Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ISTAR FINANCIAL INC | ' | ' |
Entity Central Index Key | '0001095651 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 84,871,977 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $926.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Real estate, at cost | $3,220,634 | $3,117,405 | ||
Less: accumulated depreciation | -424,453 | -378,306 | ||
Real estate, net | 2,796,181 | 2,739,099 | ||
Real estate available and held for sale | 360,517 | 635,865 | ||
Total real estate | 3,156,698 | 3,374,964 | ||
Loans receivable and other lending investments, net | 1,370,109 | [1] | 1,829,985 | [1] |
Other investments | 207,209 | 398,843 | ||
Cash and cash equivalents | 513,568 | 256,344 | ||
Restricted cash | 48,769 | 36,778 | ||
Accrued interest and operating lease income receivable, net | 14,941 | 15,226 | ||
Deferred operating lease income receivable | 92,737 | 84,735 | ||
Deferred expenses and other assets, net | 237,980 | 163,124 | ||
Total assets | 5,642,011 | 6,159,999 | ||
Liabilities: | ' | ' | ||
Accounts payable, accrued expenses and other liabilities | 170,831 | 141,670 | ||
Debt obligations, net | 4,158,125 | 4,691,494 | ||
Total liabilities | 4,328,956 | 4,833,164 | ||
Commitments and contingencies | 0 | 0 | ||
Redeemable noncontrolling interests | 11,590 | 13,681 | ||
iStar Financial Inc. shareholders' equity: | ' | ' | ||
High Performance Units | 9,800 | 9,800 | ||
Common Stock, $0.001 par value, 200,000 shares authorized, 144,334 issued and 83,717 outstanding at December 31, 2013 and 142,699 issued and 83,782 outstanding at December 31, 2012 | 144 | 143 | ||
Additional paid-in capital | 4,022,138 | 3,832,780 | ||
Retained earnings (deficit) | -2,521,618 | -2,360,647 | ||
Accumulated other comprehensive income (loss) (see Note 11) | -4,276 | -1,185 | ||
Treasury stock, at cost, $0.001 par value, 60,617 shares at December 31, 2013 and 58,917 shares at December 31, 2012 | -262,954 | -241,969 | ||
Total iStar Financial Inc. shareholders' equity | 1,243,260 | 1,238,944 | ||
Noncontrolling interests | 58,205 | 74,210 | ||
Total equity | 1,301,465 | 1,313,154 | ||
Total liabilities and equity | 5,642,011 | 6,159,999 | ||
Series D, E, F, G and I Preferred Stock | ' | ' | ||
iStar Financial Inc. shareholders' equity: | ' | ' | ||
Preferred Stock | 22 | 22 | ||
Series J convertible perpetual preferred stock | ' | ' | ||
iStar Financial Inc. shareholders' equity: | ' | ' | ||
Preferred Stock | $4 | $0 | ||
[1] | The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 144,334,000 | 142,699,000 | |
Common Stock, shares outstanding | 83,717,000 | 83,782,000 | |
Treasury stock, par value (in dollars per share) | $0.00 | $0.00 | |
Treasury stock, shares | 60,617,000 | 58,917,000 | |
Series D, E, F, G and I Preferred Stock | ' | ' | |
Preferred Stock, par value (in dollars per share) | $25 | [1],[2] | $25 |
Series J convertible perpetual preferred stock | ' | ' | |
Preferred Stock, par value (in dollars per share) | $50 | [1],[2] | $0 |
[1] | The Company declared and paid dividends of $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G and I preferred stock, respectively, during each of the years ended December 31, 2013 and 2012. The Company also declared and paid dividends of $6.7 million on its Series J preferred stock during the year ended December 31, 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. | ||
[2] | 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. |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues: | ' | ' | ' | |||
Operating lease income | $234,567 | $216,291 | $195,872 | |||
Interest income | 108,015 | 133,410 | 226,871 | |||
Other income | 48,208 | 47,838 | 39,722 | |||
Total revenues | 390,790 | 397,539 | 462,465 | |||
Costs and expenses: | ' | ' | ' | |||
Interest expense | 266,225 | 355,097 | 342,186 | |||
Real estate expense | 157,441 | 151,458 | 138,714 | |||
Depreciation and amortization | 71,266 | 68,770 | 58,091 | |||
General and administrative | 92,114 | 80,856 | 105,039 | |||
Provision for loan losses | 5,489 | 81,740 | [1] | 46,412 | [1] | |
Impairment of assets | 12,589 | 13,778 | 13,239 | |||
Other expense | 8,050 | 17,266 | 11,070 | |||
Total costs and expenses | 613,174 | 768,965 | 714,751 | |||
Income (loss) before earnings from equity method investments and other items | -222,384 | -371,426 | -252,286 | |||
Gain (loss) on early extinguishment of debt, net | -33,190 | -37,816 | 101,466 | |||
Earnings from equity method investments | 41,520 | 103,009 | 95,091 | |||
Loss on transfer of interest to unconsolidated subsidiary | -7,373 | 0 | 0 | |||
Income (loss) from continuing operations before income taxes | -221,427 | -306,233 | -55,729 | |||
Income tax (expense) benefit | 659 | -8,445 | 4,719 | |||
Income (loss) from continuing operations(1) | -220,768 | [2] | -314,678 | [2] | -51,010 | [2] |
Income (loss) from discontinued operations | 644 | -17,481 | -5,514 | |||
Gain from discontinued operations | 22,233 | 27,257 | 25,110 | |||
Income from sales of residential property | -86,658 | -63,472 | -5,721 | |||
Net income (loss) | -111,233 | -241,430 | -25,693 | |||
Net (income) loss attributable to noncontrolling interests | -718 | 1,500 | 3,629 | |||
Net income (loss) attributable to iStar Financial Inc. | -111,951 | -239,930 | -22,064 | |||
Preferred dividends | -49,020 | -42,320 | -42,320 | |||
Net (income) loss allocable to HPU holders and Participating Security holders(2)(3) | 5,202 | [3],[4] | 9,253 | [3],[4] | 1,997 | [3],[4] |
Net income (loss) allocable to common shareholders | ($155,769) | ($272,997) | ($62,387) | |||
Income (loss) attributable to iStar Financial Inc. from continuing operations: | ' | ' | ' | |||
Basic and diluted (in dollars per share) | ($2.09) | [2] | ($3.37) | [2] | ($0.91) | [2] |
Net income (loss) attributable to iStar Financial Inc.: | ' | ' | ' | |||
Basic and diluted (in dollars per share) | ($1.83) | [2] | ($3.26) | [2] | ($0.70) | [2] |
Weighted average number of common shares—basic and diluted | 84,990 | [2] | 83,742 | [2] | 88,688 | [2] |
Income (loss) attributable to iStar Financial Inc. from continuing operations: | ' | ' | ' | |||
Basic and diluted (in dollars per share) | ($396.07) | [2],[4] | ($638.27) | [2],[4] | ($173.66) | [2],[4] |
Net income (loss) attributable to iStar Financial Inc.: | ' | ' | ' | |||
Basic and diluted (in dollars per share) | ($346.80) | [2],[4] | ($616.87) | [2],[4] | ($133.13) | [2],[4] |
Weighted average number of HPU shares—basic and diluted | 15 | [2],[4] | 15 | [2],[4] | 15 | [2],[4] |
[1] | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. | |||||
[2] | Income (loss) from continuing operations attributable to iStar Financial Inc. for the years ended December 31, 2013, 2012 and 2011 was $(221.5) million, $(313.2) million and $(47.4) 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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Income (loss) from continuing operations attributable to iStar Financial Inc. | ($221.50) | ($313.20) | ($47.40) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income (loss) | ($111,233) | ($241,430) | ($25,693) | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization(1) | -859 | [1] | 0 | [1] | 0 | [1] |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization(2) | 310 | [2] | -44 | [2] | -180 | [2] |
Reclassification of (gains)/losses on cumulative translation adjustment into earnings upon realization(3) | -1,310 | [3] | 0 | [3] | 0 | [3] |
Unrealized gains/(losses) on available-for-sale securities | -302 | 278 | 391 | |||
Unrealized gains/(losses) on cash flow hedges | -255 | -1,335 | -1,191 | |||
Unrealized gains/(losses) on cumulative translation adjustment | -675 | 244 | -957 | |||
Other comprehensive income (loss) | -3,091 | -857 | -1,937 | |||
Comprehensive income (loss) | -114,324 | -242,287 | -27,630 | |||
Net (income) loss attributable to noncontrolling interests | -718 | 1,500 | 3,629 | |||
Comprehensive income (loss) attributable to iStar Financial Inc. | ($115,042) | ($240,787) | ($24,001) | |||
[1] | For the year ended December 31, 2013, $266 and $593 are included in "Other income" and "Earnings from equity method investments," respectively, 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Reclassification of gains/(losses) on available-for-sale securities into earnings upon realization | $859 | [1] |
Other Income | ' | |
Reclassification of gains/(losses) on available-for-sale securities into earnings upon realization | 266 | |
Earnings from Equity Method Investments | ' | |
Reclassification of gains/(losses) on available-for-sale securities into earnings upon realization | $593 | |
[1] | For the year ended December 31, 2013, $266 and $593 are included in "Other income" and "Earnings from equity method investments," respectively, on the Company's Consolidated Statements of Operations. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Preferred Stock | Series J Preferred Stock | 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, 2010 | $1,694,659 | $22 | [1] | ' | $9,800 | $138 | $3,809,071 | ($2,014,013) | $1,609 | ($158,492) | $46,524 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Dividends declared—preferred | -42,320 | ' | ' | ' | ' | ' | -42,320 | ' | ' | ' | ||||
Issuance of stock/restricted stock unit amortization, net | 25,391 | ' | ' | ' | 2 | 25,389 | ' | ' | ' | ' | ||||
Net income (loss) for the period | [2] | -25,667 | ' | ' | ' | ' | ' | -22,064 | ' | ' | -3,603 | |||
Change in accumulated other comprehensive income (loss) | -1,937 | ' | ' | ' | ' | ' | ' | -1,937 | ' | ' | ||||
Repurchase of stock | -78,849 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -78,849 | 0 | ||||
Contributions from noncontrolling interests | 3,917 | ' | ' | ' | ' | ' | ' | ' | ' | 3,917 | ||||
Distributions to noncontrolling interests | -1,590 | ' | ' | ' | ' | ' | ' | ' | ' | -1,590 | ||||
Balance at Dec. 31, 2011 | 1,573,604 | 22 | [1] | ' | 9,800 | 140 | 3,834,460 | -2,078,397 | -328 | -237,341 | 45,248 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Dividends declared—preferred | -42,320 | ' | ' | ' | ' | ' | -42,320 | ' | ' | ' | ||||
Issuance of stock/restricted stock unit amortization, net | 2,708 | ' | ' | ' | 3 | 2,705 | ' | ' | ' | ' | ||||
Net income (loss) for the period | [2] | -240,618 | ' | ' | ' | ' | ' | -239,930 | ' | ' | -688 | |||
Change in accumulated other comprehensive income (loss) | -857 | ' | ' | ' | ' | ' | ' | -857 | ' | ' | ||||
Repurchase of stock | -4,628 | ' | ' | ' | ' | ' | ' | ' | -4,628 | ' | ||||
Repurchase of convertible notes | -2,728 | ' | ' | ' | ' | -2,728 | ' | ' | ' | ' | ||||
Additional paid in capital attributable to redeemable noncontrolling interest | -1,657 | ' | ' | ' | ' | -1,657 | ' | ' | ' | ' | ||||
Contributions from noncontrolling interests | [3] | 32,654 | ' | ' | ' | ' | ' | ' | ' | ' | 32,654 | |||
Distributions to noncontrolling interests | -3,004 | ' | ' | ' | ' | ' | ' | ' | ' | -3,004 | ||||
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 | -49,020 | ' | ' | ' | ' | ' | -49,020 | ' | ' | ' | ||||
Issuance of stock/restricted stock unit amortization, net | -1,375 | ' | ' | ' | 1 | -1,376 | ' | ' | ' | ' | ||||
Net income (loss) for the period | [2] | -108,114 | ' | ' | ' | ' | ' | -111,951 | ' | ' | 3,837 | |||
Change in accumulated other comprehensive income (loss) | -3,091 | ' | ' | ' | ' | ' | ' | -3,091 | ' | ' | ||||
Repurchase of stock | -20,985 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20,985 | 0 | ||||
Additional paid in capital attributable to redeemable noncontrolling interest | -2,772 | [4] | ' | ' | ' | ' | -2,772 | ' | ' | ' | ' | |||
Contributions from noncontrolling interests | [5] | 10,264 | ' | ' | ' | ' | ' | ' | ' | ' | 10,264 | |||
Distributions to noncontrolling interests | [4] | -30,106 | ' | ' | ' | ' | ' | ' | ' | ' | -30,106 | |||
Balance at Dec. 31, 2013 | $1,301,465 | $22 | [1] | $4 | [1] | $9,800 | $144 | $4,022,138 | ($2,521,618) | ($4,276) | ($262,954) | $58,205 | ||
[1] | See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock. | |||||||||||||
[2] | For the years ended December 31, 2013, 2012 and 2011, net loss shown above excludes $(3,119), $(812) and $(26), respectively, of net loss attributable to redeemable noncontrolling interests. | |||||||||||||
[3] | Includes $27.3 million of land assets contributed by a noncontrolling partner (see Note 4). | |||||||||||||
[4] | Includes an $8.8 million payment to redeem a noncontrolling member's interest. | |||||||||||||
[5] | Includes $9.4 million of operating property assets contributed by a noncontrolling partner (see Note 4). |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income (loss) attributable to redeemable noncontrolling interest | ($3,119,000) | ($812,000) | ($26,000) |
Payments for repurchase of redeemable noncontrolling interest | 8,800,000 | ' | ' |
Strategic Venture, Commercial Operating Properties | ' | ' | ' |
Properties acquired in joint venture | 9,400,000 | ' | ' |
Corporate Joint Venture [Member] | ' | ' | ' |
Fair value of assets acquired | ' | $27,300,000 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Cash flows from operating activities: | ' | ' | ' | ||
Net income (loss) | ($111,233) | ($241,430) | ($25,693) | ||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ' | ' | ' | ||
Provision for loan losses | 5,489 | 81,740 | [1] | 46,412 | [1] |
Impairment of assets | 14,507 | 38,077 | 22,386 | ||
Loss on transfer of interest to unconsolidated subsidiary | 7,373 | 0 | 0 | ||
Depreciation and amortization | 71,530 | 70,786 | 63,928 | ||
Payments for withholding taxes upon vesting of stock-based compensation | -14,098 | -12,589 | -6,273 | ||
Non-cash expense for stock-based compensation | 19,261 | 15,293 | 29,702 | ||
Amortization of discounts/premiums and deferred financing costs on debt | 20,915 | 31,981 | 32,345 | ||
Amortization of discounts/premiums and deferred interest on loans | -36,787 | -47,279 | -62,194 | ||
Earnings from equity method investments | -41,520 | -103,009 | -95,091 | ||
Distributions from operations of equity method investments | 17,252 | 105,586 | 85,766 | ||
Deferred operating lease income | -12,077 | -11,812 | -9,390 | ||
Deferred income taxes | 0 | 0 | -13,729 | ||
Income from sales of residential property | -86,658 | -63,472 | -5,721 | ||
Gain from discontinued operations | -22,233 | -27,257 | -25,110 | ||
(Gain) loss on early extinguishment of debt, net | 19,655 | 22,405 | -97,742 | ||
Repayments and repurchases of debt—debt discount and prepayment penalty | -24,001 | -74,712 | -5,748 | ||
Other operating activities, net | 6,917 | 9,427 | 6,492 | ||
Changes in assets and liabilities: | ' | ' | ' | ||
Changes in accrued interest and operating lease income receivable, net | 2,310 | 1,337 | 4,793 | ||
Changes in deferred expenses and other assets, net | -23,012 | 1,271 | 20,580 | ||
Changes in accounts payable, accrued expenses and other liabilities | 5,945 | 11,725 | 5,710 | ||
Cash flows from operating activities | -180,465 | -191,932 | -28,577 | ||
Cash flows from investing activities: | ' | ' | ' | ||
Investment originations and fundings | -257,600 | -47,603 | -120,333 | ||
Acquisitions of and capital expenditures on real estate assets | -211,767 | -92,820 | -64,169 | ||
Repayments of and principal collections on loans | 613,615 | 728,657 | 1,208,403 | ||
Net proceeds from sales of loans | 81,614 | 56,998 | 95,859 | ||
Net proceeds from sales of real estate | 437,817 | 562,705 | 215,930 | ||
Net proceeds from sale of other investments | 220,281 | 0 | 0 | ||
Distributions from other investments | 36,918 | 78,238 | 188,467 | ||
Contributions to other investments | -12,784 | -10,640 | -41,820 | ||
Changes in restricted cash held in connection with investing activities | -19,388 | -5,127 | -20,042 | ||
Other investing activities, net | 4,741 | -3,361 | -1,038 | ||
Cash flows from investing activities | 893,447 | 1,267,047 | 1,461,257 | ||
Cash flows from financing activities: | ' | ' | ' | ||
Borrowings from debt obligations | 1,444,565 | 3,498,794 | 3,037,825 | ||
Repayments of debt obligations | -1,984,102 | -4,608,133 | -4,464,254 | ||
Payments for deferred financing costs | -17,539 | -21,662 | -35,545 | ||
Preferred dividends paid | -49,020 | -42,320 | -42,320 | ||
Proceeds from issuance of preferred stock | 193,510 | 0 | 0 | ||
Purchase of treasury stock | -20,985 | -4,628 | -78,849 | ||
Other financing activities, net | -22,187 | 2,352 | 2,424 | ||
Cash flows from financing activities | -455,758 | -1,175,597 | -1,580,719 | ||
Changes in cash and cash equivalents | 257,224 | -100,482 | -148,039 | ||
Cash and cash equivalents at beginning of period | 256,344 | 356,826 | 504,865 | ||
Cash and cash equivalents at end of period | 513,568 | 256,344 | 356,826 | ||
Cash paid during the period for interest, net of amount capitalized | $237,457 | $329,546 | $322,601 | ||
[1] | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. |
Business_and_Organization
Business and Organization | 12 Months Ended |
Dec. 31, 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 the management of 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 | 12 Months Ended |
Dec. 31, 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 audited Consolidated Financial Statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related notes to conform to the current period 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 December 31, 2013, the Company consolidated five VIEs for which the Company is considered the primary beneficiary. At December 31, 2013, the total assets of these consolidated VIEs were $216.1 million and total liabilities were $33.9 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 $38.8 million as of December 31, 2013. | |
Unconsolidated VIEs—As of December 31, 2013, 28 of the Company's other investments were in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's Consolidated Financial Statements. As of December 31, 2013, the Company's maximum exposure to loss from these investments does not exceed the sum of the $179.2 million carrying value of the investments, which are classified in "other investments" on the Company's Consolidated Balance Sheets, and $29.6 million of related unfunded commitments. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Real estate—Real estate assets are recorded at cost less accumulated depreciation and amortization, as follows: | |||||||||||||
Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. Qualified development and construction costs, including interest and certain other carrying costs incurred during the construction and/or renovation periods are also capitalized and charged to operations through depreciation over the asset's estimated useful life. The Company ceases capitalization on the portions substantially completed and capitalizes only those costs associated with the portions under development. Repairs and maintenance items are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. | |||||||||||||
Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's Consolidated Balance Sheets. | |||||||||||||
The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market leases, in-place leases and the value of customer relationships, which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's Consolidated Balance Sheets. In-place leases and customer relationships are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations. The capitalized above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset. | |||||||||||||
Impairments—The Company periodically reviews long-lived assets to be held and used for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets that are not held for sale are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations. | |||||||||||||
Real estate available and held for sale—The Company reports real estate assets to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded and historical operating results, including impairments, are reclassified to "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. | |||||||||||||
If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's Consolidated Balance Sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |||||||||||||
The Company reports residential property units to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in “Impairment of assets” on the Company's Consolidated Statements of Operations. The net carrying costs for residential property units are recorded in “Real estate expense” on the Company's Consolidated Statements of Operations. | |||||||||||||
Dispositions—Sales and the associated gains or losses on real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20, Real Estate Sales. Sales and the associated gains for residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company uses the relative sales value method to allocate costs. Profits on sales of residential property are included in "Income from sales of residential property" and gains on sales of net lease assets or commercial operating properties are recorded in “Gains from discontinued operations” on the Company's Consolidated Statements of Operations. | |||||||||||||
Loans receivable and other lending investments, net—Loans receivable and other lending investments, net includes the following investments: senior mortgages, subordinate mortgages, corporate/partnership loans and preferred equity investments. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. | |||||||||||||
Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets. | |||||||||||||
Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. | |||||||||||||
For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" on the Company's Consolidated Statements of Operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" on the Company's Consolidated Statements of Operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets. | |||||||||||||
The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure. | |||||||||||||
Equity and cost method investments—Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" on the Consolidated Statements of Operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's Consolidated Balance Sheets. | |||||||||||||
To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net (loss) income of the unconsolidated subsidiary. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately small interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. | |||||||||||||
The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. | |||||||||||||
Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. | |||||||||||||
Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. | |||||||||||||
Variable interest entities—The Company evaluated its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. | |||||||||||||
The Company has investments in certain funds that meet the deferral criteria in Accounting Standards Update ("ASU") 2010-10 and will continue to assess consolidation of these entities under the overall guidance on the consolidation of VIEs in ASC 810-10. The consolidation evaluation is similar to the process noted above, except that the primary beneficiary is the party that will receive a majority of the VIE's anticipated losses, a majority of the VIE's expected residual returns, or both. In addition, for entities that meet the deferral criteria, the Company reassesses its initial evaluation of the primary beneficiary and whether an entity is a VIE upon the occurrence of certain reconsideration events. | |||||||||||||
Deferred expenses—Deferred expenses include leasing costs and financing fees. Leasing costs include brokerage, legal and other costs which are amortized over the life of the respective leases. External fees and costs incurred to obtain long-term financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method or the straight line method, as appropriate. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" on the Company's Consolidated Statements of Operations. | |||||||||||||
Identified intangible assets and liabilities—Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values separate and apart from goodwill. The Company determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2013, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations. | |||||||||||||
Revenue recognition—The Company's revenue recognition policies are as follows: | |||||||||||||
Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's Consolidated Balance Sheets. | |||||||||||||
The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” on the Company's Consolidated Statements of Operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. | |||||||||||||
Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. At December 31, 2013 and 2012, the total allowance for doubtful accounts related to tenant receivables, including deferred operating lease income receivable, was $5.9 million and $5.6 million, respectively. | |||||||||||||
Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. | |||||||||||||
On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" on the Company's Consolidated Statements of Operations. | |||||||||||||
The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. | |||||||||||||
Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. | |||||||||||||
Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. | |||||||||||||
The Company holds certain loans initially acquired at a discount, for which it was probable, at acquisition, that all contractually required payments would not be received. The Company does not have a reasonable expectation about the timing and amount of cash flows expected to be collected on these loans and recognizes income when cash is received. | |||||||||||||
Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. | |||||||||||||
Reserve for loan losses—The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased through "Provision for loan losses" on the Company's Consolidated Statements of Operations and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash in a pre-foreclosure sale or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. | |||||||||||||
The general reserve component covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. | |||||||||||||
The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. | |||||||||||||
Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. | |||||||||||||
A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. | |||||||||||||
Gain or loss on debt extinguishments—The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Gain (loss) on early extinguishment of debt, net” on the Company's Consolidated Statements of Operations. | |||||||||||||
Derivative instruments and hedging activity—The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. | |||||||||||||
The Company recognizes derivatives as either assets or liabilities on the Company's Consolidated Balance Sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. | |||||||||||||
For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. | |||||||||||||
Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" on the Company's Consolidated Statements of Operations. The Company does not enter into derivatives for trading purposes. | |||||||||||||
Stock-based compensation—Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. The Company recognizes compensation cost for performance-based awards if and when the Company concludes that it is probable that the performance condition will be achieved. Compensation cost for market condition-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock, which is reflected in the grant date fair value. All compensation cost for market-condition based awards in which the service conditions are met is recognized regardless of whether the market condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" on the Company's Consolidated Statements of Operations. | |||||||||||||
Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While it must distribute at least 90% of its taxable income in order to maintain its REIT status, the Company typically distributes all of its taxable income, if any, in order to minimize any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. In addition, the Company has made foreclosure elections for certain properties acquired through foreclosure which allows the Company to operate these properties within the REIT but subjects them to certain tax obligations. The carrying value of assets with foreclosure elections as of December 31, 2013 is $1.12 billion. The Company intends to operate in a manner consistent with and its election to be treated as a REIT for tax purposes. As of December 31, 2012, the Company had $634.2 million of net operating loss carryforwards at the corporate REIT level, which can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2032 if unused. The amount of net operating loss carryforwards as of December 31, 2013 will be subject to finalization of the Company's 2013 tax return. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" on the Company's Consolidated Statements of Operations. | |||||||||||||
The Company can participate in certain activities from which it would be otherwise precluded in order to maintain its qualification as a REIT, as long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRSs"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2013, $633.9 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. | |||||||||||||
The following represents the Company's TRS income tax expense ($ in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current tax (expense) benefit | $ | 659 | $ | (8,445 | ) | $ | (9,010 | ) | |||||
Deferred tax (expense) benefit | — | — | 13,729 | ||||||||||
Total income tax (expense) benefit | $ | 659 | $ | (8,445 | ) | $ | 4,719 | ||||||
During the year ended December 31, 2013, the Company's TRS entities generated a taxable loss of $1.8 million, resulting in current tax benefit of $0.7 million. During the year ended December 31, 2012, the Company's TRS entities generated taxable income of $42.2 million which was partially offset by the utilization of net operating loss carryforwards, resulting in current tax expense of $8.4 million. During the year ended December 31, 2011, the Company's TRS entities generated taxable income of $75.8 million, which was partially offset by the utilization of net operating loss carryforwards, resulting in tax expense of $9.0 million. In addition, during the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 6) and recognized a deferred tax benefit resulting from the reversal of a deferred tax liability associated with the investment. | |||||||||||||
Total cash paid for taxes for the years ended December 31, 2013, 2012 and 2011, was $9.2 million, $5.5 million and $8.5 million, respectively. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2013 and 2012, respectively. Changes in estimate of deferred tax asset realizability, if any are included in "Income tax (expense) benefit" on the Consolidated Statements of Operations. | |||||||||||||
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets(1) | $ | 55,962 | $ | 40,800 | |||||||||
Valuation allowance | (55,962 | ) | (40,800 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | — | $ | — | |||||||||
Explanatory Note: | |||||||||||||
_______________________________________________________________________________ | |||||||||||||
-1 | Deferred tax assets as of December 31, 2013, include real estate basis differences of $33.0 million, net operating loss carryforwards of $14.9 million and investment basis differences of $8.1 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 $(1.2) million. | ||||||||||||
Earnings per share—The Company uses the two-class method in calculating EPS when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Vested HPU shares are entitled to dividends of the Company when dividends are declared. Basic earnings per share ("Basic EPS") for the Company's Common Stock and HPU shares are computed by dividing net income allocable to common shareholders and HPU holders by the weighted average number of shares of Common Stock and HPU shares outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. | |||||||||||||
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a "Participating Security" and are included in the computation of earnings per share pursuant to the two-class method. The Company's unvested restricted stock units and restricted stock awards with rights to dividends and common stock equivalents issued under its Long-Term Incentive Plans are considered Participating Securities and have been included in the two-class method when calculating EPS. |
Real_Estate
Real Estate | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||
Real Estate | ' | |||||||||||||||
Real Estate | ||||||||||||||||
The Company's real estate assets were comprised of the following ($ in thousands): | ||||||||||||||||
Net Lease | Operating | Land | Total | |||||||||||||
Properties | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Land and land improvements | $ | 350,817 | $ | 132,934 | $ | 803,238 | $ | 1,286,989 | ||||||||
Buildings and improvements | 1,346,071 | 587,574 | — | 1,933,645 | ||||||||||||
Less: accumulated depreciation and amortization | (338,640 | ) | (82,420 | ) | (3,393 | ) | (424,453 | ) | ||||||||
Real estate, net | $ | 1,358,248 | $ | 638,088 | $ | 799,845 | $ | 2,796,181 | ||||||||
Real estate available and held for sale | — | 228,328 | 132,189 | 360,517 | ||||||||||||
Total real estate | $ | 1,358,248 | $ | 866,416 | $ | 932,034 | $ | 3,156,698 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Land and land improvements | $ | 344,239 | $ | 132,028 | $ | 786,114 | $ | 1,262,381 | ||||||||
Buildings and improvements | 1,282,571 | 572,453 | — | 1,855,024 | ||||||||||||
Less: accumulated depreciation and amortization | (310,605 | ) | (65,409 | ) | (2,292 | ) | (378,306 | ) | ||||||||
Real estate, net | $ | 1,316,205 | $ | 639,072 | $ | 783,822 | $ | 2,739,099 | ||||||||
Real estate available and held for sale | — | 454,587 | 181,278 | 635,865 | ||||||||||||
Total real estate | $ | 1,316,205 | $ | 1,093,659 | $ | 965,100 | $ | 3,374,964 | ||||||||
Real estate available and held for sale—As of December 31, 2013 and 2012, the Company had $221.0 million and $374.1 million, respectively, of residential properties available for sale in its operating properties portfolio. | ||||||||||||||||
During the year ended December 31, 2013, the Company reclassified two land properties with a carrying value of $49.7 million from held for sale to held for investment due to changes in the Company's business plan for the properties. These assets are included in "Real estate, net" on the Company's Consolidated Balance Sheets. There were no operations to reclassify on the Company's Consolidated Statement of Operations as a result of this change. During the same period, the Company reclassified three land assets with a carrying value of $31.8 million and a net lease asset with a carrying value of $9.8 million to held for sale due to executed contracts with third parties. The net lease asset was disposed of for a gain of $3.6 million during the year ended December 31, 2013. The gain was recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. The results of operations for the net lease assets that were reclassified are included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations for all periods presented (see table below). The three land properties were sold during the year ended December 31, 2013 for a gain of $0.6 million. These gains were recorded in "Income from residential property" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
During the year ended December 31, 2012, the Company had a change in its business plans to sell two commercial operating properties previously considered held for sale. As of December 31, 2012, the carrying amount of these assets was $49.8 million and was recorded in Real Estate, net. The assets were reclassified back to real estate held and used at their carrying value prior to classification as held for sale and adjusted for depreciation expense of $3.3 million during the held for sale period, which was lower than the assets' fair value at the time of the change in plans to sell. In connection with the reclassification of these assets to held and used, the Company reclassified their results of operations for each of the periods presented, as follows: | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2012 | 2011 | |||||||||||||||
Other income | $ | 21,148 | $ | 21,663 | ||||||||||||
Real estate expenses | $ | (22,603 | ) | $ | (24,297 | ) | ||||||||||
Acquisitions—During the year ended December 31, 2013, the Company acquired a net lease asset, which was leased back to the seller, for a purchase price of $93.6 million, including intangible assets of $36.1 million, intangible liabilities of $11.9 million and acquisition-related costs of $0.2 million. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets are included in "Deferred expenses and other assets, net" and the intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The lease is classified as an operating lease. | ||||||||||||||||
During the year ended December 31, 2013, the Company acquired, via foreclosure, title to a residential operating property and two land properties, each of which previously served as collateral on loans receivable held by the Company. The total fair value of the land properties was $15.6 million. The Company contributed the residential operating property, which had a fair value of $25.5 million, to an entity, of which it owns 63%. Based on the control provisions in the partnership agreement, the Company consolidates the entity and reflects its partner's 37% share of equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value. No gain or loss was recorded in conjunction with these transactions. | ||||||||||||||||
During the year ended December 31, 2012, the Company acquired, via foreclosure, title to properties, which previously served as collateral on loan receivables held by the Company with a total fair value of $269.1 million at the time of foreclosure. These properties included $172.4 million of residential operating properties, $63.4 million of commercial operating properties and $33.3 million of land assets. | ||||||||||||||||
During the year ended December 31, 2012, the Company also acquired land and other assets with a fair value of $27.3 million from a third party to form a new venture related to one of the Company's commercial operating properties. The third party contributed land into the venture in a non-cash exchange for a non-controlling interest and the Company continues to consolidate the subsidiary. In conjunction with the formation of this new venture, the venture contributed land with a recorded value of $11.6 million in a non-cash exchange for a 40% noncontrolling equity interest in a separate new venture. The Company did not recognize any gains or losses associated with these transactions. | ||||||||||||||||
In addition, during 2012, the Company acquired land and other assets with a fair value of $11.5 million from a third party to form a new strategic venture related to one of the Company's active land development projects. The third party contributed land into the venture in a non-cash exchange for a non-controlling interest and the Company continues to consolidate the subsidiary. The Company did not recognize any gains or losses associated with the transaction. Based upon certain rights held by the minority partner in this land venture that provide it with an option to redeem its interest at fair value after seven years, the Company has reflected the partner's non-controlling interest in this venture as a redeemable non-controlling interest within its Consolidated Balance Sheets. As it is probable that the interest will become redeemable, subsequent changes in fair value are being accreted over the seven year period from the date of issuance to the earliest redemption date using the interest method. As of December 31, 2013 and 2012, the estimated redemption value of the redeemable non-controlling interest was $17.4 million and $17.9 million, respectively. | ||||||||||||||||
Dispositions—During the years ended December 31, 2013, 2012, and 2011, the Company sold residential condominiums for total net proceeds of $269.7 million, $319.3 million and $154.0 million, respectively, and recorded income from sales of residential properties totaling $82.6 million, $63.5 million and $5.7 million, respectively. | ||||||||||||||||
During the year ended December 31, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company also received a preferred partnership interest and a 47.5% equity interest. The Company recognized a gain of $3.4 million, reflecting the proportionate share of our sold interest, which was recorded as "Income from sales of residential property" on the Company's Consolidated Statements of Operations. The Company also sold land with a carrying value of $18.9 million for proceeds that approximated carrying value. | ||||||||||||||||
During the year ended December 31, 2013, the Company contributed land with carrying value of $24.1 million to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6%. As a result of the transfer, the Company recognized a $7.4 million loss, which was recorded as "Loss on transfer of interest to unconsolidated subsidiary" on the Company's Consolidated Statements of Operations. In addition, during the year ended December 31, 2013, the Company contributed land with a carrying value of $2.8 million to a newly formed unconsolidated entity in which the Company also received a 50.0% equity interest. No gain or loss was recorded in conjunction with the transaction. | ||||||||||||||||
Additionally, during the year ended December 31, 2013, the Company sold five net lease assets with a carrying value of $18.7 million resulting in a net gain of $2.2 million. During the same period the Company sold six commercial operating properties with a carrying value of $72.6 million resulting in a net gain of $18.6 million. These gains were recorded as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. The Company also sold a land asset with a carrying value of $14.8 million resulting in a gain of $0.6 million, which was included in "Income from sales of residential property" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Also, during the year ended December 31, 2013, the Company transferred title of net lease assets with a carrying value of $8.7 million to its tenant for consideration that approximated our carrying value. | ||||||||||||||||
During the year ended December 31, 2012, the Company sold a portfolio of 12 net lease assets with an aggregate carrying value of $105.7 million and recorded a gain of $24.9 million resulting from the transaction. Certain of the properties were subject to secured term loans with a remaining principal balance of $50.8 million that were repaid in full at closing (see Note 8). In addition to this portfolio sale, during 2012, the Company sold net lease assets with a carrying value of $9.8 million, resulting in a net gain of $2.4 million. These gains were recorded as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. During the year ended December 31, 2012, the Company sold commercial operating properties with an aggregate carrying value of $29.3 million and land assets with a carrying value of $72.1 million for proceeds that approximated carrying value. | ||||||||||||||||
During the year ended December 31, 2011, the Company sold net lease assets with carrying values of $34.1 million, resulting in a net gain of $3.2 million, which was recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. During 2011, the Company also sold commercial operating properties with an aggregate carrying value of $17.9 million and land assets with a carrying value of $9.5 million for proceeds that approximated carrying value. In addition, during 2011, the Company realized $22.2 million of a gain previously deferred resulting from the sale of a portfolio of 32 net lease assets in 2010. The gain was recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations during the year ended December 31, 2011. | ||||||||||||||||
Discontinued Operations—The following table summarizes income (loss) from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively ($ in thousands): | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Revenues | $ | 5,545 | $ | 14,132 | $ | 23,090 | ||||||||||
Total expenses | (3,138 | ) | (9,037 | ) | (19,457 | ) | ||||||||||
Impairment of assets | (1,763 | ) | (22,576 | ) | (9,147 | ) | ||||||||||
Income (loss) from discontinued operations | $ | 644 | $ | (17,481 | ) | $ | (5,514 | ) | ||||||||
Impairments—During the years ended December 31, 2013, 2012 and 2011 the Company recorded impairments on real estate assets totaling $14.4 million, $35.4 million and $22.4 million, respectively, resulting from changes in local market conditions and business strategy for certain assets. Of these amounts, $1.8 million, $22.6 million and $9.1 million for the years ended December 31, 2013, 2012 and 2011, respectively, have been recorded in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations due to the assets being sold or classified as held for sale as of December 31, 2013 (see above). | ||||||||||||||||
Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements for the years ended December 31, 2013, 2012 and 2011 were $31.8 million, $30.9 million and $29.4 million, respectively, and are included in “Operating lease income” on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Future Minimum Operating Lease Payments—Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2013, are as follows ($ in thousands): | ||||||||||||||||
Year | Net Lease Assets | Operating Properties | ||||||||||||||
2014 | $ | 132,996 | $ | 53,283 | ||||||||||||
2015 | $ | 133,272 | $ | 48,851 | ||||||||||||
2016 | $ | 131,738 | $ | 46,476 | ||||||||||||
2017 | $ | 125,142 | $ | 44,516 | ||||||||||||
2018 | $ | 123,464 | $ | 37,979 | ||||||||||||
Loans_Receivable_and_Other_Len
Loans Receivable and Other Lending Investments, net | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 December 31, | ||||||||||||||||||||||||
Type of Investment | 2013 | 2012 | ||||||||||||||||||||||
Senior mortgages | $ | 1,071,662 | $ | 1,751,256 | ||||||||||||||||||||
Subordinate mortgages | 60,679 | 152,737 | ||||||||||||||||||||||
Corporate/Partnership loans | 473,045 | 450,491 | ||||||||||||||||||||||
Total gross carrying value of loans | $ | 1,605,386 | $ | 2,354,484 | ||||||||||||||||||||
Reserves for loan losses | (377,204 | ) | (524,499 | ) | ||||||||||||||||||||
Total loans receivable, net | $ | 1,228,182 | $ | 1,829,985 | ||||||||||||||||||||
Other lending investments—securities | 141,927 | — | ||||||||||||||||||||||
Total loans receivable and other lending investments, net(1) | $ | 1,370,109 | $ | 1,829,985 | ||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company sold loans with total carrying values of $95.1 million, $53.9 million and $144.9 million, respectively, which resulted in a net realized loss of $0.6 million, a net gain of $6.4 million and no gain or loss, respectively. Gains and losses on sales of loans are included in "Other income" on the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||||
Reserve for loan losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Reserve for loan losses at beginning of period | $ | 524,499 | $ | 646,624 | $ | 814,625 | ||||||||||||||||||
Provision for loan losses(1) | 5,489 | 81,740 | 46,412 | |||||||||||||||||||||
Charge-offs | (152,784 | ) | (203,865 | ) | (214,413 | ) | ||||||||||||||||||
Reserve for loan losses at end of period | $ | 377,204 | $ | 524,499 | $ | 646,624 | ||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. | |||||||||||||||||||||||
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||
Individually | Collectively | Loans Acquired | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | with Deteriorated | ||||||||||||||||||||||
Impairment(1) | Impairment(2) | Credit Quality(3) | ||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Loans | $ | 752,425 | $ | 849,613 | $ | 9,889 | $ | 1,611,927 | ||||||||||||||||
Less: Reserve for loan losses | (348,004 | ) | (29,200 | ) | — | (377,204 | ) | |||||||||||||||||
Total | $ | 404,421 | $ | 820,413 | $ | 9,889 | $ | 1,234,723 | ||||||||||||||||
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 $0.5 million and a net discount of $4.0 million as of December 31, 2013 and 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 December 31, 2013 and 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 December 31, 2013 and 2012, respectively. These loans had cumulative principal balances of $10.2 million and $58.8 million, as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings are based on judgments which are inherently uncertain and there can be no assurance that actual performance will not be different than current expectation. | ||||||||||||||||||||||||
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Performing | Weighted | Performing | Weighted | |||||||||||||||||||||
Loans | Average | Loans | Average | |||||||||||||||||||||
Risk Ratings | Risk Ratings | |||||||||||||||||||||||
Senior mortgages | $ | 591,145 | 2.5 | $ | 840,593 | 2.75 | ||||||||||||||||||
Subordinate mortgages | 61,364 | 3.37 | 99,698 | 2.27 | ||||||||||||||||||||
Corporate/Partnership loans | 438,831 | 3.88 | 444,772 | 3.69 | ||||||||||||||||||||
Total | $ | 1,091,340 | 3.11 | $ | 1,385,063 | 3.01 | ||||||||||||||||||
As of December 31, 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 | $ | 625,267 | $ | — | $ | 449,085 | $ | 449,085 | $ | 1,074,352 | ||||||||||||||
Subordinate mortgages | 61,364 | — | — | — | 61,364 | |||||||||||||||||||
Corporate/Partnership loans | 476,211 | — | — | — | 476,211 | |||||||||||||||||||
Total | $ | 1,162,842 | $ | — | $ | 449,085 | $ | 449,085 | $ | 1,611,927 | ||||||||||||||
Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1): | ||||||||||||||||||||||||
As of December 31, 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 | $ | 3,012 | $ | 2,992 | $ | — | $ | 108,077 | $ | 107,850 | $ | — | ||||||||||||
Corporate/Partnership loans | — | — | — | 10,110 | 10,160 | — | ||||||||||||||||||
Subtotal | $ | 3,012 | $ | 2,992 | $ | — | $ | 118,187 | $ | 118,010 | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Senior mortgages | $ | 650,337 | $ | 645,463 | $ | (304,544 | ) | $ | 918,975 | $ | 918,496 | $ | (442,760 | ) | ||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||
Corporate/Partnership loans | 99,076 | 99,067 | (43,460 | ) | 63,096 | 63,246 | (9,060 | ) | ||||||||||||||||
Subtotal | $ | 749,413 | $ | 744,530 | $ | (348,004 | ) | $ | 1,036,050 | $ | 1,035,421 | $ | (491,399 | ) | ||||||||||
Total: | ||||||||||||||||||||||||
