Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ISTAR FINANCIAL INC | ' |
Entity Central Index Key | '0001095651 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 85,153,226 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Real estate, at cost | $3,184,770 | $3,220,634 | ||
Less: accumulated depreciation | -443,380 | -424,453 | ||
Real estate, net | 2,741,390 | 2,796,181 | ||
Real estate available and held for sale | 354,814 | 360,517 | ||
Total real estate | 3,096,204 | 3,156,698 | ||
Loans receivable and other lending investments, net | 1,456,407 | [1] | 1,370,109 | [1] |
Other investments | 241,561 | 207,209 | ||
Cash and cash equivalents | 356,513 | 513,568 | ||
Restricted cash | 24,147 | 48,769 | ||
Accrued interest and operating lease income receivable, net | 14,335 | 14,941 | ||
Deferred operating lease income receivable | 97,170 | 92,737 | ||
Deferred expenses and other assets, net | 187,148 | 237,980 | ||
Total assets | 5,473,485 | 5,642,011 | ||
Liabilities: | ' | ' | ||
Accounts payable, accrued expenses and other liabilities | 136,850 | 170,831 | ||
Debt obligations, net | 4,082,511 | 4,158,125 | ||
Total liabilities | 4,219,361 | 4,328,956 | ||
Commitments and contingencies | 0 | 0 | ||
Redeemable noncontrolling interests | 11,433 | 11,590 | ||
iStar Financial Inc. shareholders' equity: | ' | ' | ||
High Performance Units | 9,800 | 9,800 | ||
Common Stock, $0.001 par value, 200,000 shares authorized, 145,770 issued and 85,153 outstanding at June 30, 2014 and 144,334 issued and 83,717 outstanding at December 31, 2013 | 146 | 144 | ||
Additional paid-in capital | 4,009,462 | 4,022,138 | ||
Retained earnings (deficit) | -2,565,828 | -2,521,618 | ||
Accumulated other comprehensive income (loss) (see Note 11) | -3,747 | -4,276 | ||
Treasury stock, at cost, $0.001 par value, 60,617 shares at June 30, 2014 and December 31, 2013 | -262,954 | -262,954 | ||
Total iStar Financial Inc. shareholders' equity | 1,186,905 | 1,243,260 | ||
Noncontrolling interests | 55,786 | 58,205 | ||
Total equity | 1,242,691 | 1,301,465 | ||
Total liabilities and equity | 5,473,485 | 5,642,011 | ||
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 | $4 | ||
[1] | The Company's recorded investment in loans as of June 30, 2014 and December 31, 2013 also includes accrued interest of $7.7 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
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 | 145,770,000 | 144,334,000 | ||
Common Stock, shares outstanding | 85,153,000 | 83,717,000 | ||
Treasury stock, par value (in dollars per share) | $0.00 | $0.00 | ||
Treasury stock, shares | 60,617,000 | 60,617,000 | ||
Series D, E, F, G and I Preferred Stock | ' | ' | ||
Liquidation Preference (in dollars per share) | $25 | $25 | ||
Series J convertible perpetual preferred stock | ' | ' | ||
Liquidation Preference (in dollars per share) | $50 | [1],[2] | $50 | [1],[2] |
[1] | The Company declared and paid dividends of $4.0 million, $5.5 million, $3.9 million, $3.1 million and $4.7 million on its Series D, E, F, G and I preferred stock during the six months ended June 30, 2014 and 2013. The Company declared and paid dividends of $4.5 million and $2.2 million on its Series J preferred stock during the six months ended June 30, 2014 and 2013, respectively. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. | |||
[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 $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Revenues: | ' | ' | ' | ' | ||||
Operating lease income | $60,967 | $57,112 | $123,075 | $115,128 | ||||
Interest income | 35,127 | 29,682 | 63,041 | 54,349 | ||||
Other income | 29,262 | 13,125 | 43,846 | 24,544 | ||||
Land sales revenue | 4,487 | 0 | 8,630 | 0 | ||||
Total revenues | 129,843 | 99,919 | 238,592 | 194,021 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Interest expense | 56,530 | 69,157 | 113,986 | 140,723 | ||||
Real estate expense | 40,554 | 36,981 | 83,167 | 74,815 | ||||
Land cost of sales | 3,611 | 0 | 7,265 | 0 | ||||
Depreciation and amortization | 18,822 | 17,330 | 37,435 | 34,653 | ||||
General and administrative | 26,623 | 20,876 | 46,411 | 42,723 | ||||
Provision for (recovery of) loan losses | -2,792 | [1] | 5,020 | [1] | -6,192 | [1] | 15,226 | [1] |
Impairment of assets | 3,300 | 0 | 6,279 | 0 | ||||
Other expense | 4,690 | 146 | 4,911 | 5,770 | ||||
Total costs and expenses | 151,338 | 149,510 | 293,262 | 313,910 | ||||
Income (loss) before earnings from equity method investments and other items | -21,495 | -49,591 | -54,670 | -119,889 | ||||
Loss on early extinguishment of debt, net | -23,587 | -15,242 | -24,767 | -24,784 | ||||
Earnings from equity method investments | 24,093 | 8,323 | 27,270 | 30,001 | ||||
Income (loss) from continuing operations before income taxes | -20,989 | -56,510 | -52,167 | -114,672 | ||||
Income tax (expense) benefit | 215 | -429 | 722 | -4,504 | ||||
Income (loss) from continuing operations(1) | -20,774 | [2] | -56,939 | [2] | -51,445 | [2] | -119,176 | [2] |
Income (loss) from discontinued operations | 0 | -57 | 0 | 1,186 | ||||
Gain from discontinued operations | 0 | 8,279 | 0 | 13,323 | ||||
Gain (Loss) on Sale of Properties | 17,180 | 34,319 | 33,674 | 58,016 | ||||
Net income (loss) | -3,594 | -14,398 | -17,771 | -46,651 | ||||
Net (income) loss attributable to noncontrolling interests | -325 | 311 | -779 | 500 | ||||
Net income (loss) attributable to iStar Financial Inc. | -3,919 | -14,087 | -18,550 | -46,151 | ||||
Preferred dividends | -12,830 | -12,780 | -25,660 | -23,360 | ||||
Net (income) loss allocable to HPU holders and Participating Security holders(2)(3) | 542 | [3],[4] | 866 | [3],[4] | 1,431 | [3],[4] | 2,247 | [3],[4] |
Net income (loss) allocable to common shareholders | ($16,207) | ($26,001) | ($42,779) | ($67,264) | ||||
Income (loss) attributable to iStar Financial Inc. from continuing operations: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($0.19) | [2] | ($0.40) | [2] | ($0.50) | [2] | ($0.95) | [2] |
Net income (loss) attributable to iStar Financial Inc.: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($0.19) | [2] | ($0.31) | [2] | ($0.50) | [2] | ($0.79) | [2] |
Weighted average number of common shares—basic and diluted | 84,916 | [2] | 85,125 | [2] | 84,868 | [2] | 84,975 | [2] |
Income (loss) attributable to iStar Financial Inc. from continuing operations: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($36.13) | [2],[4] | ($75.41) | [2],[4] | ($95.40) | [2],[4] | ($181.07) | [2],[4] |
Net income (loss) attributable to iStar Financial Inc.: | ' | ' | ' | ' | ||||
Basic and diluted (in dollars per share) | ($36.13) | [2],[4] | ($57.74) | [2],[4] | ($95.40) | [2],[4] | ($149.81) | [2],[4] |
Weighted average number of HPU shares—basic and diluted | 15 | [2],[4] | 15 | [2],[4] | 15 | [2],[4] | 15 | [2],[4] |
[1] | For the three and six months ended June 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $2.4 million and $7.6 million, respectively. For the three and six months ended June 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $6.4 million and $11.0 million, respectively. | |||||||
[2] | Income (loss) from continuing operations attributable to iStar Financial Inc. was $(21.1) million and $(52.2) million for the three and six months ended June 30, 2014, respectively, and $(56.6) million and $(118.7) million for the three and six months ended June 30, 2013, 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. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to iStar Financial Inc. | ($21.10) | ($56.60) | ($52.20) | ($118.70) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | ($3,594) | ($14,398) | ($17,771) | ($46,651) | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization(1) | 0 | [1] | -603 | [1] | 0 | [1] | -593 | [1] |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization(2) | 3,595 | [2] | 79 | [2] | 3,730 | [2] | 151 | [2] |
