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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 29, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	ISTAR INC.
Entity Central Index Key	0001095651
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		75,409,187
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Real estate, at cost	$ 2,040,779	$ 2,050,541
Less: accumulated depreciation	(462,179)	(456,558)
Real estate, net	1,578,600	1,593,983
Real estate available and held for sale	132,395	137,274
Total real estate	1,710,995	1,731,257
Land and development, net	1,024,434	1,001,963
Loans receivable and other lending investments, net	1,637,387	1,601,985
Other investments	233,990	254,172
Cash and cash equivalents	591,181	711,101
Accrued interest and operating lease income receivable, net	16,020	18,436
Deferred operating lease income receivable, net	98,861	97,421
Deferred expenses and other assets, net	179,310	181,457
Total assets	5,492,178	5,597,792
Liabilities:
Accounts payable, accrued expenses and other liabilities	202,963	214,835
Loan participations payable, net	154,111	152,086
Debt obligations, net	4,110,730	4,118,823
Total liabilities	4,467,804	4,485,744
Commitments and contingencies	0	0
Redeemable noncontrolling interests	8,981	10,718
iStar Inc. shareholders' equity:
Common Stock, $0.001 par value, 200,000 shares authorized, 75,441 and 81,109 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	75	81
Additional paid-in capital	3,632,246	3,689,330
Retained earnings (deficit)	(2,646,661)	(2,625,474)
Accumulated other comprehensive income (loss)	(5,577)	(4,851)
Total iStar Inc. shareholders' equity	980,109	1,059,112
Noncontrolling interests	35,284	42,218
Total equity	1,015,393	1,101,330
Total liabilities and equity	5,492,178	5,597,792
Series D, E, F, G and I Preferred Stock
iStar Inc. shareholders' equity:
Preferred Stock	22	22
Series J Preferred Stock
iStar Inc. shareholders' equity:
Preferred Stock	$ 4	$ 4

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	75,441,000	81,109,000
Common Stock, shares outstanding	75,441,000	81,109,000
Series D, E, F, G and I Preferred Stock
Liquidation Preference (in dollars per share)	$ 25	$ 25
Series J convertible perpetual preferred stock
Liquidation Preference (in dollars per share)	$ 50.00	$ 50

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

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Revenues:

Operating lease income

$ 54,937

$ 59,139

Interest income

33,219

34,896

Other income

11,541

10,564

Land development revenue

14,947

8,258

Total revenues

114,644

112,857

Costs and expenses:

Interest expense

57,021

54,632

Real estate expense

34,305

39,634

Land development cost of sales

11,575

6,891

Depreciation and amortization

14,708

18,501

General and administrative

23,102

20,753

Provision for (recovery of) loan losses

1,506

4,293

Other expense

740

2,123

Total costs and expenses

142,957

146,827

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

(28,313)

(33,970)

Loss on early extinguishment of debt, net

(125)

(168)

Earnings from equity method investments

8,267

6,547

Income (loss) from continuing operations before income taxes

(20,171)

(27,591)

Income tax (expense) benefit

414

(5,878)

Income (loss) from continuing operations

^[1]

(19,757)

(33,469)

Income from sales of real estate

10,458

21,156

Net income (loss)

(9,299)

(12,313)

Net (income) loss attributable to noncontrolling interests

942

1,841

Net income (loss) attributable to iStar Inc.

(8,357)

(10,472)

Preferred dividends

(12,830)

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

^[2],[3]

749

Net income (loss) allocable to common shareholders

$ (21,187)

$ (22,553)

Per common share data:

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

^[1]

$ (0.27)

$ (0.26)

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

^[1]

$ (0.27)

$ (0.26)

Weighted average number of common shares, Basic and diluted (in shares)

^[1]

77,060

85,497

Per HPU share data:

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

^[1],[2]

$ 0.00

$ (49.93)

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

^[1],[2]

$ 0.00

$ (49.93)

Weighted average HPU shares, Basic and diluted (in shares)

^[1],[2]

[1]	Income (loss) from continuing operations attributable to iStar Inc. was $(18.8) million and $(31.6) million for the three months ended March 31, 2016 and 2015, respectively. Refer to Note 15 for details on the calculation of earnings per share.
[2]	All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 15)
[3]	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 (refer to Note 14 and Note 15).

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Income (loss) from continuing operations attributable to parent	$ (18.8)	$ (31.6)

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

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (9,299)

$ (12,313)

Other comprehensive income (loss):

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

^[1]

(2,531)

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

^[2]

257

150

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

(575)

Unrealized gains/(losses) on cash flow hedges

(962)

(945)

Unrealized gains/(losses) on cumulative translation adjustment

(40)

(244)

Other comprehensive income (loss)

(726)

(4,145)

Comprehensive income (loss)

(10,025)

(16,458)

Comprehensive (income) loss attributable to noncontrolling interests

942

1,844

Comprehensive income (loss) attributable to iStar Inc.

$ (9,083)

$ (14,614)

[1]	Reclassified to "Other income" in the Company's consolidated statements of operations.
[2]	Reclassified to "Interest expense" in the Company's consolidated statements of operations are $160 and $35 for the three months ended March 31, 2016 and 2015, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $97 and $115 for the three months ended March 31, 2016 and 2015, respectively.

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

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

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

^[1]

$ 257

$ 150

Interest Expense

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

160

Earnings from equity method investments

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

$ 97

$ 115

[1]

Reclassified to "Interest expense" in the Company's consolidated statements of operations are $160 and $35 for the three months ended March 31, 2016 and 2015, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $97 and $115 for the three months ended March 31, 2016 and 2015, respectively.

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

Total

Preferred Stock

Series J Preferred Stock

HPU's

^[2]

Common Stock at Par

Additional Paid-In Capital

Retained Earnings (Deficit)

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Beginning Balance at Dec. 31, 2014

$ 1,248,348

$ 22

^[1]

$ 4

^[1]

$ 9,800

$ 85

$ 3,744,621

$ (2,556,469)

$ (971)

$ 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

^[3]

(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)

Ending Balance at Mar. 31, 2015

1,219,598

^[1]

$ 9,800

3,744,089

(2,579,771)

(5,116)

50,485

Beginning Balance at Dec. 31, 2015

1,101,330

^[1]

3,689,330

(2,625,474)

(4,851)

42,218

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

Dividends declared—preferred

(12,830)

Issuance of stock/restricted stock unit amortization, net

604

Net income (loss) for the period

^[3]

(7,999)

(8,357)

358

Change in accumulated other comprehensive income (loss)

(726)

Repurchase of stock

(58,132)

(6)

(58,126)

Change in additional paid in capital attributable to redeemable noncontrolling interest

438

Distributions to noncontrolling interests

(7,292)

^[4]

(7,292)

^[4]

Ending Balance at Mar. 31, 2016

$ 1,015,393

$ 22

^[1]

$ 4

^[1]

$ 75

$ 3,632,246

$ (2,646,661)

$ (5,577)

$ 35,284

[1]	Refer to Note 13 for details on the Company's Preferred Stock.
[2]	All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 15).
[3]	For the three months ended March 31, 2016 and 2015, net income (loss) shown above excludes $(1,300) and $(1,022) of net loss attributable to redeemable noncontrolling interests.
[4]	Includes a payment to acquire a noncontrolling interest (refer to Note 5).

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (1,300)	$ (1,022)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (9,299)	$ (12,313)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for (recovery of) loan losses	1,506	4,293
Depreciation and amortization	14,708	18,501
Payments for withholding taxes upon vesting of stock-based compensation	(1,109)	(1,683)
Non-cash expense for stock-based compensation	4,577	3,238
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	4,601	4,025
Amortization of discounts/premiums and deferred interest on loans, net	(22,049)	(19,303)
Earnings from equity method investments	(8,267)	(6,547)
Distributions from operations of other investments	26,317	3,946
Deferred operating lease income	(2,126)	(1,796)
Income from sales of real estate	(10,458)	(21,156)
Land development in excess of cost of sales	(10,458)	(21,156)
Other operating activities, net	7,745	2,463
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable, net	2,415	(2,083)
Changes in deferred expenses and other assets, net	1,034	5,229
Changes in accounts payable, accrued expenses and other liabilities	(23,023)	(27,801)
Cash flows used in operating activities	(16,800)	(52,354)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(94,343)	(188,044)
Capital expenditures on real estate assets	(17,735)	(14,716)
Capital expenditures on land and development assets	(29,375)	(19,953)
Repayments of and principal collections on loans receivable and other lending investments, net	73,211	34,992
Net proceeds from sales of loans receivable	0	5,595
Proceeds from Sale of Real Estate Held-for-investment	35,680	147,635
Proceeds from Sale of Land Held-for-investment	8,775	7,737
Distributions from other investments	7,675	4,260
Contributions to other investments	(6,377)	(1,231)
Changes in restricted cash held in connection with investing activities	1,660	(136)
Other investing activities, net	7,716	7,807
Cash flows used in investing activities	(13,113)	(16,054)
Cash flows from financing activities:
Borrowings from debt obligations	275,000	250,000
Repayments of debt obligations	(282,755)	(12,328)
Preferred dividends paid	(12,830)	(12,830)
Repurchase of stock	(58,760)	(558)
Other financing activities, net	(10,686)	(2,585)
Cash flows from (used in) financing activities	(90,031)	221,699
Effect of exchange rate changes on cash	24	0
Changes in cash and cash equivalents	(119,920)	153,291
Cash and cash equivalents at beginning of period	711,101	472,061
Cash and cash equivalents at end of period	591,181	625,352
Land
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Land development in excess of cost of sales	$ (3,372)	$ (1,367)

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business—iStar Inc. (the "Company"), doing business as "iStar", finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company has invested more than $35 billion over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary business segments are real estate finance, land and development, net lease and operating properties (refer to Note 17). 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, 2016

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, 2015, as amended on Form 10-K/A on March 9, 2016 (the "2015 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 2016 presentation.

During the year ended December 31, 2015, the Company determined that its classification of common shares repurchased under its share repurchase programs should be classified as a reduction to common stock for the par amount of the common stock repurchased and additional paid in capital and included as shares unissued within the consolidated financial statements. The Company previously classified common shares repurchased under its share repurchase programs as treasury stock. The misclassification eliminates treasury stock and results in corresponding reductions of common stock and additional paid-in capital, which results in no change in total equity within the consolidated balance sheets and consolidated statements of changes in equity. All repurchased shares previously reported as treasury stock will now be reported as unissued common stock. The change has no impact on the previously reported consolidated statements of operations, consolidated statements of comprehensive income or consolidated statements of cash flows. The Company evaluated the impact of this correction on previously issued financial statements and concluded they were not materially misstated. In order to conform previous financial statements with the current period, the Company elected to revise previously issued financial statements the next time such financial statements are filed. The accompanying consolidated statements of changes in equity balances as of March 31, 2015 have been revised as follows:



	As Reported			Change			As Adjusted
	(in thousands)
March 31, 2015
Additional paid-in capital	$	4,007,540		$	(263,451	)	$	3,744,089
Common stock	146			(61		)	85
Treasury stock, at cost	(263,512		)	263,512			—
Total	3,744,174			—			3,744,174

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—The Company consolidates VIEs for which it is considered the primary beneficiary. As of March 31, 2016, the total assets of these consolidated VIEs were $351.4 million and total liabilities were $60.9 million. The classifications of these assets are primarily within "Land and development" and "Real estate, net" 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 did not have any unfunded commitments related to consolidated VIEs as of March 31, 2016.

Unconsolidated VIEs—The Company has investments 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, 2016, the Company's maximum exposure to loss from these investments does not exceed the sum of the $75.2 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $54.2 million of related unfunded commitments.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies In accordance with the adoption of Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") the Company presents debt issuance costs as a deduction from the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets, which is consistent with the presentation of debt discounts. These costs were previously recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. As a result, as of December 31, 2015, "Deferred expenses and other assets, net" excludes $25.1 million of debt issuance costs and "Debt obligations, net" and "Loan participations payable, net" are presented net of debt issuance costs of $24.9 million and $0.2 million, respectively. Debt issuance costs associated with revolving-debt arrangements are recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. On January 1, 2016, the Company adopted ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which modified the analysis it must perform to determine whether it should consolidate certain types of entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest entities ("VOEs"). The guidance, however, modified the requirements to qualify under the VOE model. The adoption did not have a material impact on the Company's consolidated financial statements. On January 1, 2016, the Company adopted 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 eliminated 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. The adoption did not have a material impact on the Company's consolidated financial statements. As of March 31, 2016, the remainder of the Company's significant accounting policies, which are detailed in the Company's 2015 Annual Report, have not changed materially. New Accounting Pronouncements—In March 2016, Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance 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 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.

Real Estate

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Real Estate

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



	Net Lease			Operating Properties			Total
As of March 31, 2016
Land and land improvements, at cost	$	304,929		$	132,369		$	437,298
Buildings and improvements, at cost	1,177,060			426,421			1,603,481
Less: accumulated depreciation	(382,501		)	(79,678		)	(462,179		)
Real estate, net	1,099,488			479,112			1,578,600
Real estate available and held for sale ⁽¹⁾	717			131,678			132,395
Total real estate	$	1,100,205		$	610,790		$	1,710,995
As of December 31, 2015
Land and land improvements, at cost	$	306,172		$	133,275		$	439,447
Buildings and improvements, at cost	1,183,723			427,371			1,611,094
Less: accumulated depreciation	(377,416		)	(79,142		)	(456,558		)
Real estate, net	1,112,479			481,504			1,593,983
Real estate available and held for sale ⁽¹⁾	—			137,274			137,274
Total real estate	$	1,112,479		$	618,778		$	1,731,257

_______________________________________________________________________________


(1)	As of March 31, 2016 and December 31, 2015, the Company had $131.7 million and $137.3 million, respectively, of residential properties available for sale in its operating properties portfolio.

Real Estate Available and Held for Sale—During the three months ended March 31, 2016, the Company transferred one net lease asset with a carrying value of $0.7 million to held for sale due to an executed contract with a third party. During the three months ended March 31, 2015, the Company transferred net lease assets with a carrying value of $7.5 million to held for sale due to executed contracts with third parties.

