Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ISTAR FINANCIAL INC | ' |
Entity Central Index Key | '0001095651 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 85,404,438 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Real estate, at cost | $3,224,167 | $3,226,648 | ||
Less: accumulated depreciation | -438,732 | -427,625 | ||
Real estate, net | 2,785,435 | 2,799,023 | ||
Real estate available and held for sale | 410,080 | 635,865 | ||
Total real estate | 3,195,515 | 3,434,888 | ||
Loans receivable and other lending investments, net | 1,362,752 | [1] | 1,829,985 | [1] |
Other investments | 187,510 | 398,843 | ||
Cash and cash equivalents | 735,452 | 256,344 | ||
Restricted cash | 50,537 | 36,778 | ||
Accrued interest and operating lease income receivable, net | 11,791 | 15,226 | ||
Deferred operating lease income receivable | 90,209 | 84,735 | ||
Deferred expenses and other assets, net | 139,574 | 93,990 | ||
Total assets | 5,773,340 | 6,150,789 | ||
Liabilities: | ' | ' | ||
Accounts payable, accrued expenses and other liabilities | 122,742 | 132,460 | ||
Debt obligations, net | 4,253,165 | 4,691,494 | ||
Total liabilities | 4,375,907 | 4,823,954 | ||
Commitments and contingencies | 0 | 0 | ||
Redeemable noncontrolling interests | 12,393 | 13,681 | ||
iStar Financial Inc. shareholders' equity: | ' | ' | ||
High Performance Units | 9,800 | 9,800 | ||
Common Stock, $0.001 par value, 200,000 shares authorized, 144,319 issued and 85,402 outstanding at September 30, 2013 and 142,699 issued and 83,782 outstanding at December 31, 2012 | 144 | 143 | ||
Additional paid-in capital | 4,020,855 | 3,832,780 | ||
Retained earnings (deficit) | -2,461,749 | -2,360,647 | ||
Accumulated other comprehensive income (loss) (see Note 11) | -4,145 | -1,185 | ||
Treasury stock, at cost, $0.001 par value, 58,917 shares at September 30, 2013 and December 31, 2012 | -241,969 | -241,969 | ||
Total iStar Financial Inc. shareholders' equity | 1,322,962 | 1,238,944 | ||
Noncontrolling interests | 62,078 | 74,210 | ||
Total equity | 1,385,040 | 1,313,154 | ||
Total liabilities and equity | 5,773,340 | 6,150,789 | ||
Preferred Stock Series D, E, F, G and I | ' | ' | ||
iStar Financial Inc. shareholders' equity: | ' | ' | ||
Preferred Stock | 22 | 22 | ||
Preferred Stock Series J | ' | ' | ||
iStar Financial Inc. shareholders' equity: | ' | ' | ||
Preferred Stock | $4 | $0 | ||
[1] | The Company's recorded investment in loans as of September 30, 2013 and December 31, 2012 includes accrued interest of $6.4 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 144,319,000 | 142,699,000 |
Common Stock, shares outstanding | 85,402,000 | 83,782,000 |
Treasury stock, par value (in dollars per share) | $0.00 | $0.00 |
Treasury stock, shares | 58,917,000 | 58,917,000 |
Preferred Stock Series D, E, F, G and I | ' | ' |
Preferred Stock Series, liquidation preference per share (in dollars per share) | $25 | $25 |
Preferred Stock Series J | ' | ' |
Preferred Stock Series, liquidation preference per share (in dollars per share) | $50 | $0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues: | ' | ' | ' | ' | ||||
Operating lease income | $60,306 | $53,029 | $175,638 | $159,670 | ||||
Interest income | 24,235 | 31,171 | 78,584 | 104,822 | ||||
Other income | 11,261 | 9,334 | 35,778 | 36,696 | ||||
Total revenues | 95,802 | 93,534 | 290,000 | 301,188 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Interest expense | 63,793 | 91,777 | 204,516 | 271,594 | ||||
Real estate expense | 37,604 | 37,797 | 112,437 | 111,048 | ||||
Depreciation and amortization | 18,969 | 16,551 | 53,639 | 49,378 | ||||
General and administrative | 24,285 | 19,037 | 67,008 | 61,674 | ||||
Provision for (recovery of) loan losses | -9,834 | [1] | 16,834 | 5,392 | [1] | 60,865 | ||
Impairment of assets | 6,261 | 1,734 | 6,261 | 8,632 | ||||
Other expense | 1,495 | 2,394 | 7,266 | 6,754 | ||||
Total costs and expenses | 142,573 | 186,124 | 456,519 | 569,945 | ||||
Income (loss) before earnings from equity method investments and other items | -46,771 | -92,590 | -166,519 | -268,757 | ||||
Gain (loss) on early extinguishment of debt, net | -3,498 | -3,694 | -28,282 | -6,858 | ||||
Earnings from equity method investments | 4,345 | 22,719 | 34,346 | 75,925 | ||||
Income (loss) from continuing operations before income taxes | -45,924 | -73,565 | -160,455 | -199,690 | ||||
Income tax (expense) benefit | 3,879 | -1,791 | -625 | -6,540 | ||||
Income (loss) from continuing operations(1) | -42,045 | [2] | -75,356 | [2] | -161,080 | [2] | -206,230 | [2] |
Income (loss) from discontinued operations | 214 | -4,534 | 1,256 | -18,094 | ||||
Gain from discontinued operations | 9,166 | 0 | 22,488 | 27,257 | ||||
Income from sales of residential property | 14,075 | 15,584 | 72,092 | 35,583 | ||||
Net income (loss) | -18,590 | -64,306 | -65,244 | -161,484 | ||||
Net (income) loss attributable to noncontrolling interests | -167 | 666 | 332 | 1,363 | ||||
Net income (loss) attributable to iStar Financial Inc. | -18,757 | -63,640 | -64,912 | -160,121 | ||||
Preferred dividends | -12,830 | -10,580 | -36,190 | -31,740 | ||||
Net (income) loss allocable to HPU holders and Participating Security holders(2)(3) | 1,016 | [3],[4] | 2,436 | [3],[4] | 3,263 | [3],[4] | 6,288 | [3],[4] |
Net income (loss) allocable to common shareholders | ($30,571) | ($71,784) | ($97,839) | ($185,573) | ||||
Income (loss) attributable to iStar Financial Inc. from continuing operations: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($0.46) | [2] | ($0.81) | [2] | ($1.42) | [2] | ($2.32) | [2] |
Net income (loss) attributable to iStar Financial Inc.: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($0.36) | [2] | ($0.86) | [2] | ($1.15) | [2] | ($2.22) | [2] |
Weighted average number of common shares—basic and diluted | 85,392 | [2] | 83,629 | [2] | 85,116 | [2] | 83,765 | [2] |
Income (loss) attributable to iStar Financial Inc. from continuing operations: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($87.87) | [2],[4] | ($152.47) | [2],[4] | ($268.67) | [2],[4] | ($439.20) | [2],[4] |
Net income (loss) attributable to iStar Financial Inc.: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($67.73) | [2],[4] | ($162.40) | [2],[4] | ($217.54) | [2],[4] | ($419.20) | [2],[4] |
Weighted average number of HPU shares—basic and diluted | 15 | [2],[4] | 15 | [2],[4] | 15 | [2],[4] | 15 | [2],[4] |
[1] | For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively. | |||||||
[2] | Income (loss) from continuing operations attributable to iStar Financial Inc. for the three months ended September 30, 2013 and 2012 was $(42.2) million and $(74.7) million, respectively, and for the nine months ended September 30, 2013, and 2012 was $(160.7) million and $(204.9) million, respectively. See Note 13 for details on the calculation of earnings per share. | |||||||
[3] | Participating Security holders are Company employees and directors who hold unvested restricted stock units, restricted stock awards and common stock equivalents granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Note 12 and Note 13). | |||||||
[4] | HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program (see Note 11). |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to iStar Financial Inc. | ($42.20) | ($74.70) | ($160.70) | ($204.90) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | ($18,590) | ($64,306) | ($65,244) | ($161,484) | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization(1) | -266 | [1] | 0 | [1] | -859 | [1] | 0 | [1] |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization(2) | 80 | [2] | -26 | [2] | 231 | [2] | -265 | [2] |
Reclassification of (gains)/losses on cumulative translation adjustment into earnings upon realization(3) | 0 | [3] | 0 | [3] | -1,310 | [3] | 0 | [3] |
Unrealized gains/(losses) on available-for-sale securities | -2 | -523 | -283 | 111 | ||||
Unrealized gains/(losses) on cash flow hedges | -1,448 | 0 | -222 | -490 | ||||
Unrealized gains/(losses) on cumulative translation adjustment | -143 | -757 | -517 | -1,040 | ||||
Other comprehensive income (loss) | -1,779 | -1,306 | -2,960 | -1,684 | ||||
Comprehensive income (loss) | -20,369 | -65,612 | -68,204 | -163,168 | ||||
Net (income) loss attributable to noncontrolling interests | -167 | 666 | 332 | 1,363 | ||||
Comprehensive income (loss) attributable to iStar Financial Inc. | ($20,536) | ($64,946) | ($67,872) | ($161,805) | ||||
[1] | For the three and nine months ended September 30, 2013, $266 is included in "Other income" on the Company's Consolidated Statements of Operations. For the three and nine months ended September 30, 2013, $0 and $593, respectively, are included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. | |||||||
[2] | Included in "Interest expense" on the Company's Consolidated Statements of Operations. | |||||||
[3] | Included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | ||
Reclassification of (gains)/losses on available-for-sale securities | ($266) | [1] | ($859) | [1] |
Other income [Member] | ' | ' | ||
Reclassification of (gains)/losses on available-for-sale securities | -266 | -266 | ||
Earnings from equity method investments [Member] | ' | ' | ||
Reclassification of (gains)/losses on available-for-sale securities | $0 | ($593) | ||
[1] | For the three and nine months ended September 30, 2013, $266 is included in "Other income" on the Company's Consolidated Statements of Operations. For the three and nine months ended September 30, 2013, $0 and $593, respectively, are included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Preferred Stock | Preferred Stock Series J | HPU's | Common Stock at Par | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock at Cost | Noncontrolling Interests | |||
In Thousands, unless otherwise specified | |||||||||||||
Balance at Dec. 31, 2012 | $1,313,154 | $22 | [1] | ' | $9,800 | $143 | $3,832,780 | ($2,360,647) | ($1,185) | ($241,969) | $74,210 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance of Preferred Stock | 193,510 | ' | 4 | [1] | ' | ' | 193,506 | ' | ' | ' | ' | ||
Dividends declared—preferred | -36,190 | ' | ' | ' | ' | ' | -36,190 | ' | ' | ' | |||
Issuance of stock/restricted stock amortization, net | -2,875 | ' | ' | ' | 1 | -2,876 | ' | ' | ' | ' | |||
Net loss for the period(2) | [2] | -63,145 | ' | ' | ' | ' | ' | -64,912 | ' | ' | 1,767 | ||
Change in accumulated other comprehensive income (loss) | -2,960 | ' | ' | ' | ' | ' | ' | -2,960 | ' | ' | |||
Additional paid-in capital attributable to redeemable noncontrolling interest(4) | [3] | -2,555 | ' | ' | ' | ' | -2,555 | ' | ' | ' | ' | ||
Contributions from noncontrolling interests(3) | [4] | 9,951 | ' | ' | ' | ' | ' | ' | ' | ' | 9,951 | ||
Distributions to noncontrolling interests(4) | [3] | -23,850 | ' | ' | ' | ' | ' | ' | ' | ' | -23,850 | ||
Balance at Sep. 30, 2013 | $1,385,040 | $22 | [1] | $4 | [1] | $9,800 | $144 | $4,020,855 | ($2,461,749) | ($4,145) | ($241,969) | $62,078 | |
[1] | See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock. | ||||||||||||
[2] | For the nine months ended September 30, 2013 net loss shown above excludes $2.1 million of net loss attributable to redeemable noncontrolling interests. | ||||||||||||
[3] | Includes $8.8 million payment to redeem a noncontrolling member's interest. | ||||||||||||
[4] | Includes $9.4 million of operating property assets contributed by a noncontrolling partner (see Note 4). |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Net income (loss) attributable to redeemable noncontrolling interests | ($2.10) |
Payment to redeem noncontrolling member's interest | 8.8 |
Strategic Venture, Commercial Operating Properties | ' |
Operating property assets contributed by a noncontrolling partner | $9.40 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' | |
Net income (loss) | ($65,244) | ($161,484) | |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ' | ' | |
Provision for (recovery of) loan losses | 5,392 | [1] | 60,865 |
Impairment of assets | 7,335 | 31,844 | |
Depreciation and amortization | 53,873 | 51,205 | |
Payments for withholding taxes upon vesting of stock-based compensation | -13,985 | -11,775 | |
Non-cash expense for stock-based compensation | 14,484 | 11,625 | |
Amortization of discounts/premiums and deferred financing costs on debt | 15,690 | 26,406 | |
Amortization of discounts/premiums and deferred interest on loans | -25,760 | -38,435 | |
Earnings from equity method investments | -34,346 | -75,925 | |
Distributions from operations of equity method investments | 12,825 | 77,625 | |
Deferred operating lease income | -9,489 | -8,454 | |
Income from sales of residential property | -72,092 | -35,583 | |
Gain from discontinued operations | -22,488 | -27,257 | |
(Gain) loss on early extinguishment of debt, net | 16,768 | 6,384 | |
Repayments and repurchases of debt - debt discount and prepayment penalty | -22,218 | -20,529 | |
Other operating activities, net | 3,385 | 6,540 | |
Changes in assets and liabilities: | ' | ' | |
Changes in accrued interest and operating lease income receivable, net | 5,460 | 3,581 | |
Changes in deferred expenses and other assets, net | -13,312 | -2,572 | |
Changes in accounts payable, accrued expenses and other liabilities | -6,573 | 21,366 | |
Cash flows from operating activities | -150,295 | -84,573 | |
Cash flows from investing activities: | ' | ' | |
Investment originations and fundings | -179,552 | -29,152 | |
Capital expenditures on real estate assets | -76,970 | -45,736 | |
Contributions to unconsolidated entities | -7,411 | -8,466 | |
Repayments of and principal collections on loans | 536,170 | 479,965 | |
Net proceeds from sales of loans | 81,171 | 56,998 | |
Net proceeds from sales of real estate | 360,848 | 457,735 | |
Net proceeds from sale of other investments | 220,281 | 0 | |
Distributions from other investments | 27,011 | 51,506 | |
Changes in restricted cash held in connection with investing activities | -22,527 | -462,217 | |
Other investing activities, net | 3,292 | 799 | |
Cash flows from investing activities | 942,313 | 501,432 | |
Cash flows from financing activities: | ' | ' | |
Borrowings under secured credit facilities | 657,847 | 850,465 | |
Repayments under secured credit facilities | -1,128,904 | -603,419 | |
Repayments under unsecured credit facilities | 0 | -244,046 | |
Borrowings under secured term loans | 14,826 | 54,500 | |
Repayments under secured term loans | -5,397 | -109,541 | |
Borrowings under unsecured notes | 565,000 | 264,029 | |
Repayments under unsecured notes | -96,312 | -259,584 | |
Repurchases and redemptions of unsecured notes | -447,664 | -404,449 | |
Payments for deferred financing costs | -13,383 | -4,189 | |
Preferred dividends paid | -36,190 | -31,740 | |
Proceeds from issuance of preferred stock | 193,510 | 0 | |
Other financing activities, net | -16,243 | -1,052 | |
Cash flows from financing activities | -312,910 | -489,026 | |
Changes in cash and cash equivalents | 479,108 | -72,167 | |
Cash and cash equivalents at beginning of period | 256,344 | 356,826 | |
Cash and cash equivalents at end of period | $735,452 | $284,659 | |
[1] | For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively. |
Business_and_Organization
Business and Organization | 9 Months Ended |
Sep. 30, 2013 | |
Business and Organization [Abstract] | ' |
Business and Organization | ' |
Business and Organization | |
Business—iStar Financial Inc., or the "Company," is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust, or "REIT," has invested more than $35 billion over the past two decades. The Company's primary business segments are real estate finance, net lease, operating properties and land. | |
Organization—The Company began its business in 1993 through private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new lending and leasing transactions, as well as through corporate acquisitions. |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
Basis of Presentation—The accompanying unaudited Consolidated Financial Statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited Consolidated Financial Statements and related Notes should be read in conjunction with the Consolidated Financial Statements and related Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
In the opinion of management, the accompanying Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. | |
Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related Notes to conform to the 2013 presentation. | |
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," "interest 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 these VIEs that it was not previously contractually required to provide. | |
Consolidated VIEs—As of September 30, 2013, the Company consolidated five VIEs for which the Company is considered the primary beneficiary. At September 30, 2013, the total assets of these consolidated VIEs were $213.8 million and total liabilities were $27.6 million. The classifications of these assets are primarily within "real estate, net," "loans receivable and other lending investments, net" and "other investments" on the Company's Consolidated Balance Sheets. The classifications of liabilities are primarily within "debt obligations, net," and "accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company's total unfunded commitments related to consolidated VIEs was $44.7 million as of September 30, 2013. | |
Unconsolidated VIEs—As of September 30, 2013, 29 of the Company's investments were 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 September 30, 2013, the Company's maximum exposure to loss from these investments does not exceed the sum of the $163.7 million carrying value of the investments, which are classified in "other investments" on the Company's Consolidated Balance Sheets, and $8.1 million of related unfunded commitments. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
As of September 30, 2013, the Company's significant accounting policies, which are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, have not changed materially. | |
New Accounting Pronouncements | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This guidance is the culmination of the board's redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires companies to present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual reporting periods beginning after December 15, 2012. The Company adopted this ASU beginning with the reporting period ended March 31, 2013. The adoption did not have a material impact on the financial statements. |
Real_Estate
Real Estate | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||
Real Estate | ' | |||||||||||||||
Real Estate | ||||||||||||||||
The Company's real estate assets were comprised of the following ($ in thousands): | ||||||||||||||||
Net Lease | Operating | Land | Total | |||||||||||||
Properties | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Land and land improvements | $ | 335,598 | $ | 132,608 | $ | 815,302 | $ | 1,283,508 | ||||||||
Buildings and improvements | 1,295,419 | 645,240 | — | 1,940,659 | ||||||||||||
Less: accumulated depreciation and amortization | (335,301 | ) | (100,325 | ) | (3,106 | ) | (438,732 | ) | ||||||||
Real estate, net | $ | 1,295,716 | $ | 677,523 | $ | 812,196 | $ | 2,785,435 | ||||||||
Real estate available and held for sale | — | 262,332 | 147,748 | 410,080 | ||||||||||||
Total real estate | $ | 1,295,716 | $ | 939,855 | $ | 959,944 | $ | 3,195,515 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Land and land improvements | $ | 344,239 | $ | 132,028 | $ | 786,114 | $ | 1,262,381 | ||||||||
Buildings and improvements | 1,295,081 | 669,186 | — | 1,964,267 | ||||||||||||
Less: accumulated depreciation and amortization | (315,699 | ) | (109,634 | ) | (2,292 | ) | (427,625 | ) | ||||||||
Real estate, net | $ | 1,323,621 | $ | 691,580 | $ | 783,822 | $ | 2,799,023 | ||||||||
Real estate available and held for sale | — | 454,587 | 181,278 | 635,865 | ||||||||||||
Total real estate | $ | 1,323,621 | $ | 1,146,167 | $ | 965,100 | $ | 3,434,888 | ||||||||
Real estate available and held for sale—As of September 30, 2013 and December 31, 2012, the Company had $252.9 million and $374.1 million, respectively, of residential properties available for sale in its operating properties portfolio. | ||||||||||||||||
During the nine months ended September 30, 2013, the Company reclassified two land properties with a carrying value of $49.7 million from held for sale to held for investment due to changes in the Company's business plan for the properties. These assets are included in "Real estate, net" on the Company's Consolidated Balance Sheets. During the same period, the Company reclassified two land properties with a carrying value of $19.8 million and net lease assets with a carrying value of $18.5 million to held for sale due to executed contracts with third parties. The net lease assets were disposed of for a gain of $3.6 million during the nine months ended September 30, 2013. The results of operations for the net lease assets that were reclassified are included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations for all periods presented. The two land properties are included in "Real estate available and held for sale" on the Company's Consolidated Balance Sheets. | ||||||||||||||||
Acquisitions—During the nine months ended September 30, 2013, the Company acquired, via foreclosure, title to a residential operating property and a land property, each of which previously served as collateral on loans receivable. The fair value of the land property was $5.2 million. The Company contributed the residential operating property, which had a fair value of $25.5 million, to an entity, of which it owns 63%. Based on the control provisions in the partnership agreement, the Company consolidates the entity and reflects its partner's 37% share of equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value and reflects adjustments made to finalize the initial accounting of the purchase price allocation of the assets and noncontrolling interest. No gain or loss was recorded in conjunction with this transaction. | ||||||||||||||||
During the nine months ended September 30, 2012, the Company acquired title to properties previously serving as collateral on its loan receivables with a total fair value of $212.0 million at the time of foreclosure. These properties included $172.4 million of residential operating properties, $15.6 million of commercial operating properties and $24.0 million of land. | ||||||||||||||||
Dispositions—During the three months ended September 30, 2013 and 2012, the Company sold 107 and 131 condominium units, respectively, and recorded income from sales of residential properties totaling $14.1 million and $15.6 million, respectively. During the nine months ended September 30, 2013 and 2012, the Company sold 347 and 393 condominium units, respectively, and recorded income from sales of residential properties totaling $68.7 million and $35.6 million, respectively. | ||||||||||||||||
During the nine months ended September 30, 2013, the Company sold land for net proceeds of $21.4 million to an unconsolidated entity in which the Company also received a preferred partnership interest and a 47.5% equity interest. The Company recognized a gain of $3.4 million, reflecting the proportionate share of our sold interest, which was recorded as "Income from sales of residential property" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Additionally, during the nine months ended September 30, 2013, the Company sold four net lease assets with a carrying value of $15.7 million resulting in a net gain of $2.9 million. During the same period the Company sold five commercial operating properties with a carrying value of $70.5 million resulting in a net gain of $19.1 million. These gains were recorded as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. The Company also sold other land assets with a carrying value of $8.6 million for proceeds that approximated carrying value. | ||||||||||||||||
Additionally, during the nine months ended September 30, 2013, the Company transferred title of net lease assets with a carrying value of $8.7 million to its tenant for consideration that approximated our carrying value. | ||||||||||||||||
On April 30, 2012, the Company sold a portfolio of 12 net lease assets with a carrying value of $105.7 million and recorded a gain of $24.9 million resulting from the transaction, which is recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Additionally, during the nine months ended September 30, 2012, the Company sold two net lease assets with a carrying value of $9.8 million, resulting in a net gain of $2.4 million, which is recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. During 2012, the Company also sold six commercial operating properties with a carrying value of $13.1 million resulting in a net loss of $1.4 million which is included in "Income (loss) from discontinued operations," on the Company's Consolidated Statements of Operations, and a land asset with a carrying value of $64.5 million for proceeds that approximated carrying value. | ||||||||||||||||
Discontinued operations—The following table summarizes income (loss) from discontinued operations for the three and nine months ended September 30, 2013 and 2012 ($ in thousands): | ||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 1,483 | $ | 2,248 | $ | 4,955 | $ | 10,851 | ||||||||
Total expenses | (745 | ) | (1,974 | ) | $ | (2,779 | ) | (7,516 | ) | |||||||
Impairment of assets | (524 | ) | (4,808 | ) | (920 | ) | (21,429 | ) | ||||||||
Income (loss) from discontinued operations | $ | 214 | $ | (4,534 | ) | $ | 1,256 | $ | (18,094 | ) | ||||||
Impairments—During the three and nine months ended September 30, 2013, the Company recorded $6.8 million and $7.2 million of impairments on real estate assets, respectively. Of these amounts, $0.5 million and $0.9 million, respectively, have been recorded in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. During the three and nine months ended September 30, 2012, the Company recorded impairments on real estate assets totaling $5.0 million and $29.1 million, respectively. Of these amounts, $4.8 million and $21.4 million, respectively, have been reclassified to discontinued operations as the assets were sold or classified as held for sale as of September 30, 2013. | ||||||||||||||||
Intangible assets—As of September 30, 2013 and December 31, 2012 the Company had $58.7 million and $59.9 million, respectively, of finite lived intangible assets, net of accumulated amortization of $29.3 million and $49.3 million, respectively, primarily related to the acquisition of real estate assets. The total amortization expense for these intangible assets was $2.3 million and $8.3 million for the three and nine months ended September 30, 2013, respectively, and $2.7 million and $8.7 million for the three and nine months ended September 30, 2012, respectively. These amounts are included in “Depreciation and amortization” on the Company's Consolidated Statements of Operations. | ||||||||||||||||
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 $9.1 million and $24.8 million for the three and nine months ended September 30, 2013, respectively, and $6.5 million and $21.4 million for the three and nine months ended September 30, 2012, respectively. These amounts are included in “Operating lease income” on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Allowance for doubtful accounts—As of September 30, 2013 and December 31, 2012, the total allowance for doubtful accounts related to real estate tenant receivables, including deferred operating lease income receivable, was $5.7 million and $5.6 million, respectively. |
Loans_Receivable_and_Other_Len
Loans Receivable and Other Lending Investments, net | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Loans Receivable and Other Lending Investments, net | ' | |||||||||||||||||||||||||||||||
Loans Receivable and Other Lending Investments, net | ||||||||||||||||||||||||||||||||
The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
Type of Investment | September 30, | December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 1,127,987 | $ | 1,751,256 | ||||||||||||||||||||||||||||
Subordinate mortgages | 60,579 | 152,737 | ||||||||||||||||||||||||||||||
Corporate/Partnership loans | 427,276 | 450,491 | ||||||||||||||||||||||||||||||
Total gross carrying value of loans | $ | 1,615,842 | $ | 2,354,484 | ||||||||||||||||||||||||||||
Reserves for loan losses | (380,007 | ) | (524,499 | ) | ||||||||||||||||||||||||||||
Total loans receivable, net | $ | 1,235,835 | $ | 1,829,985 | ||||||||||||||||||||||||||||
Other lending investments—securities | 126,917 | — | ||||||||||||||||||||||||||||||
Total loans receivable and other lending investments, net(1) | $ | 1,362,752 | $ | 1,829,985 | ||||||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The Company's recorded investment in loans as of September 30, 2013 and December 31, 2012 includes accrued interest of $6.4 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company originated and funded $170.8 million of loans and other lending investments and received principal repayments of $536.2 million. During the same period, the Company sold loans with a total carrying value of $95.1 million, which resulted in net realized losses of $0.6 million. Gains and losses on sales of loans are reported in "Other income" on the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
Reserve for loan losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Reserve for loan losses at beginning of period | $ | 479,826 | $ | 563,786 | $ | 524,499 | $ | 646,624 | ||||||||||||||||||||||||
Provision for (recovery of) loan losses(1) | (9,834 | ) | 16,834 | 5,392 | 60,865 | |||||||||||||||||||||||||||
Charge-offs | (89,985 | ) | (37,122 | ) | (149,884 | ) | (163,991 | ) | ||||||||||||||||||||||||
Reserve for loan losses at end of period | $ | 380,007 | $ | 543,498 | $ | 380,007 | $ | 543,498 | ||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively. | |||||||||||||||||||||||||||||||
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
Individually | Collectively | Loans Acquired | Total | |||||||||||||||||||||||||||||
Evaluated for | Evaluated for | with Deteriorated | ||||||||||||||||||||||||||||||
Impairment(1) | Impairment(2) | Credit Quality(3) | ||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Loans | $ | 770,338 | $ | 841,887 | $ | 10,030 | $ | 1,622,255 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (352,207 | ) | (27,800 | ) | — | (380,007 | ) | |||||||||||||||||||||||||