Realization of (gains)/losses on cumulative translation adjustment into earnings upon realization(1) | 968 | [1] | -1,310 | [1] | 968 | [1] | -1,310 | [1] |
Unrealized gains/(losses) on available-for-sale securities | 43 | -496 | 111 | -281 | ||||
Unrealized gains/(losses) on cash flow hedges | -2,842 | 1,188 | -4,604 | 1,226 | ||||
Unrealized gains/(losses) on cumulative translation adjustment | 161 | 240 | 324 | -374 | ||||
Other comprehensive income (loss) | 1,925 | -902 | 529 | -1,181 | ||||
Comprehensive income (loss) | -1,669 | -15,300 | -17,242 | -47,832 | ||||
Net (income) loss attributable to noncontrolling interests | -325 | 311 | -779 | 500 | ||||
Comprehensive income (loss) attributable to iStar Financial Inc. | ($1,994) | ($14,989) | ($18,021) | ($47,332) | ||||
[1] | Included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. | |||||||
[2] | For the three and six months ended June 30, 2014, $3,634 is included in "Other expense" on the Company's Consolidated Statements of Operations (see Note 10). Included in "Interest expense" on the Company's Consolidated Statements of Operations are $(39) and $96 for the three and six months ended June 30, 2014, respectively, and $79 and $151 for the three and six months ended June 30, 2013, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | $3,595,000 | [1] | $79,000 | [1] | $3,730,000 | [1] | $151,000 | [1] |
Other Expense | ' | ' | ' | ' | ||||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | 3,634,000 | [1] | ' | 3,634,000 | [1] | ' | ||
Interest Expense | ' | ' | ' | ' | ||||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | ($39,000) | [1] | $79,000 | [1] | $96,000 | [1] | $151,000 | [1] |
[1] | For the three and six months ended June 30, 2014, $3,634 is included in "Other expense" on the Company's Consolidated Statements of Operations (see Note 10). Included in "Interest expense" on the Company's Consolidated Statements of Operations are $(39) and $96 for the three and six months ended June 30, 2014, respectively, and $79 and $151 for the three and six months ended June 30, 2013, respectively. |
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, 2012 | $1,313,154 | $22 | $0 | $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 | -23,360 | ' | ' | ' | ' | ' | -23,360 | ' | ' | ' | |||||
Issuance of stock/restricted stock unit amortization, net | -5,118 | ' | ' | ' | 1 | -5,119 | ' | ' | ' | ' | |||||
Net income (loss) for the period | [2] | -45,224 | ' | ' | ' | ' | ' | -46,151 | ' | ' | 927 | ||||
Change in accumulated other comprehensive income (loss) | -1,181 | ' | ' | ' | ' | ' | ' | -1,181 | ' | ' | |||||
Additional paid in capital attributable to redeemable noncontrolling interest | -1,744 | ' | ' | ' | ' | -1,744 | ' | ' | ' | ' | |||||
Contributions from noncontrolling interests | 9,687 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | 9,687 | [4] | |||
Distributions to noncontrolling interests | -20,404 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | -20,404 | [3] | |||
Balance at Jun. 30, 2013 | 1,419,320 | 22 | [1] | 4 | [1] | 9,800 | 144 | 4,019,423 | -2,430,158 | -2,366 | -241,969 | 64,420 | |||
Balance at Dec. 31, 2013 | 1,301,465 | 22 | 4 | [1] | 9,800 | 144 | 4,022,138 | -2,521,618 | -4,276 | -262,954 | 58,205 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Dividends declared—preferred | -25,660 | ' | ' | ' | ' | ' | -25,660 | ' | ' | ' | |||||
Issuance of stock/restricted stock unit amortization, net | -12,022 | ' | ' | ' | 2 | -12,024 | ' | ' | ' | ' | |||||
Net income (loss) for the period | [5] | -16,962 | ' | ' | ' | ' | ' | -18,550 | ' | ' | 1,588 | ||||
Change in accumulated other comprehensive income (loss) | 529 | ' | ' | ' | ' | ' | ' | 529 | ' | ' | |||||
Additional paid in capital attributable to redeemable noncontrolling interest | -652 | ' | ' | ' | ' | -652 | ' | ' | ' | ' | |||||
Contributions from noncontrolling interests | 472 | ' | ' | ' | ' | ' | ' | ' | ' | 472 | |||||
Distributions to noncontrolling interests | -4,479 | ' | ' | ' | ' | ' | ' | ' | ' | -4,479 | |||||
Balance at Jun. 30, 2014 | $1,242,691 | $22 | $4 | [1] | $9,800 | $146 | $4,009,462 | ($2,565,828) | ($3,747) | ($262,954) | $55,786 | ||||
[1] | See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock. | ||||||||||||||
[2] | For the six months ended June 30, 2013, net loss shown above excludes $1,427 of net loss attributable to redeemable noncontrolling interests. | ||||||||||||||
[3] | Includes an $8.8 million payment to redeem a noncontrolling member's interest. | ||||||||||||||
[4] | Includes $9.4 million of operating property assets contributed by a noncontrolling partner (see Note 4). | ||||||||||||||
[5] | For the six months ended June 30, 2014, net loss shown above excludes $809 of net loss attributable to redeemable noncontrolling interests. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Net loss attributable to redeemable noncontrolling interest | $809,000 | $1,427,000 |
Payments for repurchase of redeemable noncontrolling interest | ' | 8,800,000 |
Strategic Venture, Commercial Operating Properties | ' | ' |
Properties acquired in joint venture | ' | $9,400,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Cash flows from operating activities: | ' | ' | ||
Net income (loss) | ($17,771) | ($46,651) | ||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ' | ' | ||
Provision for (recovery of) loan losses | -6,192 | [1] | 15,226 | [1] |
Impairment of assets | 6,279 | 550 | ||
Depreciation and amortization | 37,435 | 34,750 | ||
Land cost of sales | 7,265 | 0 | ||
Payments for withholding taxes upon vesting of stock-based compensation | -18,266 | -13,790 | ||
Non-cash expense for stock-based compensation | 5,271 | 9,921 | ||
Amortization of discounts/premiums and deferred financing costs on debt | 9,030 | 10,403 | ||
Amortization of discounts/premiums and deferred interest on loans | -30,129 | -16,858 | ||
(Gain) loss from sales of loans | -18,995 | 596 | ||
Earnings from equity method investments | -27,270 | -30,001 | ||
Distributions from operations of equity method investments | 10,939 | 10,211 | ||
Deferred operating lease income | -4,950 | -6,477 | ||
Gain (Loss) on Sale of Properties | 33,674 | 58,016 | ||
Gain from discontinued operations | 0 | -13,323 | ||
Loss on early extinguishment of debt, net | 24,767 | 13,270 | ||
Repayments and repurchases of debt—debt discount and prepayment penalty | -14,387 | -20,394 | ||
Other operating activities, net | 6,848 | 4,109 | ||
Changes in assets and liabilities: | ' | ' | ||
Changes in accrued interest and operating lease income receivable, net | 606 | 5,763 | ||
Changes in deferred expenses and other assets, net | 3,042 | 4,702 | ||
Changes in accounts payable, accrued expenses and other liabilities | -23,325 | -10,527 | ||
Cash flows from operating activities | -83,477 | -106,536 | ||
Cash flows from investing activities: | ' | ' | ||
Investment originations and fundings | -319,938 | -89,328 | ||
Acquisitions of and capital expenditures on real estate assets | -63,858 | -56,450 | ||
Repayments of and principal collections on loans | 162,032 | 298,633 | ||
Net proceeds from sales of loans | 56,404 | 79,671 | ||
Net proceeds from sales of real estate | 204,236 | 260,937 | ||
Net proceeds from sale of other investments | 0 | 220,281 | ||
Distributions from other investments | 23,186 | 20,437 | ||
Contributions to other investments | -30,561 | -3,248 | ||
Changes in restricted cash held in connection with investing activities | 25,779 | -23,133 | ||
Other investing activities, net | 1,411 | 908 | ||
Cash flows from investing activities | 58,691 | 708,708 | ||
Cash flows from financing activities: | ' | ' | ||
Borrowings from debt obligations | 1,323,822 | 1,232,259 | ||
Repayments of debt obligations | -1,408,935 | -1,519,101 | ||