Dispositions—During the three months ended March 31, 2016 and 2015, the Company sold residential condominiums for total net proceeds of $19.7 million and $49.0 million, respectively, and recorded income from sales of real estate totaling $4.9 million and $17.6 million, respectively. During the three months ended March 31, 2016 and 2015, the Company sold net lease assets for net proceeds of $10.0 million and $4.9 million, respectively, resulting in gains of $4.9 million and $3.6 million, respectively. During the three months ended March 31, 2016, the Company also sold a commercial operating property for net proceeds of $5.9 million resulting in a gain of $0.7 million. The gains are recorded in "Income from sales of real estate" in the Company's consolidated statements of operations.

During the three months ended March 31, 2015, the Company, through a consolidated entity, 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. In December 2015, the Company acquired the noncontrolling interest in the entity for $6.4 million.

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 $6.3 million and $7.0 million for the three months ended March 31, 2016 and 2015, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.

Allowance for Doubtful Accounts—As of March 31, 2016 and December 31, 2015, the allowance for doubtful accounts related to real estate tenant receivables was $2.2 million and $1.9 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.5 million as of both dates. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net", respectively, on the Company's consolidated balance sheets.

Land and Development (Notes)

3 Months Ended

Mar. 31, 2016

Land and development [Abstract]

Land and Development

The Company's land and development assets were comprised of the following ($ in thousands):



	As of
	March 31,			December 31,
	2016			2015
Land and land development, at cost	$	1,030,766		$	1,007,995
Less: accumulated depreciation	(6,332		)	(6,032		)
Total land and development, net	$	1,024,434		$	1,001,963

Acquisitions—In February 2016, the Company acquired an additional 7.2% interest in a consolidated entity for $7.2 million. The Company owns 92.2% of the entity as of March 31, 2016.

Dispositions—For the three months ended March 31, 2016 and 2015, the Company sold residential lots and units and recognized land development revenue of $14.9 million and $8.3 million, respectively, from its land and development portfolio. For the three months ended March 31, 2016 and 2015, the Company recognized land development cost of sales of $11.6 million and $6.9 million, respectively, from its land and development portfolio.

Redeemable Noncontrolling Interest—The Company has an interest in a strategic venture that provides the minority partner an option to redeem its interest at fair value. The Company has reflected the partner's noncontrolling interest in this venture as a component of redeemable noncontrolling interest within its consolidated balance sheets. Changes in fair value are being accreted over the term from the date of issuance to the earliest redemption date using the interest method. As of March 31, 2016 and December 31, 2015, this interest had a carrying value of $6.1 million and $7.2 million, respectively. As of March 31, 2016 and December 31, 2015, this interest had an estimated redemption value of $9.2 million.

Loans Receivable and Other Lending Investments, net

3 Months Ended

Mar. 31, 2016

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, 2016			December 31, 2015
Senior mortgages	$	1,010,329		$	975,915
Corporate/Partnership loans	664,564			643,270
Subordinate mortgages	25,454			28,676
Total gross carrying value of loans	1,700,347			1,647,861
Reserves for loan losses	(109,671		)	(108,165		)
Total loans receivable, net	1,590,676			1,539,696
Other lending investments—securities	46,711			62,289
Total loans receivable and other lending investments, net⁽¹⁾	$	1,637,387		$	1,601,985

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of March 31, 2016 and December 31, 2015 includes accrued interest of $10.1 million and $9.0 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.

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,
	2016		2015
Reserve for loan losses at beginning of period	$	108,165	$	98,490
Provision for loan losses⁽¹⁾	1,506		4,293
Reserve for loan losses at end of period	$	109,671	$	102,783

_______________________________________________________________________________


(1)	For the three months ended March 31, 2015 the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million.

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, 2016
Loans	$	141,420		$	1,569,029		$	1,710,449
Less: Reserve for loan losses	(73,071		)	(36,600		)	(109,671		)
Total	$	68,349		$	1,532,429		$	1,600,778
As of December 31, 2015
Loans	$	132,492		$	1,524,347		$	1,656,839
Less: Reserve for loan losses	(72,165		)	(36,000		)	(108,165		)
Total	$	60,327		$	1,488,347		$	1,548,674

_______________________________________________________________________________

(1)

The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.2 million as of March 31, 2016 and December 31, 2015. 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 totaling net discounts of $6.5 million and $8.2 million as of March 31, 2016 and December 31, 2015, 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, which range from 1 (lower risk) to 5 (higher risk), 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, 2016			As of December 31, 2015
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	879,019	2.96	$	853,595	2.96
Corporate/Partnership loans	664,210		3.31	641,713		3.37
Subordinate mortgages	25,800		3.92	29,039		3.64
Total	$	1,569,029	3.13	$	1,524,347	3.15

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
As of March 31, 2016
Senior mortgages	$	889,128	$	9,083	$	116,825	$	125,908	$	1,015,036
Corporate/Partnership loans	669,613		—		—		—		669,613
Subordinate mortgages	25,800		—		—		—		25,800
Total	$	1,584,541	$	9,083	$	116,825	$	125,908	$	1,710,449
As of December 31, 2015
Senior mortgages	$	864,099	$	—	$	116,250	$	116,250	$	980,349
Corporate/Partnership loans	647,451		—		—		—		647,451
Subordinate mortgages	29,039		—		—		—		29,039
Total	$	1,540,589	$	—	$	116,250	$	116,250	$	1,656,839

_______________________________________________________________________________

(1)

As of March 31, 2016, the Company had four 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 1.0 to 8.0 years outstanding. As of December 31, 2015, the Company had four 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 1.0 to 7.0 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, 2016							As of December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	9,083	$	9,082	$	—		$	—	$	—	$	—
With an allowance recorded:
Senior mortgages	126,933		125,882		(70,533		)	126,754		125,776		(69,627		)
Corporate/Partnership loans	5,404		5,402		(2,538		)	5,738		5,738		(2,538		)
Subtotal	132,337		131,284		(73,071		)	132,492		131,514		(72,165		)
Total	$	141,420	$	140,366	$	(73,071	)	$	132,492	$	131,514	$	(72,165	)

____________________________________________________________


(1)	All of the Company's non-accrual loans are considered impaired and included in the table above.

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,
	2016				2015
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	4,542	$	—	$	—	$	—
With an allowance recorded:
Senior mortgages	126,843		—		130,491		17
Corporate/Partnership loans	5,571		—		7,868		9
Subtotal	132,414		—		138,359		26
Total	$	136,956	$	—	$	138,359	$	26

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, 2016
Available-for-Sale Securities
Municipal debt securities	$	5,365	$	5,365	$	171	$	5,536	$	5,536
Held-to-Maturity Securities
Corporate debt securities	41,563		41,175		—		41,204		41,175
Total	$	46,928	$	46,540	$	171	$	46,740	$	46,711
As of December 31, 2015
Available-for-Sale Securities
Municipal debt securities	$	1,010	$	1,010	$	151	$	1,161	$	1,161
Held-to-Maturity Securities
Corporate debt securities	54,549		61,128		—		61,199		61,128
Total	$	55,559	$	62,138	$	151	$	62,360	$	62,289

Other Investments

3 Months Ended

Mar. 31, 2016

Investments, All Other Investments [Abstract]

Other Investments

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



					Equity in Earnings (Losses)
	Carrying Value as of				For the Three Months Ended March 31,
	March 31, 2016		December 31, 2015		2016			2015
Other real estate equity investments	$	85,122	$	81,452	$	(1,702	)	$	(1,302	)
iStar Net Lease I LLC ("Net Lease Venture")	68,043		69,096		946			1,633
Other investments⁽¹⁾	57,734		73,525		802			1,696
Marina Palms, LLC ("Marina Palms")	23,091		30,099		8,221			4,520
Total other investments	$	233,990	254,172		$	8,267		$	6,547

_______________________________________________________________________________


(1)	In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three months ended March 31, 2016 and 2015, the Company recognized $3.2 million and $1.5 million, respectively, of carried interest income.

Other real estate equity investments—As of March 31, 2016, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 19% to 76%, comprised of investments of $12.0 million in operating properties and $68.6 million in land assets. As of December 31, 2015, the Company's other real estate equity investments included $11.1 million in operating properties and $64.0 million in land assets.

In addition, during 2014 the Company contributed land to a newly formed unconsolidated entity in which the Company received an initial equity interest of 85.7%. This entity is a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of March 31, 2016 and December 31, 2015, the Company had a recorded equity interest of $4.5 million and $6.3 million, respectively. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of March 31, 2016, the loan balance was $34.5 million and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three months ended March 31, 2016 and 2015, the Company recorded $1.2 million and $0.6 million of interest income, respectively, relating to this loan.

Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form a new unconsolidated entity in which the Company has an 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 senior executives whose time is substantially devoted to the net lease venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. As of March 31, 2016 and December 31, 2015, the venture's carrying value of total assets was $398.8 million and $400.2 million, respectively. During the three months ended March 31, 2016 and 2015, the Company recorded $0.4 million of management fees from the Net Lease Venture and are included in "Other income" in the Company's consolidated statements of operations.

Other investments—As of March 31, 2016, 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. As of March 31, 2016 and December 31, 2015, the carrying value of the Company's cost method investments was $1.5 million. During the three months ended March 31, 2015, the Company sold available-for-sale securities for proceeds of $7.3 million for gains of $2.5 million, which are included in "Other income" in 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.

Marina Palms—As of March 31, 2016, the Company owned a 47.5% equity interest in Marina Palms, a residential condominium development. This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of March 31, 2016 and December 31, 2015, the venture's carrying value of total assets was $230.8 million and $278.5 million, respectively.

Summarized investee financial information—The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended March 31, 2016 and 2015 ($ in thousands):



	Revenues		Expenses			Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2016
Marina Palms	$	50,628	$	(25,511	)	$	25,117
Net Lease Venture	7,830		(5,863		)	1,823

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

Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2016

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, 2016		December 31, 2015
Intangible assets, net⁽¹⁾	$	69,647	$	71,446
Other assets⁽²⁾	39,428		36,999
Restricted cash	24,152		26,657
Other receivables	22,599		22,557
Leasing costs, net⁽³⁾	18,855		19,393
Corporate furniture, fixtures and equipment, net⁽⁴⁾	4,629		4,405
Deferred expenses and other assets, net	$	179,310	$	181,457

_______________________________________________________________________________

(1)

Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (refer to Note 4). Accumulated amortization on intangible assets, net was $37.7 million and $37.3 million as of March 31, 2016 and December 31, 2015, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $1.2 million and $2.3 million for the three months ended March 31, 2016 and 2015, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.5 million and $1.5 million for the three months ended March 31, 2016 and 2015, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.


(2)	Includes a $7.0 million receivable related to the sale of a land parcel in 2015.


(3)	Accumulated amortization of leasing costs was $9.4 million and $9.8 million as of March 31, 2016 and December 31, 2015, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $8.3 million and $8.1 million as of March 31, 2016 and December 31, 2015, respectively.

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



	As of
	March 31, 2016		December 31, 2015
Other liabilities⁽¹⁾	$	85,327	$	80,332
Accrued expenses⁽²⁾	65,226		68,937
Accrued interest payable	42,220		55,081
Intangible liabilities, net⁽³⁾	10,190		10,485
Accounts payable, accrued expenses and other liabilities⁽⁴⁾	$	202,963	$	214,835

_______________________________________________________________________________

(1)

As of March 31, 2016 and December 31, 2015, "Other liabilities" includes $14.5 million related to a profit sharing payable to a developer for residential units sold and $4.6 million and $4.4 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2016 and December 31, 2015, "Other liabilities" also includes $7.3 million and $6.6 million, respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. As of March 31, 2016 and December 31, 2015, includes $0.3 million and $0.9 million, respectively, related to share repurchases that settled in April 2016 and January 2016, respectively. As of March 31, 2016 and December 31, 2015, includes $6.0 million of deferred net revenue in connection with the sale of a land and development asset. As of March 31, 2016, includes $0.8 million of deferred financing costs that had not yet been paid in cash. As of December 31, 2015, included $5.7 million of deferred revenue in connection with the sale of a land and development asset in 2015. This amount was recognized in land development revenue during the three months ended March 31, 2016.


(2)	As of March 31, 2016 and December 31, 2015, accrued expenses includes $3.9 million and $5.3 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.

(3)

Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.5 million and $6.6 million as of March 31, 2016 and December 31, 2015, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million and $0.4 million for the three months ended March 31, 2016 and 2015, respectively.


(4)	As of March 31, 2016 and December 31, 2015, includes $29.2 million and $26.2 million, respectively, of capital expenditures that had not yet been paid in cash.

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



	As of
	March 31, 2016			December 31, 2015
Deferred tax assets (liabilities)⁽¹⁾	$	53,678		$	53,910
Valuation allowance	(53,678		)	(53,910		)
Net deferred tax assets (liabilities)	$	—		$	—

_______________________________________________________________________________

(1)

Deferred tax assets as of March 31, 2016 include timing differences related primarily to asset basis of $36.0 million, deferred expenses and other items of $16.0 million and net operating loss ("NOL") carryforwards of $1.7 million. Deferred tax assets as of December 31, 2015, include timing differences related primarily to asset basis of $40.0 million, deferred expenses and other items of $10.7 million and NOL carryforwards of $3.2 million.