Total | $ | 418,131 | $ | 814,087 | $ | 10,030 | $ | 1,242,248 | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Loans | $ | 1,095,957 | $ | 1,210,077 | $ | 58,281 | $ | 2,364,315 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (472,058 | ) | (33,100 | ) | (19,341 | ) | (524,499 | ) | ||||||||||||||||||||||||
Total | $ | 623,899 | $ | 1,176,977 | $ | 38,940 | $ | 1,839,816 | ||||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.1 million and a net discount of $4.0 million as of September 30, 2013 and December 31, 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. | |||||||||||||||||||||||||||||||
-2 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||
-3 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of September 30, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $10.4 million and $58.8 million, as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||
Credit characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings are based on judgments which are inherently uncertain and there can be no assurance that actual performance will not be different than current expectation. | ||||||||||||||||||||||||||||||||
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Performing | Weighted | Performing | Weighted | |||||||||||||||||||||||||||||
Loans | Average | Loans | Average | |||||||||||||||||||||||||||||
Risk Ratings | Risk Ratings | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 612,563 | 2.66 | $ | 840,593 | 2.75 | ||||||||||||||||||||||||||
Subordinate mortgages | 61,256 | 3.09 | 99,698 | 2.27 | ||||||||||||||||||||||||||||
Corporate/Partnership loans | 382,201 | 3.97 | 444,772 | 3.69 | ||||||||||||||||||||||||||||
Total | $ | 1,056,020 | 3.16 | $ | 1,385,063 | 3.01 | ||||||||||||||||||||||||||
As of September 30, 2013, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
Current | Less Than | Greater | Total | Total | ||||||||||||||||||||||||||||
and Equal | Than | Past Due | ||||||||||||||||||||||||||||||
to 90 Days | 90 Days | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 646,783 | $ | — | $ | 484,083 | $ | 484,083 | $ | 1,130,866 | ||||||||||||||||||||||
Subordinate mortgages | 61,256 | — | — | — | 61,256 | |||||||||||||||||||||||||||
Corporate/Partnership loans | 420,034 | — | 10,099 | 10,099 | 430,133 | |||||||||||||||||||||||||||
Total | $ | 1,128,073 | $ | — | $ | 494,182 | $ | 494,182 | $ | 1,622,255 | ||||||||||||||||||||||
Impaired loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1): | ||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 12,833 | $ | 12,812 | $ | — | $ | 108,077 | $ | 107,850 | $ | — | ||||||||||||||||||||
Corporate/Partnership loans | 10,099 | 10,160 | — | 10,110 | 10,160 | — | ||||||||||||||||||||||||||
Subtotal | $ | 22,932 | $ | 22,972 | $ | — | $ | 118,187 | $ | 118,010 | $ | — | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 645,162 | $ | 640,996 | $ | (305,314 | ) | $ | 918,975 | $ | 918,496 | $ | (442,760 | ) | ||||||||||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||||||||||
Corporate/Partnership loans | 102,244 | 102,268 | (46,893 | ) | 63,096 | 63,246 | (9,060 | ) | ||||||||||||||||||||||||
Subtotal | $ | 747,406 | $ | 743,264 | $ | (352,207 | ) | $ | 1,036,050 | $ | 1,035,421 | $ | (491,399 | ) | ||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 657,995 | $ | 653,808 | $ | (305,314 | ) | $ | 1,027,052 | $ | 1,026,346 | $ | (442,760 | ) | ||||||||||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||||||||||
Corporate/Partnership loans | 112,343 | 112,428 | (46,893 | ) | 73,206 | 73,406 | (9,060 | ) | ||||||||||||||||||||||||
Total | $ | 770,338 | $ | 766,236 | $ | (352,207 | ) | $ | 1,154,237 | $ | 1,153,431 | $ | (491,399 | ) | ||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of September 30, 2013 and December 31, 2012, certain loans modified through troubled debt restructurings with a recorded investment of $204.1 million and $175.0 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. | |||||||||||||||||||||||||||||||
The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 13,622 | $ | 166 | $ | 138,391 | $ | 457 | $ | 38,508 | $ | 9,223 | $ | 175,596 | $ | 2,663 | ||||||||||||||||
Corporate/Partnership loans | 10,044 | 349 | 10,110 | — | 10,077 | 789 | 10,110 | — | ||||||||||||||||||||||||
Subtotal | $ | 23,666 | $ | 515 | $ | 148,501 | $ | 457 | $ | 48,585 | $ | 10,012 | $ | 185,706 | $ | 2,663 | ||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 749,367 | $ | 444 | $ | 1,053,534 | $ | 774 | $ | 830,225 | $ | 1,399 | $ | 1,100,313 | $ | 3,208 | ||||||||||||||||
Subordinate mortgages | 27,068 | — | 53,185 | — | 40,478 | — | 51,765 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 82,290 | 83 | 61,112 | 75 | 72,308 | 240 | 62,036 | 231 | ||||||||||||||||||||||||
Subtotal | $ | 858,725 | $ | 527 | $ | 1,167,831 | $ | 849 | $ | 943,011 | $ | 1,639 | $ | 1,214,114 | $ | 3,439 | ||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 762,989 | $ | 610 | $ | 1,191,925 | $ | 1,231 | $ | 868,733 | $ | 10,622 | $ | 1,275,909 | $ | 5,871 | ||||||||||||||||
Subordinate mortgages | 27,068 | — | 53,185 | — | 40,478 | — | 51,765 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 92,334 | 432 | 71,222 | 75 | 82,385 | 1,029 | 72,146 | 231 | ||||||||||||||||||||||||
Total | $ | 882,391 | $ | 1,042 | $ | 1,316,332 | $ | 1,306 | $ | 991,596 | $ | 11,651 | $ | 1,399,820 | $ | 6,102 | ||||||||||||||||
During the nine months ended September 30, 2013, the Company recorded interest income of $8.0 million related to the resolution of a certain non-performing loan. Interest income was not previously recorded while the loan was on non-accrual status. | ||||||||||||||||||||||||||||||||
Troubled debt restructurings—During the three and nine months ended September 30, 2013 and 2012, the Company modified loans that were determined to be troubled debt restructurings. The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | 2 | $ | 9,020 | $ | 9,020 | 2 | $ | 54,192 | $ | 54,192 | ||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | 5 | $ | 153,452 | $ | 145,778 | 7 | $ | 318,227 | $ | 272,753 | ||||||||||||||||||||||
During the three months ended September 30, 2013, the Company restructured one performing loan with a recorded investment of $1.4 million to grant a maturity extension of one year. The Company also extended a payoff option on a loan with a recorded investment of $7.6 million that was classified as non-performing. | ||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company restructured five loans that were considered troubled debt restructurings. In addition to the loans modified during the current quarter that are described above, the Company restructured one non-performing loan with a recorded investment of $72.7 million. The Company received a $13.3 million paydown and accepted a discounted payoff option, with final payment expected to be made in January 2014 and the loan was reclassified from non-performing to performing status as the Company believes the borrower can perform under the modified terms of the agreement. The Company restructured one performing loan with a recorded investment of $3.2 million to grant a maturity extension of one year. The Company also extended a payoff option on a loan with a recorded investment of $68.6 million that was classified as non-performing. | ||||||||||||||||||||||||||||||||
During the three months ended September 30, 2012, the Company restructured two loans that were considered troubled debt restructurings. The Company extended the terms of a performing loan with a recorded investment of $46.3 million by three months and a non-performing loan with a recorded investment of $7.9 million by one year. | ||||||||||||||||||||||||||||||||
Troubled debt restructurings that occurred during the nine months ended September 30, 2012 included the modifications of performing loans with a combined recorded investment of $62.6 million. The modified terms of these loans granted maturity extensions ranging from three months to one year and included conditional extension options in certain cases dependent on borrower-specific performance hurdles. In each case, the Company believed the borrowers would be able to perform under the modified terms of the loans and continued to classify these loans as performing. | ||||||||||||||||||||||||||||||||
Non-performing loans with a combined recorded investment of $255.6 million were also modified during the nine months ended September 30, 2012 and continued to be classified as non-performing subsequent to modification. Included in this balance was a loan with a recorded investment of $181.5 million prior to modification, for which the Company agreed to reduce the outstanding principal balance and recorded charge-offs totaling $45.5 million, and also reduced the loan's interest rate. The remaining non-performing loans were granted maturity extensions ranging from one month to seven months and the interest rate was reduced on one loan. | ||||||||||||||||||||||||||||||||
Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of September 30, 2013, the Company had $18.6 million of unfunded commitments associated with modified loans considered troubled debt restructurings. | ||||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Number | Outstanding | Number | Outstanding | Number | Outstanding | Number | Outstanding | |||||||||||||||||||||||||
of Loans | Recorded | of Loans | Recorded | of Loans | Recorded | of Loans | Recorded | |||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | — | $ | — | — | $ | — | 1 | $ | 26,693 | 1 | $ | 24,604 | ||||||||||||||||||||
Securities—During the nine months ended September 30, 2013, the Company originated a mandatorily redeemable preferred equity investment, which has a term of three years with two 12-month extensions. At September 30, 2013, the Company's investment was $125.9 million and the unfunded commitment was $20.1 million. The investment is classified as a held-to-maturity debt security as the Company has the ability and intent to hold the investment until maturity. As of September 30, 2013, the estimated fair value approximated the net carrying amount. |
Other_Investments
Other Investments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||||||||||
Other Investments | ' | |||||||||||||||||||||||
Other Investments | ||||||||||||||||||||||||
The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands): | ||||||||||||||||||||||||
Carrying Value as of | Equity in Earnings | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | For the Three Months | For the Nine Months | |||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
LNR | $ | — | $ | 205,773 | $ | — | $ | 15,206 | $ | 16,465 | $ | 36,017 | ||||||||||||
Madison Funds | 63,784 | 56,547 | 3,674 | 3,206 | 10,798 | 11,937 | ||||||||||||||||||
Oak Hill Funds | 23,831 | 29,840 | 1,207 | 2,049 | 3,272 | 5,932 | ||||||||||||||||||
Real estate equity investments | 45,927 | 47,619 | (966 | ) | 2,219 | 1,755 | 17,709 | |||||||||||||||||
Other equity method investments | 46,335 | 47,939 | 430 | 39 | 2,056 | 4,330 | ||||||||||||||||||
Total equity method investments | $ | 179,877 | $ | 387,718 | $ | 4,345 | $ | 22,719 | $ | 34,346 | $ | 75,925 | ||||||||||||
Other | 7,633 | 11,125 | ||||||||||||||||||||||
Total other investments | $ | 187,510 | $ | 398,843 | ||||||||||||||||||||
Equity Method Investments | ||||||||||||||||||||||||
LNR—In July 2010, the Company acquired an ownership interest of approximately 24% in LNR Property Corporation ("LNR"). LNR is a servicer and special servicer of commercial mortgage loans and CMBS and a diversified real estate investment, finance and management company. In the transaction, the Company and a group of investors, including other creditors of LNR, acquired 100% of the common stock of LNR in exchange for cash and the extinguishment of existing senior notes of LNR's parent holding company (the "Holdco Notes"). The Company contributed $100.0 million aggregate principal amount of Holdco Notes and $100.0 million in cash in exchange for an equity interest of $120.0 million. | ||||||||||||||||||||||||
Beginning in September 2012, the Company and other owners of LNR entered into negotiations with potential purchasers of LNR. After an extensive due diligence and negotiation process, the LNR owners entered into a definitive contract to sell LNR in January 2013 at a fixed sale price which, from the Company's perspective, reflected in part the Company's then-current expectations about the future results of LNR and potential volatility in its business. The definitive sale contract provided that LNR would not make cash distributions to its owners during the fourth quarter of 2012 through the closing of the sale. Notwithstanding the fixed terms of the contract, our investment balance in LNR increased due to equity in earnings recorded which resulted in our recognition of other than temporary impairment on our investment during the nine months ended September 30, 2013. In April 2013, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds. Approximately $25.2 million of net proceeds were placed in escrow for potential indemnification obligations through April 2014. The Company is not currently aware that any material indemnification claims are probable of occurring. | ||||||||||||||||||||||||
The following tables represent the latest available investee level summarized financial information for LNR ($ in thousands)(1): | ||||||||||||||||||||||||
For the Period from April 1, 2013 to | For the Three Months | For the Period from October 1, 2012 to April 19, 2013 | For the Nine Months | |||||||||||||||||||||
19-Apr-13 | Ended June 30, 2012 | Ended June 30, 2012 | ||||||||||||||||||||||
Income Statements | ||||||||||||||||||||||||
Total revenue(2) | $ | 32,794 | $ | 86,038 | $ | 179,373 | $ | 234,734 | ||||||||||||||||
Income tax expense | $ | 736 | $ | 1,293 | $ | 2,137 | $ | 4,935 | ||||||||||||||||
Net income (loss) attributable to LNR | $ | (51,983 | ) | $ | 63,420 | $ | 179,719 | $ | 150,219 | |||||||||||||||
iStar's ownership percentage | 24 | % | 24 | % | 24 | % | 24 | % | ||||||||||||||||
Equity in earnings from LNR(3) | $ | — | $ | 15,206 | $ | 55,553 | $ | 36,017 | ||||||||||||||||
As of June 30, | As of September 30, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||||||
Total assets(2) | $ | — | $ | 98,513,452 | ||||||||||||||||||||
Total debt(2) | $ | — | $ | 97,521,520 | ||||||||||||||||||||
Total liabilities(2) | $ | — | $ | 97,639,696 | ||||||||||||||||||||
Noncontrolling interests | $ | — | $ | 8,067 | ||||||||||||||||||||
LNR Property LLC equity | $ | — | $ | 865,689 | ||||||||||||||||||||
iStar's ownership percentage | 0 | % | 24 | % | ||||||||||||||||||||
iStar's equity in LNR(4) | $ | — | $ | 205,773 | ||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the three and nine months ended September 30, 2013 and 2012 are based on balances and results from LNR for the period from April 1, 2013 to April 19, 2013 and for the period from October 1, 2012 to April 19, 2013, respectively. | |||||||||||||||||||||||
-2 | LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.5 billion were the sole source of repayment of the related liabilities, which aggregated $97.2 billion and are non-recourse to LNR and its equity holders, including the Company. Excluding the amounts related to VIEs, as of September 30, 2012, total assets were $1.38 billion, total debt was $398.9 million and total liabilities were $517.1 million. In addition, total revenue presented above includes $5.1 million and $27.5 million for the period from April 1, 2013 to April 19, 2013 and three months ended June 30, 2012, respectively, and $55.5 million and $72.6 million for the period from October 1, 2012 to April 19, 2013 and nine months ended June 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. | |||||||||||||||||||||||
-3 | The loss for the period from April 1, 2013 to April 19, 2013 had already been considered in the Company's other than temporary impairment assessment during the first and second quarters of 2013. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $55.6 million for the nine months ended September 30, 2013. | |||||||||||||||||||||||
-4 | Represents the Company's investment in LNR at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||
The following table reconciles the activity related to the Company's investment in LNR for each of the three months ended March 31, 2013, June 30, 2013 and September 30, 2013 and for the nine months ended September 30, 2013 ($ in thousands): | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | For the Three Months Ended June 30, 2013 | For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Carrying value of LNR at beginning of period | $ | 205,773 | $ | 220,281 | $ | — | $ | 205,773 | ||||||||||||||||
Equity in earnings of LNR for the period | $ | 45,375 | $ | 10,178 | $ | — | $ | 55,553 | (a) | |||||||||||||||
Balance before other than temporary impairment | $ | 251,148 | $ | 230,459 | $ | — | $ | 261,326 | ||||||||||||||||
Other than temporary impairment | $ | (30,867 | ) | $ | (10,178 | ) | $ | — | $ | (41,045 | ) | (b) | ||||||||||||
Sales proceeds pursuant to contract | $ | — | $ | (220,281 | ) | $ | — | $ | (220,281 | ) | ||||||||||||||
Carrying value of LNR at end of period | $ | 220,281 | $ | — | $ | — | $ | — | ||||||||||||||||
For the nine months ended September 30, 2013, the amount that was recognized as income in the Company's Consolidated Statements of Operations is the sum of items (a), (b) and $1.7 million of income recognized for the release of other comprehensive income related to LNR upon sale, or $16.5 million. | ||||||||||||||||||||||||
Madison funds—As of September 30, 2013, the Company owned a 29.52% interest in Madison International Real Estate Fund II, LP, a 32.92% interest in Madison International Real Estate Fund III, LP and a 29.52% interest in Madison GP1 Investors, LP (collectively, the "Madison Funds"). The Madison Funds invest in ownership positions of entities that own real estate assets. The Company determined that these entities are variable interest entities and that the Company is not the primary beneficiary. | ||||||||||||||||||||||||
Oak Hill funds—As of September 30, 2013, the Company owned a 5.92% interest in OHA Strategic Credit Master Fund, L.P. ("OHASCF"). OHASCF was formed to acquire and manage a diverse portfolio of assets, investing in distressed, stressed and undervalued loans, bonds, equities and other investments. The Company determined that this entity is a variable interest entity and that the Company is not the primary beneficiary. | ||||||||||||||||||||||||
Real estate equity investments—During the nine months ended September 30, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company has a preferred partnership interest and a 47.5% equity interest. As of September 30, 2013, the Company has a recorded equity interest of $12.2 million, which represents the Company's proportionate share of the assets retained on a carryover basis of $10.6 million and subsequent contributions of $1.6 million. | ||||||||||||||||||||||||
In addition, as of September 30, 2013, the Company's real estate equity investments included equity interests in real estate ventures ranging from 31% to 70%, comprised of investments of $16.4 million in net lease assets, $16.7 million in operating properties and $0.6 million in land assets. As of December 31, 2012, the Company's real estate equity investments included $16.4 million in net lease assets, $25.7 million in operating properties and $5.5 million in land assets. One of the Company's equity investments in operating properties represents a 33% interest in residential property units. The Company's earnings from its interest in this property includes income from sales of residential units of $0.5 million and $4.0 million for the three months ended September 30, 2013 and 2012, respectively, and $4.5 million and $22.2 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Other equity method investments—The Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method. |
Other_Assets_and_Other_Liabili
Other Assets and Other Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets and Other Liabilities [Abstract] | ' | |||||||
Other Assets and Other Liabilities | ' | |||||||
Other Assets and Other Liabilities | ||||||||
Deferred expenses and other assets, net, consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Deferred financing fees, net(1) | $ | 31,435 | $ | 26,629 | ||||
Other receivables | 27,784 | 11,517 | ||||||
Leasing costs, net(2) | 21,292 | 20,205 | ||||||
Derivative asset | 10,091 | — | ||||||
Prepaid expenses | 9,918 | 5,218 | ||||||
Corporate furniture, fixtures and equipment, net(3) | 6,776 | 7,537 | ||||||
Other assets | 32,278 | 22,884 | ||||||
Deferred expenses and other assets, net | $ | 139,574 | $ | 93,990 | ||||
Explanatory Notes: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Accumulated amortization on deferred financing fees was $7.4 million and $4.1 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||
-2 | Accumulated amortization on leasing costs was $6.3 million and $6.6 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||
-3 | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.0 million and $6.2 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Accrued expenses | $ | 41,378 | $ | 50,467 | ||||
Accrued interest payable | 32,966 | 29,521 | ||||||
Property taxes payable | 12,048 | 8,206 | ||||||
Unearned operating lease income | 9,138 | 11,294 | ||||||
Derivative liabilities | 8,164 | 3,435 | ||||||
Security deposits and other investment deposits(1) | 7,644 | 13,717 | ||||||
Other liabilities | 11,404 | 15,820 | ||||||
Accounts payable, accrued expenses and other liabilities | $ | 122,742 | $ | 132,460 | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | During the nine months ended September 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed. | |||||||
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | ||||||||
As of | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
Deferred tax assets(1) | $ | 46,978 | $ | 40,800 | ||||
Valuation allowance | (46,978 | ) | (40,800 | ) | ||||
Net deferred tax assets (liabilities) | $ | — | $ | — | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Deferred tax assets as of September 30, 2013 include real estate basis differences of $30.9 million, net operating loss carryforwards of $8.6 million and investment basis differences of $7.5 million. Deferred tax assets as of December 31, 2012 include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million. |
Debt_Obligations_net
Debt Obligations, net | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt Obligations, net | ' | |||||||||||||||
Debt Obligations, net | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands): | ||||||||||||||||
Carrying Value as of | ||||||||||||||||
September 30, | December 31, | Stated | Scheduled | |||||||||||||
2013 | 2012 | Interest Rates | Maturity Date | |||||||||||||
Secured credit facilities and term loans: | ||||||||||||||||
2012 Tranche A-1 Facility | $ | — | $ | 169,164 | LIBOR + 4.00% | (1 | ) | — | ||||||||
2012 Tranche A-2 Facility | 439,882 | 470,000 | LIBOR + 5.75% | (1 | ) | Mar-17 | ||||||||||
October 2012 Secured Credit Facility | — | 1,754,466 | LIBOR + 4.50% | (2 | ) | — | ||||||||||
February 2013 Secured Credit Facility | 1,476,071 | — | LIBOR + 3.50% | (3 | ) | Oct-17 | ||||||||||
Term loans collateralized by net lease assets | 273,861 | 264,432 | 4.851% - 7.26% | (4 | ) | Various through 2026 | ||||||||||
Total secured credit facilities and term loans | $ | 2,189,814 | $ | 2,658,062 | ||||||||||||
Unsecured notes: | ||||||||||||||||
8.625% senior notes | $ | — | $ | 96,801 | 8.625 | % | — | |||||||||
5.95% senior notes | — | 448,453 | 5.95 | % | — | |||||||||||
5.70% senior notes | 200,601 | 200,601 | 5.7 | % | Mar-14 | |||||||||||
6.05% senior notes | 105,765 | 105,765 | 6.05 | % | Apr-15 | |||||||||||
5.875% senior notes | 261,403 | 261,403 | 5.875 | % | Mar-16 | |||||||||||
3.875% senior notes | 265,000 | — | 3.875 | % | Jul-16 | |||||||||||
3.0% senior convertible notes(5) | 200,000 | 200,000 | 3 | % | Nov-16 | |||||||||||
5.85% senior notes | 99,722 | 99,722 | 5.85 | % | Mar-17 | |||||||||||
9.0% senior notes | 275,000 | 275,000 | 9 | % | Jun-17 | |||||||||||
7.125% senior notes | 300,000 | 300,000 | 7.125 | % | Feb-18 | |||||||||||
4.875% senior notes | 300,000 | — | 4.875 | % | Jul-18 | |||||||||||
Total unsecured notes | $ | 2,007,491 | $ | 1,987,745 | ||||||||||||
Other debt obligations: | ||||||||||||||||
Other debt obligations | $ | 100,000 | $ | 100,000 | LIBOR + 1.5% | Oct-35 | ||||||||||
Total debt obligations | $ | 4,297,305 | $ | 4,745,807 | ||||||||||||
Debt discounts, net | (44,140 | ) | (54,313 | ) | ||||||||||||
Total debt obligations, net | $ | 4,253,165 | $ | 4,691,494 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | These loans each have a LIBOR floor of 1.25%. As of September 30, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||
-2 | This loan had a LIBOR floor of 1.25%. | |||||||||||||||
-3 | This loan has a LIBOR floor of 1.00%. As of September 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%. | |||||||||||||||
-4 | Includes a loan with a floating rate of LIBOR plus 2.00%. | |||||||||||||||
-5 | The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
Future scheduled maturities—As of September 30, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): | ||||||||||||||||
Unsecured Debt | Secured Debt | Total | ||||||||||||||
2013 (remaining three months) | $ | — | $ | — | $ | — | ||||||||||
2014 | 200,601 | 14,826 | 215,427 | |||||||||||||
2015 | 105,765 | — | 105,765 | |||||||||||||
2016 | 726,403 | — | 726,403 | |||||||||||||
2017 | 374,722 | 1,915,953 | 2,290,675 | |||||||||||||
Thereafter | 700,000 | 259,035 | 959,035 | |||||||||||||
Total principal maturities | $ | 2,107,491 | $ | 2,189,814 | $ | 4,297,305 | ||||||||||
Unamortized debt discounts, net | (13,233 | ) | (30,907 | ) | (44,140 | ) | ||||||||||
Total long-term debt obligations, net | $ | 2,094,258 | $ | 2,158,907 | $ | 4,253,165 | ||||||||||
February 2013 Secured Credit Facility—On February 11, 2013, the Company entered into a $1.71 billion senior secured credit facility due October 15, 2017 (the “February 2013 Secured Credit Facility”) that amended and restated its $1.82 billion senior secured credit facility, dated October 15, 2012 (the “October 2012 Secured Credit Facility”). The February 2013 Credit Facility amended the October 2012 Secured Credit Facility by: (i) reducing the interest rate from LIBOR plus 4.50%, with a 1.25% LIBOR floor, to LIBOR plus 3.50%, with a 1.00% LIBOR floor; and (ii) extending the call protection period for the lenders from October 15, 2013 to December 31, 2013. | ||||||||||||||||
Borrowings under the February 2013 Secured Credit Facility are collateralized by a first lien on a fixed pool of assets, with required minimum collateral coverage of not less than 125% of outstanding borrowings. If collateral coverage is less than 137.5% of outstanding borrowings, 100% of the proceeds from principal repayments and sales of collateral will be applied to repay outstanding borrowings under the February 2013 Secured Credit Facility. For so long as collateral coverage is between 137.5% and 150% of outstanding borrowings, 50% of proceeds from principal repayments and sales of collateral will be applied to repay outstanding borrowings under the February 2013 Secured Credit Facility and for so long as collateral coverage is greater than 150% of outstanding borrowings, the Company may retain all proceeds from principal repayments and sales of collateral. The Company retains proceeds from interest, rent, lease payments and fee income in all cases. | ||||||||||||||||
In connection with the February 2013 Secured Credit Facility transaction, the Company incurred $17.1 million of lender fees, of which $14.4 million was capitalized in "Debt Obligations, net" on the Company's Consolidated Balance Sheets and $2.7 million was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations as it related to the lenders who did not participate in the new facility. The Company also incurred $3.8 million in third party fees, of which $3.6 million was recognized in “Other expense” on the Company's Consolidated Statements of Operations, as it related primarily to those lenders from the original facility that modified their debt under the new facility, and $0.2 million was recorded in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets, as it related to the new lenders. | ||||||||||||||||
The February 2013 Secured Credit Facility contains certain covenants relating to the collateral, among other matters, but does not contain corporate level financial covenants. For so long as the Company maintains its qualification as a REIT, it is permitted to distribute 100% of its REIT taxable income on an annual basis. In addition, the Company may distribute to its stockholders real estate assets, or interests therein, having an aggregate equity value not to exceed $200 million, that are not collateral securing the borrowings under the February 2013 Secured Credit Facility. Except for the distribution of real estate assets described in the preceding sentence, the Company may not pay common dividends if it ceases to qualify as a REIT. | ||||||||||||||||
Through September 30, 2013, the Company has made cumulative amortization repayments of $230.9 million on the February 2013 Secured Credit Facility. Repayments of the February 2013 Secured Credit Facility prior to the scheduled maturity date have resulted in losses on early extinguishment of debt of $2.6 million and $5.1 million for three and nine months ended September 30, 2013, respectively, related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. | ||||||||||||||||
October 2012 Secured Credit Facility—On October 15, 2012, the Company entered into the October 2012 Secured Credit Facility. Proceeds from the October 2012 Secured Credit Facility were used to refinance the remaining outstanding balances of the Company’s then existing 2011 Secured Credit Facilities. | ||||||||||||||||
The October 2012 Secured Credit Facility was refinanced by the February 2013 Secured Credit Facility. Prior to refinancing, the Company made cumulative amortization repayments of $113.0 million on the October 2012 Secured Credit Facility, which resulted in losses on early extinguishment of debt of $0.8 million during the three months ended March 31, 2013 related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. | ||||||||||||||||