Preferred dividends paid | -25,660 | -23,360 | ||
Proceeds from issuance of preferred stock | 0 | 193,510 | ||
Payments of Financing Costs | -17,491 | -12,857 | ||
Other financing activities, net | -4,005 | -13,061 | ||
Cash flows from financing activities | -132,269 | -142,610 | ||
Changes in cash and cash equivalents | -157,055 | 459,562 | ||
Cash and cash equivalents at beginning of period | 513,568 | 256,344 | ||
Cash and cash equivalents at end of period | $356,513 | $715,906 | ||
[1] | For the three and six months ended June 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $2.4 million and $7.6 million, respectively. For the three and six months ended June 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $6.4 million and $11.0 million, respectively. |
Business_and_Organization
Business and Organization | 6 Months Ended |
Jun. 30, 2014 | |
Business and Organization [Abstract] | ' |
Business and Organization | ' |
Business and Organization | |
Business—iStar Financial Inc., or the "Company," is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust, or "REIT," has invested more than $35 billion over the past two decades. The Company's primary business segments are real estate finance, net lease, operating properties and land (see Note 15). | |
Organization—The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments, as well as through corporate acquisitions. |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
Basis of Presentation—The accompanying unaudited Consolidated Financial Statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited Consolidated Financial Statements and related Notes should be read in conjunction with the Consolidated Financial Statements and related Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
In the opinion of management, the accompanying Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. | |
Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related Notes to conform to the 2014 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," "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 June 30, 2014, the Company consolidated 5 VIEs for which the Company is considered the primary beneficiary. At June 30, 2014, the total assets of these consolidated VIEs were $204.4 million and total liabilities were $36.7 million. The classifications of these assets are primarily within "Real estate, net" and "Other investments" on the Company's Consolidated Balance Sheets. The classifications of liabilities are primarily within "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 June 30, 2014. | |
Unconsolidated VIEs—As of June 30, 2014, 29 of the Company's investments were in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's Consolidated Financial Statements. As of June 30, 2014, the Company's maximum exposure to loss from these investments does not exceed the sum of the $190.1 million carrying value of the investments, which are classified in "Other investments" on the Company's Consolidated Balance Sheets, and $26.8 million of related unfunded commitments. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
As of June 30, 2014, the Company's significant accounting policies, which are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, have not changed materially other than the policies described below. | |
Real Estate | |
Capitalization—For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other value methods as appropriate during construction. The Company ceases capitalization on the portions substantially completed and ready for their intended use. | |
Dispositions—Revenues from sales of land are recognized in accordance with Accounting Standards Codification ("ASC") 360-20, Real Estate Sales. Sales of land 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. Revenues from sales of land are included in "Land sales revenue" and costs of land sales are included in "Land cost of sales" on the Company’s Consolidated Statements of Operations. | |
New Accounting Pronouncements | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This guidance requires disposals of a component of an entity or group of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results to be reported as discontinued operations. Assets and liabilities of a disposal group that includes a discontinued operation must be presented separately in asset and liability sections, respectively, of the Company's Consolidated Balance Sheets for each comparative period. Expanded disclosures about the assets, liabilities, revenues and expenses of discontinued operations are also required. For individually significant disposals that do not qualify as discontinued operations, disclosure of pre-tax income is required. ASU 2014-08 is effective for interim and annual periods beginning on or after December 15, 2014. Early adoption is permitted for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements. | |
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12") which requires a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition in accordance with Topic 718, Compensation—Stock Compensation. ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements. |
Real_Estate
Real Estate | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 | ||||||||||||||||
Land and land improvements | $ | 328,143 | $ | 152,332 | $ | 829,112 | $ | 1,309,587 | ||||||||
Buildings and improvements | 1,283,303 | 591,880 | — | 1,875,183 | ||||||||||||
Less: accumulated depreciation and amortization | (352,418 | ) | (86,747 | ) | (4,215 | ) | (443,380 | ) | ||||||||
Real estate, net | 1,259,028 | 657,465 | 824,897 | 2,741,390 | ||||||||||||
Real estate available and held for sale | — | 232,771 | 122,043 | 354,814 | ||||||||||||
Total real estate | $ | 1,259,028 | $ | 890,236 | $ | 946,940 | $ | 3,096,204 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Land and land improvements | $ | 350,817 | $ | 132,934 | $ | 803,238 | $ | 1,286,989 | ||||||||
Buildings and improvements | 1,346,071 | 587,574 | — | 1,933,645 | ||||||||||||
Less: accumulated depreciation and amortization | (338,640 | ) | (82,420 | ) | (3,393 | ) | (424,453 | ) | ||||||||
Real estate, net | 1,358,248 | 638,088 | 799,845 | 2,796,181 | ||||||||||||
Real estate available and held for sale | — | 228,328 | 132,189 | 360,517 | ||||||||||||
Total real estate | $ | 1,358,248 | $ | 866,416 | $ | 932,034 | $ | 3,156,698 | ||||||||
Real Estate Available and Held for Sale—As of June 30, 2014 and December 31, 2013, the Company had $225.8 million and $221.0 million, respectively, of residential properties available for sale in its operating properties portfolio. | ||||||||||||||||
During the six months ended June 30, 2014, the Company reclassified land with a carrying value of $6.5 million from held for sale to held for investment due to a change in the Company's strategy and its plan to re-entitle the property. The asset is included in "Real estate, net" on the Company's Consolidated Balance Sheets. There were no operations to reclassify on the Company's Consolidated Statements of Operations as a result of this change. During the same period, the Company reclassified units with a carrying value of $56.7 million to held for sale due to the conversion of hotel rooms to residential units to be sold. | ||||||||||||||||
Acquisitions—During the six months ended June 30, 2014, the Company acquired, via deed-in-lieu, title to three commercial operating properties and a land asset, which had a total fair value of $77.9 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. The following table summarizes the Company's pro forma revenues and net income for the three and six months ended June 30, 2014, as if the acquisition of the properties acquired during the six months ended June 30, 2014 was completed on January 1, 2013 ($ in thousands): | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma total revenues | 131,038 | 103,175 | 242,892 | 200,072 | ||||||||||||