Loan Participations Payable, net (Notes)	3 Months Ended
Loan Participations Payable, net (Notes)	Mar. 31, 2016
Loan Participations Payable [Abstract]
Loan Participations Payable, net	Loan Participations Payable, net During the year ended December 31, 2015, the Company transferred to a third party a $100.0 million junior loan participation in a $250.0 million mezzanine loan commitment that it had previously originated. The Company had funded $38.9 million of the junior loan prior to transfer and received proceeds of $38.9 million upon transfer. The transferee is responsible for funding the remaining $61.1 million under the junior loan commitment, which bears interest at a rate of 5.90%. The Company will fund these commitments if the transferee defaults. For the three months ended March 31, 2016, the transferee funded an additional $1.9 million directly to the borrower. As of March 31, 2016, the balance of the loan was $54.9 million. During the year ended December 31, 2015, the Company transferred to a third party a $100.0 million senior loan participation in a $220.2 million senior loan commitment that it had previously originated. The transferred participation bears interest at a rate of LIBOR+ 3.50% with a LIBOR floor of 0.25%. The Company had fully funded the $100.0 million transferred participation prior to transfer and received net proceeds of $99.2 million. These transfers of financial assets did not meet the sales criteria established under ASC Topic 860 and have been accounted for as loan participations payable as of March 31, 2016 and December 31, 2015, with balances, net of a discount and debt issuance costs, of $154.1 million and $152.1 million, respectively. As of March 31, 2016 and December 31, 2015, the corresponding loan receivable balances were $154.9 million and $153.0 million, respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these participations are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References + Details

Debt Obligations, net

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt Obligations, net

As of March 31, 2016 and December 31, 2015, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of						Stated Interest Rates			Scheduled Maturity Date
	March 31, 2016			December 31, 2015			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	325,123		$	339,717		LIBOR + 5.75%		⁽¹⁾	March 2017
2015 Revolving Credit Facility	245,000			250,000			Various		⁽²⁾	March 2018
Term loans collateralized by net lease assets	237,297			239,547			4.851% - 7.26%		⁽³⁾	Various through 2026
Total secured credit facilities and term loans	807,420			829,264
Unsecured notes:
5.875% senior notes	—			261,403			5.875	%		—
3.875% senior notes	265,000			265,000			3.875	%		July 2016
3.00% senior convertible notes⁽⁴⁾	200,000			200,000			3.00	%		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
9.00% senior notes	275,000			275,000			9.00	%		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
6.50% senior notes	275,000			—			6.50	%		July 2021
Total unsecured notes	3,234,722			3,221,125
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,142,142			4,150,389
Debt discounts and deferred financing costs, net	(31,412		)	(31,566		)
Total debt obligations, net⁽⁶⁾	$	4,110,730		$	4,118,823

_______________________________________________________________________________


(1)	The loan has a LIBOR floor of 1.25%. As of March 31, 2016, 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, 2016 and December 31, 2015, includes a loan with a floating rate of LIBOR plus 2.00%. As of March 31, 2016, the weighted average interest rate of these loans is 5.2%.


(4)	The Company's 3.00% senior convertible fixed rate notes due November 2016 ("3.00% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.00% 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.


(6)	The Company capitalized interest relating to development activities of $1.4 million and $1.5 million for the three months ended March 31, 2016 and 2015, respectively.

Future Scheduled Maturities—As of March 31, 2016, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2016 (remaining nine months)⁽¹⁾	$	665,000		$	—		$	665,000
2017	924,722			325,123			1,249,845
2018	600,000			257,780			857,780
2019	770,000			30,401			800,401
2020	—			—			—
Thereafter	375,000			194,116			569,116
Total principal maturities	3,334,722			807,420			4,142,142
Unamortized discounts and deferred financing costs, net	(28,675		)	(2,737		)	(31,412		)
Total debt obligations, net	$	3,306,047		$	804,683		$	4,110,730

_______________________________________________________________________________


(1)	Includes the $265.0 million principal amount of senior unsecured notes due July 2016 that were repaid in full in April 2016.

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. An undrawn credit facility commitment fee ranges from 0.375% to 0.5%, based on average utilization each quarter. During the three months ended March 31, 2016, the weighted average cost of the credit facility was 3.18%. 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.

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 accrued 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 other outstanding debt.

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, 2016, the Company made cumulative amortization repayments of $144.9 million on the 2012 Tranche A-2 Facility. For the three months ended March 31, 2016 and 2015, repayments of the 2012 Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $0.1 million and $0.2 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 are included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations.

Unsecured Notes—In March 2016, the Company repaid its $261.4 million principal amount of 5.875% senior unsecured notes at maturity using available cash. In addition, in March 2016 the Company issued $275.0 million principal amount of 6.50% senior unsecured notes due July 2021. Proceeds from the offering were used to repay $5.0 million of the 2015 Revolving Credit Facility, pay related financing costs and, subsequent to the end of the quarter, repay in full the $265.0 million principal amount of senior unsecured notes due July 2016.

Encumbered/Unencumbered Assets—As of March 31, 2016 and December 31, 2015, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2016				December 31, 2015
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	806,550	$	772,050	$	816,721	$	777,262
Real estate available and held for sale	13,047		119,348		10,593		126,681
Land and development	17,682		1,006,752		17,714		984,249
Loans receivable and other lending investments, net⁽¹⁾⁽²⁾	157,347		1,361,735		170,162		1,314,823
Other investments	15,385		218,605		22,352		231,820
Cash and other assets	—		885,372		—		1,008,415
Total	$	1,010,011	$	4,363,862	$	1,037,542	$	4,443,250

_______________________________________________________________________________


(1)	As of March 31, 2016 and December 31, 2015, the amounts presented exclude general reserves for loan losses of $36.6 million and $36.0 million, respectively.


(2)	As of March 31, 2016 and December 31, 2015, the amount presented excludes loan participations of $154.9 million and $153.0 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 additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. While the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is currently limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures.

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 is secured by a borrowing base of assets and 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. The 2015 Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the collateral coverage remains at least 1.5x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. 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 NOL 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, 2016

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, 2016, 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	$	752,417	$	17,161	$	19,642	$	789,220
Strategic Investments	—		—		45,978		45,978
Discretionary Fundings	5,000		—		—		5,000
Total	$	757,417	$	17,161	$	65,620	$	840,198

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 Circuit Court granted the defendants’ Motions to Dismiss and plaintiffs’ claims against all of the defendants in this action were dismissed. Plaintiffs appealed the Circuit Court's dismissal of their claims against the Company and all other defendants. On January 28, 2016, the Court of Special Appeals affirmed the order of the Circuit Court, holding that the Circuit Court properly dismissed plaintiffs' claims against all defendants, including the Company. On March 16, 2016, plaintiffs filed a petition for certiorari with the Maryland Court of Appeals, requesting that the Court of Appeals reverse the decision of the Court of Special Appeals. We have filed a response in opposition, arguing that the petition for certiorari should be denied. Action on the petition for certiorari is pending.

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. Lennar has appealed the Court's judgment. The Court has granted Lennar's motion to stay the judgment pending appeal, subject to Lennar posting a required appeal bond, which has been posted. The Court also clarified the judgment that the unpaid amount will accrue simple interest at a rate of 12% annually, including while the appeal is pending. In the pending appeal before the United States Court of Appeals for the Fourth Circuit, the parties have filed their respective briefs. Oral argument has not yet been scheduled. There can be no assurance as to the timing or actual receipt by the Company of amounts awarded by the Court or the outcome of any appeal. A third party is entitled to a 7.8% participation interest in all proceeds paid to the Company.

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, 2016

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, 2016 and December 31, 2015 ($ in thousands):



	Derivative Assets as of						Derivative Liabilities as of
	March 31, 2016			December 31, 2015			March 31, 2016			December 31, 2015
	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	$	—	Other Assets	$	39	Other Liabilities	$	48	N/A	$	—
Interest rate swaps	N/A	—		N/A	—		Other Liabilities	564		Other Liabilities	131
Total		$	—		$	39		$	612		$	131

Derivatives not Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	106	Other Assets	$	378	Other Liabilities	$	317	N/A	$	—
Interest rate cap	Other Assets	301		Other Assets	1,105		N/A	—		N/A	—
Total		$	407		$	1,483		$	317		$	—

The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three months ended March 31, 2016 and 2015 ($ 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, 2016
Interest rate cap	Interest Expense	$	—		$	(185	)	N/A
Interest rate cap	Earnings from equity method investments	(1		)	—			N/A
Interest rate swaps	Interest Expense	(502		)	25			N/A
Interest rate swap	Earnings from equity method investments	(459		)	(97		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(87		)	—			N/A
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



		Amount of Gain (Loss) Recognized in Income
	Location of Gain (Loss) Recognized in Income	For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	2016			2015
Interest rate cap	Other Expense	$	(803	)	$	(2,036	)
Foreign exchange contracts	Other Expense	(182		)	2,289

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, 2016, 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	$	6,553	December 2016

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, 2016, 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 £ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells euro ("EUR")/Buys USD Forward	€	5,900	$	6,396	April 2016
Sells pound sterling ("GBP")/Buys USD Forward	£	3,200	$	4,705	April 2016

The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" in its consolidated statements of operations for loan investments or "Accumulated other comprehensive income (loss)," on its consolidated balance sheets for net investments in foreign subsidiaries. The Company recorded net gains (losses) related to foreign investments of $0.1 million and $(0.1) million during the three months ended March 31, 2016 and 2015, respectively, in its consolidated statements of operations.

Interest Rate Hedges—For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. As of March 31, 2016, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands):

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest rate swap

26,801

LIBOR + 2.00%

3.47%

October 2012

November 2019

For derivatives not designated as cash flow 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, 2016, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ 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 $0.6 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.

The Company reports derivative instruments on a gross basis in the consolidated financial statements. In connection with its foreign currency derivatives which were in a liability position as of March 31, 2016 and December 31, 2015, the Company has posted collateral of $1.0 million as of both dates and is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The Company's net exposure under these contracts was zero as of March 31, 2016.

- Definition

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

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2016 and December 31, 2015:



				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	8.00	%	$	2.00
E	5,600	0.001		25.00		7.875	%	1.97
F	4,000	0.001		25.00		7.80	%	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⁽³⁾	4,000	0.001		50.00		4.50	%	2.25
	25,800

_______________________________________________________________________________

(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 Company's 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 Company's Board of Directors 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, 2016 and 2015. 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, 2016 and 2015. All 2015 dividends qualified as a return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

(3)

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

Dividends—In order to maintain its qualification 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 NOLs and may record NOLs 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, 2014, the Company had $856.4 million of NOL 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 2034 if unused. The amount of NOL carryforwards as of December 31, 2015 will be determined upon finalization of the Company's 2015 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 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 NOL 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, 2016 and 2015.

Stock Repurchase Program—In February 2016, after having substantially utilized the remaining availability previously authorized, the Company's Board of Directors authorized a new $50.0 million stock repurchase program. 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, 2016, the Company repurchased 5.8 million shares of its outstanding common stock for $58.1 million, at an average cost of $9.94 per share. 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, 2016 and December 31, 2015, the Company had remaining authorization to repurchase up to $40.6 million and $48.7 million, respectively, of common stock under its 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, 2016			December 31, 2015
Unrealized gains (losses) on available-for-sale securities	$	(106	)	$	(125	)
Unrealized gains (losses) on cash flow hedges	(1,433		)	(690		)
Unrealized losses on cumulative translation adjustment	(4,038		)	(4,036		)
Accumulated other comprehensive income (loss)	$	(5,577	)	$	(4,851	)

Stock-Based Compensation Plans and Employee Benefits

3 Months Ended

Mar. 31, 2016

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

Stock-Based Compensation Plans and Employee Benefits

Stock-Based Compensation—The Company recorded stock-based compensation expense of $4.6 million and $3.2 million for the three months ended March 31, 2016 and 2015, respectively, in "General and administrative" in the Company's consolidated statements of operations. As of March 31, 2016, there was $2.7 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 1.77 years.

Performance Incentive Plans—The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of granted iPIP points.

•In May 2014, the Company granted 73 iPIP points in the initial 2013-2014 investment pool.


•	In January 2015, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and 34 iPIP points in the 2015-2016 investment pool.


•	In January 2016, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and an additional 40 iPIP points in the 2015-2016 investment pool.

As of March 31, 2016 and December 31, 2015, the Company had accrued compensation costs relating to iPIP of $19.6 million and $16.6 million, respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets.

Long-Term Incentive Plan—The Company's shareholders approved the Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") which is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors.

As of March 31, 2016, an aggregate of 3.6 million shares remain available for issuance pursuant to future awards under the Company's 2009 Long-Term Incentive Plan.

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

Restricted Share Issuances—During the three months ended March 31, 2016, the Company granted 92,057 shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 58,667 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to 18 months from the date of grant.

2016 Restricted Stock Unit Activity—During the three months ended March 31, 2016, the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following:

•

122,817 service-based Units were granted on January 29, 2016, 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, 2018, 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, 2016, 122,817 of such service-based Units were outstanding.

As of March 31, 2016, the Company had the following additional stock-based compensation awards outstanding:

•

48,519 target amount of performance-based Units were granted on January 30, 2015, 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 performance is based on the Company's 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 awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, 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 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.

•

61,557 service-based Units were granted on January 30, 2015, 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, 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.

•

49,434 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. The other terms of these performance-based Units are identical to the terms described above for the performance-based Units granted in 2015. 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.

•

62,662 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.

•

8,751 service-based Units granted on various dates, 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 have 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, 2016, a combined total of 296,755 CSEs and restricted shares of 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 $2.9 million.

401(k) Plan—The Company made gross contributions of $0.6 million for each of the three months ended March 31, 2016 and 2015.

Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

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 were current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. These HPU units were treated as a separate class of common stock. All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015.

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



	For the Three Months Ended March 31,
	2016			2015
Income (loss) from continuing operations	$	(19,757	)	$	(33,469	)
Income from sales of real estate	10,458			21,156
Net (income) loss attributable to noncontrolling interests	942			1,841
Preferred dividends	(12,830		)	(12,830		)
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share	$	(21,187	)	$	(23,302	)



	For the Three Months Ended March 31,
	2016			2015
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	$	(21,187	)	$	(22,553	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	77,060			85,497

Basic and diluted earnings per common share:
Net income (loss) attributable to iStar Inc. and allocable to common shareholders	$	(0.27	)	$	(0.26	)



	For the Three Months Ended March 31,
	2016		2015
Earnings allocable to High Performance Units ⁽¹⁾:
Numerator for basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Inc. and allocable to HPU holders	$	—	$	(749	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	—		15

Basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Inc. and allocable to HPU holders	$	—	$	(49.93	)

_______________________________________________________________________________


(1)	All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015.

