View Filing Data

2,536,273

2,676,714

292,608

285,982

Loans receivable and other lending investments, net

2,828,881

2,962,696

^[1]

1,537,846

1,377,843

Cash and cash equivalents

341,549

354,119

625,352

472,061

Accrued interest and operating lease income receivable, net

18,450

16,367

Deferred operating lease income receivable

96,279

98,262

Deferred expenses and other assets, net

204,223

181,785

Accounts payable, accrued expenses and other liabilities

5,652,580

5,463,133

Liabilities:

158,251

180,902

Debt obligations, net

4,261,528

4,022,684

Total liabilities

4,419,779

4,203,586

Commitments and contingencies

Redeemable noncontrolling interests

13,203

11,199

iStar Financial Inc. shareholders' equity:

High Performance Units

9,800

Common Stock, $0.001 par value, 200,000 shares authorized, 146,181 issued and 85,520 outstanding at March 31, 2015 and 145,807 issued and 85,191 outstanding at December 31, 2014

146

Additional paid-in capital

4,007,540

4,007,514

Retained earnings (deficit)

(2,579,771)

(2,556,469)

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

(5,116)

(971)

Treasury stock, at cost, $0.001 par value, 60,661 shares at March 31, 2015 and 60,617 shares at December 31, 2014

(263,512)

(262,954)

Total iStar Financial Inc. shareholders' equity

1,169,113

1,197,092

Noncontrolling interests

50,485

51,256

Total equity

1,219,598

1,248,348

Total liabilities and equity

5,652,580

5,463,133

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 March 31, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 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

Mar. 31, 2015

Dec. 31, 2014

Common Stock, par value (in dollars per share)

$ 0.001

Common Stock, shares authorized

200,000,000

Common Stock, shares issued

146,181,000

145,807,000

Common Stock, shares outstanding

85,520,000

85,191,000

Treasury stock, par value (in dollars per share)

$ 0.001

Treasury stock, shares

60,661,000

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 $2.0 million, $2.8 million, $2.0 million, $1.5 million and $2.3 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2015 and 2014. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2015 and 2014. 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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Revenues:

$ 59,139

$ 62,108

34,896

27,914

10,564

14,584

8,258

4,143

Total revenues

112,857

108,749

Costs and expenses:

Interest expense

54,632

57,456

39,634

42,613

6,891

3,654

General and administrative

18,501

18,613

20,753

19,788

^[1]

4,293

(3,400)

2,979

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

2,123

221

Total costs and expenses

146,827

141,924

(33,970)

(33,175)

Loss on early extinguishment of debt, net

(168)

(1,180)

Earnings from equity method investments

6,547

3,177

Income (loss) from continuing operations before income taxes

(27,591)

(31,178)

Income tax (expense) benefit

(5,878)

507

Income (loss) from continuing operations

^[2]

(33,469)

(30,671)

21,156

16,494

Net (income) loss attributable to noncontrolling interests

(12,313)

(14,177)

1,841

(454)

Net income (loss) attributable to iStar Financial Inc.

(10,472)

(14,631)

Preferred dividends

(12,830)

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

^[3],[4]

749

889

Net income (loss) allocable to common shareholders

$ (22,553)

$ (26,572)

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

^[2]

$ (0.26)

$ (0.31)

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

^[2]

$ (0.26)

$ (0.31)

Weighted average number of common shares—Basic and diluted

^[2]

85,497

84,819

Per HPU share data:

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

^[2],[3]

$ (49.93)

$ (59.27)

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

^[2],[3]

$ (49.93)

$ (59.27)

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

^[2],[3]

[1]	For the three months ended March 31, 2015 and 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million and $5.2 million, respectively.
[2]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(31.6) million and $(31.3) million for the three months ended March 31, 2015 and 2014, 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 and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Note 12 and Note 13).

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Income (loss) from continuing operations attributable to iStar Financial Inc.	$ (31.6)	$ (31.3)

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Statement of Comprehensive Income [Abstract]

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

$ (12,313)

$ (14,177)

Other comprehensive income (loss):

^[1]

(2,531)

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

^[2]

150

135

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

(575)

Unrealized gains/(losses) on cash flow hedges

(945)

(1,762)

Unrealized gains/(losses) on cumulative translation adjustment

(244)

163

Other comprehensive income (loss)

(4,145)

(1,396)

Comprehensive income (loss)

(16,458)

(15,573)

Comprehensive (income) loss attributable to noncontrolling interests

1,844

(454)

Comprehensive income (loss) attributable to iStar Financial Inc.

$ (14,614)

$ (16,027)

[1]	Included in "Other income" on the Company's Consolidated Statements of Operations.
[2]	For the three months ended March 31, 2015 and 2014, $35 and $135, respectively, are included in "Interest expense" on the Company's Consolidated Statements of Operations. For the three months ended March 31, 2015, $115 is included in "Earnings from equity method investments" on the Company Consolidated Statements of Operations.

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

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

^[1]

$ (2,531)

$ 0

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

^[2]

150

135

Interest Expense

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

$ 135

Earnings from Equity Method Investments

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

$ 115

[1]	Included in "Other income" on the Company's Consolidated Statements of Operations.
[2]	For the three months ended March 31, 2015 and 2014, $35 and $135, respectively, are included in "Interest expense" on the Company's Consolidated Statements of Operations. For the three months ended March 31, 2015, $115 is included in "Earnings from equity method investments" on the Company Consolidated Statements of Operations.

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

Net Income (Loss) Attributable to Redeemable Noncontrolling Interest

$ (484)

Balance at Dec. 31, 2013

1,301,465

$ 22

$ 4

$ 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

(12,830)

Issuance of stock/restricted stock unit amortization, net

(8,588)

(8,589)

Net income (loss) for the period

^[2]

(13,693)

(14,631)

938

Change in accumulated other comprehensive income (loss)

(1,396)

Change in additional paid in capital attributable to redeemable noncontrolling interest

(246)

Distributions to noncontrolling interests

(2,595)

Balance at Mar. 31, 2014

1,262,117

9,800

145

4,013,303

(2,549,079)

(5,672)

(262,954)

56,548

Net Income (Loss) Attributable to Redeemable Noncontrolling Interest

(1,022)

Balance at Dec. 31, 2014

1,248,348

9,800

146

4,007,514

(2,556,469)

(971)

(262,954)

51,256

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

Dividends declared—preferred

(12,830)

Issuance of stock/restricted stock unit amortization, net

3,054

Net income (loss) for the period

^[2]

(11,291)

(10,472)

(819)

Change in accumulated other comprehensive income (loss)

(4,145)

Repurchase of stock

(558)

Change in additional paid in capital attributable to redeemable noncontrolling interest

(3,028)

Contributions from noncontrolling interests

Distributions to noncontrolling interests

(4)

Balance at Mar. 31, 2015

$ 1,219,598

$ 22

$ 4

$ 9,800

$ 146

$ 4,007,540

$ (2,579,771)

$ (5,116)

$ (263,512)

$ 50,485

[1]	See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock.
[2]	For the three months ended March 31, 2015 and 2014, net income (loss) shown above excludes $(1,022) and $(484) of net loss attributable to redeemable noncontrolling interests.

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Cash flows from operating activities:

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

$ (12,313)

$ (14,177)

^[1]

4,293

(3,400)

2,979

Payments for withholding taxes upon vesting of stock-based compensation

18,501

18,613

(1,683)

(13,456)

Non-cash expense for stock-based compensation

3,238

2,075

Amortization of discounts/premiums and deferred financing costs on debt

4,025

4,668

Amortization of discounts/premiums and deferred interest on loans

(19,303)

(12,527)

Earnings from equity method investments

(6,547)

(3,177)

Distributions from operations of equity method investments

3,946

8,630

Deferred operating lease income

(1,796)

(2,691)

Income from sales of real estate and land development

(22,523)

(16,983)

Other operating activities, net

2,463

1,725

Changes in assets and liabilities:

Changes in accrued interest and operating lease income receivable, net

(2,083)

(804)

Changes in deferred expenses and other assets, net

5,229

6,418

Changes in accounts payable, accrued expenses and other liabilities

(27,801)

(42,714)

Cash flows from operating activities

(52,354)

(64,821)

Cash flows from investing activities:

Investment originations and fundings

(188,044)

(193,943)

Capital expenditures on real estate assets

(34,669)

(27,902)

Acquisitions of real estate assets

(2,412)

Repayments of and principal collections on loans

34,992

102,928

Net proceeds from sales of loans

5,595

Net proceeds from sales of real estate

155,372

161,233

Distributions from other investments

4,260

19,558

Contributions to other investments

(1,231)

(22,978)

Other investing activities, net

7,671

(1,023)

Cash flows from investing activities

(16,054)

35,461

Cash flows from financing activities:

Borrowings from debt obligations

250,000

2,067

Repayments of debt obligations

(12,328)

(60,863)

Preferred dividends paid

(12,830)

Other financing activities, net

(3,143)

(2,984)

Cash flows from financing activities

221,699

(74,610)

Changes in cash and cash equivalents

153,291

(103,970)

Cash and cash equivalents at beginning of period

472,061

513,568

Cash and cash equivalents at end of period

$ 625,352

$ 409,598

[1]	For the three months ended March 31, 2015 and 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million and $5.2 million, respectively.

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2015
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

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying unaudited Consolidated Financial Statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited Consolidated Financial Statements and related Notes should be read in conjunction with the Consolidated Financial Statements and related Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, as amended on Form 10-K/A on March 27, 2015 (the "2014 Annual Report").

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

In the opinion of management, the accompanying Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related Notes to conform to the 2015 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 the respective 2015 quarterly filings. The impact of the correction for the three months ended March 31, 2014 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	)

Cash flows from investing activities:
Three months ended March 31, 2014	$	31,318		$	4,143		$	35,461

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 March 31, 2015, the Company consolidated 4 VIEs for which it is considered the primary beneficiary. At March 31, 2015, the total assets of these consolidated VIEs were $162.7 million and total liabilities were $13.3 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 March 31, 2015.

Unconsolidated VIEs—As of March 31, 2015, 25 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 March 31, 2015, the Company's maximum exposure to loss from these investments does not exceed the sum of the $166.3 million carrying value of the investments, which are classified in "Other investments" on the Company's Consolidated Balance Sheets, and $22.7 million of related unfunded commitments.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of March 31, 2015, the Company's significant accounting policies, which are detailed in the Company's 2014 Annual Report, have not changed materially. New Accounting Pronouncements—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 material 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 material 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 material 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") which requires debt issuance costs to be presented as a deduction from the carrying value of the related debt obligation in the balance sheet, which is consistent with the presentation of debt discounts. The guidance 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 material impact on the Company's Consolidated Financial Statements.

Real Estate

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
Land and land improvements	$	314,151		$	141,043		$	860,903		$	1,316,097
Buildings and improvements	1,234,104			438,469			—			1,672,573
Less: accumulated depreciation and amortization	(370,818		)	(72,822		)	(8,757		)	(452,397		)
Real estate, net	1,177,437			506,690			852,146			2,536,273
Real estate available and held for sale	11,307			139,853			141,448			292,608
Total real estate	$	1,188,744		$	646,543		$	993,594		$	2,828,881
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

Real Estate Available and Held for Sale—As of March 31, 2015 and December 31, 2014, the Company had $132.9 million and $155.8 million, respectively, of residential properties available for sale in its operating properties portfolio.

During the three months ended March 31, 2015, the Company reclassified residential units with a carrying value of $22.9 million to held for sale due to substantial completion of construction and active marketing of the units for sale. In addition, the Company reclassified net lease assets with a carrying value of $7.5 million, residential lots with a carrying value of $3.9 million and land with a carrying value of $2.8 million to held for sale due to executed contracts with third parties.

