-performing senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| Loan	1	2
Recorded investment of loans whose maturity was extended		$ 174,500,000
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal		98,300,000
Repayment of debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded investment of loans whose maturity was extended		15,400,000
One Year Payment Extension \| Performing senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded investment of loans whose maturity was extended		$ 4,600,000
Finance receivable, trouble debt restructuring time period		1 year
One Year Payment Extension \| Non-performing senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded investment of loans whose maturity was extended	$ 7,000,000
Finance receivable, trouble debt restructuring time period	1 year

Loans Receivable and Other Lending Investments, net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Receivables [Abstract]
Carrying value of loans sold	$ 30.8	$ 95.1	$ 53.9
Realized investment gains (losses)	$ 19.1	$ (0.6)	$ 6.4

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Available-for-sale Securities, Amortized Cost Basis	$ 1,020
Available-for-sale Securities, Net Unrealized Gain (Loss)	147	$ (18)
Available-for-sale Securities, Debt Securities, Fair Value	1,167
Investments, Debt and Equity Securities [Abstract]
Face Value	177,274	140,897
Amortized Cost Basis	187,524	141,945
Net Carrying Amount	187,671	141,927
Estimated Fair Value	191,366	141,927
Held-to-maturity Securities, Debt Maturities [Abstract]
Held-to-Maturity Securities, Amortized Cost Basis	186,504
Held-to-maturity Securities, Fair Value	190,199
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount	0
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount	186,504
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount	0
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount	0
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value	0
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value	190,199
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value	0
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value	0
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis	0
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis	0
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis	0
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	1,020
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value	0
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value	0
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	0
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	1,167
Municipal Bonds
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Available-for-sale Securities, Face Value	1,020	1,055
Available-for-sale Securities, Amortized Cost Basis	1,020	1,055
Available-for-sale Securities, Net Unrealized Gain (Loss)	147	(18)
Available-for-sale Securities, Debt Securities, Fair Value	1,167	1,037
Available-for-sale Securities, Debt Securities	1,167	1,037
Corporate Debt Securities
Held-to-maturity Securities, Debt Maturities [Abstract]
Held-to-Maturity Securities, Face Value	176,254	139,842
Held-to-Maturity Securities, Amortized Cost Basis	186,504	140,890
Held-to-maturity Securities, Unrecognized Holding Loss	0	0
Held-to-maturity Securities, Fair Value	190,199	140,890
Held-to-maturity Securities	$ 186,504	$ 140,890

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

7 Months Ended

12 Months Ended

Apr. 19, 2013

^[3]

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

^[3]

Jul. 28, 2010

Schedule of Equity Method Investments [Line Items]

$ 338,930

$ 197,307

Other, carrying value

15,189

9,902

354,119

207,209

Real estate equity investments

94,905

41,520

$ 103,009

Schedule of Equity Method Investments [Line Items]

244,886

62,205

Other Equity Method Investee One

53,428

2,753

21,636

Schedule of Equity Method Investments [Line Items]

Other equity method investments

23,400

Schedule of Equity Method Investments [Line Items]

30,415

45,954

Schedule of Equity Method Investments [Line Items]

35,172

^[1],[2]

3,332

4,614

Madison Funds

45,971

67,782

Schedule of Equity Method Investments [Line Items]

3,092

14,796

10,246

Oak Hill Funds

17,658

21,366

3,213

4,174

5,844

Schedule of Equity Method Investments [Line Items]

24.00%

Other Equity Method Investee

$ 45,375

16,465

$ 60,669

Schedule of Equity Method Investments [Line Items]

Net Lease | Real Estate Equity Investment Three

$ 9,000

Schedule of Equity Method Investments [Line Items]

50.00%

$ 200

$ 16,400

Equity Method Ownership Rollforward [Roll Forward]

$ 33,300

[1]	During the year ended December 31, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees.
[2]	In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained interests in its share of carried interest related to various funds. During the year ended December 31, 2014, the Company recognized $9.0 million of carried interest income.
[3]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the year ended December 31, 2013 was based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 are based on the balances and results from LNR for the year ended September 30, 2012.

Other Investments (LNR Property Narrative) (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

7 Months Ended

12 Months Ended

Apr. 30, 2013

Jul. 31, 2010

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2013

Apr. 19, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Apr. 30, 2014

Jul. 28, 2010

Distributions from operations of equity method investments

$ 80,116

$ 17,252

$ 105,586

94,905

41,520

103,009

Schedule of Equity Method Investments [Line Items]

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

24.00%

^[1]

24.00%

^[1]

24.00%

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, net proceeds received from escrow

$ 25,200

Equity Method Ownership Rollforward [Roll Forward]

Carrying value of LNR at beginning of period

$ 220,281

$ 205,773

$ 0

205,773

Equity in earnings of LNR for the period

^[2]

45,375

Balance before other than temporary impairment

220,281

251,148

Other than temporary impairment

^[2]

(30,867)

Sales proceeds pursuant to contract

$ (220,300)

(220,281)

Carrying value of LNR at end of period

$ 220,281

$ 0

205,773

Income (loss) from equity method investments, release of AOCI

1,700

Operating cash flows

^[1]

$ (127,075)

$ (85,909)

Cash flows from investing activities

^[1]

(36,543)

(55,686)

Cash flows from financing activities

^[1]

217,241

229,634

Net cash flows

^[1]

53,623

88,039

Cash distributions

^[1]

61,179

Distributions from operations of equity method investments

^[1]

14,690

Equity method investment, summarized financial information, other loss

$ 66,200

LNR Property Corporation and Considered Variable Interest Entity

45,375

^[1]

$ 0

$ 16,465

$ 60,669

60,669

^[1]

Schedule of Equity Method Investments [Line Items]

Servicing fee revenue

$ 55,500

$ 95,400

[1]

[2]

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

7 Months Ended

12 Months Ended

Apr. 19, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jul. 28, 2010

Schedule of Equity Method Investments [Line Items]

Total revenue

$ 626,039

$ 284,513

$ 401,870

440,210

206,198

304,960

94,905

41,520

103,009

Schedule of Equity Method Investments [Line Items]

Total revenue

^[1],[2]

$ 179,373

$ 332,902

Income tax (expense) benefit

^[2]

(2,137)

(6,731)

^[2],[3]

$ 113,478

$ 253,039

24.00%

^[2]

24.00%

^[2]

24.00%

LNR Property Corporation and Considered Variable Interest Entity

$ 45,375

^[2]

$ 0

$ 16,465

$ 60,669

^[2]

Schedule of Equity Method Investments [Line Items]

Servicing fee revenue

$ 55,500

$ 95,400

[1]	LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. Total revenue presented above includes $55.5 million and $95.4 million for the period from October 1, 2012 to April 19, 2013 and for the year ended September 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.
[2]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the year ended December 31, 2013 was based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 are based on the balances and results from LNR for the year ended September 30, 2012.
[3]	Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.