Pro forma net income (loss) | (3,614 | ) | (14,531 | ) | (18,001 | ) | (47,177 | ) | ||||||||
From the date of acquisition through June 30, 2014, $1.8 million in total revenues and $0.6 million in net loss of the acquiree were included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2014. The pro forma revenues and net income are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2013, nor do they purport to represent the Company’s results of operations for future periods. | ||||||||||||||||
During the six months ended June 30, 2013, the Company acquired, via foreclosure, title to a residential operating property, which previously served as collateral for a loan receivable held by the Company. The Company contributed the residential operating property which had a fair value of $25.5 million, to an entity of which it owns 63%. Based on the control provisions in the partnership agreement, the Company consolidates the entity and reflects its partner's 37% share of equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value. No gain or loss was recorded in connection with this transaction. | ||||||||||||||||
Dispositions—During the six months ended June 30, 2014 and 2013, the Company sold residential condominiums for total net proceeds of $94.8 million and $164.1 million, respectively, and recorded income from sales of residential properties totaling $33.7 million and $54.6 million, respectively. During the six months ended June 30, 2014, the Company sold residential lots from two of our master planned community properties for proceeds of $8.6 million which had associated cost of sales of $7.3 million. During the same period, the Company also sold properties with a carrying value of $6.7 million for proceeds that approximated carrying value. | ||||||||||||||||
During the six months ended June 30, 2014, the Company sold a net lease asset for net proceeds of $93.7 million which approximated carrying value and contributed land with a carrying value of $9.5 million to newly formed unconsolidated entities. (See Note 6.) | ||||||||||||||||
Additionally, during the six months ended June 30, 2014, the Company sold a net lease asset for net proceeds of $7.8 million. The Company recorded an impairment loss of $3.0 million in connection with the sale. | ||||||||||||||||
During the six months ended June 30, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company also received a preferred partnership interest and a 47.5% equity interest. The Company recognized a gain of $3.4 million, reflecting the proportionate share of the sold interest, which was recorded as "Income from sales of residential property" in the Company's Consolidated Statements of Operations. | ||||||||||||||||
Additionally, during the six months ended June 30, 2013, the Company sold three net lease assets with a carrying value of $13.5 million resulting in a net gain of $3.4 million. During the same period, the Company sold three commercial operating properties with a carrying value of $43.2 million resulting in a net gain of $9.9 million. These gains were recorded as "Gain from discontinued operations" in the Company's Consolidated Statement of Operations. The Company also sold other land assets with a carrying value of $5.5 million for proceeds that approximated carrying value. | ||||||||||||||||
Discontinued Operations—The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013. During the six months ended June 30, 2014, there were no disposals or assets classified as held for sale which were individually significant or represented a strategic shift that has (or will have) a major effect on the Company's operations and financial results. | ||||||||||||||||
The following table summarizes income (loss) from discontinued operations for the three and six months ended June 30, 2013 ($ in thousands): | ||||||||||||||||
For the Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | |||||||||||||||
Revenues | $ | 1,282 | $ | 3,677 | ||||||||||||
Total expenses | (912 | ) | (2,096 | ) | ||||||||||||
Impairment of assets | (427 | ) | (395 | ) | ||||||||||||
Income (loss) from discontinued operations | $ | (57 | ) | $ | 1,186 | |||||||||||
Impairments—During the six months ended June 30, 2014, the Company recorded impairments on real estate assets totaling $6.3 million, of which $3.3 million resulted from a change in business strategy for a residential property and $3.0 million resulting from the sale of a net lease asset. | ||||||||||||||||
Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $7.0 million and $15.6 million for the three and six months ended June 30, 2014, respectively, and $7.9 million and $15.7 million for the three and six months ended June 30, 2013, respectively. These amounts are included in "Operating lease income" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Allowance for Doubtful Accounts—As of June 30, 2014 and December 31, 2013, the allowance for doubtful accounts related to real estate tenant receivables was $2.6 million and $3.4 million, respectively and the allowance for doubtful accounts related to deferred operating lease income was $2.2 million and $2.5 million, respectively. |
Loans_Receivable_and_Other_Len
Loans Receivable and Other Lending Investments, net | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Loans Receivable and Other Lending Investments, net | ' | |||||||||||||||||||||||||||||||
Loans Receivable and Other Lending Investments, net | ||||||||||||||||||||||||||||||||
The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
Type of Investment | June 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 851,307 | $ | 1,071,662 | ||||||||||||||||||||||||||||
Subordinate mortgages | 71,696 | 60,679 | ||||||||||||||||||||||||||||||
Corporate/Partnership loans | 489,988 | 473,045 | ||||||||||||||||||||||||||||||
Total gross carrying value of loans | 1,412,991 | 1,605,386 | ||||||||||||||||||||||||||||||
Reserves for loan losses | (137,904 | ) | (377,204 | ) | ||||||||||||||||||||||||||||
Total loans receivable, net | 1,275,087 | 1,228,182 | ||||||||||||||||||||||||||||||
Other lending investments—securities | 181,320 | 141,927 | ||||||||||||||||||||||||||||||
Total loans receivable and other lending investments, net(1) | $ | 1,456,407 | $ | 1,370,109 | ||||||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The Company's recorded investment in loans as of June 30, 2014 and December 31, 2013 also includes accrued interest of $7.7 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
During the six months ended June 30, 2014, the Company sold loans with total carrying values of $30.8 million, which resulted in a realized gain of $19.0 million. During the six months ended June 30, 2013, the Company sold loans with total carrying values of $80.3 million, which resulted in a net realized loss of $0.6 million. Gains and losses on sales of loans are included in "Other income" on the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
Reserve for Loan Losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Reserve for loan losses at beginning of period | $ | 370,076 | $ | 521,795 | $ | 377,204 | $ | 524,499 | ||||||||||||||||||||||||
Provision for (recovery of) loan losses(1) | (2,792 | ) | 5,020 | (6,192 | ) | 15,226 | ||||||||||||||||||||||||||
Charge-offs | (229,380 | ) | (46,989 | ) | (233,108 | ) | (59,899 | ) | ||||||||||||||||||||||||
Reserve for loan losses at end of period | $ | 137,904 | $ | 479,826 | $ | 137,904 | $ | 479,826 | ||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $2.4 million and $7.6 million, respectively. For the three and six months ended June 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $6.4 million and $11.0 million, respectively. | |||||||||||||||||||||||||||||||
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