At the time of the refinancing, the Company had $30.5 million of unamortized discounts and financing fees related to the October 2012 Secured Credit Facility. In connection with the refinancing, the Company recorded a loss on early extinguishment of debt of $4.9 million, related primarily to the portion of lenders in the original facility that did not participate in the new facility. The remaining $25.6 million of unamortized fees and discounts will continue to be amortized to interest expense over the remaining term of the February 2013 Secured Credit Facility. | ||||||||||||||||
March 2012 Secured Credit Facilities—In March 2012, the Company entered into an $880.0 million senior secured credit agreement providing for two tranches of term loans: a $410.0 million 2012 A-1 tranche due March 2016, which bears interest at a rate of LIBOR + 4.00% (the "2012 Tranche A-1 Facility"), and a $470.0 million 2012 A-2 tranche due March 2017, which bears interest at a rate of LIBOR + 5.75% (the "2012 Tranche A-2 Facility," together the "March 2012 Secured Credit Facilities"). The 2012 A-1 and A-2 tranches were issued at 98.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25%. Proceeds from the March 2012 Secured Credit Facilities were used to repurchase and repay at maturity $606.7 million aggregate principal amount of the Company's convertible notes due October 2012, to fully repay the $244.0 million balance on the Company's unsecured credit facility due June 2012, and to repay, upon maturity, $90.3 million outstanding principal balance of its 5.50% senior unsecured notes. | ||||||||||||||||
The March 2012 Secured Credit Facilities are collateralized by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the March 2012 Secured Credit Facilities. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The 2012 Tranche A-1 Facility requires amortization payments of $41.0 million to be made every six months beginning December 31, 2012. After the 2012 Tranche A-1 Facility is repaid, proceeds from principal repayments and sales of collateral will be used to amortize the 2012 Tranche A-2 Facility. The Company may make optional prepayments on each tranche of term loans, subject to prepayment fees. | ||||||||||||||||
During the quarter ended September 30, 2013, the Company repaid the remaining outstanding balance of the 2012 Tranche A-1 Facility. Repayments of the 2012 Tranche A-1 Facility prior to scheduled amortization dates have resulted in losses on early extinguishment of debt of $0.2 million and $4.4 million for the three and nine months ended September 30, 2013, respectively, related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. | ||||||||||||||||
Through September 30, 2013, the Company made cumulative repayments of $30.1 million on the 2012 Tranche A-2 Facility. Repayments of the 2012 Tranche A-2 Facility prior to maturity have resulted in losses on early extinguishment of debt of $0.8 million and $0.8 million for the three and nine months ended September 30, 2013, respectively, related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. | ||||||||||||||||
Unsecured notes—In May 2013, the Company issued $265.0 million aggregate principal of 3.875% senior unsecured notes due July 2016 and issued $300.0 million aggregate principal of 4.875% senior unsecured notes due July 2018. Net proceeds from these transactions, together with cash on hand, were used to fully repay the remaining $96.8 million of outstanding 8.625% senior unsecured notes due June 2013 and the remaining $448.5 million of outstanding 5.95% senior unsecured notes due in October 2013. In connection with the repayment of the 5.95% senior unsecured notes, the Company incurred $9.5 million of losses related to a prepayment penalty and the acceleration of amortization of discounts, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the nine months ended September 30, 2013. | ||||||||||||||||
Unencumbered/encumbered assets—As of September 30, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): | ||||||||||||||||
As of | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Encumbered Assets | Unencumbered Assets | Encumbered Assets | Unencumbered Assets | |||||||||||||
Real estate, net | $ | 1,683,823 | $ | 1,101,612 | $ | 1,794,198 | $ | 1,004,825 | ||||||||
Real estate available and held for sale | 195,692 | 214,388 | 141,673 | 494,192 | ||||||||||||
Loans receivable, net(1) | 919,398 | 471,154 | 1,197,373 | 665,712 | ||||||||||||
Other investments | 26,929 | 160,581 | 43,545 | 355,298 | ||||||||||||
Cash and other assets | — | 1,027,563 | — | 487,073 | ||||||||||||
Total | $ | 2,825,842 | $ | 2,975,298 | $ | 3,176,789 | $ | 3,007,100 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | As of September 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $27.8 million and $33.1 million, respectively. | |||||||||||||||
Debt Covenants | ||||||||||||||||
The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a restriction on debt incurrence based upon the effect of the debt incurrence on the Company's fixed charge coverage ratio. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. While the Company expects that its ability to incur new indebtedness under the fixed charge coverage ratio will be limited for the foreseeable future, it will continue to be permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures. | ||||||||||||||||
The Company's March 2012 Secured Credit Facilities and February 2013 Secured Credit Facility are collectively defined as the "Secured Credit Facilities." The Company's Secured Credit Facilities contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the Company is required to maintain collateral coverage of 1.25x outstanding borrowings. In addition, for so long as the Company maintains its qualification as a REIT, the Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis and the February 2013 Secured Credit Facility permits the Company to distribute to its shareholders real estate assets, or interests therein, having an aggregate equity value not to exceed $200 million, so long as such assets are not collateral for the February 2013 Secured Credit Facility. The Company may not pay common dividends if it ceases to qualify as a REIT (except that the February 2013 Secured Credit Facility permits the Company to distribute certain real estate assets as described in the preceding sentence). | ||||||||||||||||
The Company's Secured Credit Facilities contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
Commitments and Contingencies | ||||||||||||||||
Unfunded commitments—As of September 30, 2013, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that the Company approves all Discretionary Fundings and that 100% of the Company's capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): | ||||||||||||||||
Loans and Other Lending Investments | Real Estate | Strategic | Total | |||||||||||||
Investments | ||||||||||||||||
Performance-Based Commitments | $ | 38,745 | $ | 46,356 | $ | — | $ | 85,101 | ||||||||
Discretionary Fundings | — | — | — | — | ||||||||||||
Strategic Investments | — | — | 46,927 | 46,927 | ||||||||||||
Total | $ | 38,745 | $ | 46,356 | $ | 46,927 | $ | 132,028 | ||||||||
Legal proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. | ||||||||||||||||
The Company evaluates, on a quarterly basis, developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's Consolidated Financial Statements. |
Risk_Management_and_Derivative
Risk Management and Derivatives | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Risk Management and Derivatives | ' | |||||||||||||||||||||||
Risk Management and Derivatives | ||||||||||||||||||||||||
The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate hedges and foreign exchange hedges. The principal objective of such hedges is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements. | ||||||||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 ($ in thousands): | ||||||||||||||||||||||||
Derivative Assets as of | Derivative Liabilities as of | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Derivative | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||
Location | Value | Location | Value | Location | Value | Location | Value | |||||||||||||||||
Foreign exchange contracts | Other Assets | $ | 690 | N/A | $ | — | Other Liabilities | $ | 8,164 | Other Liabilities | $ | 2,855 | ||||||||||||
Cash flow interest rate swap | Other Assets | 368 | N/A | — | N/A | — | Other Liabilities | 580 | ||||||||||||||||
Cash flow interest rate cap | Other Assets | 9,033 | N/A | — | N/A | — | N/A | — | ||||||||||||||||
Total | $ | 10,091 | $ | — | $ | 8,164 | $ | 3,435 | ||||||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2013 and 2012 ($ in thousands): | ||||||||||||||||||||||||
Derivatives Designated in Hedging Relationships | Location of Gain (Loss) | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | Amount of Gain (Loss) Recognized in Earnings (Ineffective Portion) | ||||||||||||||||||||
Recognized in Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Cash flow interest rate cap | Interest Expense | $ | (1,590 | ) | $ | — | N/A | |||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | (204 | ) | $ | 80 | N/A | |||||||||||||||||
Foreign exchange contracts | Other Expense | $ | 347 | $ | — | N/A | ||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | — | $ | (26 | ) | N/A | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Cash flow interest rate cap | Interest Expense | $ | (1,590 | ) | $ | — | N/A | |||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | 678 | $ | 231 | N/A | ||||||||||||||||||
Foreign exchange contracts | Other Expense | $ | 691 | $ | — | N/A | ||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | (124 | ) | $ | (265 | ) | N/A | ||||||||||||||||
Foreign exchange contracts—The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses currency forward agreements to hedge its exposure to changes in foreign exchange rates on its foreign investments. Currency forward agreements involve fixing the USD to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their settlement date. | ||||||||||||||||||||||||
For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. In June 2013, the Company entered into a foreign exchange contract to hedge its exposure in a subsidiary whose functional currency is INR. As of September 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated: | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells INR/Buys USD Forward | ₨ | 456,000 | $ | 7,291 | Jan-14 | |||||||||||||||||||
For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Consolidated Statements of Operations within other expense. As of September 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated: | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells EUR/Buys USD Forward | € | 84,400 | $ | 114,155 | Oct-13 | |||||||||||||||||||
Sells GBP/Buys USD Forward | £ | 27,500 | $ | 44,512 | Oct-13 | |||||||||||||||||||
Sells CAD/Buys USD Forward | C$ | 43,100 | $ | 41,832 | Oct-13 | |||||||||||||||||||
Amount of Gain or (Loss) | ||||||||||||||||||||||||
Recognized in Income | ||||||||||||||||||||||||
Location of Gain or | For the Three Months | For the Nine Months | ||||||||||||||||||||||
(Loss) Recognized in | Ended September 30, | Ended September 30, | ||||||||||||||||||||||
Derivatives not Designated in Hedging Relationships | Income | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Foreign Exchange Contracts | Other Expense | $ | (7,992 | ) | $ | (6,658 | ) | $ | 1,750 | $ | (5,326 | ) | ||||||||||||
The Company marks its foreign investments to market each quarter based on current exchange rates and records the gain or loss through “Other expense” on its Consolidated Statements of Operations for loan investments or “Accumulated other comprehensive income (loss),” on its Consolidated Balance Sheets for net investments in foreign subsidiaries. The Company recorded net losses related to foreign investments of $1.1 million and $0.5 million during the three months ended September 30, 2013 and 2012, respectively, and $1.5 million and $0.8 million during the nine months ended September 30, 2013 and 2012, respectively, in its Consolidated Statements of Operations. | ||||||||||||||||||||||||
Qualifying cash flow hedges—In August 2013, the Company entered into an interest rate cap agreement to reduce exposure to variability in expected future interest payments associated with variable interest rate debt. In October 2012, the Company entered into an interest rate swap to convert its variable rate debt to fixed rate on a $28.0 million secured term loan maturing in 2019. The following table presents the Company's interest rate cap and swap outstanding as of September 30, 2013 ($ in thousands). | ||||||||||||||||||||||||
Derivative Type | Notional | Variable Rate | Fixed Rate | Effective Date | Maturity | |||||||||||||||||||
Amount | ||||||||||||||||||||||||
Interest Rate Cap | $ | 500,000 | LIBOR | 1.00% | Jul-14 | Jul-17 | ||||||||||||||||||
Interest Rate Swap | $ | 28,000 | LIBOR + 2.00% | 3.47% | Oct-12 | Nov-19 | ||||||||||||||||||
Over the next 12 months, the Company expects that $0.4 million will be reclassified to interest expense from cash flow hedges and $0.2 million will be reclassified to income related to terminated cash flow hedges from "Accumulated other comprehensive income (loss)" into earnings. | ||||||||||||||||||||||||
Credit risk-related contingent features—The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. | ||||||||||||||||||||||||
In connection with its foreign currency derivatives, as of September 30, 2013 and December 31, 2012, the Company has posted collateral of $10.2 million and $9.6 million, respectively, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets. |
Equity
Equity | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Equity | ' | ||||||||||||||||||
Equity | |||||||||||||||||||
Preferred stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of September 30, 2013: | |||||||||||||||||||
Cumulative Preferential Cash | |||||||||||||||||||
Dividends(1)(2) | |||||||||||||||||||
Series | Shares Issued and | Par Value | Liquidation | Rate per Annum | Equivalent to | ||||||||||||||
Outstanding | Preference | Fixed Annual | |||||||||||||||||
(in thousands) | Rate (per share) | ||||||||||||||||||
D | 4,000 | $ | 0.001 | $ | 25 | 8 | % | $ | 2 | ||||||||||
E | 5,600 | $ | 0.001 | $ | 25 | 7.875 | % | $ | 1.97 | ||||||||||
F | 4,000 | $ | 0.001 | $ | 25 | 7.8 | % | $ | 1.95 | ||||||||||
G | 3,200 | $ | 0.001 | $ | 25 | 7.65 | % | $ | 1.91 | ||||||||||
I | 5,000 | $ | 0.001 | $ | 25 | 7.5 | % | $ | 1.88 | ||||||||||
J | 4,000 | $ | 0.001 | $ | 50 | 4.5 | % | $ | 2.25 | ||||||||||
25,800 | |||||||||||||||||||
Explanatory Notes: | |||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||
-1 | Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. | ||||||||||||||||||
-2 | The Company declared and paid dividends of $6.0 million, $8.3 million, $5.9 million, $4.6 million, and $7.0 million on its Series D, E, F, G, and I preferred stock, respectively, during each of the nine months ended September 30, 2013 and 2012. The Company also declared and paid dividends of $4.5 million on its Series J preferred stock during the nine months ended September 30, 2013. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. | ||||||||||||||||||
In March 2013, the Company completed a public offering of $200.0 million of its 4.5% Series J Cumulative Convertible Perpetual Preferred Stock, having a liquidation preference of $50.00 per share. Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. | |||||||||||||||||||
Dividends—In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded net operating losses and may record net operating losses in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2012, the Company had $634.2 million of net operating loss carryforwards at the corporate REIT level that can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2032 if unused. The amount net of operating loss carryforwards as of September 30, 2013 will be determined upon finalization of the Company's 2013 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends or, alternatively, may need to make dividend payments in excess of operating cash flows. The Company's 2013 and 2012 Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis, for so long as the Company maintains its qualification as a REIT. The 2013 and 2012 Secured Credit Facilities restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||
Stock repurchase programs—In September 2013, the Company's Board of Directors approved an increase in the repurchase limit of the Company's existing stock repurchase program, which authorizes the Company's repurchase of its Common Stock in open market and privately negotiated purchases, including pursuant to one or more trading plans. The authorization raised the repurchase limit to $50.0 million from the $16.0 million that remained from the previously approved program. There were no stock repurchases during the nine months ended September 30, 2013. | |||||||||||||||||||
Accumulated other comprehensive income (loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): | |||||||||||||||||||
As of | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | (275 | ) | $ | 867 | ||||||||||||||
Unrealized gains on cash flow hedges | 615 | 607 | |||||||||||||||||
Unrealized losses on cumulative translation adjustment | (4,485 | ) | (2,659 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | $ | (4,145 | ) | $ | (1,185 | ) |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans and Employee Benefits | 9 Months Ended | |
Sep. 30, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Stock-Based Compensation Plans and Employee Benefits | ' | |
Stock-Based Compensation Plans and Employee Benefits | ||
Stock-based compensation—The Company recorded stock-based compensation expense of $4.6 million and $3.5 million for the three months ended September 30, 2013 and 2012, respectively, and $14.5 million and $11.6 million for the nine months ended September 30, 2013 and 2012, respectively, in "General and administrative" on the Company's Consolidated Statements of Operations. As of September 30, 2013, there was $6.9 million of total unrecognized compensation cost related to all unvested restricted stock units that is expected to be recognized over a weighted average remaining vesting/service period of 0.58 years. | ||
As of September 30, 2013, an aggregate of 4.0 million shares remain available for issuance pursuant to future awards under the Company's 2006 and 2009 Long-Term Incentive Plans. | ||
2013 Activity—During the nine months ended September 30, 2013, 3,051,139 restricted stock units vested, resulting in the issuance of 1,565,912 shares of Common Stock to employees, net of statutory minimum required tax withholdings. These vested restricted stock units were primarily comprised of 1,719,304 Amended Units which vested on January 1, 2013 (see below), 185,720 service-based restricted stock units granted to employees in February 2011 that cliff vested on February 11, 2013, 164,685 of annual incentive restricted stock units granted to employees and vested in February 2013 (see below), 313,334 service-based restricted stock units granted to employees in March 2011 that cliff vested on March 20, 2013, and 600,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer in October 2011 that vested on June 15, 2013. | ||
During the nine months ended September 30, 2013, the Company made stock-based compensation awards to certain employees in the form of annual incentive awards and long-term incentive awards: | ||
Effective February 1, 2013, the Company granted 164,685 shares of our Common Stock in connection with annual incentive awards. The shares are fully-vested and were issued to certain employees, net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to two years from the date of grant. | ||
Effective February 1, 2013, the Company also granted service-based restricted stock units, or Units, representing the right to receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment three years from the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled. As of September 30, 2013, 197,164 units were outstanding. | ||
Effective February 1, 2013, the Company also granted performance-based Units based on the Company's total shareholder return, or TSR, measured over the one-year and two-year performance periods ending on the vesting dates, respectively. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company's TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award). The Company and any companies not included in the index at the beginning and end of the performance period are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units, were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these performance-based awards were 0.26% for risk-free interest rate and 50.44% for expected stock price volatility. As of September 30, 2013, 97,802 units with a vesting date on December 31, 2013, and 195,605 units with a vesting date on December 31, 2014 were outstanding. | ||
As of September 30, 2013, the Company also had the following restricted stock awards outstanding: | ||
• | 600,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer that will vest on June 15, 2014. Upon vesting of these units, the holder will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holder to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock. | |
• | 1,684,803 restricted stock units originally granted to executives and other officers of the Company on December 19, 2008 (the "Original Units") and subsequently modified in July 2011 (the "Amended Units"). The number of Amended Units is equal to 75% of the Original Units granted to an employee less, in the case of each executive level employee, the number of restricted stock units granted to the executive in March 2011. The remaining Amended Units will vest on January 1, 2014, so long as the employee remains employed by the Company on the vesting dates, subject to certain accelerated vesting rights in the event of termination of employment without cause. Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holders to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock. | |
• | 97,333 service-based restricted stock units granted to employees with an original vesting term of three years. Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holders to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock. | |
Directors' awards—During the nine months ended September 30, 2013, the Company awarded to Directors 33,474 common share equivalents ("CSEs") and restricted shares at a fair value per share of $12.30 at the time of grant. These CSEs and restricted shares have a one year vesting period and pay dividends in an amount equal to the dividends paid on the equivalent number of shares of the Company's Common stock from the date of grant, as and when dividends are paid on Common Stock. In addition, during the nine months ended September 30, 2013, the Company issued 51,091 shares to a former director in settlement of previously vested CSE awards. As of September 30, 2013, there were 344,164 CSEs and restricted shares granted to members of the Company's Board of Directors that remained outstanding with an aggregate intrinsic value of $4.1 million. | ||
401(k) plan—The Company made gross contributions of approximately $0.1 million and $0.1 million for the three months ended September 30, 2013 and 2012, respectively and $0.8 million and $0.8 million for the nine months ended September 30, 2013 and 2012, respectively. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
EPS is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit (HPU) Program. These HPU units are treated as a separate class of common stock. | ||||||||||||||||
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data): | ||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (loss) from continuing operations | $ | (42,045 | ) | $ | (75,356 | ) | $ | (161,080 | ) | $ | (206,230 | ) | ||||
Net (income) loss attributable to noncontrolling interests | (167 | ) | 666 | 332 | 1,363 | |||||||||||
Income from sales of residential property | 14,075 | 15,584 | 72,092 | 35,583 | ||||||||||||
Preferred dividends | (12,830 | ) | (10,580 | ) | (36,190 | ) | (31,740 | ) | ||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | $ | (40,967 | ) | $ | (69,686 | ) | $ | (124,846 | ) | $ | (201,024 | ) | ||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings allocable to common shares: | ||||||||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (39,649 | ) | $ | (67,399 | ) | $ | (120,816 | ) | $ | (194,436 | ) | ||||
Income (loss) from discontinued operations | 207 | (4,385 | ) | 1,215 | (17,501 | ) | ||||||||||
Gain from discontinued operations | 8,871 | — | 21,762 | 26,364 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (30,571 | ) | $ | (71,784 | ) | $ | (97,839 | ) | $ | (185,573 | ) | ||||
Denominator for basic and diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding for basic and diluted earnings per common share | 85,392 | 83,629 | 85,116 | 83,765 | ||||||||||||
Basic and diluted earnings per common share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.46 | ) | $ | (0.81 | ) | $ | (1.42 | ) | $ | (2.32 | ) | ||||
Income (loss) from discontinued operations | — | (0.05 | ) | 0.01 | (0.21 | ) | ||||||||||
Gain from discontinued operations | 0.1 | — | 0.26 | 0.31 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.36 | ) | $ | (0.86 | ) | $ | (1.15 | ) | $ | (2.22 | ) | ||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings allocable to High Performance Units: | ||||||||||||||||
Numerator for basic and diluted earnings per HPU share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (1,318 | ) | $ | (2,287 | ) | $ | (4,030 | ) | $ | (6,588 | ) | ||||
Income (loss) from discontinued operations | 7 | (149 | ) | 41 | (593 | ) | ||||||||||
Gain from discontinued operations | 295 | — | 726 | 893 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (1,016 | ) | $ | (2,436 | ) | $ | (3,263 | ) | $ | (6,288 | ) | ||||
Denominator for basic and diluted earnings per HPU share: | ||||||||||||||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | 15 | 15 | 15 | ||||||||||||
Basic and diluted earnings per HPU share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (87.87 | ) | $ | (152.47 | ) | $ | (268.67 | ) | $ | (439.20 | ) | ||||
Income (loss) from discontinued operations | 0.47 | (9.93 | ) | 2.73 | (39.53 | ) | ||||||||||
Gain from discontinued operations | 19.67 | — | 48.4 | 59.53 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (67.73 | ) | $ | (162.40 | ) | $ | (217.54 | ) | $ | (419.20 | ) | ||||
For the three and nine months ended September 30, 2013 and 2012, the following shares were anti-dilutive (in thousands): | ||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Joint venture shares | 298 | 298 | 298 | 298 | ||||||||||||
3% Senior convertible unsecured notes | 16,992 | — | 16,992 | — | ||||||||||||
Series J convertible perpetual preferred stock | 15,635 | — | 15,635 | — | ||||||||||||
Fair_Values
Fair Values | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Values | ' | |||||||||||||||
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 | Significant other | Significant | |||||||||||||
prices in | observable | unobservable | ||||||||||||||
active markets | inputs | inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 10,091 | $ | — | $ | 10,091 | $ | — | ||||||||
Derivative liabilities | $ | 8,164 | $ | — | $ | 8,164 | $ | — | ||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loan(1) | $ | 0 | $ | — | $ | — | $ | 0 | ||||||||
Impaired real estate(2) | $ | 39,204 | $ | — | $ | — | $ | 39,204 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative liabilities | $ | 3,435 | $ | — | $ | 3,435 | $ | — | ||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans | $ | 57,201 | $ | — | $ | — | $ | 57,201 | ||||||||
Impaired real estate | $ | 31,597 | $ | — | $ | 7,649 | $ | 23,948 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The Company impaired its junior position in a loan based upon the anticipated proceeds expected to be realized by the Company pursuant to the proposed terms of a restructuring of the loan. | |||||||||||||||
-2 | The Company recorded the fair value of an impaired real estate asset using discounted cash flows based on discount rates with a range of 9.0% to 11.0% and average annual revenue growth with a range of 0.0% and 3.0%. | |||||||||||||||
Fair values of financial instruments—The Company's estimated fair values of its loans receivable and other lending investments and debt obligations were $1.4 billion and $4.5 billion, respectively, as of September 30, 2013 and $1.9 billion and $4.9 billion, respectively, as of December 31, 2012. The Company determined that the significant inputs used to value its loans receivable and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||
The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land segment includes the Company's activities related to its developable land portfolio. | ||||||||||||||||||||||||
The Company evaluates performance based on the following financial measures for each segment, and has conformed the prior periods' presentation for the change in composition of its business segments ($ in thousands): | ||||||||||||||||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 36,142 | $ | 24,164 | $ | — | $ | — | $ | 60,306 | ||||||||||||
Interest income | 24,235 | — | — | — | — | 24,235 | ||||||||||||||||||
Other income | 1,731 | — | 8,072 | 333 | 1,125 | 11,261 | ||||||||||||||||||
Total revenue | $ | 25,966 | $ | 36,142 | $ | 32,236 | $ | 333 | $ | 1,125 | $ | 95,802 | ||||||||||||
Earnings (loss) from equity method investments | — | 679 | 533 | (2,178 | ) | 5,311 | 4,345 | |||||||||||||||||
Income from sales of residential property | — | — | 14,075 | — | — | 14,075 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 303 | 485 | — | — | 788 | ||||||||||||||||||
Gain from discontinued operations | — | — | 9,166 | — | — | 9,166 | ||||||||||||||||||
Revenue and other earnings | $ | 25,966 | $ | 37,124 | $ | 56,495 | $ | (1,845 | ) | $ | 6,436 | $ | 124,176 | |||||||||||
Real estate expense | — | (5,223 | ) | (25,178 | ) | (7,203 | ) | — | (37,604 | ) | ||||||||||||||
Other expense | (253 | ) | — | — | — | (1,242 | ) | (1,495 | ) | |||||||||||||||
Direct expenses | $ | (253 | ) | $ | (5,223 | ) | $ | (25,178 | ) | $ | (7,203 | ) | $ | (1,242 | ) | $ | (39,099 | ) | ||||||