Acquisitions—The following acquisitions of real estate were reflected in the Company's Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014 ($ in thousands):

Explanatory Note:

_______________________________________________________________________________


(1)	During the three months ended March 31, 2014, the Company purchased one condominium unit for $2.4 million.

Dispositions—During the three months ended March 31, 2015 and 2014, the Company sold residential condominiums for total net proceeds of $49.0 million and $47.7 million, respectively, and recorded income from sales of real estate totaling $17.6 million and $16.5 million, respectively. During the three months ended March 31, 2015, the Company sold residential lots from three of its master planned community properties, condominium units from an infill property and residential lots from another infill property for proceeds of $8.3 million which had associated cost of sales of $6.9 million. During the three months ended March 31, 2014, the Company sold residential lots from two of our master planned community properties for proceeds of $4.1 million and which had cost of sales of $3.7 million.

During the three months ended March 31, 2015, the Company, through a consolidated entity for which it has a 90% ownership interest, sold a leasehold interest in a commercial operating property for net proceeds of $93.5 million and simultaneously entered into a ground lease with an initial term of 99 years. In connection with this transaction, the Company recorded a lease incentive asset of $38.1 million, which is included in "Deferred expenses and other assets, net" on the Company's Consolidated Balance Sheets, and deferred a gain of $5.3 million, which is included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets.

During the three months ended March 31, 2015, the Company sold a net lease asset for net proceeds of $4.9 million resulting in a gain of $3.5 million. The gain was recorded in "Income from sale of real estate" on the Company's Consolidated Statements of Operations.

During the three months ended March 31, 2014, the Company sold a net lease asset for net proceeds of $93.7 million which approximated carrying value to a newly formed unconsolidated entity in which the Company has a noncontrolling equity interest of 51.9% (see Note 6).

During the three months ended March 31, 2014, the Company sold properties with a carrying value of $6.7 million for proceeds that approximated carrying value. During the same period, the Company also 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.

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $7.0 million and $8.5 million for the three months ended March 31, 2015 and 2014, respectively. These amounts are included in "Operating lease income" on the Company's Consolidated Statements of Operations.

Redeemable Noncontrolling Interest—The Company has redeemable noncontrolling interests for which it records changes in the fair value over the redemption periods. At March 31, 2015 and December 31, 2014, the interest which is not currently redeemable had a carrying value of $9.3 million and $9.9 million, respectively, and an estimated redemption value of $23.6 million at both dates.

Allowance for Doubtful Accounts—As of March 31, 2015 and December 31, 2014, the allowance for doubtful accounts related to real estate tenant receivables was $1.4 million and $1.3 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $2.4 million and $2.4 million, respectively.

Loans Receivable and Other Lending Investments, net

3 Months Ended

Mar. 31, 2015

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
Type of Investment	March 31, 2015			December 31, 2014
Senior mortgages	$	876,765		$	737,535
Corporate/Partnership loans	548,115			497,796
Subordinate mortgages	27,822			53,331
Total gross carrying value of loans	1,452,702			1,288,662
Reserves for loan losses	(102,783		)	(98,490		)
Total loans receivable, net	1,349,919			1,190,172
Other lending investments—securities	187,927			187,671
Total loans receivable and other lending investments, net(1)	$	1,537,846		$	1,377,843

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of March 31, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

During the three months ended March 31, 2015, the Company sold a loan with a carrying value of $5.5 million. No gain or loss was recognized as a result of the transaction. 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 Three Months Ended March 31,
	2015		2014
Reserve for loan losses at beginning of period	$	98,490	$	377,204
Provision for (recovery of) loan losses(1)	4,293		(3,400		)
Charge-offs	—		(3,728		)
Reserve for loan losses at end of period	$	102,783	$	370,076

Explanatory Note:

_______________________________________________________________________________


(1)	For the three months ended March 31, 2015 and 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million and $5.2 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)			Total
As of March 31, 2015
Loans	$	137,045		$	1,324,454		$	1,461,499
Less: Reserve for loan losses	(64,783		)	(38,000		)	(102,783		)
Total	$	72,262		$	1,286,454		$	1,358,716
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

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 $0.2 million as of March 31, 2015 and December 31, 2014, 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 $11.5 million and $10.6 million as of March 31, 2015 and December 31, 2014, respectively.

Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. 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 March 31, 2015			As of December 31, 2014
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	751,828	2.80	$	611,009	2.73
Corporate/Partnership loans	552,601		3.83	501,620		3.88
Subordinate mortgages	28,129		3.61	53,836		2.87
Total	$	1,332,558	3.24	$	1,166,465	3.23

As of March 31, 2015, 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	$	764,062	$	20,693	$	96,014	$	116,707	$	880,769
Corporate/Partnership loans	552,601		—		—		—		552,601
Subordinate mortgages	28,129		—		—		—		28,129
Total	$	1,344,792	$	20,693	$	96,014	$	116,707	$	1,461,499

Explanatory Note:

_______________________________________________________________________________


(1)	As of March 31, 2015, the Company had 3 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 March 31, 2015				As of December 31, 2014
	Recorded Investment	Unpaid Principal Balance	Related Allowance		Recorded Investment	Unpaid Principal Balance	Related Allowance
With an allowance recorded:
Senior mortgages	130,336	129,428	(64,440	)	130,645	129,744	(64,440	)
Corporate/Partnership loans	6,709	6,736	(343	)	9,027	9,057	(550	)
Total	137,045	136,164	(64,783	)	139,672	138,801	(64,990	)

Explanatory Note:

_______________________________________________________________________________

(1)

All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of March 31, 2015 and December 31, 2014, certain loans modified through troubled debt restructurings with a recorded investment of $8.1 million and $10.4 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. The Company did not have impaired loans with no related allowance recorded.

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



	For the Three Months Ended March 31,
	2015				2014
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	—	$	—	$	48,512	$	501
Subtotal	—		—		48,512		501
With an allowance recorded:
Senior mortgages	130,491		17		578,041		53
Corporate/Partnership loans	7,868		9		93,565		65
Subtotal	138,359		26		671,606		118
Total:
Senior mortgages	130,491		17		626,553		554
Corporate/Partnership loans	7,868		9		93,565		65
Total	$	138,359	$	26	$	720,118	$	619

Troubled Debt Restructurings—During the three months ended March 31, 2015 and 2014, the Company did not modify any loans that were determined to be troubled debt restructurings.

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 March 31, 2015, 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 March 31, 2015
Available-for-Sale Securities
Municipal debt securities	$	1,010	$	1,010	$	153	$	1,163	$	1,163
Held-to-Maturity Securities
Corporate debt securities	174,227		186,764		—		193,045		186,764
Total	$	175,237	$	187,774	$	153	$	194,208	$	187,927
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

Other Investments

3 Months Ended

Mar. 31, 2015

Investments, All Other Investments [Abstract]

Other Investments

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



	Carrying Value as of				Equity in Earnings for the Three Months Ended March 31,
	March 31, 2015		December 31, 2014		2015			2014
iStar Net Lease I LLC ("Net Lease Venture")	$	124,464	$	125,361	$	1,633		$	(362	)
Other real estate equity investments	86,166		88,848		(1,302		)	934
Other investments	50,725		63,262		1,733			3,334
Madison Funds	44,997		45,971		(37		)	(402		)
Marina Palms, LLC ("Marina Palms")	35,197		30,677		4,520			(327		)
Total other investments	341,549		354,119		$	6,547		$	3,177

Net Lease Venture—During the three months ended March 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 the 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 officers 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 officers are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. During the three months ended March 31, 2014, the Company sold a net lease asset for net proceeds of $93.7 million, which approximated carrying value, to the venture. As of March 31, 2015 and December 31, 2014, the venture's carrying value of total assets was $346.8 million and $348.1 million, respectively.

Marina Palms—As of March 31, 2015, the Company owned a 47.5% equity interest and a $10.0 million preferred partnership interest in Marina Palms. As of March 31, 2015 and December 31, 2014, the venture's carrying value of total assets was $275.8 million and $265.7 million, respectively.

Other real estate equity investments—As of March 31, 2015, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 16% to 86%, comprised of investments of $12.3 million in operating properties and $73.7 million in land assets. As of December 31, 2014, the Company's real estate equity investments included $13.2 million in operating properties and $75.5 million in land assets.

Madison Funds—As of March 31, 2015, the Company owned a 29.5% interest in Madison International Real Estate Fund II, LP ("MIRELF II"), 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.

Other investments—As of March 31, 2015, 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. During the three months ended March 31, 2015, the Company sold available-for-sale securities for proceeds of $7.3 million for realized gains of $2.5 million, which is included in "Other income" on the Company's Consolidated Statements of Operations. The amount reclassified out of accumulated other comprehensive income into earnings was determined based on the specific identification method.

Summarized investee financial information—The following tables present the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries as of March 31, 2015 ($ in thousands):



	Revenues		Expenses			Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2015
Marina Palms	$	34,998	$	(22,638	)	$	12,360
Net Lease Venture	7,829		(4,546		)	3,146

For the Three Months Ended March 31, 2014
Marina Palms	$	17	$	(710	)	$	(693	)
Net Lease Venture(1)	944		(1,642		)	(698		)

Explanatory Note:

_______________________________________________________________________________


(1)	The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014, when the venture was formed. The amounts in the Company's financial statements for the three months ended March 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to March 31, 2014.

Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2015

Other Assets and Other Liabilities [Abstract]

Other Assets and Other Liabilities

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



	As of
	March 31, 2015		December 31, 2014
Intangible assets, net(1)	$	80,429	$	50,088
Other assets	36,599		37,085
Deferred financing fees, net(2)	35,494		36,774
Restricted cash	19,124		19,283
Leasing costs, net(3)	16,662		20,031
Other receivables	10,802		13,115
Corporate furniture, fixtures and equipment, net(4)	5,113		5,409
Deferred expenses and other assets, net	$	204,223	$	181,785

Explanatory Notes:

_______________________________________________________________________________

(1)

Intangible assets, net are primarily related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (see Note 4). Accumulated amortization on intangible assets was $35.6 million and $45.1 million as of March 31, 2015 and December 31, 2014, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $2.0 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. The amortization expense for other intangible assets was $1.5 million and $2.5 million for the three months ended March 31, 2015 and 2014, 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 $18.3 million and $15.4 million as of March 31, 2015 and December 31, 2014, respectively.


(3)	Accumulated amortization on leasing costs was $8.6 million and $9.0 million as of March 31, 2015 and December 31, 2014, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.3 million and $7.1 million as of March 31, 2015 and December 31, 2014, respectively.

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



	As of
	March 31, 2015		December 31, 2014
Other liabilities(1)	$	58,353	$	48,256
Accrued interest payable	45,077		57,895
Accrued expenses	43,202		62,866
Intangible liabilities, net(2)	11,619		11,885
Accounts payable, accrued expenses and other liabilities	$	158,251	$	180,902

Explanatory Notes:

_______________________________________________________________________________

(1)

As of March 31, 2015 and December 31, 2014, "Other liabilities" includes $10.3 million and $6.8 million, respectively, related to a profit sharing payable to a developer for residential units sold. As of March 31, 2015 and December 31, 2014, "Other liabilities" also includes $7.5 million and $7.7 million, respectively, 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 $5.5 million and $6.2 million as of March 31, 2015 and December 31, 2014, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.4 million and $0.7 million for the three months ended March 31, 2015 and 2014, respectively.

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



	As of
	March 31, 2015			December 31, 2014
Deferred tax assets(1)	$	57,053		$	54,318
Valuation allowance	(57,053		)	(54,318		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Deferred tax assets as of March 31, 2015 include timing differences related primarily to real estate basis of $39.1 million, investment basis of $6.2 million, deferred expenses of $5.6 million, and net operating loss carryforwards of $3.9 million. 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, net operating loss carryforwards of $4.1 million, and deferred expenses of $2.7 million.