Individually | Collectively | Loans Acquired | Total | |||||||||||||||||||||||||||||
Evaluated for | Evaluated for | with Deteriorated | ||||||||||||||||||||||||||||||
Impairment(1) | Impairment(2) | Credit Quality(3) | ||||||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||
Loans | $ | 323,145 | $ | 1,097,581 | $ | — | $ | 1,420,726 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (107,304 | ) | (30,600 | ) | — | (137,904 | ) | |||||||||||||||||||||||||
Total | $ | 215,841 | $ | 1,066,981 | $ | — | $ | 1,282,822 | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Loans | $ | 752,425 | $ | 849,613 | $ | 9,889 | $ | 1,611,927 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (348,004 | ) | (29,200 | ) | — | (377,204 | ) | |||||||||||||||||||||||||
Total | $ | 404,421 | $ | 820,413 | $ | 9,889 | $ | 1,234,723 | ||||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $2.0 million and a net premium of $0.5 million as of June 30, 2014 and December 31, 2013, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. | |||||||||||||||||||||||||||||||
-2 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $8.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||
-3 | The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million as of December 31, 2013. The loan had a cumulative principal balance of $10.2 million as of December 31, 2013. The loan was repaid during the six months ended June 30, 2014. | |||||||||||||||||||||||||||||||
Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings are based on judgments which are inherently uncertain and there can be no assurance that actual performance will not be different than current expectation. | ||||||||||||||||||||||||||||||||
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Performing | Weighted | Performing | Weighted | |||||||||||||||||||||||||||||
Loans | Average | Loans | Average | |||||||||||||||||||||||||||||
Risk Ratings | Risk Ratings | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 674,018 | 2.07 | $ | 591,145 | 2.5 | ||||||||||||||||||||||||||
Subordinate mortgages | 72,444 | 2.68 | 61,364 | 3.37 | ||||||||||||||||||||||||||||
Corporate/Partnership loans | 493,578 | 3.8 | 438,831 | 3.88 | ||||||||||||||||||||||||||||
Total | $ | 1,240,040 | 2.8 | $ | 1,091,340 | 3.11 | ||||||||||||||||||||||||||
As of June 30, 2014, 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 | $ | 640,441 | $ | 67,335 | $ | 146,928 | $ | 214,263 | $ | 854,704 | ||||||||||||||||||||||
Subordinate mortgages | 72,444 | — | — | — | 72,444 | |||||||||||||||||||||||||||
Corporate/Partnership loans | 493,578 | — | — | — | 493,578 | |||||||||||||||||||||||||||
Total | $ | 1,206,463 | $ | 67,335 | $ | 146,928 | $ | 214,263 | $ | 1,420,726 | ||||||||||||||||||||||
Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1): | ||||||||||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 81,270 | $ | 80,669 | $ | — | $ | 3,012 | $ | 2,992 | $ | — | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | 203,645 | 202,112 | (104,248 | ) | 650,337 | 645,463 | (304,544 | ) | ||||||||||||||||||||||||
Corporate/Partnership loans | 38,230 | 38,242 | (3,056 | ) | 99,076 | 99,067 | (43,460 | ) | ||||||||||||||||||||||||
Subtotal | 241,875 | 240,354 | (107,304 | ) | 749,413 | 744,530 | (348,004 | ) | ||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | 284,915 | 282,781 | (104,248 | ) | 653,349 | 648,455 | (304,544 | ) | ||||||||||||||||||||||||
Corporate/Partnership loans | 38,230 | 38,242 | (3,056 | ) | 99,076 | 99,067 | (43,460 | ) | ||||||||||||||||||||||||
Total | $ | 323,145 | $ | 321,023 | $ | (107,304 | ) | $ | 752,425 | $ | 747,522 | $ | (348,004 | ) | ||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of June 30, 2014 and December 31, 2013, certain loans modified through troubled debt restructurings with a recorded investment of $142.5 million and $231.8 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. | |||||||||||||||||||||||||||||||
The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 87,642 | $ | 186 | $ | 16,561 | $ | 8,212 | $ | 59,432 | $ | 687 | $ | 47,067 | $ | 9,057 | ||||||||||||||||
Corporate/Partnership loans | — | — | 10,051 | 320 | — | — | 10,070 | 440 | ||||||||||||||||||||||||
Subtotal | 87,642 | 186 | 26,612 | 8,532 | 59,432 | 687 | 57,137 | 9,497 | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | 354,695 | 70 | 878,381 | 450 | 453,242 | 123 | 891,912 | 956 | ||||||||||||||||||||||||
Subordinate mortgages | — | — | 53,966 | — | — | — | 53,971 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 63,142 | 52 | 61,945 | 80 | 75,120 | 117 | 62,329 | 157 | ||||||||||||||||||||||||
Subtotal | 417,837 | 122 | 994,292 | 530 | 528,362 | 240 | 1,008,212 | 1,113 | ||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | 442,337 | 256 | 894,942 | 8,662 | 512,674 | 810 | 938,979 | 10,013 | ||||||||||||||||||||||||
Subordinate mortgages | — | — | 53,966 | — | — | — | 53,971 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 63,142 | 52 | 71,996 | 400 | 75,120 | 117 | 72,399 | 597 | ||||||||||||||||||||||||
Total | $ | 505,479 | $ | 308 | $ | 1,020,904 | $ | 9,062 | $ | 587,794 | $ | 927 | $ | 1,065,349 | $ | 10,610 | ||||||||||||||||
During the six months ended June 30, 2013, the Company recorded interest income of $8.0 million related to the resolution of a non-performing loan. Interest income was not previously recorded while the loan was on non-accrual status. There was no interest income related to the resolution of non-performing loans recorded during the six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings—During the six months ended June 30, 2014 the Company did not modify any loans that would be troubled debt restructurings. During the three and six months ended June 30, 2013, the Company modified loans that were determined to be troubled debt restructurings. The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | 2 | $ | 71,758 | $ | 71,758 | 3 | $ | 144,432 | $ | 136,758 | ||||||||||||||||||||||
During the three months ended June 30, 2013, the Company restructured one performing loan with a recorded investment of $3.2 million to grant a maturity extension of one year. The Company also extended a payoff option on a loan with a recorded investment of $68.6 million that was classified as non-performing. | ||||||||||||||||||||||||||||||||
During the six months ended June 30, 2013, the Company restructured three loans that were considered troubled debt restructurings. In addition to the loans modified during the three months ended June 30, 2013 that are described above, the Company also restructured one non-performing loan with a recorded investment of $72.7 million in which the Company received a $13.3 million paydown and accepted a discounted payoff option on this loan. At the time of the restructuring, the Company reclassified the loan from non-performing to performing status as the Company believed the borrower would perform under the modified terms of the agreement. The loan was repaid in January 2014 at the discounted payoff amount. | ||||||||||||||||||||||||||||||||
Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of June 30, 2014, the Company had $3.5 million of unfunded commitments associated with modified loans considered troubled debt restructurings. | ||||||||||||||||||||||||||||||||
Securities—As of June 30, 2014, other lending investments—securities includes the following ($ in thousands): | ||||||||||||||||||||||||||||||||
Face Value | Amortized Cost Basis | Net Unrealized Gain (Loss) | Estimated Fair Value | Net Carrying Value | ||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||||||
Municipal debt securities | $ | 1,040 | $ | 1,040 | $ | 92 | $ | 1,132 | $ | 1,132 | ||||||||||||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||||||||||||||
Corporate debt securities | 175,000 | 180,188 | — | 180,188 | 180,188 | |||||||||||||||||||||||||||