Direct segment profit (loss) | $ | 25,713 | $ | 31,901 | $ | 31,317 | $ | (9,048 | ) | $ | 5,194 | $ | 85,077 | |||||||||||
Allocated interest expense(2) | (16,172 | ) | (19,066 | ) | (11,082 | ) | (7,541 | ) | (9,932 | ) | (63,793 | ) | ||||||||||||
Allocated general and administrative(3) | (3,610 | ) | (4,282 | ) | (2,735 | ) | (2,487 | ) | (6,608 | ) | (19,722 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 5,931 | $ | 8,553 | $ | 17,500 | $ | (19,076 | ) | $ | (11,346 | ) | $ | 1,562 | ||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | (9,834 | ) | $ | — | $ | — | $ | — | $ | — | $ | (9,834 | ) | ||||||||||
Impairment of assets(2) | $ | — | $ | 494 | $ | 6,291 | $ | — | $ | — | $ | 6,785 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 9,556 | $ | 8,884 | $ | 288 | $ | 291 | $ | 19,019 | ||||||||||||
Capitalized expenditures | $ | — | $ | 4,322 | $ | 11,906 | $ | 8,877 | $ | — | $ | 25,105 | ||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 108,781 | $ | 66,857 | $ | — | $ | — | $ | 175,638 | ||||||||||||
Interest income | 78,584 | — | — | — | — | 78,584 | ||||||||||||||||||
Other income | 4,229 | — | 27,623 | 833 | 3,093 | 35,778 | ||||||||||||||||||
Total revenue | $ | 82,813 | $ | 108,781 | $ | 94,480 | $ | 833 | $ | 3,093 | $ | 290,000 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,017 | 5,006 | (5,268 | ) | 32,591 | 34,346 | |||||||||||||||||
Income from sales of residential property | — | — | 68,615 | 3,477 | — | 72,092 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 1,145 | 1,328 | — | — | 2,473 | ||||||||||||||||||
Gain from discontinued operations | — | 3,395 | 19,093 | — | — | 22,488 | ||||||||||||||||||
Revenue and other earnings | $ | 82,813 | $ | 115,338 | $ | 188,522 | $ | (958 | ) | $ | 35,684 | $ | 421,399 | |||||||||||
Real estate expense | — | (16,508 | ) | (75,695 | ) | (20,234 | ) | — | (112,437 | ) | ||||||||||||||
Other expense | (1,586 | ) | — | — | — | (5,680 | ) | (7,266 | ) | |||||||||||||||
Direct expenses | $ | (1,586 | ) | $ | (16,508 | ) | $ | (75,695 | ) | $ | (20,234 | ) | $ | (5,680 | ) | $ | (119,703 | ) | ||||||
Direct segment profit (loss) | $ | 81,227 | $ | 98,830 | $ | 112,827 | $ | (21,192 | ) | $ | 30,004 | $ | 301,696 | |||||||||||
Allocated interest expense(2) | (55,500 | ) | (59,296 | ) | (37,259 | ) | (23,226 | ) | (29,235 | ) | (204,516 | ) | ||||||||||||
Allocated general and administrative(3) | (9,661 | ) | (10,353 | ) | (7,140 | ) | (6,122 | ) | (19,248 | ) | (52,524 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 16,066 | $ | 29,181 | $ | 68,428 | $ | (50,540 | ) | $ | (18,479 | ) | $ | 44,656 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 5,392 | $ | — | $ | — | $ | — | $ | — | $ | 5,392 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 494 | $ | 6,687 | $ | — | $ | — | $ | 7,181 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 28,787 | $ | 23,321 | $ | 817 | $ | 948 | $ | 53,873 | ||||||||||||
Capitalized expenditures | $ | — | $ | 21,977 | $ | 26,312 | $ | 24,476 | $ | — | $ | 72,765 | ||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 37,378 | $ | 15,651 | $ | — | $ | — | $ | 53,029 | ||||||||||||
Interest income | 31,171 | — | — | — | — | 31,171 | ||||||||||||||||||
Other income | 1,300 | — | 7,116 | — | 918 | 9,334 | ||||||||||||||||||
Total revenue | $ | 32,471 | $ | 37,378 | $ | 22,767 | $ | — | $ | 918 | $ | 93,534 | ||||||||||||
Earnings (loss) from equity method investments | — | 667 | 3,467 | (1,914 | ) | 20,499 | 22,719 | |||||||||||||||||
Income from sales of residential property | — | — | 15,584 | — | — | 15,584 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 608 | (98 | ) | — | — | 510 | |||||||||||||||||
Gain from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||
Revenue and other earnings | $ | 32,471 | $ | 38,653 | $ | 41,720 | $ | (1,914 | ) | $ | 21,417 | $ | 132,347 | |||||||||||
Real estate expense | — | (6,676 | ) | (24,439 | ) | (6,682 | ) | — | (37,797 | ) | ||||||||||||||
Other expense | (1,478 | ) | — | — | — | (916 | ) | (2,394 | ) | |||||||||||||||
Direct expenses | $ | (1,478 | ) | $ | (6,676 | ) | $ | (24,439 | ) | $ | (6,682 | ) | $ | (916 | ) | $ | (40,191 | ) | ||||||
Direct segment profit (loss) | $ | 30,993 | $ | 31,977 | $ | 17,281 | $ | (8,596 | ) | $ | 20,501 | $ | 92,156 | |||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
Allocated interest expense(2) | (28,118 | ) | (21,426 | ) | (15,342 | ) | (8,495 | ) | (18,396 | ) | (91,777 | ) | ||||||||||||
Allocated general and administrative(3) | (3,324 | ) | (2,521 | ) | (1,970 | ) | (2,167 | ) | (5,543 | ) | (15,525 | ) | ||||||||||||
Segment profit (loss)(4) | $ | (449 | ) | $ | 8,030 | $ | (31 | ) | $ | (19,258 | ) | $ | (3,438 | ) | $ | (15,146 | ) | |||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 16,834 | $ | — | $ | — | $ | — | $ | — | $ | 16,834 | ||||||||||||
Impairment of assets(2) | $ | — | $ | — | $ | 4,808 | $ | 205 | $ | 1,529 | $ | 6,542 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 9,795 | $ | 6,330 | $ | 319 | $ | 343 | $ | 16,787 | ||||||||||||
Capitalized expenditures | $ | — | $ | 770 | $ | 6,142 | $ | 6,110 | $ | — | $ | 13,022 | ||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 111,343 | $ | 48,327 | $ | — | $ | — | $ | 159,670 | ||||||||||||
Interest income | 104,822 | — | — | — | — | 104,822 | ||||||||||||||||||
Other income | 8,162 | — | 24,997 | — | 3,537 | 36,696 | ||||||||||||||||||
Total revenue | $ | 112,984 | $ | 111,343 | $ | 73,324 | $ | — | $ | 3,537 | $ | 301,188 | ||||||||||||
Earnings (loss) from equity method investments | — | 1,962 | 20,764 | (5,016 | ) | 58,215 | 75,925 | |||||||||||||||||
Income from sales of residential property | — | — | 35,583 | — | — | 35,583 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 5,890 | 337 | — | — | 6,227 | ||||||||||||||||||
Gain from discontinued operations | — | 27,257 | — | — | — | 27,257 | ||||||||||||||||||
Revenue and other earnings | $ | 112,984 | $ | 146,452 | $ | 130,008 | $ | (5,016 | ) | $ | 61,752 | $ | 446,180 | |||||||||||
Real estate expense | — | (18,674 | ) | (76,114 | ) | (16,260 | ) | — | (111,048 | ) | ||||||||||||||
Other expense | (3,906 | ) | — | — | — | (2,848 | ) | (6,754 | ) | |||||||||||||||
Direct expenses | $ | (3,906 | ) | $ | (18,674 | ) | $ | (76,114 | ) | $ | (16,260 | ) | $ | (2,848 | ) | $ | (117,802 | ) | ||||||
Direct segment profit (loss) | $ | 109,078 | $ | 127,778 | $ | 53,894 | $ | (21,276 | ) | $ | 58,904 | $ | 328,378 | |||||||||||
Allocated interest expense(2) | (90,273 | ) | (65,656 | ) | (42,507 | ) | (24,552 | ) | (49,671 | ) | (272,659 | ) | ||||||||||||
Allocated general and administrative(3) | (11,456 | ) | (8,236 | ) | (5,817 | ) | (5,604 | ) | (18,936 | ) | (50,049 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 7,349 | $ | 53,886 | $ | 5,570 | $ | (51,432 | ) | $ | (9,703 | ) | $ | 5,670 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 60,865 | $ | — | $ | — | $ | — | $ | — | $ | 60,865 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 6,670 | $ | 22,209 | $ | 205 | $ | 977 | $ | 30,061 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 30,822 | $ | 18,966 | $ | 1,012 | $ | 405 | $ | 51,205 | ||||||||||||
Capitalized expenditures | $ | — | $ | 2,826 | $ | 31,073 | $ | 11,837 | $ | — | $ | 45,736 | ||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,631,017 | $ | 777,848 | $ | 815,302 | $ | — | $ | 3,224,167 | ||||||||||||
Less: accumulated depreciation | — | (335,301 | ) | (100,325 | ) | (3,106 | ) | — | (438,732 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,295,716 | $ | 677,523 | $ | 812,196 | $ | — | $ | 2,785,435 | ||||||||||||
Real estate available and held for sale | — | — | 262,332 | 147,748 | — | 410,080 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,295,716 | $ | 939,855 | $ | 959,944 | $ | — | $ | 3,195,515 | ||||||||||||
Loans receivable and other lending investments, net | 1,362,752 | — | — | — | — | 1,362,752 | ||||||||||||||||||
Other investments | — | 16,426 | 16,693 | 12,809 | 141,582 | 187,510 | ||||||||||||||||||
Total portfolio assets | $ | 1,362,752 | $ | 1,312,142 | $ | 956,548 | $ | 972,753 | $ | 141,582 | $ | 4,745,777 | ||||||||||||
Cash and other assets | 1,027,563 | |||||||||||||||||||||||
Total assets | $ | 5,773,340 | ||||||||||||||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,639,320 | $ | 801,214 | $ | 786,114 | $ | — | $ | 3,226,648 | ||||||||||||
Less: accumulated depreciation | — | (315,699 | ) | (109,634 | ) | (2,292 | ) | — | (427,625 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,323,621 | $ | 691,580 | $ | 783,822 | $ | — | $ | 2,799,023 | ||||||||||||
Real estate available and held for sale | — | — | 454,587 | 181,278 | — | 635,865 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,323,621 | $ | 1,146,167 | $ | 965,100 | $ | — | $ | 3,434,888 | ||||||||||||
Loans receivable and other lending investments, net | 1,829,985 | — | — | — | — | 1,829,985 | ||||||||||||||||||
Other investments | — | 16,380 | 25,745 | 5,493 | 351,225 | 398,843 | ||||||||||||||||||
Total portfolio assets | $ | 1,829,985 | $ | 1,340,001 | $ | 1,171,912 | $ | 970,593 | $ | 351,225 | $ | 5,663,716 | ||||||||||||
Cash and other assets | 487,073 | |||||||||||||||||||||||
Total assets | $ | 6,150,789 | ||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's equity investment in LNR of $205.8 million as of December 31, 2012 and the Company's share of equity in earnings from LNR of $0.0 million and $15.2 million for the three months ended September 30, 2013 and 2012, respectively, and $16.5 million and $36.0 million for the nine months ended September 30, 2013 and 2012, respectively. See Note 6 for further details on the Company's accounting policy and summarized financial information for its investment in LNR. | |||||||||||||||||||||||
-2 | Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||||||||||||||||
-3 | General and administrative excludes stock-based compensation expense of $4.6 million and $3.5 million for the three months ended September 30, 2013 and 2012, respectively, and $14.5 million and $11.6 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
-4 | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | |||||||||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Segment profit (loss) | $ | 1,562 | $ | (15,146 | ) | $ | 44,656 | $ | 5,670 | |||||||||||||||
Less: Provision for loan losses | 9,834 | (16,834 | ) | (5,392 | ) | (60,865 | ) | |||||||||||||||||
Less: Impairment of assets(2) | (6,785 | ) | (6,542 | ) | (7,181 | ) | (30,061 | ) | ||||||||||||||||
Less: Stock-based compensation expense | (4,563 | ) | (3,512 | ) | (14,484 | ) | (11,625 | ) | ||||||||||||||||
Less: Depreciation and amortization(2) | (19,019 | ) | (16,787 | ) | (53,873 | ) | (51,205 | ) | ||||||||||||||||
Less: Income tax (expense) benefit(2) | 3,879 | (1,791 | ) | (688 | ) | (6,540 | ) | |||||||||||||||||
Add: Gain (loss) on early extinguishment of debt, net | (3,498 | ) | (3,694 | ) | (28,282 | ) | (6,858 | ) | ||||||||||||||||
Net income (loss) | $ | (18,590 | ) | $ | (64,306 | ) | $ | (65,244 | ) | $ | (161,484 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This guidance is the culmination of the board's redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires companies to present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual reporting periods beginning after December 15, 2012. The Company adopted this ASU beginning with the reporting period ended March 31, 2013. The adoption did not have a material impact on the financial statements. |
Real_Estate_Tables
Real Estate (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||
Schedule of Real Estate Assets | ' | |||||||||||||||
The Company's real estate assets were comprised of the following ($ in thousands): | ||||||||||||||||
Net Lease | Operating | Land | Total | |||||||||||||
Properties | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Land and land improvements | $ | 335,598 | $ | 132,608 | $ | 815,302 | $ | 1,283,508 | ||||||||
Buildings and improvements | 1,295,419 | 645,240 | — | 1,940,659 | ||||||||||||
Less: accumulated depreciation and amortization | (335,301 | ) | (100,325 | ) | (3,106 | ) | (438,732 | ) | ||||||||
Real estate, net | $ | 1,295,716 | $ | 677,523 | $ | 812,196 | $ | 2,785,435 | ||||||||
Real estate available and held for sale | — | 262,332 | 147,748 | 410,080 | ||||||||||||
Total real estate | $ | 1,295,716 | $ | 939,855 | $ | 959,944 | $ | 3,195,515 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Land and land improvements | $ | 344,239 | $ | 132,028 | $ | 786,114 | $ | 1,262,381 | ||||||||
Buildings and improvements | 1,295,081 | 669,186 | — | 1,964,267 | ||||||||||||
Less: accumulated depreciation and amortization | (315,699 | ) | (109,634 | ) | (2,292 | ) | (427,625 | ) | ||||||||
Real estate, net | $ | 1,323,621 | $ | 691,580 | $ | 783,822 | $ | 2,799,023 | ||||||||
Real estate available and held for sale | — | 454,587 | 181,278 | 635,865 | ||||||||||||
Total real estate | $ | 1,323,621 | $ | 1,146,167 | $ | 965,100 | $ | 3,434,888 | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The following table summarizes income (loss) from discontinued operations for the three and nine months ended September 30, 2013 and 2012 ($ in thousands): | ||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 1,483 | $ | 2,248 | $ | 4,955 | $ | 10,851 | ||||||||
Total expenses | (745 | ) | (1,974 | ) | $ | (2,779 | ) | (7,516 | ) | |||||||
Impairment of assets | (524 | ) | (4,808 | ) | (920 | ) | (21,429 | ) | ||||||||
Income (loss) from discontinued operations | $ | 214 | $ | (4,534 | ) | $ | 1,256 | $ | (18,094 | ) | ||||||
Loans_Receivable_and_Other_Len1
Loans Receivable and Other Lending Investments, net (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
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 | September 30, | December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 1,127,987 | $ | 1,751,256 | ||||||||||||||||||||||||||||
Subordinate mortgages | 60,579 | 152,737 | ||||||||||||||||||||||||||||||
Corporate/Partnership loans | 427,276 | 450,491 | ||||||||||||||||||||||||||||||
Total gross carrying value of loans | $ | 1,615,842 | $ | 2,354,484 | ||||||||||||||||||||||||||||
Reserves for loan losses | (380,007 | ) | (524,499 | ) | ||||||||||||||||||||||||||||
Total loans receivable, net | $ | 1,235,835 | $ | 1,829,985 | ||||||||||||||||||||||||||||
Other lending investments—securities | 126,917 | — | ||||||||||||||||||||||||||||||
Total loans receivable and other lending investments, net(1) | $ | 1,362,752 | $ | 1,829,985 | ||||||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The Company's recorded investment in loans as of September 30, 2013 and December 31, 2012 includes accrued interest of $6.4 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
Schedule of changes in the Company's reserve for loan losses | ' | |||||||||||||||||||||||||||||||
Changes in the Company's reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Reserve for loan losses at beginning of period | $ | 479,826 | $ | 563,786 | $ | 524,499 | $ | 646,624 | ||||||||||||||||||||||||
Provision for (recovery of) loan losses(1) | (9,834 | ) | 16,834 | 5,392 | 60,865 | |||||||||||||||||||||||||||
Charge-offs | (89,985 | ) | (37,122 | ) | (149,884 | ) | (163,991 | ) | ||||||||||||||||||||||||
Reserve for loan losses at end of period | $ | 380,007 | $ | 543,498 | $ | 380,007 | $ | 543,498 | ||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively. | |||||||||||||||||||||||||||||||
Schedule of recorded investment in loans and associated reserve for loan losses | ' | |||||||||||||||||||||||||||||||
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
Individually | Collectively | Loans Acquired | Total | |||||||||||||||||||||||||||||
Evaluated for | Evaluated for | with Deteriorated | ||||||||||||||||||||||||||||||
Impairment(1) | Impairment(2) | Credit Quality(3) | ||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Loans | $ | 770,338 | $ | 841,887 | $ | 10,030 | $ | 1,622,255 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (352,207 | ) | (27,800 | ) | — | (380,007 | ) | |||||||||||||||||||||||||
Total | $ | 418,131 | $ | 814,087 | $ | 10,030 | $ | 1,242,248 | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Loans | $ | 1,095,957 | $ | 1,210,077 | $ | 58,281 | $ | 2,364,315 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (472,058 | ) | (33,100 | ) | (19,341 | ) | (524,499 | ) | ||||||||||||||||||||||||
Total | $ | 623,899 | $ | 1,176,977 | $ | 38,940 | $ | 1,839,816 | ||||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.1 million and a net discount of $4.0 million as of September 30, 2013 and December 31, 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. | |||||||||||||||||||||||||||||||
-2 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||
-3 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of September 30, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $10.4 million and $58.8 million, as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | ' | |||||||||||||||||||||||||||||||
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Performing | Weighted | Performing | Weighted | |||||||||||||||||||||||||||||
Loans | Average | Loans | Average | |||||||||||||||||||||||||||||
Risk Ratings | Risk Ratings | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 612,563 | 2.66 | $ | 840,593 | 2.75 | ||||||||||||||||||||||||||
Subordinate mortgages | 61,256 | 3.09 | 99,698 | 2.27 | ||||||||||||||||||||||||||||
Corporate/Partnership loans | 382,201 | 3.97 | 444,772 | 3.69 | ||||||||||||||||||||||||||||
Total | $ | 1,056,020 | 3.16 | $ | 1,385,063 | 3.01 | ||||||||||||||||||||||||||
Schedule of recorded investment in loans, aged by payment status and presented by class | ' | |||||||||||||||||||||||||||||||
As of September 30, 2013, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
Current | Less Than | Greater | Total | Total | ||||||||||||||||||||||||||||
and Equal | Than | Past Due | ||||||||||||||||||||||||||||||
to 90 Days | 90 Days | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 646,783 | $ | — | $ | 484,083 | $ | 484,083 | $ | 1,130,866 | ||||||||||||||||||||||
Subordinate mortgages | 61,256 | — | — | — | 61,256 | |||||||||||||||||||||||||||
Corporate/Partnership loans | 420,034 | — | 10,099 | 10,099 | 430,133 | |||||||||||||||||||||||||||
Total | $ | 1,128,073 | $ | — | $ | 494,182 | $ | 494,182 | $ | 1,622,255 | ||||||||||||||||||||||
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 September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 12,833 | $ | 12,812 | $ | — | $ | 108,077 | $ | 107,850 | $ | — | ||||||||||||||||||||
Corporate/Partnership loans | 10,099 | 10,160 | — | 10,110 | 10,160 | — | ||||||||||||||||||||||||||
Subtotal | $ | 22,932 | $ | 22,972 | $ | — | $ | 118,187 | $ | 118,010 | $ | — | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 645,162 | $ | 640,996 | $ | (305,314 | ) | $ | 918,975 | $ | 918,496 | $ | (442,760 | ) | ||||||||||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||||||||||
Corporate/Partnership loans | 102,244 | 102,268 | (46,893 | ) | 63,096 | 63,246 | (9,060 | ) | ||||||||||||||||||||||||
Subtotal | $ | 747,406 | $ | 743,264 | $ | (352,207 | ) | $ | 1,036,050 | $ | 1,035,421 | $ | (491,399 | ) | ||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 657,995 | $ | 653,808 | $ | (305,314 | ) | $ | 1,027,052 | $ | 1,026,346 | $ | (442,760 | ) | ||||||||||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||||||||||
Corporate/Partnership loans | 112,343 | 112,428 | (46,893 | ) | 73,206 | 73,406 | (9,060 | ) | ||||||||||||||||||||||||
Total | $ | 770,338 | $ | 766,236 | $ | (352,207 | ) | $ | 1,154,237 | $ | 1,153,431 | $ | (491,399 | ) | ||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of September 30, 2013 and December 31, 2012, certain loans modified through troubled debt restructurings with a recorded investment of $204.1 million and $175.0 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. | |||||||||||||||||||||||||||||||
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | ' | |||||||||||||||||||||||||||||||
The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 13,622 | $ | 166 | $ | 138,391 | $ | 457 | $ | 38,508 | $ | 9,223 | $ | 175,596 | $ | 2,663 | ||||||||||||||||
Corporate/Partnership loans | 10,044 | 349 | 10,110 | — | 10,077 | 789 | 10,110 | — | ||||||||||||||||||||||||
Subtotal | $ | 23,666 | $ | 515 | $ | 148,501 | $ | 457 | $ | 48,585 | $ | 10,012 | $ | 185,706 | $ | 2,663 | ||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 749,367 | $ | 444 | $ | 1,053,534 | $ | 774 | $ | 830,225 | $ | 1,399 | $ | 1,100,313 | $ | 3,208 | ||||||||||||||||
Subordinate mortgages | 27,068 | — | 53,185 | — | 40,478 | — | 51,765 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 82,290 | 83 | 61,112 | 75 | 72,308 | 240 | 62,036 | 231 | ||||||||||||||||||||||||
Subtotal | $ | 858,725 | $ | 527 | $ | 1,167,831 | $ | 849 | $ | 943,011 | $ | 1,639 | $ | 1,214,114 | $ | 3,439 | ||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 762,989 | $ | 610 | $ | 1,191,925 | $ | 1,231 | $ | 868,733 | $ | 10,622 | $ | 1,275,909 | $ | 5,871 | ||||||||||||||||
Subordinate mortgages | 27,068 | — | 53,185 | — | 40,478 | — | 51,765 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 92,334 | 432 | 71,222 | 75 | 82,385 | 1,029 | 72,146 | 231 | ||||||||||||||||||||||||
Total | $ | 882,391 | $ | 1,042 | $ | 1,316,332 | $ | 1,306 | $ | 991,596 | $ | 11,651 | $ | 1,399,820 | $ | 6,102 | ||||||||||||||||
Schedule of troubled debt restructurings, presented by class | ' | |||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Number | Outstanding | Number | Outstanding | Number | Outstanding | Number | Outstanding | |||||||||||||||||||||||||
of Loans | Recorded | of Loans | Recorded | of Loans | Recorded | of Loans | Recorded | |||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | — | $ | — | — | $ | — | 1 | $ | 26,693 | 1 | $ | 24,604 | ||||||||||||||||||||
The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | 2 | $ | 9,020 | $ | 9,020 | 2 | $ | 54,192 | $ | 54,192 | ||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | 5 | $ | 153,452 | $ | 145,778 | 7 | $ | 318,227 | $ | 272,753 | ||||||||||||||||||||||
Other_Investments_Tables
Other Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||||||
Schedule of other investments and its proportionate share of results for equity method investments | ' | |||||||||||||||||||||||
The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands): | ||||||||||||||||||||||||
Carrying Value as of | Equity in Earnings | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | For the Three Months | For the Nine Months | |||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
LNR | $ | — | $ | 205,773 | $ | — | $ | 15,206 | $ | 16,465 | $ | 36,017 | ||||||||||||
Madison Funds | 63,784 | 56,547 | 3,674 | 3,206 | 10,798 | 11,937 | ||||||||||||||||||
Oak Hill Funds | 23,831 | 29,840 | 1,207 | 2,049 | 3,272 | 5,932 | ||||||||||||||||||
Real estate equity investments | 45,927 | 47,619 | (966 | ) | 2,219 | 1,755 | 17,709 | |||||||||||||||||
Other equity method investments | 46,335 | 47,939 | 430 | 39 | 2,056 | 4,330 | ||||||||||||||||||
Total equity method investments | $ | 179,877 | $ | 387,718 | $ | 4,345 | $ | 22,719 | $ | 34,346 | $ | 75,925 | ||||||||||||
Other | 7,633 | 11,125 | ||||||||||||||||||||||
Total other investments | $ | 187,510 | $ | 398,843 | ||||||||||||||||||||
LNR Property LLC (LNR) | ' | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||||||
Schedule of summarized Income Statements | ' | |||||||||||||||||||||||
The following tables represent the latest available investee level summarized financial information for LNR ($ in thousands)(1): | ||||||||||||||||||||||||
For the Period from April 1, 2013 to | For the Three Months | For the Period from October 1, 2012 to April 19, 2013 | For the Nine Months | |||||||||||||||||||||
19-Apr-13 | Ended June 30, 2012 | Ended June 30, 2012 | ||||||||||||||||||||||
Income Statements | ||||||||||||||||||||||||
Total revenue(2) | $ | 32,794 | $ | 86,038 | $ | 179,373 | $ | 234,734 | ||||||||||||||||
Income tax expense | $ | 736 | $ | 1,293 | $ | 2,137 | $ | 4,935 | ||||||||||||||||
Net income (loss) attributable to LNR | $ | (51,983 | ) | $ | 63,420 | $ | 179,719 | $ | 150,219 | |||||||||||||||
iStar's ownership percentage | 24 | % | 24 | % | 24 | % | 24 | % | ||||||||||||||||
Equity in earnings from LNR(3) | $ | — | $ | 15,206 | $ | 55,553 | $ | 36,017 | ||||||||||||||||
Schedule of summarized Balance Sheets | ' | |||||||||||||||||||||||
As of June 30, | As of September 30, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||||||
Total assets(2) | $ | — | $ | 98,513,452 | ||||||||||||||||||||
Total debt(2) | $ | — | $ | 97,521,520 | ||||||||||||||||||||
Total liabilities(2) | $ | — | $ | 97,639,696 | ||||||||||||||||||||
Noncontrolling interests | $ | — | $ | 8,067 | ||||||||||||||||||||
LNR Property LLC equity | $ | — | $ | 865,689 | ||||||||||||||||||||
iStar's ownership percentage | 0 | % | 24 | % | ||||||||||||||||||||
iStar's equity in LNR(4) | $ | — | $ | 205,773 | ||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the three and nine months ended September 30, 2013 and 2012 are based on balances and results from LNR for the period from April 1, 2013 to April 19, 2013 and for the period from October 1, 2012 to April 19, 2013, respectively. | |||||||||||||||||||||||
-2 | LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.5 billion were the sole source of repayment of the related liabilities, which aggregated $97.2 billion and are non-recourse to LNR and its equity holders, including the Company. Excluding the amounts related to VIEs, as of September 30, 2012, total assets were $1.38 billion, total debt was $398.9 million and total liabilities were $517.1 million. In addition, total revenue presented above includes $5.1 million and $27.5 million for the period from April 1, 2013 to April 19, 2013 and three months ended June 30, 2012, respectively, and $55.5 million and $72.6 million for the period from October 1, 2012 to April 19, 2013 and nine months ended June 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. | |||||||||||||||||||||||
-3 | The loss for the period from April 1, 2013 to April 19, 2013 had already been considered in the Company's other than temporary impairment assessment during the first and second quarters of 2013. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $55.6 million for the nine months ended September 30, 2013. | |||||||||||||||||||||||
-4 | Represents the Company's investment in LNR at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||
Schedule of equity method investment, carrying value rollforward | ' | |||||||||||||||||||||||
The following table reconciles the activity related to the Company's investment in LNR for each of the three months ended March 31, 2013, June 30, 2013 and September 30, 2013 and for the nine months ended September 30, 2013 ($ in thousands): | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | For the Three Months Ended June 30, 2013 | For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Carrying value of LNR at beginning of period | $ | 205,773 | $ | 220,281 | $ | — | $ | 205,773 | ||||||||||||||||
Equity in earnings of LNR for the period | $ | 45,375 | $ | 10,178 | $ | — | $ | 55,553 | (a) | |||||||||||||||
Balance before other than temporary impairment | $ | 251,148 | $ | 230,459 | $ | — | $ | 261,326 | ||||||||||||||||
Other than temporary impairment | $ | (30,867 | ) | $ | (10,178 | ) | $ | — | $ | (41,045 | ) | (b) | ||||||||||||
Sales proceeds pursuant to contract | $ | — | $ | (220,281 | ) | $ | — | $ | (220,281 | ) | ||||||||||||||
Carrying value of LNR at end of period | $ | 220,281 | $ | — | $ | — | $ | — | ||||||||||||||||
Other_Assets_and_Other_Liabili1
Other Assets and Other Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets and Other Liabilities [Abstract] | ' | |||||||
Schedule of deferred expenses and other assets, net | ' | |||||||
Deferred expenses and other assets, net, consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Deferred financing fees, net(1) | $ | 31,435 | $ | 26,629 | ||||
Other receivables | 27,784 | 11,517 | ||||||
Leasing costs, net(2) | 21,292 | 20,205 | ||||||
Derivative asset | 10,091 | — | ||||||
Prepaid expenses | 9,918 | 5,218 | ||||||
Corporate furniture, fixtures and equipment, net(3) | 6,776 | 7,537 | ||||||
Other assets | 32,278 | 22,884 | ||||||
Deferred expenses and other assets, net | $ | 139,574 | $ | 93,990 | ||||
Explanatory Notes: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Accumulated amortization on deferred financing fees was $7.4 million and $4.1 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||
-2 | Accumulated amortization on leasing costs was $6.3 million and $6.6 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||
-3 | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.0 million and $6.2 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||
Schedule of accounts payable, accrued expenses and other liabilities | ' | |||||||
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Accrued expenses | $ | 41,378 | $ | 50,467 | ||||
Accrued interest payable | 32,966 | 29,521 | ||||||
Property taxes payable | 12,048 | 8,206 | ||||||
Unearned operating lease income | 9,138 | 11,294 | ||||||
Derivative liabilities | 8,164 | 3,435 | ||||||
Security deposits and other investment deposits(1) | 7,644 | 13,717 | ||||||
Other liabilities | 11,404 | 15,820 | ||||||
Accounts payable, accrued expenses and other liabilities | $ | 122,742 | $ | 132,460 | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | During the nine months ended September 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed. | |||||||
Schedule of deferred tax assets and liabilities | ' | |||||||
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | ||||||||
As of | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
Deferred tax assets(1) | $ | 46,978 | $ | 40,800 | ||||
Valuation allowance | (46,978 | ) | (40,800 | ) | ||||
Net deferred tax assets (liabilities) | $ | — | $ | — | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Deferred tax assets as of September 30, 2013 include real estate basis differences of $30.9 million, net operating loss carryforwards of $8.6 million and investment basis differences of $7.5 million. Deferred tax assets as of December 31, 2012 include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million. |
Debt_Obligations_net_Tables