Other Investments (Narrative) (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

LeaseAssets

property

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Schedule of Equity Method Investments [Line Items]

$ 338,930

$ 197,307

94,905

41,520

$ 103,009

^[1]

(1,714)

5,489

81,740

Madison International Real Estate Fund IILP

$ 419,527

$ 437,817

$ 562,705

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

29.50%

MIRELF III

Schedule of Equity Method Investments [Line Items]

32.90%

MIRELF III AIV

Schedule of Equity Method Investments [Line Items]

32.90%

Madison GP1 Investors LP

Schedule of Equity Method Investments [Line Items]

29.50%

Oak Hill Funds Group 2

Schedule of Equity Method Investments [Line Items]

5.90%

Net Lease Asset One

Net Lease Asset One | iStar Net Lease I LLC [Member]

$ 7,800

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

$ 93,700

Land

Land | Real Estate Equity Investment Five

Schedule of Equity Method Investments [Line Items]

75.60%

Land | Real Estate Equity Investment Six

$ 21,100

$ 18,000

Schedule of Equity Method Investments [Line Items]

50.00%

Land | Real Estate Equity Investment Two

$ 7,800

$ 3,500

Schedule of Equity Method Investments [Line Items]

85.70%

50.00%

Loans receivable, commitments, related party

$ 9,400

$ 45,700

Land | Real Estate Equity Investment Four

Schedule of Equity Method Investments [Line Items]

15.70%

$ 23,500

Land | Other real estate equity investments

2,800

Schedule of Equity Method Investments [Line Items]

Land | Marina Palms, LLC [Member]

13,800

$ 2,700

Schedule of Equity Method Investments [Line Items]

47.50%

30,700

$ 5,500

14,700

Equity method investment, carryover basis

21,400

10,600

Equity method investment, preferred interest

$ 10,000

6,600

Net Lease | Real Estate Equity Investment Three

Schedule of Equity Method Investments [Line Items]

50.00%

Proceeds from real estate and real estate joint ventures

$ 200

16,400

48,100

Net Lease | iStar Net Lease I LLC [Member]

$ 33,300

Schedule of Equity Method Investments [Line Items]

Partners' capital account, contributions

51.90%

$ 500,000

Equity method investment, related party ownership percentage

0.60%

Equity method investment, related party promote fee percentage

50.00%

Equity method investment, partner ownership percentage

47.50%

Noncontrolling interest, ownership percentage by parent

$ 10,100

72.00%

Transfer mortgage payable

$ 26,000

Number of properties acquired | LeaseAssets

$ 200,000

348,100

Operating Properties | Other real estate equity investments

125,400

Schedule of Equity Method Investments [Line Items]

Minimum | Other real estate equity investments

$ 13,200

$ 16,000

Schedule of Equity Method Investments [Line Items]

Maximum | Other real estate equity investments

31.00%

Schedule of Equity Method Investments [Line Items]

Loans Receivable and Other Lending Investments, Net | Land | Real Estate Equity Investment Two

70.00%

Schedule of Equity Method Investments [Line Items]

Payments for funding under loan commitments

$ 14,600

[1]	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 million, respectively.

Other Investments (Summarized financial information) (Details) - USD ($)
$ in Thousands

7 Months Ended

12 Months Ended

Apr. 19, 2013

Dec. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Jul. 28, 2010

Equity Method Investments, Summarized Financial Information [Line Items]

$ 626,039

$ 284,513

$ 401,870

(185,603)

(77,633)

(95,391)

Equity Method Investments Excluding Lnr Property Corporation

440,210

206,198

304,960

Equity Method Investments, Summarized Financial Information [Line Items]

Equity Method Investments, Summarized Financial Information [Line Items]

3,464,984

2,980,737

Total liabilities

479,298

303,100

Noncontrolling interests

3,297

333

Total equity

$ 2,982,389

2,677,304

Alinda

^[1]

$ 233,130

$ 123,447

$ 104,364

^[1]

(15,433)

(17,927)

(16,934)

^[1]

$ 217,697

$ 105,520

87,430

Marina Palms, LLC [Member]

1.00%

Equity Method Investments, Summarized Financial Information [Line Items]

$ 114,125

^[2]

(77,120)

(3,525)

^[2]

iStar Net Lease I LLC [Member]

37,005

(3,452)

^[2]

Equity Method Investments, Summarized Financial Information [Line Items]

^[3]

13,826

^[3]

(9,917)

Equity Method Investments, Summarized Financial Information [Line Items]

^[3]

3,691

MIRELF III

20,293

19,460

13,490

(1,401)

(1,675)

(3,894)

$ 18,846

17,739

9,550

Equity Method Investments, Summarized Financial Information [Line Items]

32.90%

MIRELF III AIV

$ (1,194)

26,348

(12,762)

(384)

(1,167)

(1,731)

$ (1,578)

25,181

(14,493)

Equity Method Investments, Summarized Financial Information [Line Items]

32.90%

Westgate

$ 13,118

12,447

1,935

(9,618)

(8,889)

(2,202)

Equity Method Investments, Summarized Financial Information [Line Items]

3,500

3,558

(267)

OHASCF

78,262

72,313

109,234

(951)

(1,642)

(2,700)

Equity Method Investments, Summarized Financial Information [Line Items]

77,311

70,671

106,534

Moor Park

25,760

1,373

1,225

(224)

(304)

(435)

25,536

1,069

790

Equity Method Investments, Summarized Financial Information [Line Items]

^[4],[5]

$ 179,373

332,902

^[5],[6]

$ 113,478

$ 253,039

Equity Method Investments, Summarized Financial Information [Line Items]

24.00%

^[5]

24.00%

^[5]

24.00%

Other

128,719

29,052

184,384

(70,555)

(42,504)

(67,495)

$ 58,202

$ (14,088)

$ 115,416

[1]	The Company recorded its 1% investment in Alinda on a quarter lag. Therefore, the amounts in the Company's financial statements for the years ended December 31, 2014, 2013 and 2012 were based on balances and results from Alinda for the years ended September 30, 2014, 2013 and 2012, respectively.
[2]	The Company began accounting for its investment in Marina Palms under the equity method of accounting on April 17, 2013. The amounts in the Company's financial statements for the year ended December 31, 2013 are based on the balances and results from Marina Palms for the period from April 17, 2013 to December 31, 2013.
[3]	The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014. The amounts in the Company's financial statements for the year ended December 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to December 31, 2014.
[4]	LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. Total revenue presented above includes $55.5 million and $95.4 million for the period from October 1, 2012 to April 19, 2013 and for the year ended September 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.
[5]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the year ended December 31, 2013 was based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 are based on the balances and results from LNR for the year ended September 30, 2012.
[6]	Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Deferred financing fees, net

Intangible assets, net

^[1]

$ 50,088

$ 100,652

Other assets

37,085

40,726

^[2]

36,774

33,591

Leasing costs, net

^[3]

20,031

21,799

Other receivables

13,115

34,655

Corporate furniture, fixtures and equipment, net

^[4]

5,409

6,557

Deferred expenses and other assets, net

162,502

237,980

Intangible assets, accumulated amortization

45,100

38,100

Amortization of above market lease

7,700

7,000

$ 5,800

Amortization of intangible assets

6,700

8,200

$ 7,000

Accumulated amortization of deferred financing fees

15,400

9,900

Accumulated amortization on leasing costs

9,000

7,100

Accumulated depreciation on corporate furniture, fixtures and equipment

$ 7,100

$ 6,200

[1]	Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $45.1 million and $38.1 million as of December 31, 2014 and 2013, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $7.7 million, $7.0 million and $5.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. The amortization expense for other intangible assets was $6.7 million, $8.2 million and $7.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. These amounts are included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations.
[2]	Accumulated amortization on deferred financing fees was $15.4 million and $9.9 million as of December 31, 2014 and 2013, respectively.
[3]	Accumulated amortization on leasing costs was $9.0 million and $7.1 million as of December 31, 2014 and 2013, respectively.
[4]	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.1 million and $6.2 million as of December 31, 2014 and 2013, respectively.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Intangible liabilities, net