Debt Obligations, net

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Obligations, net

As of March 31, 2015 and December 31, 2014, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of						Stated Interest Rates			Scheduled Maturity Date
	March 31, 2015			December 31, 2014			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	348,185		$	358,504		LIBOR + 5.75%		(1)	March 2017
2015 Revolving Credit Facility	250,000			—			Various		(2)	March 2018
Term loans collateralized by net lease assets	246,792			248,955			4.851% - 7.26%		(3)	Various through 2026
Total secured credit facilities and term loans	844,977			607,459
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			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			770,000			5.00	%		July 2019
Total unsecured notes	3,326,890			3,326,890
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,271,867			4,034,349
Debt discounts, net	(10,339		)	(11,665		)
Total debt obligations, net	$	4,261,528		$	4,022,684

Explanatory Notes:

_______________________________________________________________________________


(1)	The loan has a LIBOR floor of 1.25%. As of March 31, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.

(2)

The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.


(3)	As of March 31, 2015 and December 31, 2014, includes a loan with a floating rate of LIBOR plus 2.00%. As of March 31, 2015, 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 $11.77 per share 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 $17.29 per share at any time prior to the close of business on November 14, 2016.

Future Scheduled Maturities—As of March 31, 2015, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2015 (remaining nine months)	$	105,765		$	—		$	105,765
2016	926,403			—			926,403
2017	924,722			348,185			1,272,907
2018	600,000			264,765			864,765
2019	770,000			31,936			801,936
Thereafter	100,000			200,091			300,091
Total principal maturities	3,426,890			844,977			4,271,867
Unamortized debt discounts, net	(7,656		)	(2,683		)	(10,339		)
Total long-term debt obligations, net	$	3,419,234		$	842,294		$	4,261,528

2015 Revolving Credit Facility—On March 27, 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Revolving Credit Facility"). Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. The facility is secured by a borrowing base of assets and there is no requirement that proceeds from the borrowing base be used to pay down outstanding borrowings.

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 "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 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 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 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 March 31, 2015, the Company made cumulative amortization repayments of $121.8 million on the 2012 Tranche A-2 Facility. For the three months ended March 31, 2015 and 2014, repayments of the 2012 Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $0.2 million and $0.3 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.

Encumbered/Unencumbered Assets—As of March 31, 2015 and December 31, 2014, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2015				December 31, 2014
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	886,114	$	1,650,159	$	620,378	$	2,056,336
Real estate available and held for sale	10,496		282,112		10,496		275,486
Loans receivable and other lending investments, net(1)	109,798		1,466,048		46,515		1,364,828
Other investments	16,367		325,182		17,708		336,411
Cash and other assets	—		944,304		—		768,475
Total	$	1,022,775	$	4,667,805	$	695,097	$	4,801,536

Explanatory Note:

_______________________________________________________________________________


(1)	As of March 31, 2015 and December 31, 2014, the amounts presented exclude general reserves for loan losses of $38.0 million and $33.5 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 covenant not to incur new indebtedness, if on a pro forma basis, the Company's fixed charge coverage ratio is 1.5x or lower, except for incurrences of permitted debt. 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.

The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility 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 2012 Secured Credit Facilities require the Company to maintain collateral coverage of at least 1.25x outstanding borrowings on the facilities. The 2015 Revolving Credit Facility requires the Company to maintain both collateral coverage of at least 1.5x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5x. In addition, for so long as the Company maintains its qualification as a REIT, the 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss carryforwards in the case of the 2015 Revolving Credit Facility). The Company may not pay common dividends if it ceases to qualify as a REIT.

The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility 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

3 Months Ended

Mar. 31, 2015

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 March 31, 2015, 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	$	600,213	$	12,081	$	27,221	$	639,515
Strategic Investments	—		—		45,762		45,762
Discretionary Fundings	18,065		—		—		18,065
Total	$	618,278	$	12,081	$	72,983	$	703,342

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 March 4, 2015, the Maryland Court of Special Appeals issued a notice docketing the appeal in that court and scheduling oral arguments for November 2015.

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; 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 and other motions regarding 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.

On a quarterly basis, the Company evaluates 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.

Derivatives

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 2015 and December 31, 2014 ($ in thousands):



	Derivative Assets as of						Derivative Liabilities as of
	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
	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	N/A	$	—	N/A	$	—	Other Liabilities	$	676	Other Liabilities	$	478
Interest rate swaps	N/A	—		Other Assets	52		Other Liabilities	234		N/A	—
Total		$	—		$	52		$	910		$	478

Derivatives not Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	2,180	Other Assets	$	1,534	N/A	$	—	N/A	$	—
Interest rate cap	Other Assets	2,739		Other Assets	4,775		N/A	—		N/A	—
Total		$	4,919		$	6,309		$	—		$	—

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 three months ended March 31, 2015 and 2014 ($ 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 Three Months Ended March 31, 2015
Interest rate cap	Interest Expense	$	—		$	(77	)	N/A
Interest rate cap	Earnings from equity method investments	(7		)	—			N/A
Interest rate swaps	Interest Expense	(376		)	42			N/A
Interest rate swap	Earnings from equity method investments	(364		)	(115		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(198		)	—			N/A
For the Three Months Ended March 31, 2014
Interest rate cap	Interest Expense	(962		)	—			N/A
Interest rate swap	Interest Expense	(348		)	(135		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(452		)	—			N/A



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2015			2014
Interest rate cap	Other Expense	$	(2,036	)	$	—
Foreign exchange contracts	Other Expense	2,289			1,498

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. As of March 31, 2015, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells Indian rupee ("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 March 31, 2015, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, £ and C$ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells euro ("EUR")/Buys USD Forward	€	13,000	$	15,482	April 2015
Sells pound sterling ("GBP")/Buys USD Forward	£	3,000	$	4,548	April 2015
Sells Canadian dollar ("CAD")/Buys USD Forward	C$	10,000	$	8,475	April 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 $0.0 million and $0.3 million during the three months ended March 31, 2015 and 2014, 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 within the Company's Consolidated Statements of Operations. As of March 31, 2015, 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

27,324

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." As of March 31, 2015, 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 $0.2 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 March 31, 2015 and December 31, 2014, the Company has posted collateral of $3.0 million and $3.0 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
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: 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.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2015 and December 31, 2014:



				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)

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 and 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss carryforwards in the case of the 2015 Revolving Credit Facility), for so long as the Company maintains its qualification as a REIT. The 2012 Tranche A-2 Facility and 2015 Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the three months ended March 31, 2015 and 2014.

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 three months ended March 31, 2015, the Company repurchased 44,000 shares of its outstanding Common Stock for $0.6 million, at an average cost of $12.66 per share. As of March 31, 2015, the Company had up to $28.5 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
	March 31, 2015			December 31, 2014
Unrealized gains (losses) on available-for-sale securities	$	(123	)	$	2,983
Unrealized gains (losses) on cash flow hedges	(1,204		)	(409		)
Unrealized losses on cumulative translation adjustment	(3,789		)	(3,545		)
Accumulated other comprehensive income (loss)	$	(5,116	)	$	(971	)

Stock-Based Compensation Plans and Employee Benefits

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation Plans and Employee Benefits

Stock-Based Compensation—The Company recorded stock-based compensation expense of $3.2 million and $2.1 million for the three months ended March 31, 2015 and 2014, respectively, in "General and administrative" on the Company's Consolidated Statements of Operations. As of March 31, 2015, there was $3.3 million of total unrecognized compensation cost related to all unvested restricted stock units ("Units") that are expected to be recognized over a weighted average remaining vesting/service period of 1.59 years. As of March 31, 2015, approximately $10.5 million of stock-based compensation was included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets.

As of March 31, 2015, an aggregate of 3.8 million shares remain available for issuance pursuant to future awards under the Company's 2006 and 2009 Long-Term Incentive Plans.

2015 Activity—During the three months ended March 31, 2015, the Company granted 318,482 shares of our Common Stock to certain employees as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 189,241 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.

During the three months ended March 31, 2015, the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following:

•

64,196 service-based Units were granted on January 30, 2015, 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, 2017, 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 March 31, 2015, 64,196 of such service-based Units were outstanding.

•

49,650 target amount of performance-based Units were granted on January 30, 2015. The performance is based on the Company's total shareholder return, or TSR, measured over a performance period ending on December 31, 2017, 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 0.75% for risk-free interest rate and 28.14% for expected stock price volatility. As of March 31, 2015, 49,650 of such performance-based Units were outstanding.

As of March 31, 2015, the Company had the following additional stock-based compensation awards outstanding:

•

64,552 service-based Units, granted on January 10, 2014, 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 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.

•

50,116 target amount of performance-based Units, granted on January 10, 2014 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 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 awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award). The Company, as well as any companies not included in the index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent these 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.

•

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, 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.

Directors' Awards—As of March 31, 2015, a total of 278,471 common stock equivalents ("CSEs") and restricted shares of our Common Stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.6 million.

401(k) Plan—The Company made gross contributions of $0.6 million for each of the three months ended March 31, 2015 and 2014.

Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

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

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



	For the Three Months Ended March 31,
	2015			2014
Income (loss) from continuing operations	$	(33,469	)	$	(30,671	)
Income from sales of real estate	21,156			16,494
Net (income) loss attributable to noncontrolling interests	1,841			(454		)
Preferred dividends	(12,830		)	(12,830		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(23,302	)	$	(27,461	)



	For the Three Months Ended March 31,
	2015			2014
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(22,553	)	$	(26,572	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	85,497			84,819
Basic and diluted earnings per common share:
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.26	)	$	(0.31	)

Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(749	)	$	(889	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15
Basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(49.93	)	$	(59.27	)

For the three months ended March 31, 2015 and 2014, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):



	For the Three Months Ended March 31,
	2015	2014
Joint venture shares	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 three months ended March 31, 2015 and 2014, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.

Fair Values

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
Recurring basis:
Derivative assets	$	4,919	$	—	$	4,919	$	—
Derivative liabilities	910		—		910		—
Available-for-sale securities(1)	1,163		—		—		1,163
Non-recurring basis:
Impaired loans(2)	6,362		—		—		6,362

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	37,169		—		—		37,169
Impaired real estate	7,102		—		—		7,102

Explanatory Notes:

_______________________________________________________________________________


(1)	The fair value of the Company's available-for-sale securities are based upon third-party broker quotes.


(2)	The Company recorded a recovery of loan losses on one loan with a fair value of $6.4 million based on the loan's remaining term of 1.25 years and interest rate of 4.7% using discounted cash flow analysis.

Fair values of financial instruments—The Company's estimated fair values of its loans receivable and other lending investments and debt obligations were $1.6 billion and $4.4 billion, respectively, as of March 31, 2015 and $1.4 billion and $4.1 billion, respectively, as of December 31, 2014. 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.