Debt Obligations, net (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of debt obligations | ' | |||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands): | ||||||||||||||||
Carrying Value as of | ||||||||||||||||
September 30, | December 31, | Stated | Scheduled | |||||||||||||
2013 | 2012 | Interest Rates | Maturity Date | |||||||||||||
Secured credit facilities and term loans: | ||||||||||||||||
2012 Tranche A-1 Facility | $ | — | $ | 169,164 | LIBOR + 4.00% | (1 | ) | — | ||||||||
2012 Tranche A-2 Facility | 439,882 | 470,000 | LIBOR + 5.75% | (1 | ) | Mar-17 | ||||||||||
October 2012 Secured Credit Facility | — | 1,754,466 | LIBOR + 4.50% | (2 | ) | — | ||||||||||
February 2013 Secured Credit Facility | 1,476,071 | — | LIBOR + 3.50% | (3 | ) | Oct-17 | ||||||||||
Term loans collateralized by net lease assets | 273,861 | 264,432 | 4.851% - 7.26% | (4 | ) | Various through 2026 | ||||||||||
Total secured credit facilities and term loans | $ | 2,189,814 | $ | 2,658,062 | ||||||||||||
Unsecured notes: | ||||||||||||||||
8.625% senior notes | $ | — | $ | 96,801 | 8.625 | % | — | |||||||||
5.95% senior notes | — | 448,453 | 5.95 | % | — | |||||||||||
5.70% senior notes | 200,601 | 200,601 | 5.7 | % | Mar-14 | |||||||||||
6.05% senior notes | 105,765 | 105,765 | 6.05 | % | Apr-15 | |||||||||||
5.875% senior notes | 261,403 | 261,403 | 5.875 | % | Mar-16 | |||||||||||
3.875% senior notes | 265,000 | — | 3.875 | % | Jul-16 | |||||||||||
3.0% senior convertible notes(5) | 200,000 | 200,000 | 3 | % | Nov-16 | |||||||||||
5.85% senior notes | 99,722 | 99,722 | 5.85 | % | Mar-17 | |||||||||||
9.0% senior notes | 275,000 | 275,000 | 9 | % | Jun-17 | |||||||||||
7.125% senior notes | 300,000 | 300,000 | 7.125 | % | Feb-18 | |||||||||||
4.875% senior notes | 300,000 | — | 4.875 | % | Jul-18 | |||||||||||
Total unsecured notes | $ | 2,007,491 | $ | 1,987,745 | ||||||||||||
Other debt obligations: | ||||||||||||||||
Other debt obligations | $ | 100,000 | $ | 100,000 | LIBOR + 1.5% | Oct-35 | ||||||||||
Total debt obligations | $ | 4,297,305 | $ | 4,745,807 | ||||||||||||
Debt discounts, net | (44,140 | ) | (54,313 | ) | ||||||||||||
Total debt obligations, net | $ | 4,253,165 | $ | 4,691,494 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | These loans each have a LIBOR floor of 1.25%. As of September 30, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||
-2 | This loan had a LIBOR floor of 1.25%. | |||||||||||||||
-3 | This loan has a LIBOR floor of 1.00%. As of September 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%. | |||||||||||||||
-4 | Includes a loan with a floating rate of LIBOR plus 2.00%. | |||||||||||||||
-5 | The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | ' | |||||||||||||||
Future scheduled maturities—As of September 30, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): | ||||||||||||||||
Unsecured Debt | Secured Debt | Total | ||||||||||||||
2013 (remaining three months) | $ | — | $ | — | $ | — | ||||||||||
2014 | 200,601 | 14,826 | 215,427 | |||||||||||||
2015 | 105,765 | — | 105,765 | |||||||||||||
2016 | 726,403 | — | 726,403 | |||||||||||||
2017 | 374,722 | 1,915,953 | 2,290,675 | |||||||||||||
Thereafter | 700,000 | 259,035 | 959,035 | |||||||||||||
Total principal maturities | $ | 2,107,491 | $ | 2,189,814 | $ | 4,297,305 | ||||||||||
Unamortized debt discounts, net | (13,233 | ) | (30,907 | ) | (44,140 | ) | ||||||||||
Total long-term debt obligations, net | $ | 2,094,258 | $ | 2,158,907 | $ | 4,253,165 | ||||||||||
Schedule of carrying value of encumbered assets by asset type | ' | |||||||||||||||
Unencumbered/encumbered assets—As of September 30, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): | ||||||||||||||||
As of | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Encumbered Assets | Unencumbered Assets | Encumbered Assets | Unencumbered Assets | |||||||||||||
Real estate, net | $ | 1,683,823 | $ | 1,101,612 | $ | 1,794,198 | $ | 1,004,825 | ||||||||
Real estate available and held for sale | 195,692 | 214,388 | 141,673 | 494,192 | ||||||||||||
Loans receivable, net(1) | 919,398 | 471,154 | 1,197,373 | 665,712 | ||||||||||||
Other investments | 26,929 | 160,581 | 43,545 | 355,298 | ||||||||||||
Cash and other assets | — | 1,027,563 | — | 487,073 | ||||||||||||
Total | $ | 2,825,842 | $ | 2,975,298 | $ | 3,176,789 | $ | 3,007,100 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | As of September 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $27.8 million and $33.1 million, respectively. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Schedule of unfunded commitments | ' | |||||||||||||||
Unfunded commitments—As of September 30, 2013, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that the Company approves all Discretionary Fundings and that 100% of the Company's capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): | ||||||||||||||||
Loans and Other Lending Investments | Real Estate | Strategic | Total | |||||||||||||
Investments | ||||||||||||||||
Performance-Based Commitments | $ | 38,745 | $ | 46,356 | $ | — | $ | 85,101 | ||||||||
Discretionary Fundings | — | — | — | — | ||||||||||||
Strategic Investments | — | — | 46,927 | 46,927 | ||||||||||||
Total | $ | 38,745 | $ | 46,356 | $ | 46,927 | $ | 132,028 | ||||||||
Risk_Management_and_Derivative1
Risk Management and Derivatives (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||
Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets | ' | |||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012 ($ in thousands): | ||||||||||||||||||||||||
Derivative Assets as of | Derivative Liabilities as of | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Derivative | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||
Location | Value | Location | Value | Location | Value | Location | Value | |||||||||||||||||
Foreign exchange contracts | Other Assets | $ | 690 | N/A | $ | — | Other Liabilities | $ | 8,164 | Other Liabilities | $ | 2,855 | ||||||||||||
Cash flow interest rate swap | Other Assets | 368 | N/A | — | N/A | — | Other Liabilities | 580 | ||||||||||||||||
Cash flow interest rate cap | Other Assets | 9,033 | N/A | — | N/A | — | N/A | — | ||||||||||||||||
Total | $ | 10,091 | $ | — | $ | 8,164 | $ | 3,435 | ||||||||||||||||
Schedule of derivative financial instruments on Consolidated Statements of Operations | ' | |||||||||||||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2013 and 2012 ($ in thousands): | ||||||||||||||||||||||||
Derivatives Designated in Hedging Relationships | Location of Gain (Loss) | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | Amount of Gain (Loss) Recognized in Earnings (Ineffective Portion) | ||||||||||||||||||||
Recognized in Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Cash flow interest rate cap | Interest Expense | $ | (1,590 | ) | $ | — | N/A | |||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | (204 | ) | $ | 80 | N/A | |||||||||||||||||
Foreign exchange contracts | Other Expense | $ | 347 | $ | — | N/A | ||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | — | $ | (26 | ) | N/A | |||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Cash flow interest rate cap | Interest Expense | $ | (1,590 | ) | $ | — | N/A | |||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | 678 | $ | 231 | N/A | ||||||||||||||||||
Foreign exchange contracts | Other Expense | $ | 691 | $ | — | N/A | ||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Cash flow interest rate swap | Interest Expense | $ | (124 | ) | $ | (265 | ) | N/A | ||||||||||||||||
Designated as Hedging Instrument | ' | |||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||
Schedule of derivative instruments | ' | |||||||||||||||||||||||
As of September 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated: | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells INR/Buys USD Forward | ₨ | 456,000 | $ | 7,291 | Jan-14 | |||||||||||||||||||
Schedule of qualifying cash flow hedges | ' | |||||||||||||||||||||||
The following table presents the Company's interest rate cap and swap outstanding as of September 30, 2013 ($ in thousands). | ||||||||||||||||||||||||
Derivative Type | Notional | Variable Rate | Fixed Rate | Effective Date | Maturity | |||||||||||||||||||
Amount | ||||||||||||||||||||||||
Interest Rate Cap | $ | 500,000 | LIBOR | 1.00% | Jul-14 | Jul-17 | ||||||||||||||||||
Interest Rate Swap | $ | 28,000 | LIBOR + 2.00% | 3.47% | Oct-12 | Nov-19 | ||||||||||||||||||
Not Designated as Hedging Instrument | ' | |||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||
Schedule of derivative instruments | ' | |||||||||||||||||||||||
As of September 30, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated: | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells EUR/Buys USD Forward | € | 84,400 | $ | 114,155 | Oct-13 | |||||||||||||||||||
Sells GBP/Buys USD Forward | £ | 27,500 | $ | 44,512 | Oct-13 | |||||||||||||||||||
Sells CAD/Buys USD Forward | C$ | 43,100 | $ | 41,832 | Oct-13 | |||||||||||||||||||
Amount of Gain or (Loss) | ||||||||||||||||||||||||
Recognized in Income | ||||||||||||||||||||||||
Location of Gain or | For the Three Months | For the Nine Months | ||||||||||||||||||||||
(Loss) Recognized in | Ended September 30, | Ended September 30, | ||||||||||||||||||||||
Derivatives not Designated in Hedging Relationships | Income | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Foreign Exchange Contracts | Other Expense | $ | (7,992 | ) | $ | (6,658 | ) | $ | 1,750 | $ | (5,326 | ) | ||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Schedule of Cumulative Redeemable Preferred Stock outstanding by series | ' | ||||||||||||||||||
Preferred stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of September 30, 2013: | |||||||||||||||||||
Cumulative Preferential Cash | |||||||||||||||||||
Dividends(1)(2) | |||||||||||||||||||
Series | Shares Issued and | Par Value | Liquidation | Rate per Annum | Equivalent to | ||||||||||||||
Outstanding | Preference | Fixed Annual | |||||||||||||||||
(in thousands) | Rate (per share) | ||||||||||||||||||
D | 4,000 | $ | 0.001 | $ | 25 | 8 | % | $ | 2 | ||||||||||
E | 5,600 | $ | 0.001 | $ | 25 | 7.875 | % | $ | 1.97 | ||||||||||
F | 4,000 | $ | 0.001 | $ | 25 | 7.8 | % | $ | 1.95 | ||||||||||
G | 3,200 | $ | 0.001 | $ | 25 | 7.65 | % | $ | 1.91 | ||||||||||
I | 5,000 | $ | 0.001 | $ | 25 | 7.5 | % | $ | 1.88 | ||||||||||
J | 4,000 | $ | 0.001 | $ | 50 | 4.5 | % | $ | 2.25 | ||||||||||
25,800 | |||||||||||||||||||
Explanatory Notes: | |||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||
-1 | Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. | ||||||||||||||||||
-2 | The Company declared and paid dividends of $6.0 million, $8.3 million, $5.9 million, $4.6 million, and $7.0 million on its Series D, E, F, G, and I preferred stock, respectively, during each of the nine months ended September 30, 2013 and 2012. The Company also declared and paid dividends of $4.5 million on its Series J preferred stock during the nine months ended September 30, 2013. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. | ||||||||||||||||||
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ' | ||||||||||||||||||
Accumulated other comprehensive income (loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): | |||||||||||||||||||
As of | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | (275 | ) | $ | 867 | ||||||||||||||
Unrealized gains on cash flow hedges | 615 | 607 | |||||||||||||||||
Unrealized losses on cumulative translation adjustment | (4,485 | ) | (2,659 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | $ | (4,145 | ) | $ | (1,185 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations | ' | |||||||||||||||
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data): | ||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (loss) from continuing operations | $ | (42,045 | ) | $ | (75,356 | ) | $ | (161,080 | ) | $ | (206,230 | ) | ||||
Net (income) loss attributable to noncontrolling interests | (167 | ) | 666 | 332 | 1,363 | |||||||||||
Income from sales of residential property | 14,075 | 15,584 | 72,092 | 35,583 | ||||||||||||
Preferred dividends | (12,830 | ) | (10,580 | ) | (36,190 | ) | (31,740 | ) | ||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | $ | (40,967 | ) | $ | (69,686 | ) | $ | (124,846 | ) | $ | (201,024 | ) | ||||
Schedule of earnings per share allocable to common shares and HPU shares | ' | |||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings allocable to common shares: | ||||||||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (39,649 | ) | $ | (67,399 | ) | $ | (120,816 | ) | $ | (194,436 | ) | ||||
Income (loss) from discontinued operations | 207 | (4,385 | ) | 1,215 | (17,501 | ) | ||||||||||
Gain from discontinued operations | 8,871 | — | 21,762 | 26,364 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (30,571 | ) | $ | (71,784 | ) | $ | (97,839 | ) | $ | (185,573 | ) | ||||
Denominator for basic and diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding for basic and diluted earnings per common share | 85,392 | 83,629 | 85,116 | 83,765 | ||||||||||||
Basic and diluted earnings per common share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.46 | ) | $ | (0.81 | ) | $ | (1.42 | ) | $ | (2.32 | ) | ||||
Income (loss) from discontinued operations | — | (0.05 | ) | 0.01 | (0.21 | ) | ||||||||||
Gain from discontinued operations | 0.1 | — | 0.26 | 0.31 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.36 | ) | $ | (0.86 | ) | $ | (1.15 | ) | $ | (2.22 | ) | ||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings allocable to High Performance Units: | ||||||||||||||||
Numerator for basic and diluted earnings per HPU share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (1,318 | ) | $ | (2,287 | ) | $ | (4,030 | ) | $ | (6,588 | ) | ||||
Income (loss) from discontinued operations | 7 | (149 | ) | 41 | (593 | ) | ||||||||||
Gain from discontinued operations | 295 | — | 726 | 893 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (1,016 | ) | $ | (2,436 | ) | $ | (3,263 | ) | $ | (6,288 | ) | ||||
Denominator for basic and diluted earnings per HPU share: | ||||||||||||||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | 15 | 15 | 15 | ||||||||||||
Basic and diluted earnings per HPU share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (87.87 | ) | $ | (152.47 | ) | $ | (268.67 | ) | $ | (439.20 | ) | ||||
Income (loss) from discontinued operations | 0.47 | (9.93 | ) | 2.73 | (39.53 | ) | ||||||||||
Gain from discontinued operations | 19.67 | — | 48.4 | 59.53 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (67.73 | ) | $ | (162.40 | ) | $ | (217.54 | ) | $ | (419.20 | ) | ||||
Schedule of anti-dilutive shares | ' | |||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, the following shares were anti-dilutive (in thousands): | ||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Joint venture shares | 298 | 298 | 298 | 298 | ||||||||||||
3% Senior convertible unsecured notes | 16,992 | — | 16,992 | — | ||||||||||||
Series J convertible perpetual preferred stock | 15,635 | — | 15,635 | — | ||||||||||||
Fair_Values_Tables
Fair Values (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels | ' | |||||||||||||||
The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): | ||||||||||||||||
Fair Value Using | ||||||||||||||||
Total | Quoted market | Significant other | Significant | |||||||||||||
prices in | observable | unobservable | ||||||||||||||
active markets | inputs | inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 10,091 | $ | — | $ | 10,091 | $ | — | ||||||||
Derivative liabilities | $ | 8,164 | $ | — | $ | 8,164 | $ | — | ||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loan(1) | $ | 0 | $ | — | $ | — | $ | 0 | ||||||||
Impaired real estate(2) | $ | 39,204 | $ | — | $ | — | $ | 39,204 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative liabilities | $ | 3,435 | $ | — | $ | 3,435 | $ | — | ||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans | $ | 57,201 | $ | — | $ | — | $ | 57,201 | ||||||||
Impaired real estate | $ | 31,597 | $ | — | $ | 7,649 | $ | 23,948 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The Company impaired its junior position in a loan based upon the anticipated proceeds expected to be realized by the Company pursuant to the proposed terms of a restructuring of the loan. | |||||||||||||||
-2 | The Company recorded the fair value of an impaired real estate asset using discounted cash flows based on discount rates with a range of 9.0% to 11.0% and average annual revenue growth with a range of 0.0% and 3.0%. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
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, and has conformed the prior periods' presentation for the change in composition of its business segments ($ in thousands): | ||||||||||||||||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 36,142 | $ | 24,164 | $ | — | $ | — | $ | 60,306 | ||||||||||||
Interest income | 24,235 | — | — | — | — | 24,235 | ||||||||||||||||||
Other income | 1,731 | — | 8,072 | 333 | 1,125 | 11,261 | ||||||||||||||||||
Total revenue | $ | 25,966 | $ | 36,142 | $ | 32,236 | $ | 333 | $ | 1,125 | $ | 95,802 | ||||||||||||
Earnings (loss) from equity method investments | — | 679 | 533 | (2,178 | ) | 5,311 | 4,345 | |||||||||||||||||
Income from sales of residential property | — | — | 14,075 | — | — | 14,075 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 303 | 485 | — | — | 788 | ||||||||||||||||||
Gain from discontinued operations | — | — | 9,166 | — | — | 9,166 | ||||||||||||||||||
Revenue and other earnings | $ | 25,966 | $ | 37,124 | $ | 56,495 | $ | (1,845 | ) | $ | 6,436 | $ | 124,176 | |||||||||||
Real estate expense | — | (5,223 | ) | (25,178 | ) | (7,203 | ) | — | (37,604 | ) | ||||||||||||||
Other expense | (253 | ) | — | — | — | (1,242 | ) | (1,495 | ) | |||||||||||||||
Direct expenses | $ | (253 | ) | $ | (5,223 | ) | $ | (25,178 | ) | $ | (7,203 | ) | $ | (1,242 | ) | $ | (39,099 | ) | ||||||
Direct segment profit (loss) | $ | 25,713 | $ | 31,901 | $ | 31,317 | $ | (9,048 | ) | $ | 5,194 | $ | 85,077 | |||||||||||
Allocated interest expense(2) | (16,172 | ) | (19,066 | ) | (11,082 | ) | (7,541 | ) | (9,932 | ) | (63,793 | ) | ||||||||||||
Allocated general and administrative(3) | (3,610 | ) | (4,282 | ) | (2,735 | ) | (2,487 | ) | (6,608 | ) | (19,722 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 5,931 | $ | 8,553 | $ | 17,500 | $ | (19,076 | ) | $ | (11,346 | ) | $ | 1,562 | ||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | (9,834 | ) | $ | — | $ | — | $ | — | $ | — | $ | (9,834 | ) | ||||||||||
Impairment of assets(2) | $ | — | $ | 494 | $ | 6,291 | $ | — | $ | — | $ | 6,785 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 9,556 | $ | 8,884 | $ | 288 | $ | 291 | $ | 19,019 | ||||||||||||
Capitalized expenditures | $ | — | $ | 4,322 | $ | 11,906 | $ | 8,877 | $ | — | $ | 25,105 | ||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 108,781 | $ | 66,857 | $ | — | $ | — | $ | 175,638 | ||||||||||||
Interest income | 78,584 | — | — | — | — | 78,584 | ||||||||||||||||||
Other income | 4,229 | — | 27,623 | 833 | 3,093 | 35,778 | ||||||||||||||||||
Total revenue | $ | 82,813 | $ | 108,781 | $ | 94,480 | $ | 833 | $ | 3,093 | $ | 290,000 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,017 | 5,006 | (5,268 | ) | 32,591 | 34,346 | |||||||||||||||||
Income from sales of residential property | — | — | 68,615 | 3,477 | — | 72,092 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 1,145 | 1,328 | — | — | 2,473 | ||||||||||||||||||
Gain from discontinued operations | — | 3,395 | 19,093 | — | — | 22,488 | ||||||||||||||||||
Revenue and other earnings | $ | 82,813 | $ | 115,338 | $ | 188,522 | $ | (958 | ) | $ | 35,684 | $ | 421,399 | |||||||||||
Real estate expense | — | (16,508 | ) | (75,695 | ) | (20,234 | ) | — | (112,437 | ) | ||||||||||||||
Other expense | (1,586 | ) | — | — | — | (5,680 | ) | (7,266 | ) | |||||||||||||||
Direct expenses | $ | (1,586 | ) | $ | (16,508 | ) | $ | (75,695 | ) | $ | (20,234 | ) | $ | (5,680 | ) | $ | (119,703 | ) | ||||||
Direct segment profit (loss) | $ | 81,227 | $ | 98,830 | $ | 112,827 | $ | (21,192 | ) | $ | 30,004 | $ | 301,696 | |||||||||||
Allocated interest expense(2) | (55,500 | ) | (59,296 | ) | (37,259 | ) | (23,226 | ) | (29,235 | ) | (204,516 | ) | ||||||||||||
Allocated general and administrative(3) | (9,661 | ) | (10,353 | ) | (7,140 | ) | (6,122 | ) | (19,248 | ) | (52,524 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 16,066 | $ | 29,181 | $ | 68,428 | $ | (50,540 | ) | $ | (18,479 | ) | $ | 44,656 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 5,392 | $ | — | $ | — | $ | — | $ | — | $ | 5,392 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 494 | $ | 6,687 | $ | — | $ | — | $ | 7,181 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 28,787 | $ | 23,321 | $ | 817 | $ | 948 | $ | 53,873 | ||||||||||||
Capitalized expenditures | $ | — | $ | 21,977 | $ | 26,312 | $ | 24,476 | $ | — | $ | 72,765 | ||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 37,378 | $ | 15,651 | $ | — | $ | — | $ | 53,029 | ||||||||||||
Interest income | 31,171 | — | — | — | — | 31,171 | ||||||||||||||||||
Other income | 1,300 | — | 7,116 | — | 918 | 9,334 | ||||||||||||||||||
Total revenue | $ | 32,471 | $ | 37,378 | $ | 22,767 | $ | — | $ | 918 | $ | 93,534 | ||||||||||||
Earnings (loss) from equity method investments | — | 667 | 3,467 | (1,914 | ) | 20,499 | 22,719 | |||||||||||||||||
Income from sales of residential property | — | — | 15,584 | — | — | 15,584 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 608 | (98 | ) | — | — | 510 | |||||||||||||||||
Gain from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||
Revenue and other earnings | $ | 32,471 | $ | 38,653 | $ | 41,720 | $ | (1,914 | ) | $ | 21,417 | $ | 132,347 | |||||||||||
Real estate expense | — | (6,676 | ) | (24,439 | ) | (6,682 | ) | — | (37,797 | ) | ||||||||||||||
Other expense | (1,478 | ) | — | — | — | (916 | ) | (2,394 | ) | |||||||||||||||
Direct expenses | $ | (1,478 | ) | $ | (6,676 | ) | $ | (24,439 | ) | $ | (6,682 | ) | $ | (916 | ) | $ | (40,191 | ) | ||||||
Direct segment profit (loss) | $ | 30,993 | $ | 31,977 | $ | 17,281 | $ | (8,596 | ) | $ | 20,501 | $ | 92,156 | |||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
Allocated interest expense(2) | (28,118 | ) | (21,426 | ) | (15,342 | ) | (8,495 | ) | (18,396 | ) | (91,777 | ) | ||||||||||||
Allocated general and administrative(3) | (3,324 | ) | (2,521 | ) | (1,970 | ) | (2,167 | ) | (5,543 | ) | (15,525 | ) | ||||||||||||
Segment profit (loss)(4) | $ | (449 | ) | $ | 8,030 | $ | (31 | ) | $ | (19,258 | ) | $ | (3,438 | ) | $ | (15,146 | ) | |||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 16,834 | $ | — | $ | — | $ | — | $ | — | $ | 16,834 | ||||||||||||
Impairment of assets(2) | $ | — | $ | — | $ | 4,808 | $ | 205 | $ | 1,529 | $ | 6,542 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 9,795 | $ | 6,330 | $ | 319 | $ | 343 | $ | 16,787 | ||||||||||||
Capitalized expenditures | $ | — | $ | 770 | $ | 6,142 | $ | 6,110 | $ | — | $ | 13,022 | ||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 111,343 | $ | 48,327 | $ | — | $ | — | $ | 159,670 | ||||||||||||
Interest income | 104,822 | — | — | — | — | 104,822 | ||||||||||||||||||
Other income | 8,162 | — | 24,997 | — | 3,537 | 36,696 | ||||||||||||||||||
Total revenue | $ | 112,984 | $ | 111,343 | $ | 73,324 | $ | — | $ | 3,537 | $ | 301,188 | ||||||||||||
Earnings (loss) from equity method investments | — | 1,962 | 20,764 | (5,016 | ) | 58,215 | 75,925 | |||||||||||||||||
Income from sales of residential property | — | — | 35,583 | — | — | 35,583 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 5,890 | 337 | — | — | 6,227 | ||||||||||||||||||
Gain from discontinued operations | — | 27,257 | — | — | — | 27,257 | ||||||||||||||||||
Revenue and other earnings | $ | 112,984 | $ | 146,452 | $ | 130,008 | $ | (5,016 | ) | $ | 61,752 | $ | 446,180 | |||||||||||
Real estate expense | — | (18,674 | ) | (76,114 | ) | (16,260 | ) | — | (111,048 | ) | ||||||||||||||
Other expense | (3,906 | ) | — | — | — | (2,848 | ) | (6,754 | ) | |||||||||||||||
Direct expenses | $ | (3,906 | ) | $ | (18,674 | ) | $ | (76,114 | ) | $ | (16,260 | ) | $ | (2,848 | ) | $ | (117,802 | ) | ||||||
Direct segment profit (loss) | $ | 109,078 | $ | 127,778 | $ | 53,894 | $ | (21,276 | ) | $ | 58,904 | $ | 328,378 | |||||||||||
Allocated interest expense(2) | (90,273 | ) | (65,656 | ) | (42,507 | ) | (24,552 | ) | (49,671 | ) | (272,659 | ) | ||||||||||||
Allocated general and administrative(3) | (11,456 | ) | (8,236 | ) | (5,817 | ) | (5,604 | ) | (18,936 | ) | (50,049 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 7,349 | $ | 53,886 | $ | 5,570 | $ | (51,432 | ) | $ | (9,703 | ) | $ | 5,670 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 60,865 | $ | — | $ | — | $ | — | $ | — | $ | 60,865 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 6,670 | $ | 22,209 | $ | 205 | $ | 977 | $ | 30,061 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 30,822 | $ | 18,966 | $ | 1,012 | $ | 405 | $ | 51,205 | ||||||||||||
Capitalized expenditures | $ | — | $ | 2,826 | $ | 31,073 | $ | 11,837 | $ | — | $ | 45,736 | ||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,631,017 | $ | 777,848 | $ | 815,302 | $ | — | $ | 3,224,167 | ||||||||||||
Less: accumulated depreciation | — | (335,301 | ) | (100,325 | ) | (3,106 | ) | — | (438,732 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,295,716 | $ | 677,523 | $ | 812,196 | $ | — | $ | 2,785,435 | ||||||||||||
Real estate available and held for sale | — | — | 262,332 | 147,748 | — | 410,080 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,295,716 | $ | 939,855 | $ | 959,944 | $ | — | $ | 3,195,515 | ||||||||||||
Loans receivable and other lending investments, net | 1,362,752 | — | — | — | — | 1,362,752 | ||||||||||||||||||
Other investments | — | 16,426 | 16,693 | 12,809 | 141,582 | 187,510 | ||||||||||||||||||
Total portfolio assets | $ | 1,362,752 | $ | 1,312,142 | $ | 956,548 | $ | 972,753 | $ | 141,582 | $ | 4,745,777 | ||||||||||||
Cash and other assets | 1,027,563 | |||||||||||||||||||||||
Total assets | $ | 5,773,340 | ||||||||||||||||||||||
Real Estate | Net | Operating Properties | Land | Corporate/ | Company | |||||||||||||||||||
Finance | Lease | Other(1) | Total | |||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,639,320 | $ | 801,214 | $ | 786,114 | $ | — | $ | 3,226,648 | ||||||||||||
Less: accumulated depreciation | — | (315,699 | ) | (109,634 | ) | (2,292 | ) | — | (427,625 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,323,621 | $ | 691,580 | $ | 783,822 | $ | — | $ | 2,799,023 | ||||||||||||
Real estate available and held for sale | — | — | 454,587 | 181,278 | — | 635,865 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,323,621 | $ | 1,146,167 | $ | 965,100 | $ | — | $ | 3,434,888 | ||||||||||||
Loans receivable and other lending investments, net | 1,829,985 | — | — | — | — | 1,829,985 | ||||||||||||||||||
Other investments | — | 16,380 | 25,745 | 5,493 | 351,225 | 398,843 | ||||||||||||||||||
Total portfolio assets | $ | 1,829,985 | $ | 1,340,001 | $ | 1,171,912 | $ | 970,593 | $ | 351,225 | $ | 5,663,716 | ||||||||||||
Cash and other assets | 487,073 | |||||||||||||||||||||||
Total assets | $ | 6,150,789 | ||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's equity investment in LNR of $205.8 million as of December 31, 2012 and the Company's share of equity in earnings from LNR of $0.0 million and $15.2 million for the three months ended September 30, 2013 and 2012, respectively, and $16.5 million and $36.0 million for the nine months ended September 30, 2013 and 2012, respectively. See Note 6 for further details on the Company's accounting policy and summarized financial information for its investment in LNR. | |||||||||||||||||||||||
-2 | Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||||||||||||||||
-3 | General and administrative excludes stock-based compensation expense of $4.6 million and $3.5 million for the three months ended September 30, 2013 and 2012, respectively, and $14.5 million and $11.6 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
-4 | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | |||||||||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Segment profit (loss) | $ | 1,562 | $ | (15,146 | ) | $ | 44,656 | $ | 5,670 | |||||||||||||||
Less: Provision for loan losses | 9,834 | (16,834 | ) | (5,392 | ) | (60,865 | ) | |||||||||||||||||
Less: Impairment of assets(2) | (6,785 | ) | (6,542 | ) | (7,181 | ) | (30,061 | ) | ||||||||||||||||
Less: Stock-based compensation expense | (4,563 | ) | (3,512 | ) | (14,484 | ) | (11,625 | ) | ||||||||||||||||
Less: Depreciation and amortization(2) | (19,019 | ) | (16,787 | ) | (53,873 | ) | (51,205 | ) | ||||||||||||||||
Less: Income tax (expense) benefit(2) | 3,879 | (1,791 | ) | (688 | ) | (6,540 | ) | |||||||||||||||||
Add: Gain (loss) on early extinguishment of debt, net | (3,498 | ) | (3,694 | ) | (28,282 | ) | (6,858 | ) | ||||||||||||||||
Net income (loss) | $ | (18,590 | ) | $ | (64,306 | ) | $ | (65,244 | ) | $ | (161,484 | ) | ||||||||||||
Reconciliation of segment profit (loss) to income (loss) from continuing operations | ' | |||||||||||||||||||||||
The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | ||||||||||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Segment profit (loss) | $ | 1,562 | $ | (15,146 | ) | $ | 44,656 | $ | 5,670 | |||||||||||||||
Less: Provision for loan losses | 9,834 | (16,834 | ) | (5,392 | ) | (60,865 | ) | |||||||||||||||||
Less: Impairment of assets(2) | (6,785 | ) | (6,542 | ) | (7,181 | ) | (30,061 | ) | ||||||||||||||||
Less: Stock-based compensation expense | (4,563 | ) | (3,512 | ) | (14,484 | ) | (11,625 | ) | ||||||||||||||||
Less: Depreciation and amortization(2) | (19,019 | ) | (16,787 | ) | (53,873 | ) | (51,205 | ) | ||||||||||||||||
Less: Income tax (expense) benefit(2) | 3,879 | (1,791 | ) | (688 | ) | (6,540 | ) | |||||||||||||||||
Add: Gain (loss) on early extinguishment of debt, net | (3,498 | ) | (3,694 | ) | (28,282 | ) | (6,858 | ) | ||||||||||||||||
Net income (loss) | $ | (18,590 | ) | $ | (64,306 | ) | $ | (65,244 | ) | $ | (161,484 | ) |
Business_and_Organization_Deta
Business and Organization (Details) (USD $) | 9 Months Ended |
In Billions, unless otherwise specified | Sep. 30, 2013 |
decades | |
Business and Organization [Abstract] | ' |