Senior mortgages | $ | 653,349 | $ | 648,455 | $ | (304,544 | ) | $ | 1,027,052 | $ | 1,026,346 | $ | (442,760 | ) | ||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||
Corporate/Partnership loans | 99,076 | 99,067 | (43,460 | ) | 73,206 | 73,406 | (9,060 | ) | ||||||||||||||||
Total | $ | 752,425 | $ | 747,522 | $ | (348,004 | ) | $ | 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 December 31, 2013 and 2012, certain loans modified through troubled debt restructurings with a recorded investment of $231.8 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 Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Senior mortgages | $ | 31,409 | $ | 9,269 | $ | 162,093 | $ | 2,765 | $ | 309,079 | $ | 31,799 | ||||||||||||
Corporate/Partnership loans | 8,062 | 6,050 | 10,110 | 160 | 10,110 | 680 | ||||||||||||||||||
Subtotal | $ | 39,471 | $ | 15,319 | $ | 172,203 | $ | 2,925 | $ | 319,189 | $ | 32,479 | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Senior mortgages | $ | 794,247 | $ | 1,976 | $ | 1,064,045 | $ | 3,865 | $ | 1,608,486 | $ | 7,187 | ||||||||||||
Subordinate mortgages | 32,382 | — | 52,208 | — | 19,477 | — | ||||||||||||||||||
Corporate/Partnership loans | 77,661 | 323 | 62,248 | 312 | 66,087 | 332 | ||||||||||||||||||
Subtotal | $ | 904,290 | $ | 2,299 | $ | 1,178,501 | $ | 4,177 | $ | 1,694,050 | $ | 7,519 | ||||||||||||
Total: | ||||||||||||||||||||||||
Senior mortgages | $ | 825,656 | $ | 11,245 | $ | 1,226,138 | $ | 6,630 | $ | 1,917,565 | $ | 38,986 | ||||||||||||
Subordinate mortgages | 32,382 | — | 52,208 | — | 19,477 | — | ||||||||||||||||||
Corporate/Partnership loans | 85,723 | 6,373 | 72,358 | 472 | 76,197 | 1,012 | ||||||||||||||||||
Total | $ | 943,761 | $ | 17,618 | $ | 1,350,704 | $ | 7,102 | $ | 2,013,239 | $ | 39,998 | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company recorded interest income of $13.3 million, $0.0 million and $26.3 million, respectively, related to the resolution of certain non-performing loans. Interest income was not previously recorded while the loans were on non-accrual status. | ||||||||||||||||||||||||
Troubled Debt Restructurings—During the years ended December 31, 2013 and 2012, the Company modified loans that were determined to be troubled debt restructurings. The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands): | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
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 | 6 | $ | 179,030 | $ | 154,278 | 8 | $ | 319,667 | $ | 272,753 | ||||||||||||||
Troubled debt restructurings that occurred during the year ended December 31, 2013 included the modification of two performing loans with a combined recorded investment of $4.6 million. The modified terms of these loans granted maturity extensions of one year. In each case, the Company believes the borrowers can perform under the modified terms of the loans and continues to classify these loans as performing. | ||||||||||||||||||||||||
Non-performing loans with a combined investment of $174.5 million were also modified during the year ended December 31, 2013. Included in this balance were two loans with a combined recorded investment of $98.3 million in which the Company received $15.4 million of paydowns and accepted discounted payoff options on these loans, with final payments expected to be made in January 2014 and July 2014 and the loans were reclassified from non-performing to performing status as the Company believes the borrowers can perform under the modified terms of the agreements. The remaining loans were granted payoff option extensions ranging from one year to three years. These loans continued to be classified as non-performing subsequent to modification. | ||||||||||||||||||||||||
Troubled debt restructurings that occurred during the year ended December 31, 2012 included the modifications of performing loans with a combined recorded investment of $64.1 million. The modified terms of these loans granted maturity extensions ranging from one year to three years and included conditional extension options in certain cases dependent on borrower-specific performance hurdles. In each case, the Company believes the borrowers can perform under the modified terms of the loans and continues to classify these loans as performing. | ||||||||||||||||||||||||
Non-performing loans with a combined recorded investment of $255.6 million were also modified during the year ended December 31, 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 reduce 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 December 31, 2013, the Company had $13.3 million of unfunded commitments associated with modified loans considered troubled debt restructurings. | ||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands): | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Number | Outstanding | Number | Outstanding | |||||||||||||||||||||
of Loans | Recorded | of Loans | Recorded | |||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Senior mortgages | 1 | $ | 26,693 | 1 | $ | 18,511 | ||||||||||||||||||
Securities—As of December 31, 2013, Other lending investments—securities includes the following ($ in thousands): | ||||||||||||||||||||||||
Face Value | Amortized Cost Basis | Net Unrealized Gain (Loss) | Estimated Fair Value | Net Carrying Value | ||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Municipal debt securities | $ | 1,055 | $ | 1,055 | $ | (18 | ) | $ | 1,037 | $ | 1,037 | |||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||||||
Corporate debt securities | 139,842 | 140,890 | — | 140,890 | 140,890 | |||||||||||||||||||
Total | $ | 140,897 | $ | 141,945 | $ | (18 | ) | $ | 141,927 | $ | 141,927 | |||||||||||||
During the year ended December 31, 2013, the Company originated a mandatorily redeemable preferred equity investment, which has an initial term of three years with two 12-month extensions. At December 31, 2013, the Company's investment was $140.9 million and the unfunded commitment was $6.2 million. The investment is classified as a held-to-maturity debt security as the Company has the ability and intent to hold the investment until maturity. | ||||||||||||||||||||||||
As of December 31, 2013, the contractual maturities of the Company's securities were as follows ($ in thousands): | ||||||||||||||||||||||||
Held-to-Maturity Securities | Available-for-Sale Securities | |||||||||||||||||||||||
Amortized Cost Basis | Estimated Fair Value | Amortized Cost Basis | Estimated Fair Value | |||||||||||||||||||||
Maturities | ||||||||||||||||||||||||
Within one year | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
After one year through 5 years | 140,890 | 140,890 | — | — | ||||||||||||||||||||
After 5 years through 10 years | — | — | — | — | ||||||||||||||||||||
After 10 years | — | — | 1,055 | 1,037 | ||||||||||||||||||||
Total | $ | 140,890 | $ | 140,890 | $ | 1,055 | $ | 1,037 | ||||||||||||||||
Other_Investments
Other Investments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 | Equity in Earnings | |||||||||||||||||||
As of December 31, | For the Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||
LNR | $ | — | $ | 205,773 | $ | 16,465 | $ | 60,669 | $ | 53,861 | ||||||||||
Madison Funds | 67,782 | 56,547 | 14,796 | 10,246 | 3,641 | |||||||||||||||
Oak Hill Funds | 21,366 | 29,840 | 4,174 | 5,844 | 1,918 | |||||||||||||||
Real estate equity investments | 62,205 | 47,619 | 2,753 | 21,636 | (5,273 | ) | ||||||||||||||
Other equity method investments(1) | 45,954 | 47,939 | 3,332 | 4,614 | 40,944 | |||||||||||||||
Total equity method investments | $ | 197,307 | $ | 387,718 | $ | 41,520 | $ | 103,009 | $ | 95,091 | ||||||||||
Other | 9,902 | 11,125 | ||||||||||||||||||
Total other investments | $ | 207,209 | $ | 398,843 | ||||||||||||||||
Explanatory Note: | ||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | For the year ended December 31, 2011, equity in earnings includes $38.4 million of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011. | |||||||||||||||||||
LNR—In July 2010, the Company acquired an ownership interest of approximately 24% in LNR Property Corporation ("LNR"). LNR is a servicer and special servicer of commercial mortgage loans and CMBS and a diversified real estate investment, finance and management company. In the transaction, the Company and a group of investors, including other creditors of LNR, acquired 100% of the common stock of LNR in exchange for cash and the extinguishment of existing senior notes of LNR's parent holding company (the "Holdco Notes"). The Company contributed $100.0 million aggregate principal amount of Holdco Notes and $100.0 million in cash in exchange for an equity interest of $120.0 million. | ||||||||||||||||||||
Beginning in September 2012, the Company and other owners of LNR entered into negotiations with potential purchasers of LNR. After an extensive due diligence and negotiation process, the LNR owners entered into a definitive contract to sell LNR in January 2013 at a fixed sale price which, from the Company's perspective, reflected in part the Company's then-current expectations about the future results of LNR and potential volatility in its business. The definitive sale contract provided that LNR would not make cash distributions to its owners during the fourth quarter of 2012 through the closing of the sale. Notwithstanding the fixed terms of the contract, our investment balance in LNR increased due to equity in earnings recorded which resulted in our recognition of other than temporary impairment on our investment during the year ended December 31, 2013. In April 2013, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds. Approximately $25.2 million of net proceeds were placed in escrow for potential indemnification obligations through April 2014. The Company is not currently aware that any material indemnification claims are probable of occurring. | ||||||||||||||||||||
The following table represents investee level summarized financial information for LNR ($ in thousands)(1): | ||||||||||||||||||||
For the Period from October 1, 2012 to April 19, | For the Years | |||||||||||||||||||
Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Income Statements | ||||||||||||||||||||
Total revenue(2) | $ | 179,373 | $ | 332,902 | $ | 327,032 | ||||||||||||||
Income tax (expense) benefit(3) | $ | (2,137 | ) | $ | (6,731 | ) | $ | 76,558 | ||||||||||||
Net income attributable to LNR(4) | $ | 113,478 | $ | 253,039 | $ | 225,190 | ||||||||||||||
iStar's ownership percentage | 24 | % | 24 | % | 24 | % | ||||||||||||||
iStar's equity in earnings from LNR(5) | $ | 45,375 | $ | 60,669 | $ | 53,861 | ||||||||||||||
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 | — | % | 24 | % | ||||||||||||||||
iStar's equity in LNR(6) | $ | — | $ | 205,773 | ||||||||||||||||
For the Period from October 1, 2012 to April 19, | For the Years | |||||||||||||||||||
Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Cash Flows | ||||||||||||||||||||
Operating cash flows | $ | (127,075 | ) | $ | (85,909 | ) | $ | 170,703 | ||||||||||||
Cash flows from investing activities | $ | (36,543 | ) | $ | (55,686 | ) | $ | 45,488 | ||||||||||||
Cash flows from financing activities | $ | 217,241 | $ | 229,634 | $ | (123,506 | ) | |||||||||||||
Net cash flows | $ | 53,623 | $ | 88,039 | $ | 92,685 | ||||||||||||||
Cash distributions | $ | — | $ | 61,179 | $ | 73,916 | ||||||||||||||
iStar's ownership percentage | 24 | % | 24 | % | 24 | % | ||||||||||||||
Cash distributions received by iStar | — | 14,690 | 17,722 | |||||||||||||||||
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 year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, 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 $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 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 $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 2012 and 2011, 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 | During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities. | |||||||||||||||||||
-4 | Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR as described above. | |||||||||||||||||||
-5 | LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013. | |||||||||||||||||||
-6 | Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and for the year ended December 31, 2013 ($ in thousands): | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | For the Three Months Ended June 30, 2013 | For the Six Months Ended December 31, 2013 | For the Year Ended December 31, 2013 | |||||||||||||||||
Carrying value of LNR at beginning of period | $ | 205,773 | $ | 220,281 | $ | — | $ | 205,773 | ||||||||||||
Equity in earnings of LNR for the period(1) | $ | 45,375 | $ | — | $ | — | $ | 45,375 | (a) | |||||||||||
Balance before other than temporary impairment | $ | 251,148 | $ | 220,281 | $ | — | $ | 251,148 | ||||||||||||
Other than temporary impairment(1) | $ | (30,867 | ) | $ | — | $ | — | $ | (30,867 | ) | (b) | |||||||||
Sales proceeds pursuant to contract | $ | — | $ | (220,281 | ) | $ | — | $ | (220,281 | ) | ||||||||||
Carrying value of LNR at end of period | $ | 220,281 | $ | — | $ | — | $ | — | ||||||||||||
Explanatory Notes: | ||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR as described above. | |||||||||||||||||||
For the year ended December 31, 2013, the amount that was recognized as income in the Company's Consolidated Statements of Operations is the sum of items (a), (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 December 31, 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 December 31, 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 year ended December 31, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company had a preferred partnership interest and a 47.5% equity interest. The Company's proportionate share of the assets retained on a carryover basis on the date of sale was $10.6 million. The Company held a preferred partnership interest of $6.6 million, which was repaid and no longer outstanding at December 31, 2013. As of December 31, 2013, the Company had a recorded equity interest of $5.5 million. | ||||||||||||||||||||
During the year ended December 31, 2013, the Company contributed land to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6%. As of December 31, 2013, the Company had a recorded equity interest of $18.0 million. In addition, during the year ended December 31, 2013, the Company contributed land to a newly formed unconsolidated entity in which the Company also received a 50.0% equity interest. As of December 31, 2013, the Company had a recorded equity interest of $3.5 million. | ||||||||||||||||||||
In addition, as of December 31, 2013, the Company's other 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, $16.0 million in operating properties and $2.7 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. During the years ended December 31, 2013 and 2012, the Company's earnings from its interest in this property includes income from sales of residential units of $4.7 million and $26.0 million, respectively. | ||||||||||||||||||||
Oak Hill Advisors—In October 2011, the Company sold a substantial portion of its interests in Oak Hill Advisors, L.P. and related entities for $183.7 million of net cash proceeds, which resulted in a net gain of $30.3 million that was recorded in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. Glenn R. August, a former director of the Company and the president and senior partner of Oak Hill Advisors, L.P., participated in the transaction as a purchaser. In conjunction with the sale of its interests in Oak Hill Advisors, L.P., the Company retained interests in its share of certain unearned incentive fees of various funds. These fees are contingent on the future performance of the funds and the Company will recognize income related to these fees if and when the amounts are realized. | ||||||||||||||||||||
Other investments—The Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. | ||||||||||||||||||||
Summarized financial information—The following table presents the investee level summarized financial information of the Company's equity method investments, excluding LNR ($ in thousands): | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Income Statements | ||||||||||||||||||||
Revenues | $ | 284,513 | $ | 401,870 | $ | 198,340 | ||||||||||||||
Net income attributable to parent entities | $ | 206,198 | $ | 304,960 | $ | 97,066 | ||||||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
Total assets | $ | 2,980,737 | $ | 2,758,889 | ||||||||||||||||
Total liabilities | $ | 303,100 | $ | 170,997 | ||||||||||||||||
Noncontrolling interests | $ | 333 | $ | 2,253 | ||||||||||||||||
Total equity | $ | 2,677,304 | $ | 2,585,639 | ||||||||||||||||
Other_Assets_and_Other_Liabili
Other Assets and Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 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 December 31, | ||||||||
2013 | 2012 | |||||||
Intangible assets, net(1) | $ | 100,652 | $ | 69,134 | ||||
Other receivables | 34,655 | 11,517 | ||||||
Deferred financing fees, net(2) | 33,591 | 26,629 | ||||||
Leasing costs, net(3) | 21,799 | 20,205 | ||||||
Corporate furniture, fixtures and equipment, net(4) | 6,557 | 7,537 | ||||||
Other assets | 40,726 | 28,102 | ||||||
Deferred expenses and other assets, net | $ | 237,980 | $ | 163,124 | ||||
Explanatory Notes: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $38.1 million and $51.5 million as of December 31, 2013 and 2012, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $7.0 million, $5.8 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total amortization expense for intangible assets was $8.2 million, $7.0 million and $7.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in “Depreciation and amortization” on the Company's Consolidated Statements of Operations. | |||||||
-2 | Accumulated amortization on deferred financing fees was $9.9 million and $4.1 million as of December 31, 2013 and 2012, respectively. | |||||||
-3 | Accumulated amortization on leasing costs was $7.1 million and $6.6 million as of December 31, 2013 and 2012, respectively. | |||||||
-4 | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.2 million and $6.2 million as of December 31, 2013 and 2012, respectively. | |||||||
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Accrued expenses | $ | 58,840 | $ | 50,467 | ||||
Accrued interest payable | 40,015 | 29,521 | ||||||
Intangible liabilities, net(1) | 26,223 | 9,210 | ||||||
Other liabilities | 45,753 | 52,472 | ||||||
Accounts payable, accrued expenses and other liabilities | $ | 170,831 | $ | 141,670 | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $4.6 million and $2.2 million as of December 31, 2013 and 2012, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $2.8 million, $1.4 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||
Intangible assets and liabilities—The estimated aggregate amortization costs for each of the five succeeding fiscal years are as follows ($ in thousands): | ||||||||
2014 | $ | 10,530 | ||||||
2015 | $ | 7,886 | ||||||
2016 | $ | 7,122 | ||||||
2017 | $ | 6,145 | ||||||
2018 | $ | 4,295 | ||||||
Debt_Obligations_net
Debt Obligations, net | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt Obligations, net | ' | |||||||||||||||
Debt Obligations, net | ||||||||||||||||
As of December 31, 2013 and 2012, the Company's debt obligations were as follows ($ in thousands): | ||||||||||||||||
Carrying Value as of December 31, | ||||||||||||||||
2013 | 2012 | Stated | Scheduled | |||||||||||||
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 | 431,475 | 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 | 1,379,407 | — | LIBOR + 3.50% | -3 | Oct-17 | |||||||||||
Term loans collateralized by net lease assets | 278,817 | 264,432 | 4.851% - 7.26% | -4 | Various through 2026 | |||||||||||
Total secured credit facilities and term loans | $ | 2,089,699 | $ | 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 | 5.7 | % | — | |||||||||||
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 | |||||||||||
1.50% senior convertible notes(6) | 200,000 | — | 1.5 | % | 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 | $ | 2,006,890 | $ | 1,987,745 | ||||||||||||
Other debt obligations: | ||||||||||||||||
Other debt obligations | $ | 100,000 | $ | 100,000 | LIBOR + 1.50% | Oct-35 | ||||||||||
Total debt obligations | $ | 4,196,589 | $ | 4,745,807 | ||||||||||||
Debt discounts, net | (38,464 | ) | (54,313 | ) | ||||||||||||
Total debt obligations, net | $ | 4,158,125 | $ | 4,691,494 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | These loans each have a LIBOR floor of 1.25%. As of December 31, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||
-2 | This loan has a LIBOR floor of 1.25%. | |||||||||||||||
-3 | This loan has a LIBOR floor of 1.00%. As of December 31, 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% and a loan with a floating rate of LIBOR plus 2.75%. | |||||||||||||||
-5 | The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
-6 | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
Future Scheduled Maturities—As of December 31, 2013, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands): | ||||||||||||||||
Unsecured Debt | Secured Debt | Total | ||||||||||||||
2014 | $ | — | $ | 21,657 | $ | 21,657 | ||||||||||
2015 | 105,765 | — | 105,765 | |||||||||||||
2016 | 926,403 | — | 926,403 | |||||||||||||
2017 | 374,722 | 1,810,882 | 2,185,604 | |||||||||||||
2018 | 600,000 | 17,052 | 617,052 | |||||||||||||
Thereafter | 100,000 | 240,108 | 340,108 | |||||||||||||
Total principal maturities | $ | 2,106,890 | $ | 2,089,699 | $ | 4,196,589 | ||||||||||
Unamortized debt discounts, net | (11,081 | ) | (27,383 | ) | (38,464 | ) | ||||||||||
Total long-term debt obligations, net | $ | 2,095,809 | $ | 2,062,316 | $ | 4,158,125 | ||||||||||
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 as a loss 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 December 31, 2013, the Company has made cumulative amortization repayments of $327.6 million on the February 2013 Secured Credit Facility bringing the outstanding balance to $1.38 billion. Repayments of the February 2013 Secured Credit Facility prior to the scheduled maturity date have resulted in losses on early extinguishment of debt of $7.0 million for the year ended December 31, 2013 related to the accelerated amortization 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. | ||||||||||||||||
During the year ended December 31, 2012, in connection with the October 2012 Secured Credit Facility transaction, the Company incurred $14.8 million in third party fees, of which $8.1 million was recognized in “Other expense” on the Company's Consolidated Statements of Operations as it related to the portion of lenders from the original facility that modified their debt under the new facility. The remaining $6.6 million of fees were recorded in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets, as they related to the portion of lenders that were new to the facility. | ||||||||||||||||
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 and $1.2 million during the year ended December 31, 2013 and 2012, respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. | ||||||||||||||||
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. During the year ended December 31, 2013, 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 into 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, together with cash on hand, were used to repurchase and repay at maturity $606.7 million aggregate principal amount of the Company's convertible notes due October 2012, to fully repay the $244.0 million balance on the Company's unsecured credit facility due June 2012, and to repay, upon maturity, $90.3 million outstanding principal balance of its 5.50% senior unsecured notes. | ||||||||||||||||
The March 2012 Secured Credit Facilities are collateralized by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the March 2012 Secured Credit Facilities. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The 2012 Tranche A-1 Facility required 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 year ended December 31, 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 $4.4 million and $8.1 million during the years ended December 31, 2013 and 2012, respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. | ||||||||||||||||
Additionally, during the year ended December 31, 2013, the Company made cumulative amortization repayments of $38.5 million on the 2012 Tranche A-2 Facility prior to maturity have resulted in losses on early extinguishment of debt of $1.0 million related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid during the year. | ||||||||||||||||
2011 Secured Credit Facilities—In March 2011, the Company entered into a $2.95 billion senior secured credit agreement providing for two tranches of term loans: a $1.50 billion 2011 A-1 tranche due June 2013, bearing interest at a rate of LIBOR + 3.75% (the "2011 Tranche A-1 Facility"), and a $1.45 billion 2011 A-2 tranche due June 2014, bearing interest at a rate of LIBOR + 5.75% (the "2011 Tranche A-2 Facility," together the "2011 Secured Credit Facilities"). The 2011 A-1 and A-2 tranches were issued at 99.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25%. | ||||||||||||||||
The 2011 Secured Credit Facilities were refinanced by the October 2012 Secured Credit Facility. Prior to refinancing, the Company made cumulative amortization repayments of $1.07 billion on the 2011 Secured Credit Facilities, which resulted in losses on early extinguishment of debt of $4.5 million and $12.0 million for the years ended December 31, 2012 and 2011, respectively, related to the accelerated amortization 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 $21.2 million of unamortized discounts and financing fees related to the 2011 Secured Credit Facilities. In connection with the refinancing, the Company recorded a loss on early extinguishment of debt of $12.1 million, related primarily to the portion of lenders in the original facility that did not participate in the new facility. The remaining $9.0 million of unamortized fees and discounts will continue to be amortized to interest expense over the remaining term of the October 2012 Secured Credit Facility. | ||||||||||||||||
Secured Term Loans—In October 2012, a consolidated subsidiary of the Company entered into a $28.0 million secured term loan maturing in November 2019, bearing interest at a rate of LIBOR + 2.00%. Simultaneously with the financing, the subsidiary entered into an interest rate swap to exchange its variable rate on the loan for a fixed interest rate (see Note 10). | ||||||||||||||||
In September 2012, the Company refinanced two secured term loans with an aggregate outstanding principal balance of $53.3 million, bearing interest at rates of 5.3% and 8.2% and maturing in January 2013 with a new $54.5 million secured term loan. The new loan bears interest at 4.851%, matures in October 2022 and is collateralized by the same net lease asset as the original term loan. In connection with the refinancing, the Company incurred $0.5 million of losses related to a prepayment penalty, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2012. | ||||||||||||||||
In addition, during the year ended December 31, 2012, in conjunction with the sale of a portfolio of 12 net lease assets, the Company repaid the $50.8 million outstanding balances of its LIBOR + 4.50% secured term loans due in 2014 and terminated the related interest rate swaps associated with the loans (see Note 10). | ||||||||||||||||
Unsecured Credit Facility—During the year ended December 31, 2012, the Company repaid the $243.7 million remaining principal balance of its LIBOR + 0.85% unsecured credit facility due June 2012. In connection with the repayments, the Company recorded a loss on early extinguishment of debt of $0.2 million related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. | ||||||||||||||||
Secured Notes—In January 2011, the Company redeemed the $312.3 million remaining principal balance of its 10% 2014 secured exchange notes and recorded a gain on early extinguishment of debt of $109.0 million primarily related to the recognition of deferred gain premiums that resulted from a previous debt exchange. | ||||||||||||||||
Unsecured Notes—In November 2013, the Company issued $200.0 million aggregate principal of 1.50% convertible senior unsecured notes due November 2016. Proceeds from the transaction, together with cash on hand, was used to fully repay the remaining $200.6 million of outstanding 5.70% senior unsecured notes due March 2014. In connection with the repayment of the 5.70% senior unsecured notes, the Company incurred $2.8 million of losses related to a prepayment penalty and the accelerated amortization of discounts, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2013. | ||||||||||||||||
In May 2013, the Company issued $265.0 million aggregate principal of 3.875% senior unsecured notes due July 2016 and issued $300.0 million aggregate principal of 4.875% senior unsecured notes due July 2018. Net proceeds from these transactions, together with cash on hand, were used to fully repay the remaining $96.8 million of outstanding 8.625% senior unsecured notes due June 2013 and the remaining $448.5 million of outstanding 5.95% senior unsecured notes due in October 2013. In connection with the repayment of the 5.95% senior unsecured notes, the Company incurred $9.5 million of losses related to a prepayment penalty and the accelerated amortization of discounts, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2013. | ||||||||||||||||
In November 2012, the Company issued $300.0 million aggregate principal of 7.125% senior unsecured notes due February 2018 and issued $200.0 million aggregate principal of 3.00% convertible senior unsecured notes due November 2016. Proceeds from these transactions were used to fully repay $67.1 million of the 6.5% senior unsecured notes due December 2013 and partially repay $404.9 million of the 8.625% senior unsecured notes due June 2013. In connection with these repurchases, the Company paid a $14.9 million prepayment penalty which was reflected in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2012. | ||||||||||||||||
In May 2012, the Company issued $275.0 million aggregate principal of 9.0% senior unsecured notes due June 2017 that were sold at 98.012% of their principal amount. | ||||||||||||||||
During the year ended December 31, 2012, the Company repaid, upon maturity, the $460.7 million outstanding principal balance of its LIBOR + 0.50% senior unsecured convertible notes, the $169.7 million outstanding principal balance of its 5.15% senior unsecured notes and the $90.3 million outstanding principal balance of its 5.50% senior unsecured notes. In addition, the Company repurchased $420.4 million par value of senior unsecured notes with various maturities ranging from March 2012 to October 2012. In connection with these repurchases, the Company recorded aggregate gains on early extinguishment of debt of $3.2 million, for the year ended December 31, 2012. | ||||||||||||||||
Encumbered/Unencumbered Assets—As of December 31, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): | ||||||||||||||||
As of December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Encumbered Assets | Unencumbered Assets | Encumbered Assets | Unencumbered Assets | |||||||||||||
Real estate, net | $ | 1,644,463 | $ | 1,151,718 | $ | 1,640,005 | $ | 1,099,094 | ||||||||
Real estate available and held for sale | 152,604 | 207,913 | 263,842 | 372,023 | ||||||||||||
Loans receivable, net(1) | 860,557 | 538,752 | 1,197,403 | 665,682 | ||||||||||||
Other investments | 24,093 | 183,116 | 43,545 | 355,298 | ||||||||||||
Cash and other assets | — | 907,995 | — | 556,207 | ||||||||||||
Total | $ | 2,681,717 | $ | 2,989,494 | $ | 3,144,795 | $ | 3,048,304 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | As of December 31, 2013 and 2012, the amounts presented exclude general reserves for loan losses of $29.2 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, which may put limitations on its ability to make new investments, 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
Commitments and Contingencies | ||||||||||||||||
Unfunded Commitments—The Company generally funds construction and development loans and build-outs of space in net lease assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company sometimes establishes a maximum amount of additional funding which it will make available to a borrower or tenant for an expansion or addition to a project if it approves of the expansion or addition in its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of December 31, 2013, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): | ||||||||||||||||
Loans and Other Lending Investments | Real Estate | Strategic | Total | |||||||||||||
Investments | ||||||||||||||||
Performance-Based Commitments | $ | 19,436 | $ | 53,164 | $ | — | $ | 72,600 | ||||||||
Discretionary Fundings | — | — | — | — | ||||||||||||
Strategic Investments | — | — | 46,591 | 46,591 | ||||||||||||
Total | $ | 19,436 | $ | 53,164 | $ | 46,591 | $ | 119,191 | ||||||||
Other Commitments—Total operating lease expense for the years ended December 31, 2013, 2012 and 2011 were $6.1 million, $6.5 million and $7.2 million, respectively. Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): | ||||||||||||||||
2014 | $ | 5,797 | ||||||||||||||
2015 | $ | 5,287 | ||||||||||||||
2016 | $ | 5,408 | ||||||||||||||
2017 | $ | 5,023 | ||||||||||||||
2018 | $ | 4,179 | ||||||||||||||
Thereafter | $ | 11,709 | ||||||||||||||
The Company also has issued letters of credit totaling $3.7 million in connection with its investments. | ||||||||||||||||
Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. | ||||||||||||||||
On June 4, 2012, the Company reached an agreement in principle with the plaintiffs' Court-appointed representatives in the previously reported Citiline class action to settle the litigation. Settlement payments will be primarily funded by the Company's insurance carriers, with the Company contributing $2.0 million to the settlement, which was included in "Other expense" on the Consolidated Statement of Operations for the year ended December 31, 2012. On April 5, 2013, the Court approved the settlement, entered a Final Judgment and Order of Dismissal With Prejudice and the Citiline Action was concluded. | ||||||||||||||||
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 condition. |
Risk_Management_and_Derivative
Risk Management and Derivatives | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Risk Management and Derivatives | ' | |||||||||||||||||||||||
Risk Management and Derivatives | ||||||||||||||||||||||||
Risk management | ||||||||||||||||||||||||
In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company's lending investments or leases that result from a borrower's or tenant's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of real estate assets by the Company as well as changes in foreign currency exchange rates. | ||||||||||||||||||||||||
Risk concentrations—Concentrations of credit risks arise when a number of borrowers or tenants related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. | ||||||||||||||||||||||||
Substantially all of the Company's real estate as well as assets collateralizing its loans receivable are located in the United States. As of December 31, 2013, the only state with a concentration greater than 10.0% was California with 15.1%. As of December 31, 2013, the Company's portfolio contains concentrations in the following asset types: land 21.6%, office 15.2%, industrial/R&D 13.5% and entertainment/leisure 10.7%. | ||||||||||||||||||||||||
The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have an adverse effect on the Company. As of December 31, 2013, the Company's five largest borrowers or tenants collectively accounted for approximately $99.8 million of the Company's aggregate annualized interest and operating lease revenue, of which no single customer accounts for more than 8%. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements. | ||||||||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2013 and 2012 ($ in thousands): | ||||||||||||||||||||||||
Derivative Assets as of December 31, | Derivative Liabilities as of December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 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 | $ | 1,418 | N/A | $ | — | Other Liabilities | $ | 1,653 | Other Liabilities | $ | 2,855 | ||||||||||||
Interest rate swap | Other Assets | 650 | N/A | — | N/A | — | Other Liabilities | 580 | ||||||||||||||||
Interest rate cap | Other Assets | 9,107 | N/A | — | N/A | — | N/A | — | ||||||||||||||||
Total | $ | 11,175 | $ | — | $ | 1,653 | $ | 3,435 | ||||||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 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 Year Ended December 31, 2013 | ||||||||||||||||||||||||
Interest rate cap | Interest Expense | $ | (1,517 | ) | $ | — | N/A | |||||||||||||||||
Interest rate swap | Interest Expense | $ | 869 | $ | 310 | N/A | ||||||||||||||||||
Foreign exchange contracts | Other Expense | $ | 393 | $ | — | N/A | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | $ | (968 | ) | $ | (44 | ) | N/A | ||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | $ | (1,553 | ) | $ | (180 | ) | 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 foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts 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 foreign exchange contracts 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 December 31, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells INR/Buys USD Forward | ₨ | 456,000 | $ | 7,379 | 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 December 31, 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 ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells EUR/Buys USD Forward | € | 80,500 | $ | 110,696 | Jan-14 | |||||||||||||||||||
Sells GBP/Buys USD Forward | £ | 3,800 | $ | 6,295 | Jan-14 | |||||||||||||||||||
Sells CAD/Buys USD Forward | C$ | 41,500 | $ | 39,036 | Jan-14 | |||||||||||||||||||
Amount of Gain or (Loss) | ||||||||||||||||||||||||
Recognized in Income | ||||||||||||||||||||||||
Location of Gain or | For the Years Ended December 31, | |||||||||||||||||||||||
(Loss) Recognized in | ||||||||||||||||||||||||
Derivatives not Designated in Hedging Relationships | Income | 2013 | 2012 | 2011 | ||||||||||||||||||||
Foreign Exchange Contracts | Other Expense | $ | 880 | $ | (8,920 | ) | $ | 17,406 | ||||||||||||||||
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. During the years ended December 31, 2013, 2012 and 2011, the Company recorded net losses related to foreign investments of $2.0 million, $0.7 million and $2.3 million, 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 expected increases in future interest rates and the resulting 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 $28.0 million secured term loan maturing in 2019. The following table presents the Company's qualifying cash flow hedges outstanding as of year ended December 31, 2013 ($ 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 | $ | 27,958 | LIBOR + 2.00% | 3.47% | Oct-12 | Nov-19 | ||||||||||||||||||
During the year ended December 31, 2012, the Company terminated its previously outstanding interest rate swaps in conjunction with the early repayment of its secured term loans (see also Note 8). | ||||||||||||||||||||||||
Over the next 12 months, the Company expects that $0.4 million will be reclassified to interest expense from cash flow hedges and $0.4 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 December 31, 2013 and December 31, 2012, the Company has posted collateral of $7.2 million and $9.6 million, respectively, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets. |
Equity
Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
Equity | |||||||||||||||||
The Company's charter provides for the issuance of up to 200.0 million shares of Common Stock, par value $0.001 per share and 30.0 million shares of preferred stock. As of December 31, 2013, 144.3 million common shares were issued and 83.7 million common shares were outstanding. | |||||||||||||||||
Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding: | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Cumulative Preferential Cash | |||||||||||||||||
Dividends(1)(2) | |||||||||||||||||
Series | Shares Issued and | Par Value | Liquidation Preference | Rate per Annum | Equivalent to | ||||||||||||
Outstanding | Fixed Annual | ||||||||||||||||
(in thousands) | Rate (per share) | ||||||||||||||||
D | 4,000 | $ | 0.001 | $25.00 | 8 | % | $ | 2 | |||||||||
E | 5,600 | $ | 0.001 | $25.00 | 7.875 | % | $ | 1.97 | |||||||||
F | 4,000 | $ | 0.001 | $25.00 | 7.8 | % | $ | 1.95 | |||||||||
G | 3,200 | $ | 0.001 | $25.00 | 7.65 | % | $ | 1.91 | |||||||||
I | 5,000 | $ | 0.001 | $25.00 | 7.5 | % | $ | 1.88 | |||||||||
J | 4,000 | $ | 0.001 | $50.00 | 4.5 | % | $ | 2.25 | |||||||||
25,800 | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Cumulative Preferential Cash | |||||||||||||||||
Dividends(1)(2) | |||||||||||||||||
Series | Shares Issued and | Par Value | Liquidation Preference | Rate per Annum | Equivalent to | ||||||||||||
Outstanding | Fixed Annual | ||||||||||||||||
(in thousands) | Rate (per share) | ||||||||||||||||
D | 4,000 | $ | 0.001 | $25.00 | 8 | % | $ | 2 | |||||||||
E | 5,600 | $ | 0.001 | $25.00 | 7.875 | % | $ | 1.97 | |||||||||
F | 4,000 | $ | 0.001 | $25.00 | 7.8 | % | $ | 1.95 | |||||||||
G | 3,200 | $ | 0.001 | $25.00 | 7.65 | % | $ | 1.91 | |||||||||
I | 5,000 | $ | 0.001 | $25.00 | 7.5 | % | $ | 1.88 | |||||||||
21,800 | |||||||||||||||||
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 $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G and I preferred stock, respectively, during each of the years ended December 31, 2013 and 2012. The Company also declared and paid dividends of $6.7 million on its Series J preferred stock during the year ended December 31, 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. | |||||||||||||||||
The Series D, E, F, G and I Cumulative Redeemable Preferred Stock are redeemable without premium at the option of the Company at their respective liquidation preferences. | |||||||||||||||||
High Performance Unit Program | |||||||||||||||||
In May 2002, the Company's shareholders approved the iStar Financial High Performance Unit ("HPU") Program. The program entitled employee participants ("HPU Holders") to receive distributions if the total rate of return on the Company's Common Stock (share price appreciation plus dividends) exceeded certain performance thresholds over a specified valuation period. The Company established seven HPU plans that had valuation periods ending between 2002 and 2008 and the Company has not established any new HPU plans since 2005. HPU Holders purchased interests in the High Performance Common Stock for an aggregate initial purchase price of $9.8 million. The remaining four plans that had valuation periods which ended in 2005, 2006, 2007 and 2008, did not meet their required performance thresholds, none of the plans were funded and the Company redeemed the participants' units. | |||||||||||||||||
The 2002, 2003 and 2004 plans all exceeded their performance thresholds and are entitled to receive distributions equivalent to the amount of dividends payable on 819,254 shares, 987,149 shares and 1,031,875 shares, respectively, of the Company's Common Stock as and when such dividends are paid on the Company's Common Stock. Each of these three plans has 5,000 shares of High Performance Common Stock associated with it, which is recorded as a separate class of stock within shareholders' equity on the Company's Consolidated Balance Sheets. High Performance Common Stock carries 0.25 votes per share. Net income allocable to common shareholders is reduced by the HPU holders' share of earnings. | |||||||||||||||||
Dividends—In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded net operating losses and may record net operating losses in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 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 December 31, 2013 will be subject to finalization of the 2013 tax returns. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends or, alternatively, may need to make dividend payments in excess of operating cash flows. The Company's 2013 and 2012 Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis, for so long as the Company maintains its qualification as a REIT. The 2013 and 2012 Secured Credit Facilities restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the years ended December 31, 2013 and 2012. | |||||||||||||||||
Stock Repurchase Programs—On May 15, 2012, the Company's Board of Directors approved a stock repurchase program that authorized the repurchase of up to $20.0 million of its Common Stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. In September 2013, the Company's Board of Directors approved an increase in the repurchase limit to $50.0 million from the $16.0 million that remained from the previously approved program. | |||||||||||||||||
During the year ended December 31, 2013, the Company repurchased 1.7 million shares of its outstanding Common Stock for approximately $21.0 million, at an average cost of $12.35 per share. During the year ended December 31, 2012, the Company repurchased 0.8 million shares of its outstanding Common Stock for approximately $4.6 million, at an average cost of $5.69 per share. As of December 31, 2013, the Company had remaining authorization to repurchase up to $29.0 million of Common Stock out of the $50.0 million authorized by its Board in 2013. | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | (294 | ) | $ | 867 | ||||||||||||
Unrealized gains on cash flow hedges | 662 | 607 | |||||||||||||||
Unrealized losses on cumulative translation adjustment | (4,644 | ) | (2,659 | ) | |||||||||||||
Accumulated other comprehensive income (loss) | $ | (4,276 | ) | $ | (1,185 | ) |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans and Employee Benefits | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Stock-Based Compensation Plans and Employee Benefits | ' | |||||||||||
Stock-Based Compensation Plans and Employee Benefits | ||||||||||||
On May 27, 2009, the Company's shareholders approved the Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") which is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. A maximum of 8,000,000 shares of Common Stock may be awarded under the 2009 LTIP, plus up to an additional 500,000 shares to the extent that a corresponding number of equity awards previously granted under the Company's 1996 Long-Term Incentive Plan expire or are canceled or forfeited. All awards under the 2009 LTIP are made at the discretion of the Board of Directors or a committee of the Board of Directors. | ||||||||||||
The Company's 2006 Long-Term Incentive Plan (the "2006 LTIP") is designed to provide equity-based incentive compensation for officers, key employees, directors, consultants and advisors of the Company. The 2006 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, dividend equivalent rights and other share-based performance awards. A maximum of 4,550,000 shares of Common Stock may be subject to awards under the 2006 LTIP provided that the number of shares of Common Stock reserved for grants of options designated as incentive stock options is 1.0 million, subject to certain anti-dilution provisions in the 2006 LTIP. All awards under this Plan are at the discretion of the Board of Directors or a committee of the Board of Directors. | ||||||||||||
The Company's 2007 Incentive Compensation Plan ("Incentive Plan") was approved and adopted by the Board of Directors in 2007 in order to establish performance goals for selected officers and other key employees and to determine bonuses that will be awarded to those officers and other key employees based on the extent to which they achieve those performance goals. Equity-based awards may be made under the Incentive Plan, subject to the terms of the Company's equity incentive plans. | ||||||||||||
As of December 31, 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. | ||||||||||||
Stock-based Compensation—The Company recorded stock-based compensation expense of $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, in "General and administrative" on the Company's Consolidated Statements of Operations. As of December 31, 2013, there was $4.3 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 0.34 years. As of December 31, 2013, approximately $5.2 million of stock-based compensation was included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. | ||||||||||||
Restricted Stock Units | ||||||||||||
Changes in non-vested restricted stock units during the year ended December 31, 2013 were as follows ($ in thousands, except per share amounts): | ||||||||||||
Number | Weighted Average | Aggregate | ||||||||||
of Shares | Grant Date | Intrinsic | ||||||||||
Fair Value | Value | |||||||||||
Per Share | ||||||||||||
Non-vested at December 31, 2012 | 5,276 | $ | 5.24 | $ | 43,000 | |||||||
Granted | 795 | $ | 11.88 | |||||||||
Vested | (3,271 | ) | $ | 6.33 | ||||||||
Forfeited | (21 | ) | $ | 4.94 | ||||||||
Non-vested at December 31, 2013 | 2,779 | $ | 5.85 | $ | 39,659 | |||||||
The total fair value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $31.6 million, $29.1 million and $15.5 million, respectively. | ||||||||||||
2013 Activity—During the year ended December 31, 2013, 3,271,272 restricted stock units vested, resulting in the issuance of 1,678,961 shares of Common Stock to employees, net of statutory minimum required tax withholdings. These vested restricted stock units were primarily comprised of (a) 1,719,304 Amended Units which vested in January 2013 (see below), (b) 185,720 service-based restricted stock units granted to employees in February 2011 that cliff vested in February 2013, (c) 164,685 of annual incentive restricted shares granted to employees and vested in February 2013 (see below), (d) 313,334 service-based restricted stock units granted to employees in March 2011 that cliff vested in March 2013, (e) 600,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer in October 2011 that vested in June 2013, and (f) 195,588 performance based restricted stock units granted to employees in February 2013 that vested in December 2013 (see below). | ||||||||||||
During the year ended December 31, 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 December 31, 2013, 196,902 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 December 31, 2013, 195,547 units measured over the two-year performance period with a vesting date on December 31, 2014 were outstanding. The units measured over the one-year performance period vested, and met the 200% target amount of the original awards, and 195,588 shares were issued. | ||||||||||||