Total | $ | 176,040 | $ | 181,228 | $ | 92 | $ | 181,320 | $ | 181,320 | ||||||||||||||||||||||
Other_Investments
Other Investments | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||||||||||
Other Investments | ' | |||||||||||||||||||||||
Other Investments | ||||||||||||||||||||||||
The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands): | ||||||||||||||||||||||||
Carrying Value as of | Equity in Earnings | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Real estate equity investments | $ | 98,204 | $ | 62,205 | $ | 1,442 | $ | 957 | $ | 1,687 | $ | 2,721 | ||||||||||||
Other equity method investments(1) | 70,067 | 45,954 | 23,882 | (127 | ) | 24,918 | 1,626 | |||||||||||||||||
Madison Funds | 43,531 | 67,782 | (1,989 | ) | 4,865 | (2,391 | ) | 7,124 | ||||||||||||||||
Oak Hill Funds | 20,275 | 21,366 | 758 | 909 | 3,056 | 2,065 | ||||||||||||||||||
LNR | — | — | — | 1,719 | — | 16,465 | ||||||||||||||||||
Total equity method investments | 232,077 | 197,307 | $ | 24,093 | $ | 8,323 | $ | 27,270 | $ | 30,001 | ||||||||||||||
Other | 9,484 | 9,902 | ||||||||||||||||||||||
Total other investments | $ | 241,561 | $ | 207,209 | ||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales by one of its equity method investees. | |||||||||||||||||||||||
LNR—In July 2010, the Company acquired an ownership interest of approximately 24% in LNR Property Corporation ("LNR"). LNR is a servicer and special servicer of commercial mortgage loans and CMBS and a diversified real estate investment, finance and management company. In the transaction, the Company and a group of investors, including other creditors of LNR, acquired 100% of the common stock of LNR in exchange for cash and the extinguishment of existing senior notes of LNR's parent holding company (the "Holdco Notes"). The Company contributed $100.0 million aggregate principal amount of Holdco Notes and $100.0 million in cash in exchange for an equity interest of $120.0 million. | ||||||||||||||||||||||||
Beginning in September 2012, the Company and other owners of LNR entered into negotiations with potential purchasers of LNR. After an extensive due diligence and negotiation process, the LNR owners entered into a definitive contract to sell LNR in January 2013 at a fixed sale price which, from the Company's perspective, reflected in part the Company's then-current expectations about the future results of LNR and potential volatility in its business. The definitive sale contract provided that LNR would not make cash distributions to its owners during the fourth quarter of 2012 through the closing of the sale. Notwithstanding the fixed terms of the contract, our investment balance in LNR increased due to equity in earnings recorded which resulted in our recognition of other than temporary impairment on our investment during the year ended December 31, 2013. In April 2013, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds. Approximately $25.2 million of net proceeds, which were placed in escrow for potential indemnification obligations, were released to the Company in April 2014. | ||||||||||||||||||||||||
The following table represents investee level summarized financial information for LNR ($ in thousands)(1): | ||||||||||||||||||||||||
For the Three Months | For the Six Months | |||||||||||||||||||||||
Ended March 31, 2013 | Ended March 31, 2013 | |||||||||||||||||||||||
Income Statements | ||||||||||||||||||||||||
Total revenue(2) | $ | 68,779 | $ | 146,579 | ||||||||||||||||||||
Income tax (expense) benefit | (1,121 | ) | (1,401 | ) | ||||||||||||||||||||
Net income attributable to LNR | 42,452 | 231,701 | ||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the three and six months ended June 30, 2013 were based on balances and results from LNR for the three and six months ended March 31, 2013. | |||||||||||||||||||||||
-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. For the three and six months ended March 31, 2013, total revenue presented above includes $21.1 million and $50.4 million, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. | |||||||||||||||||||||||
The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013 and for the six months ended June 30, 2013 ($ in thousands): | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | For the Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||
Carrying value of LNR at beginning of period | $ | 205,773 | $ | 220,281 | $ | 205,773 | ||||||||||||||||||
Equity in earnings of LNR for the period(1) | 45,375 | — | 45,375 | (a) | ||||||||||||||||||||
Balance before other than temporary impairment | 251,148 | 220,281 | 251,148 | |||||||||||||||||||||
Other than temporary impairment(1) | (30,867 | ) | — | (30,867 | ) | (b) | ||||||||||||||||||
Sales proceeds pursuant to contract | — | (220,281 | ) | (220,281 | ) | |||||||||||||||||||
Carrying value of LNR at end of period | 220,281 | — | — | |||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | During the six months ended June 30, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. | |||||||||||||||||||||||
For the six months ended June 30, 2013, the amount that was recognized as income in the Company's Consolidated Statements of Operations is the sum of items (a) and (b), and $1.7 million of income recognized for the release of other comprehensive income related to LNR upon sale, or $16.5 million. | ||||||||||||||||||||||||
Madison Funds—As of June 30, 2014, 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 VIEs and that the Company is not the primary beneficiary. | ||||||||||||||||||||||||
Oak Hill Funds—As of June 30, 2014, 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 VIE and that the Company is not the primary beneficiary. | ||||||||||||||||||||||||
Real Estate Equity Investments—During the six months ended June 30, 2014, the Company sold a net lease asset for net proceeds of $93.7 million to a newly formed unconsolidated entity in which the Company contributed $17.7 million for a noncontrolling equity interest of approximately 51.9%. The Company partnered with a sovereign wealth fund to form the venture in which the partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's senior executives whose time is substantially devoted to the net lease venture own a total of 0.6% equity ownership in the venture via co-investment. These executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. As of June 30, 2014, the Company had a recorded equity interest of $17.3 million. | ||||||||||||||||||||||||
During the six months ended June 30, 2014, the Company contributed land to a newly formed unconsolidated entity in which the Company received an initial equity interest of 85.7%. This entity is a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of June 30, 2014, the Company had a recorded equity interest of $9.5 million. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of June 30, 2014, the loan balance was $1.9 million and was included in "Loans receivable and other lending investments, net" on the Company's Consolidated Balance Sheets. | ||||||||||||||||||||||||
In addition, as of June 30, 2014, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 31% to 76%, comprised of investments of $16.4 million in net lease assets, $15.1 million in operating properties and $39.9 million in land assets. As of December 31, 2013, the Company's real estate equity investments included $16.4 million in net lease assets, $16.0 million in operating properties and $29.8 million in land assets. One of the Company's equity investments in operating properties represents a 33% interest in residential property units. For the six months ended June 30, 2014 and 2013, the Company's earnings from its interest in this property includes income from sales of residential units of $0.3 million and $4.0 million, respectively. | ||||||||||||||||||||||||