Investment across a range of real estate sectors over the past two decades (more than $35 billion at December 31, 2012) | $35 |
Period over which the entity has made the investment across a range of real estate (in decades) | 2 |
Basis_of_Presentation_and_Prin1
Basis of Presentation and Principles of Consolidation (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | investments |
Consolidated VIEs | ' |
Total revenues and total expenses related to consolidated VIEs | ' |
Number of variable interest entities (in investments) | 5 |
Carrying amount, assets | $213.80 |
Carrying amount, liabilities | 27.6 |
Variable interest entity unfunded commitment | 44.7 |
Unconsolidated VIEs | ' |
Total revenues and total expenses related to consolidated VIEs | ' |
Number of variable interest entities (in investments) | 29 |
Carrying value of the investments | 163.7 |
Variable interest entity unfunded commitment | $8.10 |
Real_Estate_Schedule_of_real_e
Real Estate (Schedule of real estate assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | $1,283,508 | $1,262,381 |
Buildings and improvements | 1,940,659 | 1,964,267 |
Less: accumulated depreciation and amortization | -438,732 | -427,625 |
Real estate, net | 2,785,435 | 2,799,023 |
Real estate available and held for sale | 410,080 | 635,865 |
Total real estate | 3,195,515 | 3,434,888 |
Net Lease | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 335,598 | 344,239 |
Buildings and improvements | 1,295,419 | 1,295,081 |
Less: accumulated depreciation and amortization | -335,301 | -315,699 |
Real estate, net | 1,295,716 | 1,323,621 |
Real estate available and held for sale | 0 | 0 |
Total real estate | 1,295,716 | 1,323,621 |
Operating Properties | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 132,608 | 132,028 |
Buildings and improvements | 645,240 | 669,186 |
Less: accumulated depreciation and amortization | -100,325 | -109,634 |
Real estate, net | 677,523 | 691,580 |
Real estate available and held for sale | 262,332 | 454,587 |
Total real estate | 939,855 | 1,146,167 |
Land | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 815,302 | 786,114 |
Buildings and improvements | 0 | 0 |
Less: accumulated depreciation and amortization | -3,106 | -2,292 |
Real estate, net | 812,196 | 783,822 |
Real estate available and held for sale | 147,748 | 181,278 |
Total real estate | $959,944 | $965,100 |
Real_Estate_Real_estate_availa
Real Estate (Real estate available and held for sale) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
property | ||
Real Estate Properties [Line Items] | ' | ' |
Real estate available and held for sale | $410,080,000 | $635,865,000 |
Land | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate available and held for sale | 147,748,000 | 181,278,000 |
Number of properties transferred from held for sale to held for use | 2 | ' |
Property transferred from HFS, aggregate, carrying value | 49,700,000 | ' |
Number of real estate properties transferred to held-for-sale | 2 | ' |
Property transferred to held-for-sale, aggregate, carrying value | 19,800,000 | ' |
Residential Operating Properties | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate available and held for sale | 252,900,000 | 374,100,000 |
Net Lease | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate available and held for sale | 0 | 0 |
Property transferred to held-for-sale, aggregate, carrying value | 18,500,000 | ' |
Gain (loss) on real estate held for sale | $3,600,000 | ' |
Real_Estate_Acquisitions_Detai
Real Estate (Acquisitions) (Details) (USD $) | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Corporate Joint Venture | Land | Residential Operating Properties | Commercial Operating Properties | Land | ||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
iStar's ownership percentage, consolidated | ' | 63.00% | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 37.00% | ' | ' | ' | ' |
Fair value of assets acquired | $212 | $25.50 | $5.20 | $172.40 | $15.60 | $24 |
Real_Estate_Dispositions_Detai
Real Estate (Dispositions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Condominium Units | Condominium Units | Condominium Units | Condominium Units | Net Lease | Net Lease | Commercial Operating Properties | Commercial Operating Properties | Land | Land | Portfolio Lease Asset Sale | Portfolio Lease Asset Sale | Real estate equity investments | |||||
Condominium_Unit | Condominium_Unit | Condominium_Unit | Condominium_Unit | property | property | property | property | Net Lease | Net Lease | Land | |||||||
property | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of condominium units sold | ' | ' | ' | ' | 107 | 131 | 347 | 393 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from sales of residential property | $14,075,000 | $15,584,000 | $72,092,000 | $35,583,000 | $14,100,000 | $15,600,000 | $68,700,000 | $35,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property sold, aggregate, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,500,000 | 13,100,000 | 8,600,000 | 64,500,000 | ' | ' | 21,400,000 |
Gain (Loss) on disposition of property, sale carve out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,100,000 | 1,400,000 | ' | ' | ' | ' | ' |
iStar's ownership percentage, equity method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.50% |
Gain (Loss) on Disposition of Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 |
Number of real estate properties sold | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 2 | 5 | 6 | ' | ' | 12 | ' | ' |
Net lease assets sold, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | 15,700,000 | 9,800,000 | ' | ' | ' | ' | 105,700,000 | ' | ' |
Gain (loss) on sale of leased assets, net, operating leases, sale carve out | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 2,400,000 | ' | ' | ' | ' | 24,900,000 | ' | ' |
Property subject to or available for operating lease transferred aggregate carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,700,000 | ' |
Real_Estate_Discontinued_Opera
Real Estate (Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate [Abstract] | ' | ' | ' | ' |
Revenues | $1,483 | $2,248 | $4,955 | $10,851 |
Total expenses | -745 | -1,974 | -2,779 | -7,516 |
Impairment of assets | -524 | -4,808 | -920 | -21,429 |
Income (loss) from discontinued operations | $214 | ($4,534) | $1,256 | ($18,094) |
Real_Estate_Impairments_Detail
Real Estate (Impairments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate [Abstract] | ' | ' | ' | ' |
Impairment of assets held for use and sale carve-outs | $6.80 | $5 | $7.20 | $29.10 |
Impairment of long-lived assets sale carve out | $0.50 | $4.80 | $0.90 | $21.40 |
Real_Estate_Intangible_assets_
Real Estate (Intangible assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Real Estate [Abstract] | ' | ' | ' | ' | ' |
Unamortized finite lived intangible assets | $58.70 | ' | $58.70 | ' | $59.90 |
Finite-lived intangible assets, accumulated amortization | 29.3 | ' | 29.3 | ' | 49.3 |
Amortization expense related to real estate intangibles | $2.30 | $2.70 | $8.30 | $8.70 | ' |
Real_Estate_Tenant_Reimburseme
Real Estate (Tenant Reimbursements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate [Abstract] | ' | ' | ' | ' |
Customer reimbursements | $9.10 | $6.50 | $24.80 | $21.40 |
Real_Estate_Allowance_for_doub
Real Estate (Allowance for doubtful accounts) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Allowance for doubtful accounts related to real estate tenant receivables | $5.70 | $5.60 |
Loans_Receivable_and_Other_Len2
Loans Receivable and Other Lending Investments, net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Loans and other lending investments | ' | ' | ' | ' | ' | |||
Total gross carrying value of loans | $1,615,842,000 | ' | $1,615,842,000 | ' | $2,354,484,000 | |||
Reserves for loan losses | -380,007,000 | -543,498,000 | -380,007,000 | -543,498,000 | ' | |||
Total loans receivable, net | 1,235,835,000 | ' | 1,235,835,000 | ' | 1,829,985,000 | |||
Other lending investments—securities | 126,917,000 | ' | 126,917,000 | ' | 0 | |||
Total loans receivable, net | 1,362,752,000 | [1] | ' | 1,362,752,000 | [1] | ' | 1,829,985,000 | [1] |
Accrued interest | 6,400,000 | ' | 6,400,000 | ' | 9,800,000 | |||
Fundings under existing loan commitments | ' | ' | 170,800,000 | ' | ' | |||
Amount received from principal repayments | ' | ' | 536,200,000 | ' | ' | |||
Carrying value of loans sold | ' | ' | 95,100,000 | ' | ' | |||
Realized Investment Gains (Losses) | ' | ' | -600,000 | ' | ' | |||
Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' | |||
Reserve for loan losses at beginning of period | 479,826,000 | 563,786,000 | 524,499,000 | 646,624,000 | ' | |||
Provision for (recovery of) loan losses | -9,834,000 | [2] | 16,834,000 | 5,392,000 | [2] | 60,865,000 | ' | |
Charge-offs | -89,985,000 | -37,122,000 | -149,884,000 | -163,991,000 | ' | |||
Reserve for loan losses at end of period | 380,007,000 | 543,498,000 | 380,007,000 | 543,498,000 | ' | |||
Recovery of fully reserved loan | 44,100,000 | ' | 55,100,000 | ' | ' | |||
Senior mortgages | ' | ' | ' | ' | ' | |||
Loans and other lending investments | ' | ' | ' | ' | ' | |||
Total gross carrying value of loans | 1,127,987,000 | ' | 1,127,987,000 | ' | 1,751,256,000 | |||
Subordinate mortgages | ' | ' | ' | ' | ' | |||
Loans and other lending investments | ' | ' | ' | ' | ' | |||
Total gross carrying value of loans | 60,579,000 | ' | 60,579,000 | ' | 152,737,000 | |||
Corporate/Partnership loans | ' | ' | ' | ' | ' | |||
Loans and other lending investments | ' | ' | ' | ' | ' | |||
Total gross carrying value of loans | $427,276,000 | ' | $427,276,000 | ' | $450,491,000 | |||
[1] | The Company's recorded investment in loans as of September 30, 2013 and December 31, 2012 includes accrued interest of $6.4 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets. | |||||||
[2] | For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively. |
Loans_Receivable_and_Other_Len3
Loans Receivable and Other Lending Investments, net (Details 2) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | ||
Loans | ' | ' | ' | ' | ' | ' | ||
Individually Evaluated for Impairment | $770,338,000 | [1] | ' | $1,095,957,000 | [1] | ' | ' | ' |
Collectively Evaluated for Impairment | 841,887,000 | [2] | ' | 1,210,077,000 | [2] | ' | ' | ' |
Loans Acquired with Deteriorated Credit Quality | 10,030,000 | [3] | ' | 58,281,000 | [3] | ' | ' | ' |
Total loans | 1,622,255,000 | ' | 2,364,315,000 | ' | ' | ' | ||
Less: Reserve for loan losses | ' | ' | ' | ' | ' | ' | ||
Individually Evaluated for Impairment | -352,207,000 | [1] | ' | -472,058,000 | [1] | ' | ' | ' |
Collectively Evaluated for Impairment | -27,800,000 | ' | -33,100,000 | ' | ' | ' | ||
Loans Acquired with Deteriorated Credit Quality | 0 | [3] | ' | -19,341,000 | [3] | ' | ' | ' |
Total reserve for loan losses | -380,007,000 | -479,826,000 | -524,499,000 | -543,498,000 | -563,786,000 | -646,624,000 | ||
Total | ' | ' | ' | ' | ' | ' | ||
Individually Evaluated for Impairment | 418,131,000 | [1] | ' | 623,899,000 | [1] | ' | ' | ' |
Collectively Evaluated for Impairment | 814,087,000 | [2] | ' | 1,176,977,000 | [2] | ' | ' | ' |
Loans Acquired with Deteriorated Credit Quality | 10,030,000 | [3] | ' | 38,940,000 | [3] | ' | ' | ' |
Total loans net of reserve for loan losses | 1,242,248,000 | ' | 1,839,816,000 | ' | ' | ' | ||
Unamortized discounts, (premiums), deferred fees and costs, individually evaluated for impairment, net | -100,000 | ' | 4,000,000 | ' | ' | ' | ||
Unamortized discounts, (premiums), deferred fees and costs, collectively evaluated for impairment, net | 4,600,000 | ' | 3,800,000 | ' | ' | ' | ||
Unamortized discounts, (premiums), deferred fees and costs, loans acquired with deteriorated credit quality, net | -400,000 | ' | -100,000 | ' | ' | ' | ||
Cumulative principal balances of loans acquired with deteriorated credit quality | $10,400,000 | ' | $58,800,000 | ' | ' | ' | ||
[1] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.1 million and a net discount of $4.0 million as of September 30, 2013 and December 31, 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. | |||||||
[2] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||
[3] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of September 30, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $10.4 million and $58.8 million, as of September 30, 2013 and December 31, 2012, respectively. |
Loans_Receivable_and_Other_Len4
Loans Receivable and Other Lending Investments, net (Details 3) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
rating | rating | |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | $1,622,255 | $2,364,315 |
Senior mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 1,130,866 | ' |
Subordinate mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 61,256 | ' |
Corporate/Partnership loans | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 430,133 | ' |
Real Estate Finance | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 1,056,020 | 1,385,063 |
Weighted Average Risk Ratings | 3.16 | 3.01 |
Real Estate Finance | Senior mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 612,563 | 840,593 |
Weighted Average Risk Ratings | 2.66 | 2.75 |
Real Estate Finance | Subordinate mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 61,256 | 99,698 |
Weighted Average Risk Ratings | 3.09 | 2.27 |
Real Estate Finance | Corporate/Partnership loans | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | $382,201 | $444,772 |
Weighted Average Risk Ratings | 3.97 | 3.69 |
Loans_Receivable_and_Other_Len5
Loans Receivable and Other Lending Investments, net (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | $1,128,073 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 494,182 | ' |
Total Past Due | 494,182 | ' |
Total loans | 1,622,255 | 2,364,315 |
Senior mortgages | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 646,783 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 484,083 | ' |
Total Past Due | 484,083 | ' |
Total loans | 1,130,866 | ' |
Subordinate mortgages | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 61,256 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 0 | ' |
Total Past Due | 0 | ' |
Total loans | 61,256 | ' |
Corporate/Partnership loans | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 420,034 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 10,099 | ' |
Total Past Due | 10,099 | ' |
Total loans | $430,133 | ' |
Loans_Receivable_and_Other_Len6
Loans Receivable and Other Lending Investments, net (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | $770,338,000 | [1] | ' | $770,338,000 | [1] | ' | $1,154,237,000 | [1] |
Unpaid Principal Balance | 766,236,000 | [1] | ' | 766,236,000 | [1] | ' | 1,153,431,000 | [1] |
Related Allowance | -352,207,000 | [1] | ' | -352,207,000 | [1] | ' | -491,399,000 | [1] |
Loans modified through troubled debt restructurings | 204,100,000 | ' | 204,100,000 | ' | 175,000,000 | |||
Average Recorded Investment | 882,391,000 | 1,316,332,000 | 991,596,000 | 1,399,820,000 | ' | |||
Interest Income Recognized | 1,042,000 | 1,306,000 | 11,651,000 | 6,102,000 | ' | |||
Senior mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 657,995,000 | [1] | ' | 657,995,000 | [1] | ' | 1,027,052,000 | [1] |
Unpaid Principal Balance | 653,808,000 | [1] | ' | 653,808,000 | [1] | ' | 1,026,346,000 | [1] |
Related Allowance | -305,314,000 | [1] | ' | -305,314,000 | [1] | ' | -442,760,000 | [1] |
Average Recorded Investment | 762,989,000 | 1,191,925,000 | 868,733,000 | 1,275,909,000 | ' | |||
Interest Income Recognized | 610,000 | 1,231,000 | 10,622,000 | 5,871,000 | ' | |||
Subordinate mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 0 | [1] | ' | 0 | [1] | ' | 53,979,000 | [1] |
Unpaid Principal Balance | 0 | [1] | ' | 0 | [1] | ' | 53,679,000 | [1] |
Related Allowance | 0 | [1] | ' | 0 | [1] | ' | -39,579,000 | [1] |
Average Recorded Investment | 27,068,000 | 53,185,000 | 40,478,000 | 51,765,000 | ' | |||
Interest Income Recognized | 0 | 0 | 0 | 0 | ' | |||
Corporate/Partnership loans | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 112,343,000 | [1] | ' | 112,343,000 | [1] | ' | 73,206,000 | [1] |
Unpaid Principal Balance | 112,428,000 | [1] | ' | 112,428,000 | [1] | ' | 73,406,000 | [1] |
Related Allowance | -46,893,000 | [1] | ' | -46,893,000 | [1] | ' | -9,060,000 | [1] |
Average Recorded Investment | 92,334,000 | 71,222,000 | 82,385,000 | 72,146,000 | ' | |||
Interest Income Recognized | 432,000 | 75,000 | 1,029,000 | 231,000 | ' | |||
With no related allowance recorded | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 22,932,000 | [1] | ' | 22,932,000 | [1] | ' | 118,187,000 | [1] |
Unpaid Principal Balance | 22,972,000 | [1] | ' | 22,972,000 | [1] | ' | 118,010,000 | [1] |
Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Average Recorded Investment | 23,666,000 | 148,501,000 | 48,585,000 | 185,706,000 | ' | |||
Interest Income Recognized | 515,000 | 457,000 | 10,012,000 | 2,663,000 | ' | |||
With no related allowance recorded | Senior mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 12,833,000 | [1] | ' | 12,833,000 | [1] | ' | 108,077,000 | [1] |
Unpaid Principal Balance | 12,812,000 | [1] | ' | 12,812,000 | [1] | ' | 107,850,000 | [1] |
Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Average Recorded Investment | 13,622,000 | 138,391,000 | 38,508,000 | 175,596,000 | ' | |||
Interest Income Recognized | 166,000 | 457,000 | 9,223,000 | 2,663,000 | ' | |||
With no related allowance recorded | Corporate/Partnership loans | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 10,099,000 | [1] | ' | 10,099,000 | [1] | ' | 10,110,000 | [1] |
Unpaid Principal Balance | 10,160,000 | [1] | ' | 10,160,000 | [1] | ' | 10,160,000 | [1] |
Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Average Recorded Investment | 10,044,000 | 10,110,000 | 10,077,000 | 10,110,000 | ' | |||
Interest Income Recognized | 349,000 | 0 | 789,000 | 0 | ' | |||
With an allowance recorded | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 747,406,000 | [1] | ' | 747,406,000 | [1] | ' | 1,036,050,000 | [1] |
Unpaid Principal Balance | 743,264,000 | [1] | ' | 743,264,000 | [1] | ' | 1,035,421,000 | [1] |
Related Allowance | -352,207,000 | [1] | ' | -352,207,000 | [1] | ' | -491,399,000 | [1] |
Average Recorded Investment | 858,725,000 | 1,167,831,000 | 943,011,000 | 1,214,114,000 | ' | |||
Interest Income Recognized | 527,000 | 849,000 | 1,639,000 | 3,439,000 | ' | |||
With an allowance recorded | Senior mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 645,162,000 | [1] | ' | 645,162,000 | [1] | ' | 918,975,000 | [1] |
Unpaid Principal Balance | 640,996,000 | [1] | ' | 640,996,000 | [1] | ' | 918,496,000 | [1] |
Related Allowance | -305,314,000 | [1] | ' | -305,314,000 | [1] | ' | -442,760,000 | [1] |
Average Recorded Investment | 749,367,000 | 1,053,534,000 | 830,225,000 | 1,100,313,000 | ' | |||
Interest Income Recognized | 444,000 | 774,000 | 1,399,000 | 3,208,000 | ' | |||
With an allowance recorded | Subordinate mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 0 | [1] | ' | 0 | [1] | ' | 53,979,000 | [1] |
Unpaid Principal Balance | 0 | [1] | ' | 0 | [1] | ' | 53,679,000 | [1] |
Related Allowance | 0 | [1] | ' | 0 | [1] | ' | -39,579,000 | [1] |
Average Recorded Investment | 27,068,000 | 53,185,000 | 40,478,000 | 51,765,000 | ' | |||
Interest Income Recognized | 0 | 0 | 0 | 0 | ' | |||
With an allowance recorded | Corporate/Partnership loans | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 102,244,000 | [1] | ' | 102,244,000 | [1] | ' | 63,096,000 | [1] |
Unpaid Principal Balance | 102,268,000 | [1] | ' | 102,268,000 | [1] | ' | 63,246,000 | [1] |
Related Allowance | -46,893,000 | [1] | ' | -46,893,000 | [1] | ' | -9,060,000 | [1] |
Average Recorded Investment | 82,290,000 | 61,112,000 | 72,308,000 | 62,036,000 | ' | |||
Interest Income Recognized | $83,000 | $75,000 | $240,000 | $231,000 | ' | |||
[1] | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of September 30, 2013 and December 31, 2012, certain loans modified through troubled debt restructurings with a recorded investment of $204.1 million and $175.0 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. |
Loans_Receivable_and_Other_Len7
Loans Receivable and Other Lending Investments, net (Details 6) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Nonperforming financing receivable | Senior mortgages | Senior mortgages | Senior mortgages | Senior mortgages | Non-performing senior mortgages | Non-performing senior mortgages | Non-performing senior mortgages | Non-performing senior mortgages | Repayment of debt | Non-performing first mortgage with recorded chargeoffs and rate reductions | Performing senior mortgages | Performing senior mortgages | Performing senior mortgages | Performing senior mortgages | Senior mortgage troubled debt restructurings subsequently defaulted | Senior mortgage troubled debt restructurings subsequently defaulted | Senior mortgage troubled debt restructurings subsequently defaulted | Senior mortgage troubled debt restructurings subsequently defaulted | Minimum | Maximum | Three Month Payment Extension | One Year Payment Extension | One Year Payment Extension | One Year Payment Extension | One Year Payment Extension | ||
loans | loans | loans | loans | loans | loans | loans | loans | loans | loans | loans | loans | loans | Performing senior mortgages | Performing senior mortgages | Performing senior mortgages | Performing senior mortgages | Performing senior mortgages | Performing senior mortgages | Performing senior mortgages | ||||||||
Troubled debt restructurings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | $8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Loans | ' | ' | 2 | 2 | 5 | 7 | ' | ' | 1 | ' | ' | ' | 1 | 2 | 1 | 5 | 0 | 0 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | 9,020,000 | 54,192,000 | 153,452,000 | 318,227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | 9,020,000 | 54,192,000 | 145,778,000 | 272,753,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Recorded Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 26,693,000 | 24,604,000 | ' | ' | ' | ' | ' | ' | ' |
Recorded investment of loans whose maturity was extended | ' | ' | ' | ' | ' | ' | 7,600,000 | 68,600,000 | 72,700,000 | ' | 13,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,300,000 | ' | 1,400,000 | 7,900,000 | 3,200,000 |
Maturity extension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '1 year | '3 months | '1 year | '1 year | '1 year | ' |
Pre-modification recorded investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,600,000 | ' | ' | ' | 62,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivable modification charge offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded commitments | $18,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_Receivable_and_Other_Len8
Loans Receivable and Other Lending Investments, net (Details 7) (USD $) | Sep. 30, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Unfunded commitments | $132,028,000 |
Corporate Debt Securities | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity securities, term | '3 years |
Held-to-maturity securities, number of term extensions | 2 |
Held-to-maturity securities, term extension | '12 months |
Held-to-maturity securities | 125,900,000 |
Unfunded commitments | $20,100,000 |
Other_Investments_Details
Other Investments (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||||||
Apr. 19, 2013 | Jul. 31, 2010 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Apr. 19, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Jul. 28, 2010 | |||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity method investments | ' | ' | $179,877,000 | ' | ' | ' | ' | ' | $179,877,000 | ' | ' | $387,718,000 | ' | ||||||||
Earnings (loss) from equity method investments | ' | ' | 4,345,000 | ' | ' | 22,719,000 | ' | ' | 34,346,000 | 75,925,000 | ' | ' | ' | ||||||||
Other, carrying value | ' | ' | 7,633,000 | ' | ' | ' | ' | ' | 7,633,000 | ' | ' | 11,125,000 | ' | ||||||||
Total other investments, carrying value | ' | ' | 187,510,000 | ' | ' | ' | ' | ' | 187,510,000 | ' | ' | 398,843,000 | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings from equity method investments | ' | ' | 4,345,000 | ' | ' | 22,719,000 | ' | ' | 34,346,000 | 75,925,000 | ' | ' | ' | ||||||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity method investments | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | 205,773,000 | ' | ||||||||
Earnings (loss) from equity method investments | 0 | [1],[2] | ' | 0 | ' | ' | 15,206,000 | 15,206,000 | [1],[2] | 55,553,000 | [1],[2] | 16,465,000 | 36,017,000 | 36,017,000 | [1],[2] | ' | ' | ||||
Percentage of ownership acquired by the Company and a group of investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ||||||||
Contribution towards principal amount of Holdco Notes | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amount of cash contributed in exchange for equity interest | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity interest in investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ||||||||
Real estate, agreement to sell investment | 220,300,000 | ' | 0 | 220,281,000 | 0 | ' | ' | ' | 220,281,000 | ' | ' | ' | ' | ||||||||
Real estate, net proceeds held in escrow for potential indemnification obligations | 25,200,000 | ' | ' | ' | ' | ' | ' | 25,200,000 | ' | ' | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | 32,794,000 | [1],[3] | ' | ' | ' | ' | ' | 86,038,000 | [1],[3] | 179,373,000 | [1],[3] | ' | ' | 234,734,000 | [1],[3] | ' | ' | ||||
Income tax expense | 736,000 | [1] | ' | ' | ' | ' | ' | 1,293,000 | [1] | 2,137,000 | [1] | ' | ' | 4,935,000 | [1] | ' | ' | ||||
Net income (loss) attributable to LNR | -51,983,000 | [1] | ' | ' | ' | ' | ' | 63,420,000 | [1] | 179,719,000 | [1] | ' | ' | 150,219,000 | [1] | ' | ' | ||||
iStar's ownership percentage | 24.00% | [1] | ' | ' | 0.00% | [1] | ' | 24.00% | [1] | 24.00% | [1] | 24.00% | [1] | ' | 24.00% | [1] | 24.00% | [1] | ' | 24.00% | |
Earnings from equity method investments | 0 | [1],[2] | ' | 0 | ' | ' | 15,206,000 | 15,206,000 | [1],[2] | 55,553,000 | [1],[2] | 16,465,000 | 36,017,000 | 36,017,000 | [1],[2] | ' | ' | ||||
Balance Sheets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total assets(2) | ' | ' | ' | 0 | [1],[3] | ' | 98,513,452,000 | [1],[3] | ' | ' | ' | 98,513,452,000 | [1],[3] | ' | ' | ' | |||||
Total debt(2) | ' | ' | ' | 0 | [1],[3] | ' | 97,521,520,000 | [1],[3] | ' | ' | ' | 97,521,520,000 | [1],[3] | ' | ' | ' | |||||
Total liabilities(2) | ' | ' | ' | 0 | [1],[3] | ' | 97,639,696,000 | [1],[3] | ' | ' | ' | 97,639,696,000 | [1],[3] | ' | ' | ' | |||||
Noncontrolling interests | ' | ' | ' | 0 | [1] | ' | 8,067,000 | [1] | ' | ' | ' | 8,067,000 | [1] | ' | ' | ' | |||||
LNR Property LLC equity | ' | ' | ' | 0 | [1] | ' | 865,689,000 | [1] | ' | ' | ' | 865,689,000 | [1] | ' | ' | ' | |||||
iStar's equity in LNR | ' | ' | 0 | 0 | [1],[4] | 220,281,000 | 205,773,000 | [1],[4] | ' | ' | 0 | 205,773,000 | [1],[4] | ' | 205,773,000 | ' | |||||
Total assets, VIE | ' | ' | ' | ' | ' | 1,380,000,000 | [1],[3] | ' | ' | ' | 1,380,000,000 | [1],[3] | ' | ' | ' | ||||||
Total debt, VIE | ' | ' | ' | ' | ' | 398,900,000 | ' | ' | ' | 398,900,000 | ' | ' | ' | ||||||||
Total liabilities, VIE | ' | ' | ' | ' | ' | 517,100,000 | ' | ' | ' | 517,100,000 | ' | ' | ' | ||||||||
Income (loss) from equity method investments, before OTTI | ' | ' | 0 | 10,178,000 | 45,375,000 | ' | ' | ' | 55,553,000 | [1] | ' | ' | ' | ' | |||||||
Income (loss) from equity method investments, release of AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ||||||||
Income (loss) from equity method investments, net of OTTI | ' | ' | ' | ' | ' | ' | ' | ' | 16,500,000 | [1] | ' | ' | ' | ' | |||||||
LNR and certain commercial mortgage backed securities and collateralized debt obligation trusts that are considered VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Variable Interest Entities of Equity Method Investment Summarized Financial Information Assets | ' | ' | ' | ' | ' | 97,500,000,000 | ' | ' | ' | 97,500,000,000 | ' | ' | ' | ||||||||
Variable Interest Entities of Equity Method Investment Summarized Financial Information Liabilities | ' | ' | ' | ' | ' | 97,200,000,000 | ' | ' | ' | 97,200,000,000 | ' | ' | ' | ||||||||
Balance Sheets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Servicing fee revenue | 5,100,000 | ' | ' | ' | ' | ' | 27,500,000 | 55,500,000 | ' | ' | 72,600,000 | ' | ' | ||||||||
Madison Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity method investments | ' | ' | 63,784,000 | ' | ' | ' | ' | ' | 63,784,000 | ' | ' | 56,547,000 | ' | ||||||||
Earnings (loss) from equity method investments | ' | ' | 3,674,000 | ' | ' | 3,206,000 | ' | ' | 10,798,000 | 11,937,000 | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings from equity method investments | ' | ' | 3,674,000 | ' | ' | 3,206,000 | ' | ' | 10,798,000 | 11,937,000 | ' | ' | ' | ||||||||
Madison International Real Estate Fund IILP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
iStar's ownership percentage | ' | ' | 29.52% | ' | ' | ' | ' | ' | 29.52% | ' | ' | ' | ' | ||||||||
Madison International Real Estate Fund IIILP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
iStar's ownership percentage | ' | ' | 32.92% | ' | ' | ' | ' | ' | 32.92% | ' | ' | ' | ' | ||||||||
Madison GP1 Investors LP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
iStar's ownership percentage | ' | ' | 29.52% | ' | ' | ' | ' | ' | 29.52% | ' | ' | ' | ' | ||||||||
Oak Hill Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity method investments | ' | ' | 23,831,000 | ' | ' | ' | ' | ' | 23,831,000 | ' | ' | 29,840,000 | ' | ||||||||
Earnings (loss) from equity method investments | ' | ' | 1,207,000 | ' | ' | 2,049,000 | ' | ' | 3,272,000 | 5,932,000 | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings from equity method investments | ' | ' | 1,207,000 | ' | ' | 2,049,000 | ' | ' | 3,272,000 | 5,932,000 | ' | ' | ' | ||||||||
Oak Hill Funds Group 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
iStar's ownership percentage | ' | ' | 5.92% | ' | ' | ' | ' | ' | 5.92% | ' | ' | ' | ' | ||||||||
Real estate equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity method investments | ' | ' | 45,927,000 | ' | ' | ' | ' | ' | 45,927,000 | ' | ' | 47,619,000 | ' | ||||||||