As of December 31, 2013, the Company had the following additional 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. | |||||||||||
• | 1,696,053 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. The fair values of the market-condition based restricted stock 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 market-condition based awards were 0.092% for risk-free interest rate and 57.75% for expected stock price volatility. The modified December 19, 2008 market-condition based restricted stock units were measured on July 1, 2011, the date the Company's Board of Directors' approved the modification of the award. | |||||||||||
• | 90,666 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—Non-employee directors are awarded common stock equivalents ("CSEs") or restricted shares at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. The CSEs and restricted shares generally vest at the time of the next annual shareholders meeting and pay dividends in an amount equal to the dividends paid on an equivalent number of shares of the Company's Common Stock from the date of grant, as and when dividends are paid on the Common Stock. | ||||||||||||
During the year ended December 31, 2013, the Company awarded to Directors 33,474 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 year ended December 31, 2013, the Company issued 51,091 shares to a former director in settlement of previously vested CSE awards. As of December 31, 2013, there were 367,134 CSEs and restricted shares granted to members of the Company's Board of Directors that remained outstanding with an aggregate intrinsic value of $5.2 million. | ||||||||||||
401(k) Plan—The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the first 10% of the participant's annual compensation. The Company made gross contributions of approximately $0.9 million, $0.9 million and $0.9 million for each of the years ended December 31, 2013, 2012 and 2011, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
EPS is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit (HPU) Program (see Note 11). These HPU units are treated as a separate class of common stock. | |||||||||||||
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (loss) from continuing operations | $ | (220,768 | ) | $ | (314,678 | ) | $ | (51,010 | ) | ||||
Net (income) loss attributable to noncontrolling interests | (718 | ) | 1,500 | 3,629 | |||||||||
Income from sales of residential property | 86,658 | 63,472 | 5,721 | ||||||||||
Preferred dividends | (49,020 | ) | (42,320 | ) | (42,320 | ) | |||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | $ | (183,848 | ) | $ | (292,026 | ) | $ | (83,980 | ) | ||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
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 | $ | (177,907 | ) | $ | (282,452 | ) | $ | (81,375 | ) | ||||
Income (loss) from discontinued operations | 623 | (16,908 | ) | (5,343 | ) | ||||||||
Gain from discontinued operations | 21,515 | 26,363 | 24,331 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (155,769 | ) | $ | (272,997 | ) | $ | (62,387 | ) | ||||
Denominator for basic and diluted earnings per share: | |||||||||||||
Weighted average common shares outstanding for basic and diluted earnings per common share | 84,990 | 83,742 | 88,688 | ||||||||||
Basic and diluted earnings per common share: | |||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (2.09 | ) | $ | (3.37 | ) | $ | (0.91 | ) | ||||
Income (loss) from discontinued operations | 0.01 | (0.20 | ) | (0.06 | ) | ||||||||
Gain from discontinued operations | 0.25 | 0.31 | 0.27 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (1.83 | ) | $ | (3.26 | ) | $ | (0.70 | ) | ||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
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 | $ | (5,941 | ) | $ | (9,574 | ) | $ | (2,605 | ) | ||||
Income (loss) from discontinued operations | 21 | (573 | ) | (171 | ) | ||||||||
Gain from discontinued operations | 718 | 894 | 779 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (5,202 | ) | $ | (9,253 | ) | $ | (1,997 | ) | ||||
Denominator for basic and diluted earnings per HPU share: | |||||||||||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | 15 | 15 | ||||||||||
Basic and diluted earnings per HPU share: | |||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (396.07 | ) | $ | (638.27 | ) | $ | (173.66 | ) | ||||
Income (loss) from discontinued operations | 1.4 | (38.20 | ) | (11.40 | ) | ||||||||
Gain from discontinued operations | 47.87 | 59.6 | 51.93 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (346.80 | ) | $ | (616.87 | ) | $ | (133.13 | ) | ||||
For the years ended December 31, 2013, 2012 and 2011 the following shares were anti-dilutive ($ in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Joint venture shares | 298 | 298 | 298 | ||||||||||
Stock options | — | — | 44 | ||||||||||
3.00% convertible senior unsecured notes | 16,992 | — | — | ||||||||||
Series J convertible perpetual preferred stock | 15,635 | — | — | ||||||||||
1.50% convertible senior unsecured notes | 11,567 | — | — | ||||||||||
Fair_Values
Fair Values | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2013 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 11,175 | $ | — | $ | 11,175 | $ | — | ||||||||
Derivative liabilities | $ | 1,653 | $ | — | $ | 1,653 | $ | — | ||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans(1) | $ | 115,423 | $ | — | $ | — | $ | 115,423 | ||||||||
Impaired real estate(2) | $ | 35,680 | $ | — | $ | 5,744 | $ | 29,936 | ||||||||
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 Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The Company recorded a recovery of loan losses on one loan with a fair value of $55.5 million based on the loan's remaining loan term of 2.6 years and interest rate of 4.7% using discounted cash flow analysis. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $53.6 million based upon a letter of intent executed by the borrower as well as recorded an impairment on one loan with a fair value of $6.3 million based upon a settlement agreement executed by the borrower. | |||||||||||||||
-2 | The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows. | |||||||||||||||
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 December 31, 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 other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above. | ||||||||||||||||
Given the nature of certain assets and liabilities, clearly determinable market based valuation inputs are often not available, therefore, these assets and liabilities are valued using internal valuation techniques. Subjectivity exists with respect to these internal valuation techniques, therefore, the fair values disclosed may not ultimately be realized by the Company if the assets were sold or the liabilities were settled with third parties. The methods the Company used to estimate the fair values presented in the three tables above are described more fully below for each type of asset and liability. | ||||||||||||||||
Derivatives—The Company uses interest rate swaps, interest rate caps and foreign exchange contracts to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In addition, upon adoption of ASU 2011-04, the Company made an accounting policy election to measure derivative financial instruments subject to master netting agreements on a net basis. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. | ||||||||||||||||
Impaired loans—The Company's loans identified as being impaired are nearly all collateral dependent loans and are evaluated for impairment by comparing the estimated fair value of the underlying collateral, less costs to sell, to the carrying value of each loan. Due to the nature of the individual properties collateralizing the Company's loans, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs and costs of completion and the remaining inventory sell out periods. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. | ||||||||||||||||
Impaired real estate—If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs and costs of completion and the remaining inventory sell out periods. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 2 input under the fair value hierarchy. | ||||||||||||||||
Loans receivable and other lending investments—The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, or broker quotes that fall within Level 2 of the fair value hierarchy. | ||||||||||||||||
Debt obligations, net—For debt obligations traded in secondary markets, the Company uses market quotes, to the extent they are available, to determine fair value. For debt obligations not traded in secondary markets, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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. The Company's segment information is as follows ($ in thousands): | ||||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 147,313 | $ | 86,352 | $ | 902 | $ | — | $ | 234,567 | ||||||||||||
Interest income | 108,015 | — | — | — | — | 108,015 | ||||||||||||||||||
Other income | 4,748 | 250 | 38,164 | 1,474 | 3,572 | 48,208 | ||||||||||||||||||
Total revenue | $ | 112,763 | $ | 147,563 | $ | 124,516 | $ | 2,376 | $ | 3,572 | $ | 390,790 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,699 | 5,546 | (5,331 | ) | 38,606 | 41,520 | |||||||||||||||||
Income from sales of residential property | — | — | 82,603 | 4,055 | — | 86,658 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 1,484 | 1,251 | — | — | 2,735 | ||||||||||||||||||
Gain from discontinued operations | — | 3,395 | 18,838 | — | — | 22,233 | ||||||||||||||||||
Revenue and other earnings | $ | 112,763 | $ | 155,141 | $ | 232,754 | $ | 1,100 | $ | 42,178 | $ | 543,936 | ||||||||||||
Real estate expense | — | (22,565 | ) | (101,044 | ) | (33,832 | ) | — | (157,441 | ) | ||||||||||||||
Other expense | (1,625 | ) | — | — | — | (6,425 | ) | (8,050 | ) | |||||||||||||||
Allocated interest expense(2) | (74,377 | ) | (80,034 | ) | (49,114 | ) | (30,368 | ) | (32,332 | ) | (266,225 | ) | ||||||||||||
Allocated general and administrative(3) | (13,186 | ) | (14,330 | ) | (9,189 | ) | (12,365 | ) | (23,783 | ) | (72,853 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 23,575 | $ | 38,212 | $ | 73,407 | $ | (75,465 | ) | $ | (20,362 | ) | $ | 39,367 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 5,489 | $ | — | $ | — | $ | — | $ | — | $ | 5,489 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 1,176 | $ | 12,449 | $ | 728 | $ | — | $ | 14,353 | ||||||||||||
Loss on transfer of interest to unconsolidated subsidiary | $ | — | $ | — | $ | — | $ | 7,373 | $ | — | $ | 7,373 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 38,582 | $ | 30,599 | $ | 1,105 | $ | 1,244 | $ | 71,530 | ||||||||||||
Capitalized expenditures | $ | — | $ | 34,076 | $ | 41,131 | $ | 36,346 | $ | — | $ | 111,553 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,696,888 | $ | 720,508 | $ | 803,238 | $ | — | $ | 3,220,634 | ||||||||||||
Less: accumulated depreciation | — | (338,640 | ) | (82,420 | ) | (3,393 | ) | — | (424,453 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,358,248 | $ | 638,088 | $ | 799,845 | $ | — | $ | 2,796,181 | ||||||||||||
Real estate available and held for sale | — | — | 228,328 | 132,189 | — | 360,517 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,358,248 | $ | 866,416 | $ | 932,034 | $ | — | $ | 3,156,698 | ||||||||||||
Loans receivable and other lending investments, net | 1,370,109 | — | — | — | — | 1,370,109 | ||||||||||||||||||
Other investments | — | 16,408 | 16,032 | 29,765 | 145,004 | 207,209 | ||||||||||||||||||
Total portfolio assets | $ | 1,370,109 | $ | 1,374,656 | $ | 882,448 | $ | 961,799 | $ | 145,004 | $ | 4,734,016 | ||||||||||||
Cash and other assets | 907,995 | |||||||||||||||||||||||
Total assets | $ | 5,642,011 | ||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
For the Year Ended December 31, 2012(5) | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 149,058 | $ | 65,706 | $ | 1,527 | $ | — | $ | 216,291 | ||||||||||||
Interest income | 133,410 | — | — | — | — | 133,410 | ||||||||||||||||||
Other income | 8,613 | — | 32,615 | 2,635 | 3,975 | 47,838 | ||||||||||||||||||
Total revenue | $ | 142,023 | $ | 149,058 | $ | 98,321 | $ | 4,162 | $ | 3,975 | $ | 397,539 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,632 | 25,142 | (6,138 | ) | 81,373 | 103,009 | |||||||||||||||||
Income from sales of residential property | — | — | 63,472 | — | — | 63,472 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 7,289 | 886 | — | — | 8,175 | ||||||||||||||||||
Gain from discontinued operations | — | 27,257 | — | — | — | 27,257 | ||||||||||||||||||
Revenue and other earnings | $ | 142,023 | $ | 186,236 | $ | 187,821 | $ | (1,976 | ) | $ | 85,348 | $ | 599,452 | |||||||||||
Real estate expense | — | (23,886 | ) | (100,258 | ) | (27,314 | ) | — | (151,458 | ) | ||||||||||||||
Other expense | (4,775 | ) | — | — | — | (12,491 | ) | (17,266 | ) | |||||||||||||||
Allocated interest expense(2) | (111,898 | ) | (92,579 | ) | (69,259 | ) | (44,125 | ) | (38,300 | ) | (356,161 | ) | ||||||||||||
Allocated general and administrative(3) | (14,263 | ) | (10,618 | ) | (7,572 | ) | (7,405 | ) | (25,705 | ) | (65,563 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 11,087 | $ | 59,153 | $ | 10,732 | $ | (80,820 | ) | $ | 8,852 | $ | 9,004 | |||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 81,740 | $ | — | $ | — | $ | — | $ | — | $ | 81,740 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 6,670 | $ | 28,501 | $ | 205 | $ | 978 | $ | 36,354 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 39,250 | $ | 28,450 | $ | 1,276 | $ | 1,810 | $ | 70,786 | ||||||||||||
Capitalized expenditures | $ | — | $ | 10,994 | $ | 51,579 | $ | 20,497 | $ | — | $ | 83,070 | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,626,810 | $ | 704,481 | $ | 786,114 | $ | — | $ | 3,117,405 | ||||||||||||
Less: accumulated depreciation | — | (310,605 | ) | (65,409 | ) | (2,292 | ) | — | (378,306 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,316,205 | $ | 639,072 | $ | 783,822 | $ | — | $ | 2,739,099 | ||||||||||||
Real estate available and held for sale | — | — | 454,587 | 181,278 | — | 635,865 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,316,205 | $ | 1,093,659 | $ | 965,100 | $ | — | $ | 3,374,964 | ||||||||||||
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 | $ | 1,332,585 | $ | 1,119,404 | $ | 970,593 | $ | 351,225 | $ | 5,603,792 | ||||||||||||
Cash and other assets | 556,207 | |||||||||||||||||||||||
Total assets | $ | 6,159,999 | ||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
For the Year Ended December 31, 2011(5) | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 144,548 | $ | 51,153 | $ | 171 | $ | — | $ | 195,872 | ||||||||||||
Interest income | 226,871 | — | — | — | — | 226,871 | ||||||||||||||||||
Other income | 3,176 | — | 32,538 | 1,637 | 2,371 | 39,722 | ||||||||||||||||||
Total revenue | $ | 230,047 | $ | 144,548 | $ | 83,691 | $ | 1,808 | $ | 2,371 | $ | 462,465 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,566 | (626 | ) | (7,213 | ) | 100,364 | 95,091 | ||||||||||||||||
Income from sales of residential property | — | — | 5,721 | — | — | 5,721 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 14,135 | (937 | ) | — | — | 13,198 | |||||||||||||||||
Gain from discontinued operations | — | 25,110 | — | — | — | 25,110 | ||||||||||||||||||
Revenue and other earnings | $ | 230,047 | $ | 186,359 | $ | 87,849 | $ | (5,405 | ) | $ | 102,735 | $ | 601,585 | |||||||||||
Real estate expense | — | (25,054 | ) | (92,012 | ) | (21,648 | ) | — | (138,714 | ) | ||||||||||||||
Other expense | (2,866 | ) | — | — | — | (8,204 | ) | (11,070 | ) | |||||||||||||||
Allocated interest expense(2) | (156,163 | ) | (75,844 | ) | (52,774 | ) | (40,480 | ) | (20,653 | ) | (345,914 | ) | ||||||||||||
Allocated general and administrative(3) | (19,934 | ) | (9,681 | ) | (6,737 | ) | (6,959 | ) | (32,026 | ) | (75,337 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 51,084 | $ | 75,780 | $ | (63,674 | ) | $ | (74,492 | ) | $ | 41,852 | $ | 30,550 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 46,412 | $ | — | $ | — | $ | — | $ | — | $ | 46,412 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 668 | $ | 21,030 | $ | (184 | ) | $ | 872 | $ | 22,386 | |||||||||||
Depreciation and amortization(2) | $ | — | $ | 42,080 | $ | 18,169 | $ | 1,534 | $ | 2,145 | $ | 63,928 | ||||||||||||
Capitalized expenditures | $ | — | $ | 8,699 | $ | 38,477 | $ | 16,993 | $ | — | $ | 64,169 | ||||||||||||
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 $16.5 million, $60.7 million and $53.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 6 for further details on the Company's investment in LNR and summarized financial information of 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 $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
-4 | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Segment profit (loss) | $ | 39,367 | $ | 9,004 | $ | 30,550 | ||||||||||||||||||
Less: Provision for loan losses | (5,489 | ) | (81,740 | ) | (46,412 | ) | ||||||||||||||||||
Less: Impairment of assets(2) | (14,353 | ) | (36,354 | ) | (22,386 | ) | ||||||||||||||||||
Less: Loss on transfer of interest to unconsolidated subsidiary | (7,373 | ) | — | — | ||||||||||||||||||||
Less: Stock-based compensation expense | (19,261 | ) | (15,293 | ) | (29,702 | ) | ||||||||||||||||||
Less: Depreciation and amortization(2) | (71,530 | ) | (70,786 | ) | (63,928 | ) | ||||||||||||||||||
Less: Income tax (expense) benefit(2) | 596 | (8,445 | ) | 4,719 | ||||||||||||||||||||
Add: Gain (loss) on early extinguishment of debt, net | (33,190 | ) | (37,816 | ) | 101,466 | |||||||||||||||||||
Net income (loss) | $ | (111,233 | ) | $ | (241,430 | ) | $ | (25,693 | ) | |||||||||||||||
-5 | The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||
The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). | |||||||||||||||||
For the Quarters Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013:00:00 | |||||||||||||||||
Revenue(1) | $ | 101,073 | $ | 95,696 | $ | 99,919 | $ | 94,102 | |||||||||
Net income (loss) | $ | (45,992 | ) | $ | (18,590 | ) | $ | (14,398 | ) | $ | (32,253 | ) | |||||
Earnings per common share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (47,043 | ) | $ | (18,757 | ) | $ | (14,087 | ) | $ | (32,064 | ) | |||||
Basic and diluted earnings per share | $ | (0.68 | ) | $ | (0.36 | ) | $ | (0.31 | ) | $ | (0.49 | ) | |||||
Weighted average number of common shares—basic and diluted | 84,617 | 85,392 | 85,125 | 84,824 | |||||||||||||
Earnings per HPU share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (1,939 | ) | $ | (1,016 | ) | $ | (866 | ) | $ | (1,381 | ) | |||||
Basic and diluted earnings per share | $ | (129.26 | ) | $ | (67.73 | ) | $ | (57.74 | ) | $ | (92.07 | ) | |||||
Weighted average number of HPU shares—basic and diluted | 15 | 15 | 15 | 15 | |||||||||||||
For the Quarters Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012(2): | |||||||||||||||||
Revenue(1) | $ | 96,421 | $ | 93,462 | $ | 106,886 | $ | 100,770 | |||||||||
Net income (loss) | $ | (79,948 | ) | $ | (64,306 | ) | $ | (51,129 | ) | $ | (46,048 | ) | |||||
Earnings per common share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (79,810 | ) | $ | (63,640 | ) | $ | (50,407 | ) | $ | (46,073 | ) | |||||
Basic and diluted earnings per share | $ | (1.04 | ) | $ | (0.86 | ) | $ | (0.70 | ) | $ | (0.66 | ) | |||||
Weighted average number of common shares—basic and diluted | 83,674 | 83,629 | 84,113 | 83,556 | |||||||||||||
Earnings per HPU share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (2,966 | ) | $ | (2,436 | ) | $ | (1,991 | ) | $ | (1,861 | ) | |||||
Basic and diluted earnings per share | $ | (197.73 | ) | $ | (162.40 | ) | $ | (132.73 | ) | $ | (124.07 | ) | |||||
Weighted average number of HPU shares—basic and diluted | 15 | 15 | 15 | 15 | |||||||||||||
Explanatory Notes: | |||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||
-1 | All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations. | ||||||||||||||||
-2 | During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In February 2014, the Company partnered with a sovereign wealth fund to form a venture in which the partners plan to contribute up to an aggregate $500 million of equity to acquire and develop up to $1.25 billion of net lease assets over time. The Company owns approximately 52% of the venture and will be responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. The venture’s first investment was acquired by the Company for $93.6 million during 2013 and was subsequently sold to the venture. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II-Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||
iStar Financial Inc. | |||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Description | Balance at | Charged to | Adjustments | Deductions | Balance at | ||||||||||||||||
Beginning | Costs and | to Valuation | End | ||||||||||||||||||
of Period | Expenses | Accounts | of Period | ||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Reserve for loan losses(1)(2) | $ | 814,625 | $ | 46,412 | $ | — | $ | (214,413 | ) | $ | 646,624 | ||||||||||
Allowance for doubtful accounts(2) | 1,376 | 2,292 | — | — | 3,668 | ||||||||||||||||
Allowance for deferred tax assets(2) | 29,921 | (19,968 | ) | 40,936 | — | 50,889 | |||||||||||||||
$ | 845,922 | $ | 28,736 | $ | 40,936 | $ | (214,413 | ) | $ | 701,181 | |||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Reserve for loan losses(1)(2) | $ | 646,624 | $ | 81,740 | $ | — | $ | (203,865 | ) | $ | 524,499 | ||||||||||
Allowance for doubtful accounts(2) | 3,668 | 1,928 | — | — | 5,596 | ||||||||||||||||
Allowance for deferred tax assets(2) | 50,889 | (9,833 | ) | (176 | ) | — | 40,880 | ||||||||||||||
$ | 701,181 | $ | 73,835 | $ | (176 | ) | $ | (203,865 | ) | $ | 570,975 | ||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Reserve for loan losses(1)(2) | $ | 524,499 | $ | 5,489 | $ | — | $ | (152,784 | ) | $ | 377,204 | ||||||||||
Allowance for doubtful accounts(2) | 5,596 | 261 | — | — | 5,857 | ||||||||||||||||
Allowance for deferred tax assets(2) | 40,880 | (4,473 | ) | 19,855 | — | 56,262 | |||||||||||||||
$ | 570,975 | $ | 1,277 | $ | 19,855 | $ | (152,784 | ) | $ | 439,323 | |||||||||||
Explanatory Notes: | |||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||
-1 | See Note 5 to the Company's Consolidated Financial Statements. | ||||||||||||||||||||
-2 | See Note 3 to the Company's Consolidated Financial Statements. |
Schedule_IIIReal_Estate_and_Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Schedule III-Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
OFFICE FACILITIES: | |||||||||||||||||||||||||||||||||||||||
Arizona | OAZ006 | $ | — | -1 | $ | 10,780 | $ | 36,336 | $ | (958 | ) | $ | 10,780 | $ | 35,378 | $ | 46,158 | $ | 4,159 | 2011 | 40 | ||||||||||||||||||
Arizona | OAZ002 | — | -1 | 1,033 | 6,652 | 951 | 1,033 | 7,603 | 8,636 | 2,518 | 1999 | 40 | |||||||||||||||||||||||||||
Arizona | OAZ003 | — | -1 | 1,033 | 6,652 | 205 | 1,033 | 6,857 | 7,890 | 2,417 | 1999 | 40 | |||||||||||||||||||||||||||
Arizona | OAZ004 | — | -1 | 1,033 | 6,652 | 197 | 1,033 | 6,849 | 7,882 | 2,385 | 1999 | 40 | |||||||||||||||||||||||||||
Arizona | OAZ005 | — | -1 | 701 | 4,339 | — | 701 | 4,339 | 5,040 | 1,537 | 1999 | 40 | |||||||||||||||||||||||||||
California | OCA002 | — | 4,139 | 5,064 | 1,596 | 4,139 | 6,660 | 10,799 | 1,946 | 2002 | 40 | ||||||||||||||||||||||||||||
Colorado | OCO001 | — | -1 | 1,757 | 16,930 | 5,506 | 1,757 | 22,436 | 24,193 | 7,838 | 1999 | 40 | |||||||||||||||||||||||||||
Colorado | OCO002 | 5,787 | -1 | — | 16,752 | 48 | — | 16,800 | 16,800 | 4,935 | 2002 | 40 | |||||||||||||||||||||||||||
Florida | OFL001 | — | -1 | 2,517 | 14,484 | 2,518 | 2,517 | 17,002 | 19,519 | 1,554 | 2010 | 40 | |||||||||||||||||||||||||||
Georgia | OGA001 | — | -1 | 905 | 6,744 | 90 | 905 | 6,834 | 7,739 | 2,776 | 1999 | 40 | |||||||||||||||||||||||||||
Georgia | OGA002 | — | -1 | 5,709 | 49,091 | 22,033 | 5,709 | 71,124 | 76,833 | 22,710 | 1999 | 40 | |||||||||||||||||||||||||||
Illinois | OIL001 | 21,657 | 6,153 | 14,993 | 14,370 | 6,153 | 29,363 | 35,516 | 98 | 1999 | 40 | ||||||||||||||||||||||||||||
Maryland | OMD001 | 12,894 | -1 | 1,800 | 18,706 | 790 | 1,800 | 19,496 | 21,296 | 5,532 | 2002 | 40 | |||||||||||||||||||||||||||
Massachusetts | OMA001 | 13,421 | -1 | 1,600 | 21,947 | 276 | 1,600 | 22,223 | 23,823 | 6,548 | 2002 | 40 | |||||||||||||||||||||||||||
Michigan | OMI001 | — | 5,374 | 137,956 | (2,541 | ) | 5,374 | 135,415 | 140,789 | 21,108 | 2007 | 40 | |||||||||||||||||||||||||||
New Jersey | ONJ001 | 53,514 | 7,726 | 74,429 | 10 | 7,724 | 74,441 | 82,165 | 20,586 | 2002 | 40 | ||||||||||||||||||||||||||||
New Jersey | ONJ002 | 12,141 | -1 | 1,008 | 13,763 | (81 | ) | 1,008 | 13,682 | 14,690 | 3,383 | 2004 | 40 | ||||||||||||||||||||||||||
New Jersey | ONJ003 | 18,350 | -1 | 2,456 | 28,955 | 505 | 2,456 | 29,460 | 31,916 | 7,224 | 2004 | 40 | |||||||||||||||||||||||||||
Pennsylvania | OPA001 | — | -1 | 690 | 26,098 | (49 | ) | 690 | 26,049 | 26,739 | 8,005 | 2001 | 40 | ||||||||||||||||||||||||||
Tennessee | OTN001 | — | 2,702 | 25,129 | (17,064 | ) | 2,702 | 8,065 | 10,767 | 7,878 | 1999 | 40 | |||||||||||||||||||||||||||
Texas | OTX001 | — | -1 | 1,364 | 10,628 | 5,644 | 2,373 | 15,263 | 17,636 | 5,034 | 1999 | 40 | |||||||||||||||||||||||||||
Texas | OTX002 | — | -1 | 1,233 | 15,160 | 158 | 1,233 | 15,318 | 16,551 | 5,095 | 1999 | 40 | |||||||||||||||||||||||||||
Texas | OTX003 | — | -1 | 2,932 | 31,235 | 12,403 | 2,932 | 43,638 | 46,570 | 14,363 | 1999 | 40 | |||||||||||||||||||||||||||
Texas | OTX004 | — | -1 | 1,230 | 5,660 | 482 | 1,230 | 6,142 | 7,372 | 2,143 | 1999 | 40 | |||||||||||||||||||||||||||
Virginia | OVA001 | — | 17,030 | 52,349 | — | 17,030 | 52,349 | 69,379 | 25 | 2013 | 40 | ||||||||||||||||||||||||||||
Wisconsin | OWI001 | — | 1,875 | 13,914 | (6,147 | ) | 1,875 | 7,767 | 9,642 | 4,573 | 1999 | 40 | |||||||||||||||||||||||||||
Subtotal | $ | 137,764 | $ | 84,780 | $ | 660,618 | $ | 40,942 | $ | 85,787 | $ | 700,553 | $ | 786,340 | $ | 166,370 | |||||||||||||||||||||||
INDUSTRIAL FACILITIES: | |||||||||||||||||||||||||||||||||||||||
Arizona | IAZ001 | — | -1 | 2,519 | 7,481 | 1,023 | 2,519 | 8,504 | 11,023 | 1,093 | 2009 | 40 | |||||||||||||||||||||||||||
Arizona | IAZ002 | — | -1 | 3,279 | 5,221 | 1,267 | 3,279 | 6,488 | 9,767 | 839 | 2009 | 40 | |||||||||||||||||||||||||||
California | ICA001 | 18,031 | -1 | 11,635 | 19,515 | 5,943 | 11,635 | 25,458 | 37,093 | 3,860 | 2007 | 40 | |||||||||||||||||||||||||||
California | ICA005 | — | -1 | 654 | 4,591 | 2,044 | 654 | 6,635 | 7,289 | 2,338 | 1999 | 40 | |||||||||||||||||||||||||||
California | ICA006 | — | -1 | 1,086 | 7,964 | 2,876 | 1,086 | 10,840 | 11,926 | 4,063 | 1999 | 40 | |||||||||||||||||||||||||||
California | ICA007 | — | -1 | 4,880 | 12,367 | 3,550 | 4,880 | 15,917 | 20,797 | 5,170 | 1999 | 40 | |||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
California | ICA008 | — | -1 | 6,857 | 8,378 | 1,643 | 6,856 | 10,022 | 16,878 | 2,976 | 2002 | 40 | |||||||||||||||||||||||||||
California | ICA009 | — | -1 | 4,095 | 8,323 | 1,411 | 4,095 | 9,734 | 13,829 | 3,256 | 1999 | 40 | |||||||||||||||||||||||||||
California | ICA010 | — | 5,051 | 6,170 | 2,013 | 5,051 | 8,183 | 13,234 | 2,135 | 2002 | 40 | ||||||||||||||||||||||||||||
California | ICA012 | — | -1 | 3,044 | 3,716 | 3,002 | 3,044 | 6,718 | 9,762 | 1,928 | 2002 | 40 | |||||||||||||||||||||||||||
California | ICA013 | — | -1 | 2,633 | 3,219 | 290 | 2,633 | 3,509 | 6,142 | 1,150 | 2002 | 40 | |||||||||||||||||||||||||||
California | ICA014 | — | 4,600 | 5,627 | 2,497 | 4,600 | 8,124 | 12,724 | 2,212 | 2002 | 40 | ||||||||||||||||||||||||||||
California | ICA015 | — | 5,617 | 6,877 | 5,501 | 5,619 | 12,376 | 17,995 | 5,867 | 2002 | 40 | ||||||||||||||||||||||||||||
California | ICA016 | 27,958 | 15,708 | 27,987 | 8,665 | 15,708 | 36,652 | 52,360 | 14,970 | 2004 | 40 | ||||||||||||||||||||||||||||
California | ICA017 | — | -1 | 808 | 8,306 | 588 | 808 | 8,894 | 9,702 | 3,014 | 1999 | 40 | |||||||||||||||||||||||||||
Colorado | ICO001 | — | 832 | 1,379 | — | 832 | 1,379 | 2,211 | 254 | 2006 | 40 | ||||||||||||||||||||||||||||
Florida | IFL001 | — | 322 | 323 | 64 | 322 | 387 | 709 | 71 | 2006 | 40 | ||||||||||||||||||||||||||||
Florida | IFL002 | 15,620 | -1 | 3,510 | 20,846 | 8,279 | 3,510 | 29,125 | 32,635 | 4,067 | 2007 | 40 | |||||||||||||||||||||||||||
Florida | IFL004 | — | -1 | 3,048 | 8,676 | — | 3,048 | 8,676 | 11,724 | 3,073 | 1999 | 40 | |||||||||||||||||||||||||||
Florida | IFL005 | — | -1 | 1,612 | 4,586 | (1,408 | ) | 1,241 | 3,549 | 4,790 | 677 | 1999 | 40 | ||||||||||||||||||||||||||
Florida | IFL006 | — | -1 | 1,476 | 4,198 | (4,497 | ) | 450 | 727 | 1,177 | 435 | 1999 | 40 | ||||||||||||||||||||||||||
Georgia | IGA001 | 13,596 | -1 | 2,791 | 24,637 | 349 | 2,791 | 24,986 | 27,777 | 3,863 | 2007 | 40 | |||||||||||||||||||||||||||
Hawaii | IHI001 | — | 7,477 | 23,623 | 369 | 7,477 | 23,992 | 31,469 | 2,356 | 2010 | 40 | ||||||||||||||||||||||||||||
Indiana | IIN001 | — | -1 | 462 | 9,224 | — | 462 | 9,224 | 9,686 | 2,011 | 2007 | 40 | |||||||||||||||||||||||||||
Massachusetts | IMA001 | 18,706 | -1 | 7,439 | 21,774 | 10,979 | 7,439 | 32,753 | 40,192 | 4,572 | 2007 | 40 | |||||||||||||||||||||||||||
Michigan | IMI001 | — | -1 | 598 | 9,814 | 1 | 598 | 9,815 | 10,413 | 2,162 | 2007 | 40 | |||||||||||||||||||||||||||
Minnesota | IMN001 | — | -1 | 403 | 1,147 | (344 | ) | 1,206 | — | 1,206 | — | 1999 | 40 | ||||||||||||||||||||||||||
Minnesota | IMN002 | — | -1 | 6,705 | 17,690 | — | 6,225 | 18,170 | 24,395 | 4,047 | 2005 | 40 | |||||||||||||||||||||||||||
North Carolina | INC001 | — | -1 | 680 | 5,947 | — | 680 | 5,947 | 6,627 | 1,390 | 2004 | 40 | |||||||||||||||||||||||||||
New Jersey | INJ001 | 21,695 | -1 | 8,368 | 15,376 | 21,141 | 8,368 | 36,517 | 44,885 | 5,172 | 2007 | 40 | |||||||||||||||||||||||||||
New York | INY001 | — | -1 | 1,796 | 5,108 | 4 | 1,796 | 5,112 | 6,908 | 1,811 | 1999 | 40 | |||||||||||||||||||||||||||
Texas | ITX002 | — | 594 | 716 | — | 594 | 716 | 1,310 | 132 | 2006 | 40 | ||||||||||||||||||||||||||||
Texas | ITX003 | — | 3,617 | 3,432 | — | 3,617 | 3,432 | 7,049 | 633 | 2006 | 40 | ||||||||||||||||||||||||||||
Texas | ITX004 | 13,499 | -1 | 1,631 | 27,858 | (416 | ) | 1,631 | 27,442 | 29,073 | 4,186 | 2007 | 40 | ||||||||||||||||||||||||||
Texas | ITX005 | — | -1 | 1,314 | 8,903 | 46 | 1,314 | 8,949 | 10,263 | 3,165 | 1999 | 40 | |||||||||||||||||||||||||||
Virginia | IVA001 | 14,560 | -1 | 2,619 | 28,481 | 142 | 2,619 | 28,623 | 31,242 | 4,424 | 2007 | 40 | |||||||||||||||||||||||||||
Subtotal | $ | 143,665 | $ | 129,760 | $ | 379,480 | $ | 77,022 | $ | 128,687 | $ | 457,575 | $ | 586,262 | $ | 103,372 | |||||||||||||||||||||||
LAND: | |||||||||||||||||||||||||||||||||||||||
Arizona | LAZ002 | — | -1 | 13,170 | 5,144 | 64 | 13,170 | 5,208 | 18,378 | 343 | 2011 | 0 | |||||||||||||||||||||||||||
Arizona | LAZ001 | — | 96,700 | — | — | 96,700 | — | 96,700 | — | 2010 | 0 | ||||||||||||||||||||||||||||
California | LCA002 | — | 28,464 | 2,836 | — | 28,464 | 2,836 | 31,300 | 1,841 | 2010 | 0 | ||||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
California | LCA008 | — | 30,500 | — | — | 30,500 | — | 30,500 | — | 2011 | 0 | ||||||||||||||||||||||||||||
California | LCA003 | — | 87,300 | — | (15,643 | ) | 71,657 | — | 71,657 | — | 2009 | 0 | |||||||||||||||||||||||||||
California | LCA004 | — | 68,155 | — | (21,405 | ) | 46,750 | — | 46,750 | — | 2000 | 0 | |||||||||||||||||||||||||||
California | LCA005 | — | 84,100 | — | 2 | 84,102 | — | 84,102 | — | 2010 | 0 | ||||||||||||||||||||||||||||
California | LCA006 | — | 59,100 | — | — | 59,100 | — | 59,100 | — | 2010 | 0 | ||||||||||||||||||||||||||||
Florida | LFA001 | — | 7,600 | — | — | 7,600 | — | 7,600 | — | 2009 | 0 | ||||||||||||||||||||||||||||
Florida | LFA002 | — | 8,100 | — | — | 8,100 | — | 8,100 | — | 2009 | 0 | ||||||||||||||||||||||||||||
Florida | LFA006 | — | 9,300 | — | — | 9,300 | — | 9,300 | — | 2012 | 0 | ||||||||||||||||||||||||||||
Florida | LFA003 | — | 26,600 | — | 4,413 | 26,600 | 4,413 | 31,013 | — | 2010 | 0 | ||||||||||||||||||||||||||||
Florida | LFA004 | 10,440 | — | — | 10,440 | — | 10,440 | — | 2013 | 0 | |||||||||||||||||||||||||||||
Florida | LFA005 | — | 9,300 | — | — | 9,300 | — | 9,300 | — | 2010 | 0 | ||||||||||||||||||||||||||||
Georgia | LGA001 | — | 3,800 | — | — | 3,800 | — | 3,800 | — | 2013 | 0 | ||||||||||||||||||||||||||||
Georgia | LGA002 | — | -1 | 1,400 | — | — | 1,400 | — | 1,400 | — | 2013 | 0 | |||||||||||||||||||||||||||
Illinois | LIL001 | — | 9,500 | — | — | 9,500 | — | 9,500 | — | 2011 | 0 | ||||||||||||||||||||||||||||
Maryland | LMD001 | — | 102,938 | — | — | 102,938 | — | 102,938 | — | 2009 | 0 | ||||||||||||||||||||||||||||
Maryland | LMD002 | — | -1 | 2,486 | — | — | 2,486 | — | 2,486 | 290 | 1999 | 70 | |||||||||||||||||||||||||||
New Jersey | LNJ001 | — | 43,300 | — | 35,065 | 78,365 | — | 78,365 | 51 | 2009 | 0 | ||||||||||||||||||||||||||||
New York | LNY002 | — | 58,900 | — | 52 | 58,900 | 52 | 58,952 | — | 2011 | 0 | ||||||||||||||||||||||||||||
New York | LNY003 | — | 3,277 | — | — | 3,277 | — | 3,277 | — | 2013 | 0 | ||||||||||||||||||||||||||||
New York | LNY001 | — | 52,461 | — | — | 52,461 | — | 52,461 | — | 2009 | 0 | ||||||||||||||||||||||||||||
Oregon | LOR001 | — | 3,674 | — | 168 | 3,674 | 168 | 3,842 | — | 2012 | 0 | ||||||||||||||||||||||||||||
Oregon | LOR002 | — | 20,326 | — | (4,639 | ) | 15,687 | — | 15,687 | — | 2012 | 0 | |||||||||||||||||||||||||||
Texas | LTX001 | — | -1 | 3,375 | — | — | 3,375 | — | 3,375 | — | 2005 | 0 | |||||||||||||||||||||||||||
Texas | LTX002 | — | -1 | 3,621 | — | — | 3,621 | — | 3,621 | — | 2005 | 0 | |||||||||||||||||||||||||||
Virginia | LVA001 | — | 60,814 | — | 12,243 | 73,057 | — | 73,057 | 1,158 | 2009 | 0 | ||||||||||||||||||||||||||||
Virginia | LVA001 | — | 11,324 | — | (4,217 | ) | 7,107 | — | 7,107 | — | 2009 | 0 | |||||||||||||||||||||||||||
Subtotal | $ | — | $ | 920,025 | $ | 7,980 | $ | 6,103 | $ | 921,431 | $ | 12,677 | $ | 934,108 | $ | 3,683 | |||||||||||||||||||||||
ENTERTAINMENT: | |||||||||||||||||||||||||||||||||||||||
Alabama | EAL001 | — | -1 | 277 | 359 | (3 | ) | 277 | 356 | 633 | 88 | 2004 | 40 | ||||||||||||||||||||||||||
Alabama | EAL002 | — | -1 | 319 | 414 | — | 319 | 414 | 733 | 102 | 2004 | 40 | |||||||||||||||||||||||||||
Arizona | EAZ001 | — | -1 | 793 | 1,027 | — | 793 | 1,027 | 1,820 | 253 | 2004 | 40 | |||||||||||||||||||||||||||
Arizona | EAZ002 | — | -1 | 521 | 673 | (4 | ) | 521 | 669 | 1,190 | 166 | 2004 | 40 | ||||||||||||||||||||||||||
Arizona | EAZ003 | — | -1 | 305 | 394 | (3 | ) | 305 | 391 | 696 | 97 | 2004 | 40 | ||||||||||||||||||||||||||
Arizona | EAZ004 | — | -1 | 630 | 815 | — | 630 | 815 | 1,445 | 201 | 2004 | 40 | |||||||||||||||||||||||||||
Arizona | EAZ005 | — | -1 | 590 | 764 | — | 590 | 764 | 1,354 | 188 | 2004 | 40 | |||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Arizona | EAZ006 | — | -1 | 476 | 616 | (4 | ) | 476 | 612 | 1,088 | 152 | 2004 | 40 | ||||||||||||||||||||||||||
Arizona | EAZ007 | — | -1 | 654 | 845 | (6 | ) | 654 | 839 | 1,493 | 208 | 2004 | 40 | ||||||||||||||||||||||||||
Arizona | EAZ008 | — | -1 | 666 | 862 | (6 | ) | 666 | 856 | 1,522 | 212 | 2004 | 40 | ||||||||||||||||||||||||||
Arizona | EAZ009 | — | -1 | 460 | 596 | — | 460 | 596 | 1,056 | 147 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA001 | — | -1 | 1,097 | 1,421 | — | 1,097 | 1,421 | 2,518 | 349 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA002 | — | -1 | 434 | 560 | 1 | 434 | 561 | 995 | 138 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA003 | — | -1 | 332 | 429 | — | 332 | 429 | 761 | 106 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA004 | — | -1 | 1,642 | 2,124 | (16 | ) | 1,642 | 2,108 | 3,750 | 523 | 2004 | 40 | ||||||||||||||||||||||||||
California | ECA005 | — | -1 | 676 | 876 | — | 676 | 876 | 1,552 | 215 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA006 | — | -1 | 720 | 932 | — | 720 | 932 | 1,652 | 229 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA007 | — | -1 | 574 | 743 | (5 | ) | 574 | 738 | 1,312 | 183 | 2004 | 40 | ||||||||||||||||||||||||||
California | ECA008 | — | -1 | 392 | 508 | (4 | ) | 392 | 504 | 896 | 125 | 2004 | 40 | ||||||||||||||||||||||||||
California | ECA009 | — | -1 | 358 | 464 | (3 | ) | 358 | 461 | 819 | 114 | 2004 | 40 | ||||||||||||||||||||||||||
California | ECA010 | — | -1 | — | 18,000 | — | — | 18,000 | 18,000 | 4,336 | 2003 | 40 | |||||||||||||||||||||||||||
California | ECA011 | — | -1 | 852 | 1,101 | (8 | ) | 852 | 1,093 | 1,945 | 271 | 2004 | 40 | ||||||||||||||||||||||||||
California | ECA012 | — | -1 | 1,572 | 2,034 | — | 1,572 | 2,034 | 3,606 | 500 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA013 | — | -1 | — | 1,953 | 25,772 | — | 27,725 | 27,725 | 3,348 | 2008 | 40 | |||||||||||||||||||||||||||
California | ECA014 | — | -1 | 659 | 852 | (6 | ) | 659 | 846 | 1,505 | 210 | 2004 | 40 | ||||||||||||||||||||||||||
California | ECA015 | — | -1 | 562 | 729 | — | 562 | 729 | 1,291 | 179 | 2004 | 40 | |||||||||||||||||||||||||||
California | ECA016 | — | -1 | 896 | 1,159 | (8 | ) | 896 | 1,151 | 2,047 | 285 | 2004 | 40 | ||||||||||||||||||||||||||
Colorado | ECO001 | — | -1 | 466 | 602 | (5 | ) | 466 | 597 | 1,063 | 148 | 2004 | 40 | ||||||||||||||||||||||||||
Colorado | ECO002 | — | -1 | 640 | 827 | 1 | 640 | 828 | 1,468 | 204 | 2004 | 40 | |||||||||||||||||||||||||||
Colorado | ECO003 | — | -1 | 729 | 944 | — | 729 | 944 | 1,673 | 232 | 2004 | 40 | |||||||||||||||||||||||||||
Colorado | ECO004 | — | -1 | 536 | 694 | (5 | ) | 536 | 689 | 1,225 | 171 | 2004 | 40 | ||||||||||||||||||||||||||
Colorado | ECO005 | — | -1 | 412 | 533 | — | 412 | 533 | 945 | 131 | 2004 | 40 | |||||||||||||||||||||||||||
Colorado | ECO006 | — | -1 | 901 | 1,165 | (9 | ) | 901 | 1,156 | 2,057 | 287 | 2004 | 40 | ||||||||||||||||||||||||||
Connecticut | ECT001 | — | -1 | 1,097 | 1,420 | (10 | ) | 1,097 | 1,410 | 2,507 | 349 | 2004 | 40 | ||||||||||||||||||||||||||
Connecticut | ECT002 | — | -1 | 330 | 426 | — | 330 | 426 | 756 | 105 | 2004 | 40 | |||||||||||||||||||||||||||
Delaware | EDE001 | — | -1 | 1,076 | 1,390 | 4 | 1,076 | 1,394 | 2,470 | 343 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL001 | — | -1 | — | 41,809 | — | — | 41,809 | 41,809 | 13,655 | 2005 | 27 | |||||||||||||||||||||||||||
Florida | EFL002 | — | -1 | 412 | 531 | (3 | ) | 412 | 528 | 940 | 131 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL003 | — | -1 | 6,550 | — | 17,118 | 6,533 | 17,135 | 23,668 | 2,853 | 2006 | 40 | |||||||||||||||||||||||||||
Florida | EFL004 | — | -1 | 1,067 | 1,382 | — | 1,067 | 1,382 | 2,449 | 340 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL005 | — | -1 | 340 | 439 | (3 | ) | 340 | 436 | 776 | 108 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL006 | — | -1 | 401 | 520 | — | 401 | 520 | 921 | 128 | 2004 | 40 | |||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Florida | EFL007 | — | -1 | 507 | 655 | (5 | ) | 507 | 650 | 1,157 | 161 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL008 | — | -1 | 282 | 364 | (3 | ) | 282 | 361 | 643 | 90 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL009 | — | -1 | 352 | 455 | — | 352 | 455 | 807 | 112 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL011 | — | -1 | 437 | 567 | — | 437 | 567 | 1,004 | 139 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL012 | — | -1 | 532 | 689 | — | 532 | 689 | 1,221 | 169 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL014 | — | -1 | 486 | 629 | — | 486 | 629 | 1,115 | 155 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL015 | — | -1 | 433 | 561 | (4 | ) | 433 | 557 | 990 | 138 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL016 | — | -1 | 497 | 643 | (5 | ) | 497 | 638 | 1,135 | 158 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL018 | — | -1 | 643 | 833 | (6 | ) | 643 | 827 | 1,470 | 205 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL019 | — | -1 | 4,200 | 18,272 | — | 4,200 | 18,272 | 22,472 | 4,041 | 2005 | 40 | |||||||||||||||||||||||||||
Florida | EFL020 | — | 551 | 714 | (6 | ) | 551 | 708 | 1,259 | 175 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL021 | — | -1 | 364 | 470 | (3 | ) | 364 | 467 | 831 | 116 | 2004 | 40 | ||||||||||||||||||||||||||
Florida | EFL022 | — | -1 | 507 | 656 | — | 507 | 656 | 1,163 | 161 | 2004 | 40 | |||||||||||||||||||||||||||
Florida | EFL023 | — | -1 | — | 19,337 | — | — | 19,337 | 19,337 | 4,276 | 2005 | 40 | |||||||||||||||||||||||||||
Georgia | EGA001 | — | -1 | 510 | 660 | (5 | ) | 510 | 655 | 1,165 | 162 | 2004 | 40 | ||||||||||||||||||||||||||
Georgia | EGA002 | — | -1 | 286 | 371 | — | 286 | 371 | 657 | 91 | 2004 | 40 | |||||||||||||||||||||||||||
Georgia | EGA003 | — | -1 | 474 | 613 | — | 474 | 613 | 1,087 | 151 | 2004 | 40 | |||||||||||||||||||||||||||
Georgia | EGA004 | — | -1 | 581 | 752 | — | 581 | 752 | 1,333 | 185 | 2004 | 40 | |||||||||||||||||||||||||||
Georgia | EGA005 | — | -1 | 718 | 930 | (7 | ) | 718 | 923 | 1,641 | 229 | 2004 | 40 | ||||||||||||||||||||||||||
Georgia | EGA006 | — | -1 | 546 | 706 | — | 546 | 706 | 1,252 | 174 | 2004 | 40 | |||||||||||||||||||||||||||
Georgia | EGA007 | — | -1 | 502 | 651 | (5 | ) | 502 | 646 | 1,148 | 160 | 2004 | 40 | ||||||||||||||||||||||||||
Illinois | EIL001 | — | -1 | 335 | 434 | — | 335 | 434 | 769 | 107 | 2004 | 40 | |||||||||||||||||||||||||||
Illinois | EIL002 | — | -1 | 481 | 622 | — | 481 | 622 | 1,103 | 153 | 2004 | 40 | |||||||||||||||||||||||||||
Illinois | EIL003 | — | -1 | 8,803 | 57 | 30,479 | 8,803 | 30,536 | 39,339 | 4,819 | 2006 | 40 | |||||||||||||||||||||||||||
Illinois | EIL004 | — | -1 | 433 | 560 | (5 | ) | 433 | 555 | 988 | 138 | 2004 | 40 | ||||||||||||||||||||||||||
Illinois | EIL005 | — | -1 | 431 | 557 | (4 | ) | 431 | 553 | 984 | 137 | 2004 | 40 | ||||||||||||||||||||||||||
Indiana | EIN001 | — | -1 | 542 | 701 | (5 | ) | 542 | 696 | 1,238 | 172 | 2004 | 40 | ||||||||||||||||||||||||||
Kentucky | EKY001 | — | -1 | 417 | 539 | — | 417 | 539 | 956 | 133 | 2004 | 40 | |||||||||||||||||||||||||||
Kentucky | EKY002 | — | -1 | 365 | 473 | (3 | ) | 365 | 470 | 835 | 116 | 2004 | 40 | ||||||||||||||||||||||||||
Maryland | EMD001 | — | -1 | 428 | 554 | — | 428 | 554 | 982 | 136 | 2004 | 40 | |||||||||||||||||||||||||||
Maryland | EMD002 | — | -1 | 575 | 745 | — | 575 | 745 | 1,320 | 183 | 2004 | 40 | |||||||||||||||||||||||||||
Maryland | EMD003 | — | -1 | 362 | 468 | (3 | ) | 362 | 465 | 827 | 115 | 2004 | 40 | ||||||||||||||||||||||||||
Maryland | EMD004 | — | -1 | 884 | 1,145 | (9 | ) | 884 | 1,136 | 2,020 | 282 | 2004 | 40 | ||||||||||||||||||||||||||
Maryland | EMD005 | — | -1 | 371 | 481 | — | 371 | 481 | 852 | 118 | 2004 | 40 | |||||||||||||||||||||||||||
Maryland | EMD006 | — | -1 | 399 | 518 | (4 | ) | 399 | 514 | 913 | 127 | 2004 | 40 | ||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Maryland | EMD007 | — | -1 | 649 | 839 | (6 | ) | 649 | 833 | 1,482 | 206 | 2004 | 40 | ||||||||||||||||||||||||||
Maryland | EMD008 | — | -1 | 366 | 473 | (3 | ) | 366 | 470 | 836 | 116 | 2004 | 40 | ||||||||||||||||||||||||||
Maryland | EMD009 | — | -1 | 398 | 516 | (4 | ) | 398 | 512 | 910 | 127 | 2004 | 40 | ||||||||||||||||||||||||||
Maryland | EMD011 | — | -1 | 1,126 | 1,458 | — | 1,126 | 1,458 | 2,584 | 359 | 2004 | 40 | |||||||||||||||||||||||||||
Massachusetts | EMA001 | — | -1 | 523 | 678 | (6 | ) | 523 | 672 | 1,195 | 167 | 2004 | 40 | ||||||||||||||||||||||||||
Massachusetts | EMA002 | — | -1 | 548 | 711 | — | 548 | 711 | 1,259 | 175 | 2004 | 40 | |||||||||||||||||||||||||||
Massachusetts | EMA003 | — | -1 | 519 | 672 | (5 | ) | 519 | 667 | 1,186 | 165 | 2004 | 40 | ||||||||||||||||||||||||||
Massachusetts | EMA004 | — | -1 | 344 | 445 | — | 344 | 445 | 789 | 109 | 2004 | 40 | |||||||||||||||||||||||||||
Michigan | EMI002 | — | -1 | 516 | 667 | (5 | ) | 516 | 662 | 1,178 | 164 | 2004 | 40 | ||||||||||||||||||||||||||
Michigan | EMI003 | — | -1 | 554 | 718 | — | 554 | 718 | 1,272 | 177 | 2004 | 40 | |||||||||||||||||||||||||||
Michigan | EMI004 | — | -1 | 387 | 500 | (4 | ) | 387 | 496 | 883 | 123 | 2004 | 40 | ||||||||||||||||||||||||||
Michigan | EMI005 | — | -1 | 533 | 691 | (6 | ) | 533 | 685 | 1,218 | 170 | 2004 | 40 | ||||||||||||||||||||||||||
Michigan | EMI006 | — | -1 | 356 | 460 | — | 356 | 460 | 816 | 113 | 2004 | 40 | |||||||||||||||||||||||||||
Minnesota | EMN001 | — | -1 | 666 | 861 | (6 | ) | 666 | 855 | 1,521 | 212 | 2004 | 40 | ||||||||||||||||||||||||||
Minnesota | EMN002 | — | -1 | 2,962 | — | 15,384 | 2,962 | 15,384 | 18,346 | 2,507 | 2006 | 40 | |||||||||||||||||||||||||||
Minnesota | EMN004 | — | -1 | 2,437 | 8,715 | 679 | 2,437 | 9,394 | 11,831 | 1,939 | 2006 | 40 | |||||||||||||||||||||||||||
Missouri | EMO001 | — | -1 | 334 | 432 | — | 334 | 432 | 766 | 106 | 2004 | 40 | |||||||||||||||||||||||||||
Missouri | EMO002 | — | -1 | 404 | 523 | (4 | ) | 404 | 519 | 923 | 129 | 2004 | 40 | ||||||||||||||||||||||||||
Missouri | EMO003 | — | -1 | 462 | 597 | (4 | ) | 462 | 593 | 1,055 | 147 | 2004 | 40 | ||||||||||||||||||||||||||
Missouri | EMO004 | — | -1 | 878 | 1,139 | — | 878 | 1,139 | 2,017 | 280 | 2004 | 40 | |||||||||||||||||||||||||||
New Jersey | ENJ001 | — | -1 | 1,560 | 2,019 | (15 | ) | 1,560 | 2,004 | 3,564 | 497 | 2004 | 40 | ||||||||||||||||||||||||||
New Jersey | ENJ002 | — | -1 | 830 | 1,075 | — | 830 | 1,075 | 1,905 | 264 | 2004 | 40 | |||||||||||||||||||||||||||
Nevada | ENV001 | — | -1 | 440 | 569 | (4 | ) | 440 | 565 | 1,005 | 140 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY001 | — | -1 | 603 | 779 | (6 | ) | 603 | 773 | 1,376 | 192 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY002 | — | -1 | 442 | 571 | — | 442 | 571 | 1,013 | 141 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY003 | — | -1 | 562 | 728 | — | 562 | 728 | 1,290 | 179 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY004 | — | -1 | 385 | 499 | (3 | ) | 385 | 496 | 881 | 123 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY005 | — | -1 | 350 | 453 | — | 350 | 453 | 803 | 111 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY007 | — | -1 | 494 | 640 | — | 494 | 640 | 1,134 | 157 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY006 | — | -1 | 326 | 421 | — | 326 | 421 | 747 | 104 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY008 | — | -1 | 320 | 414 | (3 | ) | 320 | 411 | 731 | 102 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY009 | — | -1 | 399 | 516 | (4 | ) | 399 | 512 | 911 | 127 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY010 | — | -1 | 959 | 1,240 | (9 | ) | 959 | 1,231 | 2,190 | 305 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY011 | — | -1 | 587 | 761 | — | 587 | 761 | 1,348 | 187 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY012 | — | -1 | 521 | 675 | (5 | ) | 521 | 670 | 1,191 | 166 | 2004 | 40 | ||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
New York | ENY013 | — | -1 | 711 | 920 | — | 711 | 920 | 1,631 | 226 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY014 | — | -1 | 558 | 723 | (6 | ) | 558 | 717 | 1,275 | 178 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY015 | — | -1 | 747 | 967 | — | 747 | 967 | 1,714 | 238 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY016 | — | -1 | 683 | 885 | (7 | ) | 683 | 878 | 1,561 | 218 | 2004 | 40 | ||||||||||||||||||||||||||
New York | ENY017 | — | -1 | 1,492 | 1,933 | — | 1,492 | 1,933 | 3,425 | 475 | 2004 | 40 | |||||||||||||||||||||||||||
New York | ENY018 | — | -1 | 1,471 | 1,904 | (14 | ) | 1,471 | 1,890 | 3,361 | 468 | 2004 | 40 | ||||||||||||||||||||||||||
North Carolina | ENC001 | — | -1 | 397 | 513 | — | 397 | 513 | 910 | 126 | 2004 | 40 | |||||||||||||||||||||||||||
North Carolina | ENC002 | — | -1 | 476 | 615 | (4 | ) | 476 | 611 | 1,087 | 151 | 2004 | 40 | ||||||||||||||||||||||||||
North Carolina | ENC003 | — | -1 | 410 | 530 | (4 | ) | 410 | 526 | 936 | 130 | 2004 | 40 | ||||||||||||||||||||||||||
North Carolina | ENC004 | — | -1 | 402 | 520 | (4 | ) | 402 | 516 | 918 | 128 | 2004 | 40 | ||||||||||||||||||||||||||
North Carolina | ENC005 | — | -1 | 948 | 1,227 | — | 948 | 1,227 | 2,175 | 302 | 2004 | 40 | |||||||||||||||||||||||||||
North Carolina | ENC006 | — | -1 | 259 | 336 | (3 | ) | 259 | 333 | 592 | 83 | 2004 | 40 | ||||||||||||||||||||||||||
North Carolina | ENC007 | — | -1 | 349 | 452 | — | 349 | 452 | 801 | 111 | 2004 | 40 | |||||||||||||||||||||||||||
North Carolina | ENC008 | — | -1 | 640 | 828 | — | 640 | 828 | 1,468 | 204 | 2004 | 40 | |||||||||||||||||||||||||||
North Carolina | ENC009 | — | -1 | 409 | 531 | — | 409 | 531 | 940 | 130 | 2004 | 40 | |||||||||||||||||||||||||||
North Carolina | ENC010 | — | -1 | 965 | 1,249 | (10 | ) | 965 | 1,239 | 2,204 | 307 | 2004 | 40 | ||||||||||||||||||||||||||
North Carolina | ENC011 | — | -1 | 475 | 615 | — | 475 | 615 | 1,090 | 151 | 2004 | 40 | |||||||||||||||||||||||||||
North Carolina | ENC012 | — | -1 | 494 | 638 | (4 | ) | 494 | 634 | 1,128 | 157 | 2004 | 40 | ||||||||||||||||||||||||||
Ohio | EOH001 | — | -1 | 434 | 562 | — | 434 | 562 | 996 | 138 | 2004 | 40 | |||||||||||||||||||||||||||
Ohio | EOH002 | — | -1 | 967 | 1,252 | (9 | ) | 967 | 1,243 | 2,210 | 308 | 2004 | 40 | ||||||||||||||||||||||||||
Ohio | EOH003 | — | -1 | 281 | 365 | (3 | ) | 281 | 362 | 643 | 90 | 2004 | 40 | ||||||||||||||||||||||||||
Ohio | EOH004 | — | -1 | 393 | 508 | — | 393 | 508 | 901 | 125 | 2004 | 40 | |||||||||||||||||||||||||||
Oklahoma | EOK001 | — | -1 | 431 | 557 | (4 | ) | 431 | 553 | 984 | 137 | 2004 | 40 | ||||||||||||||||||||||||||
Oklahoma | EOK002 | — | -1 | 954 | 1,235 | — | 954 | 1,235 | 2,189 | 304 | 2004 | 40 | |||||||||||||||||||||||||||
Oregon | EOR002 | — | -1 | 393 | 508 | (4 | ) | 393 | 504 | 897 | 125 | 2004 | 40 | ||||||||||||||||||||||||||
Pennsylvania | EPA001 | — | -1 | 407 | 527 | — | 407 | 527 | 934 | 130 | 2004 | 40 | |||||||||||||||||||||||||||
Pennsylvania | EPA002 | — | -1 | 421 | 544 | — | 421 | 544 | 965 | 134 | 2004 | 40 | |||||||||||||||||||||||||||
Pennsylvania | EPA003 | — | -1 | 409 | 528 | (4 | ) | 409 | 524 | 933 | 130 | 2004 | 40 | ||||||||||||||||||||||||||
Pennsylvania | EPA004 | — | -1 | 407 | 527 | (3 | ) | 407 | 524 | 931 | 130 | 2004 | 40 | ||||||||||||||||||||||||||
Puerto Rico | EPR001 | — | -1 | 950 | 1,230 | — | 950 | 1,230 | 2,180 | 303 | 2004 | 40 | |||||||||||||||||||||||||||