Accrued expenses

$ 62,866

$ 58,840

Accrued interest payable

57,895

40,015

Other Liabilities

^[1]

48,256

45,753

^[2]

11,885

26,223

Accounts payable, accrued expenses and other liabilities

180,902

170,831

Profit sharing payable

6,800

Special assessment bond

7,700

Below market lease, accumulated amortization

6,200

4,600

Amortization of below market lease

$ 2,500

$ 2,800

$ 1,400

[1]

[2]

Other Assets and Other Liabilities (Intangible assets and liabilities) (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 5,929
Finite-Lived Intangible Assets, Amortization Expense, Year Two	5,677
Finite-Lived Intangible Assets, Amortization Expense, Year Three	5,308
Finite-Lived Intangible Assets, Amortization Expense, Year Four	4,987
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 4,830

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

12 Months Ended

Dec. 31, 2014

Jun. 10, 2014

Dec. 31, 2013

Nov. 13, 2013

May 31, 2013

Total long-term debt obligations, net

$ 4,034,349

$ 4,196,589

Debt discounts, net

(11,665)

(38,464)

4,022,684

4,158,125

2012 Tranche A-2 Facility

^[1]

$ 358,504

431,475

7.00%

^[1]

5.75%

February 2013 Secured Credit Facility

^[1]

LIBOR

^[2]

$ 0

1,379,407

^[2]

3.50%

Term loans collateralized by net lease assets

^[2]

LIBOR

Weighted average interest rate

^[3]

$ 248,955

278,817

5.30%

Stated interest rate, minimum

^[3]

4.851%

Stated interest rate, maximum

^[3]

7.26%

Total secured credit facilities and term loans

Unsecured Notes 6.05% senior notes

$ 607,459

2,089,699

$ 105,765

105,765

Unsecured Notes 5.875% senior notes

6.05%

$ 261,403

261,403

Unsecured Notes 3 point 875 Percent Senior Notes Due July 2016

5.875%

$ 265,000

265,000

Senior Convertible 3.0% notes

3.875%

^[4]

$ 200,000

200,000

Convertible debt conversion ratio

^[4]

3.00%

0.085

Senior Convertible One Point 50 Percent Notes Due November 2016

^[5]

$ 200,000

200,000

Convertible debt conversion ratio

1.50%

^[5]

1.50%

0.0578

Unsecured Notes 5.85% senior notes

$ 99,722

99,722

Unsecured Notes 9.0% senior notes

5.85%

$ 275,000

275,000

Unsecured Notes 4.00% Senior Notes Due November 2017

9.00%

$ 550,000

Unsecured Notes 7.125% senior notes

4.00%

$ 300,000

300,000

Unsecured Notes 4 point 875 Percent Senior Notes Due July 2018

7.125%

$ 300,000

300,000

Unsecured Notes 5.00% Senior Notes Due July 2019

4.875%

$ 770,000

5.00%

Unsecured Notes

Other debt obligations due in October, 2035

$ 3,326,890

2,006,890

$ 100,000

1.50%

Minimum | 2012 Tranche A-2 Facility

LIBOR

Minimum | London Interbank Offered Rate (LIBOR) | February 2013 Secured Credit Facility

1.25%

Property One | London Interbank Offered Rate (LIBOR) | Term loans collateralized by net lease assets

1.00%

Property Two | London Interbank Offered Rate (LIBOR) | Term loans collateralized by net lease assets

2.00%

2.75%

[1]	The loan has a LIBOR floor of 1.25%. As of December 31, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.
[2]	This loan had a LIBOR floor of 1.00%.
[3]	As of December 31, 2014 and 2013, includes a loan with a floating rate of LIBOR plus 2.00%. As of December 31, 2013, includes a loan with a floating rate of LIBOR plus 2.75%. As of December 31, 2014, the weighted average interest rate of these loans is 5.3%.
[4]	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.
[5]	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Maturities of Long-term Debt [Abstract]
2015	$ 105,765
2016	926,403
2017	1,283,226
2018	615,239
2019	802,312
Thereafter	301,404
Total principal maturities	4,034,349	$ 4,196,589
Unamortized debt discounts, net	(11,665)	(38,464)
Total long-term debt obligations, net	4,022,684	$ 4,158,125
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2015	105,765
2016	926,403
2017	924,722
2018	600,000
2019	770,000
Thereafter	100,000
Total principal maturities	3,426,890
Unamortized debt discounts, net	(8,371)
Total long-term debt obligations, net	3,418,519
Secured Debt
Maturities of Long-term Debt [Abstract]
2015	0
2016	0
2017	358,504
2018	15,239
2019	32,312
Thereafter	201,404
Total principal maturities	607,459
Unamortized debt discounts, net	(3,294)
Total long-term debt obligations, net	$ 604,165

Debt Obligations, net (Secured Credit Facility Narrative) (Details)

1 Months Ended

12 Months Ended

17 Months Ended

33 Months Ended

Jun. 30, 2014

USD ($)

Nov. 30, 2013

USD ($)

May 31, 2013

USD ($)

Feb. 28, 2013

USD ($)

Mar. 31, 2012

USD ($)

tranches

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Jun. 10, 2014

USD ($)

Dec. 31, 2014

USD ($)

Nov. 13, 2013

USD ($)

Feb. 11, 2013

USD ($)

Oct. 15, 2012

USD ($)

$ 1,471,174,000

$ 1,984,102,000

$ 4,608,133,000

February 2013 Secured Credit Facility

$ 25,369,000

33,190,000

37,816,000

Debt instrument, lender fees, amount

$ 1,710,000,000

$ 17,100,000

Debt instrument, capitalized lender fees

14,400,000

Debt instrument, lender fees, amount recorded as a loss on early extinguishment of debt

2,700,000

Debt instrument, third party fees

3,800,000

Debt instrument, third party fees, amount recognized

3,600,000

Debt instrument, third party fees, amount capitalized

$ 200,000

$ 1,320,000,000

$ 388,500,000

^[1]

LIBOR

October 2012 Secured Credit Facility

^[1]

3.50%

2012 Tranche A-1 Facility

$ 1,820,000,000

$ 410,000,000

4,400,000

$ 8,100,000

Percentage of par credit facilities were issued at

LIBOR

98.00%

2012 Secured Credit Facilities

4.00%

Number of tranches | tranches

$ 880,000,000

Unsecured Notes LIBOR plus 0.50% senior convertible notes

Unsecured Line of credit due June 2012

$ 606,700,000

Unsecured Notes 5.50% senior notes

$ 244,000,000

5.50%

2012 Tranche A-2 Facility

$ 90,300,000

$ 470,000,000

7.00%

$ 111,500,000

$ 1,500,000

1,000,000

Percentage of par credit facilities were issued at

^[2]