For the three months ended March 31, 2016 and 2015, 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,
	2016	2015
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

_______________________________________________________________________________


(1)	For the three months ended March 31, 2016 and 2015, 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, 2016

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, 2016
Recurring basis:
Derivative assets⁽¹⁾	$	407	$	—	$	407	$	—
Derivative liabilities⁽¹⁾	929		—		929		—
Available-for-sale securities⁽¹⁾	5,536		—		—		5,536
Non-recurring basis:
Impaired loans⁽²⁾	5,200		—		—		5,200

As of December 31, 2015
Recurring basis:
Derivative assets⁽¹⁾	$	1,522	$	—	$	1,522	$	—
Derivative liabilities⁽¹⁾	131		—		131		—
Available-for-sale securities⁽¹⁾	1,161		—		—		1,161
Non-recurring basis:
Impaired loans⁽³⁾	3,200		—		—		3,200

____________________________________________________________


(1)	The fair value of the Company's derivatives and available-for-sale securities are based upon third-party broker quotes. During the three months ended March 31, 2016, the Company acquired $4.4 million of available for sale securities. There were no other material changes in Level 3 assets and there were no transfers into/out of Level 3 for the three months ended March 31, 2016.


(2)	The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales.


(3)	The Company recorded a provision for loan losses on one loan with a fair value of $3.2 million based on a discounted cash flow analysis using a discount rate of 14.3%.

Fair values of financial instruments—The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.7 billion and $4.3 billion, respectively, as of March 31, 2016 and $1.6 billion and $4.3 billion, respectively, as of December 31, 2015. 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.

- Definition

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, 2016

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 and Development. 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 the Company's activities and operations related to its commercial and residential properties. The Land and Development 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 and Development			Corporate/Other⁽¹⁾			Company Total
For the Three Months Ended March 31, 2016
Operating lease income	$	—		$	35,750		$	19,081		$	106		$	—		$	54,937
Interest income	33,219			—			—			—			—			33,219
Other income	1,297			80			7,344			1,065			1,755			11,541
Land development revenue	—			—			—			14,947			—			14,947
Earnings (loss) from equity method investments	—			946			(142		)	6,661			802			8,267
Income from sales of real estate	—			4,928			5,530			—			—			10,458
Total revenue and other earnings	34,516			41,704			31,813			22,779			2,557			133,369
Real estate expense	—			(4,508		)	(21,120		)	(8,677		)	—			(34,305		)
Land development cost of sales	—			—			—			(11,575		)	—			(11,575		)
Other expense	86			—			—			—			(826		)	(740		)
Allocated interest expense	(14,702		)	(16,236		)	(6,620		)	(8,359		)	(11,104		)	(57,021		)
Allocated general and administrative⁽²⁾	(3,831		)	(4,296		)	(1,870		)	(3,270		)	(5,258		)	(18,525		)
Segment profit (loss)⁽³⁾	$	16,069		$	16,664		$	2,203		$	(9,102	)	$	(14,631	)	$	11,203
Other significant items:
Provision for loan losses	$	1,506		$	—		$	—		$	—		$	—		$	1,506
Depreciation and amortization	—			8,851			5,283			300			274			14,708
Capitalized expenditures	—			851			15,797			34,268			—			50,916

For the 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 items:
Provision for 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



	Real Estate Finance		Net Lease		Operating Properties		Land and Development		Corporate/Other⁽¹⁾		Company Total

As of March 31, 2016
Real estate
Real estate, net	$	—	$	1,099,488	$	479,112	$	—	$	—	$	1,578,600
Real estate available and held for sale	—		717		131,678		—		—		132,395
Total real estate	—		1,100,205		610,790		—		—		1,710,995
Land and development	—		—		—		1,024,434		—		1,024,434
Loans receivable and other lending investments, net	1,637,387		—		—		—		—		1,637,387
Other investments	—		68,043		12,033		96,173		57,741		233,990
Total portfolio assets	$	1,637,387	$	1,168,248	$	622,823	$	1,120,607	$	57,741	4,606,806
Cash and other assets											885,372
Total assets											$	5,492,178

As of December 31, 2015
Real estate
Real estate, net	$	—	$	1,112,479	$	481,504	$	—	$	—	$	1,593,983
Real estate available and held for sale	—		—		137,274		—		—		137,274
Total real estate	—		1,112,479		618,778		—		—		1,731,257
Land and development	—		—		—		1,001,963		—		1,001,963
Loans receivable and other lending investments, net	1,601,985		—		—		—		—		1,601,985
Other investments	—		69,096		11,124		100,419		73,533		254,172
Total portfolio assets	$	1,601,985	$	1,181,575	$	629,902	$	1,102,382	$	73,533	4,589,377
Cash and other assets											1,008,415
Total assets											$	5,597,792

_______________________________________________________________________________


(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 $4.6 million and $3.2 million for the three months ended March 31, 2016 and 2015, respectively.


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



	For the Three Months Ended March 31,
	2016			2015
Segment profit	$	11,203		$	19,765
Less: (Provision for) loan losses	(1,506		)	(4,293		)
Less: Stock-based compensation expense	(4,577		)	(3,238		)
Less: Depreciation and amortization	(14,708		)	(18,501		)
Less: Income tax (expense) benefit	414			(5,878		)
Less: Loss on early extinguishment of debt, net	(125		)	(168		)
Net income (loss)	$	(9,299	)	$	(12,313	)

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2016
Accounting Policies [Abstract]
New accounting pronouncements	In accordance with the adoption of Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") the Company presents debt issuance costs as a deduction from the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets, which is consistent with the presentation of debt discounts. These costs were previously recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. As a result, as of December 31, 2015, "Deferred expenses and other assets, net" excludes $25.1 million of debt issuance costs and "Debt obligations, net" and "Loan participations payable, net" are presented net of debt issuance costs of $24.9 million and $0.2 million, respectively. Debt issuance costs associated with revolving-debt arrangements are recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. On January 1, 2016, the Company adopted ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which modified the analysis it must perform to determine whether it should consolidate certain types of entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest entities ("VOEs"). The guidance, however, modified the requirements to qualify under the VOE model. The adoption did not have a material impact on the Company's consolidated financial statements. On January 1, 2016, the Company adopted 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 eliminated 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. The adoption did not have a material impact on the Company's consolidated financial statements. As of March 31, 2016, the remainder of the Company's significant accounting policies, which are detailed in the Company's 2015 Annual Report, have not changed materially. New Accounting Pronouncements—In March 2016, Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance 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 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.

Basis of Presentation and Principles of Consolidation (Tables)

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of changes in accounting principal

The accompanying consolidated statements of changes in equity balances as of March 31, 2015 have been revised as follows:



	As Reported			Change			As Adjusted
	(in thousands)
March 31, 2015
Additional paid-in capital	$	4,007,540		$	(263,451	)	$	3,744,089
Common stock	146			(61		)	85
Treasury stock, at cost	(263,512		)	263,512			—
Total	3,744,174			—			3,744,174

Real Estate (Tables)

3 Months Ended

Mar. 31, 2016

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			Total
As of March 31, 2016
Land and land improvements, at cost	$	304,929		$	132,369		$	437,298
Buildings and improvements, at cost	1,177,060			426,421			1,603,481
Less: accumulated depreciation	(382,501		)	(79,678		)	(462,179		)
Real estate, net	1,099,488			479,112			1,578,600
Real estate available and held for sale ⁽¹⁾	717			131,678			132,395
Total real estate	$	1,100,205		$	610,790		$	1,710,995
As of December 31, 2015
Land and land improvements, at cost	$	306,172		$	133,275		$	439,447
Buildings and improvements, at cost	1,183,723			427,371			1,611,094
Less: accumulated depreciation	(377,416		)	(79,142		)	(456,558		)
Real estate, net	1,112,479			481,504			1,593,983
Real estate available and held for sale ⁽¹⁾	—			137,274			137,274
Total real estate	$	1,112,479		$	618,778		$	1,731,257

_______________________________________________________________________________


(1)	As of March 31, 2016 and December 31, 2015, the Company had $131.7 million and $137.3 million, respectively, of residential properties available for sale in its operating properties portfolio.

Land and Development (Tables)

3 Months Ended

Mar. 31, 2016

Land and development [Abstract]

Land and land development assets

The Company's land and development assets were comprised of the following ($ in thousands):



	As of
	March 31,			December 31,
	2016			2015
Land and land development, at cost	$	1,030,766		$	1,007,995
Less: accumulated depreciation	(6,332		)	(6,032		)
Total land and development, net	$	1,024,434		$	1,001,963

Loans Receivable and Other Lending Investments, net (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016			December 31, 2015
Senior mortgages	$	1,010,329		$	975,915
Corporate/Partnership loans	664,564			643,270
Subordinate mortgages	25,454			28,676
Total gross carrying value of loans	1,700,347			1,647,861
Reserves for loan losses	(109,671		)	(108,165		)
Total loans receivable, net	1,590,676			1,539,696
Other lending investments—securities	46,711			62,289
Total loans receivable and other lending investments, net⁽¹⁾	$	1,637,387		$	1,601,985

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of March 31, 2016 and December 31, 2015 includes accrued interest of $10.1 million and $9.0 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,
	2016		2015
Reserve for loan losses at beginning of period	$	108,165	$	98,490
Provision for loan losses⁽¹⁾	1,506		4,293
Reserve for loan losses at end of period	$	109,671	$	102,783

_______________________________________________________________________________


(1)	For the three months ended March 31, 2015 the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.2 million.

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, 2016
Loans	$	141,420		$	1,569,029		$	1,710,449
Less: Reserve for loan losses	(73,071		)	(36,600		)	(109,671		)
Total	$	68,349		$	1,532,429		$	1,600,778
As of December 31, 2015
Loans	$	132,492		$	1,524,347		$	1,656,839
Less: Reserve for loan losses	(72,165		)	(36,000		)	(108,165		)
Total	$	60,327		$	1,488,347		$	1,548,674

_______________________________________________________________________________

(1)


(2)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $6.5 million and $8.2 million as of March 31, 2016 and December 31, 2015, 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, 2016			As of December 31, 2015
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	879,019	2.96	$	853,595	2.96
Corporate/Partnership loans	664,210		3.31	641,713		3.37
Subordinate mortgages	25,800		3.92	29,039		3.64
Total	$	1,569,029	3.13	$	1,524,347	3.15

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

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
As of March 31, 2016
Senior mortgages	$	889,128	$	9,083	$	116,825	$	125,908	$	1,015,036
Corporate/Partnership loans	669,613		—		—		—		669,613
Subordinate mortgages	25,800		—		—		—		25,800
Total	$	1,584,541	$	9,083	$	116,825	$	125,908	$	1,710,449
As of December 31, 2015
Senior mortgages	$	864,099	$	—	$	116,250	$	116,250	$	980,349
Corporate/Partnership loans	647,451		—		—		—		647,451
Subordinate mortgages	29,039		—		—		—		29,039
Total	$	1,540,589	$	—	$	116,250	$	116,250	$	1,656,839

_______________________________________________________________________________

(1)

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, 2016							As of December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	9,083	$	9,082	$	—		$	—	$	—	$	—
With an allowance recorded:
Senior mortgages	126,933		125,882		(70,533		)	126,754		125,776		(69,627		)
Corporate/Partnership loans	5,404		5,402		(2,538		)	5,738		5,738		(2,538		)
Subtotal	132,337		131,284		(73,071		)	132,492		131,514		(72,165		)
Total	$	141,420	$	140,366	$	(73,071	)	$	132,492	$	131,514	$	(72,165	)

____________________________________________________________


(1)	All of the Company's non-accrual loans are considered impaired and included in the table above.

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,
	2016				2015
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	4,542	$	—	$	—	$	—
With an allowance recorded:
Senior mortgages	126,843		—		130,491		17
Corporate/Partnership loans	5,571		—		7,868		9
Subtotal	132,414		—		138,359		26
Total	$	136,956	$	—	$	138,359	$	26

Schedule of other lending investments - 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, 2016
Available-for-Sale Securities
Municipal debt securities	$	5,365	$	5,365	$	171	$	5,536	$	5,536
Held-to-Maturity Securities
Corporate debt securities	41,563		41,175		—		41,204		41,175
Total	$	46,928	$	46,540	$	171	$	46,740	$	46,711
As of December 31, 2015
Available-for-Sale Securities
Municipal debt securities	$	1,010	$	1,010	$	151	$	1,161	$	1,161
Held-to-Maturity Securities
Corporate debt securities	54,549		61,128		—		61,199		61,128
Total	$	55,559	$	62,138	$	151	$	62,360	$	62,289

Other Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments, All Other Investments [Abstract]

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

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



					Equity in Earnings (Losses)
	Carrying Value as of				For the Three Months Ended March 31,
	March 31, 2016		December 31, 2015		2016			2015
Other real estate equity investments	$	85,122	$	81,452	$	(1,702	)	$	(1,302	)
iStar Net Lease I LLC ("Net Lease Venture")	68,043		69,096		946			1,633
Other investments⁽¹⁾	57,734		73,525		802			1,696
Marina Palms, LLC ("Marina Palms")	23,091		30,099		8,221			4,520
Total other investments	$	233,990	254,172		$	8,267		$	6,547

_______________________________________________________________________________


(1)	In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three months ended March 31, 2016 and 2015, the Company recognized $3.2 million and $1.5 million, respectively, of carried interest income.

Summarized investee financial information

The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended March 31, 2016 and 2015 ($ in thousands):



	Revenues		Expenses			Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2016
Marina Palms	$	50,628	$	(25,511	)	$	25,117
Net Lease Venture	7,830		(5,863		)	1,823

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

Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016		December 31, 2015
Intangible assets, net⁽¹⁾	$	69,647	$	71,446
Other assets⁽²⁾	39,428		36,999
Restricted cash	24,152		26,657
Other receivables	22,599		22,557
Leasing costs, net⁽³⁾	18,855		19,393
Corporate furniture, fixtures and equipment, net⁽⁴⁾	4,629		4,405
Deferred expenses and other assets, net	$	179,310	$	181,457

_______________________________________________________________________________

(1)


(2)	Includes a $7.0 million receivable related to the sale of a land parcel in 2015.


(3)	Accumulated amortization of leasing costs was $9.4 million and $9.8 million as of March 31, 2016 and December 31, 2015, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $8.3 million and $8.1 million as of March 31, 2016 and December 31, 2015, 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, 2016		December 31, 2015
Other liabilities⁽¹⁾	$	85,327	$	80,332
Accrued expenses⁽²⁾	65,226		68,937
Accrued interest payable	42,220		55,081
Intangible liabilities, net⁽³⁾	10,190		10,485
Accounts payable, accrued expenses and other liabilities⁽⁴⁾	$	202,963	$	214,835

_______________________________________________________________________________

(1)


(2)	As of March 31, 2016 and December 31, 2015, accrued expenses includes $3.9 million and $5.3 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.