Rhode Island | ERI001 | — | -1 | 850 | 1,100 | (8 | ) | 850 | 1,092 | 1,942 | 271 | 2004 | 40 | ||||||||||||||||||||||||||
South Carolina | ESC001 | — | -1 | 943 | 1,220 | (9 | ) | 943 | 1,211 | 2,154 | 300 | 2004 | 40 | ||||||||||||||||||||||||||
South Carolina | ESC002 | — | -1 | 332 | 429 | — | 332 | 429 | 761 | 106 | 2004 | 40 | |||||||||||||||||||||||||||
South Carolina | ESC003 | — | -1 | 924 | 1,196 | — | 924 | 1,196 | 2,120 | 294 | 2004 | 40 | |||||||||||||||||||||||||||
Tennessee | ETN001 | — | -1 | 260 | 338 | — | 260 | 338 | 598 | 83 | 2004 | 40 | |||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Texas | ETX001 | — | -1 | 1,045 | 1,353 | — | 1,045 | 1,353 | 2,398 | 333 | 2004 | 40 | |||||||||||||||||||||||||||
Texas | ETX002 | — | -1 | 593 | 767 | (6 | ) | 593 | 761 | 1,354 | 189 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX003 | — | -1 | 985 | 1,276 | — | 985 | 1,276 | 2,261 | 314 | 2004 | 40 | |||||||||||||||||||||||||||
Texas | ETX004 | — | -1 | 838 | 1,083 | (8 | ) | 838 | 1,075 | 1,913 | 267 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX005 | — | -1 | 528 | 682 | (5 | ) | 528 | 677 | 1,205 | 168 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX006 | — | -1 | 480 | 622 | (4 | ) | 480 | 618 | 1,098 | 153 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX007 | — | -1 | 975 | 1,261 | (10 | ) | 975 | 1,251 | 2,226 | 310 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX008 | — | -1 | 1,108 | 1,433 | (10 | ) | 1,108 | 1,423 | 2,531 | 353 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX009 | — | -1 | 425 | 549 | (58 | ) | 425 | 491 | 916 | 127 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX010 | — | -1 | 518 | 671 | — | 518 | 671 | 1,189 | 165 | 2004 | 40 | |||||||||||||||||||||||||||
Texas | ETX011 | — | -1 | 758 | 981 | 1 | 758 | 982 | 1,740 | 241 | 2004 | 40 | |||||||||||||||||||||||||||
Texas | ETX013 | — | -1 | 375 | 485 | (3 | ) | 375 | 482 | 857 | 119 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX014 | — | -1 | 438 | 567 | (4 | ) | 438 | 563 | 1,001 | 140 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX017 | — | -1 | 561 | 726 | — | 561 | 726 | 1,287 | 179 | 2004 | 40 | |||||||||||||||||||||||||||
Texas | ETX018 | — | -1 | 753 | 976 | — | 753 | 976 | 1,729 | 240 | 2004 | 40 | |||||||||||||||||||||||||||
Texas | ETX019 | — | -1 | 521 | 675 | — | 521 | 675 | 1,196 | 166 | 2004 | 40 | |||||||||||||||||||||||||||
Texas | ETX020 | — | -1 | 634 | 821 | (6 | ) | 634 | 815 | 1,449 | 202 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX021 | — | -1 | 379 | 491 | (4 | ) | 379 | 487 | 866 | 121 | 2004 | 40 | ||||||||||||||||||||||||||
Texas | ETX022 | — | -1 | 592 | 766 | — | 592 | 766 | 1,358 | 188 | 2004 | 40 | |||||||||||||||||||||||||||
Utah | EUT001 | — | -1 | 624 | 808 | — | 624 | 808 | 1,432 | 199 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA001 | — | -1 | 1,134 | 1,467 | — | 1,134 | 1,467 | 2,601 | 361 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA002 | — | -1 | 845 | 1,094 | — | 845 | 1,094 | 1,939 | 269 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA003 | — | -1 | 884 | 1,145 | (9 | ) | 884 | 1,136 | 2,020 | 282 | 2004 | 40 | ||||||||||||||||||||||||||
Virginia | EVA004 | — | -1 | 953 | 1,233 | (10 | ) | 953 | 1,223 | 2,176 | 303 | 2004 | 40 | ||||||||||||||||||||||||||
Virginia | EVA005 | — | -1 | 487 | 632 | — | 487 | 632 | 1,119 | 155 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA006 | — | -1 | 425 | 550 | (4 | ) | 425 | 546 | 971 | 135 | 2004 | 40 | ||||||||||||||||||||||||||
Virginia | EVA007 | — | -1 | 1,151 | 1,490 | (11 | ) | 1,151 | 1,479 | 2,630 | 367 | 2004 | 40 | ||||||||||||||||||||||||||
Virginia | EVA008 | — | -1 | 546 | 707 | — | 546 | 707 | 1,253 | 174 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA009 | — | -1 | 851 | 1,103 | — | 851 | 1,103 | 1,954 | 271 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA010 | — | -1 | 819 | 1,061 | — | 819 | 1,061 | 1,880 | 261 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA011 | — | -1 | 958 | 1,240 | — | 958 | 1,240 | 2,198 | 305 | 2004 | 40 | |||||||||||||||||||||||||||
Virginia | EVA012 | — | -1 | 788 | 1,020 | (8 | ) | 788 | 1,012 | 1,800 | 251 | 2004 | 40 | ||||||||||||||||||||||||||
Virginia | EVA013 | — | -1 | 554 | 716 | (5 | ) | 554 | 711 | 1,265 | 176 | 2004 | 40 | ||||||||||||||||||||||||||
Washington | EWA001 | — | -1 | 1,500 | 6,500 | — | 1,500 | 6,500 | 8,000 | 1,927 | 2003 | 40 | |||||||||||||||||||||||||||
Wisconsin | EWI001 | — | -1 | 521 | 673 | 2 | 521 | 675 | 1,196 | 166 | 2004 | 40 | |||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Wisconsin | EWI002 | — | -1 | 413 | 535 | — | 413 | 535 | 948 | 132 | 2004 | 40 | |||||||||||||||||||||||||||
Wisconsin | EWI003 | — | -1 | 542 | 702 | (6 | ) | 542 | 696 | 1,238 | 173 | 2004 | 40 | ||||||||||||||||||||||||||
Wisconsin | EWI004 | — | -1 | 793 | 1,025 | (8 | ) | 793 | 1,017 | 1,810 | 252 | 2004 | 40 | ||||||||||||||||||||||||||
Wisconsin | EWI005 | — | -1 | 1,124 | 1,455 | — | 1,124 | 1,455 | 2,579 | 358 | 2004 | 40 | |||||||||||||||||||||||||||
Subtotal | $ | — | $ | 133,448 | $ | 253,122 | $ | 88,867 | $ | 133,431 | $ | 342,006 | $ | 475,437 | $ | 77,763 | |||||||||||||||||||||||
RETAIL: | |||||||||||||||||||||||||||||||||||||||
Arizona | RAZ003 | — | 2,625 | 4,875 | 536 | 2,625 | 5,411 | 8,036 | 258 | 2009 | 40 | ||||||||||||||||||||||||||||
Arizona | RAZ004 | — | 2,184 | 4,056 | (1,588 | ) | 2,184 | 2,468 | 4,652 | 134 | 2009 | 0 | |||||||||||||||||||||||||||
Arizona | RAZ005 | — | -1 | 2,657 | 2,666 | (277 | ) | 2,657 | 2,389 | 5,046 | 225 | 2011 | 40 | ||||||||||||||||||||||||||
California | RCA001 | — | -1 | 2,569 | 3,031 | 150 | 2,569 | 3,181 | 5,750 | 322 | 2010 | 40 | |||||||||||||||||||||||||||
Colorado | RCO001 | — | -1 | 2,631 | 279 | 5,195 | 2,607 | 5,498 | 8,105 | 915 | 2006 | 40 | |||||||||||||||||||||||||||
Florida | RFL003 | — | -1 | 3,950 | — | 10,285 | 3,908 | 10,327 | 14,235 | 1,897 | 2005 | 40 | |||||||||||||||||||||||||||
Hawaii | RHI001 | — | 3,393 | 21,155 | 3,332 | 3,393 | 24,487 | 27,880 | 2,792 | 2009 | 40 | ||||||||||||||||||||||||||||
Illinois | RIL002 | — | 14,934 | 29,675 | 1,692 | 14,934 | 31,367 | 46,301 | 1,495 | 2012 | 40 | ||||||||||||||||||||||||||||
Illinois | RIL001 | — | -1 | — | 336 | 695 | — | 1,031 | 1,031 | 221 | 2010 | 40 | |||||||||||||||||||||||||||
New Mexico | RNM001 | — | -1 | 1,733 | — | 8,370 | 1,705 | 8,398 | 10,103 | 1,418 | 2005 | 40 | |||||||||||||||||||||||||||
New York | RNY001 | — | -1 | 731 | 6,073 | 699 | 711 | 6,792 | 7,503 | 1,538 | 2005 | 40 | |||||||||||||||||||||||||||
Pennsylvania | RPA001 | — | -1 | 5,687 | 56,950 | 1,754 | 5,687 | 58,704 | 64,391 | 4,439 | 2011 | 40 | |||||||||||||||||||||||||||
South Carolina | RSC001 | — | 2,126 | 948 | (790 | ) | 1,337 | 947 | 2,284 | 158 | 2007 | 40 | |||||||||||||||||||||||||||
Texas | RTX001 | — | -1 | 3,538 | 4,215 | 171 | 3,514 | 4,410 | 7,924 | 1,112 | 2005 | 40 | |||||||||||||||||||||||||||
Texas | RTX002 | — | 1,225 | 2,275 | (791 | ) | 1,225 | 1,484 | 2,709 | — | 2010 | 0 | |||||||||||||||||||||||||||
Texas | RTX003 | — | 630 | 1,170 | (409 | ) | 630 | 761 | 1,391 | — | 2010 | 0 | |||||||||||||||||||||||||||
Utah | RUT001 | — | -1 | 3,502 | — | 5,975 | 3,502 | 5,975 | 9,477 | 1,082 | 2005 | 40 | |||||||||||||||||||||||||||
Virginia | RVA001 | — | -1 | 4,720 | 16,711 | — | 4,720 | 16,711 | 21,431 | 674 | 2011 | 40 | |||||||||||||||||||||||||||
Washington | RWA001 | — | 1,301 | — | (990 | ) | 311 | — | 311 | — | 2012 | 0 | |||||||||||||||||||||||||||
Subtotal | $ | — | $ | 60,136 | $ | 154,415 | $ | 34,009 | $ | 58,219 | $ | 190,341 | $ | 248,560 | $ | 18,680 | |||||||||||||||||||||||
HOTEL: | |||||||||||||||||||||||||||||||||||||||
California | HCA002 | — | -1 | 4,394 | 27,030 | (871 | ) | 4,394 | 26,159 | 30,553 | 10,632 | 1998 | 40 | ||||||||||||||||||||||||||
California | HCA003 | — | -1 | 3,308 | 20,623 | (664 | ) | 3,308 | 19,959 | 23,267 | 8,097 | 1998 | 40 | ||||||||||||||||||||||||||
Colorado | HCO001 | — | -1 | 1,242 | 7,865 | (253 | ) | 1,242 | 7,612 | 8,854 | 3,081 | 1998 | 40 | ||||||||||||||||||||||||||
Georgia | HGA001 | — | -1 | 6,378 | 25,514 | 562 | 6,378 | 26,076 | 32,454 | 2,813 | 2010 | 40 | |||||||||||||||||||||||||||
Hawaii | HHI001 | — | -1 | 17,996 | 17,996 | 6,971 | 17,996 | 24,967 | 42,963 | 4,078 | 2009 | 40 | |||||||||||||||||||||||||||
Hawaii | HHI002 | — | 3,000 | 12,000 | 1,090 | 3,000 | 13,090 | 16,090 | 1,294 | 2009 | 0 | ||||||||||||||||||||||||||||
Utah | HUT001 | — | -1 | 5,620 | 32,695 | (1,058 | ) | 5,620 | 31,637 | 37,257 | 12,964 | 1998 | 40 | ||||||||||||||||||||||||||
Washington | HWA004 | — | -1 | 5,101 | 32,080 | (1,031 | ) | 5,101 | 31,049 | 36,150 | 12,580 | 1998 | 40 | ||||||||||||||||||||||||||
Initial Cost to Company | Cost | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||
Capitalized | at Close of Period | ||||||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||||||
State | Encumbrances | Land | Building and | Acquisition(2) | Land | Building and | Total | Accumulated | Date | Depreciable | |||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Acquired | Life | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Subtotal | $ | — | $ | 47,039 | $ | 175,803 | $ | 4,746 | $ | 47,039 | $ | 180,549 | $ | 227,588 | $ | 55,539 | |||||||||||||||||||||||
APARTMENT/RESIDENTIAL: | |||||||||||||||||||||||||||||||||||||||
Arizona | AAZ001 | — | 2,423 | — | 1,921 | 2,423 | 1,921 | 4,344 | — | 2010 | 0 | ||||||||||||||||||||||||||||
California | ACA001 | — | -1 | 7,333 | 29,333 | (16,179 | ) | 4,097 | 16,390 | 20,487 | — | 2009 | 0 | ||||||||||||||||||||||||||
California | ACA002 | — | -1 | 10,078 | 40,312 | (38,529 | ) | 2,372 | 9,489 | 11,861 | — | 2007 | 0 | ||||||||||||||||||||||||||
California | ACA003 | — | -1 | 7,654 | 17,859 | (20,530 | ) | 2,296 | 2,687 | 4,983 | — | 2013 | 0 | ||||||||||||||||||||||||||
Florida | AFL001 | — | -1 | 2,394 | 24,206 | (26,239 | ) | 32 | 329 | 361 | — | 2009 | 0 | ||||||||||||||||||||||||||
Florida | AFL002 | — | 6,540 | 15,260 | (827 | ) | 6,540 | 14,433 | 20,973 | — | 2010 | 0 | |||||||||||||||||||||||||||
Florida | AFL003 | — | 30,900 | 30,900 | (55,614 | ) | 3,093 | 3,093 | 6,186 | — | 2011 | 0 | |||||||||||||||||||||||||||
Georgia | AGA001 | — | -1 | 2,963 | 11,850 | 5,148 | 3,992 | 15,969 | 19,961 | — | 2010 | 0 | |||||||||||||||||||||||||||
Hawaii | AHI001 | — | -1 | 8,080 | 12,120 | (18,535 | ) | 666 | 999 | 1,665 | — | 2010 | 0 | ||||||||||||||||||||||||||
Hawaii | AHI003 | — | -1 | 3,483 | 9,417 | (10,090 | ) | 759 | 2,051 | 2,810 | — | 2009 | 0 | ||||||||||||||||||||||||||
Nevada | ANZ001 | — | -1 | 18,117 | 106,829 | (103,327 | ) | 3,134 | 18,485 | 21,619 | — | 2009 | 0 | ||||||||||||||||||||||||||
New Jersey | ANJ001 | — | 36,405 | 64,719 | (89,134 | ) | 4,316 | 7,674 | 11,990 | — | 2009 | 0 | |||||||||||||||||||||||||||
Pennsylvania | APA001 | — | 44,438 | 82,527 | (93,932 | ) | 11,562 | 21,471 | 33,033 | — | 2012 | 0 | |||||||||||||||||||||||||||
Pennsylvania | APA002 | — | 15,890 | 29,510 | (6,106 | ) | 15,891 | 23,403 | 39,294 | — | 2012 | 0 | |||||||||||||||||||||||||||
Washington | AWA001 | — | -1 | 2,342 | 44,478 | (40,189 | ) | 333 | 6,298 | 6,631 | — | 2009 | 0 | ||||||||||||||||||||||||||
Subtotal | $ | — | $ | 199,040 | $ | 519,320 | $ | (512,162 | ) | $ | 61,506 | $ | 144,692 | $ | 206,198 | $ | — | ||||||||||||||||||||||
MIXED USE: | |||||||||||||||||||||||||||||||||||||||
Arizona | MAZ002 | — | -1 | 10,182 | 52,544 | 17,269 | 10,031 | 69,965 | 79,995 | 5,035 | 2011 | 40 | |||||||||||||||||||||||||||
California | MCA001 | — | -1 | 5,869 | 629 | 3 | 5,870 | 631 | 6,501 | 44 | 2010 | 0 | |||||||||||||||||||||||||||
Florida | MFL001 | — | -1 | 8,450 | 8,216 | (2,960 | ) | 8,450 | 5,256 | 13,706 | 1,392 | 2008 | 40 | ||||||||||||||||||||||||||
Georgia | MGA001 | — | -1 | 4,480 | 17,916 | 1,981 | 4,479 | 19,897 | 24,377 | 496 | 2010 | 0 | |||||||||||||||||||||||||||
Subtotal | $ | — | $ | 28,981 | $ | 79,305 | $ | 16,293 | $ | 28,830 | $ | 95,749 | $ | 124,579 | $ | 6,967 | |||||||||||||||||||||||
Total | $ | 281,429 | $ | 1,603,209 | $ | 2,230,043 | $ | (244,180 | ) | $ | 1,464,930 | $ | 2,124,142 | $ | 3,589,072 | -3 | $ | 432,374 | -4 | ||||||||||||||||||||
-4 | |||||||||||||||||||||||||||||||||||||||
Explanatory Notes: | |||||||||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||||||||||||||||||
-1 | Consists of properties pledged as collateral under the Company's secured credit facilities with a total book value of $1.43 billion. | ||||||||||||||||||||||||||||||||||||||
-2 | Includes impairments and unit sales. | ||||||||||||||||||||||||||||||||||||||
-3 | The aggregate cost for Federal income tax purposes was approximately $3.86 billion at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||
-4 | Includes $7.9 million relating to accumulated depreciation for real estate assets held for sale as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||
1. Reconciliation of Real Estate: | |||||||||||||||||||||||||||||||||||||||
The following table reconciles Real Estate from January 1, 2011 to December 31, 2013: | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 3,763,310 | $ | 3,927,750 | $ | 3,672,966 | |||||||||||||||||||||||||||||||||
Improvements and additions | 126,664 | 111,760 | 43,671 | ||||||||||||||||||||||||||||||||||||
Acquisitions through foreclosure | 31,764 | 269,100 | 501,519 | ||||||||||||||||||||||||||||||||||||
Other acquisitions | 69,379 | — | — | ||||||||||||||||||||||||||||||||||||
Dispositions | (388,906 | ) | (510,504 | ) | (269,761 | ) | |||||||||||||||||||||||||||||||||
Impairments | (13,139 | ) | (34,796 | ) | (20,645 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 3,589,072 | $ | 3,763,310 | $ | 3,927,750 | |||||||||||||||||||||||||||||||||
2. Reconciliation of Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||
The following table reconciles Accumulated Depreciation from January 1, 2011 to December 31, 2013: | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (388,346 | ) | $ | (356,810 | ) | $ | (327,682 | ) | ||||||||||||||||||||||||||||||
Additions | (59,208 | ) | (59,968 | ) | (52,418 | ) | |||||||||||||||||||||||||||||||||
Dispositions | 15,180 | 28,432 | 23,290 | ||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | (432,374 | ) | $ | (388,346 | ) | $ | (356,810 | ) |
Schedule_IVMortgage_Loans_on_R
Schedule IV-Mortgage Loans on Real Estate | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||||||||||||
Schedule IV—Mortgage Loans on Real Estate | ' | ||||||||||||||||||||||
iStar Financial Inc. | |||||||||||||||||||||||
Schedule IV—Mortgage Loans on Real Estate | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Type of Loan/Borrower | Underlying Property Type | Contractual | Contractual | Effective | Periodic | Prior | Face | Carrying | |||||||||||||||
Interest | Interest | Maturity | Payment | Liens | Amount | Amount | |||||||||||||||||
Accrual | Payment | Dates | Terms | of | of | ||||||||||||||||||
Rates | Rates | Mortgages | Mortgages(1)(2) | ||||||||||||||||||||
Senior Mortgages: | |||||||||||||||||||||||
Borrower A | Mixed Use/Mixed Collateral | LIBOR + 3.3% | LIBOR + 3.3% | Apr-14 | IO | $ | — | $ | 92,446 | $ | 92,518 | ||||||||||||
Borrower B(3) | Entertainment/Leisure | 17% | 17% | Apr-09 | IO | — | 224,223 | 77,427 | |||||||||||||||
Borrower C | Apartment/Residential | LIBOR + 5.25% | LIBOR + 5.25% | May-14 | IO | — | 66,502 | 67,263 | |||||||||||||||
Borrower D(4) | Industrial/R&D | LIBOR + 4.5% | LIBOR + 4.5% | Dec-14 | IO | — | 65,931 | 64,497 | |||||||||||||||
Borrower E(5) | Land | LIBOR + 3.5% | LIBOR + 3.5% | Jan-14 | IO | — | 58,175 | 53,569 | |||||||||||||||
Borrower F(6) | Land | LIBOR + 1.75% | LIBOR + 1.75% | Aug-12 | IO | — | 75,000 | 30,808 | |||||||||||||||
Borrower G(7) | Retail | LIBOR + 3% | LIBOR + 3% | Jul-09 | IO | — | 48,358 | 26,553 | |||||||||||||||
Borrower H | Retail | 8% | 8% | Apr-17 | P&I | — | 26,414 | 26,450 | |||||||||||||||
Borrower I(8) | Land | LIBOR + 5.58% | LIBOR + 5.58% | Jul-09 | IO | — | 50,000 | 26,231 | |||||||||||||||
Borrower J | Apartment/Residential | 8% | 5% | Dec-14 | IO | — | 26,043 | 26,092 | |||||||||||||||
Senior mortgages individually <3% | Apartment/Residential, Retail, Land, Industrial/R&D, Mixed Use/Mixed Collateral, Office, Hotel, Entertainment/Leisure, Other | Fixed: 4% to 13% Variable: LIBOR + 1.5% to LIBOR + 7% | Fixed: 4% to 10% Variable: LIBOR + 0.5% to LIBOR + 7% | 2014 to 2024 | 335,692 | 275,709 | |||||||||||||||||
$ | 1,068,784 | $ | 767,117 | ||||||||||||||||||||
Subordinate Mortgages: | |||||||||||||||||||||||
Borrower K | Other | 8% | 8% | Apr-15 | IO | $ | 100,000 | $ | 25,000 | $ | 24,962 | ||||||||||||
Subordinate mortgages individually <3% | Retail, Mixed Use/Mixed Collateral, Hotel, Other | Fixed: 5% to 14% | Fixed: 8.12% to 14% | 2014 to 2018 | 35,694 | 35,717 | |||||||||||||||||
$ | 60,694 | $ | 60,679 | ||||||||||||||||||||
Total mortgages | $ | 1,129,478 | $ | 827,796 | |||||||||||||||||||
Explanatory Notes: | |||||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||
-1 | Amounts are presented net of asset-specific reserves of $304.5 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell. | ||||||||||||||||||||||
-2 | The carrying amount of mortgages approximated the federal income tax basis. | ||||||||||||||||||||||
-3 | Loan is in default with $224.2 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. | ||||||||||||||||||||||
-4 | As of December 31, 2013, included a LIBOR interest rate floor of 3.88%. | ||||||||||||||||||||||
-5 | As of December 31, 2013, included a LIBOR interest rate floor of 3.50%. | ||||||||||||||||||||||
-6 | Loan is in default with $75.0 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. | ||||||||||||||||||||||
-7 | Loan is in default with $48.4 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. As of December 31, 2013, included a LIBOR interest rate floor of 4.0%. | ||||||||||||||||||||||
-8 | Loan is in default with $50.0 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. | ||||||||||||||||||||||
iStar Financial Inc. | |||||||||||||||||||||||
Schedule IV—Mortgage Loans on Real Estate (Continued) | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Reconciliation of Mortgage Loans on Real Estate: | |||||||||||||||||||||||
The following table reconciles Mortgage Loans on Real Estate from January 1, 2011 to December 31, 2013(1): | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Balance at January 1 | $ | 1,421,654 | $ | 2,449,554 | $ | 4,012,067 | |||||||||||||||||
Additions: | |||||||||||||||||||||||
New mortgage loans | 19,249 | 2,205 | 20,000 | ||||||||||||||||||||
Additions under existing mortgage loans | 31,589 | 29,887 | 82,598 | ||||||||||||||||||||
Other(2) | 16,385 | 33,324 | 32,922 | ||||||||||||||||||||
Deductions(3): | |||||||||||||||||||||||
Collections of principal | (636,883 | ) | (700,943 | ) | (1,047,943 | ) | |||||||||||||||||
Recovery of (provision for) loan losses | 25,011 | (121,869 | ) | (93,187 | ) | ||||||||||||||||||
Transfers to real estate and equity investments | (49,100 | ) | (270,359 | ) | (556,753 | ) | |||||||||||||||||
Amortization of premium | (109 | ) | (145 | ) | (150 | ) | |||||||||||||||||
Balance at December 31 | $ | 827,796 | $ | 1,421,654 | $ | 2,449,554 | |||||||||||||||||
Explanatory Notes: | |||||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||
-1 | Balances represent the carrying value of loans, which are net of asset specific reserves. | ||||||||||||||||||||||
-2 | Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates. | ||||||||||||||||||||||
-3 | Amounts are presented net of charge-offs of $152.8 million, $106.9 million and $214.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Real estate - capitalization and depreciation | ' | ||||||||||||
Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. Qualified development and construction costs, including interest and certain other carrying costs incurred during the construction and/or renovation periods are also capitalized and charged to operations through depreciation over the asset's estimated useful life. The Company ceases capitalization on the portions substantially completed and capitalizes only those costs associated with the portions under development. Repairs and maintenance items are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. | |||||||||||||
Real estate - purchase price allocation | ' | ||||||||||||
Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's Consolidated Balance Sheets. | |||||||||||||
The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market leases, in-place leases and the value of customer relationships, which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's Consolidated Balance Sheets. In-place leases and customer relationships are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations. The capitalized above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset. | |||||||||||||
Real estate - impairments and real estate available and held for sale | ' | ||||||||||||
Impairments—The Company periodically reviews long-lived assets to be held and used for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets that are not held for sale are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations. | |||||||||||||
Real estate available and held for sale | ' | ||||||||||||
Real estate available and held for sale—The Company reports real estate assets to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded and historical operating results, including impairments, are reclassified to "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. | |||||||||||||
If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's Consolidated Balance Sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |||||||||||||
The Company reports residential property units to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in “Impairment of assets” on the Company's Consolidated Statements of Operations. The net carrying costs for residential property units are recorded in “Real estate expense” on the Company's Consolidated Statements of Operations. | |||||||||||||
Real estate - dispositions | ' | ||||||||||||
Dispositions—Sales and the associated gains or losses on real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20, Real Estate Sales. Sales and the associated gains for residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company uses the relative sales value method to allocate costs. Profits on sales of residential property are included in "Income from sales of residential property" and gains on sales of net lease assets or commercial operating properties are recorded in “Gains from discontinued operations” on the Company's Consolidated Statements of Operations. | |||||||||||||
Loans receivable and other lending investments, net | ' | ||||||||||||
Loans receivable and other lending investments, net—Loans receivable and other lending investments, net includes the following investments: senior mortgages, subordinate mortgages, corporate/partnership loans and preferred equity investments. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. | |||||||||||||
Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets. | |||||||||||||
Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. | |||||||||||||
Debt securities, other than temporary impairment | ' | ||||||||||||
For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" on the Company's Consolidated Statements of Operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" on the Company's Consolidated Statements of Operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets. | |||||||||||||
Equity and cost method investments | ' | ||||||||||||
Equity and cost method investments—Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" on the Consolidated Statements of Operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's Consolidated Balance Sheets. | |||||||||||||
To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net (loss) income of the unconsolidated subsidiary. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately small interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. | |||||||||||||
The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. | |||||||||||||
Cash and cash equivalents | ' | ||||||||||||
Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. | |||||||||||||
Restricted cash | ' | ||||||||||||
Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. | |||||||||||||
Variable interest entities | ' | ||||||||||||
Variable interest entities—The Company evaluated its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. | |||||||||||||
The Company has investments in certain funds that meet the deferral criteria in Accounting Standards Update ("ASU") 2010-10 and will continue to assess consolidation of these entities under the overall guidance on the consolidation of VIEs in ASC 810-10. The consolidation evaluation is similar to the process noted above, except that the primary beneficiary is the party that will receive a majority of the VIE's anticipated losses, a majority of the VIE's expected residual returns, or both. In addition, for entities that meet the deferral criteria, the Company reassesses its initial evaluation of the primary beneficiary and whether an entity is a VIE upon the occurrence of certain reconsideration events. | |||||||||||||
Deferred expenses | ' | ||||||||||||
Deferred expenses—Deferred expenses include leasing costs and financing fees. Leasing costs include brokerage, legal and other costs which are amortized over the life of the respective leases. External fees and costs incurred to obtain long-term financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method or the straight line method, as appropriate. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" on the Company's Consolidated Statements of Operations. | |||||||||||||
Identified intangible assets | ' | ||||||||||||
Identified intangible assets and liabilities—Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values separate and apart from goodwill. The Company determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2013, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations. | |||||||||||||
Revenue recognition | ' | ||||||||||||
Revenue recognition—The Company's revenue recognition policies are as follows: | |||||||||||||
Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's Consolidated Balance Sheets. | |||||||||||||
The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” on the Company's Consolidated Statements of Operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. | |||||||||||||
Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. At December 31, 2013 and 2012, the total allowance for doubtful accounts related to tenant receivables, including deferred operating lease income receivable, was $5.9 million and $5.6 million, respectively. | |||||||||||||
Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. | |||||||||||||
On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" on the Company's Consolidated Statements of Operations. | |||||||||||||
The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. | |||||||||||||
Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. | |||||||||||||
Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. | |||||||||||||
The Company holds certain loans initially acquired at a discount, for which it was probable, at acquisition, that all contractually required payments would not be received. The Company does not have a reasonable expectation about the timing and amount of cash flows expected to be collected on these loans and recognizes income when cash is received. | |||||||||||||
Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. | |||||||||||||
Revenue recognition, leases | ' | ||||||||||||
Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's Consolidated Balance Sheets. | |||||||||||||
The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” on the Company's Consolidated Statements of Operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. | |||||||||||||
Revenue recognition, operating lease income | ' | ||||||||||||
Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. At December 31, 2013 and 2012, the total allowance for doubtful accounts related to tenant receivables, including deferred operating lease income receivable, was $5.9 million and $5.6 million, respectively. | |||||||||||||
Revenue recognition, interest income | ' | ||||||||||||
Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. | |||||||||||||
On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" on the Company's Consolidated Statements of Operations. | |||||||||||||
The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. | |||||||||||||
Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. | |||||||||||||
Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. | |||||||||||||
The Company holds certain loans initially acquired at a discount, for which it was probable, at acquisition, that all contractually required payments would not be received. The Company does not have a reasonable expectation about the timing and amount of cash flows expected to be collected on these loans and recognizes income when cash is received. | |||||||||||||
Revenue recognition, other income | ' | ||||||||||||
Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. | |||||||||||||
Reserve for loan losses | ' | ||||||||||||
Reserve for loan losses—The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased through "Provision for loan losses" on the Company's Consolidated Statements of Operations and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash in a pre-foreclosure sale or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. | |||||||||||||
The general reserve component covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. | |||||||||||||
The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. | |||||||||||||
Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. | |||||||||||||
A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. | |||||||||||||
Gain or loss on debt extinguishments | ' | ||||||||||||
Gain or loss on debt extinguishments—The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Gain (loss) on early extinguishment of debt, net” on the Company's Consolidated Statements of Operations. | |||||||||||||
Derivative instruments and hedging activity | ' | ||||||||||||
Derivative instruments and hedging activity—The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. | |||||||||||||
The Company recognizes derivatives as either assets or liabilities on the Company's Consolidated Balance Sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. | |||||||||||||
For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. | |||||||||||||
Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" on the Company's Consolidated Statements of Operations. The Company does not enter into derivatives for trading purposes. | |||||||||||||
Stock-based compensation | ' | ||||||||||||
Stock-based compensation—Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. The Company recognizes compensation cost for performance-based awards if and when the Company concludes that it is probable that the performance condition will be achieved. Compensation cost for market condition-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock, which is reflected in the grant date fair value. All compensation cost for market-condition based awards in which the service conditions are met is recognized regardless of whether the market condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" on the Company's Consolidated Statements of Operations. | |||||||||||||
Income taxes | ' | ||||||||||||
Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While it must distribute at least 90% of its taxable income in order to maintain its REIT status, the Company typically distributes all of its taxable income, if any, in order to minimize any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. In addition, the Company has made foreclosure elections for certain properties acquired through foreclosure which allows the Company to operate these properties within the REIT but subjects them to certain tax obligations. The carrying value of assets with foreclosure elections as of December 31, 2013 is $1.12 billion. The Company intends to operate in a manner consistent with and its election to be treated as a REIT for tax purposes. As of December 31, 2012, the Company had $634.2 million of net operating loss carryforwards at the corporate REIT level, which can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2032 if unused. The amount of net operating loss carryforwards as of December 31, 2013 will be subject to finalization of the Company's 2013 tax return. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" on the Company's Consolidated Statements of Operations. | |||||||||||||
The Company can participate in certain activities from which it would be otherwise precluded in order to maintain its qualification as a REIT, as long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRSs"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2013, $633.9 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. | |||||||||||||
The following represents the Company's TRS income tax expense ($ in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current tax (expense) benefit | $ | 659 | $ | (8,445 | ) | $ | (9,010 | ) | |||||
Deferred tax (expense) benefit | — | — | 13,729 | ||||||||||
Total income tax (expense) benefit | $ | 659 | $ | (8,445 | ) | $ | 4,719 | ||||||
During the year ended December 31, 2013, the Company's TRS entities generated a taxable loss of $1.8 million, resulting in current tax benefit of $0.7 million. During the year ended December 31, 2012, the Company's TRS entities generated taxable income of $42.2 million which was partially offset by the utilization of net operating loss carryforwards, resulting in current tax expense of $8.4 million. During the year ended December 31, 2011, the Company's TRS entities generated taxable income of $75.8 million, which was partially offset by the utilization of net operating loss carryforwards, resulting in tax expense of $9.0 million. In addition, during the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 6) and recognized a deferred tax benefit resulting from the reversal of a deferred tax liability associated with the investment. | |||||||||||||
Total cash paid for taxes for the years ended December 31, 2013, 2012 and 2011, was $9.2 million, $5.5 million and $8.5 million, respectively. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2013 and 2012, respectively. Changes in estimate of deferred tax asset realizability, if any are included in "Income tax (expense) benefit" on the Consolidated Statements of Operations. | |||||||||||||
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets(1) | $ | 55,962 | $ | 40,800 | |||||||||
Valuation allowance | (55,962 | ) | (40,800 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | — | $ | — | |||||||||
Explanatory Note: | |||||||||||||
_______________________________________________________________________________ | |||||||||||||
-1 | Deferred tax assets as of December 31, 2013, include real estate basis differences of $33.0 million, net operating loss carryforwards of $14.9 million and investment basis differences of $8.1 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. | ||||||||||||
Earnings per share | ' | ||||||||||||
Earnings per share—The Company uses the two-class method in calculating EPS when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Vested HPU shares are entitled to dividends of the Company when dividends are declared. Basic earnings per share ("Basic EPS") for the Company's Common Stock and HPU shares are computed by dividing net income allocable to common shareholders and HPU holders by the weighted average number of shares of Common Stock and HPU shares outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. | |||||||||||||
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a "Participating Security" and are included in the computation of earnings per share pursuant to the two-class method. The Company's unvested restricted stock units and restricted stock awards with rights to dividends and common stock equivalents issued under its Long-Term Incentive Plans are considered Participating Securities and have been included in the two-class method when calculating EPS. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) (Taxable REIT Subsidiaries (TRSs)) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Taxable REIT Subsidiaries (TRSs) | ' | ||||||||||||
Income Taxes [Line Items] | ' | ||||||||||||
Schedule of entity's TRS income tax expense | ' | ||||||||||||
The following represents the Company's TRS income tax expense ($ in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current tax (expense) benefit | $ | 659 | $ | (8,445 | ) | $ | (9,010 | ) | |||||
Deferred tax (expense) benefit | — | — | 13,729 | ||||||||||
Total income tax (expense) benefit | $ | 659 | $ | (8,445 | ) | $ | 4,719 | ||||||
Schedule of deferred tax assets and liabilities of the entity's TRS entities | ' | ||||||||||||
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets(1) | $ | 55,962 | $ | 40,800 | |||||||||
Valuation allowance | (55,962 | ) | (40,800 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | — | $ | — | |||||||||
Explanatory Note: | |||||||||||||
_______________________________________________________________________________ | |||||||||||||
-1 | Deferred tax assets as of December 31, 2013, include real estate basis differences of $33.0 million, net operating loss carryforwards of $14.9 million and investment basis differences of $8.1 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 $(1.2) million. |
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||
Schedule of Real Estate Assets | ' | |||||||||||||||
The Company's real estate assets were comprised of the following ($ in thousands): | ||||||||||||||||
Net Lease | Operating | Land | Total | |||||||||||||
Properties | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Land and land improvements | $ | 350,817 | $ | 132,934 | $ | 803,238 | $ | 1,286,989 | ||||||||
Buildings and improvements | 1,346,071 | 587,574 | — | 1,933,645 | ||||||||||||
Less: accumulated depreciation and amortization | (338,640 | ) | (82,420 | ) | (3,393 | ) | (424,453 | ) | ||||||||
Real estate, net | $ | 1,358,248 | $ | 638,088 | $ | 799,845 | $ | 2,796,181 | ||||||||
Real estate available and held for sale | — | 228,328 | 132,189 | 360,517 | ||||||||||||
Total real estate | $ | 1,358,248 | $ | 866,416 | $ | 932,034 | $ | 3,156,698 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Land and land improvements | $ | 344,239 | $ | 132,028 | $ | 786,114 | $ | 1,262,381 | ||||||||
Buildings and improvements | 1,282,571 | 572,453 | — | 1,855,024 | ||||||||||||
Less: accumulated depreciation and amortization | (310,605 | ) | (65,409 | ) | (2,292 | ) | (378,306 | ) | ||||||||
Real estate, net | $ | 1,316,205 | $ | 639,072 | $ | 783,822 | $ | 2,739,099 | ||||||||
Real estate available and held for sale | — | 454,587 | 181,278 | 635,865 | ||||||||||||
Total real estate | $ | 1,316,205 | $ | 1,093,659 | $ | 965,100 | $ | 3,374,964 | ||||||||
Schedule of Real Estate Asset Reclassifications | ' | |||||||||||||||
In connection with the reclassification of these assets to held and used, the Company reclassified their results of operations for each of the periods presented, as follows: | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2012 | 2011 | |||||||||||||||
Other income | $ | 21,148 | $ | 21,663 | ||||||||||||
Real estate expenses | $ | (22,603 | ) | $ | (24,297 | ) | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The following table summarizes income (loss) from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively ($ in thousands): | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Revenues | $ | 5,545 | $ | 14,132 | $ | 23,090 | ||||||||||
Total expenses | (3,138 | ) | (9,037 | ) | (19,457 | ) | ||||||||||
Impairment of assets | (1,763 | ) | (22,576 | ) | (9,147 | ) | ||||||||||
Income (loss) from discontinued operations | $ | 644 | $ | (17,481 | ) | $ | (5,514 | ) | ||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||||||
Future Minimum Operating Lease Payments—Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2013, are as follows ($ in thousands): | ||||||||||||||||
Year | Net Lease Assets | Operating Properties | ||||||||||||||
2014 | $ | 132,996 | $ | 53,283 | ||||||||||||
2015 | $ | 133,272 | $ | 48,851 | ||||||||||||
2016 | $ | 131,738 | $ | 46,476 | ||||||||||||
2017 | $ | 125,142 | $ | 44,516 | ||||||||||||
2018 | $ | 123,464 | $ | 37,979 | ||||||||||||
Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): | ||||||||||||||||
2014 | $ | 5,797 | ||||||||||||||
2015 | $ | 5,287 | ||||||||||||||
2016 | $ | 5,408 | ||||||||||||||
2017 | $ | 5,023 | ||||||||||||||
2018 | $ | 4,179 | ||||||||||||||
Thereafter | $ | 11,709 | ||||||||||||||
Loans_Receivable_and_Other_Len1
Loans Receivable and Other Lending Investments, net (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 December 31, | ||||||||||||||||||||||||
Type of Investment | 2013 | 2012 | ||||||||||||||||||||||
Senior mortgages | $ | 1,071,662 | $ | 1,751,256 | ||||||||||||||||||||
Subordinate mortgages | 60,679 | 152,737 | ||||||||||||||||||||||
Corporate/Partnership loans | 473,045 | 450,491 | ||||||||||||||||||||||
Total gross carrying value of loans | $ | 1,605,386 | $ | 2,354,484 | ||||||||||||||||||||
Reserves for loan losses | (377,204 | ) | (524,499 | ) | ||||||||||||||||||||
Total loans receivable, net | $ | 1,228,182 | $ | 1,829,985 | ||||||||||||||||||||
Other lending investments—securities | 141,927 | — | ||||||||||||||||||||||
Total loans receivable and other lending investments, net(1) | $ | 1,370,109 | $ | 1,829,985 | ||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||
Schedule of changes in the Company's reserve for loan losses | ' | |||||||||||||||||||||||
Reserve for loan losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Reserve for loan losses at beginning of period | $ | 524,499 | $ | 646,624 | $ | 814,625 | ||||||||||||||||||
Provision for loan losses(1) | 5,489 | 81,740 | 46,412 | |||||||||||||||||||||
Charge-offs | (152,784 | ) | (203,865 | ) | (214,413 | ) | ||||||||||||||||||
Reserve for loan losses at end of period | $ | 377,204 | $ | 524,499 | $ | 646,624 | ||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. | |||||||||||||||||||||||
Schedule of recorded investment in loans and associated reserve for loan losses | ' | |||||||||||||||||||||||
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||
Individually | Collectively | Loans Acquired | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | with Deteriorated | ||||||||||||||||||||||
Impairment(1) | Impairment(2) | Credit Quality(3) | ||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Loans | $ | 752,425 | $ | 849,613 | $ | 9,889 | $ | 1,611,927 | ||||||||||||||||
Less: Reserve for loan losses | (348,004 | ) | (29,200 | ) | — | (377,204 | ) | |||||||||||||||||
Total | $ | 404,421 | $ | 820,413 | $ | 9,889 | $ | 1,234,723 | ||||||||||||||||
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 $0.5 million and a net discount of $4.0 million as of December 31, 2013 and 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 December 31, 2013 and 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 December 31, 2013 and 2012, respectively. These loans had cumulative principal balances of $10.2 million and $58.8 million, as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | ' | |||||||||||||||||||||||
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Performing | Weighted | Performing | Weighted | |||||||||||||||||||||
Loans | Average | Loans | Average | |||||||||||||||||||||
Risk Ratings | Risk Ratings | |||||||||||||||||||||||
Senior mortgages | $ | 591,145 | 2.5 | $ | 840,593 | 2.75 | ||||||||||||||||||
Subordinate mortgages | 61,364 | 3.37 | 99,698 | 2.27 | ||||||||||||||||||||
Corporate/Partnership loans | 438,831 | 3.88 | 444,772 | 3.69 | ||||||||||||||||||||
Total | $ | 1,091,340 | 3.11 | $ | 1,385,063 | 3.01 | ||||||||||||||||||
Schedule of recorded investment in loans, aged by payment status and presented by class | ' | |||||||||||||||||||||||
As of December 31, 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 | $ | 625,267 | $ | — | $ | 449,085 | $ | 449,085 | $ | 1,074,352 | ||||||||||||||
Subordinate mortgages | 61,364 | — | — | — | 61,364 | |||||||||||||||||||
Corporate/Partnership loans | 476,211 | — | — | — | 476,211 | |||||||||||||||||||
Total | $ | 1,162,842 | $ | — | $ | 449,085 | $ | 449,085 | $ | 1,611,927 | ||||||||||||||
Schedule of recorded investment in impaired loans, presented by class | ' | |||||||||||||||||||||||
Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1): | ||||||||||||||||||||||||
As of December 31, 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 | $ | 3,012 | $ | 2,992 | $ | — | $ | 108,077 | $ | 107,850 | $ | — | ||||||||||||
Corporate/Partnership loans | — | — | — | 10,110 | 10,160 | — | ||||||||||||||||||
Subtotal | $ | 3,012 | $ | 2,992 | $ | — | $ | 118,187 | $ | 118,010 | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Senior mortgages | $ | 650,337 | $ | 645,463 | $ | (304,544 | ) | $ | 918,975 | $ | 918,496 | $ | (442,760 | ) | ||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||
Corporate/Partnership loans | 99,076 | 99,067 | (43,460 | ) | 63,096 | 63,246 | (9,060 | ) | ||||||||||||||||
Subtotal | $ | 749,413 | $ | 744,530 | $ | (348,004 | ) | $ | 1,036,050 | $ | 1,035,421 | $ | (491,399 | ) | ||||||||||
Total: | ||||||||||||||||||||||||
Senior mortgages | $ | 653,349 | $ | 648,455 | $ | (304,544 | ) | $ | 1,027,052 | $ | 1,026,346 | $ | (442,760 | ) | ||||||||||
Subordinate mortgages | — | — | — | 53,979 | 53,679 | (39,579 | ) | |||||||||||||||||
Corporate/Partnership loans | 99,076 | 99,067 | (43,460 | ) | 73,206 | 73,406 | (9,060 | ) | ||||||||||||||||
Total | $ | 752,425 | $ | 747,522 | $ | (348,004 | ) | $ | 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 December 31, 2013 and 2012, certain loans modified through troubled debt restructurings with a recorded investment of $231.8 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 Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Senior mortgages | $ | 31,409 | $ | 9,269 | $ | 162,093 | $ | 2,765 | $ | 309,079 | $ | 31,799 | ||||||||||||
Corporate/Partnership loans | 8,062 | 6,050 | 10,110 | 160 | 10,110 | 680 | ||||||||||||||||||
Subtotal | $ | 39,471 | $ | 15,319 | $ | 172,203 | $ | 2,925 | $ | 319,189 | $ | 32,479 | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Senior mortgages | $ | 794,247 | $ | 1,976 | $ | 1,064,045 | $ | 3,865 | $ | 1,608,486 | $ | 7,187 | ||||||||||||
Subordinate mortgages | 32,382 | — | 52,208 | — | 19,477 | — | ||||||||||||||||||
Corporate/Partnership loans | 77,661 | 323 | 62,248 | 312 | 66,087 | 332 | ||||||||||||||||||
Subtotal | $ | 904,290 | $ | 2,299 | $ | 1,178,501 | $ | 4,177 | $ | 1,694,050 | $ | 7,519 | ||||||||||||
Total: | ||||||||||||||||||||||||
Senior mortgages | $ | 825,656 | $ | 11,245 | $ | 1,226,138 | $ | 6,630 | $ | 1,917,565 | $ | 38,986 | ||||||||||||
Subordinate mortgages | 32,382 | — | 52,208 | — | 19,477 | — | ||||||||||||||||||
Corporate/Partnership loans | 85,723 | 6,373 | 72,358 | 472 | 76,197 | 1,012 | ||||||||||||||||||
Total | $ | 943,761 | $ | 17,618 | $ | 1,350,704 | $ | 7,102 | $ | 2,013,239 | $ | 39,998 | ||||||||||||
Schedule of troubled debt restructurings, presented by class | ' | |||||||||||||||||||||||
The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands): | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
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 | 6 | $ | 179,030 | $ | 154,278 | 8 | $ | 319,667 | $ | 272,753 | ||||||||||||||
Schedule of troubled debt restructurings that subsequently defaulted | ' | |||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands): | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Number | Outstanding | Number | Outstanding | |||||||||||||||||||||
of Loans | Recorded | of Loans | Recorded | |||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Senior mortgages | 1 | $ | 26,693 | 1 | $ | 18,511 | ||||||||||||||||||
Marketable securities | ' | |||||||||||||||||||||||
As of December 31, 2013, Other lending investments—securities includes the following ($ in thousands): | ||||||||||||||||||||||||
Face Value | Amortized Cost Basis | Net Unrealized Gain (Loss) | Estimated Fair Value | Net Carrying Value | ||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Municipal debt securities | $ | 1,055 | $ | 1,055 | $ | (18 | ) | $ | 1,037 | $ | 1,037 | |||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||||||
Corporate debt securities | 139,842 | 140,890 | — | 140,890 | 140,890 | |||||||||||||||||||
Total | $ | 140,897 | $ | 141,945 | $ | (18 | ) | $ | 141,927 | $ | 141,927 | |||||||||||||
Investments classified by contractual maturity date | ' | |||||||||||||||||||||||
As of December 31, 2013, the contractual maturities of the Company's securities were as follows ($ in thousands): | ||||||||||||||||||||||||
Held-to-Maturity Securities | Available-for-Sale Securities | |||||||||||||||||||||||
Amortized Cost Basis | Estimated Fair Value | Amortized Cost Basis | Estimated Fair Value | |||||||||||||||||||||
Maturities | ||||||||||||||||||||||||
Within one year | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
After one year through 5 years | 140,890 | 140,890 | — | — | ||||||||||||||||||||
After 5 years through 10 years | — | — | — | — | ||||||||||||||||||||
After 10 years | — | — | 1,055 | 1,037 | ||||||||||||||||||||
Total | $ | 140,890 | $ | 140,890 | $ | 1,055 | $ | 1,037 | ||||||||||||||||
Other_Investments_Tables
Other Investments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 | Equity in Earnings | |||||||||||||||||||
As of December 31, | For the Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||
LNR | $ | — | $ | 205,773 | $ | 16,465 | $ | 60,669 | $ | 53,861 | ||||||||||
Madison Funds | 67,782 | 56,547 | 14,796 | 10,246 | 3,641 | |||||||||||||||
Oak Hill Funds | 21,366 | 29,840 | 4,174 | 5,844 | 1,918 | |||||||||||||||
Real estate equity investments | 62,205 | 47,619 | 2,753 | 21,636 | (5,273 | ) | ||||||||||||||
Other equity method investments(1) | 45,954 | 47,939 | 3,332 | 4,614 | 40,944 | |||||||||||||||
Total equity method investments | $ | 197,307 | $ | 387,718 | $ | 41,520 | $ | 103,009 | $ | 95,091 | ||||||||||
Other | 9,902 | 11,125 | ||||||||||||||||||
Total other investments | $ | 207,209 | $ | 398,843 | ||||||||||||||||
Explanatory Note: | ||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | For the year ended December 31, 2011, equity in earnings includes $38.4 million of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011. | |||||||||||||||||||