LIBOR

98.50%

Unsecured Notes 4.00% Senior Notes Due November 2017

^[2]

5.75%

$ 550,000,000

Unsecured Notes 5.00% Senior Notes Due July 2019

4.00%

$ 770,000,000

Senior Convertible One Point 50 Percent Notes Due November 2016

5.00%

$ 200,000,000

Unsecured Notes 5 Point 70 Percent Senior Notes Due March 2014

1.50%

^[3]

1.50%

^[3]

1.50%

5.70%

$ 200,600,000

Unsecured Notes 3 point 875 Percent Senior Notes Due July 2016

2,800,000

$ 265,000,000

Unsecured Notes 4 point 875 Percent Senior Notes Due July 2018

3.875%

$ 300,000,000

Unsecured Notes 8 point 625 Percent Senior Notes Due June 2013

4.875%

8.625%

Unsecured Notes 5 point 95 Percent Senior Notes Due October 2013

$ 96,800,000

5.95%

$ 448,500,000

Minimum | 2012 Tranche A-2 Facility

9,500,000

London Interbank Offered Rate (LIBOR) | Minimum | February 2013 Secured Credit Facility

1.25%

London Interbank Offered Rate (LIBOR) | Minimum | 2012 Tranche A-1 Facility

1.00%

Normal Repayment [Member] | February 2013 Secured Credit Facility

1.25%

Early Repayment [Member] | February 2013 Secured Credit Facility

$ 1,100,000

$ 7,000,000

Debt instrument, lender fees, amount recorded as a loss on early extinguishment of debt

$ 22,800,000

[1]	This loan had a LIBOR floor of 1.00%.
[2]	The loan has a LIBOR floor of 1.25%. As of December 31, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.
[3]	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($)
$ in Thousands

Dec. 31, 2014

Dec. 31, 2013

$ 2,676,714

$ 2,796,181

Loans receivable and other lending investments, net

285,982

360,517

^[1]

1,377,843

1,370,109

354,119

207,209

768,475

907,995

Financing receivable, allowance for credit losses, collectively evaluated for impairment

5,463,133

5,642,011

^[2]

33,500

29,200

Encumbered Assets

620,378

1,644,463

Loans receivable and other lending investments, net

10,496

152,604

^[3]

46,515

860,557

17,708

24,093

695,097

2,681,717

Unencumbered Assets

2,056,336

1,151,718

Loans receivable and other lending investments, net

275,486

207,913

^[3]

1,364,828

538,752

336,411

183,116

768,475

907,995

Derivative financial instruments on consolidated statements of operations

$ 4,801,536

$ 2,989,494

[1]	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[2]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $10.6 million and $4.6 million as of December 31, 2014 and 2013, respectively.
[3]	As of December 31, 2014 and 2013, the amounts presented exclude general reserves for loan losses of $33.5 million and $29.2 million, respectively.

Debt Obligations, net (Debt Covenants) (Details)	12 Months Ended
Debt Obligations, net (Debt Covenants) (Details)	Dec. 31, 2014
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness	1.2
Total secured credit facilities and term loans
Debt Instrument [Line Items]
Multiple of the minimum collateral coverage on outstanding borrowings	1.25
Percentage of REIT taxable income permitted for distribution under debt covenants	100.00%

Commitments and Contingencies (Narrative) (Details) - Subsequent Event - Land - Real Estate Sales [Member] $ in Millions	Jan. 22, 2015 USD ($) a
Other Commitments [Line Items]
Area of Real Estate Property \| a	1,250
Unpaid Purchase Price	$ 114.0
Unpaid Purchase Price, Interest Rate	12.00%
Real Estate Taxes Paid	$ 1.6
Noncontrolling Interest, ownership percentage by noncontrolling owners	15.00%

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	$ 579,595
Strategic Investments	45,714
Discretionary Fundings	5,000
Total	630,309
Loans and Other Lending Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	537,924
Strategic Investments	0
Discretionary Fundings	5,000
Total	542,924
Real Estate
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	14,667
Strategic Investments	0
Discretionary Fundings	0
Total	14,667
Other Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	27,004
Strategic Investments	45,714
Discretionary Fundings	0
Total	$ 72,718

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Lease Expense [Abstract]
Operating Leases, Rent Expense, Net	$ 5,800	$ 6,100	$ 6,500
2015	5,598
2016	5,598
2017	4,982
2018	4,179
2019	3,442
Thereafter	8,266
Letters of credit outstanding, amount	$ 3,700

Risk Management and Derivatives (Risk Management and Derivatives) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	$ 52	$ 10,150
Derivative Liabilities, Fair Value	478	0
Designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	393
Designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	478	0
Designated as hedge \| Interest rate swaps \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	52	650
Designated as hedge \| Interest rate swaps \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	0	0
Designated as hedge \| Interest rate cap \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	9,107
Designated as hedge \| Interest rate cap \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	0	0
Not designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	6,309	1,025
Derivative Liabilities, Fair Value	0	1,653
Not designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	1,534	1,025
Not designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	0	1,653
Not designated as hedge \| Interest rate cap \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	4,775	0
Not designated as hedge \| Interest rate cap \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	$ 0	$ 0

Risk Management and Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Derivative, Net Hedge Ineffectiveness Gain (Loss)

^[1]

$ 3,634

Other Expense | Interest rate cap | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)

(2,984)

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)

Derivative, Net Hedge Ineffectiveness Gain (Loss)

(3,634)

Other Expense | Foreign exchange contracts | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)

(471)

$ 393

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)

Other Expense | Foreign exchange contracts | Not designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain or (Loss) Recognized in Income

7,257

880

$ (8,920)

Earnings from Equity Method Investments | Interest rate cap | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)

(9)

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)

Earnings from Equity Method Investments | Interest rate swaps | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)

(753)

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)

(420)

Interest Expense | Interest rate cap | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)

(1,517)

(968)

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)

(56)

Interest Expense | Interest rate cap | Not designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain or (Loss) Recognized in Income

(1,347)

$ 0

Interest Expense | Interest rate swaps | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)

(970)

869

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)

$ (6)

$ (310)

[1]

Risk Management and Derivatives (Foreign Exchange Contracts) (Details) € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2014 EUR (€)	Dec. 31, 2014 GBP (£)	Dec. 31, 2014 CAD ($)	Dec. 31, 2014 INR (₨)
Derivative [Line Items]
Foreign currency transaction gain (loss)	$ 100	$ (2,000)	$ (700)
Sells euro (EUR)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 23,807			€ 18,800
Maturity of Foreign Currency Derivatives	Jan. 07, 2015
Sells INR/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 6,534						₨ 456,000
Maturity of Foreign Currency Derivatives	Jun. 30, 2015
Sells pound sterling (GBP)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 4,830				£ 3,000
Maturity of Foreign Currency Derivatives	Jan. 07, 2015
Sells Canadian dollar (CAD)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 8,933					$ 10,000
Maturity of Foreign Currency Derivatives	Jan. 07, 2015

Risk Management and Derivatives (Interest Rate Hedges) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Oct. 31, 2012

Derivative, Net Hedge Ineffectiveness Gain (Loss)

^[1]

$ (3,634)