(3)


(4)	As of March 31, 2016 and December 31, 2015, includes $29.2 million and $26.2 million, respectively, of capital expenditures that had not yet been paid in cash.

Schedule of deferred tax assets and liabilities

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



	As of
	March 31, 2016			December 31, 2015
Deferred tax assets (liabilities)⁽¹⁾	$	53,678		$	53,910
Valuation allowance	(53,678		)	(53,910		)
Net deferred tax assets (liabilities)	$	—		$	—

_______________________________________________________________________________

(1)

Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of debt obligations

As of March 31, 2016 and December 31, 2015, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of						Stated Interest Rates			Scheduled Maturity Date
	March 31, 2016			December 31, 2015			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	325,123		$	339,717		LIBOR + 5.75%		⁽¹⁾	March 2017
2015 Revolving Credit Facility	245,000			250,000			Various		⁽²⁾	March 2018
Term loans collateralized by net lease assets	237,297			239,547			4.851% - 7.26%		⁽³⁾	Various through 2026
Total secured credit facilities and term loans	807,420			829,264
Unsecured notes:
5.875% senior notes	—			261,403			5.875	%		—
3.875% senior notes	265,000			265,000			3.875	%		July 2016
3.00% senior convertible notes⁽⁴⁾	200,000			200,000			3.00	%		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
9.00% senior notes	275,000			275,000			9.00	%		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
6.50% senior notes	275,000			—			6.50	%		July 2021
Total unsecured notes	3,234,722			3,221,125
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,142,142			4,150,389
Debt discounts and deferred financing costs, net	(31,412		)	(31,566		)
Total debt obligations, net⁽⁶⁾	$	4,110,730		$	4,118,823

_______________________________________________________________________________


(1)	The loan has a LIBOR floor of 1.25%. As of March 31, 2016, 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, 2016 and December 31, 2015, includes a loan with a floating rate of LIBOR plus 2.00%. As of March 31, 2016, the weighted average interest rate of these loans is 5.2%.


(4)	The Company's 3.00% senior convertible fixed rate notes due November 2016 ("3.00% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.00% 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.


(6)	The Company capitalized interest relating to development activities of $1.4 million and $1.5 million for the three months ended March 31, 2016 and 2015, respectively.

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

As of March 31, 2016, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2016 (remaining nine months)⁽¹⁾	$	665,000		$	—		$	665,000
2017	924,722			325,123			1,249,845
2018	600,000			257,780			857,780
2019	770,000			30,401			800,401
2020	—			—			—
Thereafter	375,000			194,116			569,116
Total principal maturities	3,334,722			807,420			4,142,142
Unamortized discounts and deferred financing costs, net	(28,675		)	(2,737		)	(31,412		)
Total debt obligations, net	$	3,306,047		$	804,683		$	4,110,730

_______________________________________________________________________________


(1)	Includes the $265.0 million principal amount of senior unsecured notes due July 2016 that were repaid in full in April 2016.

Schedule of carrying value of encumbered assets by asset type

As of March 31, 2016 and December 31, 2015, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2016				December 31, 2015
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	806,550	$	772,050	$	816,721	$	777,262
Real estate available and held for sale	13,047		119,348		10,593		126,681
Land and development	17,682		1,006,752		17,714		984,249
Loans receivable and other lending investments, net⁽¹⁾⁽²⁾	157,347		1,361,735		170,162		1,314,823
Other investments	15,385		218,605		22,352		231,820
Cash and other assets	—		885,372		—		1,008,415
Total	$	1,010,011	$	4,363,862	$	1,037,542	$	4,443,250

_______________________________________________________________________________


(1)	As of March 31, 2016 and December 31, 2015, the amounts presented exclude general reserves for loan losses of $36.6 million and $36.0 million, respectively.


(2)	As of March 31, 2016 and December 31, 2015, the amount presented excludes loan participations of $154.9 million and $153.0 million, respectively.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments



	Loans and Other Lending Investments		Real Estate		Other Investments		Total
Performance-Based Commitments	$	752,417	$	17,161	$	19,642	$	789,220
Strategic Investments	—		—		45,978		45,978
Discretionary Fundings	5,000		—		—		5,000
Total	$	757,417	$	17,161	$	65,620	$	840,198

Derivatives (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016			December 31, 2015			March 31, 2016			December 31, 2015
	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	$	—	Other Assets	$	39	Other Liabilities	$	48	N/A	$	—
Interest rate swaps	N/A	—		N/A	—		Other Liabilities	564		Other Liabilities	131
Total		$	—		$	39		$	612		$	131

Derivatives not Designated in Hedging Relationships
Foreign exchange contracts	Other Assets	$	106	Other Assets	$	378	Other Liabilities	$	317	N/A	$	—
Interest rate cap	Other Assets	301		Other Assets	1,105		N/A	—		N/A	—
Total		$	407		$	1,483		$	317		$	—

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, 2016
Interest rate cap	Interest Expense	$	—		$	(185	)	N/A
Interest rate cap	Earnings from equity method investments	(1		)	—			N/A
Interest rate swaps	Interest Expense	(502		)	25			N/A
Interest rate swap	Earnings from equity method investments	(459		)	(97		)	N/A
Foreign exchange contracts	Earnings from equity method investments	(87		)	—			N/A
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



		Amount of Gain (Loss) Recognized in Income
	Location of Gain (Loss) Recognized in Income	For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	2016			2015
Interest rate cap	Other Expense	$	(803	)	$	(2,036	)
Foreign exchange contracts	Other Expense	(182		)	2,289

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, 2016, 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	$	6,553	December 2016

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, 2016, 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 £ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells euro ("EUR")/Buys USD Forward	€	5,900	$	6,396	April 2016
Sells pound sterling ("GBP")/Buys USD Forward	£	3,200	$	4,705	April 2016

Interest rate cap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of notional amounts of outstanding derivative positions

As of March 31, 2016, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ 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, 2016, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands):

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest rate swap

26,801

LIBOR + 2.00%

3.47%

October 2012

November 2019

Equity (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series

The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2016 and December 31, 2015:



				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	8.00	%	$	2.00
E	5,600	0.001		25.00		7.875	%	1.97
F	4,000	0.001		25.00		7.80	%	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⁽³⁾	4,000	0.001		50.00		4.50	%	2.25
	25,800

_______________________________________________________________________________

(1)

(2)

(3)

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

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



	As of
	March 31, 2016			December 31, 2015
Unrealized gains (losses) on available-for-sale securities	$	(106	)	$	(125	)
Unrealized gains (losses) on cash flow hedges	(1,433		)	(690		)
Unrealized losses on cumulative translation adjustment	(4,038		)	(4,036		)
Accumulated other comprehensive income (loss)	$	(5,577	)	$	(4,851	)

- Definition

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, 2016

Earnings Per Share [Abstract]

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

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



	For the Three Months Ended March 31,
	2016			2015
Income (loss) from continuing operations	$	(19,757	)	$	(33,469	)
Income from sales of real estate	10,458			21,156
Net (income) loss attributable to noncontrolling interests	942			1,841
Preferred dividends	(12,830		)	(12,830		)
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share	$	(21,187	)	$	(23,302	)

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



	For the Three Months Ended March 31,
	2016			2015
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders	$	(21,187	)	$	(22,553	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	77,060			85,497

Basic and diluted earnings per common share:
Net income (loss) attributable to iStar Inc. and allocable to common shareholders	$	(0.27	)	$	(0.26	)



	For the Three Months Ended March 31,
	2016		2015
Earnings allocable to High Performance Units ⁽¹⁾:
Numerator for basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Inc. and allocable to HPU holders	$	—	$	(749	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	—		15

Basic and diluted earnings per HPU share:
Net income (loss) attributable to iStar Inc. and allocable to HPU holders	$	—	$	(49.93	)

_______________________________________________________________________________


(1)	All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015.

Schedule of anti-dilutive shares

For the three months ended March 31, 2016 and 2015, 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,
	2016	2015
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

_______________________________________________________________________________


(1)	For the three months ended March 31, 2016 and 2015, 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, 2016

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, 2016
Recurring basis:
Derivative assets⁽¹⁾	$	407	$	—	$	407	$	—
Derivative liabilities⁽¹⁾	929		—		929		—
Available-for-sale securities⁽¹⁾	5,536		—		—		5,536
Non-recurring basis:
Impaired loans⁽²⁾	5,200		—		—		5,200

As of December 31, 2015
Recurring basis:
Derivative assets⁽¹⁾	$	1,522	$	—	$	1,522	$	—
Derivative liabilities⁽¹⁾	131		—		131		—
Available-for-sale securities⁽¹⁾	1,161		—		—		1,161
Non-recurring basis:
Impaired loans⁽³⁾	3,200		—		—		3,200

____________________________________________________________


(1)	The fair value of the Company's derivatives and available-for-sale securities are based upon third-party broker quotes. During the three months ended March 31, 2016, the Company acquired $4.4 million of available for sale securities. There were no other material changes in Level 3 assets and there were no transfers into/out of Level 3 for the three months ended March 31, 2016.


(2)	The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales.


(3)	The Company recorded a provision for loan losses on one loan with a fair value of $3.2 million based on a discounted cash flow analysis using a discount rate of 14.3%.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2016

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 and Development			Corporate/Other⁽¹⁾			Company Total
For the Three Months Ended March 31, 2016
Operating lease income	$	—		$	35,750		$	19,081		$	106		$	—		$	54,937
Interest income	33,219			—			—			—			—			33,219
Other income	1,297			80			7,344			1,065			1,755			11,541
Land development revenue	—			—			—			14,947			—			14,947
Earnings (loss) from equity method investments	—			946			(142		)	6,661			802			8,267
Income from sales of real estate	—			4,928			5,530			—			—			10,458
Total revenue and other earnings	34,516			41,704			31,813			22,779			2,557			133,369
Real estate expense	—			(4,508		)	(21,120		)	(8,677		)	—			(34,305		)
Land development cost of sales	—			—			—			(11,575		)	—			(11,575		)
Other expense	86			—			—			—			(826		)	(740		)
Allocated interest expense	(14,702		)	(16,236		)	(6,620		)	(8,359		)	(11,104		)	(57,021		)
Allocated general and administrative⁽²⁾	(3,831		)	(4,296		)	(1,870		)	(3,270		)	(5,258		)	(18,525		)
Segment profit (loss)⁽³⁾	$	16,069		$	16,664		$	2,203		$	(9,102	)	$	(14,631	)	$	11,203
Other significant items:
Provision for loan losses	$	1,506		$	—		$	—		$	—		$	—		$	1,506
Depreciation and amortization	—			8,851			5,283			300			274			14,708
Capitalized expenditures	—			851			15,797			34,268			—			50,916

For the 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 items:
Provision for 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



	Real Estate Finance		Net Lease		Operating Properties		Land and Development		Corporate/Other⁽¹⁾		Company Total

As of March 31, 2016
Real estate
Real estate, net	$	—	$	1,099,488	$	479,112	$	—	$	—	$	1,578,600
Real estate available and held for sale	—		717		131,678		—		—		132,395
Total real estate	—		1,100,205		610,790		—		—		1,710,995
Land and development	—		—		—		1,024,434		—		1,024,434
Loans receivable and other lending investments, net	1,637,387		—		—		—		—		1,637,387
Other investments	—		68,043		12,033		96,173		57,741		233,990
Total portfolio assets	$	1,637,387	$	1,168,248	$	622,823	$	1,120,607	$	57,741	4,606,806
Cash and other assets											885,372
Total assets											$	5,492,178

As of December 31, 2015
Real estate
Real estate, net	$	—	$	1,112,479	$	481,504	$	—	$	—	$	1,593,983
Real estate available and held for sale	—		—		137,274		—		—		137,274
Total real estate	—		1,112,479		618,778		—		—		1,731,257
Land and development	—		—		—		1,001,963		—		1,001,963
Loans receivable and other lending investments, net	1,601,985		—		—		—		—		1,601,985
Other investments	—		69,096		11,124		100,419		73,533		254,172
Total portfolio assets	$	1,601,985	$	1,181,575	$	629,902	$	1,102,382	$	73,533	4,589,377
Cash and other assets											1,008,415
Total assets											$	5,597,792

_______________________________________________________________________________


(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 $4.6 million and $3.2 million for the three months ended March 31, 2016 and 2015, respectively.