LNR Property LLC (LNR) | ' | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||
Schedule of other investments and its proportionate share of results for equity method investments | ' | |||||||||||||||||||
The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and for the year ended December 31, 2013 ($ in thousands): | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | For the Three Months Ended June 30, 2013 | For the Six Months Ended December 31, 2013 | For the Year Ended December 31, 2013 | |||||||||||||||||
Carrying value of LNR at beginning of period | $ | 205,773 | $ | 220,281 | $ | — | $ | 205,773 | ||||||||||||
Equity in earnings of LNR for the period(1) | $ | 45,375 | $ | — | $ | — | $ | 45,375 | (a) | |||||||||||
Balance before other than temporary impairment | $ | 251,148 | $ | 220,281 | $ | — | $ | 251,148 | ||||||||||||
Other than temporary impairment(1) | $ | (30,867 | ) | $ | — | $ | — | $ | (30,867 | ) | (b) | |||||||||
Sales proceeds pursuant to contract | $ | — | $ | (220,281 | ) | $ | — | $ | (220,281 | ) | ||||||||||
Carrying value of LNR at end of period | $ | 220,281 | $ | — | $ | — | $ | — | ||||||||||||
Schedule of summarized Income Statements | ' | |||||||||||||||||||
The following table represents investee level summarized financial information for LNR ($ in thousands)(1): | ||||||||||||||||||||
For the Period from October 1, 2012 to April 19, | For the Years | |||||||||||||||||||
Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Income Statements | ||||||||||||||||||||
Total revenue(2) | $ | 179,373 | $ | 332,902 | $ | 327,032 | ||||||||||||||
Income tax (expense) benefit(3) | $ | (2,137 | ) | $ | (6,731 | ) | $ | 76,558 | ||||||||||||
Net income attributable to LNR(4) | $ | 113,478 | $ | 253,039 | $ | 225,190 | ||||||||||||||
iStar's ownership percentage | 24 | % | 24 | % | 24 | % | ||||||||||||||
iStar's equity in earnings from LNR(5) | $ | 45,375 | $ | 60,669 | $ | 53,861 | ||||||||||||||
Schedule of summarized Balance Sheets | ' | |||||||||||||||||||
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 | — | % | 24 | % | ||||||||||||||||
iStar's equity in LNR(6) | $ | — | $ | 205,773 | ||||||||||||||||
Schedule of summarized Cash Flow Statements | ' | |||||||||||||||||||
For the Period from October 1, 2012 to April 19, | For the Years | |||||||||||||||||||
Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Cash Flows | ||||||||||||||||||||
Operating cash flows | $ | (127,075 | ) | $ | (85,909 | ) | $ | 170,703 | ||||||||||||
Cash flows from investing activities | $ | (36,543 | ) | $ | (55,686 | ) | $ | 45,488 | ||||||||||||
Cash flows from financing activities | $ | 217,241 | $ | 229,634 | $ | (123,506 | ) | |||||||||||||
Net cash flows | $ | 53,623 | $ | 88,039 | $ | 92,685 | ||||||||||||||
Cash distributions | $ | — | $ | 61,179 | $ | 73,916 | ||||||||||||||
iStar's ownership percentage | 24 | % | 24 | % | 24 | % | ||||||||||||||
Cash distributions received by iStar | — | 14,690 | 17,722 | |||||||||||||||||
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 year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, 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 $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 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 $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 2012 and 2011, 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 | During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities. | |||||||||||||||||||
-4 | Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR as described above. | |||||||||||||||||||
-5 | LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013. | |||||||||||||||||||
-6 | Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
Equity method investments excluding LNR | ' | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||
Schedule of summarized Income Statements | ' | |||||||||||||||||||
The following table presents the investee level summarized financial information of the Company's equity method investments, excluding LNR ($ in thousands): | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Income Statements | ||||||||||||||||||||
Revenues | $ | 284,513 | $ | 401,870 | $ | 198,340 | ||||||||||||||
Net income attributable to parent entities | $ | 206,198 | $ | 304,960 | $ | 97,066 | ||||||||||||||
Schedule of summarized Balance Sheets | ' | |||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
Total assets | $ | 2,980,737 | $ | 2,758,889 | ||||||||||||||||
Total liabilities | $ | 303,100 | $ | 170,997 | ||||||||||||||||
Noncontrolling interests | $ | 333 | $ | 2,253 | ||||||||||||||||
Total equity | $ | 2,677,304 | $ | 2,585,639 | ||||||||||||||||
Other_Assets_and_Other_Liabili1
Other Assets and Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 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 December 31, | ||||||||
2013 | 2012 | |||||||
Intangible assets, net(1) | $ | 100,652 | $ | 69,134 | ||||
Other receivables | 34,655 | 11,517 | ||||||
Deferred financing fees, net(2) | 33,591 | 26,629 | ||||||
Leasing costs, net(3) | 21,799 | 20,205 | ||||||
Corporate furniture, fixtures and equipment, net(4) | 6,557 | 7,537 | ||||||
Other assets | 40,726 | 28,102 | ||||||
Deferred expenses and other assets, net | $ | 237,980 | $ | 163,124 | ||||
Explanatory Notes: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $38.1 million and $51.5 million as of December 31, 2013 and 2012, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $7.0 million, $5.8 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total amortization expense for intangible assets was $8.2 million, $7.0 million and $7.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in “Depreciation and amortization” on the Company's Consolidated Statements of Operations. | |||||||
-2 | Accumulated amortization on deferred financing fees was $9.9 million and $4.1 million as of December 31, 2013 and 2012, respectively. | |||||||
-3 | Accumulated amortization on leasing costs was $7.1 million and $6.6 million as of December 31, 2013 and 2012, respectively. | |||||||
-4 | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.2 million and $6.2 million as of December 31, 2013 and 2012, respectively. | |||||||
Schedule of accounts payable, accrued expenses and other liabilities | ' | |||||||
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Accrued expenses | $ | 58,840 | $ | 50,467 | ||||
Accrued interest payable | 40,015 | 29,521 | ||||||
Intangible liabilities, net(1) | 26,223 | 9,210 | ||||||
Other liabilities | 45,753 | 52,472 | ||||||
Accounts payable, accrued expenses and other liabilities | $ | 170,831 | $ | 141,670 | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $4.6 million and $2.2 million as of December 31, 2013 and 2012, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $2.8 million, $1.4 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||
Schedule of future amortization costs | ' | |||||||
The estimated aggregate amortization costs for each of the five succeeding fiscal years are as follows ($ in thousands): | ||||||||
2014 | $ | 10,530 | ||||||
2015 | $ | 7,886 | ||||||
2016 | $ | 7,122 | ||||||
2017 | $ | 6,145 | ||||||
2018 | $ | 4,295 | ||||||
Debt_Obligations_net_Tables
Debt Obligations, net (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of debt obligations | ' | |||||||||||||||
As of December 31, 2013 and 2012, the Company's debt obligations were as follows ($ in thousands): | ||||||||||||||||
Carrying Value as of December 31, | ||||||||||||||||
2013 | 2012 | Stated | Scheduled | |||||||||||||
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 | 431,475 | 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 | 1,379,407 | — | LIBOR + 3.50% | -3 | Oct-17 | |||||||||||
Term loans collateralized by net lease assets | 278,817 | 264,432 | 4.851% - 7.26% | -4 | Various through 2026 | |||||||||||
Total secured credit facilities and term loans | $ | 2,089,699 | $ | 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 | 5.7 | % | — | |||||||||||
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 | |||||||||||
1.50% senior convertible notes(6) | 200,000 | — | 1.5 | % | 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 | $ | 2,006,890 | $ | 1,987,745 | ||||||||||||
Other debt obligations: | ||||||||||||||||
Other debt obligations | $ | 100,000 | $ | 100,000 | LIBOR + 1.50% | Oct-35 | ||||||||||
Total debt obligations | $ | 4,196,589 | $ | 4,745,807 | ||||||||||||
Debt discounts, net | (38,464 | ) | (54,313 | ) | ||||||||||||
Total debt obligations, net | $ | 4,158,125 | $ | 4,691,494 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | These loans each have a LIBOR floor of 1.25%. As of December 31, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||
-2 | This loan has a LIBOR floor of 1.25%. | |||||||||||||||
-3 | This loan has a LIBOR floor of 1.00%. As of December 31, 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% and a loan with a floating rate of LIBOR plus 2.75%. | |||||||||||||||
-5 | The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
-6 | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | ' | |||||||||||||||
Future Scheduled Maturities—As of December 31, 2013, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands): | ||||||||||||||||
Unsecured Debt | Secured Debt | Total | ||||||||||||||
2014 | $ | — | $ | 21,657 | $ | 21,657 | ||||||||||
2015 | 105,765 | — | 105,765 | |||||||||||||
2016 | 926,403 | — | 926,403 | |||||||||||||
2017 | 374,722 | 1,810,882 | 2,185,604 | |||||||||||||
2018 | 600,000 | 17,052 | 617,052 | |||||||||||||
Thereafter | 100,000 | 240,108 | 340,108 | |||||||||||||
Total principal maturities | $ | 2,106,890 | $ | 2,089,699 | $ | 4,196,589 | ||||||||||
Unamortized debt discounts, net | (11,081 | ) | (27,383 | ) | (38,464 | ) | ||||||||||
Total long-term debt obligations, net | $ | 2,095,809 | $ | 2,062,316 | $ | 4,158,125 | ||||||||||
Schedule of carrying value of encumbered assets by asset type | ' | |||||||||||||||
Encumbered/Unencumbered Assets—As of December 31, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): | ||||||||||||||||
As of December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Encumbered Assets | Unencumbered Assets | Encumbered Assets | Unencumbered Assets | |||||||||||||
Real estate, net | $ | 1,644,463 | $ | 1,151,718 | $ | 1,640,005 | $ | 1,099,094 | ||||||||
Real estate available and held for sale | 152,604 | 207,913 | 263,842 | 372,023 | ||||||||||||
Loans receivable, net(1) | 860,557 | 538,752 | 1,197,403 | 665,682 | ||||||||||||
Other investments | 24,093 | 183,116 | 43,545 | 355,298 | ||||||||||||
Cash and other assets | — | 907,995 | — | 556,207 | ||||||||||||
Total | $ | 2,681,717 | $ | 2,989,494 | $ | 3,144,795 | $ | 3,048,304 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | As of December 31, 2013 and 2012, the amounts presented exclude general reserves for loan losses of $29.2 million and $33.1 million, respectively. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Schedule of unfunded commitments | ' | |||||||||||||||
As of December 31, 2013, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): | ||||||||||||||||
Loans and Other Lending Investments | Real Estate | Strategic | Total | |||||||||||||
Investments | ||||||||||||||||
Performance-Based Commitments | $ | 19,436 | $ | 53,164 | $ | — | $ | 72,600 | ||||||||
Discretionary Fundings | — | — | — | — | ||||||||||||
Strategic Investments | — | — | 46,591 | 46,591 | ||||||||||||
Total | $ | 19,436 | $ | 53,164 | $ | 46,591 | $ | 119,191 | ||||||||
Schedule of future minimum rental payments for operating leases | ' | |||||||||||||||
Future Minimum Operating Lease Payments—Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2013, are as follows ($ in thousands): | ||||||||||||||||
Year | Net Lease Assets | Operating Properties | ||||||||||||||
2014 | $ | 132,996 | $ | 53,283 | ||||||||||||
2015 | $ | 133,272 | $ | 48,851 | ||||||||||||
2016 | $ | 131,738 | $ | 46,476 | ||||||||||||
2017 | $ | 125,142 | $ | 44,516 | ||||||||||||
2018 | $ | 123,464 | $ | 37,979 | ||||||||||||
Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): | ||||||||||||||||
2014 | $ | 5,797 | ||||||||||||||
2015 | $ | 5,287 | ||||||||||||||
2016 | $ | 5,408 | ||||||||||||||
2017 | $ | 5,023 | ||||||||||||||
2018 | $ | 4,179 | ||||||||||||||
Thereafter | $ | 11,709 | ||||||||||||||
Risk_Management_and_Derivative1
Risk Management and Derivatives (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
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 December 31, 2013 and 2012 ($ in thousands): | ||||||||||||||||||||||||
Derivative Assets as of December 31, | Derivative Liabilities as of December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 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 | $ | 1,418 | N/A | $ | — | Other Liabilities | $ | 1,653 | Other Liabilities | $ | 2,855 | ||||||||||||
Interest rate swap | Other Assets | 650 | N/A | — | N/A | — | Other Liabilities | 580 | ||||||||||||||||
Interest rate cap | Other Assets | 9,107 | N/A | — | N/A | — | N/A | — | ||||||||||||||||
Total | $ | 11,175 | $ | — | $ | 1,653 | $ | 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 years ended December 31, 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 Year Ended December 31, 2013 | ||||||||||||||||||||||||
Interest rate cap | Interest Expense | $ | (1,517 | ) | $ | — | N/A | |||||||||||||||||
Interest rate swap | Interest Expense | $ | 869 | $ | 310 | N/A | ||||||||||||||||||
Foreign exchange contracts | Other Expense | $ | 393 | $ | — | N/A | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | $ | (968 | ) | $ | (44 | ) | N/A | ||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | $ | (1,553 | ) | $ | (180 | ) | N/A | ||||||||||||||||
Amount of Gain or (Loss) | ||||||||||||||||||||||||
Recognized in Income | ||||||||||||||||||||||||
Location of Gain or | For the Years Ended December 31, | |||||||||||||||||||||||
(Loss) Recognized in | ||||||||||||||||||||||||
Derivatives not Designated in Hedging Relationships | Income | 2013 | 2012 | 2011 | ||||||||||||||||||||
Foreign Exchange Contracts | Other Expense | $ | 880 | $ | (8,920 | ) | $ | 17,406 | ||||||||||||||||
Schedule of foreign currency derivatives outstanding | ' | |||||||||||||||||||||||
The following table presents the Company's qualifying cash flow hedges outstanding as of year ended December 31, 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 | $ | 27,958 | LIBOR + 2.00% | 3.47% | Oct-12 | Nov-19 | ||||||||||||||||||
As of December 31, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells INR/Buys USD Forward | ₨ | 456,000 | $ | 7,379 | Jan-14 | |||||||||||||||||||
As of December 31, 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 ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells EUR/Buys USD Forward | € | 80,500 | $ | 110,696 | Jan-14 | |||||||||||||||||||
Sells GBP/Buys USD Forward | £ | 3,800 | $ | 6,295 | Jan-14 | |||||||||||||||||||
Sells CAD/Buys USD Forward | C$ | 41,500 | $ | 39,036 | Jan-14 | |||||||||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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: | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Cumulative Preferential Cash | |||||||||||||||||
Dividends(1)(2) | |||||||||||||||||
Series | Shares Issued and | Par Value | Liquidation Preference | Rate per Annum | Equivalent to | ||||||||||||
Outstanding | Fixed Annual | ||||||||||||||||
(in thousands) | Rate (per share) | ||||||||||||||||
D | 4,000 | $ | 0.001 | $25.00 | 8 | % | $ | 2 | |||||||||
E | 5,600 | $ | 0.001 | $25.00 | 7.875 | % | $ | 1.97 | |||||||||
F | 4,000 | $ | 0.001 | $25.00 | 7.8 | % | $ | 1.95 | |||||||||
G | 3,200 | $ | 0.001 | $25.00 | 7.65 | % | $ | 1.91 | |||||||||
I | 5,000 | $ | 0.001 | $25.00 | 7.5 | % | $ | 1.88 | |||||||||
J | 4,000 | $ | 0.001 | $50.00 | 4.5 | % | $ | 2.25 | |||||||||
25,800 | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Cumulative Preferential Cash | |||||||||||||||||
Dividends(1)(2) | |||||||||||||||||
Series | Shares Issued and | Par Value | Liquidation Preference | Rate per Annum | Equivalent to | ||||||||||||
Outstanding | Fixed Annual | ||||||||||||||||
(in thousands) | Rate (per share) | ||||||||||||||||
D | 4,000 | $ | 0.001 | $25.00 | 8 | % | $ | 2 | |||||||||
E | 5,600 | $ | 0.001 | $25.00 | 7.875 | % | $ | 1.97 | |||||||||
F | 4,000 | $ | 0.001 | $25.00 | 7.8 | % | $ | 1.95 | |||||||||
G | 3,200 | $ | 0.001 | $25.00 | 7.65 | % | $ | 1.91 | |||||||||
I | 5,000 | $ | 0.001 | $25.00 | 7.5 | % | $ | 1.88 | |||||||||
21,800 | |||||||||||||||||
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 $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G and I preferred stock, respectively, during each of the years ended December 31, 2013 and 2012. The Company also declared and paid dividends of $6.7 million on its Series J preferred stock during the year ended December 31, 2013. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. | ||||||||||||||||
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | (294 | ) | $ | 867 | ||||||||||||
Unrealized gains on cash flow hedges | 662 | 607 | |||||||||||||||
Unrealized losses on cumulative translation adjustment | (4,644 | ) | (2,659 | ) | |||||||||||||
Accumulated other comprehensive income (loss) | $ | (4,276 | ) | $ | (1,185 | ) |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans and Employee Benefits (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Schedule of changes in non-vested restricted stock units | ' | |||||||||||
Changes in non-vested restricted stock units during the year ended December 31, 2013 were as follows ($ in thousands, except per share amounts): | ||||||||||||
Number | Weighted Average | Aggregate | ||||||||||
of Shares | Grant Date | Intrinsic | ||||||||||
Fair Value | Value | |||||||||||
Per Share | ||||||||||||
Non-vested at December 31, 2012 | 5,276 | $ | 5.24 | $ | 43,000 | |||||||
Granted | 795 | $ | 11.88 | |||||||||
Vested | (3,271 | ) | $ | 6.33 | ||||||||
Forfeited | (21 | ) | $ | 4.94 | ||||||||
Non-vested at December 31, 2013 | 2,779 | $ | 5.85 | $ | 39,659 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (loss) from continuing operations | $ | (220,768 | ) | $ | (314,678 | ) | $ | (51,010 | ) | ||||
Net (income) loss attributable to noncontrolling interests | (718 | ) | 1,500 | 3,629 | |||||||||
Income from sales of residential property | 86,658 | 63,472 | 5,721 | ||||||||||
Preferred dividends | (49,020 | ) | (42,320 | ) | (42,320 | ) | |||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | $ | (183,848 | ) | $ | (292,026 | ) | $ | (83,980 | ) | ||||
Schedule of earnings per share allocable to common shares and HPU shares | ' | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
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 | $ | (177,907 | ) | $ | (282,452 | ) | $ | (81,375 | ) | ||||
Income (loss) from discontinued operations | 623 | (16,908 | ) | (5,343 | ) | ||||||||
Gain from discontinued operations | 21,515 | 26,363 | 24,331 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (155,769 | ) | $ | (272,997 | ) | $ | (62,387 | ) | ||||
Denominator for basic and diluted earnings per share: | |||||||||||||
Weighted average common shares outstanding for basic and diluted earnings per common share | 84,990 | 83,742 | 88,688 | ||||||||||
Basic and diluted earnings per common share: | |||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (2.09 | ) | $ | (3.37 | ) | $ | (0.91 | ) | ||||
Income (loss) from discontinued operations | 0.01 | (0.20 | ) | (0.06 | ) | ||||||||
Gain from discontinued operations | 0.25 | 0.31 | 0.27 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (1.83 | ) | $ | (3.26 | ) | $ | (0.70 | ) | ||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
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 | $ | (5,941 | ) | $ | (9,574 | ) | $ | (2,605 | ) | ||||
Income (loss) from discontinued operations | 21 | (573 | ) | (171 | ) | ||||||||
Gain from discontinued operations | 718 | 894 | 779 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (5,202 | ) | $ | (9,253 | ) | $ | (1,997 | ) | ||||
Denominator for basic and diluted earnings per HPU share: | |||||||||||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | 15 | 15 | ||||||||||
Basic and diluted earnings per HPU share: | |||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (396.07 | ) | $ | (638.27 | ) | $ | (173.66 | ) | ||||
Income (loss) from discontinued operations | 1.4 | (38.20 | ) | (11.40 | ) | ||||||||
Gain from discontinued operations | 47.87 | 59.6 | 51.93 | ||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (346.80 | ) | $ | (616.87 | ) | $ | (133.13 | ) | ||||
Schedule of anti-dilutive shares | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011 the following shares were anti-dilutive ($ in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Joint venture shares | 298 | 298 | 298 | ||||||||||
Stock options | — | — | 44 | ||||||||||
3.00% convertible senior unsecured notes | 16,992 | — | — | ||||||||||
Series J convertible perpetual preferred stock | 15,635 | — | — | ||||||||||
1.50% convertible senior unsecured notes | 11,567 | — | — | ||||||||||
Fair_Values_Tables
Fair Values (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2013 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 11,175 | $ | — | $ | 11,175 | $ | — | ||||||||
Derivative liabilities | $ | 1,653 | $ | — | $ | 1,653 | $ | — | ||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans(1) | $ | 115,423 | $ | — | $ | — | $ | 115,423 | ||||||||
Impaired real estate(2) | $ | 35,680 | $ | — | $ | 5,744 | $ | 29,936 | ||||||||
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 Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The Company recorded a recovery of loan losses on one loan with a fair value of $55.5 million based on the loan's remaining loan term of 2.6 years and interest rate of 4.7% using discounted cash flow analysis. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $53.6 million based upon a letter of intent executed by the borrower as well as recorded an impairment on one loan with a fair value of $6.3 million based upon a settlement agreement executed by the borrower. | |||||||||||||||
-2 | The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of financial measures for each segment based on which performance is evaluated | ' | |||||||||||||||||||||||
The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land segment includes the Company's activities related to its developable land portfolio. | ||||||||||||||||||||||||
The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): | ||||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 147,313 | $ | 86,352 | $ | 902 | $ | — | $ | 234,567 | ||||||||||||
Interest income | 108,015 | — | — | — | — | 108,015 | ||||||||||||||||||
Other income | 4,748 | 250 | 38,164 | 1,474 | 3,572 | 48,208 | ||||||||||||||||||
Total revenue | $ | 112,763 | $ | 147,563 | $ | 124,516 | $ | 2,376 | $ | 3,572 | $ | 390,790 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,699 | 5,546 | (5,331 | ) | 38,606 | 41,520 | |||||||||||||||||
Income from sales of residential property | — | — | 82,603 | 4,055 | — | 86,658 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 1,484 | 1,251 | — | — | 2,735 | ||||||||||||||||||
Gain from discontinued operations | — | 3,395 | 18,838 | — | — | 22,233 | ||||||||||||||||||
Revenue and other earnings | $ | 112,763 | $ | 155,141 | $ | 232,754 | $ | 1,100 | $ | 42,178 | $ | 543,936 | ||||||||||||
Real estate expense | — | (22,565 | ) | (101,044 | ) | (33,832 | ) | — | (157,441 | ) | ||||||||||||||
Other expense | (1,625 | ) | — | — | — | (6,425 | ) | (8,050 | ) | |||||||||||||||
Allocated interest expense(2) | (74,377 | ) | (80,034 | ) | (49,114 | ) | (30,368 | ) | (32,332 | ) | (266,225 | ) | ||||||||||||
Allocated general and administrative(3) | (13,186 | ) | (14,330 | ) | (9,189 | ) | (12,365 | ) | (23,783 | ) | (72,853 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 23,575 | $ | 38,212 | $ | 73,407 | $ | (75,465 | ) | $ | (20,362 | ) | $ | 39,367 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 5,489 | $ | — | $ | — | $ | — | $ | — | $ | 5,489 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 1,176 | $ | 12,449 | $ | 728 | $ | — | $ | 14,353 | ||||||||||||
Loss on transfer of interest to unconsolidated subsidiary | $ | — | $ | — | $ | — | $ | 7,373 | $ | — | $ | 7,373 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 38,582 | $ | 30,599 | $ | 1,105 | $ | 1,244 | $ | 71,530 | ||||||||||||
Capitalized expenditures | $ | — | $ | 34,076 | $ | 41,131 | $ | 36,346 | $ | — | $ | 111,553 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,696,888 | $ | 720,508 | $ | 803,238 | $ | — | $ | 3,220,634 | ||||||||||||
Less: accumulated depreciation | — | (338,640 | ) | (82,420 | ) | (3,393 | ) | — | (424,453 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,358,248 | $ | 638,088 | $ | 799,845 | $ | — | $ | 2,796,181 | ||||||||||||
Real estate available and held for sale | — | — | 228,328 | 132,189 | — | 360,517 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,358,248 | $ | 866,416 | $ | 932,034 | $ | — | $ | 3,156,698 | ||||||||||||
Loans receivable and other lending investments, net | 1,370,109 | — | — | — | — | 1,370,109 | ||||||||||||||||||
Other investments | — | 16,408 | 16,032 | 29,765 | 145,004 | 207,209 | ||||||||||||||||||
Total portfolio assets | $ | 1,370,109 | $ | 1,374,656 | $ | 882,448 | $ | 961,799 | $ | 145,004 | $ | 4,734,016 | ||||||||||||
Cash and other assets | 907,995 | |||||||||||||||||||||||
Total assets | $ | 5,642,011 | ||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
For the Year Ended December 31, 2012(5) | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 149,058 | $ | 65,706 | $ | 1,527 | $ | — | $ | 216,291 | ||||||||||||
Interest income | 133,410 | — | — | — | — | 133,410 | ||||||||||||||||||
Other income | 8,613 | — | 32,615 | 2,635 | 3,975 | 47,838 | ||||||||||||||||||
Total revenue | $ | 142,023 | $ | 149,058 | $ | 98,321 | $ | 4,162 | $ | 3,975 | $ | 397,539 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,632 | 25,142 | (6,138 | ) | 81,373 | 103,009 | |||||||||||||||||
Income from sales of residential property | — | — | 63,472 | — | — | 63,472 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 7,289 | 886 | — | — | 8,175 | ||||||||||||||||||
Gain from discontinued operations | — | 27,257 | — | — | — | 27,257 | ||||||||||||||||||
Revenue and other earnings | $ | 142,023 | $ | 186,236 | $ | 187,821 | $ | (1,976 | ) | $ | 85,348 | $ | 599,452 | |||||||||||
Real estate expense | — | (23,886 | ) | (100,258 | ) | (27,314 | ) | — | (151,458 | ) | ||||||||||||||
Other expense | (4,775 | ) | — | — | — | (12,491 | ) | (17,266 | ) | |||||||||||||||
Allocated interest expense(2) | (111,898 | ) | (92,579 | ) | (69,259 | ) | (44,125 | ) | (38,300 | ) | (356,161 | ) | ||||||||||||
Allocated general and administrative(3) | (14,263 | ) | (10,618 | ) | (7,572 | ) | (7,405 | ) | (25,705 | ) | (65,563 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 11,087 | $ | 59,153 | $ | 10,732 | $ | (80,820 | ) | $ | 8,852 | $ | 9,004 | |||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 81,740 | $ | — | $ | — | $ | — | $ | — | $ | 81,740 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 6,670 | $ | 28,501 | $ | 205 | $ | 978 | $ | 36,354 | ||||||||||||
Depreciation and amortization(2) | $ | — | $ | 39,250 | $ | 28,450 | $ | 1,276 | $ | 1,810 | $ | 70,786 | ||||||||||||
Capitalized expenditures | $ | — | $ | 10,994 | $ | 51,579 | $ | 20,497 | $ | — | $ | 83,070 | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,626,810 | $ | 704,481 | $ | 786,114 | $ | — | $ | 3,117,405 | ||||||||||||
Less: accumulated depreciation | — | (310,605 | ) | (65,409 | ) | (2,292 | ) | — | (378,306 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,316,205 | $ | 639,072 | $ | 783,822 | $ | — | $ | 2,739,099 | ||||||||||||
Real estate available and held for sale | — | — | 454,587 | 181,278 | — | 635,865 | ||||||||||||||||||
Total real estate | $ | — | $ | 1,316,205 | $ | 1,093,659 | $ | 965,100 | $ | — | $ | 3,374,964 | ||||||||||||
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 | $ | 1,332,585 | $ | 1,119,404 | $ | 970,593 | $ | 351,225 | $ | 5,603,792 | ||||||||||||
Cash and other assets | 556,207 | |||||||||||||||||||||||
Total assets | $ | 6,159,999 | ||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
For the Year Ended December 31, 2011(5) | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 144,548 | $ | 51,153 | $ | 171 | $ | — | $ | 195,872 | ||||||||||||
Interest income | 226,871 | — | — | — | — | 226,871 | ||||||||||||||||||
Other income | 3,176 | — | 32,538 | 1,637 | 2,371 | 39,722 | ||||||||||||||||||
Total revenue | $ | 230,047 | $ | 144,548 | $ | 83,691 | $ | 1,808 | $ | 2,371 | $ | 462,465 | ||||||||||||
Earnings (loss) from equity method investments | — | 2,566 | (626 | ) | (7,213 | ) | 100,364 | 95,091 | ||||||||||||||||
Income from sales of residential property | — | — | 5,721 | — | — | 5,721 | ||||||||||||||||||
Net operating income from discontinued operations(2) | — | 14,135 | (937 | ) | — | — | 13,198 | |||||||||||||||||
Gain from discontinued operations | — | 25,110 | — | — | — | 25,110 | ||||||||||||||||||
Revenue and other earnings | $ | 230,047 | $ | 186,359 | $ | 87,849 | $ | (5,405 | ) | $ | 102,735 | $ | 601,585 | |||||||||||
Real estate expense | — | (25,054 | ) | (92,012 | ) | (21,648 | ) | — | (138,714 | ) | ||||||||||||||
Other expense | (2,866 | ) | — | — | — | (8,204 | ) | (11,070 | ) | |||||||||||||||
Allocated interest expense(2) | (156,163 | ) | (75,844 | ) | (52,774 | ) | (40,480 | ) | (20,653 | ) | (345,914 | ) | ||||||||||||
Allocated general and administrative(3) | (19,934 | ) | (9,681 | ) | (6,737 | ) | (6,959 | ) | (32,026 | ) | (75,337 | ) | ||||||||||||
Segment profit (loss)(4) | $ | 51,084 | $ | 75,780 | $ | (63,674 | ) | $ | (74,492 | ) | $ | 41,852 | $ | 30,550 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for loan losses | $ | 46,412 | $ | — | $ | — | $ | — | $ | — | $ | 46,412 | ||||||||||||
Impairment of assets(2) | $ | — | $ | 668 | $ | 21,030 | $ | (184 | ) | $ | 872 | $ | 22,386 | |||||||||||
Depreciation and amortization(2) | $ | — | $ | 42,080 | $ | 18,169 | $ | 1,534 | $ | 2,145 | $ | 63,928 | ||||||||||||
Capitalized expenditures | $ | — | $ | 8,699 | $ | 38,477 | $ | 16,993 | $ | — | $ | 64,169 | ||||||||||||
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 $16.5 million, $60.7 million and $53.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 6 for further details on the Company's investment in LNR and summarized financial information of 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 $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
-4 | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Segment profit (loss) | $ | 39,367 | $ | 9,004 | $ | 30,550 | ||||||||||||||||||
Less: Provision for loan losses | (5,489 | ) | (81,740 | ) | (46,412 | ) | ||||||||||||||||||
Less: Impairment of assets(2) | (14,353 | ) | (36,354 | ) | (22,386 | ) | ||||||||||||||||||
Less: Loss on transfer of interest to unconsolidated subsidiary | (7,373 | ) | — | — | ||||||||||||||||||||
Less: Stock-based compensation expense | (19,261 | ) | (15,293 | ) | (29,702 | ) | ||||||||||||||||||
Less: Depreciation and amortization(2) | (71,530 | ) | (70,786 | ) | (63,928 | ) | ||||||||||||||||||
Less: Income tax (expense) benefit(2) | 596 | (8,445 | ) | 4,719 | ||||||||||||||||||||
Add: Gain (loss) on early extinguishment of debt, net | (33,190 | ) | (37,816 | ) | 101,466 | |||||||||||||||||||
Net income (loss) | $ | (111,233 | ) | $ | (241,430 | ) | $ | (25,693 | ) | |||||||||||||||
-5 | The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves. | |||||||||||||||||||||||
Reconciliation of segment profit (loss) to income (loss) from continuing operations | ' | |||||||||||||||||||||||
The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | ||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Segment profit (loss) | $ | 39,367 | $ | 9,004 | $ | 30,550 | ||||||||||||||||||
Less: Provision for loan losses | (5,489 | ) | (81,740 | ) | (46,412 | ) | ||||||||||||||||||
Less: Impairment of assets(2) | (14,353 | ) | (36,354 | ) | (22,386 | ) | ||||||||||||||||||
Less: Loss on transfer of interest to unconsolidated subsidiary | (7,373 | ) | — | — | ||||||||||||||||||||
Less: Stock-based compensation expense | (19,261 | ) | (15,293 | ) | (29,702 | ) | ||||||||||||||||||
Less: Depreciation and amortization(2) | (71,530 | ) | (70,786 | ) | (63,928 | ) | ||||||||||||||||||
Less: Income tax (expense) benefit(2) | 596 | (8,445 | ) | 4,719 | ||||||||||||||||||||
Add: Gain (loss) on early extinguishment of debt, net | (33,190 | ) | (37,816 | ) | 101,466 | |||||||||||||||||||
Net income (loss) | $ | (111,233 | ) | $ | (241,430 | ) | $ | (25,693 | ) | |||||||||||||||
-5 | The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of selected quarterly financial data for the company | ' | ||||||||||||||||
The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). | |||||||||||||||||
For the Quarters Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013:00:00 | |||||||||||||||||
Revenue(1) | $ | 101,073 | $ | 95,696 | $ | 99,919 | $ | 94,102 | |||||||||
Net income (loss) | $ | (45,992 | ) | $ | (18,590 | ) | $ | (14,398 | ) | $ | (32,253 | ) | |||||
Earnings per common share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (47,043 | ) | $ | (18,757 | ) | $ | (14,087 | ) | $ | (32,064 | ) | |||||
Basic and diluted earnings per share | $ | (0.68 | ) | $ | (0.36 | ) | $ | (0.31 | ) | $ | (0.49 | ) | |||||
Weighted average number of common shares—basic and diluted | 84,617 | 85,392 | 85,125 | 84,824 | |||||||||||||
Earnings per HPU share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (1,939 | ) | $ | (1,016 | ) | $ | (866 | ) | $ | (1,381 | ) | |||||
Basic and diluted earnings per share | $ | (129.26 | ) | $ | (67.73 | ) | $ | (57.74 | ) | $ | (92.07 | ) | |||||
Weighted average number of HPU shares—basic and diluted | 15 | 15 | 15 | 15 | |||||||||||||
For the Quarters Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012(2): | |||||||||||||||||
Revenue(1) | $ | 96,421 | $ | 93,462 | $ | 106,886 | $ | 100,770 | |||||||||
Net income (loss) | $ | (79,948 | ) | $ | (64,306 | ) | $ | (51,129 | ) | $ | (46,048 | ) | |||||
Earnings per common share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (79,810 | ) | $ | (63,640 | ) | $ | (50,407 | ) | $ | (46,073 | ) | |||||
Basic and diluted earnings per share | $ | (1.04 | ) | $ | (0.86 | ) | $ | (0.70 | ) | $ | (0.66 | ) | |||||
Weighted average number of common shares—basic and diluted | 83,674 | 83,629 | 84,113 | 83,556 | |||||||||||||
Earnings per HPU share data: | |||||||||||||||||
Net income (loss) attributable to iStar Financial Inc. | $ | (2,966 | ) | $ | (2,436 | ) | $ | (1,991 | ) | $ | (1,861 | ) | |||||
Basic and diluted earnings per share | $ | (197.73 | ) | $ | (162.40 | ) | $ | (132.73 | ) | $ | (124.07 | ) | |||||
Weighted average number of HPU shares—basic and diluted | 15 | 15 | 15 | 15 | |||||||||||||
Explanatory Notes: | |||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||
-1 | All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations. | ||||||||||||||||
-2 | During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. |
Business_and_Organization_Deta
Business and Organization (Details) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 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 $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | entity |
Consolidated VIEs | ' |
Total revenues and total expenses related to consolidated VIEs | ' |
Number of variable interest entities (in investments) | 5 |
Variable interest entity, consolidated, carrying amount, assets | $216.10 |
Variable interest entity, consolidated, carrying amount, liabilities | 33.9 |
Variable interest entity unfunded commitment | 38.8 |
Unconsolidated VIEs | ' |
Total revenues and total expenses related to consolidated VIEs | ' |
Number of variable interest entities (in investments) | 28 |
Variable interest entity unfunded commitment | 29.6 |
Carrying value of the investments | $179.20 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life of property, plant, and equipment | '40 years |
Furniture and Equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life of property, plant, and equipment | '5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $5.90 | $5.60 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Income Taxes) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accounting Policies [Abstract] | ' | ' | ' | ||
Assets with foreclosure elections carrying value | $1,120,000,000 | ' | ' | ||
Income Tax Expense [Abstract] | ' | ' | ' | ||
Deferred tax (expense) benefit | 0 | 0 | -13,729,000 | ||
Total income tax (expense) benefit | -659,000 | 8,445,000 | -4,719,000 | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' | ||
Operating loss carryforwards | ' | 634,200,000 | ' | ||
Taxable REIT Subsidiaries (TRSs) | ' | ' | ' | ||
Income Taxes [Line Items] | ' | ' | ' | ||
Assets owned by taxable REIT subsidiaries | 633,900,000 | ' | ' | ||
Income Tax Expense [Abstract] | ' | ' | ' | ||
Current tax (expense) benefit | 659,000 | -8,445,000 | -9,010,000 | ||
Deferred tax (expense) benefit | 0 | 0 | 13,729,000 | ||
Total income tax (expense) benefit | 659,000 | -8,445,000 | 4,719,000 | ||
Income from TRS entities which are subject to tax | -1,800,000 | 42,200,000 | 75,800,000 | ||
Total cash paid for taxes | 9,200,000 | 5,500,000 | 8,500,000 | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' | ||
Deferred tax assets(1) | 55,962,000 | [1] | 40,800,000 | [1] | ' |
Valuation allowance | -55,962,000 | -40,800,000 | ' | ||
Net deferred tax assets (liabilities) | 0 | 0 | ' | ||
Real estate asset basis differences | 33,000,000 | 31,200,000 | ' | ||
Operating loss carryforwards | 14,900,000 | 10,800,000 | ' | ||
Investment basis differences | $8,100,000 | ($1,200,000) | ' | ||
[1] | Deferred tax assets as of December 31, 2013, include real estate basis differences of $33.0 million, net operating loss carryforwards of $14.9 million and investment basis differences of $8.1 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. |
Real_Estate_Schedule_of_Real_E
Real Estate (Schedule of Real Estate Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | $1,286,989 | $1,262,381 |
Buildings and improvements | 1,933,645 | 1,855,024 |
Less: accumulated depreciation and amortization | -424,453 | -378,306 |
Real estate, net | 2,796,181 | 2,739,099 |
Real estate available and held for sale | 360,517 | 635,865 |
Total real estate | 3,156,698 | 3,374,964 |
Net Lease | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 350,817 | 344,239 |
Buildings and improvements | 1,346,071 | 1,282,571 |
Less: accumulated depreciation and amortization | -338,640 | -310,605 |
Real estate, net | 1,358,248 | 1,316,205 |
Real estate available and held for sale | 0 | 0 |
Total real estate | 1,358,248 | 1,316,205 |
Operating Properties | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 132,934 | 132,028 |
Buildings and improvements | 587,574 | 572,453 |
Less: accumulated depreciation and amortization | -82,420 | -65,409 |
Real estate, net | 638,088 | 639,072 |
Real estate available and held for sale | 228,328 | 454,587 |
Total real estate | 866,416 | 1,093,659 |
Land | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 803,238 | 786,114 |
Buildings and improvements | 0 | 0 |
Less: accumulated depreciation and amortization | -3,393 | -2,292 |
Real estate, net | 799,845 | 783,822 |
Real estate available and held for sale | 132,189 | 181,278 |
Total real estate | $932,034 | $965,100 |
Real_Estate_Real_Estate_Availa
Real Estate (Real Estate Available and Held for Sale) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real estate available and held for sale | ' | $360,517,000 | $635,865,000 | ' |
Income from sales of residential property | 27,900,000 | 86,658,000 | 63,472,000 | 5,721,000 |
Residential Operating Properties | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real estate available and held for sale | ' | 221,000,000 | 374,100,000 | ' |
Land | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real estate available and held for sale | ' | 132,189,000 | 181,278,000 | ' |
Number of properties transferred from held-for-sale to held-for-use | ' | 2 | ' | ' |
Property transferred from held for sale | ' | 49,700,000 | ' | ' |
Number of real estate properties transferred to held for sale | ' | 3 | ' | ' |
Property transferred to held for sale | ' | 31,800,000 | ' | ' |
Number of real estate properties sold | ' | 3 | ' | ' |
Income from sales of residential property | ' | 600,000 | ' | ' |
Net Lease | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real estate available and held for sale | ' | 0 | 0 | ' |
Property transferred to held for sale | ' | 9,800,000 | ' | ' |
Number of real estate properties sold | ' | 5 | ' | ' |
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | ' | 3,600,000 | ' | ' |
Commercial Operating Properties | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Number of properties transferred from held-for-sale to held-for-use | ' | ' | 2 | ' |
Property transferred from held for sale | ' | ' | 49,800,000 | ' |
Number of real estate properties sold | ' | 6 | ' | ' |
Depreciation expense on reclassified assets | ' | ' | 3,300,000 | ' |
Other Income | Commercial Operating Properties | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Reclassification of results of operations | ' | ' | 21,148,000 | 21,663,000 |
Real Estate Expenses | Commercial Operating Properties | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Reclassification of results of operations | ' | ' | ($22,603,000) | ($24,297,000) |
Real_Estate_Acquisitions_Detai
Real Estate (Acquisitions) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Mortgage Loans on Real Estate, Foreclosures | $49,100,000 | [1],[2] | $270,359,000 | [1],[2] | $556,753,000 | [1],[2] |
Option to redeem interest at fair value period | ' | '7 years | ' | |||
Net Lease | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Asset Acquisition, Purchase Price | 93,600,000 | ' | ' | |||
Acquired finite-lived intangible assets | 36,100,000 | ' | ' | |||
Below Market Lease, Acquired | 11,900,000 | ' | ' | |||
Acquisition costs | 200,000 | ' | ' | |||
Strategic Venture, Commercial Operating Properties | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Joint venture, venture ownership percentage | ' | 40.00% | ' | |||
Strategic Venture, Active Land Development Projects | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Redeemable non-controlling interest | 17,400,000 | 17,900,000 | ' | |||
Strategic Venture, Active Land Development Projects | Land | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Noncontrolling partner contribution | ' | 11,600,000 | ' | |||
Corporate Joint Venture | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Noncontrolling interest, ownership percentage by parent | 63.00% | ' | ' | |||
Fair value of assets acquired | ' | 27,300,000 | ' | |||
Joint venture, venture ownership percentage | 37.00% | ' | ' | |||
Corporate Joint Venture | Land | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Fair value of assets acquired | ' | 11,500,000 | ' | |||
Real Estate Acquired in Satisfaction of Debt | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Mortgage Loans on Real Estate, Foreclosures | ' | 269,100,000 | ' | |||
Real Estate Acquired in Satisfaction of Debt | Residential Operating Properties | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Mortgage Loans on Real Estate, Foreclosures | ' | 172,400,000 | ' | |||
Real Estate Acquired in Satisfaction of Debt | Commercial Operating Properties | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Mortgage Loans on Real Estate, Foreclosures | ' | 63,400,000 | ' | |||
Real Estate Acquired in Satisfaction of Debt | Land | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Number of Real Estate Properties Acquired | 2 | ' | ' | |||
Mortgage Loans on Real Estate, Foreclosures | 15,600,000 | 33,300,000 | ' | |||
Real Estate Acquired in Satisfaction of Debt | Corporate Joint Venture | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | |||
Mortgage Loans on Real Estate, Foreclosures | $25,500,000 | ' | ' | |||
[1] | Amounts are presented net of charge-offs of $152.8 million, $106.9 million and $214.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
[2] | Balances represent the carrying value of loans, which are net of asset specific reserves. |
Real_Estate_Dispositions_Detai
Real Estate (Dispositions) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Net Lease | Commercial Operating Properties | Commercial Operating Properties | Commercial Operating Properties | Land | Land | Land | Condominium Units | Condominium Units | Condominium Units | Net Lease | Net Lease | Portfolio Lease Asset Sale | Portfolio Lease Asset Sale | Portfolio Lease Asset Sale | Portfolio Lease Asset Sale | Real estate equity investments | Land | Real estate equity investment 75.6% | Real estate equity investment 50.0% | |||||
property | property | property | Net Lease | Net Lease | Net Lease | Net Lease | Land | Land | Land | |||||||||||||||
property | property | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of other real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $269,700,000 | $319,300,000 | $154,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from sale of residential property | 27,900,000 | 86,658,000 | 63,472,000 | 5,721,000 | ' | ' | ' | ' | 600,000 | ' | ' | 82,600,000 | 63,500,000 | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property sold, aggregate, carrying value | ' | ' | ' | ' | 18,700,000 | 72,600,000 | 29,300,000 | 17,900,000 | 14,800,000 | 72,100,000 | 9,500,000 | ' | ' | ' | 9,800,000 | 34,100,000 | ' | 105,700,000 | ' | ' | 21,400,000 | 18,900,000 | ' | ' |
iStar's ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.50% | ' | 75.60% | 50.00% |
Gain (loss) on disposition of property | ' | ' | ' | ' | ' | 18,600,000 | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' |
Loss on transfer of interest to unconsolidated subsidiary | ' | 7,373,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' |
Property contributed, aggregate, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,100,000 | 2,800,000 |
Net gain on sale of net lease assets | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 3,200,000 | ' | 24,900,000 | 22,200,000 | ' | ' | ' | ' | ' |
Number of real estate properties sold | ' | ' | ' | ' | 5 | 6 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | 32 | ' | ' | ' | ' |
Property subject to or available for operating lease transferred aggregate carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' | ' | ' | ' |
Mezzanine loans provided to purchaser of net lease assets | ' | ' | $50,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Discontinued_Opera
Real Estate (Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Abstract] | ' | ' | ' |
Revenues | $5,545 | $14,132 | $23,090 |
Total expenses | -3,138 | -9,037 | -19,457 |
Impairment of assets | -1,763 | -22,576 | -9,147 |
Income (loss) from discontinued operations | $644 | ($17,481) | ($5,514) |
Real_Estate_Impairments_Detail
Real Estate (Impairments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Abstract] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use and Sale Carve Out | $14.40 | $35.40 | $22.40 |
Impairment of Long-Lived Assets to be Disposed of or Sold | $1.80 | $22.60 | $9.10 |
Real_Estate_Future_Minimum_Ope
Real Estate (Future Minimum Operating Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Net Lease | ' |
Future minimum lease payments receivable under non-cancelable operating leases | ' |
2014 | $132,996 |
2015 | 133,272 |
2016 | 131,738 |
2017 | 125,142 |
2018 | 123,464 |
Operating Properties | ' |
Future minimum lease payments receivable under non-cancelable operating leases | ' |
2014 | 53,283 |
2015 | 48,851 |
2016 | 46,476 |
2017 | 44,516 |
2018 | $37,979 |
Real_Estate_Tenant_Reimburseme
Real Estate (Tenant Reimbursements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Abstract] | ' | ' | ' |
Customer reimbursements | $31.80 | $30.90 | $29.40 |
Loans_Receivable_and_Other_Len2
Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Valuation Allowances and Reserves, Deductions | $152,784,000 | [1],[2] | $203,865,000 | $214,413,000 | ' | |
Loans and other lending investments | ' | ' | ' | ' | ||
Total gross carrying value of loans | 1,605,386,000 | 2,354,484,000 | ' | ' | ||
Reserves for loan losses | -377,204,000 | -524,499,000 | -646,624,000 | -814,625,000 | ||
Total loans receivable, net | 1,228,182,000 | 1,829,985,000 | ' | ' | ||
Other lending investments—securities | 141,927,000 | 0 | ' | ' | ||
Total loans receivable and other lending investments, net(1) | 1,370,109,000 | [3] | 1,829,985,000 | [3] | ' | ' |
Interest receivable | 6,500,000 | 9,800,000 | ' | ' | ||
Senior mortgages | ' | ' | ' | ' | ||
Loans and other lending investments | ' | ' | ' | ' | ||
Total gross carrying value of loans | 1,071,662,000 | 1,751,256,000 | ' | ' | ||
Subordinate mortgages | ' | ' | ' | ' | ||
Loans and other lending investments | ' | ' | ' | ' | ||
Total gross carrying value of loans | 60,679,000 | 152,737,000 | ' | ' | ||
Corporate/Partnership loans | ' | ' | ' | ' | ||
Loans and other lending investments | ' | ' | ' | ' | ||
Total gross carrying value of loans | $473,045,000 | $450,491,000 | ' | ' | ||
[1] | See Note 5 to the Company's Consolidated Financial Statements. | |||||
[2] | See Note 3 to the Company's Consolidated Financial Statements. | |||||
[3] | The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. |
Loans_Receivable_and_Other_Len3
Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Allowance for Loan Losses [Roll Forward] | ' | ' | ' | |||
Reserve for loan losses at beginning of period | $524,499,000 | $646,624,000 | $814,625,000 | |||
Provision for loan losses | 5,489,000 | 81,740,000 | [1] | 46,412,000 | [1] | |
Charge-offs | -152,784,000 | [2],[3] | -203,865,000 | -214,413,000 | ||
Reserve for loan losses at end of period | 377,204,000 | 524,499,000 | 646,624,000 | |||
Recoveries of previously recorded loan loss reserves | $63,100,000 | $4,600,000 | $23,600,000 | |||
[1] | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. | |||||
[2] | See Note 5 to the Company's Consolidated Financial Statements. | |||||
[3] | See Note 3 to the Company's Consolidated Financial Statements. |
Loans_Receivable_and_Other_Len4
Loans Receivable and Other Lending Investments, net (Schedule of Investment in Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Loans | ' | ' | ' | ' | ||
Individually Evaluated for Impairment(1) | $752,425,000 | [1] | $1,095,957,000 | [1] | ' | ' |