Interest rate cap

Derivative, Notional Amount

$ 500,000

Derivative, Cap Interest Rate

1.00%

Interest rate swap

Derivative, Variable Interest Rate

2.00%

Derivative, Notional Amount

$ 27,456

Notional Amount

$ 28,000

Derivative, Fixed Interest Rate

3.47%

Terminated Interest Rate Swap

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

$ 100

Interest rate swaps

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

$ 700

[1]

Risk Management and Derivatives (Notional Amounts) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Oct. 31, 2012
Sells INR/Buys USD Forward
Derivative [Line Items]
Maturity	Jun. 30, 2015
Sells euro (EUR)/Buys USD Forward
Derivative [Line Items]
Maturity	Jan. 07, 2015
Sells pound sterling (GBP)/Buys USD Forward
Derivative [Line Items]
Maturity	Jan. 07, 2015
Sells Canadian dollar (CAD)/Buys USD Forward
Derivative [Line Items]
Maturity	Jan. 07, 2015
Interest rate cap
Derivative [Line Items]
Fixed Rate	1.00%
Interest rate swap
Derivative [Line Items]
Notional Amount		$ 28.0
Fixed Rate	3.47%

Risk Management and Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Forward Contracts
Derivative [Line Items]
Collateral Posted For Hedges	$ 3.0	$ 7.2

Risk Management and Derivatives (Risk Concentration) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) borrower
CALIFORNIA
Concentration Risk [Line Items]
Concentration risk, percentage	14.60%
NEW YORK
Concentration Risk [Line Items]
Concentration risk, percentage	13.90%
Land
Concentration Risk [Line Items]
Concentration risk, percentage	21.70%
Commercial Entertainment and Leisure Real Estate
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Commercial Office Real Estate
Concentration Risk [Line Items]
Concentration risk, percentage	26.70%
Mixed Use Collateral
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk Number of Large Borrowers or Tenants \| borrower	5
Revenue Accounted by Large Borrowers or Tenants \| $	$ 115
Concentration risk percentage of revenue	6.00%
Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

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

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

^[1],[2]

$ 25

^[1],[2]

8.00%

^[1],[2]

$ 2.00

$ 8,000,000

Series E

5,600

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.875%

^[1],[2]

$ 1.97

$ 11,000,000

Series F

4,000

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.80%

^[1],[2]

$ 1.95

$ 7,800,000

Series G

3,200

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.65%

^[1],[2]

$ 1.91

$ 6,100,000

Series I

5,000

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.50%

^[1],[2]

$ 1.88

$ 9,400,000

Series J

4,000

$ 0.001

^[1],[2]

$ 50

^[1],[2]

4.50%

^[1],[2]

$ 2.25

$ 9,000,000

$ 6,700,000

[1]

[2]

Equity (Dividends) (Details) - USD ($) $ in Millions	12 Months Ended
Equity (Dividends) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
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		$ 759.8

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2013
Stock Repurchase Program
Repurchase of common stock, authorized amount			$ 50,000,000
Available repurchase of common stock, authorized amount		$ 29,000,000
Treasury stock, shares, acquired	1.7
Treasury stock value acquired including acquisition costs	$ 21,000,000
Treasury stock acquired, average cost per share	$ 12.35

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains (losses) on available-for-sale securities	$ 2,983	$ (294)
Unrealized gains (losses) on cash flow hedges	(409)	662
Unrealized losses on cumulative translation adjustment	(3,545)	(4,644)
Accumulated other comprehensive income (loss)	$ (971)	$ (4,276)

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.

+ References + Details

Equity (High Performance Unit Program) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) plan shares
High Performance Unit Program
Stock Performance Award Program [Line Items]
Stock performance award initial purchase price of participant interest \| $	$ 9.8
Stock performance award, number of plans, not meet performance thresholds \| plan	4
HPU
Stock Performance Award Program [Line Items]
Stock performance award, number of voting rights per share	0.25
Employee Stock Performance Award Participant \| High Performance Unit Program
Stock Performance Award Program [Line Items]
Stock performance award, number of plans, exceeded performance thresholds \| plan	3
Employee Stock Performance Award Participant \| HPU \| High Performance Unit Program 2002 Plan [Member]
Stock Performance Award Program [Line Items]
Stock performance award common stock shares basis for distribution calculation	819,254
Stock performance award, shares outstanding, number	5,000
Employee Stock Performance Award Participant \| HPU \| High Performance Unit Program 2003 Plan
Stock Performance Award Program [Line Items]
Stock performance award common stock shares basis for distribution calculation	987,149
Stock performance award, shares outstanding, number	5,000
Employee Stock Performance Award Participant \| HPU \| High Performance Unit Program 2004 Plan
Stock Performance Award Program [Line Items]
Stock performance award common stock shares basis for distribution calculation	1,031,875
Stock performance award, shares outstanding, number	5,000

Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2014	Feb. 28, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 10, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 13,314	$ 19,261	$ 15,293
Unrecognized compensation cost			$ 2,200
Weighted-average period to recognize the unrecognized compensation cost			1 year 5 months 1 day
Deferred compensation share-based arrangements, liability, current and noncurrent			$ 8,700
2013 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Points Issued			83
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 39,200	$ 31,600	$ 29,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Non-vested at December 31, 2013	2,779,000		2,779,000
Granted, Number of Shares			306,000
Vested, Number of Shares			(2,757,000)
Forfeited, Number of Shares			(8,000)
Number of Shares, Non-vested at December 31, 2014			320,000	2,779,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value Per Share,Non-vested at December 31, 2013	$ 5.85		$ 5.85
Granted, Weighted Average Grant Date Fair Value Per Share			15.31
Vested, Weighted Average Grant Date Fair Value Per Share			6.09
Forfeited, Weighted Average Grant Date Fair Value Per Share			15.69
Weighted Average Grant Date Fair Value Per Share,Non-vested at December 31, 2014			$ 12.57	$ 5.85
Non-vested at December 31, 2013, Aggregate Intrinsic Value	$ 39,659		$ 39,659
Non-vested at December 31, 2014, Aggregate Intrinsic Value			$ 4,367	$ 39,659
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			8,000,000
Share-based Compensation Arrangement by Share-based Payment Award Additional Number of Shares that Can be Authorized			500,000
Long-term Incentive Plan 2006
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			4,550,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Reserved for Grants of Options			1,000,000
Long-term Incentive Plan 2006 and 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance			4,000,000
Employees \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares			(2,757,427)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted shares awarded			1,369,809
Employees \| Amended restricted stock units vesting on January 1, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares			(1,696,053)
Employees \| Service-based restricted stock units vesting on March 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares			(80,000)
Employees \| Common Stock Subject to Sales Restriction
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares	(235,414)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value Per Share,Non-vested at December 31, 2014			$ 14.89
Non-vested at December 31, 2014, Aggregate Intrinsic Value			$ 3,500
Restricted shares awarded			132,653
Employees \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Sale restriction period	2 years
Employees \| Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Non-vested at December 31, 2014			64,552
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted units						67,637
Employees \| Performance-based restricted stock units vesting on December 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Non-vested at December 31, 2014			50,116
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted units						51,726
Risk-free interest rate	0.76%
Expected stock price volatility	44.84%
Employees \| Performance-based restricted stock units vesting on December 31, 2016 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting percentage	0.00%
Employees \| Performance-based restricted stock units vesting on December 31, 2016 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting percentage	200.00%
Employees \| Service-based restricted stock units vesting on February 1, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Non-vested at December 31, 2014			194,582
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting term		3 years
Employees \| Performance based restricted stock units vesting on December 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares			(381,374)
Employees \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting percentage			195.50%
Employees \| Performance-based restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting percentage		0.00%
Employees \| Performance-based restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting percentage		200.00%
Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Non-vested at December 31, 2014			10,666
Employees \| Service based restricted stock units with specified vesting dates \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting term			3 years
Company's chairman and chief executive officer \| Service-based restricted stock units vesting on June 15, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares			(600,000)
Original Awards [Member] \| Employees \| Performance based restricted stock units vesting on December 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares			(195,076)
Additional Awards [Member] \| Employees \| Performance based restricted stock units vesting on December 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, Number of Shares			(186,298)