Earnings (loss) from equity method investments | ' | ' | -966,000 | ' | ' | 2,219,000 | ' | ' | 1,755,000 | 17,709,000 | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings from equity method investments | ' | ' | -966,000 | ' | ' | 2,219,000 | ' | ' | 1,755,000 | 17,709,000 | ' | ' | ' | ||||||||
Other equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity method investments | ' | ' | 46,335,000 | ' | ' | ' | ' | ' | 46,335,000 | ' | ' | 47,939,000 | ' | ||||||||
Earnings (loss) from equity method investments | ' | ' | 430,000 | ' | ' | 39,000 | ' | ' | 2,056,000 | 4,330,000 | ' | ' | ' | ||||||||
Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings from equity method investments | ' | ' | $430,000 | ' | ' | $39,000 | ' | ' | $2,056,000 | $4,330,000 | ' | ' | ' | ||||||||
[1] | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the three and nine months ended September 30, 2013 and 2012 are based on balances and results from LNR for the period from April 1, 2013 to April 19, 2013 and for the period from October 1, 2012 to April 19, 2013, respectively. | ||||||||||||||||||||
[2] | The loss for the period from April 1, 2013 to April 19, 2013 had already been considered in the Company's other than temporary impairment assessment during the first and second quarters of 2013. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $55.6 million for the nine months ended September 30, 2013. | ||||||||||||||||||||
[3] | LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.5 billion were the sole source of repayment of the related liabilities, which aggregated $97.2 billion and are non-recourse to LNR and its equity holders, including the Company. Excluding the amounts related to VIEs, as of September 30, 2012, total assets were $1.38 billion, total debt was $398.9 million and total liabilities were $517.1 million. In addition, total revenue presented above includes $5.1 million and $27.5 million for the period from April 1, 2013 to April 19, 2013 and three months ended June 30, 2012, respectively, and $55.5 million and $72.6 million for the period from October 1, 2012 to April 19, 2013 and nine months ended June 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. | ||||||||||||||||||||
[4] | Represents the Company's investment in LNR at September 30, 2013 and December 31, 2012, respectively. |
Other_Investments_Reconciliati
Other Investments (Reconciliation of Company Investment in LNR) (Details) (LNR Property LLC (LNR), USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Apr. 19, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Carrying value of LNR at beginning of period | $220,281 | $0 | [1],[2] | $220,281 | $205,773 | $205,773 | $205,773 | [1],[2] | ||
Equity in earnings of LNR for the period | ' | 0 | 10,178 | 45,375 | 55,553 | [1] | ' | |||
Balance before other than temporary impairment | ' | 0 | 230,459 | 251,148 | 261,326 | ' | ||||
Other than temporary impairment | ' | 0 | -10,178 | -30,867 | -41,045 | ' | ||||
Sales proceeds pursuant to contract | -220,300 | 0 | -220,281 | 0 | -220,281 | ' | ||||
Carrying value of LNR at end of period | ' | $0 | $0 | [1],[2] | $220,281 | $0 | $205,773 | [1],[2] | ||
[1] | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the three and nine months ended September 30, 2013 and 2012 are based on balances and results from LNR for the period from April 1, 2013 to April 19, 2013 and for the period from October 1, 2012 to April 19, 2013, respectively. | |||||||||
[2] | Represents the Company's investment in LNR at September 30, 2013 and December 31, 2012, respectively. |
Other_Investments_Real_estate_
Other Investments (Real estate equity investments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Land | Land | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Real estate equity investments | Minimum | Maximum | ||||||
Land | Land | Land | Net Lease | Net Lease | Operating Properties | Operating Properties | Operating Properties | Operating Properties | Operating Properties | Land Assets | Land Assets | Real estate equity investments | Real estate equity investments | |||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property sold, aggregate, carrying value | ' | ' | ' | ' | ' | $8,600,000 | $64,500,000 | ' | ' | ' | ' | ' | ' | $21,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
iStar's ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.50% | 47.50% | ' | ' | ' | 33.00% | ' | 33.00% | ' | ' | ' | ' | 31.00% | 70.00% |
Equity method investments | 179,877,000 | ' | 179,877,000 | ' | 387,718,000 | ' | ' | 45,927,000 | ' | 45,927,000 | ' | 47,619,000 | 12,200,000 | 12,200,000 | ' | 16,400,000 | 16,400,000 | 16,700,000 | ' | 16,700,000 | ' | 25,700,000 | 600,000 | 5,500,000 | ' | ' |
Equity method investment, carryover basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of cash contributed in exchange for equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings from equity method investments | $4,345,000 | $22,719,000 | $34,346,000 | $75,925,000 | ' | ' | ' | ($966,000) | $2,219,000 | $1,755,000 | $17,709,000 | ' | ' | ' | ' | ' | ' | $500,000 | $4,000,000 | $4,500,000 | $22,200,000 | ' | ' | ' | ' | ' |
Other_Assets_and_Other_Liabili2
Other Assets and Other Liabilities (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Deferred expenses and other assets, net | ' | ' | ||
Deferred financing fees, net(1) | $31,435,000 | [1] | $26,629,000 | [1] |
Other receivables | 27,784,000 | 11,517,000 | ||
Leasing costs, net(2) | 21,292,000 | [2] | 20,205,000 | [2] |
Derivative asset | 10,091,000 | 0 | ||
Prepaid expenses | 9,918,000 | 5,218,000 | ||
Corporate furniture, fixtures and equipment, net(3) | 6,776,000 | [3] | 7,537,000 | [3] |
Other assets | 32,278,000 | 22,884,000 | ||
Deferred expenses and other assets, net | 139,574,000 | 93,990,000 | ||
Accumulated amortization of deferred financing fees | 7,400,000 | 4,100,000 | ||
Accumulated amortization on leasing costs | 6,300,000 | 6,600,000 | ||
Accumulated depreciation on corporate furniture, fixtures and equipment | 6,000,000 | 6,200,000 | ||
Accounts payable, accrued expenses and other liabilities | ' | ' | ||
Accrued expenses | 41,378,000 | 50,467,000 | ||
Accrued interest payable | 32,966,000 | 29,521,000 | ||
Property taxes payable | 12,048,000 | 8,206,000 | ||
Unearned operating lease income | 9,138,000 | 11,294,000 | ||
Derivative liabilities | 8,164,000 | 3,435,000 | ||
Security deposits and other investment deposits | 7,644,000 | [4] | 13,717,000 | [4] |
Other liabilities | 11,404,000 | 15,820,000 | ||
Accounts payable, accrued expenses and other liabilities | 122,742,000 | 132,460,000 | ||
Restricted cash collateralizing a letter of credit, disbursed | $8,900,000 | ' | ||
[1] | Accumulated amortization on deferred financing fees was $7.4 million and $4.1 million as of September 30, 2013 and December 31, 2012, respectively. | |||
[2] | Accumulated amortization on leasing costs was $6.3 million and $6.6 million as of September 30, 2013 and December 31, 2012, respectively. | |||
[3] | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.0 million and $6.2 million as of September 30, 2013 and December 31, 2012, respectively. | |||
[4] | During the nine months ended September 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed. |
Other_Assets_and_Other_Liabili3
Other Assets and Other Liabilities (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Income Taxes [Line Items] | ' | ' | ||
Operating loss carryforwards | ' | $634,200,000 | ||
Taxable REIT Subsidiaries (TRS) | ' | ' | ||
Income Taxes [Line Items] | ' | ' | ||
Deferred tax assets(1) | 46,978,000 | [1] | 40,800,000 | [1] |
Valuation allowance | -46,978,000 | -40,800,000 | ||
Net deferred tax assets (liabilities) | 0 | 0 | ||
Real estate asset basis differences | 30,900,000 | 31,200,000 | ||
Operating loss carryforwards | 8,600,000 | 10,800,000 | ||
Investment basis differences | $7,500,000 | ($1,200,000) | ||
[1] | Deferred tax assets as of September 30, 2013 include real estate basis differences of $30.9 million, net operating loss carryforwards of $8.6 million and investment basis differences of $7.5 million. Deferred tax assets as of December 31, 2012 include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million. |
Debt_Obligations_net_Details
Debt Obligations, net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||||||
In Thousands, unless otherwise specified | Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-2 Facility Due 2017 | Secured 2012 Tranche A-2 Facility Due 2017 | October 2012 Secured Credit Facility | October 2012 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | Secured Term Loans Collateralized by net lease assets due through 2026 | Secured Term Loans Collateralized by net lease assets due through 2026 | Secured Credit Facility | Secured Credit Facility | Unsecured Notes 8.625% senior notes | Unsecured Notes 8.625% senior notes | Unsecured Notes 8.625% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Notes 5.70% senior notes | Unsecured Notes 5.70% senior notes | Unsecured Notes 6.05% senior notes | Unsecured Notes 6.05% senior notes | Unsecured Notes 5.875% senior notes | Unsecured Notes 5.875% senior notes | Unsecured Notes 3.875% senior notes | Unsecured Notes 3.875% senior notes | Unsecured Notes 3.875% senior notes | Senior Convertible 3.0% notes | Senior Convertible 3.0% notes | Unsecured Notes 5.85% senior notes | Unsecured Notes 5.85% senior notes | Unsecured Notes 9.0% senior notes | Unsecured Notes 9.0% senior notes | Unsecured Notes 7.125% senior notes | Unsecured Notes 7.125% senior notes | Unsecured Notes 4.875% senior notes | Unsecured Notes 4.875% senior notes | Unsecured Notes 4.875% senior notes | Unsecured Notes | Unsecured Notes | Other debt obligations due in October, 2035 | Other debt obligations due in October, 2035 | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-2 Facility Due 2017 | October 2012 Secured Credit Facility | February 2013 Secured Credit Facility | Secured Term Loans Collateralized by net lease assets due through 2026 | Other debt obligations due in October, 2035 | Minimum | Minimum | Minimum | Minimum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-2 Facility Due 2017 | October 2012 Secured Credit Facility | February 2013 Secured Credit Facility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total debt obligations | $4,297,305 | $4,745,807 | $0 | [1] | $169,164 | [1] | $439,882 | [1] | $470,000 | [1] | $0 | [2] | $1,754,466 | [2] | $1,476,071 | [3] | $0 | [3] | $273,861 | [4] | $264,432 | [4] | $2,189,814 | $2,658,062 | $0 | ' | $96,801 | $0 | ' | $448,453 | $200,601 | $200,601 | $105,765 | $105,765 | $261,403 | $261,403 | $265,000 | ' | $0 | $200,000 | [5] | $200,000 | [5] | $99,722 | $99,722 | $275,000 | $275,000 | $300,000 | $300,000 | $300,000 | ' | $0 | $2,007,491 | $1,987,745 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt discounts, net | -44,140 | -54,313 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total long-term debt obligations, net | $4,253,165 | $4,691,494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | 8.63% | ' | 5.95% | 5.95% | ' | 5.70% | ' | 6.05% | ' | 5.88% | ' | 3.88% | 3.88% | ' | 3.00% | [5] | ' | 5.85% | ' | 9.00% | ' | 7.13% | ' | 4.88% | 4.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Variable interest rate, spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | [1] | 5.75% | [1] | 4.50% | [2] | 3.50% | [3] | 2.00% | 1.50% | 1.25% | 1.25% | 1.25% | 1.00% | ||||||||||||
Effective interest rate (as a percent) | ' | ' | ' | ' | 7.00% | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Stated interest rate, minimum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.85% | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Stated interest rate, maximum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.26% | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Convertible debt conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | These loans each have a LIBOR floor of 1.25%. As of September 30, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This loan had a LIBOR floor of 1.25%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | This loan has a LIBOR floor of 1.00%. As of September 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes a loan with a floating rate of LIBOR plus 2.00%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016. |
Debt_Obligations_net_Details_2
Debt Obligations, net (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Aggregate amounts of principal maturities of long-term debt | ' | ' |
2013 (remaining three months) | $0 | ' |
2014 | 215,427 | ' |
2015 | 105,765 | ' |
2016 | 726,403 | ' |
2017 | 2,290,675 | ' |
Thereafter | 959,035 | ' |
Total principal maturities | 4,297,305 | ' |
Unamortized debt discounts, net | -44,140 | -54,313 |
Total long-term debt obligations, net | 4,253,165 | 4,691,494 |
Unsecured Debt | ' | ' |
Aggregate amounts of principal maturities of long-term debt | ' | ' |
2013 (remaining three months) | 0 | ' |
2014 | 200,601 | ' |
2015 | 105,765 | ' |
2016 | 726,403 | ' |
2017 | 374,722 | ' |
Thereafter | 700,000 | ' |
Total principal maturities | 2,107,491 | ' |
Unamortized debt discounts, net | -13,233 | ' |
Total long-term debt obligations, net | 2,094,258 | ' |
Secured Debt | ' | ' |
Aggregate amounts of principal maturities of long-term debt | ' | ' |
2013 (remaining three months) | 0 | ' |
2014 | 14,826 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 1,915,953 | ' |
Thereafter | 259,035 | ' |
Total principal maturities | 2,189,814 | ' |
Unamortized debt discounts, net | -30,907 | ' |
Total long-term debt obligations, net | $2,158,907 | ' |
Debt_Obligations_net_Details_3
Debt Obligations, net (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Disclosure [Abstract] | ' | ' | ||
Real estate, net (Encumbered Assets) | $1,683,823 | $1,794,198 | ||
Real estate available and held for sale (Encumbered Assets) | 195,692 | 141,673 | ||
Loans receivable, net (Encumbered Assets) | 919,398 | [1] | 1,197,373 | [1] |
Other investments (Encumbered Assets) | 26,929 | 43,545 | ||
Cash and other assets (Encumbered Assets) | 0 | 0 | ||
Total (Encumbered Assets) | 2,825,842 | 3,176,789 | ||
Real estate, net (Unencumbered Assets) | 1,101,612 | 1,004,825 | ||
Real estate available and held for sale (Unencumbered Assets) | 214,388 | 494,192 | ||
Loans receivable, net (Unencumbered Assets) | 471,154 | [1] | 665,712 | [1] |
Other investments (Unencumbered Assets) | 160,581 | 355,298 | ||
Cash and other assets (Unencumbered Assets) | 1,027,563 | 487,073 | ||
Total (Unencumbered Assets) | 2,975,298 | 3,007,100 | ||
Reserve for loan losses | $27,800 | $33,100 | ||
[1] | As of September 30, 2013 and December 31, 2012, the amounts presented are gross of general reserves for loan losses of $27.8 million and $33.1 million, respectively. |
Debt_Obligations_net_Details_4
Debt Obligations, net (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Feb. 11, 2013 | Oct. 15, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Feb. 11, 2013 | Oct. 15, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | 31-May-13 | 31-May-13 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 11, 2013 | Feb. 11, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||
February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | October 2012 Secured Credit Facility | October 2012 Secured Credit Facility | October 2012 Secured Credit Facility | October 2012 Secured Credit Facility | 2012 Secured Credit Facilities | Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-2 Facility Due 2017 | Secured 2012 Tranche A-2 Facility Due 2017 | Secured 2012 Tranche A-2 Facility Due 2017 | Unsecured Notes LIBOR plus 0.50% senior convertible notes | Unsecured Notes LIBOR plus 0.50% senior convertible notes | Unsecured Line of credit due June 2012 | Unsecured Notes 5.50% senior notes | Secured 2011 Tranche A-2 Facility Due 2014 | Unsecured Notes 3.875% senior notes | Unsecured Notes 3.875% senior notes | Unsecured Notes 4.875% senior notes | Unsecured Notes 4.875% senior notes | Unsecured Notes 8.625% senior notes | Unsecured Notes 8.625% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Credit Facilities | Secured Credit Facility | Minimum | Maximum | Lenders from Original Credit Facility Not Participating in New Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
tranches | October 2012 Secured Credit Facility | October 2012 Secured Credit Facility | February 2013 Secured Credit Facility | October 2012 Secured Credit Facility | Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-2 Facility Due 2017 | Minimum | Minimum | Minimum | Minimum | |||||||||||||||||||||||||||||||||||||||||
February 2013 Secured Credit Facility | October 2012 Secured Credit Facility | Secured 2012 Tranche A-1 Facility Due 2016 | Secured 2012 Tranche A-2 Facility Due 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Principal amount | ' | ' | ' | ' | ' | ' | ' | $1,710,000,000 | ' | ' | ' | ' | $1,820,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $265,000,000 | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, covenant, minimum collateral coverage, one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, covenant, minimum collateral coverage, two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137.50% | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, collateral, percent of proceeds from principal repayments and sales applied to repayment, one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, collateral, percent of proceeds from principal repayments and sales applied to repayment, two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, covenant, minimum collateral coverage, three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, lender fees | ' | ' | ' | ' | ' | 17,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, capitalized lender fees | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, lender fees, amount recorded in gain (loss) on early extinguishment of debt | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, third party fees | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, third party fees, amount recognized | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, third party fees, amount capitalized | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of REIT taxable income permitted for distribution under debt covenants | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, amount of real estate assets or interests available to distribute | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Repayments under secured credit facilities | ' | ' | 1,128,904,000 | 603,419,000 | ' | ' | 230,900,000 | ' | ' | ' | 113,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt instrument, unamortized discounts and financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 25,600,000 | ' | ' | ' | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Borrowings on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 880,000,000 | 410,000,000 | ' | ' | 470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of par credit facilities were issued at | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | 98.00% | ' | 98.50% | 98.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Variable interest rate, spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | [1] | 4.50% | [2] | 4.00% | [3] | 5.75% | [3] | 1.00% | 1.25% | 1.25% | 1.25% |
Repayment of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 606,700,000 | ' | 244,000,000 | 90,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Effective interest rate (as a percent) | ' | ' | ' | ' | 4.50% | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Minimum aggregate cumulative amortization payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gain (loss) on early extinguishment of debt, net | 3,498,000 | 3,694,000 | 28,282,000 | 6,858,000 | 2,600,000 | ' | 5,100,000 | ' | ' | 800,000 | ' | ' | ' | ' | ' | 200,000 | 4,400,000 | ' | 800,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | 9,500,000 | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Periods following the initial payment of amortization that additional amortization payments are due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.88% | 3.88% | 4.88% | 4.88% | 8.63% | 8.63% | 5.95% | 5.95% | 5.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Extinguishment of debt, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,800,000 | ' | 448,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Minimum ratio of unencumbered assets to unsecured indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Multiple of the minimum collateral coverage on outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Aggregate equity value permitted to be distributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | This loan has a LIBOR floor of 1.00%. As of September 30, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This loan had a LIBOR floor of 1.25%. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | These loans each have a LIBOR floor of 1.25%. As of September 30, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | $85,101 |
Discretionary Fundings | 0 |
Strategic Investments | 46,927 |
Total unfunded commitments | 132,028 |
Loans | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 38,745 |
Discretionary Fundings | 0 |
Strategic Investments | 0 |
Total unfunded commitments | 38,745 |
Real Estate | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 46,356 |
Discretionary Fundings | 0 |
Strategic Investments | 0 |
Total unfunded commitments | 46,356 |
Strategic Investments | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 0 |
Discretionary Fundings | 0 |
Strategic Investments | 46,927 |
Total unfunded commitments | $46,927 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Percentage of capital committed to strategic investments that may be drawn down | 100.00% |
Risk_Management_and_Derivative2
Risk Management and Derivatives (Fair value of the derivative financial instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | $10,091 | $0 |
Derivative Liabilities, Fair Value | 8,164 | 3,435 |
Foreign exchange contracts | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 690 | 0 |
Derivative Liabilities, Fair Value | 8,164 | 2,855 |
Cash flow interest rate swap | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 368 | 0 |
Derivative Liabilities, Fair Value | 0 | 580 |
Cash flow interest rate cap | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 9,033 | 0 |
Derivative Liabilities, Fair Value | $0 | $0 |
Risk_Management_and_Derivative3
Risk Management and Derivatives (Effect of derivative financial instruments on the Consolidated Statements of Operations)(Details) (Designated as Hedging Instrument, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Expense | Cash flow interest rate cap | ' | ' | ' | ' |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | ($1,590) | ' | ($1,590) | ' |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | ' | 0 | ' |
Interest Expense | Cash flow interest rate swap | ' | ' | ' | ' |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | -204 | 0 | 678 | -124 |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 80 | -26 | 231 | -265 |
Other Expense | Foreign exchange contracts | ' | ' | ' | ' |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | 347 | ' | 691 | ' |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | $0 | ' | $0 | ' |
Risk_Management_and_Derivative4
Risk Management and Derivatives (Outstanding foreign currency derivatives - designated hedge) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Designated as Hedging Instrument | Designated as Hedging Instrument | Sells INR/Buys USD Forward | Sells INR/Buys USD Forward | |
Foreign exchange contracts | Foreign exchange contracts | USD ($) | RSD | |
Other Expense | Other Expense | |||
USD ($) | USD ($) | |||
Derivative [Line Items] | ' | ' | ' | ' |
Notional Amount | ' | ' | $7,291 | 456,000 |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | $347 | $691 | ' | ' |
Risk_Management_and_Derivative5
Risk Management and Derivatives (Outstanding foreign currency derivatives - non-designated hedge) (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | Sells EUR/Buys USD Forward | Sells EUR/Buys USD Forward | Sells GBP/Buys USD Forward | Sells GBP/Buys USD Forward | Sells CAD/Buys USD Forward | Sells CAD/Buys USD Forward | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | |
USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | CAD | Other Expense | Other Expense | Other Expense | Other Expense | |||||
Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | $114,155,000 | € 84,400,000 | $44,512,000 | £ 27,500,000 | $41,832,000 | 43,100,000 | ' | ' | ' | ' |
Derivative instruments, gain (loss) recognized in income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,992,000 | -6,658,000 | 1,750,000 | -5,326,000 |
Gain (loss) on foreign investments | ($1,100,000) | ($500,000) | ($1,500,000) | ($800,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk_Management_and_Derivative6
Risk Management and Derivatives (Qualifying cash flow hedges) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Cash flow interest rate cap | Interest rate swap | Interest rate cap and interest rate swap | Terminated interest rate swap | Foreign currency derivatives | Foreign currency derivatives | London Interbank Offered Rate (LIBOR) [Member] | |
Interest rate swap | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | $500,000,000 | $28,000,000 | ' | ' | ' | ' | ' |
Variable Rate | ' | ' | ' | ' | ' | ' | 2.00% |
Interest Rate Cap, Fixed Rate | 1.00% | ' | ' | ' | ' | ' | ' |
Interest Rate Swap, Fixed Rate | ' | 3.47% | ' | ' | ' | ' | ' |
Expense (income) related to qualifying cash flow hedges expected to be reclassified to earnings over the next 12 months | ' | ' | 400,000 | -200,000 | ' | ' | ' |
Foreign currency derivative collateral included in restricted cash | ' | ' | ' | ' | $10,200,000 | $9,600,000 | ' |
Equity_Details
Equity (Details) (USD $) | 9 Months Ended | |||||||||||||||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||
Maximum | Minimum | Series D | Series D | Series E | Series E | Series F | Series F | Series G | Series G | Series I | Series I | Series J | Series J | Series J | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares Issued and Outstanding (in thousands) | 25,800 | ' | ' | 4,000 | ' | 5,600 | ' | 4,000 | ' | 3,200 | ' | 5,000 | ' | 4,000 | ' | ' | ||||||
Par Value (in dollars per share) | ' | ' | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | ' | ||||||
Liquidation Preference (in dollars per share) | ' | ' | ' | $25 | ' | $25 | ' | $25 | ' | $25 | ' | $25 | ' | $50 | $50 | $0 | ||||||
Rate per Annum | ' | ' | ' | 8.00% | [1],[2] | ' | 7.88% | [1],[2] | ' | 7.80% | [1],[2] | ' | 7.65% | [1],[2] | ' | 7.50% | [1],[2] | ' | 4.50% | [1],[2] | ' | ' |
Equivalent to Fixed Annual Rate (in dollars per share) | ' | ' | ' | $2 | [1],[2] | ' | $1.97 | [1],[2] | ' | $1.95 | [1],[2] | ' | $1.91 | [1],[2] | ' | $1.88 | [1],[2] | ' | $2.25 | [1],[2] | ' | ' |
Number of days in year used in the computation of preferred stock dividends for any partial dividend period | '360 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of months used in the computation of preferred stock dividends for any partial dividend period | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of days in month, dividends computation of dividends payable for any partial dividend period | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | ' | '30 days | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Dividends declared and paid | ' | ' | ' | $6 | $6 | $8.30 | $8.30 | $5.90 | $5.90 | $4.60 | $4.60 | $7 | $7 | $4.50 | ' | ' | ||||||
Amount of preferred dividends in arrears | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. | |||||||||||||||||||||
[2] | The Company declared and paid dividends of $6.0 million, $8.3 million, $5.9 million, $4.6 million, and $7.0 million on its Series D, E, F, G, and I preferred stock, respectively, during each of the nine months ended September 30, 2013 and 2012. The Company also declared and paid dividends of $4.5 million on its Series J preferred stock during the nine months ended September 30, 2013. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. |
Equity_Details_2
Equity (Details 2) (Preferred Stock Series J, USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Preferred Stock Series J | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock issued | ' | $200,000,000 | ' |
Preferred stock, stated percentage | ' | 4.50% | ' |
Preferred Stock Series, liquidation preference per share (in dollars per share) | $50 | $50 | $0 |
Convertible preferred stock, shares issued upon conversion | ' | 3.9087 | ' |
Convertible preferred stock, conversion price (in dollars per share) | ' | $12.79 | ' |
Preferred stock, liquidation redemption price percent of liquidation preference | ' | 100.00% | ' |
Equity_Details_3
Equity (Details 3) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
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 | ' | $634.20 |
Equity_Details_4
Equity (Details 4) (USD $) | 1 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
Stock Repurchase Program | ' | ' | ' |
Repurchase of common stock, authorized amount | $50,000,000 | ' | ' |
Available repurchase of common stock, authorized amount | ' | 16,000,000 | ' |
Stock repurchased during period | ' | ' | $0 |
Equity_Details_5
Equity (Details 5) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ' | ' |
Unrealized gains on available-for-sale securities | ($275) | $867 |
Unrealized gains on cash flow hedges | 615 | 607 |
Unrealized losses on cumulative translation adjustment | -4,485 | -2,659 |
Accumulated other comprehensive income (loss) | ($4,145) | ($1,185) |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans and Employee Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $4,563,000 | $3,512,000 | $14,484,000 | $11,625,000 |
Unrecognized compensation cost | $6,900,000 | ' | $6,900,000 | ' |
Weighted-average period to recognize the unrecognized compensation cost | '0 years 6 months 29 days | ' | ' | ' |
Long-term Incentive Plan 2006 and 2009 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available for issuance | 4 | ' | 4 | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans and Employee Benefits (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Amended restricted stock units that vested on January 1, 2013 | Performance-based restricted stock units | Performance based restricted stock units vesting on December 31, 2013 | Performance based restricted stock units vesting on December 31, 2014 | Company's chairman and chief executive officer | Company's chairman and chief executive officer | Company's chairman and chief executive officer | Executives and other officers | Executives and other officers | Employees | Employees | Employees | Employees | Former director | Directors | Minimum | Minimum | Minimum | Maximum | Maximum | |||||