Collectively Evaluated for Impairment(2) | 849,613,000 | [2] | 1,210,077,000 | [2] | ' | ' |
Loans Acquired with Deteriorated Credit Quality(3) | 9,889,000 | [3] | 58,281,000 | [3] | ' | ' |
Total | 1,611,927,000 | 2,364,315,000 | ' | ' | ||
As of December 31, 2012 | ' | ' | ' | ' | ||
Individually Evaluated for Impairment(1) | -348,004,000 | [1] | -472,058,000 | [1] | ' | ' |
Collectively Evaluated for Impairment(2) | -29,200,000 | [2] | -33,100,000 | [2] | ' | ' |
Loans Acquired with Deteriorated Credit Quality(3) | 0 | [3] | -19,341,000 | [3] | ' | ' |
Total | -377,204,000 | -524,499,000 | -646,624,000 | -814,625,000 | ||
Total | ' | ' | ' | ' | ||
Individually Evaluated for Impairment(1) | 404,421,000 | [1] | 623,899,000 | [1] | ' | ' |
Collectively Evaluated for Impairment(2) | 820,413,000 | [2] | 1,176,977,000 | [2] | ' | ' |
Loans Acquired with Deteriorated Credit Quality(3) | 9,889,000 | [3] | 38,940,000 | [3] | ' | ' |
Total | 1,234,723,000 | 1,839,816,000 | ' | ' | ||
Unamortized discounts, premiums, deferred fees and costs, individually evaluated for impairment, net premium (discount) | 500,000 | 4,000,000 | ' | ' | ||
Unamortized discounts, premiums, deferred fees and costs, collectively evaluated for impairment, net premium (discount) | 4,600,000 | 3,800,000 | ' | ' | ||
Unamortized discounts, premiums, deferred fees and costs, loans acquired with deteriorated credit quality, net premium (discount) | 400,000 | 100,000 | ' | ' | ||
Cumulative principal balances of loans acquired with deteriorated credit quality | $10,200,000 | $58,800,000 | ' | ' | ||
[1] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.5 million and a net discount of $4.0 million as of December 31, 2013 and 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 December 31, 2013 and 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 December 31, 2013 and 2012, respectively. These loans had cumulative principal balances of $10.2 million and $58.8 million, as of December 31, 2013 and 2012, respectively. |
Loans_Receivable_and_Other_Len5
Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | $1,611,927 | $2,364,315 |
Senior mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 1,074,352 | ' |
Subordinate mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 61,364 | ' |
Corporate/Partnership loans | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 476,211 | ' |
Real Estate Finance | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 1,091,340 | 1,385,063 |
Weighted Average Risk Ratings | 3.11 | 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 | 591,145 | 840,593 |
Weighted Average Risk Ratings | 2.5 | 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 | 61,364 | 99,698 |
Weighted Average Risk Ratings | 3.37 | 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 | $438,831 | $444,772 |
Weighted Average Risk Ratings | 3.88 | 3.69 |
Loans_Receivable_and_Other_Len6
Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | $1,162,842 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 449,085 | ' |
Total Past Due | 449,085 | ' |
Total | 1,611,927 | 2,364,315 |
Senior mortgages | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 625,267 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 449,085 | ' |
Total Past Due | 449,085 | ' |
Total | 1,074,352 | ' |
Subordinate mortgages | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 61,364 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 0 | ' |
Total Past Due | 0 | ' |
Total | 61,364 | ' |
Corporate/Partnership loans | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 476,211 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 0 | ' |
Total Past Due | 0 | ' |
Total | $476,211 | ' |
Loans_Receivable_and_Other_Len7
Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | $752,425,000 | [1] | $1,154,237,000 | [1] | $752,425,000 | [1] | $1,154,237,000 | [1] | ' |
Unpaid Principal Balance | 747,522,000 | [1] | 1,153,431,000 | [1] | 747,522,000 | [1] | 1,153,431,000 | [1] | ' |
Related Allowance | -348,004,000 | [1] | -491,399,000 | [1] | -348,004,000 | [1] | -491,399,000 | [1] | ' |
Loans modified through troubled debt restructurings | 231,800,000 | 175,000,000 | 231,800,000 | 175,000,000 | ' | ||||
Average Recorded Investment | ' | ' | 943,761,000 | 1,350,704,000 | 2,013,239,000 | ||||
Interest Income Recognized | ' | ' | 17,618,000 | 7,102,000 | 39,998,000 | ||||
Senior mortgages | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 653,349,000 | [1] | 1,027,052,000 | [1] | 653,349,000 | [1] | 1,027,052,000 | [1] | ' |
Unpaid Principal Balance | 648,455,000 | [1] | 1,026,346,000 | [1] | 648,455,000 | [1] | 1,026,346,000 | [1] | ' |
Related Allowance | -304,544,000 | [1] | -442,760,000 | [1] | -304,544,000 | [1] | -442,760,000 | [1] | ' |
Average Recorded Investment | ' | 1,226,138,000 | 825,656,000 | ' | 1,917,565,000 | ||||
Interest Income Recognized | ' | 6,630,000 | 11,245,000 | ' | 38,986,000 | ||||
Subordinate mortgages | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 0 | [1] | 53,979,000 | [1] | 0 | [1] | 53,979,000 | [1] | ' |
Unpaid Principal Balance | 0 | [1] | 53,679,000 | [1] | 0 | [1] | 53,679,000 | [1] | ' |
Related Allowance | 0 | [1] | -39,579,000 | [1] | 0 | [1] | -39,579,000 | [1] | ' |
Average Recorded Investment | ' | 52,208,000 | 32,382,000 | ' | 19,477,000 | ||||
Interest Income Recognized | 0 | ' | ' | 0 | 0 | ||||
Corporate/Partnership loans | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 99,076,000 | [1] | 73,206,000 | [1] | 99,076,000 | [1] | 73,206,000 | [1] | ' |
Unpaid Principal Balance | 99,067,000 | [1] | 73,406,000 | [1] | 99,067,000 | [1] | 73,406,000 | [1] | ' |
Related Allowance | -43,460,000 | [1] | -9,060,000 | [1] | -43,460,000 | [1] | -9,060,000 | [1] | ' |
Average Recorded Investment | ' | 72,358,000 | 85,723,000 | ' | 76,197,000 | ||||
Interest Income Recognized | 6,373,000 | ' | ' | 472,000 | 1,012,000 | ||||
With no related allowance recorded | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 3,012,000 | [1] | 118,187,000 | [1] | 3,012,000 | [1] | 118,187,000 | [1] | ' |
Unpaid Principal Balance | 2,992,000 | [1] | 118,010,000 | [1] | 2,992,000 | [1] | 118,010,000 | [1] | ' |
Related Allowance | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Average Recorded Investment | ' | ' | 39,471,000 | 172,203,000 | 319,189,000 | ||||
Interest Income Recognized | ' | ' | 15,319,000 | 2,925,000 | 32,479,000 | ||||
With no related allowance recorded | Senior mortgages | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 3,012,000 | [1] | 108,077,000 | [1] | 3,012,000 | [1] | 108,077,000 | [1] | ' |
Unpaid Principal Balance | 2,992,000 | [1] | 107,850,000 | [1] | 2,992,000 | [1] | 107,850,000 | [1] | ' |
Related Allowance | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Average Recorded Investment | 31,409,000 | 162,093,000 | ' | ' | 309,079,000 | ||||
Interest Income Recognized | 9,269,000 | 2,765,000 | ' | ' | 31,799,000 | ||||
With no related allowance recorded | Corporate/Partnership loans | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 0 | [1] | 10,110,000 | [1] | 0 | [1] | 10,110,000 | [1] | ' |
Unpaid Principal Balance | 0 | [1] | 10,160,000 | [1] | 0 | [1] | 10,160,000 | [1] | ' |
Related Allowance | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Average Recorded Investment | ' | ' | 8,062,000 | 10,110,000 | 10,110,000 | ||||
Interest Income Recognized | 6,050,000 | ' | ' | 160,000 | 680,000 | ||||
With an allowance recorded | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 749,413,000 | [1] | 1,036,050,000 | [1] | 749,413,000 | [1] | 1,036,050,000 | [1] | ' |
Unpaid Principal Balance | 744,530,000 | [1] | 1,035,421,000 | [1] | 744,530,000 | [1] | 1,035,421,000 | [1] | ' |
Related Allowance | -348,004,000 | [1] | -491,399,000 | [1] | -348,004,000 | [1] | -491,399,000 | [1] | ' |
Average Recorded Investment | ' | ' | 904,290,000 | 1,178,501,000 | 1,694,050,000 | ||||
Interest Income Recognized | ' | ' | 2,299,000 | 4,177,000 | 7,519,000 | ||||
With an allowance recorded | Senior mortgages | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 650,337,000 | [1] | 918,975,000 | [1] | 650,337,000 | [1] | 918,975,000 | [1] | ' |
Unpaid Principal Balance | 645,463,000 | [1] | 918,496,000 | [1] | 645,463,000 | [1] | 918,496,000 | [1] | ' |
Related Allowance | -304,544,000 | [1] | -442,760,000 | [1] | -304,544,000 | [1] | -442,760,000 | [1] | ' |
Average Recorded Investment | ' | ' | 794,247,000 | 1,064,045,000 | 1,608,486,000 | ||||
Interest Income Recognized | ' | ' | 1,976,000 | 3,865,000 | 7,187,000 | ||||
With an allowance recorded | Subordinate mortgages | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 0 | [1] | 53,979,000 | [1] | 0 | [1] | 53,979,000 | [1] | ' |
Unpaid Principal Balance | 0 | [1] | 53,679,000 | [1] | 0 | [1] | 53,679,000 | [1] | ' |
Related Allowance | 0 | [1] | -39,579,000 | [1] | 0 | [1] | -39,579,000 | [1] | ' |
Average Recorded Investment | 32,382,000 | 52,208,000 | ' | ' | 19,477,000 | ||||
Interest Income Recognized | ' | ' | 0 | 0 | 0 | ||||
With an allowance recorded | Corporate/Partnership loans | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Recorded Investment | 99,076,000 | [1] | 63,096,000 | [1] | 99,076,000 | [1] | 63,096,000 | [1] | ' |
Unpaid Principal Balance | 99,067,000 | [1] | 63,246,000 | [1] | 99,067,000 | [1] | 63,246,000 | [1] | ' |
Related Allowance | -43,460,000 | [1] | -9,060,000 | [1] | -43,460,000 | [1] | -9,060,000 | [1] | ' |
Average Recorded Investment | 77,661,000 | 62,248,000 | ' | ' | 66,087,000 | ||||
Interest Income Recognized | ' | ' | 323,000 | 312,000 | 332,000 | ||||
Non-performing Loans | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Impaired financing receivable, interest income, cash basis method | ' | ' | $13,300,000 | $0 | $26,300,000 | ||||
[1] | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2013 and 2012, certain loans modified through troubled debt restructurings with a recorded investment of $231.8 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_Len8
Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details) (Senior mortgages, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
loans | loans | |
Senior mortgages | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of Loans | 6 | 8 |
Pre-Modification Outstanding Recorded Investment | $179,030 | $319,667 |
Post-Modification Outstanding Recorded Investment | $154,278 | $272,753 |
Loans_Receivable_and_Other_Len9
Loans Receivable and Other Lending Investments, net (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Troubled debt restructurings | ' | ' | ' |
Carrying value of loans sold | $95,100,000 | $53,900,000 | $144,900,000 |
Realized investment gains (losses) | -600,000 | 6,400,000 | 0 |
Unfunded commitments, troubled debt restructurings | 13,300,000 | ' | ' |
Unfunded commitments | 119,191,000 | ' | ' |
Performing senior mortgages | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Number of loans | 2 | ' | ' |
Recorded investment of loans whose maturity was extended | ' | 64,100,000 | ' |
Repayment of debt | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Recorded investment of loans whose maturity was extended | 15,400,000 | ' | ' |
Non-performing senior mortgages | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Recorded investment of loans whose maturity was extended | 174,500,000 | 255,600,000 | ' |
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal | 98,300,000 | ' | ' |
Modified loans | ' | 1 | ' |
Non-performing first mortgage with recorded charge offs and rate reductions | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal | ' | 181,500,000 | ' |
Financing receivable modification charge offs | ' | 45,500,000 | ' |
Minimum | Performing senior mortgages | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Trouble debt restructuring time period | '1 year | '1 year | ' |
Minimum | Non-performing first mortgage with recorded charge offs and rate reductions | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Trouble debt restructuring time period | ' | '1 month | ' |
Maximum | Performing senior mortgages | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Trouble debt restructuring time period | '3 years | '3 years | ' |
Maximum | Non-performing first mortgage with recorded charge offs and rate reductions | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Trouble debt restructuring time period | ' | '7 months | ' |
One Year Payment Extension | Performing senior mortgages | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
Recorded investment of loans whose maturity was extended | 4,600,000 | ' | ' |
Trouble debt restructuring time period | '1 year | ' | ' |
Corporate Debt Securities | ' | ' | ' |
Troubled debt restructurings | ' | ' | ' |
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 | 140,890,000 | ' | ' |
Unfunded commitments | $6,200,000 | ' | ' |
Recovered_Sheet1
Loans Receivable and Other Lending Investments, net (Troubled Debt Restructuring Subsequently Defaulted) (Details) (Senior mortgages troubled debt restructurings, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
loans | loans | |
Senior mortgages troubled debt restructurings | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of Loans | 1 | 1 |
Outstanding Recorded Investment | $26,693 | $18,511 |
Recovered_Sheet2
Loans Receivable and Other Lending Investments, net (Securities) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule of Debt Securities [Line Items] | ' |
Available-for-sale Securities, Amortized Cost Basis | $1,055 |
Available-for-sale Securities, Estimated Fair Value and Net Carrying Value | 1,037 |
Held-to-Maturity Securities, Amortized Cost Basis | 140,890 |
Held-to-Maturity Securities, Estimated Fair Value | 140,890 |
Face Value | 140,897 |
Amortized Cost Basis | 141,945 |
Estimated Fair Value | 141,927 |
Net Carrying Amount | 141,927 |
Municipal Bonds | ' |
Schedule of Debt Securities [Line Items] | ' |
Available-for-sale Securities, Face Value | 1,055 |
Available-for-sale Securities, Amortized Cost Basis | 1,055 |
Available-for-sale Securities, Net Unrealized Gain (Loss) | -18 |
Available-for-sale Securities, Estimated Fair Value and Net Carrying Value | 1,037 |
Corporate Debt Securities | ' |
Schedule of Debt Securities [Line Items] | ' |
Held-to-Maturity Securities, Face Value | 139,842 |
Held-to-Maturity Securities, Amortized Cost Basis | 140,890 |
Held-to-Maturity Securities, Net Unrealized Gain (Loss) | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 140,890 |
Held-to-maturity Securities | 140,890 |
Debt Securities | ' |
Schedule of Debt Securities [Line Items] | ' |
Available-for-sale Securities, Net Unrealized Gain (Loss) | ($18) |
Recovered_Sheet3
Loans Receivable and Other Lending Investments, net (Securities Maturities) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | ' |
Held-to-Maturity Securities, Amortized Cost Basis, Within one year | $0 |
Held-to-Maturity Securities, Amortized Cost Basis, After one year through 5 years | 140,890 |
Held-to-Maturity Securities, Amortized Cost Basis, After 5 years through 10 years | 0 |
Held-to-Maturity Securities, Amortized Cost Basis, After 10 years | 0 |
Held-to-Maturity Securities, Amortized Cost Basis, Total | 140,890 |
Held-to-Maturity Securities, Estimated Fair Value, Within one year | 0 |
Held-to-Maturity Securities, Estimated Fair Value, After one year through 5 years | 140,890 |
Held-to-Maturity Securities, Estimated Fair Value, After 5 years through 10 years | 0 |
Held-to-Maturity Securities, Estimated Fair Value, After 10 years | 0 |
Held-to-Maturity Securities, Estimated Fair Value, Total | 140,890 |
Available-for-Sale Securities, Amortized Cost Basis, Within one year | 0 |
Available-for-Sale Securities, Amortized Cost Basis, After one year through 5 years | 0 |
Available-for-Sale Securities, Amortized Cost Basis, After 5 years through 10 years | 0 |
Available-for-Sale Securities, Amortized Cost Basis, After 10 years | 1,055 |
Available-for-Sale Securities, Amortized Cost Basis, Total | 1,055 |
Available-for-Sale Securities, Estimated Fair Value | 0 |
Available-for-Sale Securities, Estimated Fair Value, After one year through 5 years | 0 |
Available-for-Sale Securities, Estimated Fair Value, After 5 years through 10 years | 0 |
Available-for-Sale Securities, Estimated Fair Value, After 10 years | 1,037 |
Available-for-Sale Securities, Estimated Fair Value, Total | $1,037 |
Other_Investments_Schedule_of_
Other Investments (Schedule of Other Investments) (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | ||||||||
LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | Madison Funds | Madison Funds | Madison Funds | Madison Funds | Oak Hill Funds | Oak Hill Funds | Oak Hill Funds | Real estate equity investments | Real estate equity investments | Real estate equity investments | Other equity method investments | Other equity method investments | Other equity method investments | Oak Hill Advisors | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Equity method investments | $197,307,000 | $387,718,000 | ' | ' | $0 | $205,773,000 | $205,773,000 | [1],[2] | ' | ' | $0 | [1],[2] | ' | $67,782,000 | $56,547,000 | ' | $21,366,000 | $29,840,000 | ' | $62,205,000 | $47,619,000 | ' | $45,954,000 | [3] | $47,939,000 | [3] | ' | ' | |||
Other, carrying value | 9,902,000 | 11,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other investments | 207,209,000 | 398,843,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Earnings (loss) from equity method investments | 41,520,000 | 103,009,000 | 95,091,000 | 45,375,000 | [2],[4] | 16,465,000 | 60,669,000 | 60,669,000 | [2],[4] | 53,861,000 | 53,861,000 | [2],[4] | ' | 13,700,000 | 14,796,000 | 10,246,000 | 3,641,000 | 4,174,000 | 5,844,000 | 1,918,000 | 2,753,000 | 21,636,000 | -5,273,000 | 3,332,000 | [3] | 4,614,000 | [3] | 40,944,000 | [3] | ' | |
Included within earnings from equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38,400,000 | |||||||
[1] | Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
[2] | 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 year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||
[3] | For the year ended December 31, 2011, equity in earnings includes $38.4 million of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011. | ||||||||||||||||||||||||||||||
[4] | LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013. |
Other_Investments_LNR_Property
Other Investments (LNR Property Narrative) (Details) (LNR Property LLC (LNR), USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Apr. 19, 2013 | Jul. 31, 2010 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Jul. 28, 2010 | |||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
iStar's ownership percentage | 24.00% | [1] | ' | ' | ' | ' | ' | 0.00% | [1] | 24.00% | [1] | 24.00% | [1] | 24.00% |
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 | ||||
Sales proceeds pursuant to contract | 220,300,000 | ' | 220,281,000 | 0 | 0 | 220,281,000 | ' | ' | ' | ' | ||||
Real estate, net proceeds held in escrow for potential indemnification obligations | ' | ' | ' | ' | $25,200,000 | $25,200,000 | ' | ' | ' | ' | ||||
[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 year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively. |
Other_Investments_Income_State
Other Investments (Income Statement) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2012 | Apr. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2013 | Jul. 28, 2010 | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Earnings (loss) from equity method investments | ' | ' | $41,520,000 | $103,009,000 | ' | $95,091,000 | ' | ' | ' | ||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total revenue(2) | ' | 179,373,000 | [1],[2] | ' | ' | 332,902,000 | [1],[2] | ' | 327,032,000 | [1],[2] | ' | ' | |
Income tax (expense) benefit(3) | ' | -2,137,000 | [2],[3] | ' | ' | -6,731,000 | [2],[3] | ' | 76,558,000 | [2],[3] | ' | ' | |
Net income attributable to parent entities | ' | 113,478,000 | [2],[4] | ' | ' | 253,039,000 | [2],[4] | ' | 225,190,000 | [2],[4] | ' | ' | |
iStar's ownership percentage | ' | 24.00% | [2] | ' | ' | 24.00% | [2] | ' | 24.00% | [2] | 0.00% | [2] | 24.00% |
Earnings (loss) from equity method investments | ' | 45,375,000 | [2],[5] | 16,465,000 | 60,669,000 | 60,669,000 | [2],[5] | 53,861,000 | 53,861,000 | [2],[5] | ' | ' | |
Assets, Net of VIEs | ' | ' | ' | ' | 1,380,000,000 | ' | ' | ' | ' | ||||
Noncurrent liabilities, Net of VIEs | ' | ' | ' | ' | 398,900,000 | ' | ' | ' | ' | ||||
Liabilities, Net of VIEs | ' | ' | ' | ' | 517,100,000 | ' | ' | ' | ' | ||||
Equity Method Investment, Summarized Financial Information, Other Loss | 66,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
LNR and certain commercial mortgage backed securities and collateralized debt obligation trusts that are considered VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total VIE trust assets | ' | ' | ' | ' | 97,520,000,000 | ' | ' | ' | ' | ||||
Total VIE trust liabilities | ' | ' | ' | ' | 97,210,000,000 | ' | ' | ' | ' | ||||
Servicing fee revenue | ' | 55,500,000 | ' | ' | 95,400,000 | ' | 119,000,000 | ' | ' | ||||
Equity method investments excluding LNR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total revenue(2) | ' | ' | 284,513,000 | 401,870,000 | ' | 198,340,000 | ' | ' | ' | ||||
Net income attributable to parent entities | ' | ' | $206,198,000 | $304,960,000 | ' | $97,066,000 | ' | ' | ' | ||||
[1] | LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 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 $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 2012 and 2011, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. | ||||||||||||
[2] | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively. | ||||||||||||
[3] | During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities. | ||||||||||||
[4] | Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR as described above. | ||||||||||||
[5] | LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013. |
Other_Investments_Balance_Shee
Other Investments (Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Apr. 19, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2011 | Jul. 28, 2010 | ||||
In Thousands, unless otherwise specified | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Equity method investments | $197,307 | ' | ' | $387,718 | ' | ' | ' | ||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Total assets(2) | ' | 0 | [1],[2] | ' | ' | 98,513,452 | [1],[2] | ' | ' | ||
Total debt(2) | ' | 0 | [1],[2] | ' | ' | 97,521,520 | [1],[2] | ' | ' | ||
Total liabilities(2) | ' | 0 | [1],[2] | ' | ' | 97,639,696 | [1],[2] | ' | ' | ||
Noncontrolling interests | ' | 0 | [2] | ' | ' | 8,067 | [2] | ' | ' | ||
Total equity | ' | 0 | [2] | ' | ' | 865,689 | [2] | ' | ' | ||
iStar's ownership percentage | ' | 0.00% | [2] | 24.00% | [2] | ' | 24.00% | [2] | 24.00% | [2] | 24.00% |
Equity method investments | 0 | 0 | [2],[3] | ' | 205,773 | 205,773 | [2],[3] | ' | ' | ||
Equity method investments excluding LNR | ' | ' | ' | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Total assets(2) | 2,980,737 | ' | ' | 2,758,889 | ' | ' | ' | ||||
Total liabilities(2) | 303,100 | ' | ' | 170,997 | ' | ' | ' | ||||
Noncontrolling interests | 333 | ' | ' | 2,253 | ' | ' | ' | ||||
Total equity | $2,677,304 | ' | ' | $2,585,639 | ' | ' | ' | ||||
[1] | LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 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 $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 2012 and 2011, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. | ||||||||||
[2] | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively. | ||||||||||
[3] | Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively. |
Other_Investments_Cash_Flows_D
Other Investments (Cash Flows) (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 19, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Jul. 28, 2010 | ||||
LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | ||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating cash flows | ' | ' | ' | ($127,075) | [1] | ($85,909) | [1] | $170,703 | [1] | ' | ' | |
Cash flows from investing activities | ' | ' | ' | -36,543 | [1] | -55,686 | [1] | 45,488 | [1] | ' | ' | |
Cash flows from financing activities | ' | ' | ' | 217,241 | [1] | 229,634 | [1] | -123,506 | [1] | ' | ' | |
Net cash flows | ' | ' | ' | 53,623 | [1] | 88,039 | [1] | 92,685 | [1] | ' | ' | |
Cash distributions | ' | ' | ' | 0 | [1] | 61,179 | [1] | 73,916 | [1] | ' | ' | |
iStar's ownership percentage | ' | ' | ' | 24.00% | [1] | 24.00% | [1] | 24.00% | [1] | 0.00% | [1] | 24.00% |
Distributions from operations of equity method investments | $17,252 | $105,586 | $85,766 | $0 | [1] | $14,690 | [1] | $17,722 | [1] | ' | ' | |
[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 year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively. |
Other_Investments_LNR_Property1
Other Investments (LNR Property) (Details) (LNR Property LLC (LNR), USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Apr. 19, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ||||
Schedule of Investment in Equity Method Investments [Roll Forward] | ' | ' | ' | ' | ' | ||||
Carrying value of LNR at beginning of period | $220,281 | $220,281 | $205,773 | $0 | $205,773 | ||||
Equity in earnings of LNR for the period(1) | ' | 0 | [1] | 45,375 | [1] | 0 | [1] | 45,375 | [1] |
Balance before other than temporary impairment | ' | 220,281 | 251,148 | 0 | 251,148 | ||||
Other than temporary impairment(1) | ' | 0 | [1] | -30,867 | [1] | 0 | [1] | -30,867 | [1] |
Sales proceeds pursuant to contract | -220,300 | -220,281 | 0 | 0 | -220,281 | ||||
Carrying value of LNR at end of period | ' | $0 | $220,281 | $0 | $0 | ||||
[1] | $66.2 million |
Other_Investments_Narrative_De
Other Investments (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 19, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2013 | Jul. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||
LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | Madison International Real Estate Fund IILP | Madison International Real Estate Fund IIILP | Madison GP1 Investors LP | Oak Hill Funds Group 2 | Real estate equity investments | Real estate equity investments | Real estate equity investments | Oak Hill Advisors | Land | Land | Land | Land | Land | Land | Land | Land | Land | Net Lease | Net Lease | Net Lease | Operating Properties | Operating Properties | Operating Properties | Operating Properties | Minimum | Maximum | |||||||||
Real estate equity investments | Real estate equity investments | Real estate equity investment 75.6% | Real estate equity investment 50.0% | Other real estate equity investments | Other real estate equity investments | Other real estate equity investments | Other real estate equity investments | Real estate equity investments | Real estate equity investments | Other real estate equity investments | Other real estate equity investments | Other real estate equity investments | Other real estate equity investments | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income (loss) from equity method investments, release of AOCI | ' | ' | ' | ' | ' | ' | ' | ' | $1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income (loss) from equity method investments, net of OTTI | ' | ' | ' | ' | ' | ' | ' | ' | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
iStar's ownership percentage | ' | ' | ' | 24.00% | [1] | ' | ' | ' | 24.00% | [1] | ' | ' | 24.00% | [1] | ' | 24.00% | [1] | 0.00% | [1] | 24.00% | 29.52% | 32.92% | 29.52% | 5.92% | ' | ' | ' | ' | ' | ' | ' | 47.50% | ' | 75.60% | 50.00% | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | 31.00% | 70.00% |
Property sold, aggregate, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,800,000 | 72,100,000 | 9,500,000 | 21,400,000 | ' | ' | ' | ' | ' | 18,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity method investment, carryover basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity method investment, distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity method investments | 197,307,000 | 387,718,000 | ' | ' | ' | ' | 0 | ' | 0 | 205,773,000 | 205,773,000 | [1],[2] | ' | ' | 0 | [1],[2] | ' | ' | ' | ' | ' | 62,205,000 | 47,619,000 | ' | ' | ' | ' | ' | 5,500,000 | ' | 18,000,000 | 3,500,000 | 2,700,000 | 5,500,000 | ' | 16,400,000 | 16,400,000 | ' | ' | 16,000,000 | 25,700,000 | ' | ' | |||
Earnings (loss) from equity method investments | 41,520,000 | 103,009,000 | 95,091,000 | ' | ' | ' | ' | 45,375,000 | [1],[3] | 16,465,000 | 60,669,000 | 60,669,000 | [1],[3] | 53,861,000 | 53,861,000 | [1],[3] | ' | ' | ' | ' | ' | ' | 2,753,000 | 21,636,000 | -5,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | 26,000,000 | ' | ' | ' | ' | ||
Sales proceeds pursuant to contract | ' | ' | ' | 220,300,000 | 220,281,000 | 0 | 0 | ' | 220,281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 183,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net gain from sale of ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[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 year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
[2] | Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
[3] | LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013. |
Other_Assets_and_Other_Liabili2
Other Assets and Other Liabilities (Other Assets) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Assets and Other Liabilities [Abstract] | ' | ' | ' | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $38,100,000 | $51,500,000 | ' | ||
Amortization of Above Market Lease | 7,000,000 | 5,800,000 | 2,700,000 | ||
Amortization of Intangible Assets | 8,200,000 | 7,000,000 | 7,700,000 | ||
Intangible assets, net(1) | 100,652,000 | [1] | 69,134,000 | [1] | ' |
Other receivables | 34,655,000 | 11,517,000 | ' | ||
Deferred financing fees, net(2) | 33,591,000 | [2] | 26,629,000 | [2] | ' |
Leasing costs, net(3) | 21,799,000 | [3] | 20,205,000 | [3] | ' |
Corporate furniture, fixtures and equipment, net(4) | 6,557,000 | [4] | 7,537,000 | [4] | ' |
Other assets | 40,726,000 | 28,102,000 | ' | ||
Deferred expenses and other assets, net | 237,980,000 | 163,124,000 | ' | ||
Accumulated amortization of deferred financing fees | 9,900,000 | 4,100,000 | ' | ||
Accumulated amortization on leasing costs | 7,100,000 | 6,600,000 | ' | ||
Accumulated depreciation on corporate furniture, fixtures and equipment | $6,200,000 | $6,200,000 | ' | ||
[1] | Accumulated amortization on intangible assets was $38.1 million and $51.5 million as of December 31, 2013 and 2012, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $7.0 million, $5.8 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total amortization expense for intangible assets was $8.2 million, $7.0 million and $7.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in “Depreciation and amortization†on the Company's Consolidated Statements of Operations. | ||||
[2] | Accumulated amortization on deferred financing fees was $9.9 million and $4.1 million as of December 31, 2013 and 2012, respectively. | ||||
[3] | Accumulated amortization on leasing costs was $7.1 million and $6.6 million as of December 31, 2013 and 2012, respectively. | ||||
[4] | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.2 million and $6.2 million as of December 31, 2013 and 2012, respectively. |
Other_Assets_and_Other_Liabili3
Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Assets and Other Liabilities [Abstract] | ' | ' | ' | ||
Accrued expenses | $58,840,000 | $50,467,000 | ' | ||
Accrued interest payable | 40,015,000 | 29,521,000 | ' | ||
Intangible liabilities, net(1) | 26,223,000 | [1] | 9,210,000 | [1] | ' |
Other liabilities | 45,753,000 | 52,472,000 | ' | ||
Accounts payable, accrued expenses and other liabilities | 170,831,000 | 141,670,000 | ' | ||
Below market lease, accumulated amortization | 4,600,000 | 2,200,000 | ' | ||
Amortization of below market lease | $2,800,000 | $1,400,000 | $600,000 | ||
[1] | Accumulated amortization on intangible liabilities was $4.6 million and $2.2 million as of December 31, 2013 and 2012, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $2.8 million, $1.4 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Other_Assets_and_Other_Liabili4
Other Assets and Other Liabilities (Intangible Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $10,530 |
2015 | 7,886 |
2016 | 7,122 |
2017 | 6,145 |
2018 | $4,295 |
Debt_Obligations_net_Schedule_
Debt Obligations, net (Schedule of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||
In Thousands, unless otherwise specified | 2012 Tranche A-1 Facility | 2012 Tranche A-1 Facility | 2012 Tranche A-2 Facility | 2012 Tranche A-2 Facility | October 2012 Secured Credit Facility | October 2012 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | Term loans collateralized by net lease assets | Term loans collateralized by net lease assets | Total secured credit facilities and term loans | Total secured credit facilities and term loans | 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 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 | Senior Convertible 1.50% notes | Senior Convertible 1.50% notes | Senior Convertible 1.50% 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 | Minimum | Minimum | Minimum | Minimum | Property One | Property Two | ||||||||||||||||
2012 Tranche A-2 Facility | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 Tranche A-1 Facility | October 2012 Secured Credit Facility | February 2013 Secured Credit Facility | Term loans collateralized by net lease assets | Term loans collateralized by net lease assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total debt obligations | $4,196,589 | $4,745,807 | $0 | [1] | $169,164 | [1] | $431,475 | [1] | $470,000 | [1] | $0 | [2] | $1,754,466 | [2] | $1,379,407 | [3] | $0 | [3] | $278,817 | [4] | $264,432 | [4] | $2,089,699 | $2,658,062 | $0 | ' | $96,801 | $0 | ' | $448,453 | $0 | ' | $200,601 | $105,765 | $105,765 | $261,403 | $261,403 | $265,000 | ' | $0 | $200,000 | [5] | $200,000 | [5] | $200,000 | [6] | ' | $0 | [6] | $99,722 | $99,722 | $275,000 | $275,000 | $300,000 | $300,000 | $300,000 | ' | $0 | $2,006,890 | $1,987,745 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' |
Debt discounts, net | -38,464 | -54,313 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total long-term debt obligations, net | $4,158,125 | $4,691,494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | 8.63% | 8.63% | 5.95% | 5.95% | ' | 5.70% | 5.70% | ' | 6.05% | ' | 5.88% | ' | 3.88% | 3.88% | ' | 3.00% | [5] | ' | 1.50% | [6] | 1.50% | ' | 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% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 1.25% | 1.25% | 1.25% | 1.00% | 2.00% | 2.75% | ||||||||||
Variable interest rate, basis | ' | ' | 'LIBOR | [1] | ' | 'LIBOR | [1] | ' | 'LIBOR | [2] | ' | 'LIBOR | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Effective interest rate | ' | ' | ' | ' | 7.00% | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Stated interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Stated interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Convertible debt conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.085 | ' | 0.0578 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
[1] | These loans each have a LIBOR floor of 1.25%. As of December 31, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This loan has a LIBOR floor of 1.25%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | This loan has a LIBOR floor of 1.00%. As of December 31, 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% and a loan with a floating rate of LIBOR plus 2.75%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016. |
Debt_Obligations_net_Future_Sc
Debt Obligations, net (Future Scheduled Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $21,657 | ' |
2015 | 105,765 | ' |
2016 | 926,403 | ' |
2017 | 2,185,604 | ' |
2018 | 617,052 | ' |
Thereafter | 340,108 | ' |
Total principal maturities | 4,196,589 | 4,745,807 |
Unamortized debt discounts, net | -38,464 | -54,313 |
Total long-term debt obligations, net | 4,158,125 | 4,691,494 |
Unsecured Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 0 | ' |
2015 | 105,765 | ' |
2016 | 926,403 | ' |
2017 | 374,722 | ' |
2018 | 600,000 | ' |
Thereafter | 100,000 | ' |
Total principal maturities | 2,106,890 | ' |
Unamortized debt discounts, net | -11,081 | ' |
Total long-term debt obligations, net | 2,095,809 | ' |
Secured Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 21,657 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 1,810,882 | ' |
2018 | 17,052 | ' |
Thereafter | 240,108 | ' |
Total principal maturities | 2,089,699 | ' |
Unamortized debt discounts, net | -27,383 | ' |
Total long-term debt obligations, net | $2,062,316 | ' |
Debt_Obligations_net_Secured_C
Debt Obligations, net (Secured Credit Facility Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Feb. 11, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 11, 2013 | Oct. 15, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Oct. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2011 | Feb. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Feb. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |||||||||
Secured Term Loans 5.3% and 8.2% due January 2013 | Secured Term Loans 5.3% and 8.2% due January 2013 | 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 Tranche A-1 Facility | 2012 Tranche A-1 Facility | 2012 Tranche A-1 Facility | Secured 2011 Tranche A-2 Facility Due 2014 | Secured 2011 Tranche A-2 Facility Due 2014 | Secured 2011 Tranche A-2 Facility Due 2014 | 2012 Tranche A-2 Facility | 2012 Tranche A-2 Facility | 2012 Tranche A-2 Facility | 2012 Secured Credit Facilities | 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 | 2011 Secured Credit Facilities | 2011 Secured Credit Facilities | 2011 Secured Credit Facilities | 2011 Secured Credit Facilities | 2011 Secured Credit Facilities | Secured 2011 Tranche A-1 Facility Due 2013 | Secured 2011 Tranche A-1 Facility Due 2013 | Minimum | Minimum | Minimum | Maximum | Lenders from Original Credit Facility Not Participating in New Credit Facility | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Net Lease Asset | Net Lease Asset | Net Lease Asset | ||||||||||||
tranches | tranches | Prior to Refinancing of Debt | Prior to Refinancing of Debt | Refinancing of Debt | Refinancing of Debt | February 2013 Secured Credit Facility | 2012 Tranche A-2 Facility | Secured 2011 Tranche A-1 Facility Due 2013 | February 2013 Secured Credit Facility | Minimum | Minimum | Minimum | property | Portfolio Lease Asset Sale | Portfolio Lease Asset Sale | |||||||||||||||||||||||||||||||||||||
February 2013 Secured Credit Facility | October 2012 Secured Credit Facility | 2012 Tranche A-1 Facility | property | property | ||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, face amount | ' | ' | ' | ' | $53,300,000 | ' | $1,706,980,000 | ' | ' | ' | ' | $1,820,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
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, amount | ' | ' | ' | ' | ' | 17,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, capitalized lender fees | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, lender fees, amount recorded as a loss on early extinguishment of debt | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, third party fees | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | 14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, third party fees, amount recognized | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, third party fees, amount capitalized | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of REIT taxable income permitted for distribution under debt covenants | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Line of credit facility, maximum amount of real estate asset distributions to stockholders | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Repayment of principal amount | 1,984,102,000 | 4,608,133,000 | 4,464,254,000 | ' | ' | 327,600,000 | ' | ' | 113,000,000 | ' | ' | ' | ' | 38,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 606,700,000 | 460,700,000 | 244,000,000 | 90,300,000 | ' | 1,070,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Gross | 4,196,589,000 | 4,745,807,000 | ' | ' | ' | 1,379,407,000 | [1] | ' | 0 | [1] | 0 | [2] | 1,754,466,000 | [2] | ' | ' | ' | 0 | [3] | 169,164,000 | [3] | ' | ' | ' | ' | 431,475,000 | [3] | 470,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on early extinguishment of debt, net | 33,190,000 | 37,816,000 | -101,466,000 | 500,000 | ' | 7,000,000 | ' | ' | 800,000 | 1,200,000 | ' | ' | ' | 4,400,000 | 8,100,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 12,000,000 | 12,100,000 | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ||||||||
Number of real estate properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 12 | 32 | ||||||||
Variable interest rate, spread | ' | ' | ' | ' | ' | 3.50% | [2] | ' | ' | 4.50% | [2] | ' | ' | ' | ' | 4.00% | [3] | ' | ' | ' | ' | ' | 5.75% | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.25% | ' | ' | 1.00% | 1.25% | 1.25% | ' | ' | ' | ||||
Effective interest rate | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Minimum aggregate cumulative amortization payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Periods following the initial payment of amortization that additional amortization payments are due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Borrowings from debt obligations | 1,444,565,000 | 3,498,794,000 | 3,037,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 410,000,000 | ' | ' | ' | 1,450,000,000 | ' | 470,000,000 | ' | ' | 880,000,000 | ' | ' | ' | ' | 2,950,000,000 | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of par credit facilities were issued at | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | 98.50% | ' | 98.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, unamortized discounts and financing fees | ' | ' | ' | ' | ' | ' | 25,600,000 | ' | ' | ' | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, deferred expense due to modification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | This loan has a LIBOR floor of 1.00%. As of December 31, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This loan has a LIBOR floor of 1.25%. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | These loans each have a LIBOR floor of 1.25%. As of December 31, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. |
Debt_Obligations_net_Secured_a
Debt Obligations, net (Secured and Unsecured Notes) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2011 | Dec. 31, 2013 | Nov. 13, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | 31-May-13 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | ||||||
loans | Secured Term Loan LIBOR Plus 2.00% due 2019 | Secured Term Loan LIBOR Plus 2.00% due 2019 | Unsecured Notes 5.50% senior notes | Unsecured Notes LIBOR plus 0.50% senior convertible notes | Unsecured Notes LIBOR plus 0.50% senior convertible notes | Senior unsecured notes with various maturities ranging from March 2012 to October 2014 | Unsecured Notes 5.15% senior notes | Unsecured Notes 5.15% senior notes | Secured Term Loans 5.3% and 8.2% due January 2013 | Secured Term Loans 5.3% and 8.2% due January 2013 | Secured Term Loan 5.3% due January 2013 | Secured Term Loan 8.2% Due January 2013 | Secured Term Loan 4.85% due October 2022 | Secured Term Loan LIBOR plus 4.50% due 2014 | Secured Term Loan LIBOR plus 4.50% due 2014 | Unsecured Credit Facilities | Unsecured Credit Facilities | Secured Notes 10.0% senior notes due 2014 | Secured Notes 10.0% senior notes due 2014 | Senior Convertible 1.50% notes | Senior Convertible 1.50% notes | Unsecured Notes 5.70% senior notes | Unsecured Notes 5.70% senior notes | Unsecured Notes 5.70% senior notes | 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 8.625% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Notes 5.95% senior notes | Unsecured Notes 7.125% senior notes | Unsecured Notes 7.125% senior notes | Senior Convertible 3.0% notes | Senior Convertible 3.0% notes | Unsecured Notes 6.5% Senior Notes | Unsecured Notes 8.625% Senior Notes | Unsecured Notes | Unsecured Notes 9.0% senior notes | Unsecured Notes 9.0% senior notes | Refinanced Secured Term Loan Originally Due March 2011 | Net Lease Asset | Portfolio Lease Asset Sale | Portfolio Lease Asset Sale | |||||||||
property | Net Lease Asset | Net Lease Asset | |||||||||||||||||||||||||||||||||||||||||||||||||||||
property | property | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt instrument, face amount | ' | ' | ' | ' | ' | $28,000,000 | ' | ' | ' | ' | ' | ' | ' | $53,300,000 | ' | ' | $54,500,000 | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' | ' | $265,000,000 | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | $200,000,000 | [1] | ' | ' | ' | ' | $275,000,000 | ' | ' | ' | ' | ||||
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | 8.20% | 4.85% | ' | ' | ' | ' | ' | 10.00% | 1.50% | [2] | 1.50% | ' | 5.70% | 5.70% | 3.88% | 3.88% | 4.88% | 4.88% | 8.63% | 8.63% | 8.63% | 5.95% | 5.95% | 7.13% | ' | 3.00% | [1] | ' | 6.50% | [1] | 8.63% | [1] | ' | ' | 9.00% | ' | ' | ' | ' | |
Percentage of issue price to principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.01% | ' | ' | ' | ' | ' | |||||
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,900,000 | ' | ' | ' | ' | ' | ' | |||||
Number of loans refinanced | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of real estate properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 12 | 32 | |||||
Repayment of principal amount | ' | 1,984,102,000 | 4,608,133,000 | 4,464,254,000 | ' | ' | 90,300,000 | 606,700,000 | 460,700,000 | 420,400,000 | 169,700,000 | ' | ' | ' | ' | ' | ' | ' | 50,800,000 | ' | 243,700,000 | 312,300,000 | ' | ' | ' | 200,600,000 | ' | ' | ' | ' | ' | ' | 96,800,000 | ' | ' | 448,500,000 | ' | ' | ' | ' | ' | 67,100,000 | 404,900,000 | ' | ' | ' | ' | ' | ' | ' | |||||
Variable interest rate, basis | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | |||||
Variable interest rate, spread | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 0.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | |||||
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | 5.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain (loss) on early extinguishment of debt, net | ' | $33,190,000 | $37,816,000 | ($101,466,000) | ' | ' | ' | ' | ' | ($3,200,000) | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | $200,000 | ($109,000,000) | ' | ' | ' | ' | $2,800,000 | ' | ' | ' | ' | ' | ' | ($31,000,000) | ' | ' | $9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016. |
Debt_Obligations_net_Debt_Cove
Debt Obligations, net (Debt Covenants) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Unsecured Credit Facilities | ' |
Debt Instrument [Line Items] | ' |
Minimum ratio of unencumbered assets to unsecured indebtedness | 1.2 |
Total secured credit facilities and term loans | ' |
Debt Instrument [Line Items] | ' |
Multiple of the minimum collateral coverage on outstanding borrowings | 1.25 |
Percentage of REIT taxable income permitted for distribution under debt covenants | 100.00% |
Aggregate equity value permitted to be distributed | $200,000,000 |
Debt_Obligations_net_Encumbere
Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Real estate, net | $2,796,181 | $2,739,099 | ||
Real estate available and held for sale | 360,517 | 635,865 | ||
Loans receivable, net(1) | 1,370,109 | [1] | 1,829,985 | [1] |
Other investments | 207,209 | 398,843 | ||
Cash and other assets | 907,995 | 556,207 | ||
Total assets | 5,642,011 | 6,159,999 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 29,200 | [2] | 33,100 | [2] |
Encumbered Assets | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Real estate, net | 1,644,463 | 1,640,005 | ||
Real estate available and held for sale | 152,604 | 263,842 | ||
Loans receivable, net(1) | 860,557 | [3] | 1,197,403 | [3] |
Other investments | 24,093 | 43,545 | ||
Cash and other assets | 0 | 0 | ||
Total assets | 2,681,717 | 3,144,795 | ||
Unencumbered Assets | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Real estate, net | 1,151,718 | 1,099,094 | ||
Real estate available and held for sale | 207,913 | 372,023 | ||
Loans receivable, net(1) | 538,752 | [3] | 665,682 | [3] |
Other investments | 183,116 | 355,298 | ||
Cash and other assets | 907,995 | 556,207 | ||
Total assets | $2,989,494 | $3,048,304 | ||
[1] | The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | |||
[2] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively. | |||
[3] | As of December 31, 2013 and 2012, the amounts presented exclude general reserves for loan losses of $29.2 million and $33.1 million, respectively. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Unfunded Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | $72,600 |
Discretionary Fundings | 0 |
Other | 46,591 |
Total | 119,191 |
Loans and Other Lending Investments | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 19,436 |
Discretionary Fundings | 0 |
Other | 0 |
Total | 19,436 |
Real Estate | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 53,164 |
Discretionary Fundings | 0 |
Other | 0 |
Total | 53,164 |
Strategic Investments | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 0 |
Discretionary Fundings | 0 |
Other | 46,591 |
Total | $46,591 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Lease Obligations) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future minimum lease obligations under non-cancelable operating leases | ' |
2014 | $5,797 |
2015 | 5,287 |
2016 | 5,408 |
2017 | 5,023 |
2018 | 4,179 |
Thereafter | $11,709 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Percentage of capital committed to strategic investments that may be drawn down | 100.00% | ' | ' |
Total operating lease expense | $6.10 | $6.50 | $7.20 |
Letters of credit issued | 3.7 | ' | ' |
Legal settlement payment | ' | $2 | ' |
Risk_Management_and_Derivative2
Risk Management and Derivatives (Risk Concentrations, Property Type) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
risk_component | ||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ||
Number of components of economic risk | 3 | ' | ||
Investment [Line Items] | ' | ' | ||
Real Estate Investment Property, Accumulated Depreciation | $424,453 | $378,306 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | $29,200 | [1] | $33,100 | [1] |
Land | ' | ' | ||
Investment [Line Items] | ' | ' | ||
% of Total | 21.60% | ' | ||
Office | ' | ' | ||
Investment [Line Items] | ' | ' | ||
% of Total | 15.20% | ' | ||
Industrial / R&D | ' | ' | ||
Investment [Line Items] | ' | ' | ||