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

3 Months Ended

Mar. 31, 2015

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
Three Months Ended March 31, 2015:
Operating lease income	$	—		$	36,339		$	22,614		$	186		$	—		$	59,139
Interest income	34,896			—			—			—			—			34,896
Other income	48			3			8,876			633			1,004			10,564
Land development revenue	—			—			—			8,258			—			8,258
Earnings (loss) from equity method investments	—			1,633			535			2,609			1,770			6,547
Income from sales of real estate	—			3,527			17,629			—			—			21,156
Total revenue and other earnings	34,944			41,502			49,654			11,686			2,774			140,560
Real estate expense	—			(5,270		)	(27,424		)	(6,940		)	—			(39,634		)
Land development cost of sales	—			—			—			(6,891		)	—			(6,891		)
Other expense	1			—			—			—			(2,124		)	(2,123		)
Allocated interest expense	(14,235		)	(16,835		)	(7,668		)	(7,544		)	(8,350		)	(54,632		)
Allocated general and administrative(2)	(3,094		)	(3,761		)	(1,828		)	(2,793		)	(6,039		)	(17,515		)
Segment profit (loss)(3)	$	17,616		$	15,636		$	12,734		$	(12,482	)	$	(13,739	)	$	19,765
Other significant non-cash items:
Provision for (recovery of) loan losses	$	4,293		$	—		$	—		$	—		$	—		$	4,293
Depreciation and amortization	—			9,449			8,344			390			318			18,501
Capitalized expenditures	—			345			10,094			22,380			—			32,819

Three Months Ended March 31, 2014
Operating lease income	$	—		$	38,881		$	23,001		$	226		$	—		$	62,108
Interest income	27,914			—			—			—			—			27,914
Other income	399			214			12,666			226			1,079			14,584
Land development revenue	—			—			—			4,143			—			4,143
Earnings (loss) from equity method investments	—			286			217			(258		)	2,932			3,177
Income from sales of real estate	—			—			16,494			—			—			16,494
Total revenue and other earnings	28,313			39,381			52,378			4,337			4,011			128,420
Real estate expense	—			(5,674		)	(28,614		)	(8,325		)	—			(42,613		)
Land development cost of sales	—			—			—			(3,654		)	—			(3,654		)
Other expense	(430		)	—			—			—			209			(221		)
Allocated interest expense	(15,452		)	(18,610		)	(10,259		)	(7,159		)	(5,976		)	(57,456		)
Allocated general and administrative(2)	(3,090		)	(3,799		)	(2,189		)	(3,049		)	(5,586		)	(17,713		)
Segment profit (loss)(3)	$	9,341		$	11,298		$	11,316		$	(17,850	)	$	(7,342	)	$	6,763
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(3,400	)	$	—		$	—		$	—		$	—		$	(3,400	)
Impairment of assets	—			2,979			—			—			—			2,979
Depreciation and amortization	—			10,128			7,864			304			317			18,613
Capitalized expenditures	—			(627		)	12,854			14,683			—			26,910



	Real Estate Finance		Net Lease		Operating Properties		Land		Corporate/Other(1)		Company Total
As of March 31, 2015
Real estate
Real estate, net	—		1,177,437		506,690		852,146		—		2,536,273
Real estate available and held for sale	—		11,307		139,853		141,448		—		292,608
Total real estate	—		1,188,744		646,543		993,594		—		2,828,881
Loans receivable and other lending investments, net	1,537,846		—		—		—		—		1,537,846
Other investments	—		124,464		12,291		108,892		95,902		341,549
Total portfolio assets	$	1,537,846	$	1,313,208	$	658,834	$	1,102,486	$	95,902	4,708,276
Cash and other assets											944,304
Total assets											$	5,652,580

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

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 $3.2 million and $2.1 million for the three months ended March 31, 2015 and 2014, respectively.


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



	For the Three Months Ended March 31,
	2015			2014
Segment profit (loss)	$	19,765		$	6,763
Less: (Provision for) recovery of loan losses	(4,293		)	3,400
Less: Impairment of assets	—			(2,979		)
Less: Stock-based compensation expense	(3,238		)	(2,075		)
Less: Depreciation and amortization	(18,501		)	(18,613		)
Less: Income tax (expense) benefit	(5,878		)	507
Less: Loss on early extinguishment of debt, net	(168		)	(1,180		)
Net income (loss)	$	(12,313	)	$	(14,177	)

Accounting Changes and Error Corrections [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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&loc=d3e8906-108599

+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
New accounting pronouncements	New Accounting Pronouncements—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 material 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 material 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 material 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") which requires debt issuance costs to be presented as a deduction from the carrying value of the related debt obligation in the balance sheet, which is consistent with the presentation of debt discounts. The guidance 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 material impact on the Company's Consolidated Financial Statements.

Basis of Presentation and Principles of Consolidation (Reclassification) (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Error Corrections and Prior Period Adjustments

The impact of the correction for the three months ended March 31, 2014 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	)

Cash flows from investing activities:
Three months ended March 31, 2014	$	31,318		$	4,143		$	35,461

Real Estate (Tables)

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

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 March 31, 2015
Land and land improvements	$	314,151		$	141,043		$	860,903		$	1,316,097
Buildings and improvements	1,234,104			438,469			—			1,672,573
Less: accumulated depreciation and amortization	(370,818		)	(72,822		)	(8,757		)	(452,397		)
Real estate, net	1,177,437			506,690			852,146			2,536,273
Real estate available and held for sale	11,307			139,853			141,448			292,608
Total real estate	$	1,188,744		$	646,543		$	993,594		$	2,828,881
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

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 three months ended March 31, 2015 and 2014 ($ in thousands):

Explanatory Note:

_______________________________________________________________________________


(1)	During the three months ended March 31, 2014, the Company purchased one condominium unit for $2.4 million.

Loans Receivable and Other Lending Investments, net (Tables)

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

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

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



	As of
Type of Investment	March 31, 2015			December 31, 2014
Senior mortgages	$	876,765		$	737,535
Corporate/Partnership loans	548,115			497,796
Subordinate mortgages	27,822			53,331
Total gross carrying value of loans	1,452,702			1,288,662
Reserves for loan losses	(102,783		)	(98,490		)
Total loans receivable, net	1,349,919			1,190,172
Other lending investments—securities	187,927			187,671
Total loans receivable and other lending investments, net(1)	$	1,537,846		$	1,377,843

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of March 31, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 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 Three Months Ended March 31,
	2015		2014
Reserve for loan losses at beginning of period	$	98,490	$	377,204
Provision for (recovery of) loan losses(1)	4,293		(3,400		)
Charge-offs	—		(3,728		)
Reserve for loan losses at end of period	$	102,783	$	370,076

Explanatory Note:

_______________________________________________________________________________


(1)	For the three months ended March 31, 2015 and 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million and $5.2 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)			Total
As of March 31, 2015
Loans	$	137,045		$	1,324,454		$	1,461,499
Less: Reserve for loan losses	(64,783		)	(38,000		)	(102,783		)
Total	$	72,262		$	1,286,454		$	1,358,716
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

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $11.5 million and $10.6 million as of March 31, 2015 and December 31, 2014, respectively.

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

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



	As of March 31, 2015			As of December 31, 2014
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	751,828	2.80	$	611,009	2.73
Corporate/Partnership loans	552,601		3.83	501,620		3.88
Subordinate mortgages	28,129		3.61	53,836		2.87
Total	$	1,332,558	3.24	$	1,166,465	3.23

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

As of March 31, 2015, 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	$	764,062	$	20,693	$	96,014	$	116,707	$	880,769
Corporate/Partnership loans	552,601		—		—		—		552,601
Subordinate mortgages	28,129		—		—		—		28,129
Total	$	1,344,792	$	20,693	$	96,014	$	116,707	$	1,461,499

Explanatory Note:

_______________________________________________________________________________


(1)	As of March 31, 2015, the Company had 3 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 March 31, 2015				As of December 31, 2014
	Recorded Investment	Unpaid Principal Balance	Related Allowance		Recorded Investment	Unpaid Principal Balance	Related Allowance
With an allowance recorded:
Senior mortgages	130,336	129,428	(64,440	)	130,645	129,744	(64,440	)
Corporate/Partnership loans	6,709	6,736	(343	)	9,027	9,057	(550	)
Total	137,045	136,164	(64,783	)	139,672	138,801	(64,990	)

Explanatory Note:

_______________________________________________________________________________

(1)

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

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



	For the Three Months Ended March 31,
	2015				2014
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	—	$	—	$	48,512	$	501
Subtotal	—		—		48,512		501
With an allowance recorded:
Senior mortgages	130,491		17		578,041		53
Corporate/Partnership loans	7,868		9		93,565		65
Subtotal	138,359		26		671,606		118
Total:
Senior mortgages	130,491		17		626,553		554
Corporate/Partnership loans	7,868		9		93,565		65
Total	$	138,359	$	26	$	720,118	$	619

Marketable securities

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 March 31, 2015
Available-for-Sale Securities
Municipal debt securities	$	1,010	$	1,010	$	153	$	1,163	$	1,163
Held-to-Maturity Securities
Corporate debt securities	174,227		186,764		—		193,045		186,764
Total	$	175,237	$	187,774	$	153	$	194,208	$	187,927
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

Other Investments (Tables)

3 Months Ended

Mar. 31, 2015

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 as of				Equity in Earnings for the Three Months Ended March 31,
	March 31, 2015		December 31, 2014		2015			2014
iStar Net Lease I LLC ("Net Lease Venture")	$	124,464	$	125,361	$	1,633		$	(362	)
Other real estate equity investments	86,166		88,848		(1,302		)	934
Other investments	50,725		63,262		1,733			3,334
Madison Funds	44,997		45,971		(37		)	(402		)
Marina Palms, LLC ("Marina Palms")	35,197		30,677		4,520			(327		)
Total other investments	341,549		354,119		$	6,547		$	3,177

Equity Method Investments, Significant Subsidiaries [Member]

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, which were significant subsidiaries as of March 31, 2015 ($ in thousands):



	Revenues		Expenses			Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2015
Marina Palms	$	34,998	$	(22,638	)	$	12,360
Net Lease Venture	7,829		(4,546		)	3,146

For the Three Months Ended March 31, 2014
Marina Palms	$	17	$	(710	)	$	(693	)
Net Lease Venture(1)	944		(1,642		)	(698		)

Explanatory Note:

_______________________________________________________________________________


(1)	The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014, when the venture was formed. The amounts in the Company's financial statements for the three months ended March 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to March 31, 2014.

Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

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



	As of
	March 31, 2015		December 31, 2014
Intangible assets, net(1)	$	80,429	$	50,088
Other assets	36,599		37,085
Deferred financing fees, net(2)	35,494		36,774
Restricted cash	19,124		19,283
Leasing costs, net(3)	16,662		20,031
Other receivables	10,802		13,115
Corporate furniture, fixtures and equipment, net(4)	5,113		5,409
Deferred expenses and other assets, net	$	204,223	$	181,785

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	Accumulated amortization on deferred financing fees was $18.3 million and $15.4 million as of March 31, 2015 and December 31, 2014, respectively.


(3)	Accumulated amortization on leasing costs was $8.6 million and $9.0 million as of March 31, 2015 and December 31, 2014, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.3 million and $7.1 million as of March 31, 2015 and December 31, 2014, 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
	March 31, 2015		December 31, 2014
Other liabilities(1)	$	58,353	$	48,256
Accrued interest payable	45,077		57,895
Accrued expenses	43,202		62,866
Intangible liabilities, net(2)	11,619		11,885
Accounts payable, accrued expenses and other liabilities	$	158,251	$	180,902

Explanatory Notes:

_______________________________________________________________________________

(1)

(2)

Taxable REIT Subsidiaries [Member]

Schedule of deferred tax assets and liabilities [Line Items]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

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



	As of
	March 31, 2015			December 31, 2014
Deferred tax assets(1)	$	57,053		$	54,318
Valuation allowance	(57,053		)	(54,318		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of debt obligations

As of March 31, 2015 and December 31, 2014, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of						Stated Interest Rates			Scheduled Maturity Date
	March 31, 2015			December 31, 2014			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	348,185		$	358,504		LIBOR + 5.75%		(1)	March 2017
2015 Revolving Credit Facility	250,000			—			Various		(2)	March 2018
Term loans collateralized by net lease assets	246,792			248,955			4.851% - 7.26%		(3)	Various through 2026
Total secured credit facilities and term loans	844,977			607,459
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			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			770,000			5.00	%		July 2019
Total unsecured notes	3,326,890			3,326,890
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,271,867			4,034,349
Debt discounts, net	(10,339		)	(11,665		)
Total debt obligations, net	$	4,261,528		$	4,022,684

Explanatory Notes:

_______________________________________________________________________________


(1)	The loan has a LIBOR floor of 1.25%. As of March 31, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.