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



	For the Three Months Ended March 31,
	2016			2015
Segment profit	$	11,203		$	19,765
Less: (Provision for) loan losses	(1,506		)	(4,293		)
Less: Stock-based compensation expense	(4,577		)	(3,238		)
Less: Depreciation and amortization	(14,708		)	(18,501		)
Less: Income tax (expense) benefit	414			(5,878		)
Less: Loss on early extinguishment of debt, net	(125		)	(168		)
Net income (loss)	$	(9,299	)	$	(12,313	)

Reconciliation of segment profit to income (loss)

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



	For the Three Months Ended March 31,
	2016			2015
Segment profit	$	11,203		$	19,765
Less: (Provision for) loan losses	(1,506		)	(4,293		)
Less: Stock-based compensation expense	(4,577		)	(3,238		)
Less: Depreciation and amortization	(14,708		)	(18,501		)
Less: Income tax (expense) benefit	414			(5,878		)
Less: Loss on early extinguishment of debt, net	(125		)	(168		)
Net income (loss)	$	(9,299	)	$	(12,313	)

Business and Organization (Details) $ in Billions	279 Months Ended
Business and Organization (Details) $ in Billions	Mar. 31, 2016 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment across a range of real estate sectors over the past two decades (more than)	$ 35

Basis of Presentation and Principles of Consolidation (Reclassification) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital	$ 3,632,246	$ 3,689,330
Common stock	75	81
Total equity	$ 1,015,393	$ 1,101,330	$ 1,219,598	$ 1,248,348
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital			4,007,540
Common stock			146
Treasury stock, at cost			(263,512)
APIC_CommonStock_TreasuryStock			3,744,174
Change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital			(263,451)
Common stock			(61)
Treasury stock, at cost			263,512
APIC_CommonStock_TreasuryStock			0
As Adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital			3,744,089
Common stock			85
Treasury stock, at cost			0
APIC_CommonStock_TreasuryStock			$ 3,744,174

Basis of Presentation and Principles of Consolidation (Details) $ in Millions	Mar. 31, 2016 USD ($)
Consolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Variable interest entity, consolidated, carrying amount, assets	$ 351.4
Variable interest entity, consolidated, carrying amount, liabilities	60.9
Unconsolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Carrying value of the investments	75.2
Variable interest entity unfunded commitment	$ 54.2

Summary of Significant Accounting Policies - ASU 2015-03 (Details) $ in Millions	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Deferred finance costs, current, net	$ (25.1)
Obligations
Debt Instrument [Line Items]
Deferred finance costs, current, net	24.9
Loan Participations Payable
Debt Instrument [Line Items]
Deferred finance costs, current, net	$ 0.2

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Land and land improvements, at cost	$ 437,298	$ 439,447
Buildings and improvements, at cost	1,603,481	1,611,094
Less: accumulated depreciation	462,179	456,558
Real estate, net	1,578,600	1,593,983
Real estate available and held for sale	132,395	137,274
Total real estate	1,710,995	1,731,257
Net Lease
Real Estate Properties [Line Items]
Land and land improvements, at cost	304,929	306,172
Buildings and improvements, at cost	1,177,060	1,183,723
Less: accumulated depreciation	382,501	377,416
Real estate, net	1,099,488	1,112,479
Real estate available and held for sale	717	0
Total real estate	1,100,205	1,112,479
Operating Properties
Real Estate Properties [Line Items]
Land and land improvements, at cost	132,369	133,275
Buildings and improvements, at cost	426,421	427,371
Less: accumulated depreciation	79,678	79,142
Real estate, net	479,112	481,504
Real estate available and held for sale	131,678	137,274
Total real estate	$ 610,790	$ 618,778

Real Estate (Real Estate Available and Held for Sale) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) property	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 132,395		$ 137,274
Net Lease
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 717		0
Number of real estate properties sold \| property	1
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 131,700		$ 137,300
Executed Contract with Third Party \| Net Lease
Real Estate Properties [Line Items]
Property transferred to held for sale, carrying value	$ 700	$ 7,500

Real Estate (Dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate	$ 10,458	$ 21,156
Net proceeds from sales of real estate	35,680	147,635
Payments for repurchase of redeemable noncontrolling interest			$ 6,400
Residential Condominiums
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of other real estate	19,700	49,000
Income from sales of real estate	4,900	17,600
Net Lease Asset Two
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate	4,900	3,600
Proceeds from sale of property held-for-sale		4,900
Net proceeds from sales of real estate	10,000
Commercial Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate	700
Net proceeds from sales of real estate	5,900
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 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

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Lease Income
Real Estate Properties [Line Items]
Tenant reimbursements	$ 6.3	$ 7.0

Real Estate (Allowance for doubtful accounts) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Real Estate Tenant Receivables
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 2.2	$ 1.9
Deferred Operating Lease
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for doubtful accounts receivable	$ 1.5	$ 1.5

Land and Development (Details) - USD ($) $ in Thousands	3 Months Ended
Land and Development (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Land and development, net	$ 1,024,434		$ 1,001,963
Noncontrolling interest, description	0.072
Noncontrolling interest, decrease from redemptions or purchase of interests	$ 7,200
Noncontrolling interest, ownership percentage by parent	92.20%
Land development revenue	$ 14,947	$ 8,258
Land development cost of sales	11,575	$ 6,891
Redeemable noncontrolling interests	8,981		10,718
Not Currently Redeemable
Property, Plant and Equipment [Line Items]
Redeemable noncontrolling interests	6,100		7,200
Redeemable noncontrolling interest, equity, fair value	9,200
Land & Development
Property, Plant and Equipment [Line Items]
Land and land development	1,030,766		1,007,995
Less: accumulated depreciation	(6,332)		(6,032)
Land and development, net	$ 1,024,434		$ 1,001,963

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 1,700,347	$ 1,647,861
Reserves for loan losses	(109,671)	(108,165)	$ (102,783)	$ (98,490)
Total loans receivable, net	1,590,676	1,539,696
Other lending investments—securities	46,711	62,289
Total loans receivable and other lending investments, net	1,637,387	1,601,985
Interest receivable	10,100	9,000
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	1,010,329	975,915
Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	664,564	643,270
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 25,454	$ 28,676

Loans Receivable and Other Lending Investments, net (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2015
Receivables [Abstract]
Loans sold, carrying value	$ 5,500,000
Realized investment gains (losses)		$ 0

Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Allowance for Loan Losses [Roll Forward]
Reserve for loan losses at beginning of period	$ 108,165	$ 98,490
Provision for (recovery of) loan losses	1,506	4,293
Reserve for loan losses at end of period	$ 109,671	102,783
Recoveries of previously recorded loan loss reserves		$ 200

Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	$ 1,710,449	$ 1,656,839
Less: Reserve for loan losses	(109,671)	(108,165)	$ (102,783)	$ (98,490)
Collectively Evaluated for Impairment	(36,600)	(36,000)
Total	1,600,778	1,548,674
Individually Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	141,420	132,492
Less: Reserve for loan losses	(73,071)	(72,165)
Total	68,349	60,327
Unamortized discounts, premiums, deferred fees and costs	200	200
Collectively Evaluated for Impairment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	1,569,029	1,524,347
Total	1,532,429	1,488,347
Unamortized discounts, premiums, deferred fees and costs	$ 6,500	$ 8,200

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($)	Dec. 31, 2014	Dec. 31, 2015 USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 1,710,449		$ 1,656,839
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	1,015,036		980,349
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	669,613		647,451
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	25,800		29,039
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 1,569,029		1,524,347
Weighted Average Risk Ratings	3.13	3.15
Real Estate Finance \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 879,019		853,595
Weighted Average Risk Ratings	2.96	2.96
Real Estate Finance \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 664,210		641,713
Weighted Average Risk Ratings	3.31	3.37
Real Estate Finance \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 25,800		$ 29,039
Weighted Average Risk Ratings	3.92	3.64
Minimum
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Risk rating	1
Maximum
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Risk rating	5

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($) Loan	Dec. 31, 2015 USD ($) Loan
Recorded investment in loans, aged by payment status and presented by class
Current	$ 1,584,541	$ 1,540,589
Less Than and Equal to 90 Days	9,083	0
Greater Than 90 Days	116,825	116,250
Total Past Due	125,908	116,250
Loans	$ 1,710,449	$ 1,656,839
Financing receivable, number of loans greater than 90 days past due \| Loan	4	4
Financing receivables, past due time period	90 days	90 days
Minimum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period	1 year	1 year
Maximum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period	8 years	7 years
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	$ 889,128	$ 864,099
Less Than and Equal to 90 Days	9,083	0
Greater Than 90 Days	116,825	116,250
Total Past Due	125,908	116,250
Loans	1,015,036	980,349
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	669,613	647,451
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	669,613	647,451
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	25,800	29,039
Less Than and Equal to 90 Days	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Loans	$ 25,800	$ 29,039

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Recorded Investment	$ 141,420		$ 132,492
Unpaid Principal Balance	140,366		131,514
Related Allowance	(73,071)		(72,165)
Average Recorded Investment	136,956	$ 138,359
Interest Income Recognized	0	26
With no related allowance recorded \| Senior mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	9,083		0
Unpaid Principal Balance	9,082		0
Related Allowance	0		0
Average Recorded Investment	4,542	0
Interest Income Recognized	0	0
With an allowance recorded
Financing Receivable, Impaired [Line Items]
Recorded Investment	132,337		132,492
Unpaid Principal Balance	131,284		131,514
Related Allowance	(73,071)		(72,165)
Average Recorded Investment	132,414	138,359
Interest Income Recognized	0	26
With an allowance recorded \| Senior mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	126,933		126,754
Unpaid Principal Balance	125,882		125,776
Related Allowance	(70,533)		(69,627)
Average Recorded Investment	126,843	130,491
Interest Income Recognized	0	17
With an allowance recorded \| Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Recorded Investment	5,404		5,738
Unpaid Principal Balance	5,402		5,738
Related Allowance	(2,538)		$ (2,538)
Average Recorded Investment	5,571	7,868
Interest Income Recognized	$ 0	$ 9

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Face Value	$ 46,928	$ 55,559
Amortized Cost Basis	46,540	62,138
Net Unrealized Gain (Loss)	171	151
Estimated Fair Value	46,740	62,360
Net Carrying Value	46,711	62,289
Municipal Debt Securities
Available-for-Sale Securities
Face Value	5,365	1,010
Amortized Cost Basis	5,365	1,010
Net Unrealized Gain (Loss)	171	151
Estimated Fair Value	5,536	1,161
Net Carrying Value	5,536	1,161
Corporate Debt Securities
Held-to-Maturity Securities
Face Value	41,563	54,549
Amortized Cost Basis	41,175	61,128
Estimated Fair Value	41,204	61,199
Net Carrying Value	$ 41,175	$ 61,128

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	$ 233,990		$ 254,172
Earnings (loss) from equity method investments	8,267	$ 6,547
Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	85,122		81,452
Earnings (loss) from equity method investments	(1,702)	(1,302)
Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	68,043		69,096
Earnings (loss) from equity method investments	946	1,633
Other Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	57,734		73,525
Earnings (loss) from equity method investments	802	1,696
Marina Palms
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	23,091		$ 30,099
Earnings (loss) from equity method investments	8,221	4,520
Oak Hill Funds
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from equity method investments	$ 3,200	$ 1,500

Other Investments (Narrative) (Details) - USD ($)	3 Months Ended
Other Investments (Narrative) (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	$ 233,990,000		$ 254,172,000
Interest income	33,219,000	$ 34,896,000
Cost method investments	1,500,000		1,500,000
Proceeds from sale of available-for-sale securities, equity		7,300,000
Available-for-sale securities, gross realized gains		2,500,000
Other real estate equity investments \| Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	12,000,000		11,100,000
Other real estate equity investments \| Land & Development
Schedule of Equity Method Investments [Line Items]
Equity method investments, carrying value	$ 68,600,000		64,000,000
Other real estate equity investments \| Minimum
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	19.00%
Other real estate equity investments \| Maximum
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	75.60%
Real Estate Equity Investment \| Land & Development
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage				85.70%
Equity method investments, carrying value	$ 4,500,000		6,300,000
Loans Commitments,Related Party	45,700,000
Interest income	1,200,000	600,000
Real Estate Equity Investment \| Land & Development \| Loans Receivable and Other Lending Investments, Net
Schedule of Equity Method Investments [Line Items]
Loans receivable, related party	$ 34,500,000
Net Lease Venture
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	51.90%
Equity method investments, carrying value	$ 68,043,000		69,096,000
Partners' capital account, contributions	$ 500,000,000
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%
Total assets carrying value	$ 398,800,000		400,200,000
Net Lease Venture \| Other Income
Schedule of Equity Method Investments [Line Items]
Management fees revenue	$ 400,000	$ 400,000
Marina Palms
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	47.50%
Equity method investments, carrying value	$ 23,091,000		30,099,000
Total assets carrying value	$ 230,800,000		$ 278,500,000

Other Investments (Schedule of Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Marina Palms
Equity Method Investments, Summarized Financial Information [Line Items]
Equity Method Investment, Summarized Financial Information, Revenue	$ 50,628	$ 34,998
Equity Method Investment, Summarized Financial Information, Cost of Sales	25,511	22,638
Equity Method Investment, Summarized Financial Information, Net Income (Loss) Attributable to Parent Entities	25,117	12,360
Net Lease Venture
Equity Method Investments, Summarized Financial Information [Line Items]
Equity Method Investment, Summarized Financial Information, Revenue	7,830	7,829
Equity Method Investment, Summarized Financial Information, Cost of Sales	5,863	4,546
Equity Method Investment, Summarized Financial Information, Net Income (Loss) Attributable to Parent Entities	$ 1,823	$ 3,146

- Definition

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, 2016	Mar. 31, 2015	Dec. 31, 2015
Operating Leased Assets [Line Items]
Intangible assets, net	$ 69,647		$ 71,446
Restricted cash	24,152		26,657
Other receivables	22,599		22,557
Leasing costs, net	18,855		19,393
Furniture Fixtures, Leasehold Improvements and Software Costs, Net	4,629		4,405
Deferred expenses and other assets, net	179,310		181,457
Intangible assets, accumulated amortization	37,700		37,300
Amortization of above market lease	1,200	$ 2,300
Receivable related to the sale of land parcel	39,428		36,999
Accumulated amortization on leasing costs	9,400		9,800
Accumulated depreciation on corporate furniture, fixtures and equipment	8,300		8,100
Depreciation and Amortization
Operating Leased Assets [Line Items]
Amortization of intangible assets	500	$ 1,500
Net Lease Asset One
Operating Leased Assets [Line Items]
Lease incentive asset	38,100
Land Parcel
Operating Leased Assets [Line Items]
Receivable related to the sale of land parcel	$ 7,000		$ 7,000

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($) property	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Real Estate Properties [Line Items]
Other Liabilities	$ 85,327		$ 80,332
Accrued expenses	65,226		68,937
Accrued interest payable	42,220		55,081
Intangible liabilities, net	10,190		10,485
Accounts payable, accrued expenses and other liabilities	202,963		214,835
Profit sharing payable	14,500		14,500
Special assessment bond	7,300		6,600
Payable for common share repurchases	300		900
Deferred finance costs, net	800
Below market lease, accumulated amortization	6,500		6,600
Amortization of below market lease	300	$ 400
Other assets	39,428		36,999
Real Estate Available and Held for Sale
Real Estate Properties [Line Items]
Accrued expenses	$ 3,900		5,300
Residential Real Estate \| Master Planned Community
Real Estate Properties [Line Items]
Number of properties \| property	2
Real Estate Asses Held-for-Sale
Real Estate Properties [Line Items]
Other Liabilities	$ 4,600		4,400
Land Parcel
Real Estate Properties [Line Items]
Deferred revenue			5,700
Other assets	7,000		7,000
Non Cash Member
Real Estate Properties [Line Items]
Capital expenditures incurred but not yet paid	29,200		$ 26,200
Landanddevelopment2 [Member] [Member]
Real Estate Properties [Line Items]
Deferred revenue	$ 6,000

Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of deferred tax assets and liabilities [Line Items]
Operating loss carryforwards			$ 856,400
Taxable REIT Subsidiaries
Schedule of deferred tax assets and liabilities [Line Items]
Deferred tax assets	$ 53,678	$ 53,910
Valuation allowance	(53,678)	(53,910)
Net deferred tax assets (liabilities)	0	0
Real estate basis differences	36,000	40,000
Deferred expenses differences	16,000	10,700
Operating loss carryforwards	$ 1,700	$ 3,200

Loan Participations Payable, net (Details) - USD ($)	3 Months Ended	12 Months Ended
Loan Participations Payable, net (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Loan Participations Payable, net [Line Items]
Unfunded commitments	$ 840,198,000
Loans receivable, net	1,590,676,000	$ 1,539,696,000
Loan participations payable, net	154,111,000	152,086,000
Loan Participations Payable
Loan Participations Payable, net [Line Items]
Loan participations payable, net	154,100,000	152,100,000
Loan Participation Payable One
Loan Participations Payable, net [Line Items]
Loan participations payable, carrying amount		100,000,000.0
Loans receivable, commitments		250,000,000.0
Loans receivable, funded commitment		38,900,000
Proceeds from loan participations payable		38,900,000
Unfunded commitments		$ 61,100,000
Loans receivable with fixed rates of interest		5.90%
Loans receivable, amount funded to borrower	1,900,000
Loans receivable, net	$ 54,900,000
Loan Participation Payable Two
Loan Participations Payable, net [Line Items]
Loan participations payable, carrying amount		$ 100,000,000.0
Loans receivable, commitments		220,200,000
Loans receivable, funded commitment		100,000,000.0
Proceeds from loan participations payable		99,200,000
Description of variable rate basis	LIBOR
Basis spread on variable rate	3.50%
Loan Participation Payable Two \| Minimum
Loan Participations Payable, net [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Loan Participations Payable
Loan Participations Payable, net [Line Items]
Loans receivable, net	$ 154,900,000	$ 153,000,000

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt obligations	$ 4,142,142		$ 4,150,389
Debt discounts and deferred financing costs, net	(31,412)		(31,566)
Total debt obligations, net	4,110,730		4,118,823
Interest costs capitalized	1,400	$ 1,500
2012 Tranche A-2 Facility
Debt Instrument [Line Items]
Total debt obligations	$ 325,123		339,717
Stated Interest Rates	7.00%
Variable interest rate, basis	LIBOR
Variable interest rate, spread	5.75%
2012 Tranche A-2 Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate, spread	1.25%
2015 Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations	$ 245,000		250,000
Converted term loan, term	1 year
2015 Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate, spread	1.00%
2015 Revolving Credit Facility \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Variable interest rate, spread	0.50%
2015 Revolving Credit Facility \| Minimum \| Interest Rate Category One
Debt Instrument [Line Items]
Debt instrument, margin	1.25%
2015 Revolving Credit Facility \| Minimum \| Interest Rate Category Two
Debt Instrument [Line Items]
Debt instrument, margin	2.25%
2015 Revolving Credit Facility \| Maximum \| Interest Rate Category One
Debt Instrument [Line Items]
Debt instrument, margin	1.75%
2015 Revolving Credit Facility \| Maximum \| Interest Rate Category Two
Debt Instrument [Line Items]
Debt instrument, margin	2.75%
Term loans collateralized by net lease assets
Debt Instrument [Line Items]
Total debt obligations	$ 237,297		$ 239,547
Stated interest rate, minimum	4.851%
Stated interest rate, maximum	7.26%
Weighted average interest rate	5.20%
Term loans collateralized by net lease assets \| London Interbank Offered Rate (LIBOR) \| Property One
Debt Instrument [Line Items]
Variable interest rate, spread	2.00%		2.00%
Total secured credit facilities and term loans
Debt Instrument [Line Items]
Total debt obligations	$ 807,420		$ 829,264
5.875% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 0		261,403
Stated Interest Rates	5.875%
3.875% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 265,000		265,000
Stated Interest Rates	3.875%
3.00% senior convertible notes
Debt Instrument [Line Items]
Total debt obligations	$ 200,000		200,000
Stated Interest Rates	3.00%
Convertible debt conversion ratio	0.085
Convertible debt conversion price	$ 11.77
1.50% senior convertible notes
Debt Instrument [Line Items]
Total debt obligations	$ 200,000		200,000
Stated Interest Rates	1.50%
Convertible debt conversion ratio	0.0578
Convertible debt conversion price	$ 17.29
5.85% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 99,722		99,722
Stated Interest Rates	5.85%
9.00% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 275,000		275,000
Stated Interest Rates	9.00%
4.00% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 550,000		550,000
Stated Interest Rates	4.00%
7.125% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 300,000		300,000
Stated Interest Rates	7.125%
4.875% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 300,000		300,000
Stated Interest Rates	4.875%
5.00% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 770,000		770,000
Stated Interest Rates	5.00%
6.50% senior notes
Debt Instrument [Line Items]
Total debt obligations	$ 275,000		0
Stated Interest Rates	6.50%
Unsecured Notes
Debt Instrument [Line Items]
Total debt obligations	$ 3,234,722		3,221,125
Other debt obligations
Debt Instrument [Line Items]
Total debt obligations	$ 100,000		$ 100,000
Variable interest rate, basis	LIBOR
Variable interest rate, spread	1.50%

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Repayments of debt		$ 282,755	$ 12,328
Maturities of Long-term Debt [Abstract]
2016 (remaining nine months)		665,000
2017		1,249,845
2018		857,780
2019		800,401
2020		0
Thereafter		569,116
Total principal maturities		4,142,142		$ 4,150,389
Unamortized discounts and deferred financing costs, net		(31,412)
Debt Instrument, Unamortized Discount (Premium) and Deferred Financing Costs, Net		31,412		31,566
Total debt obligations, net		4,110,730		4,118,823
3.875% senior notes
Maturities of Long-term Debt [Abstract]
Total principal maturities		265,000		$ 265,000
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2016 (remaining nine months)		665,000
2017		924,722
2018		600,000
2019		770,000
2020		0
Thereafter		375,000
Total principal maturities		3,334,722
Debt Instrument, Unamortized Discount (Premium) and Deferred Financing Costs, Net		28,675
Total debt obligations, net		3,306,047
Secured Debt
Maturities of Long-term Debt [Abstract]
2016 (remaining nine months)		0
2017		325,123
2018		257,780
2019		30,401
2020		0
Thereafter		194,116
Total principal maturities		807,420
Debt Instrument, Unamortized Discount (Premium) and Deferred Financing Costs, Net		2,737
Total debt obligations, net		$ 804,683
Subsequent Event \| 3.875% senior notes
Debt Instrument [Line Items]
Repayments of debt	$ 265,000

Debt Obligations, net (Secured Credit Facility Narrative) (Details)	1 Months Ended		3 Months Ended		48 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2012 USD ($) tranche	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2016 USD ($)	Mar. 27, 2015 USD ($)
Line of Credit Facility [Line Items]
Repayments of debt			$ 282,755,000	$ 12,328,000
Loss on early extinguishment of debt, net			$ (125,000)	(168,000)
2015 Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 250,000,000.0
Line of Credit Facility, interest rate during period			3.18%
Converted term loan, term			1 year
Repayments of debt	$ 5,000,000
2015 Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate, spread			1.00%
2015 Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.375%
2015 Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.50%
2012 Secured Credit Facilities
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 880,000,000
Number of tranches \| tranche		2
2012 Tranche A-1 Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 410,000,000
Percentage of par credit facilities were issued at		98.00%
2012 Tranche A-1 Facility \| Minimum
Line of Credit Facility [Line Items]
Variable interest rate, spread			1.25%
2012 Tranche A-2 Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 470,000,000
Variable interest rate, basis			LIBOR
Variable interest rate, spread			5.75%
Percentage of par credit facilities were issued at		98.50%
Repayments of debt					$ 144,900,000
Stated interest rates	7.00%		7.00%		7.00%
Loss on early extinguishment of debt, net			$ (100,000)	$ (200,000)
2012 Tranche A-2 Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate, spread			1.25%

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Repayments of debt			$ 282,755	$ 12,328
Borrowings from debt obligations			$ 275,000	$ 250,000
5.875% senior notes
Debt Instrument [Line Items]
Repayments of debt		$ 261,400
Stated interest rates		5.875%	5.875%
6.50% senior notes
Debt Instrument [Line Items]
Stated interest rates		6.50%	6.50%
Borrowings from debt obligations			$ 275,000
2015 Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt		$ 5,000
3.875% senior notes
Debt Instrument [Line Items]
Stated interest rates		3.875%	3.875%
3.875% senior notes \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 265,000

Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Real estate, net	$ 1,578,600	$ 1,593,983
Real estate available and held for sale	132,395	137,274
Land and development, net	1,024,434	1,001,963
Loans receivable and other lending investments, net	1,637,387	1,601,985
Other investments	233,990	254,172
Cash and other assets	885,372	1,008,415
Total assets	5,492,178	5,597,792
General reserves for loan losses	36,600	36,000
Loans receivable, net	1,590,676	1,539,696
Loan Participations Payable
Debt Instrument [Line Items]
Loans receivable, net	154,900	153,000
Encumbered Assets
Debt Instrument [Line Items]
Real estate, net	806,550	816,721
Real estate available and held for sale	13,047	10,593
Land and development, net	17,682	17,714
Loans receivable and other lending investments, net	157,347	170,162
Other investments	15,385	22,352
Cash and other assets	0	0
Total assets	1,010,011	1,037,542
Unencumbered Assets
Debt Instrument [Line Items]
Real estate, net	772,050	777,262
Real estate available and held for sale	119,348	126,681
Land and development, net	1,006,752	984,249
Loans receivable and other lending investments, net	1,361,735	1,314,823
Other investments	218,605	231,820
Cash and other assets	885,372	1,008,415
Total assets	$ 4,363,862	$ 4,443,250

Debt Obligations, net (Debt Covenants) (Details)	3 Months Ended
Debt Obligations, net (Debt Covenants) (Details)	Mar. 31, 2016
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
2015 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
Multiple of the minimum collateral coverage on outstanding borrowings	1.5
Total secured credit facilities and term loans
Debt Instrument [Line Items]
Percentage of REIT taxable income permitted for distribution under debt covenants	100.00%

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Other Commitments [Line Items]
Performance-Based Commitments	$ 789,220
Strategic Investments	45,978
Discretionary Fundings	5,000
Total	840,198
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments	752,417
Strategic Investments	0
Discretionary Fundings	5,000
Total	757,417
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	17,161
Strategic Investments	0
Discretionary Fundings	0
Total	17,161
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	19,642
Strategic Investments	45,978
Discretionary Fundings	0
Total	$ 65,620

Commitments and Contingencies (Narrative) (Details) - Land & Development - Real Estate Sales $ in Millions	Jan. 22, 2015 USD ($) a	Mar. 31, 2016
Other Commitments [Line Items]
Acres of real estate property \| a	1,250
Unpaid purchase price \| $	$ 114.0
Unpaid purchase price, interest rate	12.00%
Court settlement payment period	30 days
Ownership percentage by noncontrolling owners		7.80%

Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	$ 0	$ 39
Derivative Liabilities, Fair Value	612	131
Designated as hedge \| Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0
Derivative Liabilities, Fair Value		0
Designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value		39
Designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	48
Designated as hedge \| Interest rate swaps
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	0
Designated as hedge \| Interest rate swaps \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	564	131
Not designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	407	1,483
Derivative Liabilities, Fair Value	317	0
Not designated as hedge \| Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value		0
Not designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	106	378
Not designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	317
Not designated as hedge \| Interest rate cap
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	$ 301	$ 1,105

Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ 0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(185)	(77)
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)	(502)	(376)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	25	42
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)	(1)	(7)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0	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)	(459)	(364)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(97)	(115)
Earnings from equity method investments \| 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)	(87)	(198)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0	0
Other Expense \| Interest rate cap \| Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income	(803)	(2,036)
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	$ (182)	$ 2,289

Derivatives (Foreign Exchange Contracts) (Details) € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2016 EUR (€)	Mar. 31, 2016 GBP (£)	Mar. 31, 2016 INR (₨)
Derivative [Line Items]
Foreign currency transaction gain (loss)	$ 100	$ (100)
Sells Indian rupee (INR)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	6,553				₨ 456,000
Sells euro (EUR)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	6,396		€ 5,900
Sells pound sterling (GBP)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 4,705			£ 3,200

Derivatives (Interest Rate Hedges) (Details) $ in Thousands	3 Months Ended
Derivatives (Interest Rate Hedges) (Details) $ in Thousands	Mar. 31, 2016 USD ($)
Interest rate swap
Derivative [Line Items]
Derivative, Notional Amount	$ 26,801
Derivative, Fixed Rate	3.47%
Interest rate swap \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, Variable Interest Rate	2.00%
Interest rate cap
Derivative [Line Items]
Derivative, Notional Amount	$ 500,000
Derivative, Fixed Rate	1.00%
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	$ (600)

Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted	$ 0
Deferred Expenses and Other Assets, Net \| Forward Contracts
Derivative [Line Items]
Collateral Posted For Hedges	$ 1,000,000	$ 1,000,000