% of Total | 13.50% | ' | ||
Entertainment / Leisure | ' | ' | ||
Investment [Line Items] | ' | ' | ||
% of Total | 10.70% | ' | ||
[1] | 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 December 31, 2013 and 2012, respectively. |
Risk_Management_and_Derivative3
Risk Management and Derivatives (Risk Concentrations, Geography) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ' | ' | ||
Real Estate Investment Property, Accumulated Depreciation | $424,453 | $378,306 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | $29,200 | [1] | $33,100 | [1] |
[1] | 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 December 31, 2013 and 2012, respectively. |
Risk_Management_and_Derivative4
Risk Management and Derivatives (Risk Concentrations, Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
California | ' |
Concentration Risk [Line Items] | ' |
% of Total | 15.10% |
Geographic Concentration Risk | ' |
Concentration Risk [Line Items] | ' |
% of Total | 10.00% |
Customer Concentration Risk | ' |
Concentration Risk [Line Items] | ' |
Number of large borrowers or tenants | 5 |
Aggregate annualized interest and operating lease revenue | 99.8 |
Percent of aggregate annualized interest and operating lease revenue | 8.00% |
Land | ' |
Concentration Risk [Line Items] | ' |
% of Total | 21.60% |
Office | ' |
Concentration Risk [Line Items] | ' |
% of Total | 15.20% |
Industrial / R&D | ' |
Concentration Risk [Line Items] | ' |
% of Total | 13.50% |
Entertainment / Leisure | ' |
Concentration Risk [Line Items] | ' |
% of Total | 10.70% |
Risk_Management_and_Derivative5
Risk Management and Derivatives (Classification on the Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | $11,175 | $0 |
Derivative Liabilities, Fair Value | 1,653 | 3,435 |
Foreign exchange contracts | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 1,418 | 0 |
Derivative Liabilities, Fair Value | 1,653 | 2,855 |
Interest rate swap | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 650 | 0 |
Derivative Liabilities, Fair Value | 0 | 580 |
Interest rate cap | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 9,107 | 0 |
Derivative Liabilities, Fair Value | $0 | $0 |
Risk_Management_and_Derivative6
Risk Management and Derivatives (Classification on the Consolidated Statements of Operations) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' |
Foreign currency transaction gain (loss) | ($2,000,000) | ($700,000) | ($2,300,000) |
Other Expense | Foreign exchange contracts | Designated as hedge | ' | ' | ' |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | 393,000 | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | ' | ' |
Other Expense | Foreign exchange contracts | Not designated as hedge | ' | ' | ' |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income | 880,000 | -8,920,000 | 17,406,000 |
Interest Expense | Interest rate cap | Designated as hedge | ' | ' | ' |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | -1,517,000 | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | ' | ' |
Interest Expense | Interest rate swap | Designated as hedge | ' | ' | ' |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | 869,000 | -968,000 | -1,553,000 |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | $310,000 | ($44,000) | ($180,000) |
Risk_Management_and_Derivative7
Risk Management and Derivatives (Notional Amounts) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Sells INR/Buys USD Forward | Sells INR/Buys USD Forward | Sells EUR/Buys USD Forward | Sells EUR/Buys USD Forward | Sells GBP/Buys USD Forward | Sells GBP/Buys USD Forward | Sells CAD/Buys USD Forward | Sells CAD/Buys USD Forward | Interest rate cap | Interest rate swap |
USD ($) | RSD | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | CAD | USD ($) | USD ($) | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | $7,379 | 456,000 | $110,696 | € 80,500 | $6,295 | £ 3,800 | $39,036 | 41,500 | $500,000 | $27,958 |
Maturity | ' | ' | 3-Jan-14 | 3-Jan-14 | 3-Jan-14 | 3-Jan-14 | 3-Jan-14 | 3-Jan-14 | ' | 1-Nov-19 |
Derivative, Cap Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Fixed Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.47% |
Risk_Management_and_Derivative8
Risk Management and Derivatives (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swap | Interest Rate Cap and Interest Rate Swap | Terminated Interest Rate Swap | Forward Contracts | Forward Contracts | |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Expense related to qualifying cash flow hedges expected to be reclassified to earnings over the next 12 months | ' | ($400,000) | $400,000 | ' | ' |
Collateral Already Posted, Aggregate Fair Value | ' | ' | ' | 7,200,000 | 9,600,000 |
Notional Amount | $27,958,000 | ' | ' | ' | ' |
Equity_Preferred_Stock_Details
Equity (Preferred Stock) (Details) (USD $) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Maximum | Maximum | Minimum | Minimum | Series D | Series D | Series E | Series E | Series F | Series F | Series G | Series G | Series I | Series I | Series J Preferred Stock | Series J Preferred Stock | Series J Preferred Stock | ||||||||||||||
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Common Stock, shares authorized | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Common Stock, par value (in dollars per share) | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Preferred Stock, shares authorized | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Common Stock, shares issued | 144,334,000 | 142,699,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Common Stock, shares outstanding | 83,717,000 | 83,782,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Shares Issued and Outstanding (in thousands) | 25,800,000 | 21,800,000 | ' | ' | ' | ' | 4,000,000 | 4,000,000 | 5,600,000 | 5,600,000 | 4,000,000 | 4,000,000 | 3,200,000 | 3,200,000 | 5,000,000 | 5,000,000 | 4,000,000 | ' | ' | |||||||||||
Par Value (in dollars per share) | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | |||||||||||
Preferred Stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | $25 | [1],[2] | $25 | $25 | [1],[2] | $25 | $25 | [1],[2] | $25 | $25 | [1],[2] | $25 | $25 | [1],[2] | $25 | $50 | [1],[2] | ' | $0 | |||||
Rate per Annum | ' | ' | ' | ' | ' | ' | 8.00% | [1],[2] | 8.00% | [1],[2] | 7.88% | [1],[2] | 7.88% | [1],[2] | 7.80% | [1],[2] | 7.80% | [1],[2] | 7.65% | [1],[2] | 7.65% | [1],[2] | 7.50% | [1],[2] | 7.50% | [1],[2] | 4.50% | [1],[2] | ' | ' |
Equivalent to Fixed Annual Rate (per share) | ' | ' | ' | ' | ' | ' | $2 | [1],[2] | $2 | $1.97 | [1],[2] | $1.97 | $1.95 | [1],[2] | $1.95 | $1.91 | [1],[2] | $1.91 | $1.88 | [1],[2] | $1.88 | $2.25 | [1],[2] | ' | ' | |||||
Number of days in year used in the computation of preferred stock dividends for any partial dividend period | '360 days | '360 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of months used in the computation of preferred stock dividends for any partial dividend period | '12 months | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of days in month, dividends computation of dividends payable for any partial dividend period | '30 days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | ' | ' | '30 days | '30 days | '10 days | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Dividends declared and paid | ' | ' | ' | ' | ' | ' | $8,000,000 | $8,000,000 | $11,000,000 | $11,000,000 | $7,800,000 | $7,800,000 | $6,100,000 | $6,100,000 | $9,400,000 | $9,400,000 | $6,700,000 | ' | ' | |||||||||||
Amount of preferred dividends in arrears | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Preferred stock, value, public offering shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | |||||||||||
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% | ' | |||||||||||
[1] | The Company declared and paid dividends of $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G and I preferred stock, respectively, during each of the years ended December 31, 2013 and 2012. The Company also declared and paid dividends of $6.7 million on its Series J preferred stock during the year ended December 31, 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. | |||||||||||||||||||||||||||||
[2] | 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. |
Equity_High_Performance_Unit_P
Equity (High Performance Unit Program) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
HPU | ' |
Stock Performance Award Program [Line Items] | ' |
Number of votes per share | 0.25 |
High Performance Unit Program | ' |
Stock Performance Award Program [Line Items] | ' |
Initial purchase price of high performance units | 9.8 |
Number of plans which did not meet the required performance thresholds | 4 |
High Performance Unit Program | Employee | ' |
Stock Performance Award Program [Line Items] | ' |
Number of plans which have exceeded performance thresholds | 3 |
High Performance Unit Program 2002 Plan | Employee | HPU | ' |
Stock Performance Award Program [Line Items] | ' |
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid | 819,254 |
Number of shares outstanding (in shares) | 5,000 |
High Performance Unit Program 2003 Plan | Employee | HPU | ' |
Stock Performance Award Program [Line Items] | ' |
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid | 987,149 |
Number of shares outstanding (in shares) | 5,000 |
High Performance Unit Program 2004 Plan | Employee | HPU | ' |
Stock Performance Award Program [Line Items] | ' |
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid | 1,031,875 |
Number of shares outstanding (in shares) | 5,000 |
Equity_Dividends_Details
Equity (Dividends) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 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_Stock_Repurchase_Progra
Equity (Stock Repurchase Program) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Repurchase Program | ' | ' | ' | ' |
Repurchase of common stock, authorized amount | $50,000,000 | $20,000,000 | ' | ' |
Available repurchase of common stock, authorized amount | 16,000,000 | ' | 29,000,000 | ' |
Number of common stock shares repurchased | ' | ' | 1.7 | 0.8 |
Amount of common stock shares repurchased | ' | ' | $21,000,000 | $4,600,000 |
Average cost of shares repurchased (in dollars per share) | ' | ' | $12.35 | $5.69 |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Income) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ' | ' |
Unrealized gains (losses) on available-for-sale securities | ($294) | $867 |
Unrealized gains on cash flow hedges | 662 | 607 |
Unrealized losses on cumulative translation adjustment | -4,644 | -2,659 |
Accumulated other comprehensive income (loss) | ($4,276) | ($1,185) |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans and Employee Benefits (Long-term Incentive Plan) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $19,261,000 | $15,293,000 | $29,702,000 |
Unrecognized compensation cost | 4,300,000 | ' | ' |
Weighted-average period to recognize the unrecognized compensation cost | '0 years 4 months 2 days | ' | ' |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $5,200,000 | ' | ' |
Long-term Incentive Plan 2009 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum number of shares that may be awarded | 8,000,000 | ' | ' |
Maximum additional number of shares that can be awarded provided that previously granted shares under the 1996 Plan either expire, are cancelled or forfeited | 500,000 | ' | ' |
Long-term Incentive Plan 2006 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum number of shares that may be awarded | 4,550,000 | ' | ' |
Number of shares available for grant designated as incentive stock options | 1,000,000 | ' | ' |
Long-term Incentive Plan 2006 and 2009 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for issuance | 4,000,000 | ' | ' |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Units Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Shares | ' | ' |
Vested (in shares) | -1,678,961 | ' |
Restricted stock units | ' | ' |
Number of Shares | ' | ' |
Non-vested, beginning balance (in shares) | 5,276,000 | ' |
Granted (in shares) | 795,000 | ' |
Vested (in shares) | -3,271,000 | ' |
Forfeited (in shares) | -21,000 | ' |
Non-vested, ending balance (in shares) | 2,779,000 | ' |
Weighted Average Grant Date Fair Value Per Share | ' | ' |
Non-vested, beginning balance, Weighted Average Grant Date Fair Value (in dollars per share) | $5.24 | ' |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $11.88 | ' |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $6.33 | ' |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $4.94 | ' |
Non-vested, ending balance, Weighted Average Grant Date Fair Value (in dollars per share) | $5.85 | ' |
Aggregate Intrinsic Value | $39,659 | $43,000 |
Employees | Restricted stock units | ' | ' |
Number of Shares | ' | ' |
Vested (in shares) | -3,271,272 | ' |
Employees | Restricted Stock Units Amended Units Vesting on January 1, 2013 | ' | ' |
Number of Shares | ' | ' |
Vested (in shares) | -1,719,304 | ' |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Units Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted stock units | Restricted stock units | Restricted stock units | Performance-based restricted stock units | Performance based restricted stock units vesting on December 31, 2014 | Employees | Employees | Employees | Employees | Employees | Employees | Employees | 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 | Minimum | Minimum | Minimum | Maximum | Maximum | ||
Restricted stock units | Amended restricted stock units that vested on January 1, 2012 | Service based restricted stock units vesting on February 11, 2013 | Annual incentive restricted stock units | Annual incentive restricted stock units | Performance-based restricted stock units | Service based restricted stock units with specified vesting dates | 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 | 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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock units vested | ' | $31.60 | $29.10 | $15.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | 1,678,961 | 3,271,000 | ' | ' | ' | ' | 3,271,272 | 1,719,304 | ' | 195,588 | 164,685 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | 795,000 | ' | ' | ' | ' | ' | ' | 185,720 | ' | ' | ' | ' | 600,000 | 313,334 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested, outstanding (in shares) | ' | 2,779,000 | 5,276,000 | ' | ' | 195,547 | ' | ' | ' | ' | ' | 195,588 | 90,666 | ' | ' | 600,000 | ' | 1,696,053 | ' | ' | ' | ' | 196,902 |
Performance measurement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '2 years | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | 200.00% | ' |
Percentage of original units granted equal to amended units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | 0.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.09% | ' | ' | ' | ' | ' |
Expected stock price volatility | ' | ' | ' | ' | 50.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57.75% | ' | ' | ' | ' | ' |
Vesting term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | ' | '3 years |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) (CSE and restricted stock units, USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Directors | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares awarded (in shares) | 33,474 |
Grant date fair value (in dollars per share) | $12.30 |
Vesting term | '1 year |
Non-vested, outstanding (in shares) | 367,134 |
Aggregate intrinsic value for directors | $5.20 |
Former director | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares issued for settlement (in shares) | 51,091 |
StockBased_Compensation_Plans_6
Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Service requirement | '3 months | ' | ' |
Employer matching contribution, percent of match | 50.00% | ' | ' |
Employer matching contribution, percent of employee contribution | 10.00% | ' | ' |
Gross contributions made by the Company | $0.90 | $0.90 | $0.90 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ($220,768) | [1] | ($314,678) | [1] | ($51,010) | [1] | ||||
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -718 | 1,500 | 3,629 | |||||||
Income from sales of residential property | ' | ' | ' | ' | ' | ' | ' | 27,900 | 86,658 | 63,472 | 5,721 | |||||||
Preferred dividends | ' | ' | ' | ' | ' | ' | ' | ' | -49,020 | -42,320 | -42,320 | |||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | ' | ' | ' | ' | ' | ' | ' | ' | -183,848 | -292,026 | -83,980 | |||||||
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Gain from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 22,233 | 27,257 | 25,110 | |||||||
Net income (loss) allocable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -155,769 | -272,997 | -62,387 | |||||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Weighted average number of common shares—basic and diluted | 84,617 | 85,392 | 85,125 | 84,824 | 83,674 | [2] | 83,629 | [2] | 84,113 | [2] | 83,556 | [2] | 84,990 | [1] | 83,742 | [1] | 88,688 | [1] |
Weighted average number of HPU shares—basic and diluted | 15 | 15 | 15 | 15 | 15 | [2] | 15 | [2] | 15 | [2] | 15 | [2] | 15 | [1],[3] | 15 | [1],[3] | 15 | [1],[3] |
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) | ' | ' | ' | ' | ' | ' | ' | ' | ($2.09) | [1] | ($3.37) | [1] | ($0.91) | [1] | ||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders/HPU holders (in dollars per share) | ($0.68) | ($0.36) | ($0.31) | ($0.49) | ($1.04) | [2] | ($0.86) | [2] | ($0.70) | [2] | ($0.66) | [2] | ($1.83) | [1] | ($3.26) | [1] | ($0.70) | [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 | ' | ' | ' | ' | ' | ' | ' | ' | -177,907 | -282,452 | -81,375 | |||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 623 | -16,908 | -5,343 | |||||||
Gain from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 21,515 | 26,363 | 24,331 | |||||||
Net income (loss) allocable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -155,769 | -272,997 | -62,387 | |||||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Weighted average number of common shares—basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | 84,990 | 83,742 | 88,688 | |||||||
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) | ' | ' | ' | ' | ' | ' | ' | ' | ($2.09) | ($3.37) | ($0.91) | |||||||
Income (loss) from discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ($0.20) | ($0.06) | |||||||
Gain from discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | $0.31 | $0.27 | |||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders/HPU holders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($1.83) | ($3.26) | ($0.70) | |||||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | -5,941 | -9,574 | -2,605 | |||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 21 | -573 | -171 | |||||||
Gain from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 718 | 894 | 779 | |||||||
Net income (loss) allocable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($5,202) | ($9,253) | ($1,997) | |||||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Weighted average number of HPU shares—basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | 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) | ' | ' | ' | ' | ' | ' | ' | ' | ($396.07) | ($638.27) | ($173.66) | |||||||
Income (loss) from discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.40 | ($38.20) | ($11.40) | |||||||
Gain from discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $47.87 | $59.60 | $51.93 | |||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders/HPU holders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($346.80) | ($616.87) | ($133.13) | |||||||
[1] | Income (loss) from continuing operations attributable to iStar Financial Inc. for the years ended December 31, 2013, 2012 and 2011 was $(221.5) million, $(313.2) million and $(47.4) million, respectively. See Note 13 for details on the calculation of earnings per share. | |||||||||||||||||
[2] | All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. | |||||||||||||||||
[3] | HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program (see Note 11). |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Anti-dilutive Shares) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Joint venture shares | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' |
Anti-dilutive shares | 298 | 298 | 298 |
Stock options | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' |
Anti-dilutive shares | 0 | 0 | 44 |
3.00% convertible senior unsecured notes | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' |
Anti-dilutive shares | 16,992 | 0 | 0 |
Series J convertible perpetual preferred stock | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' |
Anti-dilutive shares | 15,635 | 0 | 0 |
1.50% convertible senior unsecured notes | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' |
Anti-dilutive shares | 11,567 | 0 | 0 |
Fair_Values_Schedule_of_Fair_V
Fair Values (Schedule of Fair Value Measurement) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Recurring basis | Total | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | $11,175 | ' | |
Derivative liabilities | 1,653 | 3,435 | |
Recurring basis | Quoted market prices in active markets (Level 1) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | 0 | ' | |
Derivative liabilities | 0 | 0 | |
Recurring basis | Significant other observable inputs (Level 2) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | 11,175 | ' | |
Derivative liabilities | 1,653 | 3,435 | |
Recurring basis | Significant unobservable inputs (Level 3) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | 0 | ' | |
Derivative liabilities | 0 | 0 | |
Non-recurring basis | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired real estate(2) | 35,680 | [1] | ' |
Non-recurring basis | Total | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans(1) | 115,423 | [2] | 57,201 |
Impaired real estate(2) | ' | 31,597 | |
Non-recurring basis | Quoted market prices in active markets (Level 1) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans(1) | 0 | [2] | 0 |
Impaired real estate(2) | 0 | [1] | 0 |
Non-recurring basis | Significant other observable inputs (Level 2) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans(1) | 0 | [2] | 0 |
Impaired real estate(2) | 5,744 | [1] | 7,649 |
Non-recurring basis | Significant unobservable inputs (Level 3) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans(1) | 115,423 | [2] | 57,201 |
Impaired real estate(2) | 29,936 | [1] | 23,948 |
Real Estate | Non-recurring basis | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired real estate(2) | $29,900 | ' | |
Number of impaired real estate assets | 2 | ' | |
[1] | The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows. | ||
[2] | The Company recorded a recovery of loan losses on one loan with a fair value of $55.5 million based on the loan's remaining loan term of 2.6 years and interest rate of 4.7% using discounted cash flow analysis. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $53.6 million based upon a letter of intent executed by the borrower as well as recorded an impairment on one loan with a fair value of $6.3 million based upon a settlement agreement executed by the borrower. |
Fair_Values_Schedule_of_Fair_V1
Fair Values (Schedule of Fair Value Measurement Assumptions) (Details) (Non-recurring basis, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Quantitative information about Level 3 fair value measures | ' | |
Impaired real estate | $35,680 | [1] |
Loans and Other Lending Investments | Discounted Cash Flow | ' | |
Quantitative information about Level 3 fair value measures | ' | |
Impaired loans | 55,500 | |
Fair Value Inputs, Interest Rate | 4.70% | |
Fair value assumptions, expected term | '2 years 7 months 6 days | |
Loans and Other Lending Investments | Executed Letter of Intent | ' | |
Quantitative information about Level 3 fair value measures | ' | |
Impaired loans | 53,600 | |
Loans and Other Lending Investments | Executed Settlement Agreement | ' | |
Quantitative information about Level 3 fair value measures | ' | |
Impaired loans | 6,300 | |
Real Estate | ' | |
Quantitative information about Level 3 fair value measures | ' | |
Impaired real estate | $29,900 | |
Real Estate | Discounted Cash Flow | ' | |
Quantitative information about Level 3 fair value measures | ' | |
Discount rate | 13.00% | |
Fair value inputs, long-term revenue growth rate | 4.00% | |
Minimum | Real Estate | Discounted Cash Flow | ' | |
Quantitative information about Level 3 fair value measures | ' | |
Remaining inventory sell out period | '3 years 6 months | |
Maximum | Real Estate | Discounted Cash Flow | ' | |
Quantitative information about Level 3 fair value measures | ' | |
Remaining inventory sell out period | '4 years 7 months 6 days | |
[1] | The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows. |
Fair_Values_Narrative_Details
Fair Values (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ||
Loans receivable and other lending investments, net | $1,370,109 | [1] | $1,829,985 | [1] |
Financial liabilities: | ' | ' | ||
Debt obligations, net | 4,158,125 | 4,691,494 | ||
Book Value | ' | ' | ||
Financial assets: | ' | ' | ||
Loans receivable and other lending investments, net | 1,900,000 | ' | ||
Financial liabilities: | ' | ' | ||
Debt obligations, net | 4,900,000 | ' | ||
Fair Value | ' | ' | ||
Financial assets: | ' | ' | ||
Loans receivable and other lending investments, net | 1,400,000 | ' | ||
Financial liabilities: | ' | ' | ||
Debt obligations, net | $4,500,000 | ' | ||
[1] | The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. |
Segment_Reporting_Schedule_of_
Segment Reporting (Schedule of Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||||||||||||||||||||
LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | LNR Property LLC (LNR) | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Corporate, Non-Segment | Corporate, Non-Segment | Corporate, Non-Segment | ||||||||||||||||||||||||||||||||||||||||||
Real Estate Finance | Real Estate Finance | Real Estate Finance | Net Lease | Net Lease | Net Lease | Operating Properties | Operating Properties | Operating Properties | Land | Land | Land | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Operating lease income | ' | ' | ' | ' | ' | ' | ' | ' | $234,567 | $216,291 | $195,872 | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | [1] | $0 | [1] | $147,313 | $149,058 | [1] | $144,548 | [1] | $86,352 | $65,706 | [1] | $51,153 | [1] | $902 | $1,527 | [1] | $171 | [1] | $0 | [2] | $0 | [1],[2] | $0 | [1],[2] | |||||||||||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 108,015 | 133,410 | 226,871 | ' | ' | ' | ' | ' | ' | ' | 108,015 | 133,410 | [1] | 226,871 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||||||||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 48,208 | 47,838 | 39,722 | ' | ' | ' | ' | ' | ' | ' | 4,748 | 8,613 | [1] | 3,176 | [1] | 250 | 0 | [1] | 0 | [1] | 38,164 | 32,615 | [1] | 32,538 | [1] | 1,474 | 2,635 | [1] | 1,637 | [1] | 3,572 | [2] | 3,975 | [1],[2] | 2,371 | [1],[2] | |||||||||||||||||||
Total revenues | 101,073 | [3] | 95,696 | [3] | 99,919 | [3] | 94,102 | [3] | 96,421 | [3],[4] | 93,462 | [3],[4] | 106,886 | [3],[4] | 100,770 | [3],[4] | 390,790 | 397,539 | 462,465 | ' | ' | ' | ' | ' | ' | ' | 112,763 | 142,023 | [1] | 230,047 | [1] | 147,563 | 149,058 | [1] | 144,548 | [1] | 124,516 | 98,321 | [1] | 83,691 | [1] | 2,376 | 4,162 | [1] | 1,808 | [1] | 3,572 | [2] | 3,975 | [1],[2] | 2,371 | [1],[2] | |||||||||||
Earnings (loss) from equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | 41,520 | 103,009 | 95,091 | 45,375 | [5],[6] | 16,465 | 60,669 | 60,669 | [5],[6] | 53,861 | 53,861 | [5],[6] | ' | 0 | 0 | [1] | 0 | [1] | 2,699 | 2,632 | [1] | 2,566 | [1] | 5,546 | 25,142 | [1] | -626 | [1] | -5,331 | -6,138 | [1] | -7,213 | [1] | 38,606 | [2] | 81,373 | [1],[2] | 100,364 | [1],[2] | ||||||||||||||||
Income from sales of residential property | ' | ' | ' | ' | ' | ' | ' | 27,900 | 86,658 | 63,472 | 5,721 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | 82,603 | 63,472 | [1] | 5,721 | [1] | 4,055 | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||||||||
Net operating income from discontinued operations(2) | ' | ' | ' | ' | ' | ' | ' | ' | 2,735 | 8,175 | 13,198 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | [1] | 0 | [1] | 1,484 | 7,289 | [1] | 14,135 | [1] | 1,251 | 886 | [1] | -937 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||||||||
Gain from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 22,233 | 27,257 | 25,110 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | [1] | 0 | [1] | 3,395 | 27,257 | [1] | 25,110 | [1] | 18,838 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||||||||
Revenue and other earnings | ' | ' | ' | ' | ' | ' | ' | ' | 543,936 | 599,452 | 601,585 | ' | ' | ' | ' | ' | ' | ' | 112,763 | 142,023 | [1] | 230,047 | [1] | 155,141 | 186,236 | [1] | 186,359 | [1] | 232,754 | 187,821 | [1] | 87,849 | [1] | 1,100 | -1,976 | [1] | -5,405 | [1] | 42,178 | [2] | 85,348 | [1],[2] | 102,735 | [1],[2] | |||||||||||||||||||
Real estate expense | ' | ' | ' | ' | ' | ' | ' | ' | -157,441 | -151,458 | -138,714 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | [1] | 0 | [1] | -22,565 | -23,886 | [1] | -25,054 | [1] | -101,044 | -100,258 | [1] | -92,012 | [1] | -33,832 | -27,314 | [1] | -21,648 | [1] | 0 | [2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||||||||
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -8,050 | -17,266 | -11,070 | ' | ' | ' | ' | ' | ' | ' | -1,625 | -4,775 | [1] | -2,866 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | -6,425 | [2] | -12,491 | [1],[2] | -8,204 | [1],[2] | |||||||||||||||||||
Allocated interest expense(2) | ' | ' | ' | ' | ' | ' | ' | ' | -266,225 | [7] | -356,161 | [7] | -345,914 | [7] | ' | ' | ' | ' | ' | ' | ' | -74,377 | [7] | -111,898 | [1],[7] | -156,163 | [1],[7] | -80,034 | [7] | -92,579 | [1],[7] | -75,844 | [1],[7] | -49,114 | [7] | -69,259 | [1],[7] | -52,774 | [1],[7] | -30,368 | [7] | -44,125 | [1],[7] | -40,480 | [1],[7] | -32,332 | [2],[7] | -38,300 | [1],[2],[7] | -20,653 | [1],[7] | ||||||||||||
Allocated general and administrative(3) | ' | ' | ' | ' | ' | ' | ' | ' | -72,853 | [8] | -65,563 | [8] | -75,337 | [8] | ' | ' | ' | ' | ' | ' | ' | -13,186 | [8] | -14,263 | [1],[8] | -19,934 | [1],[8] | -14,330 | [8] | -10,618 | [1],[8] | -9,681 | [1],[8] | -9,189 | [8] | -7,572 | [1],[8] | -6,737 | [1],[8] | -12,365 | [8] | -7,405 | [1],[8] | -6,959 | [1],[8] | -23,783 | [2],[8] | -25,705 | [1],[2],[8] | -32,026 | [1],[8] | ||||||||||||
Segment profit (loss)(4) | ' | ' | ' | ' | ' | ' | ' | ' | 39,367 | [9] | 9,004 | [9] | 30,550 | [9] | ' | ' | ' | ' | ' | ' | ' | 23,575 | [9] | 11,087 | [1],[9] | 51,084 | [1],[9] | 38,212 | [9] | 59,153 | [1],[9] | 75,780 | [1],[9] | 73,407 | [9] | 10,732 | [1],[9] | -63,674 | [1],[9] | -75,465 | [9] | -80,820 | [1],[9] | -74,492 | [1],[9] | -20,362 | [2],[9] | 8,852 | [1],[9] | 41,852 | [1],[9] | ||||||||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 5,489 | 81,740 | [10] | 46,412 | [10] | ' | ' | ' | ' | ' | ' | ' | 5,489 | 81,740 | [1] | 46,412 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||||||
Impairment of assets | ' | ' | ' | ' | ' | ' | ' | ' | 14,353 | [7] | 36,354 | [7] | 22,386 | [7] | ' | ' | ' | ' | ' | ' | ' | 0 | [7] | 0 | [1],[7] | 0 | [1],[7] | 1,176 | [7] | 6,670 | [1],[7] | 668 | [1],[7] | 12,449 | [7] | 28,501 | [1],[7] | 21,030 | [1],[7] | 728 | [7] | 205 | [1],[7] | -184 | [1],[7] | 0 | [2],[7] | 978 | [1],[2],[7] | 872 | [1],[2],[7] | ||||||||||||
Loss on transfer of interest to unconsolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 7,373 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | -7,373 | ' | ' | 0 | ' | ' | ||||||||||||||||||||||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 71,530 | [7] | 70,786 | [7] | 63,928 | [7] | ' | ' | ' | ' | ' | ' | ' | 0 | [7] | 0 | [1],[7] | 0 | [1],[7] | 38,582 | [7] | 39,250 | [1],[7] | 42,080 | [1],[7] | 30,599 | [7] | 28,450 | [1],[7] | 18,169 | [1],[7] | 1,105 | [7] | 1,276 | [1],[7] | 1,534 | [1],[7] | 1,244 | [2],[7] | 1,810 | [1],[2],[7] | 2,145 | [1],[2],[7] | ||||||||||||
Capitalized expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 111,553 | 83,070 | 64,169 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | [1] | 0 | [1] | 34,076 | 10,994 | [1] | 8,699 | [1] | 41,131 | 51,579 | [1] | 38,477 | [1] | 36,346 | 20,497 | [1] | 16,993 | [1] | 0 | [2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||||||||
Real estate, at cost | 3,220,634 | ' | ' | ' | 3,117,405 | ' | ' | ' | 3,220,634 | 3,117,405 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 1,696,888 | 1,626,810 | ' | 720,508 | 704,481 | ' | 803,238 | 786,114 | ' | 0 | [2] | 0 | [2] | ' | ||||||||||||||||||||||||||||
Less: accumulated depreciation | -424,453 | ' | ' | ' | -378,306 | ' | ' | ' | -424,453 | -378,306 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | -338,640 | -310,605 | ' | -82,420 | -65,409 | ' | -3,393 | -2,292 | ' | 0 | [2] | 0 | [2] | ' | ||||||||||||||||||||||||||||
Real estate, net | 2,796,181 | ' | ' | ' | 2,739,099 | ' | ' | ' | 2,796,181 | 2,739,099 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 1,358,248 | 1,316,205 | ' | 638,088 | 639,072 | ' | 799,845 | 783,822 | ' | 0 | [2] | 0 | [2] | ' | ||||||||||||||||||||||||||||
Real estate available and held for sale | 360,517 | ' | ' | ' | 635,865 | ' | ' | ' | 360,517 | 635,865 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 228,328 | 454,587 | ' | 132,189 | 181,278 | ' | 0 | [2] | 0 | [2] | ' | ||||||||||||||||||||||||||||
Total real estate | 3,156,698 | ' | ' | ' | 3,374,964 | ' | ' | ' | 3,156,698 | 3,374,964 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 1,358,248 | 1,316,205 | ' | 866,416 | 1,093,659 | ' | 932,034 | 965,100 | ' | 0 | [2] | 0 | [2] | ' | ||||||||||||||||||||||||||||
Loans receivable and other lending investments, net | 1,370,109 | [11] | ' | ' | ' | 1,829,985 | [11] | ' | ' | ' | 1,370,109 | [11] | 1,829,985 | [11] | ' | ' | ' | ' | ' | ' | ' | ' | 1,370,109 | 1,829,985 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | [2] | 0 | [2] | ' | ||||||||||||||||||||||||
Other investments | 207,209 | ' | ' | ' | 398,843 | ' | ' | ' | 207,209 | 398,843 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 16,408 | 16,380 | ' | 16,032 | 25,745 | ' | 29,765 | 5,493 | ' | 145,004 | [2] | 351,225 | [2] | ' | ||||||||||||||||||||||||||||
Total portfolio assets | 4,734,016 | ' | ' | ' | 5,603,792 | ' | ' | ' | 4,734,016 | 5,603,792 | ' | ' | ' | ' | ' | ' | ' | ' | 1,370,109 | 1,829,985 | ' | 1,374,656 | 1,332,585 | ' | 882,448 | 1,119,404 | ' | 961,799 | 970,593 | ' | 145,004 | [2] | 351,225 | [2] | ' | ||||||||||||||||||||||||||||
Cash and other assets | 907,995 | ' | ' | ' | 556,207 | ' | ' | ' | 907,995 | 556,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Total assets | 5,642,011 | ' | ' | ' | 6,159,999 | ' | ' | ' | 5,642,011 | 6,159,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Equity method investments | 197,307 | ' | ' | ' | 387,718 | ' | ' | ' | 197,307 | 387,718 | ' | ' | 0 | 205,773 | 205,773 | [12],[6] | ' | ' | 0 | [12],[6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | $19,261 | $15,293 | $29,702 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
[1] | The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | 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 $16.5 million, $60.7 million and $53.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | General and administrative excludes stock-based compensation expense of $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Years Ended December 31, 2013 2012 2011Segment profit (loss)$39,367 $9,004 $30,550Less: Provision for loan losses(5,489) (81,740) (46,412)Less: Impairment of assets(2)(14,353) (36,354) (22,386)Less: Loss on transfer of interest to unconsolidated subsidiary(7,373) — —Less: Stock-based compensation expense(19,261) (15,293) (29,702)Less: Depreciation and amortization(2)(71,530) (70,786) (63,928)Less: Income tax (expense) benefit(2)596 (8,445) 4,719Add: Gain (loss) on early extinguishment of debt, net(33,190) (37,816) 101,466Net income (loss)$(111,233) $(241,430) $(25,693) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively. |
Segment_Reporting_Reconciliati
Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Reconciliation of segment profit (loss) to income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $39,367 | [1] | $9,004 | [1] | $30,550 | [1] | ||||
Less: Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -5,489 | -81,740 | [2] | -46,412 | [2] | |||||
Less: Impairment of assets(2) | ' | ' | ' | ' | ' | ' | ' | ' | -14,353 | [3] | -36,354 | [3] | -22,386 | [3] | ||||
Less: Loss on transfer of interest to unconsolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -7,373 | 0 | 0 | |||||||
Less: Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | -19,261 | -15,293 | -29,702 | |||||||
Less: Depreciation and amortization(2) | ' | ' | ' | ' | ' | ' | ' | ' | -71,530 | [3] | -70,786 | [3] | -63,928 | [3] | ||||
Less: Income tax (expense) benefit(2) | ' | ' | ' | ' | ' | ' | ' | ' | 596 | [3] | -8,445 | [3] | 4,719 | [3] | ||||
Add: Gain (loss) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | -33,190 | -37,816 | 101,466 | |||||||
Net income (loss) | ($45,992) | ($18,590) | ($14,398) | ($32,253) | ($79,948) | [4] | ($64,306) | [4] | ($51,129) | [4] | ($46,048) | [4] | ($111,233) | ($241,430) | ($25,693) | |||
[1] | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Years Ended December 31, 2013 2012 2011Segment profit (loss)$39,367 $9,004 $30,550Less: Provision for loan losses(5,489) (81,740) (46,412)Less: Impairment of assets(2)(14,353) (36,354) (22,386)Less: Loss on transfer of interest to unconsolidated subsidiary(7,373) — —Less: Stock-based compensation expense(19,261) (15,293) (29,702)Less: Depreciation and amortization(2)(71,530) (70,786) (63,928)Less: Income tax (expense) benefit(2)596 (8,445) 4,719Add: Gain (loss) on early extinguishment of debt, net(33,190) (37,816) 101,466Net income (loss)$(111,233) $(241,430) $(25,693) | |||||||||||||||||
[2] | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. | |||||||||||||||||
[3] | Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||||||||||
[4] | All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Unsecured Notes 8.625% senior notes | Unsecured Notes 8.625% senior notes | Unsecured Notes 8.625% senior notes | Madison Funds | Madison Funds | Madison Funds | Madison Funds | |||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue(1) | $101,073 | [1] | $95,696 | [1] | $99,919 | [1] | $94,102 | [1] | $96,421 | [1],[2] | $93,462 | [1],[2] | $106,886 | [1],[2] | $100,770 | [1],[2] | $390,790 | $397,539 | $462,465 | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | -45,992 | -18,590 | -14,398 | -32,253 | -79,948 | [2] | -64,306 | [2] | -51,129 | [2] | -46,048 | [2] | -111,233 | -241,430 | -25,693 | ' | ' | ' | ' | ' | ' | ' | |||||||
Earnings per common share data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net income (loss) attributable to iStar Financial Inc. | -47,043 | -18,757 | -14,087 | -32,064 | -79,810 | [2] | -63,640 | [2] | -50,407 | [2] | -46,073 | [2] | -111,951 | -239,930 | -22,064 | ' | ' | ' | ' | ' | ' | ' | |||||||
Basic and diluted (in dollars per share) | ($0.68) | ($0.36) | ($0.31) | ($0.49) | ($1.04) | [2] | ($0.86) | [2] | ($0.70) | [2] | ($0.66) | [2] | ($1.83) | [3] | ($3.26) | [3] | ($0.70) | [3] | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average number of common shares—basic and diluted | 84,617 | 85,392 | 85,125 | 84,824 | 83,674 | [2] | 83,629 | [2] | 84,113 | [2] | 83,556 | [2] | 84,990 | [3] | 83,742 | [3] | 88,688 | [3] | ' | ' | ' | ' | ' | ' | ' | ||||
Earnings per HPU share data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net income (loss) attributable to iStar Financial Inc. | -1,939 | -1,016 | -866 | -1,381 | -2,966 | [2] | -2,436 | [2] | -1,991 | [2] | -1,861 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Basic and diluted (in dollars per share) | ($129.26) | ($67.73) | ($57.74) | ($92.07) | ($197.73) | [2] | ($162.40) | [2] | ($132.73) | [2] | ($124.07) | [2] | ($346.80) | [3],[4] | ($616.87) | [3],[4] | ($133.13) | [3],[4] | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average number of HPU shares—basic and diluted | 15 | 15 | 15 | 15 | 15 | [2] | 15 | [2] | 15 | [2] | 15 | [2] | 15 | [3],[4] | 15 | [3],[4] | 15 | [3],[4] | ' | ' | ' | ' | ' | ' | ' | ||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Gain (loss) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | -33,190 | -37,816 | 101,466 | 31,000 | ' | ' | ' | ' | ' | ' | |||||||||||
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | 8.63% | 8.63% | ' | ' | ' | ' | |||||||||||
Income from sales of residential property | ' | ' | ' | ' | ' | ' | ' | 27,900 | 86,658 | 63,472 | 5,721 | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Earnings (loss) from equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | $41,520 | $103,009 | $95,091 | ' | ' | ' | $13,700 | $14,796 | $10,246 | $3,641 | |||||||||||
[1] | During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. | ||||||||||||||||||||||||||||
[2] | All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share. | ||||||||||||||||||||||||||||
[3] | Income (loss) from continuing operations attributable to iStar Financial Inc. for the years ended December 31, 2013, 2012 and 2011 was $(221.5) million, $(313.2) million and $(47.4) million, respectively. See Note 13 for details on the calculation of earnings per share. | ||||||||||||||||||||||||||||
[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). |
Subsequent_Events_Details
Subsequent Events (Details) (Net Lease Asset, USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | |
Subsequent Event | Maximum | ||
Subsequent Event | |||
Subsequent Event [Line Items] | ' | ' | ' |
Partners' Capital Account, Contributions | ' | $500,000,000 | ' |
Total Venture Investments | ' | ' | 1,250,000,000 |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | 52.00% | ' |
Asset Acquisition, Purchase Price | $93,600,000 | ' | ' |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Provision for loan losses | $5,489 | $81,740 | [1] | $46,412 | [1] | |
Balance at Beginning of Period | 570,975 | 701,181 | 845,922 | |||
Charged to Costs and Expenses | 1,277 | 73,835 | 28,736 | |||
Adjustments to Valuation Accounts | 19,855 | -176 | 40,936 | |||
Deductions | -152,784 | -203,865 | -214,413 | |||
Balance at End of Period | 439,323 | 570,975 | 701,181 | |||
Allowance for Loan Losses Write-Offs | -152,784 | [2],[3] | -203,865 | -214,413 | ||
Reserve for loan losses | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Provision for loan losses | 5,489 | [2],[3] | ' | ' | ||
Balance at Beginning of Period | 524,499 | [2],[3] | 646,624 | [2],[3] | 814,625 | [2],[3] |
Charged to Costs and Expenses | ' | 81,740 | [2],[3] | 46,412 | [2],[3] | |
Adjustments to Valuation Accounts | 0 | [2],[3] | 0 | [2],[3] | 0 | [2],[3] |
Deductions | ' | -203,865 | [2],[3] | -214,413 | [2],[3] | |
Balance at End of Period | 377,204 | [2],[3] | 524,499 | [2],[3] | 646,624 | [2],[3] |
Allowance for Loan Losses Write-Offs | -152,784 | ' | ' | |||
Allowance for doubtful accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 5,596 | [3] | 3,668 | [3] | 1,376 | [3] |
Charged to Costs and Expenses | 261 | [3] | 1,928 | [3] | 2,292 | [3] |
Adjustments to Valuation Accounts | 0 | [3] | 0 | [3] | 0 | [3] |
Deductions | 0 | [3] | 0 | [3] | 0 | [3] |
Balance at End of Period | 5,857 | [3] | 5,596 | [3] | 3,668 | [3] |
Allowance for deferred tax assets | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 40,880 | [3] | 50,889 | [3] | 29,921 | [3] |
Charged to Costs and Expenses | -4,473 | [3] | -9,833 | [3] | -19,968 | [3] |
Adjustments to Valuation Accounts | 19,855 | [3] | -176 | [3] | 40,936 | [3] |
Deductions | 0 | [3] | 0 | [3] | 0 | [3] |
Balance at End of Period | $56,262 | [3] | $40,880 | [3] | $50,889 | [3] |
[1] | For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively. | |||||
[2] | See Note 5 to the Company's Consolidated Financial Statements. | |||||
[3] | See Note 3 to the Company's Consolidated Financial Statements. |
Schedule_IIIReal_Estate_and_Ac1