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of Shares	306,000
Non-vested, outstanding (in shares)	320,000	2,779,000
Directors \| Common Stock Equivalent
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of Shares	8,602
Directors \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of Shares	39,570
Directors \| CSE and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, grants in period, weighted average grant date fair value (per share)	$ 14.46
Non-vested, outstanding (in shares)	278,471
Aggregate intrinsic value for directors	$ 3.8
Former director \| CSE and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for settlement (in shares)	55,076

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Defined contribution plan, service requirement	3 months
Gross contributions made by the Company	$ 0.9	$ 0.9	$ 0.9
Defined contribution plan maximum percentage Of matching contribution	50.00%
Defined contribution plan maximum percentage Of employee compensation	10.00%

Earnings Per Share (Schedule of Earnings Per Share) (Details 1) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Income (loss) from continuing operations

^[1]

$ (74,178)

$ (220,768)

$ (314,678)

Net (income) loss attributable to noncontrolling interests

704

(718)

1,500

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

89,943

86,658

63,472

Preferred dividends

51,320

49,020

42,320

$ (34,851)

$ (183,848)

$ (292,026)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(73.5) million, $(221.5) million and $(313.2) million for the years ended December 31, 2014, 2013 and 2012, respectively. See Note 13 for details on the calculation of earnings per share.

Earnings Per Share (Schedule of Earnings Per Share) (Details 2) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Numerator for basic and diluted earnings per share:

Denominator for basic and diluted earnings per share:

$ 0

$ 22,233

$ 27,257

Weighted Average Number of Shares Outstanding, Basic and Diluted

^[1]

85,031

84,990

83,742

Weighted average High Performance Units outstanding for basic and diluted earnings per share

^[1],[2]

Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted (in dollars per share)

^[1]

$ (0.40)

$ (2.09)

$ (3.37)

Earnings Per Share, Basic and Diluted (in dollars per share)

^[1]

$ (0.40)

$ (1.83)

$ (3.26)

Common Stock

Denominator for basic and diluted earnings per share:

Weighted Average Number of Shares Outstanding, Basic and Diluted

85,031

84,990

83,742

Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted (in dollars per share)

$ (0.40)

$ (2.09)

$ (3.37)

Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share

0.00

0.01

(0.20)

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic and Diluted Share

0.00

0.25

0.31

Earnings Per Share, Basic and Diluted (in dollars per share)

$ (0.40)

$ (1.83)

$ (3.26)

HPU's

Denominator for basic and diluted earnings per share:

Weighted average High Performance Units outstanding for basic and diluted earnings per share

Basic and Diluted | Common Stock

Numerator for basic and diluted earnings per share:

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

$ (33,722)

$ (177,907)

$ (282,452)

623

(16,908)

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

21,515

26,363

(33,722)

(155,769)

(272,997)

Denominator for basic and diluted earnings per share:

Weighted Average Number of Shares Outstanding, Basic and Diluted

84,617

85,392

85,125

84,824

Earnings Per Share, Basic and Diluted (in dollars per share)

$ (0.68)

$ (0.36)

$ (0.31)

$ (0.49)

Basic and Diluted | HPU's

Numerator for basic and diluted earnings per share:

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

(1,129)

(5,941)

(9,574)

(573)

Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders

718

894

$ (1,129)

$ (5,202)

$ (9,253)

Denominator for basic and diluted earnings per share:

Weighted average High Performance Units outstanding for basic and diluted earnings per share

Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted (in dollars per share)

$ (75.27)

$ (396.07)

$ (638.27)

Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share

0.00

1.40

(38.20)

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic and Diluted Share

0.00

47.87

59.60

Earnings Per Share, Basic and Diluted (in dollars per share)

$ (75.27)

$ (346.80)

$ (616.87)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(73.5) million, $(221.5) million and $(313.2) million for the years ended December 31, 2014, 2013 and 2012, 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.

Earnings Per Share (Anti-dilutive Shares) (Details) - shares
shares in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Joint venture shares

3.00% convertible senior unsecured notes

^[1]

298

Series J convertible perpetual preferred stock

^[1]

16,992

1.50% convertible senior unsecured notes

^[1]

15,635

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

^[1]

11,567

[1]	For the years ended December 31, 2014, 2013 and 2012, the effect of the Company's unvested Units, performance-based Units and CSEs were anti-dilutive.

Fair Values (Schedule of Fair Value Measurement) (Details) - USD ($)
$ in Thousands

Dec. 31, 2014

Dec. 31, 2013

$ 0

Recurring basis | Significant other observable inputs (Level 2)

7,906

505

6,361

11,175

478

1,653

Recurring basis | Significant unobservable inputs (Level 3)

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

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

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

5,744

37,169

^[1]

115,423

7,102

^[2]

29,936

Total | Recurring basis

6,361

11,175

478

1,653

Total | Non-recurring basis

7,906

505

37,169

^[1]

115,423

Loans Receivable One | Discounted Cash Flow

$ 7,102

^[2]

$ 35,680

[1]	The Company recorded a recovery of loan losses on one loan with a fair value of $8.5 million based on the loan's remaining term of 1.50 years and interest rate of 4.7% using discounted cash flow analysis. The Company also recorded a provision for loan losses on one loan with a fair value of $5.2 million based on an appraisal.
[2]	The Company recorded impairment on one real estate asset with a fair value of $7.1 million based on a discount rate of 15.0% using discounted cash flows over a 10 year lease term.

Fair Values (Schedule of Fair Value Measurement Assumptions) (Details) - Non-recurring basis
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

Loan

property

Dec. 31, 2013

USD ($)

Quantitative information about Level 3 fair value measures

Number of impaired loans | Loan

Fair value assumptions, expected term

$ 8,500

1 year 6 months

Weighted average discount rate

4.70%

Loans Receivable Two | Discounted Cash Flow

Quantitative information about Level 3 fair value measures

Number of impaired loans | Loan

Loans Receivable Three [Member] | Executed Foreclosure Sale Agreement [Member]

$ 5,200

Quantitative information about Level 3 fair value measures

Number of impaired loans | Loan

Land | Discounted Cash Flow

$ 23,500

Quantitative information about Level 3 fair value measures

Number of impaired real estate assets | property

Weighted average discount rate

15.00%

Fair Value Assumptions, Expected Term

^[1]

$ 7,100

10 years

Significant unobservable inputs (Level 3)

Quantitative information about Level 3 fair value measures

$ 37,169

^[2]

$ 115,423

Loans receivable and other lending investments, net

$ 7,102

^[1]

$ 29,936

[1]	The Company recorded impairment on one real estate asset with a fair value of $7.1 million based on a discount rate of 15.0% using discounted cash flows over a 10 year lease term.
[2]	The Company recorded a recovery of loan losses on one loan with a fair value of $8.5 million based on the loan's remaining term of 1.50 years and interest rate of 4.7% using discounted cash flow analysis. The Company also recorded a provision for loan losses on one loan with a fair value of $5.2 million based on an appraisal.