(2)


(3)	As of March 31, 2015 and December 31, 2014, includes a loan with a floating rate of LIBOR plus 2.00%. As of March 31, 2015, 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 $11.77 per share 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 $17.29 per share 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 March 31, 2015, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2015 (remaining nine months)	$	105,765		$	—		$	105,765
2016	926,403			—			926,403
2017	924,722			348,185			1,272,907
2018	600,000			264,765			864,765
2019	770,000			31,936			801,936
Thereafter	100,000			200,091			300,091
Total principal maturities	3,426,890			844,977			4,271,867
Unamortized debt discounts, net	(7,656		)	(2,683		)	(10,339		)
Total long-term debt obligations, net	$	3,419,234		$	842,294		$	4,261,528

Schedule of carrying value of encumbered assets by asset type

Encumbered/Unencumbered Assets—As of March 31, 2015 and December 31, 2014, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2015				December 31, 2014
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	886,114	$	1,650,159	$	620,378	$	2,056,336
Real estate available and held for sale	10,496		282,112		10,496		275,486
Loans receivable and other lending investments, net(1)	109,798		1,466,048		46,515		1,364,828
Other investments	16,367		325,182		17,708		336,411
Cash and other assets	—		944,304		—		768,475
Total	$	1,022,775	$	4,667,805	$	695,097	$	4,801,536

Explanatory Note:

_______________________________________________________________________________


(1)	As of March 31, 2015 and December 31, 2014, the amounts presented exclude general reserves for loan losses of $38.0 million and $33.5 million, respectively.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments



	Loans and Other Lending Investments		Real Estate		Other Investments		Total
Performance-Based Commitments	$	600,213	$	12,081	$	27,221	$	639,515
Strategic Investments	—		—		45,762		45,762
Discretionary Fundings	18,065		—		—		18,065
Total	$	618,278	$	12,081	$	72,983	$	703,342

Derivatives (Tables)

3 Months Ended

Mar. 31, 2015

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						Derivative Liabilities as of
	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
	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	N/A	$	—	N/A	$	—	Other Liabilities	$	676	Other Liabilities	$	478
Interest rate swaps	N/A	—		Other Assets	52		Other Liabilities	234		N/A	—
Total		$	—		$	52		$	910		$	478

Derivatives not Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	2,180	Other Assets	$	1,534	N/A	$	—	N/A	$	—
Interest rate cap	Other Assets	2,739		Other Assets	4,775		N/A	—		N/A	—
Total		$	4,919		$	6,309		$	—		$	—

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 Three Months Ended March 31, 2015
Interest rate cap	Interest Expense	$	—		$	(77	)	N/A
Interest rate cap	Earnings from equity method investments	(7		)	—			N/A
Interest rate swaps	Interest Expense	(376		)	42			N/A
Interest rate swap	Earnings from equity method investments	(364		)	(115		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(198		)	—			N/A
For the Three Months Ended March 31, 2014
Interest rate cap	Interest Expense	(962		)	—			N/A
Interest rate swap	Interest Expense	(348		)	(135		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(452		)	—			N/A



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2015			2014
Interest rate cap	Other Expense	$	(2,036	)	$	—
Foreign exchange contracts	Other Expense	2,289			1,498

Foreign exchange contracts | Designated as hedge

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of notional amounts of outstanding derivative positions

As of March 31, 2015, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells Indian rupee ("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 March 31, 2015, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, £ and C$ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells euro ("EUR")/Buys USD Forward	€	13,000	$	15,482	April 2015
Sells pound sterling ("GBP")/Buys USD Forward	£	3,000	$	4,548	April 2015
Sells Canadian dollar ("CAD")/Buys USD Forward	C$	10,000	$	8,475	April 2015

Interest rate cap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of notional amounts of outstanding derivative positions

As of March 31, 2015, 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 March 31, 2015, 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

27,324

LIBOR + 2.00%

3.47%

October 2012

November 2019

Equity (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014:



				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
	March 31, 2015			December 31, 2014
Unrealized gains (losses) on available-for-sale securities	$	(123	)	$	2,983
Unrealized gains (losses) on cash flow hedges	(1,204		)	(409		)
Unrealized losses on cumulative translation adjustment	(3,789		)	(3,545		)
Accumulated other comprehensive income (loss)	$	(5,116	)	$	(971	)

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

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

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

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



	For the Three Months Ended March 31,
	2015			2014
Income (loss) from continuing operations	$	(33,469	)	$	(30,671	)
Income from sales of real estate	21,156			16,494
Net (income) loss attributable to noncontrolling interests	1,841			(454		)
Preferred dividends	(12,830		)	(12,830		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(23,302	)	$	(27,461	)

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



	For the Three Months Ended March 31,
	2015			2014
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(22,553	)	$	(26,572	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	85,497			84,819
Basic and diluted earnings per common share:
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.26	)	$	(0.31	)

Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(749	)	$	(889	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15
Basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(49.93	)	$	(59.27	)

Schedule of anti-dilutive shares

For the three months ended March 31, 2015 and 2014, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):



	For the Three Months Ended March 31,
	2015	2014
Joint venture shares	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 three months ended March 31, 2015 and 2014, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.

Fair Values (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
Recurring basis:
Derivative assets	$	4,919	$	—	$	4,919	$	—
Derivative liabilities	910		—		910		—
Available-for-sale securities(1)	1,163		—		—		1,163
Non-recurring basis:
Impaired loans(2)	6,362		—		—		6,362

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	37,169		—		—		37,169
Impaired real estate	7,102		—		—		7,102

Explanatory Notes:

_______________________________________________________________________________


(1)	The fair value of the Company's available-for-sale securities are based upon third-party broker quotes.


(2)	The Company recorded a recovery of loan losses on one loan with a fair value of $6.4 million based on the loan's remaining term of 1.25 years and interest rate of 4.7% using discounted cash flow analysis.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

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
Three Months Ended March 31, 2015:
Operating lease income	$	—		$	36,339		$	22,614		$	186		$	—		$	59,139
Interest income	34,896			—			—			—			—			34,896
Other income	48			3			8,876			633			1,004			10,564
Land development revenue	—			—			—			8,258			—			8,258
Earnings (loss) from equity method investments	—			1,633			535			2,609			1,770			6,547
Income from sales of real estate	—			3,527			17,629			—			—			21,156
Total revenue and other earnings	34,944			41,502			49,654			11,686			2,774			140,560
Real estate expense	—			(5,270		)	(27,424		)	(6,940		)	—			(39,634		)
Land development cost of sales	—			—			—			(6,891		)	—			(6,891		)
Other expense	1			—			—			—			(2,124		)	(2,123		)
Allocated interest expense	(14,235		)	(16,835		)	(7,668		)	(7,544		)	(8,350		)	(54,632		)
Allocated general and administrative(2)	(3,094		)	(3,761		)	(1,828		)	(2,793		)	(6,039		)	(17,515		)
Segment profit (loss)(3)	$	17,616		$	15,636		$	12,734		$	(12,482	)	$	(13,739	)	$	19,765
Other significant non-cash items:
Provision for (recovery of) loan losses	$	4,293		$	—		$	—		$	—		$	—		$	4,293
Depreciation and amortization	—			9,449			8,344			390			318			18,501
Capitalized expenditures	—			345			10,094			22,380			—			32,819

Three Months Ended March 31, 2014
Operating lease income	$	—		$	38,881		$	23,001		$	226		$	—		$	62,108
Interest income	27,914			—			—			—			—			27,914
Other income	399			214			12,666			226			1,079			14,584
Land development revenue	—			—			—			4,143			—			4,143
Earnings (loss) from equity method investments	—			286			217			(258		)	2,932			3,177
Income from sales of real estate	—			—			16,494			—			—			16,494
Total revenue and other earnings	28,313			39,381			52,378			4,337			4,011			128,420
Real estate expense	—			(5,674		)	(28,614		)	(8,325		)	—			(42,613		)
Land development cost of sales	—			—			—			(3,654		)	—			(3,654		)
Other expense	(430		)	—			—			—			209			(221		)
Allocated interest expense	(15,452		)	(18,610		)	(10,259		)	(7,159		)	(5,976		)	(57,456		)
Allocated general and administrative(2)	(3,090		)	(3,799		)	(2,189		)	(3,049		)	(5,586		)	(17,713		)
Segment profit (loss)(3)	$	9,341		$	11,298		$	11,316		$	(17,850	)	$	(7,342	)	$	6,763
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(3,400	)	$	—		$	—		$	—		$	—		$	(3,400	)
Impairment of assets	—			2,979			—			—			—			2,979
Depreciation and amortization	—			10,128			7,864			304			317			18,613
Capitalized expenditures	—			(627		)	12,854			14,683			—			26,910



	Real Estate Finance		Net Lease		Operating Properties		Land		Corporate/Other(1)		Company Total
As of March 31, 2015
Real estate
Real estate, net	—		1,177,437		506,690		852,146		—		2,536,273
Real estate available and held for sale	—		11,307		139,853		141,448		—		292,608
Total real estate	—		1,188,744		646,543		993,594		—		2,828,881
Loans receivable and other lending investments, net	1,537,846		—		—		—		—		1,537,846
Other investments	—		124,464		12,291		108,892		95,902		341,549
Total portfolio assets	$	1,537,846	$	1,313,208	$	658,834	$	1,102,486	$	95,902	4,708,276
Cash and other assets											944,304
Total assets											$	5,652,580

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

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 $3.2 million and $2.1 million for the three months ended March 31, 2015 and 2014, respectively.


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



	For the Three Months Ended March 31,
	2015			2014
Segment profit (loss)	$	19,765		$	6,763
Less: (Provision for) recovery of loan losses	(4,293		)	3,400
Less: Impairment of assets	—			(2,979		)
Less: Stock-based compensation expense	(3,238		)	(2,075		)
Less: Depreciation and amortization	(18,501		)	(18,613		)
Less: Income tax (expense) benefit	(5,878		)	507
Less: Loss on early extinguishment of debt, net	(168		)	(1,180		)
Net income (loss)	$	(12,313	)	$	(14,177	)

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

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



	For the Three Months Ended March 31,
	2015			2014
Segment profit (loss)	$	19,765		$	6,763
Less: (Provision for) recovery of loan losses	(4,293		)	3,400
Less: Impairment of assets	—			(2,979		)
Less: Stock-based compensation expense	(3,238		)	(2,075		)
Less: Depreciation and amortization	(18,501		)	(18,613		)
Less: Income tax (expense) benefit	(5,878		)	507
Less: Loss on early extinguishment of debt, net	(168		)	(1,180		)
Net income (loss)	$	(12,313	)	$	(14,177	)

Business and Organization (Details) $ in Billions	3 Months Ended
Business and Organization (Details) $ in Billions	Mar. 31, 2015 USD ($)
Business and Organization [Abstract]
Investment across a range of real estate sectors over the past two decades	$ 35

Basis of Presentation and Principles of Consolidation (Details) $ in Millions	Mar. 31, 2015 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	$ 162.7
Variable interest entity, consolidated, carrying amount, liabilities	13.3
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	25
Variable interest entity unfunded commitment	$ 22.7
Carrying value of the investments	$ 166.3