Equity (Preferred Stock) (Details) - USD ($)	3 Months Ended		12 Months Ended
Equity (Preferred Stock) (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Shares Issued and Outstanding	25,800,000		25,800,000
Number of days in year used in the computation of preferred stock dividends for any partial dividend period	360 days		360 days
Number of months used in the computation of preferred stock dividends for any partial dividend period	12 months		12 months
Number of days in month, dividends computation of dividends payable for any partial dividend period	30 days		30 days
Amount of preferred dividends in arrears	$ 0
Shares issued upon conversion	3.9087		3.9087
Maximum
Class of Stock [Line Items]
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	30 days		30 days
Minimum
Class of Stock [Line Items]
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	10 days		10 days
Series D
Class of Stock [Line Items]
Shares Issued and Outstanding	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	8.00%		8.00%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 2.00		$ 2.00
Dividends declared and paid	$ 2,000,000	$ 2,000,000
Series E
Class of Stock [Line Items]
Shares Issued and Outstanding	5,600,000		5,600,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.875%		7.875%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.97		$ 1.97
Dividends declared and paid	$ 2,800,000	2,800,000
Series F
Class of Stock [Line Items]
Shares Issued and Outstanding	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.80%		7.80%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.95		$ 1.95
Dividends declared and paid	$ 2,000,000	2,000,000
Series G
Class of Stock [Line Items]
Shares Issued and Outstanding	3,200,000		3,200,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.65%		7.65%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.91		$ 1.91
Dividends declared and paid	$ 1,500,000	1,500,000
Series I
Class of Stock [Line Items]
Shares Issued and Outstanding	5,000,000		5,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25		$ 25
Rate per Annum	7.50%		7.50%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 1.88		$ 1.88
Dividends declared and paid	$ 2,300,000	2,300,000
Series J
Class of Stock [Line Items]
Shares Issued and Outstanding	4,000,000		4,000,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 50.00		$ 50
Rate per Annum	4.50%		4.50%
Equivalent to Fixed Annual Rate (in dollars per share)	$ 2.25		$ 2.25
Dividends declared and paid	$ 2,300,000	$ 2,300,000
Conversion price per share (in dollars per share)	$ 12.79		$ 12.79
Redemption price as a percentage of liquidation preference	100.00%		100.00%

Equity (Dividends) (Details) - USD ($) $ in Millions	3 Months Ended
Equity (Dividends) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2014
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		$ 856.4

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Feb. 15, 2016	Dec. 31, 2015
Stock Repurchase Program
Repurchase of common stock, authorized amount			$ 50,000,000.0
Treasury stock, shares, acquired	5,800	44
Treasury stock value acquired including acquisition costs	$ 58,100,000	$ 600,000
Treasury stock acquired, average cost per share (in dollars per share)	$ 9.94	$ 12.66
Available repurchase of common stock, authorized amount (up to)	$ 40,600,000			$ 48,700,000

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains (losses) on available-for-sale securities	$ (106)	$ (125)
Unrealized gains (losses) on cash flow hedges	(1,433)	(690)
Unrealized losses on cumulative translation adjustment	(4,038)	(4,036)
Accumulated other comprehensive income (loss)	$ (5,577)	$ (4,851)

- Definition

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) $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2016 shares	Jan. 31, 2015 shares	May 31, 2014 shares	Mar. 31, 2016 USD ($) Installment shares	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $				$ 4,577	$ 3,238
Unrecognized compensation cost \| $				$ 2,700
Weighted-average period to recognize the unrecognized compensation cost				1 year 9 months 7 days
Accrued expenses \| $				$ 65,226		$ 68,937
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance				3,600,000
2013-2014 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of points issued (in shares)	10	10	73
2015-2016 Performance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of points issued (in shares)	40	34
All Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued expenses \| $				$ 19,600		$ 16,600
Common Stock Subject to Sales Restriction \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, number of shares				92,057
Restricted shares awarded				58,667
Sale restriction period				18 months
Service Based Restricted Stock Units Vesting on December 31, 2018 \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units				122,817
Number of vesting installments \| Installment				1
Non-vested, outstanding (in shares)				122,817
Performance Based Restricted Stock Units Vesting on December 31, 2017 \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)				48,519
Risk-free interest rate				0.75%
Expected stock price volatility				28.14%
Performance Based Restricted Stock Units Vesting on December 31, 2017 \| Employees \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				0.00%
Performance Based Restricted Stock Units Vesting on December 31, 2017 \| Employees \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				200.00%
Service Based Restricted Stock Units Vesting on December 31, 2017 \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting installments \| Installment				1
Non-vested, outstanding (in shares)				61,557
Performance Based Restricted Stock Units Vesting on December 31, 2016 \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)				49,434
Risk-free interest rate				0.76%
Expected stock price volatility				44.84%
Service Based Restricted Stock Units Vesting on December 31, 2016 \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting installments \| Installment				1
Non-vested, outstanding (in shares)				62,662
Service Based Restricted Stock Units with specified vesting dates \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)				8,751
Vesting term				3 years

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors - CSE and Restricted Stock Units $ in Millions	Mar. 31, 2016 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares) \| shares	296,755
Aggregate intrinsic value for directors \| $	$ 2.9

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

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

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Earnings Per Share [Abstract]

Income (loss) from continuing operations

^[1]

$ (19,757)

$ (33,469)

Income from sales of real estate

10,458

21,156

Net (income) loss attributable to noncontrolling interests

942

1,841

Preferred dividends

(12,830)

Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share

$ (21,187)

$ (23,302)

[1]	Income (loss) from continuing operations attributable to iStar Inc. was $(18.8) million and $(31.6) million for the three months ended March 31, 2016 and 2015, respectively. Refer to Note 15 for details on the calculation of earnings per share.

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Class of Stock [Line Items]

Weighted average number of common shares, Basic and diluted (in shares)

^[1]

77,060

85,497

Basic and diluted earnings per common share:

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

^[1]

$ (0.27)

$ (0.26)

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

^[1],[2]

$ 0.00

$ (49.93)

Denominator for basic and diluted earnings per HPU share:

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

^[1],[2]

Common Stock

Class of Stock [Line Items]

Weighted average number of common shares, Basic and diluted (in shares)

77,060

85,497

Numerator for basic and diluted earnings per share:

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

$ (21,187)

$ (22,553)

Basic and diluted earnings per common share:

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

$ (0.27)

$ (0.26)

HPU's

Basic and diluted earnings per common share:

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

$ 0.00

$ (49.93)

Numerator for basic and diluted earnings per HPU share:

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

$ 0

$ (749)

Denominator for basic and diluted earnings per HPU share:

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

[1]	Income (loss) from continuing operations attributable to iStar Inc. was $(18.8) million and $(31.6) million for the three months ended March 31, 2016 and 2015, respectively. Refer to Note 15 for details on the calculation of earnings per share.
[2]	All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 15)

Earnings Per Share (Anti-dilutive Shares) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Joint venture shares
Anti-dilutive shares
Anti-dilutive shares	298	298
3.00% convertible senior unsecured notes
Anti-dilutive shares
Anti-dilutive shares	16,992	16,992
Stated interest rates	3.00%	3.00%
Series J convertible perpetual preferred stock
Anti-dilutive shares
Anti-dilutive shares	15,635	15,635
1.50% convertible senior unsecured notes
Anti-dilutive shares
Anti-dilutive shares	11,567	11,567
Stated interest rates	1.50%	1.50%

Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($) Loan	Dec. 31, 2015 USD ($) Loan
Assets and liabilities recorded at fair value
Payments to acquire available-for-sale securities	$ 4,400
Recurring basis \| Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Derivative assets	407	$ 1,522
Derivative liabilities	929	131
Recurring basis \| Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Available-for-sale securities	5,536	1,161
Non-recurring basis \| Appraisal \| Loans Receivable One
Assets and liabilities recorded at fair value
Impaired loans	$ 5,200
Number of impaired loans \| Loan	1
Non-recurring basis \| Discounted Cash Flow Valuation Technique \| Loans Receivable Two
Assets and liabilities recorded at fair value
Impaired loans		$ 3,200
Number of impaired loans \| Loan		1
Discount rate		14.30%
Non-recurring basis \| Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired loans	$ 5,200	$ 3,200
Fair Value \| Recurring basis
Assets and liabilities recorded at fair value
Derivative assets	407	1,522
Derivative liabilities	929	131
Available-for-sale securities	5,536	1,161
Fair Value \| Non-recurring basis
Assets and liabilities recorded at fair value
Impaired loans	$ 5,200	$ 3,200

Fair Values (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	$ 1,637,387	$ 1,601,985
Debt obligations, net	4,110,730	4,118,823
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments, net	1,700,000	1,600,000
Debt obligations, net	$ 4,300,000	$ 4,300,000

Segment Reporting (Schedule of Segments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) segments	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting
Number of reportable segments \| segments	4
Operating lease income	$ 54,937	$ 59,139
Interest income	33,219	34,896
Other income	11,541	10,564
Land development revenue	14,947	8,258
Earnings (loss) from equity method investments	8,267	6,547
Income from sales of real estate	10,458	21,156
Total revenue and other earnings	133,369	140,560
Real estate expense	(34,305)	(39,634)
Land development cost of sales	(11,575)	(6,891)
Other expense	(740)	(2,123)
Allocated interest expense	(57,021)	(54,632)
Allocated general and administrative	(18,525)	(17,515)
Segment profit (loss)	11,203	19,765
Provision for (recovery of) loan losses	1,506	4,293
Depreciation and amortization	14,708	18,501
Capitalized expenditures	50,916	32,819
Real estate, net	1,578,600		$ 1,593,983
Real estate available and held for sale	132,395		137,274
Total real estate	1,710,995		1,731,257
Land and development	1,024,434		1,001,963
Loans receivable and other lending investments, net	1,637,387		1,601,985
Other investments	233,990		254,172
Total portfolio assets	4,606,806		4,589,377
Cash and other assets	885,372		1,008,415
Total assets	5,492,178		5,597,792
Land & Development
Segment Reporting
Income from sales of real estate	3,372	1,367
Operating Segments \| Real Estate Finance
Segment Reporting
Operating lease income	0	0
Interest income	33,219	34,896
Other income	1,297	48
Land development revenue	0	0
Earnings (loss) from equity method investments	0	0
Income from sales of real estate	0	0
Total revenue and other earnings	34,516	34,944
Real estate expense	0	0
Land development cost of sales	0	0
Other expense	86	1
Allocated interest expense	(14,702)	(14,235)
Allocated general and administrative	(3,831)	(3,094)
Segment profit (loss)	16,069	17,616
Provision for (recovery of) loan losses	1,506	4,293
Depreciation and amortization	0	0
Capitalized expenditures	0	0
Real estate, net	0		0
Real estate available and held for sale	0		0
Total real estate	0		0
Land and development	0		0
Loans receivable and other lending investments, net	1,637,387		1,601,985
Other investments	0		0
Total portfolio assets	1,637,387		1,601,985
Operating Segments \| Net Lease
Segment Reporting
Operating lease income	35,750	36,339
Interest income	0	0
Other income	80	3
Land development revenue	0	0
Earnings (loss) from equity method investments	946	1,633
Income from sales of real estate	4,928	3,527
Total revenue and other earnings	41,704	41,502
Real estate expense	(4,508)	(5,270)
Land development cost of sales	0	0
Other expense	0	0
Allocated interest expense	(16,236)	(16,835)
Allocated general and administrative	(4,296)	(3,761)
Segment profit (loss)	16,664	15,636
Provision for (recovery of) loan losses	0	0
Depreciation and amortization	8,851	9,449
Capitalized expenditures	851	345
Real estate, net	1,099,488		1,112,479
Real estate available and held for sale	717		0
Total real estate	1,100,205		1,112,479
Land and development	0		0
Loans receivable and other lending investments, net	0		0
Other investments	68,043		69,096
Total portfolio assets	1,168,248		1,181,575
Operating Segments \| Operating Properties
Segment Reporting
Operating lease income	19,081	22,614
Interest income	0	0
Other income	7,344	8,876
Land development revenue	0	0
Earnings (loss) from equity method investments	(142)	535
Income from sales of real estate	5,530	17,629
Total revenue and other earnings	31,813	49,654
Real estate expense	(21,120)	(27,424)
Land development cost of sales	0	0
Other expense	0	0
Allocated interest expense	(6,620)	(7,668)
Allocated general and administrative	(1,870)	(1,828)
Segment profit (loss)	2,203	12,734
Provision for (recovery of) loan losses	0	0
Depreciation and amortization	5,283	8,344
Capitalized expenditures	15,797	10,094
Real estate, net	479,112		481,504
Real estate available and held for sale	131,678		137,274
Total real estate	610,790		618,778
Land and development	0		0
Loans receivable and other lending investments, net	0		0
Other investments	12,033		11,124
Total portfolio assets	622,823		629,902
Operating Segments \| Land & Development
Segment Reporting
Operating lease income	106	186
Interest income	0	0
Other income	1,065	633
Land development revenue	14,947	8,258
Earnings (loss) from equity method investments	6,661	2,609
Income from sales of real estate	0	0
Total revenue and other earnings	22,779	11,686
Real estate expense	(8,677)	(6,940)
Land development cost of sales	(11,575)	(6,891)
Other expense	0	0
Allocated interest expense	(8,359)	(7,544)
Allocated general and administrative	(3,270)	(2,793)
Segment profit (loss)	(9,102)	(12,482)
Provision for (recovery of) loan losses	0	0
Depreciation and amortization	300	390
Capitalized expenditures	34,268	22,380
Real estate, net	0		0
Real estate available and held for sale	0		0
Total real estate	0		0
Land and development	1,024,434		1,001,963
Loans receivable and other lending investments, net	0		0
Other investments	96,173		100,419
Total portfolio assets	1,120,607		1,102,382
Corporate/Other \| Corporate/Other
Segment Reporting
Operating lease income	0	0
Interest income	0	0
Other income	1,755	1,004
Land development revenue	0	0
Earnings (loss) from equity method investments	802	1,770
Income from sales of real estate	0	0
Total revenue and other earnings	2,557	2,774
Real estate expense	0	0
Land development cost of sales	0	0
Other expense	(826)	(2,124)
Allocated interest expense	(11,104)	(8,350)
Allocated general and administrative	(5,258)	(6,039)
Segment profit (loss)	(14,631)	(13,739)
Provision for (recovery of) loan losses	0	0
Depreciation and amortization	274	318
Capitalized expenditures	0	$ 0
Real estate, net	0		0
Real estate available and held for sale	0		0
Total real estate	0		0
Land and development	0		0
Loans receivable and other lending investments, net	0		0
Other investments	57,741		73,533
Total portfolio assets	$ 57,741		$ 73,533

Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of segment profit (loss) to income (loss) from continuing operations
Segment profit	$ 11,203	$ 19,765
Less: (Provision for) loan losses	(1,506)	(4,293)
Less: Stock-based compensation expense	(4,577)	(3,238)
Less: Depreciation and amortization	(14,708)	(18,501)
Less: Income tax (expense) benefit	414	(5,878)
Less: Loss on early extinguishment of debt, net	(125)	(168)
Net income (loss)	$ (9,299)	$ (12,313)