Other Investments—As of June 30, 2014, the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. |
Other_Assets_and_Other_Liabili
Other Assets and Other Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Assets and Other Liabilities [Abstract] | ' | |||||||
Other Assets and Other Liabilities | ' | |||||||
Other Assets and Other Liabilities | ||||||||
Deferred expenses and other assets, net, consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Intangible assets, net(1) | $ | 57,060 | $ | 100,652 | ||||
Deferred financing fees, net(2) | 42,519 | 33,591 | ||||||
Leasing costs, net(3) | 22,609 | 21,799 | ||||||
Other receivables | 22,548 | 34,655 | ||||||
Corporate furniture, fixtures and equipment, net(4) | 5,917 | 6,557 | ||||||
Other assets | 36,495 | 40,726 | ||||||
Deferred expenses and other assets, net | $ | 187,148 | $ | 237,980 | ||||
Explanatory Notes: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $37.6 million and $38.1 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.6 million for the three and six months ended June 30, 2014, respectively, and $1.6 million and $3.2 million for the three and six months ended June 30, 2013. The amortization expense for other intangible assets was $1.7 million and $4.2 million for the three and six months ended June 30, 2014, respectively, and $2.5 million and $5.1 million for the three and six months ended June 30, 2013, 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 $9.9 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
-3 | Accumulated amortization on leasing costs was $7.8 million and $7.1 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
-4 | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.6 million and $6.2 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Accrued expenses | $ | 42,931 | $ | 58,840 | ||||
Accrued interest payable | 35,971 | 40,015 | ||||||
Intangible liabilities, net(1) | 12,798 | 26,223 | ||||||
Other liabilities | 45,150 | 45,753 | ||||||
Accounts payable, accrued expenses and other liabilities | $ | 136,850 | $ | 170,831 | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.9 million and $1.6 million for the three and six months ended June 30, 2014, respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2013, respectively. | |||||||
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | ||||||||
As of | ||||||||
June 30, 2014 | 31-Dec-13 | |||||||
Deferred tax assets(1) | $ | 55,661 | $ | 55,962 | ||||
Valuation allowance | (55,661 | ) | (55,962 | ) | ||||
Net deferred tax assets (liabilities) | $ | — | $ | — | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Deferred tax assets as of June 30, 2014 include real estate basis differences of $39.8 million, investment basis differences of $8.5 million, net operating loss carryforwards of $5.0 million and other differences of $2.3 million. 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 $8.1 million. |
Debt_Obligations_net
Debt Obligations, net | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt Obligations, net | ' | |||||||||||||||
Debt Obligations, net | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company's debt obligations were as follows ($ in thousands): | ||||||||||||||||
Carrying Value as of | ||||||||||||||||
June 30, | December 31, | Stated | Scheduled | |||||||||||||
2014 | 2013 | Interest Rates | Maturity Date | |||||||||||||
Secured credit facilities and term loans: | ||||||||||||||||
2012 Tranche A-2 Facility | $ | 391,938 | $ | 431,475 | LIBOR + 5.75% | -1 | Mar-17 | |||||||||
February 2013 Secured Credit Facility | — | 1,379,407 | LIBOR + 3.50% | -2 | — | |||||||||||
Term loans collateralized by net lease assets | 278,261 | 278,817 | 4.851% - 7.26% | -3 | Various through 2026 | |||||||||||
Total secured credit facilities and term loans | 670,199 | 2,089,699 | ||||||||||||||
Unsecured notes: | ||||||||||||||||
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 | 265,000 | 3.875 | % | Jul-16 | |||||||||||
3.0% senior convertible notes(4) | 200,000 | 200,000 | 3 | % | Nov-16 | |||||||||||
1.50% senior convertible notes(5) | 200,000 | 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 | |||||||||||
4.00% senior notes | 550,000 | — | 4 | % | Nov-17 | |||||||||||
7.125% senior notes | 300,000 | 300,000 | 7.125 | % | Feb-18 | |||||||||||
4.875% senior notes | 300,000 | 300,000 | 4.875 | % | Jul-18 | |||||||||||
5.00% senior notes | 770,000 | — | 5 | % | Jul-19 | |||||||||||
Total unsecured notes | 3,326,890 | 2,006,890 | ||||||||||||||
Other debt obligations: | ||||||||||||||||
Other debt obligations | 100,000 | 100,000 | LIBOR + 1.50% | Oct-35 | ||||||||||||
Total debt obligations | 4,097,089 | 4,196,589 | ||||||||||||||
Debt discounts, net | (14,578 | ) | (38,464 | ) | ||||||||||||
Total debt obligations, net | $ | 4,082,511 | $ | 4,158,125 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The loan has a LIBOR floor of 1.25%. As of June 30, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||
-2 | This loan had a LIBOR floor of 1.00%. | |||||||||||||||
-3 | Includes a loan with a floating rate of LIBOR plus 2.00% and a loan with a floating rate of LIBOR plus 2.75%. The weighted average interest rate of these loans is 5.1%. | |||||||||||||||
-4 | The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
-5 | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
Future Scheduled Maturities—As of June 30, 2014, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands): | ||||||||||||||||
Unsecured Debt | Secured Debt | Total | ||||||||||||||
2014 (remaining six months) | $ | — | $ | 25,176 | $ | 25,176 | ||||||||||
2015 | 105,765 | — | 105,765 | |||||||||||||
2016 | 926,403 | — | 926,403 | |||||||||||||
2017 | 924,722 | 391,938 | 1,316,660 | |||||||||||||
2018 | 600,000 | 16,162 | 616,162 | |||||||||||||
Thereafter | 870,000 | 236,923 | 1,106,923 | |||||||||||||
Total principal maturities | 3,426,890 | 670,199 | 4,097,089 | |||||||||||||
Unamortized debt discounts, net | (9,762 | ) | (4,816 | ) | (14,578 | ) | ||||||||||
Total long-term debt obligations, net | $ | 3,417,128 | $ | 665,383 | $ | 4,082,511 | ||||||||||
February 2013 Secured Credit Facility—On February 11, 2013, the Company entered into a $1.71 billion senior secured credit facility due October 15, 2017 (the "February 2013 Secured Credit Facility") that amended and restated its $1.82 billion senior secured credit facility, dated October 15, 2012 (the "October 2012 Secured Credit Facility"). The February 2013 Credit Facility amended the October 2012 Secured Credit Facility by: (i) reducing the interest rate from LIBOR plus 4.50%, with a 1.25% LIBOR floor, to LIBOR plus 3.50%, with a 1.00% LIBOR floor; and (ii) extending the call protection period for the lenders from October 15, 2013 to December 31, 2013. | ||||||||||||||||
In connection with the February 2013 Secured Credit Facility transaction, the Company incurred $17.1 million of lender fees, of which $14.4 million was capitalized in "Debt obligations, net" on the Company's Consolidated Balance Sheets and $2.7 million was recorded as a loss in "Loss on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations as it related to the lenders who did not participate in the new facility. The Company also incurred $3.8 million in third party fees, of which $3.6 million was recognized in “Other expense” on the Company's Consolidated Statements of Operations, as it related primarily to those lenders from the original facility that modified their debt under the new facility, and $0.2 million was recorded in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets, as it related to the new lenders. | ||||||||||||||||