Basis of Presentation and Principles of Consolidation (Reclassification) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:	$ (52,354)	$ (64,821)
Cash flows from investing activities:	$ (16,054)	35,461
Scenario, Previously Reported [Member]
Cash flows from operating activities:		(60,678)
Cash flows from investing activities:		31,318
Scenario, Adjustment [Member]
Cash flows from operating activities:		(4,143)
Cash flows from investing activities:		4,143
Scenario, Actual [Member]
Cash flows from operating activities:		(64,821)
Cash flows from investing activities:		$ 35,461

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land and land improvements	$ 1,316,097	$ 1,326,957
Buildings and improvements	1,672,573	1,818,606
Less: accumulated depreciation and amortization	(452,397)	(468,849)
Real estate, net	2,536,273	2,676,714
Real estate available and held for sale	292,608	285,982
Total real estate	2,828,881	2,962,696
Net Lease
Real Estate Properties [Line Items]
Land and land improvements	314,151	311,890
Buildings and improvements	1,234,104	1,240,593
Less: accumulated depreciation and amortization	(370,818)	(364,323)
Real estate, net	1,177,437	1,188,160
Real estate available and held for sale	11,307	4,521
Total real estate	1,188,744	1,192,681
Operating Properties
Real Estate Properties [Line Items]
Land and land improvements	141,043	146,417
Buildings and improvements	438,469	578,013
Less: accumulated depreciation and amortization	(72,822)	(96,159)
Real estate, net	506,690	628,271
Real estate available and held for sale	139,853	162,782
Total real estate	646,543	791,053
Land
Real Estate Properties [Line Items]
Land and land improvements	860,903	868,650
Buildings and improvements	0	0
Less: accumulated depreciation and amortization	(8,757)	(8,367)
Real estate, net	852,146	860,283
Real estate available and held for sale	141,448	118,679
Total real estate	$ 993,594	$ 978,962

Real Estate (Real Estate Available and Held for Sale) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 292,608		$ 285,982
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	132,900		155,800
Condominium Units
Real Estate Properties [Line Items]
Income from sales of real estate	17,600	$ 16,500
Net Lease
Real Estate Properties [Line Items]
Real estate available and held for sale	11,307		4,521
Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	139,853		$ 162,782
Construction Substantially Complete \| Residential Units [Member]
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	22,900
Executed Contract with Third Party \| Land
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	2,800
Executed Contract with Third Party \| Net Lease
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	7,500
Executed Contract with Third Party \| Land One [Member]
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	$ 3,900

Real Estate (Acquisitions) (Details) $ in Thousands	3 Months Ended
Real Estate (Acquisitions) (Details) $ in Thousands	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($) property
Real Estate Properties [Line Items]
Acquisitions of real estate assets	$ 0	$ 2,412
Condominium Units
Real Estate Properties [Line Items]
Acquisitions of real estate assets		$ 2,400
Number of properties acquired \| property		1

Real Estate (Dispositions) (Details) $ in Thousands	3 Months Ended
Real Estate (Dispositions) (Details) $ in Thousands	Mar. 31, 2015 USD ($) property	Mar. 31, 2014 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land development revenue	$ 8,258	$ 4,143
Land development cost of sales	6,891	3,654
Income from sales of real estate	$ 21,156	16,494
Property sold, aggregate, carrying value		6,700
Net Lease
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
Net Lease Asset One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Initial term of ground lease	99 years
Lease incentive asset	$ 38,100
Net Lease Asset Two [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property held-for-sale	4,900
Income from sales of real estate	3,500
Condominium Units
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of other real estate	49,000	47,700
Income from sales of real estate	17,600	16,500
Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate	93,500
Deferred gain on sale of property	$ 5,300
Net Lease Venture \| Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate		$ 93,700
iStar's ownership percentage	51.90%	51.90%
Net Lease Venture \| 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
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	2

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Real Estate [Abstract]
Tenant reimbursements	$ 7.0	$ 8.5

Real Estate (Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	$ 13,203	$ 11,199
Not Currently Redeemable [Member]
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	9,300	9,900
Redeemable estimated redemption value	$ 23,600	$ 23,600

Real Estate (Allowance for doubtful accounts) (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Real Estate Tenant Receivables [Member]
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for Doubtful Accounts Receivable	$ 1.4	$ 1.3
Deferred Operating Lease [Member]
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for Doubtful Accounts Receivable	$ 2.4	$ 2.4

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

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

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

$ 102,783

$ 98,490

$ 370,076

$ 377,204

Total loans receivable, net

1,452,702

1,288,662

1,349,919

1,190,172

Other lending investments—securities

187,927

187,671

Total loans receivable and other lending investments, net

^[1]

1,537,846

1,377,843

Interest receivable

8,800

7,000

Senior mortgages

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

Corporate/Partnership loans

876,765

737,535

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

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

548,115

497,796

Subordinate mortgages

Allowance for Loan Losses [Roll Forward]

$ 27,822

$ 53,331

[1]	The Company's recorded investment in loans as of March 31, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

$ 102,783

$ 370,076

$ 98,490

$ 377,204

Recoveries of previously recorded loan loss reserves

^[1]

4,293

(3,400)

Charge-offs

(3,728)

$ 200

$ 5,200

[1]	For the three months ended March 31, 2015 and 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million and $5.2 million, respectively.

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

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Financing Receivable, Allowance for Credit Losses [Line Items]

Financing Receivable, Gross

$ 1,461,499

$ 1,295,703

Financing Receivable, Net

102,783

98,490

$ 370,076

$ 377,204

1,358,716

1,197,213

Collectively Evaluated for Impairment [Member]

Financing Receivable, Allowance for Credit Losses [Line Items]

Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums

(11,500)

(10,600)

Financing Receivable, Gross

^[1]

1,324,454

1,156,031

Financing Receivable, Net

^[1]

38,000

33,500

^[1]

1,286,454

1,122,531

Individually Evaluated for Impairment [Member]

Financing Receivable, Allowance for Credit Losses [Line Items]

Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums

(200)

Financing Receivable, Gross

^[2]

137,045

139,672

Financing Receivable, Net

^[2]

64,783

64,990

^[2]

$ 72,262

$ 74,682

[1]

The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $11.5 million and $10.6 million as of March 31, 2015 and December 31, 2014, respectively.

[2]

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Financing Receivable, Gross	$ 1,461,499	$ 1,295,703
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Financing Receivable, Gross	880,769
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Financing Receivable, Gross	552,601
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Financing Receivable, Gross	$ 28,129
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Weighted Average Risk Ratings	3.24	3.23
Financing Receivable, Gross	$ 1,332,558	$ 1,166,465
Real Estate Finance \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Weighted Average Risk Ratings	2.80	2.73
Financing Receivable, Gross	$ 751,828	$ 611,009
Real Estate Finance \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Weighted Average Risk Ratings	3.83	3.88
Financing Receivable, Gross	$ 552,601	$ 501,620
Real Estate Finance \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Weighted Average Risk Ratings	3.61	2.87
Financing Receivable, Gross	$ 28,129	$ 53,836

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

3 Months Ended

Mar. 31, 2015

USD ($)

Loan

Dec. 31, 2014

USD ($)

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

$ 1,344,792

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

20,693

Greater Than 90 Days

^[1]

96,014

Total Past Due

116,707

Total

$ 1,461,499

$ 1,295,703

Financing receivables, past due time period

90 days

Senior mortgages

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

$ 764,062

Corporate/Partnership loans

20,693

Greater Than 90 Days

^[1]

96,014

Total Past Due

116,707

Total

880,769

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

552,601

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

Greater Than 90 Days

Total Past Due

Total

552,601

Subordinate mortgages

28,129

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

$ 28,129

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 March 31, 2015, the Company had 3 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 ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Loans modified through troubled debt restructurings

$ 8,100

$ 10,400

138,359

$ 720,118

619

Senior mortgages

130,491

626,553

Corporate/Partnership loans

554

7,868

93,565

With no related allowance recorded

48,512

501

48,512

With an allowance recorded

501

Recorded Investment

^[1]

137,045

139,672

Unpaid Principal Balance

^[1]

136,164

138,801

Related Allowance

^[1]

(64,783)

(64,990)

138,359

671,606

With an allowance recorded | Senior mortgages

118

Recorded Investment

^[1]

130,336

130,645

Unpaid Principal Balance

^[1]

129,428

129,744

Related Allowance

^[1]

(64,440)

130,491

578,041

With an allowance recorded | Corporate/Partnership loans

Recorded Investment

^[1]

6,709

9,027

Unpaid Principal Balance

^[1]

6,736

9,057

Related Allowance

^[1]

(343)

$ (550)

7,868

93,565

Equity Method Investments, Summarized Financial Information [Line Items]

$ 9

$ 65

[1]

Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details)	Mar. 31, 2015 USD ($)
Receivables [Abstract]
Unfunded commitments, troubled debt restructurings	$ 0

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Available-for-Sale Securities
Available-for-sale Securities, Net Unrealized Gain (Loss)	$ 153	$ 147
Investments, Debt and Equity Securities [Abstract]
Face Value	175,237	177,274
Amortized Cost Basis	187,774	187,524
Estimated Fair Value	194,208	191,366
Net Carrying Value	187,927	187,671
Municipal Bonds
Available-for-Sale Securities
Available-for-sale Securities, Face Value	1,010	1,020
Available-for-sale Securities, Amortized Cost Basis	1,010	1,020
Available-for-sale Securities, Net Unrealized Gain (Loss)	153	147
Available-for-sale Securities, Debt Securities, Fair Value	1,163	1,167
Available-for-sale Securities, Debt Securities	1,163	1,167
Corporate Debt Securities
Held-to-Maturity Securities
Held-to-Maturity Securities, Face Value	174,227	176,254
Held-to-Maturity Securities, Amortized Cost Basis	186,764	186,504
Held-to-maturity Securities, Fair Value	193,045	190,199
Held-to-maturity Securities	$ 186,764	$ 186,504

Loans Receivable and Other Lending Investments, net (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015 USD ($)
(Narrative) [Abstract]
Loans, Sold Loans Carrying Value	$ 5,500,000
Realized Investment Gains (Losses)	$ 0

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 341,549		$ 354,119
Earnings (loss) from equity method investments	6,547	$ 3,177
Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Equity method investments	124,464		125,361
Earnings (loss) from equity method investments	1,633	(362)
Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	86,166		88,848
Earnings (loss) from equity method investments	(1,302)	934
Other Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	50,725		63,262
Earnings (loss) from equity method investments	1,733	3,334
Madison Funds
Schedule of Equity Method Investments [Line Items]
Equity method investments	44,997		45,971
Earnings (loss) from equity method investments	(37)	(402)
Marina Palms
Schedule of Equity Method Investments [Line Items]
Equity method investments	35,197		$ 30,677
Earnings (loss) from equity method investments	$ 4,520	$ (327)

Other Investments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 341,549		$ 354,119
Proceeds from Sale of Available-for-sale Securities, Equity	7,300
Available-for-sale Securities, Gross Realized Gain (Loss)	2,500
Marina Palms
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 35,197		30,677
MIRELF III
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	32.90%
MIRELF III AIV
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	32.90%
Madison GP1 Investors LP
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	29.50%
Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 124,464		125,361
Madison International Real Estate Fund IILP [Member]
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	29.50%
Net Lease Asset One \| Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of real estate		$ 93,700
Land \| Marina Palms
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	47.50%
Equity method investment, preferred interest	$ 10,000
Total assets	275,800		265,700
Land \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 73,700		75,500
Net Lease
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of real estate		$ 7,800
Net Lease \| Net Lease Venture
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	51.90%	51.90%
Partners' capital account, contributions		$ 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%
Net proceeds from sales of real estate		$ 93,700
Total assets	$ 346,800		348,100
Operating Properties \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 12,300		$ 13,200
Minimum \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	16.00%
Maximum \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	86.00%

Other Investments (Schedule of Summarized Investee Financial Information) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Marina Palms

Equity Method Investment, Summarized Financial Information, Revenue

$ 34,998

$ 17

Equity Method Investment, Summarized Financial Information, Costs and Expenses

22,638

710

Equity Method Investment, Summarized Financial Information, Net Income (Loss)

12,360

(693)

Net Lease Venture

Equity Method Investments, Summarized Financial Information [Line Items]

Equity Method Investment, Summarized Financial Information, Revenue

7,829

944

^[1]

Equity Method Investment, Summarized Financial Information, Costs and Expenses

4,546

1,642

^[1]

Equity Method Investment, Summarized Financial Information, Net Income (Loss)

$ 3,146

$ (698)

^[1]

[1]

The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014, when the venture was formed. The amounts in the Company's financial statements for the three months ended March 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to March 31, 2014.