Restricted stock units | Performance-based restricted stock units | Service-based restricted stock units | Market-condition based restricted stock units granted on December 19, 2008, modified and measured on July 1, 2011 | Market-condition based restricted stock units granted on December 19, 2008, modified and measured on July 1, 2011 | Restricted stock units | Service-based restricted stock units vesting on February 11, 2013 | Annual incentive restricted stock units granted and vested to employees in February 2013 | Service based restricted stock units with specified vesting dates | CSE and restricted stock units | CSE and restricted stock units | Employees | Employees | Employees | Employees | Employees | |||||||||
Performance-based restricted stock units | Service-based restricted stock units | Service based restricted stock units with specified vesting dates | Performance-based restricted stock units | Service-based restricted stock units | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | 1,719,304 | ' | ' | ' | ' | ' | ' | ' | ' | 3,051,139 | ' | 164,685 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount RSU's issued net of statuatory minimum required tax witholdings (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,565,912 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 313,334 | ' | ' | ' | ' | 185,720 | ' | ' | 33,474 | 344,164 | ' | ' | ' | ' | ' |
Vesting term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year | '3 years | ' | '3 years |
Performance measurement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '2 years | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | 200.00% | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | 0.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected stock price volatility | ' | ' | ' | ' | ' | 50.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | 97,802 | 195,605 | ' | ' | 600,000 | ' | 1,684,803 | ' | ' | ' | 97,333 | ' | ' | ' | ' | ' | ' | 197,164 |
Percentage of original units granted equal to amended units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, fair value per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.30 | ' | ' | ' | ' | ' | ' |
Shares issued for settlement (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,091 | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.10 | ' | ' | ' | ' | ' |
Gross contributions made by the Company | $0.10 | $0.10 | $0.80 | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations | ' | ' | ' | ' | ||||
Income (loss) from continuing operations | ($42,045) | [1] | ($75,356) | [1] | ($161,080) | [1] | ($206,230) | [1] |
Net (income) loss attributable to noncontrolling interests | -167 | 666 | 332 | 1,363 | ||||
Income from sales of residential property | 14,075 | 15,584 | 72,092 | 35,583 | ||||
Preferred dividends | -12,830 | -10,580 | -36,190 | -31,740 | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | -40,967 | -69,686 | -124,846 | -201,024 | ||||
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Income (loss) from discontinued operations | 214 | -4,534 | 1,256 | -18,094 | ||||
Gain from discontinued operations | 9,166 | 0 | 22,488 | 27,257 | ||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] |
Basic and diluted earnings per common share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($0.46) | [1] | ($0.81) | [1] | ($1.42) | [1] | ($2.32) | [1] |
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($0.36) | [1] | ($0.86) | [1] | ($1.15) | [1] | ($2.22) | [1] |
Common shares | ' | ' | ' | ' | ||||
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | -39,649 | -67,399 | -120,816 | -194,436 | ||||
Income (loss) from discontinued operations | 207 | -4,385 | 1,215 | -17,501 | ||||
Gain from discontinued operations | 8,871 | 0 | 21,762 | 26,364 | ||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | -30,571 | -71,784 | -97,839 | -185,573 | ||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Weighted average common shares outstanding for basic earnings per common share | 85,392 | 83,629 | 85,116 | 83,765 | ||||
Basic and diluted earnings per common share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($0.46) | ($0.81) | ($1.42) | ($2.32) | ||||
Income (loss) from discontinued operations (in dollars per share) | $0 | ($0.05) | $0.01 | ($0.21) | ||||
Gain from discontinued operations (in dollars per share) | $0.10 | $0 | $0.26 | $0.31 | ||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($0.36) | ($0.86) | ($1.15) | ($2.22) | ||||
HPU's | ' | ' | ' | ' | ||||
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | -1,318 | -2,287 | -4,030 | -6,588 | ||||
Income (loss) from discontinued operations | 7 | -149 | 41 | -593 | ||||
Gain from discontinued operations | 295 | 0 | 726 | 893 | ||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | ($1,016) | ($2,436) | ($3,263) | ($6,288) | ||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | 15 | 15 | 15 | ||||
Basic and diluted earnings per common share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($87.87) | ($152.47) | ($268.67) | ($439.20) | ||||
Income (loss) from discontinued operations (in dollars per share) | $0.47 | ($9.93) | $2.73 | ($39.53) | ||||
Gain from discontinued operations (in dollars per share) | $19.67 | $0 | $48.40 | $59.53 | ||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($67.73) | ($162.40) | ($217.54) | ($419.20) | ||||
[1] | Income (loss) from continuing operations attributable to iStar Financial Inc. for the three months ended September 30, 2013 and 2012 was $(42.2) million and $(74.7) million, respectively, and for the nine months ended September 30, 2013, and 2012 was $(160.7) million and $(204.9) million, respectively. See Note 13 for details on the calculation of earnings per share. | |||||||
[2] | HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program (see Note 11). |
Earnings_Per_Share_Details_2
Earnings Per Share (Details 2) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Joint venture shares | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares | 298 | 298 | 298 | 298 |
3% Senior convertible unsecured notes | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares | 16,992 | 0 | 16,992 | 0 |
Preferred Stock Series J | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares | 15,635 | 0 | 15,635 | 0 |
Fair_Values_Details
Fair Values (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | ||||
In Thousands, unless otherwise specified | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Minimum | Maximum | ||||
Total | Total | Quoted market prices in active markets (Level 1) | Quoted market prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Total | Total | Quoted market prices in active markets (Level 1) | Quoted market prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Discounted Cash Flow Valuation Technique | Discounted Cash Flow Valuation Technique | |||||
Assets and liabilities recorded at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative assets | $10,091 | ' | $0 | ' | $10,091 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative liabilities | 8,164 | 3,435 | 0 | 0 | 8,164 | 3,435 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impaired loans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 57,201 | 0 | [1] | 0 | 0 | [1] | 0 | 0 | [1] | 57,201 | ' | ' |
Impaired real estate | ' | ' | ' | ' | ' | ' | ' | ' | $39,204 | [2] | $31,597 | $0 | [2] | $0 | $0 | [2] | $7,649 | $39,204 | [2] | $23,948 | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 11.00% | ||||
Average annual market rate growth | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 3.00% | ||||
[1] | The Company impaired its junior position in a loan based upon the anticipated proceeds expected to be realized by the Company pursuant to the proposed terms of a restructuring of the loan. | |||||||||||||||||||||
[2] | The Company recorded the fair value of an impaired real estate asset using discounted cash flows based on discount rates with a range of 9.0% to 11.0% and average annual revenue growth with a range of 0.0% and 3.0%. |
Fair_Values_Details_2
Fair Values (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans receivable and other lending investments, net | $1,362,752 | [1] | $1,829,985 | [1] |
Debt obligations, net | 4,253,165 | 4,691,494 | ||
Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans receivable and other lending investments, net | 1,400,000 | 1,900,000 | ||
Debt obligations, net | $4,500,000 | $4,900,000 | ||
[1] | The Company's recorded investment in loans as of September 30, 2013 and December 31, 2012 includes accrued interest of $6.4 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets. |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Apr. 19, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Apr. 19, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | |||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating lease income | ' | $60,306 | $53,029 | ' | ' | $175,638 | $159,670 | ' | ' | |||||||||
Interest income | ' | 24,235 | 31,171 | ' | ' | 78,584 | 104,822 | ' | ' | |||||||||
Other income | ' | 11,261 | 9,334 | ' | ' | 35,778 | 36,696 | ' | ' | |||||||||
Total revenues | ' | 95,802 | 93,534 | ' | ' | 290,000 | 301,188 | ' | ' | |||||||||
Earnings (loss) from equity method investments | ' | 4,345 | 22,719 | ' | ' | 34,346 | 75,925 | ' | ' | |||||||||
Income from sales of residential property | ' | 14,075 | 15,584 | ' | ' | 72,092 | 35,583 | ' | ' | |||||||||
Net operating income from discontinued operations(2) | ' | 788 | [1] | 510 | [1] | ' | ' | 2,473 | [1] | 6,227 | [1] | ' | ' | |||||
Gain from discontinued operations | ' | 9,166 | 0 | ' | ' | 22,488 | 27,257 | ' | ' | |||||||||
Revenue and other earnings | ' | 124,176 | 132,347 | ' | ' | 421,399 | 446,180 | ' | ' | |||||||||
Real estate expense | ' | -37,604 | -37,797 | ' | ' | -112,437 | -111,048 | ' | ' | |||||||||
Other expense | ' | -1,495 | -2,394 | ' | ' | -7,266 | -6,754 | ' | ' | |||||||||
Direct expenses | ' | -39,099 | -40,191 | ' | ' | -119,703 | -117,802 | ' | ' | |||||||||
Direct segment profit (loss) | ' | 85,077 | 92,156 | ' | ' | 301,696 | 328,378 | ' | ' | |||||||||
Allocated interest expense(2) | ' | -63,793 | [1] | -91,777 | [1] | ' | ' | -204,516 | [1] | -272,659 | [1] | ' | ' | |||||
Allocated general and administrative(3) | ' | -19,722 | [2] | -15,525 | [2] | ' | ' | -52,524 | [2] | -50,049 | [2] | ' | ' | |||||
Segment profit (loss)(4) | ' | 1,562 | [3] | -15,146 | [3] | ' | ' | 44,656 | [3] | 5,670 | [3] | ' | ' | |||||
Provision for (recovery of) loan losses | ' | -9,834 | [4] | 16,834 | ' | ' | 5,392 | [4] | 60,865 | ' | ' | |||||||
Impairment of assets(2) | ' | 6,785 | [1] | 6,542 | [1] | ' | ' | 7,181 | [1] | 30,061 | [1] | ' | ' | |||||
Depreciation and amortization(2) | ' | 19,019 | [1] | 16,787 | [1] | ' | ' | 53,873 | [1] | 51,205 | [1] | ' | ' | |||||
Capitalized expenditures | ' | 25,105 | 13,022 | ' | ' | 72,765 | 45,736 | ' | ' | |||||||||
Real estate, at cost | ' | 3,224,167 | ' | ' | ' | 3,224,167 | ' | ' | 3,226,648 | |||||||||
Less: accumulated depreciation | ' | -438,732 | ' | ' | ' | -438,732 | ' | ' | -427,625 | |||||||||
Real estate, net | ' | 2,785,435 | ' | ' | ' | 2,785,435 | ' | ' | 2,799,023 | |||||||||
Real estate available and held for sale | ' | 410,080 | ' | ' | ' | 410,080 | ' | ' | 635,865 | |||||||||
Total real estate | ' | 3,195,515 | ' | ' | ' | 3,195,515 | ' | ' | 3,434,888 | |||||||||
Loans receivable and other lending investments, net | ' | 1,362,752 | [5] | ' | ' | ' | 1,362,752 | [5] | ' | ' | 1,829,985 | [5] | ||||||
Other investments | ' | 187,510 | ' | ' | ' | 187,510 | ' | ' | 398,843 | |||||||||
Total portfolio assets | ' | 4,745,777 | ' | ' | ' | 4,745,777 | ' | ' | 5,663,716 | |||||||||
Cash and other assets | ' | 1,027,563 | ' | ' | ' | 1,027,563 | ' | ' | 487,073 | |||||||||
Total assets | ' | 5,773,340 | ' | ' | ' | 5,773,340 | ' | ' | 6,150,789 | |||||||||
Equity method investments | ' | 179,877 | ' | ' | ' | 179,877 | ' | ' | 387,718 | |||||||||
Stock-based compensation expense | ' | 4,563 | 3,512 | ' | ' | 14,484 | 11,625 | ' | ' | |||||||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Earnings (loss) from equity method investments | 0 | [6],[7] | 0 | 15,206 | 15,206 | [6],[7] | 55,553 | [6],[7] | 16,465 | 36,017 | 36,017 | [6],[7] | ' | |||||
Equity method investments | ' | 0 | ' | ' | ' | 0 | ' | ' | 205,773 | |||||||||
Real Estate Finance | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating lease income | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Interest income | ' | 24,235 | 31,171 | ' | ' | 78,584 | 104,822 | ' | ' | |||||||||
Other income | ' | 1,731 | 1,300 | ' | ' | 4,229 | 8,162 | ' | ' | |||||||||
Total revenues | ' | 25,966 | 32,471 | ' | ' | 82,813 | 112,984 | ' | ' | |||||||||
Earnings (loss) from equity method investments | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Income from sales of residential property | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Net operating income from discontinued operations(2) | ' | 0 | [1] | 0 | [1] | ' | ' | 0 | [1] | 0 | [1] | ' | ' | |||||
Gain from discontinued operations | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Revenue and other earnings | ' | 25,966 | 32,471 | ' | ' | 82,813 | 112,984 | ' | ' | |||||||||
Real estate expense | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Other expense | ' | -253 | -1,478 | ' | ' | -1,586 | -3,906 | ' | ' | |||||||||
Direct expenses | ' | -253 | -1,478 | ' | ' | -1,586 | -3,906 | ' | ' | |||||||||
Direct segment profit (loss) | ' | 25,713 | 30,993 | ' | ' | 81,227 | 109,078 | ' | ' | |||||||||
Allocated interest expense(2) | ' | -16,172 | [1] | -28,118 | [1] | ' | ' | -55,500 | [1] | -90,273 | [1] | ' | ' | |||||
Allocated general and administrative(3) | ' | -3,610 | [2] | -3,324 | [2] | ' | ' | -9,661 | [2] | -11,456 | [2] | ' | ' | |||||
Segment profit (loss)(4) | ' | 5,931 | [3] | -449 | [3] | ' | ' | 16,066 | [3] | 7,349 | [3] | ' | ' | |||||
Provision for (recovery of) loan losses | ' | -9,834 | 16,834 | ' | ' | 5,392 | 60,865 | ' | ' | |||||||||
Impairment of assets(2) | ' | 0 | [1] | 0 | [1] | ' | ' | 0 | [1] | 0 | [1] | ' | ' | |||||
Depreciation and amortization(2) | ' | 0 | [1] | 0 | [1] | ' | ' | 0 | [1] | 0 | [1] | ' | ' | |||||
Capitalized expenditures | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Real estate, at cost | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Less: accumulated depreciation | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Real estate, net | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Real estate available and held for sale | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Total real estate | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Loans receivable and other lending investments, net | ' | 1,362,752 | ' | ' | ' | 1,362,752 | ' | ' | 1,829,985 | |||||||||
Other investments | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Total portfolio assets | ' | 1,362,752 | ' | ' | ' | 1,362,752 | ' | ' | 1,829,985 | |||||||||
Net Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating lease income | ' | 36,142 | 37,378 | ' | ' | 108,781 | 111,343 | ' | ' | |||||||||
Interest income | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Other income | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Total revenues | ' | 36,142 | 37,378 | ' | ' | 108,781 | 111,343 | ' | ' | |||||||||
Earnings (loss) from equity method investments | ' | 679 | 667 | ' | ' | 2,017 | 1,962 | ' | ' | |||||||||
Income from sales of residential property | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Net operating income from discontinued operations(2) | ' | 303 | [1] | 608 | [1] | ' | ' | 1,145 | [1] | 5,890 | [1] | ' | ' | |||||
Gain from discontinued operations | ' | 0 | 0 | ' | ' | 3,395 | 27,257 | ' | ' | |||||||||
Revenue and other earnings | ' | 37,124 | 38,653 | ' | ' | 115,338 | 146,452 | ' | ' | |||||||||
Real estate expense | ' | -5,223 | -6,676 | ' | ' | -16,508 | -18,674 | ' | ' | |||||||||
Other expense | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Direct expenses | ' | -5,223 | -6,676 | ' | ' | -16,508 | -18,674 | ' | ' | |||||||||
Direct segment profit (loss) | ' | 31,901 | 31,977 | ' | ' | 98,830 | 127,778 | ' | ' | |||||||||
Allocated interest expense(2) | ' | -19,066 | [1] | -21,426 | [1] | ' | ' | -59,296 | [1] | -65,656 | [1] | ' | ' | |||||
Allocated general and administrative(3) | ' | -4,282 | [2] | -2,521 | [2] | ' | ' | -10,353 | [2] | -8,236 | [2] | ' | ' | |||||
Segment profit (loss)(4) | ' | 8,553 | [3] | 8,030 | [3] | ' | ' | 29,181 | [3] | 53,886 | [3] | ' | ' | |||||
Provision for (recovery of) loan losses | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Impairment of assets(2) | ' | 494 | [1] | 0 | [1] | ' | ' | 494 | [1] | 6,670 | [1] | ' | ' | |||||
Depreciation and amortization(2) | ' | 9,556 | [1] | 9,795 | [1] | ' | ' | 28,787 | [1] | 30,822 | [1] | ' | ' | |||||
Capitalized expenditures | ' | 4,322 | 770 | ' | ' | 21,977 | 2,826 | ' | ' | |||||||||
Real estate, at cost | ' | 1,631,017 | ' | ' | ' | 1,631,017 | ' | ' | 1,639,320 | |||||||||
Less: accumulated depreciation | ' | -335,301 | ' | ' | ' | -335,301 | ' | ' | -315,699 | |||||||||
Real estate, net | ' | 1,295,716 | ' | ' | ' | 1,295,716 | ' | ' | 1,323,621 | |||||||||
Real estate available and held for sale | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Total real estate | ' | 1,295,716 | ' | ' | ' | 1,295,716 | ' | ' | 1,323,621 | |||||||||
Loans receivable and other lending investments, net | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Other investments | ' | 16,426 | ' | ' | ' | 16,426 | ' | ' | 16,380 | |||||||||
Total portfolio assets | ' | 1,312,142 | ' | ' | ' | 1,312,142 | ' | ' | 1,340,001 | |||||||||
Operating Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating lease income | ' | 24,164 | 15,651 | ' | ' | 66,857 | 48,327 | ' | ' | |||||||||
Interest income | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Other income | ' | 8,072 | 7,116 | ' | ' | 27,623 | 24,997 | ' | ' | |||||||||
Total revenues | ' | 32,236 | 22,767 | ' | ' | 94,480 | 73,324 | ' | ' | |||||||||
Earnings (loss) from equity method investments | ' | 533 | 3,467 | ' | ' | 5,006 | 20,764 | ' | ' | |||||||||
Income from sales of residential property | ' | 14,075 | 15,584 | ' | ' | 68,615 | 35,583 | ' | ' | |||||||||
Net operating income from discontinued operations(2) | ' | 485 | [1] | -98 | [1] | ' | ' | 1,328 | [1] | 337 | [1] | ' | ' | |||||
Gain from discontinued operations | ' | 9,166 | 0 | ' | ' | 19,093 | 0 | ' | ' | |||||||||
Revenue and other earnings | ' | 56,495 | 41,720 | ' | ' | 188,522 | 130,008 | ' | ' | |||||||||
Real estate expense | ' | -25,178 | -24,439 | ' | ' | -75,695 | -76,114 | ' | ' | |||||||||
Other expense | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Direct expenses | ' | -25,178 | -24,439 | ' | ' | -75,695 | -76,114 | ' | ' | |||||||||
Direct segment profit (loss) | ' | 31,317 | 17,281 | ' | ' | 112,827 | 53,894 | ' | ' | |||||||||
Allocated interest expense(2) | ' | -11,082 | [1] | -15,342 | [1] | ' | ' | -37,259 | [1] | -42,507 | [1] | ' | ' | |||||
Allocated general and administrative(3) | ' | -2,735 | [2] | -1,970 | [2] | ' | ' | -7,140 | [2] | -5,817 | [2] | ' | ' | |||||
Segment profit (loss)(4) | ' | 17,500 | [3] | -31 | [3] | ' | ' | 68,428 | [3] | 5,570 | [3] | ' | ' | |||||
Provision for (recovery of) loan losses | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Impairment of assets(2) | ' | 6,291 | [1] | 4,808 | [1] | ' | ' | 6,687 | [1] | 22,209 | [1] | ' | ' | |||||
Depreciation and amortization(2) | ' | 8,884 | [1] | 6,330 | [1] | ' | ' | 23,321 | [1] | 18,966 | [1] | ' | ' | |||||
Capitalized expenditures | ' | 11,906 | 6,142 | ' | ' | 26,312 | 31,073 | ' | ' | |||||||||
Real estate, at cost | ' | 777,848 | ' | ' | ' | 777,848 | ' | ' | 801,214 | |||||||||
Less: accumulated depreciation | ' | -100,325 | ' | ' | ' | -100,325 | ' | ' | -109,634 | |||||||||
Real estate, net | ' | 677,523 | ' | ' | ' | 677,523 | ' | ' | 691,580 | |||||||||
Real estate available and held for sale | ' | 262,332 | ' | ' | ' | 262,332 | ' | ' | 454,587 | |||||||||
Total real estate | ' | 939,855 | ' | ' | ' | 939,855 | ' | ' | 1,146,167 | |||||||||
Loans receivable and other lending investments, net | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Other investments | ' | 16,693 | ' | ' | ' | 16,693 | ' | ' | 25,745 | |||||||||
Total portfolio assets | ' | 956,548 | ' | ' | ' | 956,548 | ' | ' | 1,171,912 | |||||||||
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating lease income | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Interest income | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Other income | ' | 333 | 0 | ' | ' | 833 | 0 | ' | ' | |||||||||
Total revenues | ' | 333 | 0 | ' | ' | 833 | 0 | ' | ' | |||||||||
Earnings (loss) from equity method investments | ' | -2,178 | -1,914 | ' | ' | -5,268 | -5,016 | ' | ' | |||||||||
Income from sales of residential property | ' | 0 | 0 | ' | ' | 3,477 | 0 | ' | ' | |||||||||
Net operating income from discontinued operations(2) | ' | 0 | [1] | 0 | [1] | ' | ' | 0 | [1] | 0 | [1] | ' | ' | |||||
Gain from discontinued operations | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Revenue and other earnings | ' | -1,845 | -1,914 | ' | ' | -958 | -5,016 | ' | ' | |||||||||
Real estate expense | ' | -7,203 | -6,682 | ' | ' | -20,234 | -16,260 | ' | ' | |||||||||
Other expense | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Direct expenses | ' | -7,203 | -6,682 | ' | ' | -20,234 | -16,260 | ' | ' | |||||||||
Direct segment profit (loss) | ' | -9,048 | -8,596 | ' | ' | -21,192 | -21,276 | ' | ' | |||||||||
Allocated interest expense(2) | ' | -7,541 | [1] | -8,495 | [1] | ' | ' | -23,226 | [1] | -24,552 | [1] | ' | ' | |||||
Allocated general and administrative(3) | ' | -2,487 | [2] | -2,167 | [2] | ' | ' | -6,122 | [2] | -5,604 | [2] | ' | ' | |||||
Segment profit (loss)(4) | ' | -19,076 | [3] | -19,258 | [3] | ' | ' | -50,540 | [3] | -51,432 | [3] | ' | ' | |||||
Provision for (recovery of) loan losses | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | |||||||||
Impairment of assets(2) | ' | 0 | [1] | 205 | [1] | ' | ' | 0 | [1] | 205 | [1] | ' | ' | |||||
Depreciation and amortization(2) | ' | 288 | [1] | 319 | [1] | ' | ' | 817 | [1] | 1,012 | [1] | ' | ' | |||||
Capitalized expenditures | ' | 8,877 | 6,110 | ' | ' | 24,476 | 11,837 | ' | ' | |||||||||
Real estate, at cost | ' | 815,302 | ' | ' | ' | 815,302 | ' | ' | 786,114 | |||||||||
Less: accumulated depreciation | ' | -3,106 | ' | ' | ' | -3,106 | ' | ' | -2,292 | |||||||||
Real estate, net | ' | 812,196 | ' | ' | ' | 812,196 | ' | ' | 783,822 | |||||||||
Real estate available and held for sale | ' | 147,748 | ' | ' | ' | 147,748 | ' | ' | 181,278 | |||||||||
Total real estate | ' | 959,944 | ' | ' | ' | 959,944 | ' | ' | 965,100 | |||||||||
Loans receivable and other lending investments, net | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | |||||||||
Other investments | ' | 12,809 | ' | ' | ' | 12,809 | ' | ' | 5,493 | |||||||||
Total portfolio assets | ' | 972,753 | ' | ' | ' | 972,753 | ' | ' | 970,593 | |||||||||
Corporate/ Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating lease income | ' | 0 | [8] | 0 | [8] | ' | ' | 0 | [8] | 0 | [8] | ' | ' | |||||
Interest income | ' | 0 | [8] | 0 | [8] | ' | ' | 0 | [8] | 0 | [8] | ' | ' | |||||
Other income | ' | 1,125 | [8] | 918 | [8] | ' | ' | 3,093 | [8] | 3,537 | [8] | ' | ' | |||||
Total revenues | ' | 1,125 | [8] | 918 | [8] | ' | ' | 3,093 | [8] | 3,537 | [8] | ' | ' | |||||
Earnings (loss) from equity method investments | ' | 5,311 | [8] | 20,499 | [8] | ' | ' | 32,591 | [8] | 58,215 | [8] | ' | ' | |||||
Income from sales of residential property | ' | 0 | [8] | 0 | [8] | ' | ' | 0 | [8] | 0 | [8] | ' | ' | |||||
Net operating income from discontinued operations(2) | ' | 0 | [1],[8] | 0 | [1],[8] | ' | ' | 0 | [1],[8] | 0 | [1],[8] | ' | ' | |||||
Gain from discontinued operations | ' | 0 | [8] | 0 | [8] | ' | ' | 0 | [8] | 0 | [8] | ' | ' | |||||
Revenue and other earnings | ' | 6,436 | [8] | 21,417 | [8] | ' | ' | 35,684 | [8] | 61,752 | [8] | ' | ' | |||||
Real estate expense | ' | 0 | [8] | 0 | [8] | ' | ' | 0 | [8] | 0 | [8] | ' | ' | |||||
Other expense | ' | -1,242 | [8] | -916 | [8] | ' | ' | -5,680 | [8] | -2,848 | [8] | ' | ' | |||||
Direct expenses | ' | -1,242 | [8] | -916 | [8] | ' | ' | -5,680 | [8] | -2,848 | [8] | ' | ' | |||||
Direct segment profit (loss) | ' | 5,194 | [8] | 20,501 | [8] | ' | ' | 30,004 | [8] | 58,904 | [8] | ' | ' | |||||
Allocated interest expense(2) | ' | -9,932 | [1],[8] | -18,396 | [1],[8] | ' | ' | -29,235 | [1],[8] | -49,671 | [1],[8] | ' | ' | |||||
Allocated general and administrative(3) | ' | -6,608 | [2],[8] | -5,543 | [2],[8] | ' | ' | -19,248 | [2],[8] | -18,936 | [2],[8] | ' | ' | |||||
Segment profit (loss)(4) | ' | -11,346 | [3],[8] | -3,438 | [3],[8] | ' | ' | -18,479 | [3],[8] | -9,703 | [3],[8] | ' | ' | |||||
Provision for (recovery of) loan losses | ' | 0 | [8] | 0 | [8] | ' | ' | 0 | [8] | 0 | [8] | ' | ' | |||||
Impairment of assets(2) | ' | 0 | [1],[8] | 1,529 | [1],[8] | ' | ' | 0 | [1],[8] | 977 | [1],[8] | ' | ' | |||||
Depreciation and amortization(2) | ' | 291 | [1],[8] | 343 | [1],[8] | ' | ' | 948 | [1],[8] | 405 | [1],[8] | ' | ' | |||||
Capitalized expenditures | ' | 0 | [8] | 0 | [8] | ' | ' | 0 | [8] | 0 | [8] | ' | ' | |||||
Real estate, at cost | ' | 0 | [8] | ' | ' | ' | 0 | [8] | ' | ' | 0 | [8] | ||||||
Less: accumulated depreciation | ' | 0 | [8] | ' | ' | ' | 0 | [8] | ' | ' | 0 | [8] | ||||||
Real estate, net | ' | 0 | [8] | ' | ' | ' | 0 | [8] | ' | ' | 0 | [8] | ||||||
Real estate available and held for sale | ' | 0 | [8] | ' | ' | ' | 0 | [8] | ' | ' | 0 | [8] | ||||||
Total real estate | ' | 0 | [8] | ' | ' | ' | 0 | [8] | ' | ' | 0 | [8] | ||||||
Loans receivable and other lending investments, net | ' | 0 | [8] | ' | ' | ' | 0 | [8] | ' | ' | 0 | [8] | ||||||
Other investments | ' | 141,582 | [8] | ' | ' | ' | 141,582 | [8] | ' | ' | 351,225 | [8] | ||||||
Total portfolio assets | ' | $141,582 | [8] | ' | ' | ' | $141,582 | [8] | ' | ' | $351,225 | [8] | ||||||
[1] | Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||||||||||
[2] | General and administrative excludes stock-based compensation expense of $4.6 million and $3.5 million for the three months ended September 30, 2013 and 2012, respectively, and $14.5 million and $11.6 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
[3] | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2013 2012 2013 2012Segment profit (loss)$1,562 $(15,146) $44,656 $5,670Less: Provision for loan losses9,834 (16,834) (5,392) (60,865)Less: Impairment of assets(2)(6,785) (6,542) (7,181) (30,061)Less: Stock-based compensation expense(4,563) (3,512) (14,484) (11,625)Less: Depreciation and amortization(2)(19,019) (16,787) (53,873) (51,205)Less: Income tax (expense) benefit(2)3,879 (1,791) (688) (6,540)Add: Gain (loss) on early extinguishment of debt, net(3,498) (3,694) (28,282) (6,858)Net income (loss)$(18,590) $(64,306) $(65,244) $(161,484) | |||||||||||||||||
[4] | For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively. | |||||||||||||||||
[5] | The Company's recorded investment in loans as of September 30, 2013 and December 31, 2012 includes accrued interest of $6.4 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" in the Company's Consolidated Balance Sheets. | |||||||||||||||||
[6] | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the three and nine months ended September 30, 2013 and 2012 are based on balances and results from LNR for the period from April 1, 2013 to April 19, 2013 and for the period from October 1, 2012 to April 19, 2013, respectively. | |||||||||||||||||
[7] | The loss for the period from April 1, 2013 to April 19, 2013 had already been considered in the Company's other than temporary impairment assessment during the first and second quarters of 2013. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $55.6 million for the nine months ended September 30, 2013. | |||||||||||||||||
[8] | Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's equity investment in LNR of $205.8 million as of December 31, 2012 and the Company's share of equity in earnings from LNR of $0.0 million and $15.2 million for the three months ended September 30, 2013 and 2012, respectively, and $16.5 million and $36.0 million for the nine months ended September 30, 2013 and 2012, respectively. See Note 6 for further details on the Company's accounting policy and summarized financial information for its investment in LNR. |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Reconciliation of segment profit (loss) to income (loss) from continuing operations | ' | ' | ' | ' | ||||
Segment profit (loss) | $1,562 | [1] | ($15,146) | [1] | $44,656 | [1] | $5,670 | [1] |
Less: Provision for loan losses | 9,834 | [2] | -16,834 | -5,392 | [2] | -60,865 | ||
Less: Impairment of assets(2) | -6,785 | [3] | -6,542 | [3] | -7,181 | [3] | -30,061 | [3] |
Less: Stock-based compensation expense | -4,563 | -3,512 | -14,484 | -11,625 | ||||
Less: Depreciation and amortization(2) | -19,019 | [3] | -16,787 | [3] | -53,873 | [3] | -51,205 | [3] |
Less: Income tax (expense) benefit(2) | 3,879 | [3] | -1,791 | [3] | -688 | [3] | -6,540 | [3] |
Add: Gain (loss) on early extinguishment of debt, net | -3,498 | -3,694 | -28,282 | -6,858 | ||||
Net income (loss) | ($18,590) | ($64,306) | ($65,244) | ($161,484) | ||||
[1] | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2013 2012 2013 2012Segment profit (loss)$1,562 $(15,146) $44,656 $5,670Less: Provision for loan losses9,834 (16,834) (5,392) (60,865)Less: Impairment of assets(2)(6,785) (6,542) (7,181) (30,061)Less: Stock-based compensation expense(4,563) (3,512) (14,484) (11,625)Less: Depreciation and amortization(2)(19,019) (16,787) (53,873) (51,205)Less: Income tax (expense) benefit(2)3,879 (1,791) (688) (6,540)Add: Gain (loss) on early extinguishment of debt, net(3,498) (3,694) (28,282) (6,858)Net income (loss)$(18,590) $(64,306) $(65,244) $(161,484) | |||||||
[2] | For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively. | |||||||
[3] | Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. |