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

Dec. 31, 2014

Dec. 31, 2013

Financial assets:

^[1]

$ 1,377,843

$ 1,370,109

Financial liabilities:

Debt obligations, net

4,022,684

4,158,125

Fair Value

Financial assets:

Loans receivable and other lending investments, net

1,400,000

Financial liabilities:

Debt obligations, net

$ 4,100,000

$ 4,500,000

[1]	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Segment Reporting (Schedule of Segments) (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

USD ($)

Sep. 30, 2014

USD ($)

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2014

USD ($)

segments

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Number of reportable segments | segments

$ 243,100

$ 234,567

$ 216,291

122,704

108,015

133,410

81,033

48,208

47,838

15,191

$ 109,950

$ 113,486

$ 129,843

$ 108,749

$ 101,073

$ 95,696

$ 99,919

$ 94,102

462,028

390,790

397,539

94,905

41,520

103,009

89,943

86,658

63,472

^[1]

2,735

8,175

22,233

27,257

646,876

543,936

599,452

(163,389)

(157,441)

(151,458)

(12,840)

(5,821)

(8,050)

(17,266)

(224,483)

(266,225)

^[2]

(356,161)

^[2]

^[3]

(75,492)

(72,853)

(65,563)

^[4]

164,851

39,367

9,004

^[5]

(1,714)

5,489

81,740

Loss on transfer of interest to unconsolidated subsidiary

34,634

14,353

^[2]

36,354

^[2]

7,373

73,571

71,530

^[2]

70,786

^[2]

145,238

111,553

83,070

2,676,714

2,796,181

2,676,714

2,796,181

285,982

360,517

285,982

360,517

Loans receivable and other lending investments, net

2,962,696

3,156,698

2,962,696

3,156,698

^[6]

1,377,843

1,370,109

1,377,843

1,370,109

354,119

207,209

354,119

207,209

4,694,658

4,734,016

4,694,658

4,734,016

768,475

907,995

768,475

907,995

Stock-based compensation expense

5,463,133

5,642,011

5,463,133

5,642,011

13,314

19,261

15,293

Operating Segments | Real Estate Finance

122,704

108,015

133,410

21,217

4,748

8,613

143,921

112,763

142,023

^[1]

143,921

112,763

142,023

(243)

(1,625)

(4,775)

(58,043)

(74,377)

^[2]

(111,898)

^[2]

^[3]

(13,314)

(13,186)

(14,263)

^[4]

72,321

23,575

11,087

(1,714)

5,489

81,740

Loss on transfer of interest to unconsolidated subsidiary

^[2]

^[2]

Loans receivable and other lending investments, net

1,377,843

1,370,109

1,377,843

1,370,109

Operating Segments | Net Lease

1,377,843

1,370,109

1,377,843

1,370,109

151,934

147,313

149,058

4,437

250

156,371

147,563

149,058

3,260

2,699

2,632

6,206

^[1]

1,484

7,289

3,395

27,257

165,837

155,141

186,236

(22,967)

(22,565)

(23,886)

(72,089)

(80,034)

^[2]

(92,579)

^[2]

^[3]

(16,736)

(14,330)

(10,618)

^[4]

54,045

38,212

59,153

Loss on transfer of interest to unconsolidated subsidiary

3,689

1,176

^[2]

6,670

^[2]

38,841

38,582

^[2]

39,250

^[2]

3,933

34,076

10,994

1,188,160

1,358,248

1,188,160

1,358,248

4,521

Loans receivable and other lending investments, net

1,192,681

1,358,248

1,192,681

1,358,248

125,360

16,408

125,360

16,408

Operating Segments | Operating Properties

1,318,041

1,374,656

1,318,041

1,374,656

90,331

86,352

65,706

42,000

38,164

32,615

132,331

124,516

98,321

1,669

5,546

25,142

83,737

82,603

63,472

^[1]

1,251

886

18,838

217,737

232,754

187,821

(113,504)

(101,044)

(100,258)

(39,535)

(49,114)

^[2]

(69,259)

^[2]

^[3]

(9,684)

(9,189)

(7,572)

^[4]

55,014

73,407

10,732

Loss on transfer of interest to unconsolidated subsidiary

8,131

12,449

^[2]

28,501

^[2]

32,142

30,599

^[2]

28,450

^[2]

61,186

41,131

51,579

628,271

638,088

628,271

638,088

162,782

228,328

162,782

228,328

Loans receivable and other lending investments, net

791,053

866,416

791,053

866,416

13,220

16,032

13,220

16,032

Operating Segments | Land

804,273

882,448

804,273

882,448

835

902

1,527

3,327

1,474

2,635

15,191

19,353

2,376

4,162

14,966

(5,331)

(6,138)

4,055

^[1]

34,319

1,100

(1,976)

(26,918)

(33,832)

(27,314)

(12,840)

(29,432)

(30,368)

^[2]

(44,125)

^[2]

^[3]

(13,170)

(12,365)

(7,405)

^[4]

(48,041)

(75,465)

(80,820)

Loss on transfer of interest to unconsolidated subsidiary

22,814

728

^[2]

205

^[2]

(7,373)

1,440

1,105

^[2]

1,276

^[2]

80,119

36,346

20,497

860,283

799,845

860,283

799,845

118,679

132,189

118,679

132,189

Loans receivable and other lending investments, net

978,962

932,034

978,962

932,034

106,155

29,765

106,155

29,765

Corporate, Non-Segment | Corporate/Other

1,085,117

961,799

1,085,117

961,799

^[7]

^[7]

^[7]

10,052

3,572

3,975

^[7]

^[7]

10,052

3,572

3,975

^[7]

75,010

38,606

81,373

^[7]

^[1],[7]

^[7]

^[7]

85,062

42,178

85,348

^[7]

^[7]

^[7]

(5,578)

(6,425)

(12,491)

^[7]

(25,384)

(32,332)

^[2]

(38,300)

^[2]

^[3],[7]

(22,588)

(23,783)

(25,705)

^[4],[7]

31,512

(20,362)

8,852

^[7]

Loss on transfer of interest to unconsolidated subsidiary

^[7]

^[2]

978

^[2]

^[7]

^[7]

1,148

1,244

^[2]

1,810

^[2]

^[7]

$ 0

^[7]

^[7]

Loans receivable and other lending investments, net

^[7]

^[7]

^[7]

109,384

145,004

109,384

145,004

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

^[7]

$ 109,384

$ 145,004

$ 109,384

$ 145,004

[1]	For the years ended December 31, 2013 and 2012, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
[2]	For the years ended December 31, 2013 and 2012, 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 $13.3 million, $19.3 million and $15.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.
[4]	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Years Ended December 31, 2014 2013 2012Segment profit (loss)$164,851 $39,367 $9,004Less: (Provision for) recovery of loan losses1,714 (5,489) (81,740)Less: Impairment of assets(4)(34,634) (14,353) (36,354)Less: Loss on transfer of interest to unconsolidated subsidiary— (7,373) —Less: Stock-based compensation expense(13,314) (19,261) (15,293)Less: Depreciation and amortization(4)(73,571) (71,530) (70,786)Less: Income tax (expense) benefit(4)(3,912) 596 (8,445)Less: Loss on early extinguishment of debt, net(25,369) (33,190) (37,816)Net income (loss)$15,765 $(111,233) $(241,430)
[5]	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 million, respectively.
[6]	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[7]	Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals.

Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Less: (Provision for) recovery of loan losses

^[1]

$ 164,851

$ 39,367

$ 9,004

1,714

(5,489)

(81,740)

Less: Impairment of assets

^[2]

(34,634)

(14,353)

(36,354)

Less: Loss on transfer of interest to unconsolidated subsidiary

(7,373)

Less: Stock-based compensation expense

(13,314)

(19,261)

(15,293)

Less: Depreciation and amortization

^[2]

(73,571)

(71,530)

(70,786)

Less: Income tax (expense) benefit

^[2]

(3,912)

596

(8,445)

Less: Loss on early extinguishment of debt, net

(25,369)

(33,190)

(37,816)

$ (1,955)

$ 35,491

$ (3,594)

$ (14,177)

$ (45,992)

$ (18,590)

$ (14,398)

$ (32,253)

$ 15,765

$ (111,233)

$ (241,430)

[1]

The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Years Ended December 31, 2014 2013 2012Segment profit (loss)$164,851 $39,367 $9,004Less: (Provision for) recovery of loan losses1,714 (5,489) (81,740)Less: Impairment of assets(4)(34,634) (14,353) (36,354)Less: Loss on transfer of interest to unconsolidated subsidiary— (7,373) —Less: Stock-based compensation expense(13,314) (19,261) (15,293)Less: Depreciation and amortization(4)(73,571) (71,530) (70,786)Less: Income tax (expense) benefit(4)(3,912) 596 (8,445)Less: Loss on early extinguishment of debt, net(25,369) (33,190) (37,816)Net income (loss)$15,765 $(111,233) $(241,430)

[2]

For the years ended December 31, 2013 and 2012, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.

Quarterly Financial Information (Unaudited) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Undistributed Earnings (Loss) Allocated to Participating Securities, Basic

$ 2

Revenue

$ 109,950

113,486

$ 129,843

$ 108,749

$ 101,073

$ 95,696

$ 99,919

$ 94,102

$ 462,028

$ 390,790

$ 397,539

Net income (loss) attributable to iStar Financial Inc.

$ (1,955)

35,491

$ (3,594)

$ (14,177)

(45,992)

(18,590)

(14,398)

(32,253)

15,765

(111,233)

(241,430)

$ 16,469

$ (111,951)

$ (239,930)

Earnings Per Share, Basic and Diluted (in dollars per share)

^[1]

$ (0.40)

$ (1.83)

$ (3.26)

Earnings Per HPU Share, Basic and Diluted (in dollars per share)

^[1],[2]

$ (75.27)

$ (346.80)

$ (616.87)

Weighted Average Number of Shares Outstanding, Basic and Diluted

^[1]

85,031

84,990

83,742

Weighted average High Performance Units outstanding for basic and diluted earnings per share

^[1],[2]

Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted

$ 2

Common Stock

Earnings Per Share, Basic and Diluted (in dollars per share)

$ (0.40)

$ (1.83)

$ (3.26)

Weighted Average Number of Shares Outstanding, Basic and Diluted

85,031

84,990

83,742

HPU

Weighted average High Performance Units outstanding for basic and diluted earnings per share

Basic and Diluted | Common Stock

Net income (loss) attributable to iStar Financial Inc.

$ (57,934)

$ (30,571)

$ (26,001)

$ (41,263)

Earnings Per Share, Basic and Diluted (in dollars per share)

$ (0.68)

$ (0.36)

$ (0.31)

$ (0.49)

Weighted Average Number of Shares Outstanding, Basic and Diluted

84,617

85,392

85,125

84,824

Basic and Diluted | HPU

Net income (loss) attributable to iStar Financial Inc.

$ (1,939)

$ (1,016)

$ (866)

$ (1,381)

Earnings Per Share, Basic and Diluted (in dollars per share)

$ (75.27)

$ (346.80)

$ (616.87)

Earnings Per HPU Share, Basic and Diluted (in dollars per share)

$ (129.26)

$ (67.73)

$ (57.74)

$ (92.07)

Weighted average High Performance Units outstanding for basic and diluted earnings per share

Basic | Common Stock

Net income (loss) attributable to iStar Financial Inc.

$ (13,270)

$ 22,327

$ (16,207)

$ (26,572)

Earnings Per Share, Basic (in dollars per share)

$ (0.16)

$ 0.26

$ (0.19)

$ (0.31)

Weighted Average Number of Shares Outstanding, Basic

85,188

85,163

84,916

84,819

Basic | HPU

Net income (loss) attributable to iStar Financial Inc.

$ (442)

$ 744

$ (542)

$ (889)

Income (Loss) from Continuing Operations, Per Basic and Diluted Share

$ (29.47)

$ 49.60

$ (36.13)

$ (59.27)

Diluted | Common Stock

Net income (loss) attributable to iStar Financial Inc.

$ (13,270)

$ 27,608

$ (16,207)

$ (26,572)

Earnings Per Share, Diluted (in dollars per share)

$ (0.16)

$ 0.21

$ (0.19)

$ (0.31)

Weighted Average Number of Shares Outstanding, Diluted

85,188

130,160

84,916

84,819

Diluted | HPU

Net income (loss) attributable to iStar Financial Inc.

$ (442)

$ 602

$ (542)

$ (889)

Income (Loss) from Continuing Operations, Per Basic and Diluted Share

$ (29.47)

$ 40.13

$ (36.13)

$ (59.27)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(73.5) million, $(221.5) million and $(313.2) million for the years ended December 31, 2014, 2013 and 2012, 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.

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Valuation and Qualifying Accounts Disclosure [Line Items]

$ 439,323

$ 570,975

$ 701,181

(5,886)

(1,277)

(73,835)

4,302

19,855

(176)

(281,285)

(152,784)

(203,865)

Loans Receivable Allowance

439,323

570,975

701,181

$ 156,454

Valuation and Qualifying Accounts Disclosure [Line Items]

^[1],[2]

377,204

524,499

646,624

^[1],[2]

1,714

(5,489)

(81,740)

^[1],[2]

^[1],[2]

(277,000)

(152,784)

(203,865)

Allowance for Doubtful Accounts

^[1],[2]

377,204

524,499

646,624

98,490

Valuation and Qualifying Accounts Disclosure [Line Items]

^[1]

5,857

5,596

3,668

^[1]

2,074

261

1,928

^[1]

^[1]

(4,285)

Valuation Allowance of Deferred Tax Assets

^[1]

5,857

5,596

3,668

3,646

Valuation and Qualifying Accounts Disclosure [Line Items]

^[1]

56,262

40,880

50,889

^[1]

(6,246)

(4,473)

(9,833)

^[1]

4,302

19,855

(176)

^[1]