Operating Leased Assets [Line Items]

The amount of net income (loss) reported by an equity method investment of the entity.

+ References + Details

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Intangible assets, net

^[1]

$ 80,429

$ 50,088

Other assets

36,599

37,085

Deferred financing fees, net

^[2]

35,494

36,774

Restricted cash

19,124

19,283

Leasing costs, net

^[3]

16,662

20,031

Other receivables

10,802

13,115

Corporate furniture, fixtures and equipment, net

^[4]

5,113

5,409

Deferred expenses and other assets, net

204,223

181,785

Intangible assets, accumulated amortization

35,600

45,100

Amortization of above market lease

2,000

$ 2,300

Amortization of intangible assets

1,500

$ 2,500

Accumulated amortization of deferred financing fees

18,300

15,400

Accumulated amortization on leasing costs

8,600

9,000

Accumulated depreciation on corporate furniture, fixtures and equipment

7,300

$ 7,100

Net Lease Asset One

Operating Leased Assets [Line Items]

Lease incentive asset

$ 38,100

[1]	Intangible assets, net are primarily related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (see Note 4). Accumulated amortization on intangible assets was $35.6 million and $45.1 million as of March 31, 2015 and December 31, 2014, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $2.0 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. The amortization expense for other intangible assets was $1.5 million and $2.5 million for the three months ended March 31, 2015 and 2014, 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 $18.3 million and $15.4 million as of March 31, 2015 and December 31, 2014, respectively.
[3]	Accumulated amortization on leasing costs was $8.6 million and $9.0 million as of March 31, 2015 and December 31, 2014, respectively.
[4]	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.3 million and $7.1 million as of March 31, 2015 and December 31, 2014, respectively.

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Other Assets and Other Liabilities [Abstract]

Other Liabilities

^[1]

$ 58,353

$ 48,256

Accrued interest payable

45,077

57,895

Accrued expenses

43,202

62,866

Intangible liabilities, net

^[2]

11,619

11,885

Accounts payable, accrued expenses and other liabilities

158,251

180,902

Profit sharing payable

10,300

6,800

Special assessment bond

7,500

7,700

Below market lease, accumulated amortization

5,500

$ 6,200

Amortization of below market lease

$ 400

$ 700

[1]

[2]

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

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Schedule of deferred tax assets and liabilities [Line Items]

Operating loss carryforwards

$ 759,800

Taxable REIT Subsidiaries [Member]

Schedule of deferred tax assets and liabilities [Line Items]

Deferred tax assets

^[1]

$ 57,053

$ 54,318

Valuation allowance

(57,053)

(54,318)

Net deferred tax assets (liabilities)

Real estate basis differences

39,100

39,300

Investments basis differences

6,200

5,900

Deferred expenses differences

5,600

2,700

Operating loss carryforwards

$ 3,900

$ 4,100

[1]

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

3 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Total debt obligations, net

$ 4,271,867

$ 4,034,349

Debt discounts, net

(10,339)

(11,665)

4,261,528

4,022,684

2012 Tranche A-2 Facility

^[1]

$ 348,185

358,504

7.00%

^[1]

5.75%

2015 Revolving Credit Facility

^[1]

LIBOR

Term loans collateralized by net lease assets

^[2]

$ 250,000

Weighted average interest rate

^[3]

$ 246,792

248,955

5.30%

Stated interest rate, minimum

^[3]

4.851%

Stated interest rate, maximum

^[3]

7.26%

Total secured credit facilities and term loans

$ 844,977

607,459

6.05% senior notes

$ 105,765

105,765

6.05%

5.875% senior notes

$ 261,403

261,403

5.875%

3.875% senior notes

$ 265,000

265,000

3.0% senior convertible notes

3.875%

^[4]

$ 200,000

200,000

Convertible debt conversion ratio

^[4]

3.00%

0.085

Convertible debt conversion price

$ 11.77

1.50% senior convertible notes

^[5]

$ 200,000

200,000

Convertible debt conversion ratio

^[5]

1.50%

0.0578

Convertible debt conversion price

$ 17.29

5.85% senior notes

$ 99,722

99,722

5.85%

9.0% senior notes

$ 275,000

275,000

9.00%

4.00% senior notes

$ 550,000

550,000

4.00%

7.125% senior notes

$ 300,000

300,000

7.125%

4.875% senior notes

$ 300,000

300,000

4.875%

5.00% senior notes

$ 770,000

770,000

5.00%

Unsecured Notes

$ 3,326,890

3,326,890

Other debt obligations

$ 100,000

1.50%

Minimum | 2012 Tranche A-2 Facility

LIBOR

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

1.25%

Base Rate [Member] | London Interbank Offered Rate (LIBOR) | 2015 Revolving Credit Facility

2.00%

Base Rate [Member] | Federal Funds Effective Swap Rate [Member] | 2015 Revolving Credit Facility

1.00%

Base Rate [Member] | Minimum | 2015 Revolving Credit Facility

0.50%

Base Rate [Member] | Maximum [Member] | 2015 Revolving Credit Facility

1.25%

London Interbank Offered Rate (LIBOR) | Minimum | 2015 Revolving Credit Facility

1.75%

London Interbank Offered Rate (LIBOR) | Maximum [Member] | 2015 Revolving Credit Facility

2.25%

2.75%

[1]	The loan has a LIBOR floor of 1.25%. As of March 31, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.
[2]	The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.
[3]	As of March 31, 2015 and December 31, 2014, includes a loan with a floating rate of LIBOR plus 2.00%. As of March 31, 2015, 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 $11.77 per share 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 $17.29 per share at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Maturities of Long-term Debt [Abstract]
2015 (remaining nine months)	$ 105,765
2016	926,403
2017	1,272,907
2018	864,765
2019	801,936
Thereafter	300,091
Total principal maturities	4,271,867	$ 4,034,349
Unamortized debt discounts, net	(10,339)	(11,665)
Total debt obligations, net	4,261,528	$ 4,022,684
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2015 (remaining nine months)	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	(7,656)
Total debt obligations, net	3,419,234
Secured Debt
Maturities of Long-term Debt [Abstract]
2015 (remaining nine months)	0
2016	0
2017	348,185
2018	264,765
2019	31,936
Thereafter	200,091
Total principal maturities	844,977
Unamortized debt discounts, net	(2,683)
Total debt obligations, net	$ 842,294

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

1 Months Ended

3 Months Ended

36 Months Ended

Mar. 31, 2012

USD ($)

tranches

Mar. 31, 2015

USD ($)

Mar. 31, 2014

USD ($)

Mar. 31, 2015

USD ($)

Mar. 27, 2015

USD ($)

Loss on early extinguishment of debt, net

$ 12,328,000

$ 60,863,000

$ 168,000

1,180,000

2012 Secured Credit Facilities

Debt instrument, face amount

$ 880,000,000

Number of tranches | tranches

2012 Tranche A-1 Facility

Debt instrument, face amount

$ 410,000,000

Percentage of par credit facilities were issued at

LIBOR

98.00%

Unsecured Notes LIBOR plus 0.50% senior convertible notes

4.00%

Unsecured Line of credit due June 2012

$ 606,700,000

Unsecured Notes 5.50% senior notes

244,000,000

$ 90,300,000

2012 Tranche A-2 Facility

5.50%

Debt instrument, face amount

$ 470,000,000

$ 121,800,000

Loss on early extinguishment of debt, net

7.00%

$ 200,000

$ 300,000

Percentage of par credit facilities were issued at

^[1]

LIBOR

98.50%

2015 Revolving Credit Facility

^[1]

5.75%

Line of credit facility, maximum borrowing capacity

$ 250,000,000.0

Converted term loan, term

1 year

Minimum | 2012 Tranche A-2 Facility

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

1.25%

1.25%

[1]	The loan has a LIBOR floor of 1.25%. As of March 31, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.

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

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

$ 2,536,273

$ 2,676,714

Loans receivable and other lending investments, net

292,608

285,982

^[1]

1,537,846

1,377,843

341,549

354,119

944,304

768,475

5,652,580

5,463,133

102,783

98,490

$ 370,076

$ 377,204

Encumbered Assets

886,114

620,378

Loans receivable and other lending investments, net

10,496

^[2]

109,798

46,515

16,367

17,708

1,022,775

695,097

Unencumbered Assets

1,650,159

2,056,336

Loans receivable and other lending investments, net

282,112

275,486

^[2]

1,466,048

1,364,828

325,182

336,411

944,304

768,475

Collectively Evaluated for Impairment [Member]

4,667,805

4,801,536

^[3]

$ 38,000

$ 33,500

[1]	The Company's recorded investment in loans as of March 31, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[2]	As of March 31, 2015 and December 31, 2014, the amounts presented exclude general reserves for loan losses of $38.0 million and $33.5 million, respectively.
[3]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $11.5 million and $10.6 million as of March 31, 2015 and December 31, 2014, respectively.

Debt Obligations, net (Debt Covenants) (Details)	3 Months Ended
Debt Obligations, net (Debt Covenants) (Details)	Mar. 31, 2015
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness	1.2
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
2012 Secured Credit Facilities
Debt Instrument [Line Items]
Multiple of the minimum collateral coverage on outstanding borrowings	1.25
Total secured credit facilities and term loans
Debt Instrument [Line Items]
Percentage of REIT taxable income permitted for distribution under debt covenants	100.00%
2015 Revolving Credit Facility
Debt Instrument [Line Items]
Multiple of the minimum collateral coverage on outstanding borrowings	1.5
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5

Commitments and Contingencies (Narrative) (Details) - 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%
Noncontrolling Interest, ownership percentage by noncontrolling owners	15.00%

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 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	$ 639,515
Strategic Investments	45,762
Discretionary Fundings	18,065
Total	703,342
Loans and Other Lending Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	600,213
Strategic Investments	0
Discretionary Fundings	18,065
Total	618,278
Real Estate
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	12,081
Strategic Investments	0
Discretionary Fundings	0
Total	12,081
Other Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	27,221
Strategic Investments	45,762
Discretionary Fundings	0
Total	$ 72,983

Derivatives (Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	$ 0	$ 52
Derivative Liabilities, Fair Value	910	478
Designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	0
Designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	676	478
Designated as hedge \| Interest rate swaps \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	52
Designated as hedge \| Interest rate swaps \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	234	0
Not designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	4,919	6,309
Derivative Liabilities, Fair Value	0	0
Not designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	2,180	1,534
Not designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	0	0
Not designated as hedge \| Interest rate cap \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	2,739	4,775
Not designated as hedge \| Interest rate cap \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	$ 0	$ 0

Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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)	$ (198)	$ (452)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0	0
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	2,289	1,498
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)	(7)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0
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)	(364)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(115)
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)	0	(962)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(77)	0
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	(2,036)	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)	(376)	(348)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	$ 42	$ (135)