Schedule III-Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OFFICE FACILITIES: | INDUSTRIAL FACILITIES: | LAND: | ENTERTAINMENT: | RETAIL: | HOTEL: | APARTMENT/RESIDENTIAL: | MIXED USE: | Real Estate Asses Held-for-Sale [Member] | Arizona MAZ 002 [Member] | Arizona OAZ006 [Member] | Arizona OAZ 002 [Member] | Arizona OAZ 003 [Member] | Arizona OAZ 004 [Member] | Arizona OAZ 005 [Member] | California OCA 002 [Member] | Colorado OCO 001 [Member] | Colorado OCO 002 [Member] | Florida OFL 001 [Member] | Georgia OGA 001 [Member] | Georgia OGA 002 [Member] | Illinois OIL 001 [Member] | Maryland OMD001 [Member] | Massachusetts OMA 001 [Member] | Michigan OMI 001 [Member] | New Jersey ONJ 001 [Member] | New Jersey ONJ 002 [Member] | New Jersey ONJ 003 [Member] | Pennsylvania OPA 001 [Member] | Tennessee OTN 001 [Member] | Texas OTX 001 [Member] | Texas OTX 002 [Member] | Texas OTX 003 [Member] | Texas OTX 004 [Member] | Virginia OVA 001 [Member] | Wisconsin OWI 001 [Member] | Arizona IAZ 001 [Member] | Arizona IAZ 002 [Member] | Arizona IAZ 002 [Member] | California ICA 001 [Member] | California ICA 005 [Member] | California ICA 006 [Member] | California ICA 007 [Member] | California ICA 008 [Member] | California ICA 009 [Member] | California ICA 010 [Member] | California ICA 012 [Member] | California ICA 013 [Member] | California ICA 014 [Member] | California ICA 015 [Member] | California ICA 016 [Member] | California ICA 017 [Member] | Colorado ICO 001 [Member] | Florida IFL 001 [Member] | Florida IFL 002 [Member] | Florida IFL 004 [Member] | Florida IFL 005 [Member] | Florida IFL 006 [Member] | Georgia IGA 001 [Member] | Hawaii IHI 001 [Member] | Indiana IIN 001 [Member] | Massachusetts IMA 001 [Member] | Michigan IMI 001 [Member] | Minnesota IMN 001 [Member] | Minnesota IMN 002 [Member] | North Carolina INC 001 [Member] | New Jersey INJ 001 [Member] | New York INY 001 [Member] | Texas ITX 002 [Member] | Texas ITX 003 [Member] | Texas ITX 004 [Member] | Texas ITX 005 [Member] | Virginia IVA 001 [Member] | Arizona LAZ 001 [Member] | California LCA 002 [Member] | California LCA008 [Member] | California LCA 003 [Member] | California LCA 004 [Member] | California LCA 005 [Member] | California LCA 006 [Member] | Florida LFA 001 [Member] | Florida LFA 002 [Member] | Flordia LFA 006 [Member] | Florida LFA 003 [Member] | Florida LFA 005 [Member] | Hawaii LHI 001 [Member] | Georgia LGA 001 [Member] | Georgia LGA 002 [Member] | Illinois LIL 001 [Member] | Maryland LMD 001 [Member] | Maryland LMD 002 [Member] | New Jersey LNJ 001 [Member] | New York LNY 002 [Member] | New York LNY 003 [Member] | New York LNY 001 [Member] | Oregon LOR 001 [Member] | Texas LTX 001 [Member] | Texas LTX 002 [Member] | Oregon LOR 002 [Member] | Virginia LVA 001 Property 1 [Member] | Virginia LVA 001 Property 2 [Member] | Alabama EAL 001 [Member] | Alabama EAL 002 [Member] | Arizona EAZ 001 [Member] | Arizona EAZ 002 [Member] | Arizona EAZ 003 [Member] | Arizona EAZ 004 [Member] | Arizona EAZ 005 [Member] | Arizona EAZ 006 [Member] | Arizona EAZ 007 [Member] | Arizona EAZ 008 [Member] | Arizona EAZ 009 [Member] | California ECA 001 [Member] | California ECA 002 [Member] | California ECA 003 [Member] | California ECA 004 [Member] | California ECA 005 [Member] | California ECA 006 [Member] | California ECA 007 [Member] | California ECA 008 [Member] | California ECA 009 [Member] | California ECA 010 [Member] | California ECA 011 [Member] | California ECA 012 [Member] | California ECA 013 [Member] | California ECA 014 [Member] | California ECA 015 [Member] | California ECA 016 [Member] | Colorado ECO 001 [Member] | Colorado ECO 002 [Member] | Colorado ECO 003 [Member] | Colorado ECO 004 [Member] | Colorado ECO 005 [Member] | Colorado ECO 006 [Member] | Connecticut ECT 001 [Member] | Connecticut ECT 002 [Member] | Delaware EDE 001 [Member] | Florida EFL 001 [Member] | Florida EFL 002 [Member] | Florida EFL 003 [Member] | Florida EFL 004 [Member] | Florida EFL 005 [Member] | Florida EFL 006 [Member] | Florida EFL 007 [Member] | Florida EFL 008 [Member] | Florida EFL 009 [Member] | Florida EFL 011 [Member] | Florida EFL 012 [Member] | Florida EFL 014 [Member] | Florida EFL 015 [Member] | Florida EFL 016 [Member] | Florida EFL 018 [Member] | Florida EFL 019 [Member] | Florida EFL 020 [Member] | Florida EFL 021 [Member] | Florida EFL 022 [Member] | Florida EFL 023 [Member] | Georgia EGA 001 [Member] | Georgia EGA 002 [Member] | Georgia EGA 003 [Member] | Georgia EGA 004 [Member] | Georgia EGA 005 [Member] | Georgia EGA 006 [Member] | Georgia EGA 007 [Member] | Illinois EIL 001 [Member] | Illinois EIL 002 [Member] | Illinois EIL 003 [Member] | Illinois EIL 004 [Member] | Illinois EIL 005 [Member] | Indiana EIN 001 [Member] | Kentucky EKY 001 [Member] | Kentucky EKY 002 [Member] | Maryland EMD 001 [Member] | Maryland EMD 002 [Member] | Maryland EMD 003 [Member] | Maryland EMD 004 [Member] | Maryland EMD 005 [Member] | Maryland EMD 006 [Member] | Maryland EMD 007 [Member] | Maryland EMD 008 [Member] | Maryland EMD 009 [Member] | Maryland EMD 011 [Member] | Massachusetts EMA 001 [Member] | Massachusetts EMA 002 [Member] | Massachusetts EMA 003 [Member] | Massachusetts EMA 004 [Member] | Michigan EMI 002 [Member] | Michigan EMI 003 [Member] | Michigan EMI 004 [Member] | Michigan EMI 005 [Member] | Michigan EMI 006 [Member] | Minnesota EMN 001 [Member] | Minnesota EMN 002 [Member] | Minnesota EMN 004 [Member] | Missouri EMO 001 [Member] | Missouri EMO 002 [Member] | Missouri EMO 003 [Member] | Missouri EMO 004 [Member] | New Jersey ENJ 001 [Member] | New Jersey ENJ 002 [Member] | Nevada ENV 001 [Member] | New York ENY 001 [Member] | New York ENY 002 [Member] | New York ENY 003 [Member] | New York ENY 004 [Member] | New York ENY 005 [Member] | New York ENY 006 [Member] | New York ENY 007 [Member] | New York ENY 008 [Member] | New York ENY 009 [Member] | New York ENY 010 [Member] | New York ENY 011 [Member] | New York ENY 012 [Member] | New York ENY 013 [Member] | New York ENY 014 [Member] | New York ENY 015 [Member] | New York ENY 016 [Member] | New York ENY 017 [Member] | New York ENY 018 [Member] | North Carolina ENC 001 [Member] | North Carolina ENC 002 [Member] | North Carolina ENC 003 [Member] | North Carolina ENC 004 [Member] | North Carolina ENC 005 [Member] | North Carolina ENC 006 [Member] | North Carolina ENC 007 [Member] | North Carolina ENC 008 [Member] | North Carolina ENC 009 [Member] | North Carolina ENC 010 [Member] | North Carolina ENC 011 [Member] | North Carolina ENC 012 [Member] | Ohio EOH 001 [Member] | Ohio EOH 002 [Member] | Ohio EOH 003 [Member] | Ohio EOH 004 [Member] | Oklahoma EOK 001 [Member] | Oklahoma EOK 002 [Member] | Oregon EOR 002 [Member] | Pennsylvania EPA 001 [Member] | Pennsylvania EPA 002 [Member] | Pennsylvania EPA 003 [Member] | Pennsylvania EPA 004 [Member] | Puerto Rico EPR 001 [Member] | Rhode Island ERI 001 [Member] | South Carolina ESC 001 [Member] | South Carolina ESC 002 [Member] | South Carolina ESC 003 [Member] | Tennessee ETN 001 [Member] | Texas ETX 001 [Member] | Texas ETX 002 [Member] | Texas ETX 003 [Member] | Texas ETX 004 [Member] | Texas ETX 005 [Member] | Texas ETX 006 [Member] | Texas ETX 007 [Member] | Texas ETX 008 [Member] | Texas ETX 009 [Member] | Texas ETX 010 [Member] | Texas ETX 011 [Member] | Texas ETX 013 [Member] | Texas ETX 014 [Member] | Texas ETX 017 [Member] | Texas ETX 018 [Member] | Texas ETX 019 [Member] | Texas ETX 020 [Member] | Texas ETX 021 [Member] | Texas ETX 022 [Member] | Utah EUT 001 [Member] | Virginia EVA 001 [Member] | Virginia EVA 002 [Member] | Virginia EVA 003 [Member] | Virginia EVA 004 [Member] | Virginia EVA 005 [Member] | Virginia EVA 006 [Member] | Virginia EVA 007 [Member] | Virginia EVA 008 [Member] | Virginia EVA 009 [Member] | Virginia EVA 010 [Member] | Virginia EVA 011 [Member] | Virginia EVA 012 [Member] | Virginia EVA 013 [Member] | Washington EWA 001 [Member] | Wisconsin EWI 001 [Member] | Wisconsin EWI 002 [Member] | Wisconsin EWI 003 [Member] | Wisconsin EWI 004 [Member] | Wisconsin EWI 005 [Member] | Arizona RAZ 003 [Member] | Arizona RAZ 004 [Member] | Arizona RAZ 005 [Member] | California RCA 001 [Member] | Colorado RCO 001 [Member] | Florida RFL 003 [Member] | Hawaii RHI 001 [Member] | Illinois RIL 002 [Member] | Illinois RIL 001 [Member] | New Mexico RNM 001 [Member] | New York RNY 001 [Member] | Pennsylvania RPA001 [Member] | South Carolina RSC 001 [Member] | Texas RTX 001 [Member] | Texas RTX 002 [Member] | Texas RTX 003 [Member] | Utah RUT 001 [Member] | Virginia RVA001 [Member] | Washington RWA 001 [Member] | California HCA 002 [Member] | California HCA 003 [Member] | Colorado HCO 001 [Member] | Georgia HGA 001 [Member] | Hawaii HHI 001 [Member] | Hawaii HHI 002 [Member] | Utah HUT 001 [Member] | Washington HWA 004 [Member] | Arizona AAZ 001 [Member] | California ACA 001 [Member] | California ACA 002 [Member] | California ACA 003 [Member] | Florida AFL 001 [Member] | Florida AFL 002 [Member] | Florida AFL003 [Member] | Florida AFL004 [Member] | Hawaii AHI 001 [Member] | Hawaii AHI 003 [Member] | Nevada ANZ 001 [Member] | New Jersey ANJ 001 [Member] | Washington AWA 001 [Member] | California MCA 001 [Member] | Florida MFL 001 [Member] | Georgia MGA 001 [Member] | Pennsylvania APA 001 [Member] | Pennsylvania APA 002 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MIXED USE: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | OFFICE FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | LAND: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | INDUSTRIAL FACILITIES: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | LAND: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | ENTERTAINMENT: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | RETAIL: | HOTEL: | HOTEL: | HOTEL: | HOTEL: | HOTEL: | HOTEL: | HOTEL: | HOTEL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | MIXED USE: | MIXED USE: | MIXED USE: | APARTMENT/RESIDENTIAL: | APARTMENT/RESIDENTIAL: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | $281,429,000 | ' | ' | ' | $137,764,000 | $143,665,000 | $0 | $0 | $0 | $0 | $0 | $0 | ' | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $5,787,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $21,657,000 | $12,894,000 | [1] | $13,421,000 | [1] | $0 | $53,514,000 | $12,141,000 | [1] | $18,350,000 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $18,031,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | [1] | $0 | $0 | $27,958,000 | $0 | [1] | $0 | $0 | $15,620,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $13,596,000 | [1] | $0 | $0 | [1] | $18,706,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $21,695,000 | [1] | $0 | [1] | $0 | $0 | $13,499,000 | [1] | $0 | [1] | $14,560,000 | [1] | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | $0 | $0 | $0 | [1] | $0 | $0 | $0 | [1] | $0 | $0 | $0 | $0 | $0 | $0 | [1] | $0 | [1] | $0 | $0 | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | $0 | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | $0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | 1,603,209,000 | ' | ' | ' | 84,780,000 | 129,760,000 | 920,025,000 | 133,448,000 | 60,136,000 | 47,039,000 | 199,040,000 | 28,981,000 | ' | 10,182,000 | [1] | 10,780,000 | [1] | 1,033,000 | [1] | 1,033,000 | [1] | 1,033,000 | [1] | 701,000 | [1] | 4,139,000 | 1,757,000 | [1] | 0 | [1] | 2,517,000 | [1] | 905,000 | [1] | 5,709,000 | [1] | 6,153,000 | 1,800,000 | [1] | 1,600,000 | [1] | 5,374,000 | 7,726,000 | 1,008,000 | [1] | 2,456,000 | [1] | 690,000 | [1] | 2,702,000 | 1,364,000 | [1] | 1,233,000 | [1] | 2,932,000 | [1] | 1,230,000 | [1] | 17,030,000 | 1,875,000 | 2,519,000 | [1] | 3,279,000 | [1] | 13,170,000 | [1] | 11,635,000 | [1] | 654,000 | [1] | 1,086,000 | [1] | 4,880,000 | [1] | 6,857,000 | [1] | 4,095,000 | [1] | 5,051,000 | 3,044,000 | [1] | 2,633,000 | [1] | 4,600,000 | 5,617,000 | 15,708,000 | 808,000 | [1] | 832,000 | 322,000 | 3,510,000 | [1] | 3,048,000 | [1] | 1,612,000 | [1] | 1,476,000 | [1] | 2,791,000 | [1] | 7,477,000 | 462,000 | [1] | 7,439,000 | [1] | 598,000 | [1] | 403,000 | [1] | 6,705,000 | [1] | 680,000 | [1] | 8,368,000 | [1] | 1,796,000 | [1] | 594,000 | 3,617,000 | 1,631,000 | [1] | 1,314,000 | [1] | 2,619,000 | [1] | 96,700,000 | 28,464,000 | 30,500,000 | 87,300,000 | 68,155,000 | 84,100,000 | 59,100,000 | 7,600,000 | 8,100,000 | 9,300,000 | 26,600,000 | 10,440,000 | 9,300,000 | 3,800,000 | 1,400,000 | [1] | 9,500,000 | 102,938,000 | 2,486,000 | [1] | 43,300,000 | 58,900,000 | 3,277,000 | 52,461,000 | 3,674,000 | 3,375,000 | [1] | 3,621,000 | [1] | 20,326,000 | 60,814,000 | 11,324,000 | 277,000 | [1] | 319,000 | [1] | 793,000 | [1] | 521,000 | [1] | 305,000 | [1] | 630,000 | [1] | 590,000 | [1] | 476,000 | [1] | 654,000 | [1] | 666,000 | [1] | 460,000 | [1] | 1,097,000 | [1] | 434,000 | [1] | 332,000 | [1] | 1,642,000 | [1] | 676,000 | [1] | 720,000 | [1] | 574,000 | [1] | 392,000 | [1] | 358,000 | [1] | 0 | [1] | 852,000 | [1] | 1,572,000 | [1] | 0 | [1] | 659,000 | [1] | 562,000 | [1] | 896,000 | [1] | 466,000 | [1] | 640,000 | [1] | 729,000 | [1] | 536,000 | [1] | 412,000 | [1] | 901,000 | [1] | 1,097,000 | [1] | 330,000 | [1] | 1,076,000 | [1] | 0 | [1] | 412,000 | [1] | 6,550,000 | [1] | 1,067,000 | [1] | 340,000 | [1] | 401,000 | [1] | 507,000 | [1] | 282,000 | [1] | 352,000 | [1] | 437,000 | [1] | 532,000 | [1] | 486,000 | [1] | 433,000 | [1] | 497,000 | [1] | 643,000 | [1] | 4,200,000 | [1] | 551,000 | 364,000 | [1] | 507,000 | [1] | 0 | [1] | 510,000 | [1] | 286,000 | [1] | 474,000 | [1] | 581,000 | [1] | 718,000 | [1] | 546,000 | [1] | 502,000 | [1] | 335,000 | [1] | 481,000 | [1] | 8,803,000 | [1] | 433,000 | [1] | 431,000 | [1] | 542,000 | [1] | 417,000 | [1] | 365,000 | [1] | 428,000 | [1] | 575,000 | [1] | 362,000 | [1] | 884,000 | [1] | 371,000 | [1] | 399,000 | [1] | 649,000 | [1] | 366,000 | [1] | 398,000 | [1] | 1,126,000 | [1] | 523,000 | [1] | 548,000 | [1] | 519,000 | [1] | 344,000 | [1] | 516,000 | [1] | 554,000 | [1] | 387,000 | [1] | 533,000 | [1] | 356,000 | [1] | 666,000 | [1] | 2,962,000 | [1] | 2,437,000 | [1] | 334,000 | [1] | 404,000 | [1] | 462,000 | [1] | 878,000 | [1] | 1,560,000 | [1] | 830,000 | [1] | 440,000 | [1] | 603,000 | [1] | 442,000 | [1] | 562,000 | [1] | 385,000 | [1] | 350,000 | [1] | 326,000 | [1] | 494,000 | [1] | 320,000 | [1] | 399,000 | [1] | 959,000 | [1] | 587,000 | [1] | 521,000 | [1] | 711,000 | [1] | 558,000 | [1] | 747,000 | [1] | 683,000 | [1] | 1,492,000 | [1] | 1,471,000 | [1] | 397,000 | [1] | 476,000 | [1] | 410,000 | [1] | 402,000 | [1] | 948,000 | [1] | 259,000 | [1] | 349,000 | [1] | 640,000 | [1] | 409,000 | [1] | 965,000 | [1] | 475,000 | [1] | 494,000 | [1] | 434,000 | [1] | 967,000 | [1] | 281,000 | [1] | 393,000 | [1] | 431,000 | [1] | 954,000 | [1] | 393,000 | [1] | 407,000 | [1] | 421,000 | [1] | 409,000 | [1] | 407,000 | [1] | 950,000 | [1] | 850,000 | [1] | 943,000 | [1] | 332,000 | [1] | 924,000 | [1] | 260,000 | [1] | 1,045,000 | [1] | 593,000 | [1] | 985,000 | [1] | 838,000 | [1] | 528,000 | [1] | 480,000 | [1] | 975,000 | [1] | 1,108,000 | [1] | 425,000 | [1] | 518,000 | [1] | 758,000 | [1] | 375,000 | [1] | 438,000 | [1] | 561,000 | [1] | 753,000 | [1] | 521,000 | [1] | 634,000 | [1] | 379,000 | [1] | 592,000 | [1] | 624,000 | [1] | 1,134,000 | [1] | 845,000 | [1] | 884,000 | [1] | 953,000 | [1] | 487,000 | [1] | 425,000 | [1] | 1,151,000 | [1] | 546,000 | [1] | 851,000 | [1] | 819,000 | [1] | 958,000 | [1] | 788,000 | [1] | 554,000 | [1] | 1,500,000 | [1] | 521,000 | [1] | 413,000 | [1] | 542,000 | [1] | 793,000 | [1] | 1,124,000 | [1] | 2,625,000 | 2,184,000 | 2,657,000 | [1] | 2,569,000 | [1] | 2,631,000 | [1] | 3,950,000 | [1] | 3,393,000 | 14,934,000 | 0 | [1] | 1,733,000 | [1] | 731,000 | [1] | 5,687,000 | [1] | 2,126,000 | 3,538,000 | [1] | 1,225,000 | 630,000 | 3,502,000 | [1] | 4,720,000 | [1] | 1,301,000 | 4,394,000 | [1] | 3,308,000 | [1] | 1,242,000 | [1] | 6,378,000 | [1] | 17,996,000 | [1] | 3,000,000 | 5,620,000 | [1] | 5,101,000 | [1] | 2,423,000 | 7,333,000 | [1] | 10,078,000 | [1] | 7,654,000 | [1] | 2,394,000 | [1] | 6,540,000 | 30,900,000 | 2,963,000 | [1] | 8,080,000 | [1] | 3,483,000 | [1] | 18,117,000 | [1] | 36,405,000 | 2,342,000 | [1] | 5,869,000 | [1] | 8,450,000 | [1] | 4,480,000 | [1] | 44,438,000 | 15,890,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building and Improvements | 2,230,043,000 | ' | ' | ' | 660,618,000 | 379,480,000 | 7,980,000 | 253,122,000 | 154,415,000 | 175,803,000 | 519,320,000 | 79,305,000 | ' | 52,544,000 | [1] | 36,336,000 | [1] | 6,652,000 | [1] | 6,652,000 | [1] | 6,652,000 | [1] | 4,339,000 | [1] | 5,064,000 | 16,930,000 | [1] | 16,752,000 | [1] | 14,484,000 | [1] | 6,744,000 | [1] | 49,091,000 | [1] | 14,993,000 | 18,706,000 | [1] | 21,947,000 | [1] | 137,956,000 | 74,429,000 | 13,763,000 | [1] | 28,955,000 | [1] | 26,098,000 | [1] | 25,129,000 | 10,628,000 | [1] | 15,160,000 | [1] | 31,235,000 | [1] | 5,660,000 | [1] | 52,349,000 | 13,914,000 | 7,481,000 | [1] | 5,221,000 | [1] | 5,144,000 | [1] | 19,515,000 | [1] | 4,591,000 | [1] | 7,964,000 | [1] | 12,367,000 | [1] | 8,378,000 | [1] | 8,323,000 | [1] | 6,170,000 | 3,716,000 | [1] | 3,219,000 | [1] | 5,627,000 | 6,877,000 | 27,987,000 | 8,306,000 | [1] | 1,379,000 | 323,000 | 20,846,000 | [1] | 8,676,000 | [1] | 4,586,000 | [1] | 4,198,000 | [1] | 24,637,000 | [1] | 23,623,000 | 9,224,000 | [1] | 21,774,000 | [1] | 9,814,000 | [1] | 1,147,000 | [1] | 17,690,000 | [1] | 5,947,000 | [1] | 15,376,000 | [1] | 5,108,000 | [1] | 716,000 | 3,432,000 | 27,858,000 | [1] | 8,903,000 | [1] | 28,481,000 | [1] | 0 | 2,836,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | 0 | 0 | [1] | 0 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | [1] | 0 | 0 | 0 | 359,000 | [1] | 414,000 | [1] | 1,027,000 | [1] | 673,000 | [1] | 394,000 | [1] | 815,000 | [1] | 764,000 | [1] | 616,000 | [1] | 845,000 | [1] | 862,000 | [1] | 596,000 | [1] | 1,421,000 | [1] | 560,000 | [1] | 429,000 | [1] | 2,124,000 | [1] | 876,000 | [1] | 932,000 | [1] | 743,000 | [1] | 508,000 | [1] | 464,000 | [1] | 18,000,000 | [1] | 1,101,000 | [1] | 2,034,000 | [1] | 1,953,000 | [1] | 852,000 | [1] | 729,000 | [1] | 1,159,000 | [1] | 602,000 | [1] | 827,000 | [1] | 944,000 | [1] | 694,000 | [1] | 533,000 | [1] | 1,165,000 | [1] | 1,420,000 | [1] | 426,000 | [1] | 1,390,000 | [1] | 41,809,000 | [1] | 531,000 | [1] | 0 | [1] | 1,382,000 | [1] | 439,000 | [1] | 520,000 | [1] | 655,000 | [1] | 364,000 | [1] | 455,000 | [1] | 567,000 | [1] | 689,000 | [1] | 629,000 | [1] | 561,000 | [1] | 643,000 | [1] | 833,000 | [1] | 18,272,000 | [1] | 714,000 | 470,000 | [1] | 656,000 | [1] | 19,337,000 | [1] | 660,000 | [1] | 371,000 | [1] | 613,000 | [1] | 752,000 | [1] | 930,000 | [1] | 706,000 | [1] | 651,000 | [1] | 434,000 | [1] | 622,000 | [1] | 57,000 | [1] | 560,000 | [1] | 557,000 | [1] | 701,000 | [1] | 539,000 | [1] | 473,000 | [1] | 554,000 | [1] | 745,000 | [1] | 468,000 | [1] | 1,145,000 | [1] | 481,000 | [1] | 518,000 | [1] | 839,000 | [1] | 473,000 | [1] | 516,000 | [1] | 1,458,000 | [1] | 678,000 | [1] | 711,000 | [1] | 672,000 | [1] | 445,000 | [1] | 667,000 | [1] | 718,000 | [1] | 500,000 | [1] | 691,000 | [1] | 460,000 | [1] | 861,000 | [1] | 0 | [1] | 8,715,000 | [1] | 432,000 | [1] | 523,000 | [1] | 597,000 | [1] | 1,139,000 | [1] | 2,019,000 | [1] | 1,075,000 | [1] | 569,000 | [1] | 779,000 | [1] | 571,000 | [1] | 728,000 | [1] | 499,000 | [1] | 453,000 | [1] | 421,000 | [1] | 640,000 | [1] | 414,000 | [1] | 516,000 | [1] | 1,240,000 | [1] | 761,000 | [1] | 675,000 | [1] | 920,000 | [1] | 723,000 | [1] | 967,000 | [1] | 885,000 | [1] | 1,933,000 | [1] | 1,904,000 | [1] | 513,000 | [1] | 615,000 | [1] | 530,000 | [1] | 520,000 | [1] | 1,227,000 | [1] | 336,000 | [1] | 452,000 | [1] | 828,000 | [1] | 531,000 | [1] | 1,249,000 | [1] | 615,000 | [1] | 638,000 | [1] | 562,000 | [1] | 1,252,000 | [1] | 365,000 | [1] | 508,000 | [1] | 557,000 | [1] | 1,235,000 | [1] | 508,000 | [1] | 527,000 | [1] | 544,000 | [1] | 528,000 | [1] | 527,000 | [1] | 1,230,000 | [1] | 1,100,000 | [1] | 1,220,000 | [1] | 429,000 | [1] | 1,196,000 | [1] | 338,000 | [1] | 1,353,000 | [1] | 767,000 | [1] | 1,276,000 | [1] | 1,083,000 | [1] | 682,000 | [1] | 622,000 | [1] | 1,261,000 | [1] | 1,433,000 | [1] | 549,000 | [1] | 671,000 | [1] | 981,000 | [1] | 485,000 | [1] | 567,000 | [1] | 726,000 | [1] | 976,000 | [1] | 675,000 | [1] | 821,000 | [1] | 491,000 | [1] | 766,000 | [1] | 808,000 | [1] | 1,467,000 | [1] | 1,094,000 | [1] | 1,145,000 | [1] | 1,233,000 | [1] | 632,000 | [1] | 550,000 | [1] | 1,490,000 | [1] | 707,000 | [1] | 1,103,000 | [1] | 1,061,000 | [1] | 1,240,000 | [1] | 1,020,000 | [1] | 716,000 | [1] | 6,500,000 | [1] | 673,000 | [1] | 535,000 | [1] | 702,000 | [1] | 1,025,000 | [1] | 1,455,000 | [1] | 4,875,000 | 4,056,000 | 2,666,000 | [1] | 3,031,000 | [1] | 279,000 | [1] | 0 | [1] | 21,155,000 | 29,675,000 | 336,000 | [1] | 0 | [1] | 6,073,000 | [1] | 56,950,000 | [1] | 948,000 | 4,215,000 | [1] | 2,275,000 | 1,170,000 | 0 | [1] | 16,711,000 | [1] | 0 | 27,030,000 | [1] | 20,623,000 | [1] | 7,865,000 | [1] | 25,514,000 | [1] | 17,996,000 | [1] | 12,000,000 | 32,695,000 | [1] | 32,080,000 | [1] | 0 | 29,333,000 | [1] | 40,312,000 | [1] | 17,859,000 | [1] | 24,206,000 | [1] | 15,260,000 | 30,900,000 | 11,850,000 | [1] | 12,120,000 | [1] | 9,417,000 | [1] | 106,829,000 | [1] | 64,719,000 | 44,478,000 | [1] | 629,000 | [1] | 8,216,000 | [1] | 17,916,000 | [1] | 82,527,000 | 29,510,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized Subsequent to Acquisition(2) | -244,180,000 | [2] | ' | ' | ' | 40,942,000 | [2] | 77,022,000 | [2] | 6,103,000 | [2] | 88,867,000 | [2] | 34,009,000 | [2] | 4,746,000 | [2] | -512,162,000 | [2] | 16,293,000 | [2] | ' | 17,269,000 | [1],[2] | -958,000 | [1],[2] | 951,000 | [1],[2] | 205,000 | [1],[2] | 197,000 | [1],[2] | 0 | [1],[2] | 1,596,000 | [2] | 5,506,000 | [1],[2] | 48,000 | [1],[2] | 2,518,000 | [1],[2] | 90,000 | [1],[2] | 22,033,000 | [1],[2] | 14,370,000 | [2] | 790,000 | [1],[2] | 276,000 | [1],[2] | -2,541,000 | [2] | 10,000 | [2] | -81,000 | [1],[2] | 505,000 | [1],[2] | -49,000 | [1],[2] | -17,064,000 | [2] | 5,644,000 | [1],[2] | 158,000 | [1],[2] | 12,403,000 | [1],[2] | 482,000 | [1],[2] | 0 | [2] | -6,147,000 | [2] | 1,023,000 | [1],[2] | 1,267,000 | [1],[2] | 64,000 | [1],[2] | 5,943,000 | [1],[2] | 2,044,000 | [1],[2] | 2,876,000 | [1],[2] | 3,550,000 | [1],[2] | 1,643,000 | [1],[2] | 1,411,000 | [1],[2] | 2,013,000 | [2] | 3,002,000 | [1],[2] | 290,000 | [1],[2] | 2,497,000 | [2] | 5,501,000 | [2] | 8,665,000 | [2] | 588,000 | [1],[2] | 0 | [2] | 64,000 | [2] | 8,279,000 | [1],[2] | 0 | [1],[2] | -1,408,000 | [1],[2] | -4,497,000 | [1],[2] | 349,000 | [1],[2] | 369,000 | [2] | 0 | [1],[2] | 10,979,000 | [1],[2] | 1,000 | [1],[2] | -344,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 21,141,000 | [1],[2] | 4,000 | [1],[2] | 0 | [2] | 0 | [2] | -416,000 | [1],[2] | 46,000 | [1],[2] | 142,000 | [1],[2] | 0 | [2] | 0 | [2] | 0 | [2] | -15,643,000 | [2] | -21,405,000 | [2] | 2,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 4,413,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [1],[2] | 0 | [2] | 0 | [2] | 0 | [1],[2] | 35,065,000 | [2] | 52,000 | [2] | 0 | [2] | 0 | [2] | 168,000 | [2] | 0 | [1],[2] | 0 | [1],[2] | -4,639,000 | [2] | 12,243,000 | [2] | -4,217,000 | [2] | -3,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -6,000 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 1,000 | [1],[2] | 0 | [1],[2] | -16,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | -4,000 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | -8,000 | [1],[2] | 0 | [1],[2] | 25,772,000 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | -8,000 | [1],[2] | -5,000 | [1],[2] | 1,000 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | -9,000 | [1],[2] | -10,000 | [1],[2] | 0 | [1],[2] | 4,000 | [1],[2] | 0 | [1],[2] | -3,000 | [1],[2] | 17,118,000 | [1],[2] | 0 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -5,000 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | -6,000 | [2] | -3,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -7,000 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 30,479,000 | [1],[2] | -5,000 | [1],[2] | -4,000 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -3,000 | [1],[2] | -9,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -6,000 | [1],[2] | -3,000 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | -6,000 | [1],[2] | 15,384,000 | [1],[2] | 679,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | -15,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -3,000 | [1],[2] | -4,000 | [1],[2] | -9,000 | [1],[2] | 0 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | -7,000 | [1],[2] | 0 | [1],[2] | -14,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -4,000 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -10,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | -9,000 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -3,000 | [1],[2] | 0 | [1],[2] | -8,000 | [1],[2] | -9,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -6,000 | [1],[2] | 0 | [1],[2] | -8,000 | [1],[2] | -5,000 | [1],[2] | -4,000 | [1],[2] | -10,000 | [1],[2] | -10,000 | [1],[2] | -58,000 | [1],[2] | 0 | [1],[2] | 1,000 | [1],[2] | -3,000 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -6,000 | [1],[2] | -4,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -9,000 | [1],[2] | -10,000 | [1],[2] | 0 | [1],[2] | -4,000 | [1],[2] | -11,000 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | -8,000 | [1],[2] | -5,000 | [1],[2] | 0 | [1],[2] | 2,000 | [1],[2] | 0 | [1],[2] | -6,000 | [1],[2] | -8,000 | [1],[2] | 0 | [1],[2] | 536,000 | [2] | -1,588,000 | [2] | -277,000 | [1],[2] | 150,000 | [1],[2] | 5,195,000 | [1],[2] | 10,285,000 | [1],[2] | 3,332,000 | [2] | 1,692,000 | [2] | 695,000 | [1],[2] | 8,370,000 | [1],[2] | 699,000 | [1],[2] | 1,754,000 | [1],[2] | -790,000 | [2] | 171,000 | [1],[2] | -791,000 | [2] | -409,000 | [2] | 5,975,000 | [1],[2] | 0 | [1],[2] | -990,000 | [2] | -871,000 | [1],[2] | -664,000 | [1],[2] | -253,000 | [1],[2] | 562,000 | [1],[2] | 6,971,000 | [1],[2] | 1,090,000 | [2] | -1,058,000 | [1],[2] | -1,031,000 | [1],[2] | 1,921,000 | [2] | -16,179,000 | [1],[2] | -38,529,000 | [1],[2] | -20,530,000 | [1],[2] | -26,239,000 | [1],[2] | -827,000 | [2] | -55,614,000 | [2] | 5,148,000 | [1],[2] | -18,535,000 | [1],[2] | -10,090,000 | [1],[2] | -103,327,000 | [1],[2] | -89,134,000 | [2] | -40,189,000 | [1],[2] | 3,000 | [1],[2] | -2,960,000 | [1],[2] | 1,981,000 | [1],[2] | -93,932,000 | [2] | -6,106,000 | [2] |
Gross Amount Carried at Close of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | 1,464,930,000 | ' | ' | ' | 85,787,000 | 128,687,000 | 921,431,000 | 133,431,000 | 58,219,000 | 47,039,000 | 61,506,000 | 28,830,000 | ' | 10,031,000 | [1] | 10,780,000 | [1] | 1,033,000 | [1] | 1,033,000 | [1] | 1,033,000 | [1] | 701,000 | [1] | 4,139,000 | 1,757,000 | [1] | 0 | [1] | 2,517,000 | [1] | 905,000 | [1] | 5,709,000 | [1] | 6,153,000 | 1,800,000 | [1] | 1,600,000 | [1] | 5,374,000 | 7,724,000 | 1,008,000 | [1] | 2,456,000 | [1] | 690,000 | [1] | 2,702,000 | 2,373,000 | [1] | 1,233,000 | [1] | 2,932,000 | [1] | 1,230,000 | [1] | 17,030,000 | 1,875,000 | 2,519,000 | [1] | 3,279,000 | [1] | 13,170,000 | [1] | 11,635,000 | [1] | 654,000 | [1] | 1,086,000 | [1] | 4,880,000 | [1] | 6,856,000 | [1] | 4,095,000 | [1] | 5,051,000 | 3,044,000 | [1] | 2,633,000 | [1] | 4,600,000 | 5,619,000 | 15,708,000 | 808,000 | [1] | 832,000 | 322,000 | 3,510,000 | [1] | 3,048,000 | [1] | 1,241,000 | [1] | 450,000 | [1] | 2,791,000 | [1] | 7,477,000 | 462,000 | [1] | 7,439,000 | [1] | 598,000 | [1] | 1,206,000 | [1] | 6,225,000 | [1] | 680,000 | [1] | 8,368,000 | [1] | 1,796,000 | [1] | 594,000 | 3,617,000 | 1,631,000 | [1] | 1,314,000 | [1] | 2,619,000 | [1] | 96,700,000 | 28,464,000 | 30,500,000 | 71,657,000 | 46,750,000 | 84,102,000 | 59,100,000 | 7,600,000 | 8,100,000 | 9,300,000 | 26,600,000 | 10,440,000 | 9,300,000 | 3,800,000 | 1,400,000 | [1] | 9,500,000 | 102,938,000 | 2,486,000 | [1] | 78,365,000 | 58,900,000 | 3,277,000 | 52,461,000 | 3,674,000 | 3,375,000 | [1] | 3,621,000 | [1] | 15,687,000 | 73,057,000 | 7,107,000 | 277,000 | [1] | 319,000 | [1] | 793,000 | [1] | 521,000 | [1] | 305,000 | [1] | 630,000 | [1] | 590,000 | [1] | 476,000 | [1] | 654,000 | [1] | 666,000 | [1] | 460,000 | [1] | 1,097,000 | [1] | 434,000 | [1] | 332,000 | [1] | 1,642,000 | [1] | 676,000 | [1] | 720,000 | [1] | 574,000 | [1] | 392,000 | [1] | 358,000 | [1] | 0 | [1] | 852,000 | [1] | 1,572,000 | [1] | 0 | [1] | 659,000 | [1] | 562,000 | [1] | 896,000 | [1] | 466,000 | [1] | 640,000 | [1] | 729,000 | [1] | 536,000 | [1] | 412,000 | [1] | 901,000 | [1] | 1,097,000 | [1] | 330,000 | [1] | 1,076,000 | [1] | 0 | [1] | 412,000 | [1] | 6,533,000 | [1] | 1,067,000 | [1] | 340,000 | [1] | 401,000 | [1] | 507,000 | [1] | 282,000 | [1] | 352,000 | [1] | 437,000 | [1] | 532,000 | [1] | 486,000 | [1] | 433,000 | [1] | 497,000 | [1] | 643,000 | [1] | 4,200,000 | [1] | 551,000 | 364,000 | [1] | 507,000 | [1] | 0 | [1] | 510,000 | [1] | 286,000 | [1] | 474,000 | [1] | 581,000 | [1] | 718,000 | [1] | 546,000 | [1] | 502,000 | [1] | 335,000 | [1] | 481,000 | [1] | 8,803,000 | [1] | 433,000 | [1] | 431,000 | [1] | 542,000 | [1] | 417,000 | [1] | 365,000 | [1] | 428,000 | [1] | 575,000 | [1] | 362,000 | [1] | 884,000 | [1] | 371,000 | [1] | 399,000 | [1] | 649,000 | [1] | 366,000 | [1] | 398,000 | [1] | 1,126,000 | [1] | 523,000 | [1] | 548,000 | [1] | 519,000 | [1] | 344,000 | [1] | 516,000 | [1] | 554,000 | [1] | 387,000 | [1] | 533,000 | [1] | 356,000 | [1] | 666,000 | [1] | 2,962,000 | [1] | 2,437,000 | [1] | 334,000 | [1] | 404,000 | [1] | 462,000 | [1] | 878,000 | [1] | 1,560,000 | [1] | 830,000 | [1] | 440,000 | [1] | 603,000 | [1] | 442,000 | [1] | 562,000 | [1] | 385,000 | [1] | 350,000 | [1] | 326,000 | [1] | 494,000 | [1] | 320,000 | [1] | 399,000 | [1] | 959,000 | [1] | 587,000 | [1] | 521,000 | [1] | 711,000 | [1] | 558,000 | [1] | 747,000 | [1] | 683,000 | [1] | 1,492,000 | [1] | 1,471,000 | [1] | 397,000 | [1] | 476,000 | [1] | 410,000 | [1] | 402,000 | [1] | 948,000 | [1] | 259,000 | [1] | 349,000 | [1] | 640,000 | [1] | 409,000 | [1] | 965,000 | [1] | 475,000 | [1] | 494,000 | [1] | 434,000 | [1] | 967,000 | [1] | 281,000 | [1] | 393,000 | [1] | 431,000 | [1] | 954,000 | [1] | 393,000 | [1] | 407,000 | [1] | 421,000 | [1] | 409,000 | [1] | 407,000 | [1] | 950,000 | [1] | 850,000 | [1] | 943,000 | [1] | 332,000 | [1] | 924,000 | [1] | 260,000 | [1] | 1,045,000 | [1] | 593,000 | [1] | 985,000 | [1] | 838,000 | [1] | 528,000 | [1] | 480,000 | [1] | 975,000 | [1] | 1,108,000 | [1] | 425,000 | [1] | 518,000 | [1] | 758,000 | [1] | 375,000 | [1] | 438,000 | [1] | 561,000 | [1] | 753,000 | [1] | 521,000 | [1] | 634,000 | [1] | 379,000 | [1] | 592,000 | [1] | 624,000 | [1] | 1,134,000 | [1] | 845,000 | [1] | 884,000 | [1] | 953,000 | [1] | 487,000 | [1] | 425,000 | [1] | 1,151,000 | [1] | 546,000 | [1] | 851,000 | [1] | 819,000 | [1] | 958,000 | [1] | 788,000 | [1] | 554,000 | [1] | 1,500,000 | [1] | 521,000 | [1] | 413,000 | [1] | 542,000 | [1] | 793,000 | [1] | 1,124,000 | [1] | 2,625,000 | 2,184,000 | 2,657,000 | [1] | 2,569,000 | [1] | 2,607,000 | [1] | 3,908,000 | [1] | 3,393,000 | 14,934,000 | 0 | [1] | 1,705,000 | [1] | 711,000 | [1] | 5,687,000 | [1] | 1,337,000 | 3,514,000 | [1] | 1,225,000 | 630,000 | 3,502,000 | [1] | 4,720,000 | [1] | 311,000 | 4,394,000 | [1] | 3,308,000 | [1] | 1,242,000 | [1] | 6,378,000 | [1] | 17,996,000 | [1] | 3,000,000 | 5,620,000 | [1] | 5,101,000 | [1] | 2,423,000 | 4,097,000 | [1] | 2,372,000 | [1] | 2,296,000 | [1] | 32,000 | [1] | 6,540,000 | 3,093,000 | 3,992,000 | [1] | 666,000 | [1] | 759,000 | [1] | 3,134,000 | [1] | 4,316,000 | 333,000 | [1] | 5,870,000 | [1] | 8,450,000 | [1] | 4,479,000 | [1] | 11,562,000 | 15,891,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building and Improvements | 2,124,142,000 | ' | ' | ' | 700,553,000 | 457,575,000 | 12,677,000 | 342,006,000 | 190,341,000 | 180,549,000 | 144,692,000 | 95,749,000 | ' | 69,965,000 | [1] | 35,378,000 | [1] | 7,603,000 | [1] | 6,857,000 | [1] | 6,849,000 | [1] | 4,339,000 | [1] | 6,660,000 | 22,436,000 | [1] | 16,800,000 | [1] | 17,002,000 | [1] | 6,834,000 | [1] | 71,124,000 | [1] | 29,363,000 | 19,496,000 | [1] | 22,223,000 | [1] | 135,415,000 | 74,441,000 | 13,682,000 | [1] | 29,460,000 | [1] | 26,049,000 | [1] | 8,065,000 | 15,263,000 | [1] | 15,318,000 | [1] | 43,638,000 | [1] | 6,142,000 | [1] | 52,349,000 | 7,767,000 | 8,504,000 | [1] | 6,488,000 | [1] | 5,208,000 | [1] | 25,458,000 | [1] | 6,635,000 | [1] | 10,840,000 | [1] | 15,917,000 | [1] | 10,022,000 | [1] | 9,734,000 | [1] | 8,183,000 | 6,718,000 | [1] | 3,509,000 | [1] | 8,124,000 | 12,376,000 | 36,652,000 | 8,894,000 | [1] | 1,379,000 | 387,000 | 29,125,000 | [1] | 8,676,000 | [1] | 3,549,000 | [1] | 727,000 | [1] | 24,986,000 | [1] | 23,992,000 | 9,224,000 | [1] | 32,753,000 | [1] | 9,815,000 | [1] | 0 | [1] | 18,170,000 | [1] | 5,947,000 | [1] | 36,517,000 | [1] | 5,112,000 | [1] | 716,000 | 3,432,000 | 27,442,000 | [1] | 8,949,000 | [1] | 28,623,000 | [1] | 0 | 2,836,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,413,000 | 0 | 0 | 0 | 0 | [1] | 0 | 0 | 0 | [1] | 0 | 52,000 | 0 | 0 | 168,000 | 0 | [1] | 0 | [1] | 0 | 0 | 0 | 356,000 | [1] | 414,000 | [1] | 1,027,000 | [1] | 669,000 | [1] | 391,000 | [1] | 815,000 | [1] | 764,000 | [1] | 612,000 | [1] | 839,000 | [1] | 856,000 | [1] | 596,000 | [1] | 1,421,000 | [1] | 561,000 | [1] | 429,000 | [1] | 2,108,000 | [1] | 876,000 | [1] | 932,000 | [1] | 738,000 | [1] | 504,000 | [1] | 461,000 | [1] | 18,000,000 | [1] | 1,093,000 | [1] | 2,034,000 | [1] | 27,725,000 | [1] | 846,000 | [1] | 729,000 | [1] | 1,151,000 | [1] | 597,000 | [1] | 828,000 | [1] | 944,000 | [1] | 689,000 | [1] | 533,000 | [1] | 1,156,000 | [1] | 1,410,000 | [1] | 426,000 | [1] | 1,394,000 | [1] | 41,809,000 | [1] | 528,000 | [1] | 17,135,000 | [1] | 1,382,000 | [1] | 436,000 | [1] | 520,000 | [1] | 650,000 | [1] | 361,000 | [1] | 455,000 | [1] | 567,000 | [1] | 689,000 | [1] | 629,000 | [1] | 557,000 | [1] | 638,000 | [1] | 827,000 | [1] | 18,272,000 | [1] | 708,000 | 467,000 | [1] | 656,000 | [1] | 19,337,000 | [1] | 655,000 | [1] | 371,000 | [1] | 613,000 | [1] | 752,000 | [1] | 923,000 | [1] | 706,000 | [1] | 646,000 | [1] | 434,000 | [1] | 622,000 | [1] | 30,536,000 | [1] | 555,000 | [1] | 553,000 | [1] | 696,000 | [1] | 539,000 | [1] | 470,000 | [1] | 554,000 | [1] | 745,000 | [1] | 465,000 | [1] | 1,136,000 | [1] | 481,000 | [1] | 514,000 | [1] | 833,000 | [1] | 470,000 | [1] | 512,000 | [1] | 1,458,000 | [1] | 672,000 | [1] | 711,000 | [1] | 667,000 | [1] | 445,000 | [1] | 662,000 | [1] | 718,000 | [1] | 496,000 | [1] | 685,000 | [1] | 460,000 | [1] | 855,000 | [1] | 15,384,000 | [1] | 9,394,000 | [1] | 432,000 | [1] | 519,000 | [1] | 593,000 | [1] | 1,139,000 | [1] | 2,004,000 | [1] | 1,075,000 | [1] | 565,000 | [1] | 773,000 | [1] | 571,000 | [1] | 728,000 | [1] | 496,000 | [1] | 453,000 | [1] | 421,000 | [1] | 640,000 | [1] | 411,000 | [1] | 512,000 | [1] | 1,231,000 | [1] | 761,000 | [1] | 670,000 | [1] | 920,000 | [1] | 717,000 | [1] | 967,000 | [1] | 878,000 | [1] | 1,933,000 | [1] | 1,890,000 | [1] | 513,000 | [1] | 611,000 | [1] | 526,000 | [1] | 516,000 | [1] | 1,227,000 | [1] | 333,000 | [1] | 452,000 | [1] | 828,000 | [1] | 531,000 | [1] | 1,239,000 | [1] | 615,000 | [1] | 634,000 | [1] | 562,000 | [1] | 1,243,000 | [1] | 362,000 | [1] | 508,000 | [1] | 553,000 | [1] | 1,235,000 | [1] | 504,000 | [1] | 527,000 | [1] | 544,000 | [1] | 524,000 | [1] | 524,000 | [1] | 1,230,000 | [1] | 1,092,000 | [1] | 1,211,000 | [1] | 429,000 | [1] | 1,196,000 | [1] | 338,000 | [1] | 1,353,000 | [1] | 761,000 | [1] | 1,276,000 | [1] | 1,075,000 | [1] | 677,000 | [1] | 618,000 | [1] | 1,251,000 | [1] | 1,423,000 | [1] | 491,000 | [1] | 671,000 | [1] | 982,000 | [1] | 482,000 | [1] | 563,000 | [1] | 726,000 | [1] | 976,000 | [1] | 675,000 | [1] | 815,000 | [1] | 487,000 | [1] | 766,000 | [1] | 808,000 | [1] | 1,467,000 | [1] | 1,094,000 | [1] | 1,136,000 | [1] | 1,223,000 | [1] | 632,000 | [1] | 546,000 | [1] | 1,479,000 | [1] | 707,000 | [1] | 1,103,000 | [1] | 1,061,000 | [1] | 1,240,000 | [1] | 1,012,000 | [1] | 711,000 | [1] | 6,500,000 | [1] | 675,000 | [1] | 535,000 | [1] | 696,000 | [1] | 1,017,000 | [1] | 1,455,000 | [1] | 5,411,000 | 2,468,000 | 2,389,000 | [1] | 3,181,000 | [1] | 5,498,000 | [1] | 10,327,000 | [1] | 24,487,000 | 31,367,000 | 1,031,000 | [1] | 8,398,000 | [1] | 6,792,000 | [1] | 58,704,000 | [1] | 947,000 | 4,410,000 | [1] | 1,484,000 | 761,000 | 5,975,000 | [1] | 16,711,000 | [1] | 0 | 26,159,000 | [1] | 19,959,000 | [1] | 7,612,000 | [1] | 26,076,000 | [1] | 24,967,000 | [1] | 13,090,000 | 31,637,000 | [1] | 31,049,000 | [1] | 1,921,000 | 16,390,000 | [1] | 9,489,000 | [1] | 2,687,000 | [1] | 329,000 | [1] | 14,433,000 | 3,093,000 | 15,969,000 | [1] | 999,000 | [1] | 2,051,000 | [1] | 18,485,000 | [1] | 7,674,000 | 6,298,000 | [1] | 631,000 | [1] | 5,256,000 | [1] | 19,897,000 | [1] | 21,471,000 | 23,403,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 3,589,072,000 | [3],[4] | 3,763,310,000 | 3,927,750,000 | 3,672,966,000 | 786,340,000 | 586,262,000 | 934,108,000 | 475,437,000 | 248,560,000 | 227,588,000 | 206,198,000 | 124,579,000 | ' | 79,995,000 | [1] | 46,158,000 | [1] | 8,636,000 | [1] | 7,890,000 | [1] | 7,882,000 | [1] | 5,040,000 | [1] | 10,799,000 | 24,193,000 | [1] | 16,800,000 | [1] | 19,519,000 | [1] | 7,739,000 | [1] | 76,833,000 | [1] | 35,516,000 | 21,296,000 | [1] | 23,823,000 | [1] | 140,789,000 | 82,165,000 | 14,690,000 | [1] | 31,916,000 | [1] | 26,739,000 | [1] | 10,767,000 | 17,636,000 | [1] | 16,551,000 | [1] | 46,570,000 | [1] | 7,372,000 | [1] | 69,379,000 | 9,642,000 | 11,023,000 | [1] | 9,767,000 | [1] | 18,378,000 | [1] | 37,093,000 | [1] | 7,289,000 | [1] | 11,926,000 | [1] | 20,797,000 | [1] | 16,878,000 | [1] | 13,829,000 | [1] | 13,234,000 | 9,762,000 | [1] | 6,142,000 | [1] | 12,724,000 | 17,995,000 | 52,360,000 | 9,702,000 | [1] | 2,211,000 | 709,000 | 32,635,000 | [1] | 11,724,000 | [1] | 4,790,000 | [1] | 1,177,000 | [1] | 27,777,000 | [1] | 31,469,000 | 9,686,000 | [1] | 40,192,000 | [1] | 10,413,000 | [1] | 1,206,000 | [1] | 24,395,000 | [1] | 6,627,000 | [1] | 44,885,000 | [1] | 6,908,000 | [1] | 1,310,000 | 7,049,000 | 29,073,000 | [1] | 10,263,000 | [1] | 31,242,000 | [1] | 96,700,000 | 31,300,000 | 30,500,000 | 71,657,000 | 46,750,000 | 84,102,000 | 59,100,000 | 7,600,000 | 8,100,000 | 9,300,000 | 31,013,000 | 10,440,000 | 9,300,000 | 3,800,000 | 1,400,000 | [1] | 9,500,000 | 102,938,000 | 2,486,000 | [1] | 78,365,000 | 58,952,000 | 3,277,000 | 52,461,000 | 3,842,000 | 3,375,000 | [1] | 3,621,000 | [1] | 15,687,000 | 73,057,000 | 7,107,000 | 633,000 | [1] | 733,000 | [1] | 1,820,000 | [1] | 1,190,000 | [1] | 696,000 | [1] | 1,445,000 | [1] | 1,354,000 | [1] | 1,088,000 | [1] | 1,493,000 | [1] | 1,522,000 | [1] | 1,056,000 | [1] | 2,518,000 | [1] | 995,000 | [1] | 761,000 | [1] | 3,750,000 | [1] | 1,552,000 | [1] | 1,652,000 | [1] | 1,312,000 | [1] | 896,000 | [1] | 819,000 | [1] | 18,000,000 | [1] | 1,945,000 | [1] | 3,606,000 | [1] | 27,725,000 | [1] | 1,505,000 | [1] | 1,291,000 | [1] | 2,047,000 | [1] | 1,063,000 | [1] | 1,468,000 | [1] | 1,673,000 | [1] | 1,225,000 | [1] | 945,000 | [1] | 2,057,000 | [1] | 2,507,000 | [1] | 756,000 | [1] | 2,470,000 | [1] | 41,809,000 | [1] | 940,000 | [1] | 23,668,000 | [1] | 2,449,000 | [1] | 776,000 | [1] | 921,000 | [1] | 1,157,000 | [1] | 643,000 | [1] | 807,000 | [1] | 1,004,000 | [1] | 1,221,000 | [1] | 1,115,000 | [1] | 990,000 | [1] | 1,135,000 | [1] | 1,470,000 | [1] | 22,472,000 | [1] | 1,259,000 | 831,000 | [1] | 1,163,000 | [1] | 19,337,000 | [1] | 1,165,000 | [1] | 657,000 | [1] | 1,087,000 | [1] | 1,333,000 | [1] | 1,641,000 | [1] | 1,252,000 | [1] | 1,148,000 | [1] | 769,000 | [1] | 1,103,000 | [1] | 39,339,000 | [1] | 988,000 | [1] | 984,000 | [1] | 1,238,000 | [1] | 956,000 | [1] | 835,000 | [1] | 982,000 | [1] | 1,320,000 | [1] | 827,000 | [1] | 2,020,000 | [1] | 852,000 | [1] | 913,000 | [1] | 1,482,000 | [1] | 836,000 | [1] | 910,000 | [1] | 2,584,000 | [1] | 1,195,000 | [1] | 1,259,000 | [1] | 1,186,000 | [1] | 789,000 | [1] | 1,178,000 | [1] | 1,272,000 | [1] | 883,000 | [1] | 1,218,000 | [1] | 816,000 | [1] | 1,521,000 | [1] | 18,346,000 | [1] | 11,831,000 | [1] | 766,000 | [1] | 923,000 | [1] | 1,055,000 | [1] | 2,017,000 | [1] | 3,564,000 | [1] | 1,905,000 | [1] | 1,005,000 | [1] | 1,376,000 | [1] | 1,013,000 | [1] | 1,290,000 | [1] | 881,000 | [1] | 803,000 | [1] | 747,000 | [1] | 1,134,000 | [1] | 731,000 | [1] | 911,000 | [1] | 2,190,000 | [1] | 1,348,000 | [1] | 1,191,000 | [1] | 1,631,000 | [1] | 1,275,000 | [1] | 1,714,000 | [1] | 1,561,000 | [1] | 3,425,000 | [1] | 3,361,000 | [1] | 910,000 | [1] | 1,087,000 | [1] | 936,000 | [1] | 918,000 | [1] | 2,175,000 | [1] | 592,000 | [1] | 801,000 | [1] | 1,468,000 | [1] | 940,000 | [1] | 2,204,000 | [1] | 1,090,000 | [1] | 1,128,000 | [1] | 996,000 | [1] | 2,210,000 | [1] | 643,000 | [1] | 901,000 | [1] | 984,000 | [1] | 2,189,000 | [1] | 897,000 | [1] | 934,000 | [1] | 965,000 | [1] | 933,000 | [1] | 931,000 | [1] | 2,180,000 | [1] | 1,942,000 | [1] | 2,154,000 | [1] | 761,000 | [1] | 2,120,000 | [1] | 598,000 | [1] | 2,398,000 | [1] | 1,354,000 | [1] | 2,261,000 | [1] | 1,913,000 | [1] | 1,205,000 | [1] | 1,098,000 | [1] | 2,226,000 | [1] | 2,531,000 | [1] | 916,000 | [1] | 1,189,000 | [1] | 1,740,000 | [1] | 857,000 | [1] | 1,001,000 | [1] | 1,287,000 | [1] | 1,729,000 | [1] | 1,196,000 | [1] | 1,449,000 | [1] | 866,000 | [1] | 1,358,000 | [1] | 1,432,000 | [1] | 2,601,000 | [1] | 1,939,000 | [1] | 2,020,000 | [1] | 2,176,000 | [1] | 1,119,000 | [1] | 971,000 | [1] | 2,630,000 | [1] | 1,253,000 | [1] | 1,954,000 | [1] | 1,880,000 | [1] | 2,198,000 | [1] | 1,800,000 | [1] | 1,265,000 | [1] | 8,000,000 | [1] | 1,196,000 | [1] | 948,000 | [1] | 1,238,000 | [1] | 1,810,000 | [1] | 2,579,000 | [1] | 8,036,000 | 4,652,000 | 5,046,000 | [1] | 5,750,000 | [1] | 8,105,000 | [1] | 14,235,000 | [1] | 27,880,000 | 46,301,000 | 1,031,000 | [1] | 10,103,000 | [1] | 7,503,000 | [1] | 64,391,000 | [1] | 2,284,000 | 7,924,000 | [1] | 2,709,000 | 1,391,000 | 9,477,000 | [1] | 21,431,000 | [1] | 311,000 | 30,553,000 | [1] | 23,267,000 | [1] | 8,854,000 | [1] | 32,454,000 | [1] | 42,963,000 | [1] | 16,090,000 | 37,257,000 | [1] | 36,150,000 | [1] | 4,344,000 | 20,487,000 | [1] | 11,861,000 | [1] | 4,983,000 | [1] | 361,000 | [1] | 20,973,000 | 6,186,000 | 19,961,000 | [1] | 1,665,000 | [1] | 2,810,000 | [1] | 21,619,000 | [1] | 11,990,000 | 6,631,000 | [1] | 6,501,000 | [1] | 13,706,000 | [1] | 24,377,000 | [1] | 33,033,000 | 39,294,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation | 432,374,000 | [4] | 388,346,000 | 356,810,000 | 327,682,000 | 166,370,000 | 103,372,000 | 3,683,000 | 77,763,000 | 18,680,000 | 55,539,000 | 0 | 6,967,000 | 7,900,000 | 5,035,000 | [1] | 4,159,000 | [1] | 2,518,000 | [1] | 2,417,000 | [1] | 2,385,000 | [1] | 1,537,000 | [1] | 1,946,000 | 7,838,000 | [1] | 4,935,000 | [1] | 1,554,000 | [1] | 2,776,000 | [1] | 22,710,000 | [1] | 98,000 | 5,532,000 | [1] | 6,548,000 | [1] | 21,108,000 | 20,586,000 | 3,383,000 | [1] | 7,224,000 | [1] | 8,005,000 | [1] | 7,878,000 | 5,034,000 | [1] | 5,095,000 | [1] | 14,363,000 | [1] | 2,143,000 | [1] | 25,000 | 4,573,000 | 1,093,000 | [1] | 839,000 | [1] | 343,000 | [1] | 3,860,000 | [1] | 2,338,000 | [1] | 4,063,000 | [1] | 5,170,000 | [1] | 2,976,000 | [1] | 3,256,000 | [1] | 2,135,000 | 1,928,000 | [1] | 1,150,000 | [1] | 2,212,000 | 5,867,000 | 14,970,000 | 3,014,000 | [1] | 254,000 | 71,000 | 4,067,000 | [1] | 3,073,000 | [1] | 677,000 | [1] | 435,000 | [1] | 3,863,000 | [1] | 2,356,000 | 2,011,000 | [1] | 4,572,000 | [1] | 2,162,000 | [1] | 0 | [1] | 4,047,000 | [1] | 1,390,000 | [1] | 5,172,000 | [1] | 1,811,000 | [1] | 132,000 | 633,000 | 4,186,000 | [1] | 3,165,000 | [1] | 4,424,000 | [1] | 0 | 1,841,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | 0 | 290,000 | [1] | 51,000 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | [1] | 0 | 1,158,000 | 0 | 88,000 | [1] | 102,000 | [1] | 253,000 | [1] | 166,000 | [1] | 97,000 | [1] | 201,000 | [1] | 188,000 | [1] | 152,000 | [1] | 208,000 | [1] | 212,000 | [1] | 147,000 | [1] | 349,000 | [1] | 138,000 | [1] | 106,000 | [1] | 523,000 | [1] | 215,000 | [1] | 229,000 | [1] | 183,000 | [1] | 125,000 | [1] | 114,000 | [1] | 4,336,000 | [1] | 271,000 | [1] | 500,000 | [1] | 3,348,000 | [1] | 210,000 | [1] | 179,000 | [1] | 285,000 | [1] | 148,000 | [1] | 204,000 | [1] | 232,000 | [1] | 171,000 | [1] | 131,000 | [1] | 287,000 | [1] | 349,000 | [1] | 105,000 | [1] | 343,000 | [1] | 13,655,000 | [1] | 131,000 | [1] | 2,853,000 | [1] | 340,000 | [1] | 108,000 | [1] | 128,000 | [1] | 161,000 | [1] | 90,000 | [1] | 112,000 | [1] | 139,000 | [1] | 169,000 | [1] | 155,000 | [1] | 138,000 | [1] | 158,000 | [1] | 205,000 | [1] | 4,041,000 | [1] | 175,000 | 116,000 | [1] | 161,000 | [1] | 4,276,000 | [1] | 162,000 | [1] | 91,000 | [1] | 151,000 | [1] | 185,000 | [1] | 229,000 | [1] | 174,000 | [1] | 160,000 | [1] | 107,000 | [1] | 153,000 | [1] | 4,819,000 | [1] | 138,000 | [1] | 137,000 | [1] | 172,000 | [1] | 133,000 | [1] | 116,000 | [1] | 136,000 | [1] | 183,000 | [1] | 115,000 | [1] | 282,000 | [1] | 118,000 | [1] | 127,000 | [1] | 206,000 | [1] | 116,000 | [1] | 127,000 | [1] | 359,000 | [1] | 167,000 | [1] | 175,000 | [1] | 165,000 | [1] | 109,000 | [1] | 164,000 | [1] | 177,000 | [1] | 123,000 | [1] | 170,000 | [1] | 113,000 | [1] | 212,000 | [1] | 2,507,000 | [1] | 1,939,000 | [1] | 106,000 | [1] | 129,000 | [1] | 147,000 | [1] | 280,000 | [1] | 497,000 | [1] | 264,000 | [1] | 140,000 | [1] | 192,000 | [1] | 141,000 | [1] | 179,000 | [1] | 123,000 | [1] | 111,000 | [1] | 104,000 | [1] | 157,000 | [1] | 102,000 | [1] | 127,000 | [1] | 305,000 | [1] | 187,000 | [1] | 166,000 | [1] | 226,000 | [1] | 178,000 | [1] | 238,000 | [1] | 218,000 | [1] | 475,000 | [1] | 468,000 | [1] | 126,000 | [1] | 151,000 | [1] | 130,000 | [1] | 128,000 | [1] | 302,000 | [1] | 83,000 | [1] | 111,000 | [1] | 204,000 | [1] | 130,000 | [1] | 307,000 | [1] | 151,000 | [1] | 157,000 | [1] | 138,000 | [1] | 308,000 | [1] | 90,000 | [1] | 125,000 | [1] | 137,000 | [1] | 304,000 | [1] | 125,000 | [1] | 130,000 | [1] | 134,000 | [1] | 130,000 | [1] | 130,000 | [1] | 303,000 | [1] | 271,000 | [1] | 300,000 | [1] | 106,000 | [1] | 294,000 | [1] | 83,000 | [1] | 333,000 | [1] | 189,000 | [1] | 314,000 | [1] | 267,000 | [1] | 168,000 | [1] | 153,000 | [1] | 310,000 | [1] | 353,000 | [1] | 127,000 | [1] | 165,000 | [1] | 241,000 | [1] | 119,000 | [1] | 140,000 | [1] | 179,000 | [1] | 240,000 | [1] | 166,000 | [1] | 202,000 | [1] | 121,000 | [1] | 188,000 | [1] | 199,000 | [1] | 361,000 | [1] | 269,000 | [1] | 282,000 | [1] | 303,000 | [1] | 155,000 | [1] | 135,000 | [1] | 367,000 | [1] | 174,000 | [1] | 271,000 | [1] | 261,000 | [1] | 305,000 | [1] | 251,000 | [1] | 176,000 | [1] | 1,927,000 | [1] | 166,000 | [1] | 132,000 | [1] | 173,000 | [1] | 252,000 | [1] | 358,000 | [1] | 258,000 | 134,000 | 225,000 | [1] | 322,000 | [1] | 915,000 | [1] | 1,897,000 | [1] | 2,792,000 | 1,495,000 | 221,000 | [1] | 1,418,000 | [1] | 1,538,000 | [1] | 4,439,000 | [1] | 158,000 | 1,112,000 | [1] | 0 | 0 | 1,082,000 | [1] | 674,000 | [1] | 0 | 10,632,000 | [1] | 8,097,000 | [1] | 3,081,000 | [1] | 2,813,000 | [1] | 4,078,000 | [1] | 1,294,000 | 12,964,000 | [1] | 12,580,000 | [1] | 0 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | [1] | 44,000 | [1] | 1,392,000 | [1] | 496,000 | [1] | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciable Life (Years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '0 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '70 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '27 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '0 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '0 years | '0 years | '40 years | '40 years | '0 years | '40 years | '40 years | '40 years | '40 years | '40 years | '0 years | '40 years | '40 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '0 years | '40 years | '0 years | '0 years | '0 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties pledged as collateral book value | 1,430,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate cost for Federal income tax purposes | $3,860,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Consists of properties pledged as collateral under the Company's secured credit facilities with a total book value of $1.43 billion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes impairments and unit sales. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The aggregate cost for Federal income tax purposes was approximately $3.86 billion at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes $7.9 million relating to accumulated depreciation for real estate assets held for sale as of December 31, 2013. |
Schedule_IIIReal_Estate_and_Ac2
Schedule III-Real Estate and Accumulated Depreciation (Reconciliation or Real Estate and Accumulated Depreciation) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Real Estate | ' | ' | ' | |
Balance at January 1 | $3,763,310 | $3,927,750 | $3,672,966 | |
Improvements and additions | 126,664 | 111,760 | 43,671 | |
Acquisitions through foreclosure | 31,764 | 269,100 | 501,519 | |
Other acquisitions | 69,379 | 0 | 0 | |
Dispositions | -388,906 | -510,504 | -269,761 | |
Impairments | -13,139 | -34,796 | -20,645 | |
Balance at December 31 | 3,589,072 | [1],[2] | 3,763,310 | 3,927,750 |
Reconciliation of Accumulated Depreciation | ' | ' | ' | |
Balance at January 1 | -388,346 | -356,810 | -327,682 | |
Additions | -59,208 | -59,968 | -52,418 | |
Dispositions | 15,180 | 28,432 | 23,290 | |
Balance at December 31 | ($432,374) | [2] | ($388,346) | ($356,810) |
[1] | The aggregate cost for Federal income tax purposes was approximately $3.86 billion at December 31, 2013. | |||
[2] | Includes $7.9 million relating to accumulated depreciation for real estate assets held for sale as of December 31, 2013. |
Schedule_IVMortgage_Loans_on_R1
Schedule IV-Mortgage Loans on Real Estate (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||
Senior Mortgages [Member] | Borrower A | Borrower A | Borrower A | Borrower B(3) | Borrower B(3) | Borrower B(3) | Borrower C | Borrower C | Borrower C | Borrower D(4) | Borrower D(4) | Borrower D(4) | Borrower D(4) | Borrower E(5) | Borrower E(5) | Borrower E(5) | Borrower F(6) | Borrower F(6) | Borrower F(6) | Borrower G(7) | Borrower G(7) | Borrower G(7) | Borrower G(7) | Borrower H | Borrower H | Borrower H | Borrower I(8) | Borrower I(8) | Borrower I(8) | Borrower J | Borrower J | Borrower J | Senior mortgages individually 3% | Senior mortgages individually 3% | Senior mortgages individually 3% | Senior mortgages individually 3% | Senior mortgages individually 3% | Senior mortgages individually 3% | Senior mortgages individually 3% | Borrower K | Borrower K | Borrower K | Subordinate Mortgages | Subordinate mortgages individually 3% | Subordinate mortgages individually 3% | Subordinate mortgages individually 3% | ||||||||||||||||||||||||
Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Minimum | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Minimum | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Accrual Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Payment Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | Contractual Interest Accrual Rates | Contractual Interest Payment Rates | |||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | 3.30% | 3.30% | ' | ' | ' | ' | 5.25% | 5.25% | ' | 3.88% | 4.50% | 4.50% | 3.50% | [1],[2],[3] | 3.50% | 3.50% | ' | 1.75% | 1.75% | ' | 4.00% | 3.00% | 3.00% | ' | ' | ' | ' | 5.58% | 5.58% | ' | ' | ' | ' | ' | 1.50% | 7.00% | ' | 0.50% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | ' | 8.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | ' | |||||||||||||||||||
Fixed interest rate, low end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | 5.00% | 8.12% | |||||||||||||||||||
Fixed interest rate, high end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | 14.00% | 14.00% | |||||||||||||||||||
Variable rate basis | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | 'LIBOR | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Face Amount of Mortgages | $1,129,478,000 | ' | ' | ' | $1,068,784,000 | $92,446,000 | ' | ' | $224,223,000 | [4] | ' | ' | $66,502,000 | ' | ' | $65,931,000 | [5] | ' | ' | ' | $58,175,000 | [1] | ' | ' | $75,000,000 | [6] | ' | ' | $48,358,000 | [7] | ' | ' | ' | $26,414,000 | ' | ' | $50,000,000 | [8] | ' | ' | $26,043,000 | ' | ' | $335,692,000 | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | $60,694,000 | $35,694,000 | ' | ' | |||||||||||||
Carrying Amount of Mortgages | 827,796,000 | [10],[2],[3],[9] | 1,421,654,000 | [10],[9] | 2,449,554,000 | [10],[9] | 4,012,067,000 | [10] | 767,117,000 | [2],[3] | 92,518,000 | [2],[3] | ' | ' | 77,427,000 | [2],[3],[4] | ' | ' | 67,263,000 | [2],[3] | ' | ' | 64,497,000 | [2],[3],[5] | ' | ' | ' | 53,569,000 | [1],[2],[3] | ' | ' | 30,808,000 | [2],[3],[6] | ' | ' | 26,553,000 | [2],[3],[7] | ' | ' | ' | 26,450,000 | [2],[3] | ' | ' | 26,231,000 | [2],[3],[8] | ' | ' | 26,092,000 | [2],[3] | ' | ' | 275,709,000 | [2],[3] | ' | ' | ' | ' | ' | ' | 24,962,000 | [2],[3] | ' | ' | 60,679,000 | [2],[3] | 35,717,000 | [2],[3] | ' | ' |
Asset specific reserves on impaired loans | 304,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Delinquency period for a loan to be considered as non-performing and on non-accrual status | ' | ' | ' | ' | ' | ' | ' | ' | $224,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | $48,400,000 | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Principal amount of loan in default that is more than 90 days delinquent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
[1] | As of December 31, 2013, included a LIBOR interest rate floor of 3.50%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Amounts are presented net of asset-specific reserves of $304.5 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The carrying amount of mortgages approximated the federal income tax basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Loan is in default with $224.2 million of principal that is more than 90Â days delinquent. Loan is designated as non-performing and is on non-accrual status. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | As of December 31, 2013, included a LIBOR interest rate floor of 3.88%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Loan is in default with $75.0 million of principal that is more than 90Â days delinquent. Loan is designated as non-performing and is on non-accrual status. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Loan is in default with $48.4 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. As of December 31, 2013, included a LIBOR interest rate floor of 4.0%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Loan is in default with $50.0 million of principal that is more than 90Â days delinquent. Loan is designated as non-performing and is on non-accrual status. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Amounts are presented net of charge-offs of $152.8 million, $106.9 million and $214.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Balances represent the carrying value of loans, which are net of asset specific reserves. |
Schedule_IVMortgage_Loans_on_R2
Schedule IV-Mortgage Loans on Real Estate (Reconciliation of Mortgage Loans on Real Estate) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ' | ' | ' | |||
Balance at January 1 | $1,421,654,000 | [1],[2] | $2,449,554,000 | [1],[2] | $4,012,067,000 | [1] |
Additions: | ' | ' | ' | |||
New mortgage loans | 19,249,000 | [1] | 2,205,000 | [1] | 20,000,000 | [1] |
Additions under existing mortgage loans | 31,589,000 | [1] | 29,887,000 | [1] | 82,598,000 | [1] |
Other(2) | 16,385,000 | [1],[3] | 33,324,000 | [1],[3] | 32,922,000 | [1],[3] |
Deductions(3): | ' | ' | ' | |||
Collections of principal | -636,883,000 | [1],[2] | -700,943,000 | [1],[2] | -1,047,943,000 | [1],[2] |
Recovery of (provision for) loan losses | 25,011,000 | [1],[2] | -121,869,000 | [1],[2] | -93,187,000 | [1],[2] |
Transfers to real estate and equity investments | -49,100,000 | [1],[2] | -270,359,000 | [1],[2] | -556,753,000 | [1],[2] |
Amortization of premium | -109,000 | [1],[2] | -145,000 | [1],[2] | -150,000 | [1],[2] |
Balance at December 31 | 827,796,000 | [1],[2],[4],[5] | 1,421,654,000 | [1],[2] | 2,449,554,000 | [1],[2] |
Charge-offs | ' | ' | ' | |||
Charge-offs | $152,800,000 | $106,900,000 | $214,000,000 | |||
[1] | Balances represent the carrying value of loans, which are net of asset specific reserves. | |||||
[2] | Amounts are presented net of charge-offs of $152.8 million, $106.9 million and $214.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
[3] | Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates. | |||||
[4] | Amounts are presented net of asset-specific reserves of $304.5 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell. | |||||
[5] | The carrying amount of mortgages approximated the federal income tax basis. |