Derivatives (Foreign Exchange Contracts) (Details) € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2015 EUR (€)	Mar. 31, 2015 GBP (£)	Mar. 31, 2015 CAD ($)	Mar. 31, 2015 INR (₨)
Derivative [Line Items]
Foreign currency transaction gain (loss)	$ 0	$ 300
Sells euro (EUR)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 15,482		€ 13,000
Maturity of Foreign Currency Derivatives	Apr. 07, 2015
Sells Indian rupee (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	$ 4,548			£ 3,000
Maturity of Foreign Currency Derivatives	Apr. 07, 2015
Sells Canadian dollar (CAD)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 8,475				$ 10,000
Maturity of Foreign Currency Derivatives	Apr. 07, 2015

Derivatives (Interest Rate Hedges) (Details) $ in Thousands	3 Months Ended
Derivatives (Interest Rate Hedges) (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Interest rate cap
Derivative [Line Items]
Derivative, Notional Amount	$ 500,000
Derivative, Cap Interest Rate	1.00%
Interest rate swap
Derivative [Line Items]
Derivative, Variable Interest Rate	2.00%
Derivative, Notional Amount	$ 27,324
Derivative, Fixed Interest Rate	3.47%
Terminated Interest Rate Swap
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 200
Interest rate swaps
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 700

Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Forward Contracts
Derivative [Line Items]
Collateral Posted For Hedges	$ 3.0	$ 3.0

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

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

$ 2,000,000

Series E

5,600

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.875%

^[1],[2]

$ 1.97

$ 2,800,000

Series F

4,000

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.80%

^[1],[2]

$ 1.95

$ 2,000,000

Series G

3,200

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.65%

^[1],[2]

$ 1.91

$ 1,500,000

Series I

5,000

$ 0.001

^[1],[2]

$ 25

^[1],[2]

7.50%

^[1],[2]

$ 1.88

$ 2,300,000

Series J

4,000

$ 0.001

^[1],[2]

$ 50

^[1],[2]

4.50%

^[1],[2]

$ 2.25

$ 2,300,000

[1]

[2]

Equity (Dividends) (Details) - USD ($) $ in Millions	3 Months Ended
Equity (Dividends) (Details) - USD ($) $ in Millions	Mar. 31, 2015	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 ($)	3 Months Ended
Equity (Stock Repurchase Program) (Details) - USD ($)	Mar. 31, 2015	Sep. 30, 2013
Stock Repurchase Program
Repurchase of common stock, authorized amount		$ 50,000,000
Treasury stock, shares, acquired	44,000
Treasury stock value acquired including acquisition costs	$ 600,000
Treasury stock acquired, average cost per share	$ 12.66
Available repurchase of common stock, authorized amount	$ 28,500,000

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains (losses) on available-for-sale securities	$ (123)	$ 2,983
Unrealized gains (losses) on cash flow hedges	(1,204)	(409)
Unrealized losses on cumulative translation adjustment	(3,789)	(3,545)
Accumulated other comprehensive income (loss)	$ (5,116)	$ (971)

Income (loss) from continuing operations

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

Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2013	Jan. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 3,238	$ 2,075
Unrecognized compensation cost			$ 3,300
Weighted-average period to recognize the unrecognized compensation cost			1 year 7 months 2 days
Deferred compensation share-based arrangements, liability, current and noncurrent			$ 10,500
Long-term Incentive Plan 2006 and 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance			3,800,000
Employees \| Common Stock Subject to Sales Restriction
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, Number of Shares			318,482
Granted, Number of Shares			318,482
Restricted shares awarded			189,241
Sale restriction period			2 years
Employees \| Service Based Restricted Stock Units Vesting on December 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units						64,196
Non-vested, outstanding (in shares)			64,196
Employees \| Performance-based restricted stock units vesting on December 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)			50,116
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 [Line Items]
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 [Line Items]
Vesting percentage		200.00%
Employees \| Performance Based Restricted Stock Units Vesting on December 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units						49,650
Non-vested, outstanding (in shares)			49,650
Risk-free interest rate	0.75%
Expected stock price volatility	28.14%
Employees \| Performance Based Restricted Stock Units Vesting on December 31, 2017 [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
Employees \| Performance Based Restricted Stock Units Vesting on December 31, 2017 [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%
Employees \| Service Based Restricted Stock Units Vesting on December 31, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)			64,552
Employees \| Service-based restricted stock units vesting on February 1, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)			194,582
Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)			10,666
Employees \| Service based restricted stock units with specified vesting dates \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term					3 years

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors - CSE and restricted stock units $ in Millions	Mar. 31, 2015 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares) \| shares	278,471
Aggregate intrinsic value for directors \| $	$ 3.6

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Gross contributions made by the Company	$ 0.6	$ 0.6

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Earnings Per Share [Abstract]

^[1]

$ (33,469)

$ (30,671)

Net (income) loss attributable to noncontrolling interests

21,156

16,494

1,841

(454)

Preferred dividends

12,830

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

$ (23,302)

$ (27,461)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(31.6) million and $(31.3) million for the three months ended March 31, 2015 and 2014, 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

Mar. 31, 2015

Mar. 31, 2014

Denominator for basic and diluted earnings per share:

Weighted average common shares outstanding for basic and diluted earnings per common share

^[1]

85,497

84,819

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

^[1],[2]

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

^[1]

$ (0.26)

$ (0.31)

Common Stock

Denominator for basic and diluted earnings per share:

Weighted average common shares outstanding for basic and diluted earnings per common share

85,497

84,819

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

$ (0.26)

$ (0.31)

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:

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

$ (22,553)

$ (26,572)

Basic and Diluted | HPU's

Numerator for basic and diluted earnings per share:

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

$ (749)

$ (889)

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

$ (49.93)

$ (59.27)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(31.6) million and $(31.3) million for the three months ended March 31, 2015 and 2014, 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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

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 three months ended March 31, 2015 and 2014, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.

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

3 Months Ended

Mar. 31, 2015

USD ($)

Loan

Dec. 31, 2014

USD ($)

Available-for-sale securities

$ 7,906

Recurring basis | Significant other observable inputs (Level 2)

Recurring basis | Significant unobservable inputs (Level 3)

Derivative assets

$ 4,919

6,361

Derivative liabilities

910

478

Available-for-sale securities

^[1]

1,163

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

Impaired loans

6,362

^[2]

37,169

Impaired real estate

7,102

Total | Recurring basis

Available-for-sale securities

Derivative assets

4,919

6,361

Derivative liabilities

910

478

1,163

^[1]

7,906

Total | Non-recurring basis

Discounted Cash Flow Valuation Technique [Member] | Loans Receivable One [Member] | Non-recurring basis

Impaired loans

$ 6,362

^[2]

37,169

Impaired real estate

$ 7,102

Number of Impaired Loans | Loan

Fair Value Assumptions, Weighted Average Expected Term

1 year 3 months

Discount rate

4.70%

[1]	The fair value of the Company's available-for-sale securities are based upon third-party broker quotes.
[2]	The Company recorded a recovery of loan losses on one loan with a fair value of $6.4 million based on the loan's remaining term of 1.25 years and interest rate of 4.7% using discounted cash flow analysis.

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

Mar. 31, 2015

Dec. 31, 2014

Financial assets:

Loans receivable and other lending investments, net

^[1]

$ 1,537,846

$ 1,377,843

Financial liabilities:

Debt obligations, net

4,261,528

4,022,684

Fair Value

Financial assets:

Loans receivable and other lending investments, net

1,600,000

1,400,000

Financial liabilities:

Debt obligations, net

$ 4,400,000

$ 4,100,000

[1]	The Company's recorded investment in loans as of March 31, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 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

Mar. 31, 2015

USD ($)

segments

Mar. 31, 2014

USD ($)

Dec. 31, 2014

USD ($)

Number of reportable segments | segments

$ 59,139

$ 62,108

34,896

27,914

10,564

14,584

8,258

4,143

6,547

3,177

21,156

16,494

140,560

128,420

(39,634)

(42,613)

(6,891)

(3,654)

(2,123)

(221)

(54,632)

(57,456)

^[1]

(17,515)

(17,713)

^[2]

19,765

6,763

^[3]

4,293

(3,400)

2,979

18,501

18,613

32,819

26,910

2,536,273

$ 2,676,714

292,608

285,982

Loans receivable and other lending investments, net

2,828,881

2,962,696

^[4]

1,537,846

1,377,843

341,549

354,119

4,708,276

4,694,658

944,304

768,475

Stock-based compensation expense

5,652,580

5,463,133

3,238

2,075

Operating Segments | Real Estate Finance

34,896

27,914

399

34,944

28,313

(430)

(14,235)

(15,452)

^[1]

(3,094)

(3,090)

^[2]

17,616

9,341

4,293

(3,400)

Loans receivable and other lending investments, net

1,537,846

1,377,843

Operating Segments | Net Lease

1,537,846

1,377,843

36,339

38,881

214

1,633

286

3,527

41,502

39,381

(5,270)

(5,674)

(16,835)

(18,610)

^[1]

(3,761)

(3,799)

^[2]

15,636

11,298

2,979

9,449

10,128

345

(627)

1,177,437

1,188,160

11,307

4,521

Loans receivable and other lending investments, net

1,188,744

1,192,681

124,464

125,360

Operating Segments | Operating Properties

1,313,208

1,318,041

22,614

23,001

8,876

12,666

535

217

17,629

16,494

49,654

52,378

(27,424)

(28,614)

(7,668)

(10,259)

^[1]

(1,828)

(2,189)

^[2]

12,734

11,316

8,344

7,864

10,094

12,854

506,690

628,271

139,853

162,782

Loans receivable and other lending investments, net

646,543

791,053

12,291

13,220

Operating Segments | Land

658,834

804,273

186

226

633

226

8,258

4,143

2,609

(258)

11,686

4,337

(6,940)

(8,325)

(6,891)

(3,654)

(7,544)

(7,159)

^[1]

(2,793)

(3,049)

^[2]

(12,482)

(17,850)

390

304

22,380

14,683

852,146

860,283

141,448

118,679

Loans receivable and other lending investments, net

993,594

978,962

108,892

106,155

Corporate, Non-Segment | Corporate/Other

1,102,486

1,085,117

^[5]

^[5]

^[5]

1,004

1,079

^[5]

^[5]

1,770

2,932

^[5]

^[5]

2,774

4,011

^[5]

^[5]

^[5]

(2,124)

209

^[5]

(8,350)

(5,976)

^[1],[5]

(6,039)

(5,586)

^[2],[5]

(13,739)

(7,342)

^[5]

^[5]

^[5]

318

317

^[5]

$ 0

^[5]

^[5]

Loans receivable and other lending investments, net

^[5]

^[5]

^[5]

95,902

109,384

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

^[5]

$ 95,902

$ 109,384

[1]	General and administrative excludes stock-based compensation expense of $3.2 million and $2.1 million for the three months ended March 31, 2015 and 2014, respectively.
[2]	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2015 2014Segment profit (loss)$19,765 $6,763Less: (Provision for) recovery of loan losses(4,293) 3,400Less: Impairment of assets— (2,979)Less: Stock-based compensation expense(3,238) (2,075)Less: Depreciation and amortization(18,501) (18,613)Less: Income tax (expense) benefit(5,878) 507Less: Loss on early extinguishment of debt, net(168) (1,180)Net income (loss)$(12,313) $(14,177)
[3]	For the three months ended March 31, 2015 and 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million and $5.2 million, respectively.
[4]	The Company's recorded investment in loans as of March 31, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[5]	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.

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Less: (Provision for) recovery of loan losses

^[1]

$ 19,765

$ 6,763

(4,293)

3,400

Less: Impairment of assets

(2,979)

Less: Stock-based compensation expense

(3,238)

(2,075)

Less: Depreciation and amortization

(18,501)

(18,613)

Less: Income tax (expense) benefit

(5,878)

507

Less: Loss on early extinguishment of debt, net

(168)

(1,180)