During the three months ended June 30, 2014, net proceeds from the issuances of the Company's $550.0 million aggregate principal amount of 4.00% senior unsecured notes and $770.0 million aggregate principal amount of 5.00% senior unsecured notes, together with cash on hand, were used to fully repay and terminate the February 2013 Secured Credit Facility. From February 2013 through full payoff in June 2014, the Company made cumulative amortization repayments of $388.5 million. Amortization repayments made during the three and six months ended June 30, 2014 resulted in losses on early extinguishment of debt of $0.3 million and $1.1 million, respectively related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. In connection with the repayment and termination of the facility, the Company recorded a loss on early extinguishment of debt of $22.8 million related to unamortized discounts and financing fees at the time of refinancing. These amounts were included in "Loss on extinguishment of debt, net" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
March 2012 Secured Credit Facilities—In March 2012, the Company entered into an $880.0 million senior secured credit agreement providing for two tranches of term loans: a $410.0 million 2012 A-1 tranche due March 2016, which bears interest at a rate of LIBOR + 4.00% (the "2012 Tranche A-1 Facility"), and a $470.0 million 2012 A-2 tranche due March 2017, which bears interest at a rate of LIBOR + 5.75% (the "2012 Tranche A-2 Facility," together the "March 2012 Secured Credit Facilities"). The 2012 A-1 and A-2 tranches were issued at 98.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25%. Proceeds from the March 2012 Secured Credit Facilities, together with cash on hand, were used to repurchase and repay at maturity $606.7 million aggregate principal amount of the Company's convertible notes due October 2012, to fully repay the $244.0 million balance on the Company's unsecured credit facility due June 2012, and to repay, upon maturity, $90.3 million outstanding principal balance of its 5.50% senior unsecured notes. | ||||||||||||||||
The March 2012 Secured Credit Facilities are collateralized by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the March 2012 Secured Credit Facilities. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The Company may also make optional prepayments, subject to prepayment fees. The 2012 Tranche A-1 Facility was fully repaid in August 2013. Repayments of the 2012 Tranche A-1 Facility prior to scheduled amortization dates resulted in losses on early extinguishment of debt of $1.3 million and $4.2 million during the three and six months ended June 30, 2013 related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. These amounts were included in "Loss on extinguishment of debt, net" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Additionally, through June 30, 2014, the Company made cumulative amortization repayments of $78.1 million on the 2012 Tranche A-2 Facility. For the three and six months ended June 30, 2014, repayments of the 2012 Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $0.6 million and $0.9 million related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. These amounts were included in "Loss on extinguishment of debt" on the Company's Consolidated Statements of Operations. | ||||||||||||||||
Unsecured Notes—In June 2014, the Company issued $550.0 million aggregate principal amount of 4.00% senior unsecured notes due November 2017 and $770.0 million aggregate principal amount of 5.00% senior unsecured notes due July 2019. Net proceeds from these transactions, together with cash on hand, were used to fully repay and terminate the February 2013 Secured Credit Facility which had an outstanding balance of $1.32 billion. | ||||||||||||||||
Encumbered/Unencumbered Assets—As of June 30, 2014 and December 31, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): | ||||||||||||||||
As of | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Encumbered Assets | Unencumbered Assets | Encumbered Assets | Unencumbered Assets | |||||||||||||
Real estate, net | $ | 609,121 | $ | 2,132,269 | $ | 1,644,463 | $ | 1,151,718 | ||||||||
Real estate available and held for sale | 28,705 | 326,109 | 152,604 | 207,913 | ||||||||||||
Loans receivable and other lending investments, net(1) | 48,820 | 1,438,187 | 860,557 | 538,752 | ||||||||||||
Other investments | 20,369 | 221,192 | 24,093 | 183,116 | ||||||||||||
Cash and other assets | — | 679,313 | — | 907,995 | ||||||||||||
Total | $ | 707,015 | $ | 4,797,070 | $ | 2,681,717 | $ | 2,989,494 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | As of June 30, 2014 and December 31, 2013, the amounts presented exclude general reserves for loan losses of $30.6 million and $29.2 million, respectively. | |||||||||||||||
Debt Covenants | ||||||||||||||||
The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a restriction on debt incurrence based upon the effect of the debt incurrence on the Company's fixed charge coverage ratio. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. While the Company 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 contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the Company is required to maintain collateral coverage of 1.25x outstanding borrowings. In addition, for so long as the Company maintains its qualification as a REIT, the March 2012 Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis. The Company may not pay common dividends if it ceases to qualify as a REIT. | ||||||||||||||||
The Company's March 2012 Secured Credit Facilities contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): | ||||||||||||||||
Loans and Other Lending Investments | Real Estate | Other | Total | |||||||||||||
Investments | ||||||||||||||||
Performance-Based Commitments | $ | 262,220 | $ | 6,295 | $ | 36,011 | $ | 304,526 | ||||||||
Strategic Investments | — | — | 46,362 | 46,362 | ||||||||||||
Discretionary Fundings | 5,000 | — | — | 5,000 | ||||||||||||
Total | $ | 267,220 | $ | 6,295 | $ | 82,373 | $ | 355,888 | ||||||||
Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceeding: | ||||||||||||||||
On March 7, 2014, a shareholder action purporting to assert derivative, class and individual claims was filed in the Circuit Court for Baltimore City, Maryland naming the Company, a number of our current and former senior executives (including our chief executive officer) and current and former directors as defendants. The complaint seeks unspecified damages and other relief and alleges breach of fiduciary duty, breach of contract and other causes of action arising out of shares of our common stock issued by the Company to our senior executives pursuant to restricted stock unit awards granted in December 2008 and modified in July 2011. We believe the claims have no merit and we intend to defend the action vigorously. | ||||||||||||||||
The Company evaluates, on a quarterly basis, developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's Consolidated Financial Statements. |
Derivatives
Derivatives | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivatives | ' | |||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 ($ in thousands): | ||||||||||||||||||||||||
Derivative Assets as of | Derivative Liabilities as of | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||
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 | $ | 333 | Other Assets | $ | 1,418 | Other Liabilities | $ | 2,133 | Other Liabilities | $ | 1,653 | ||||||||||||
Interest rate swaps | Other Assets | 159 | Other Assets | 650 | N/A | — | N/A | — | ||||||||||||||||
Interest rate cap | Other Assets | 5,617 | Other Assets | 9,107 | N/A | — | N/A | — | ||||||||||||||||
Total | $ | 6,109 | $ | 11,175 | $ | 2,133 | $ | 1,653 | ||||||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2014 and 2013 ($ 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) Reclassified from Accumulated Other Comprehensive Income into Earnings | ||||||||||||||||||||
Recognized in Income | (Ineffective Portion) | |||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||||||
Interest rate cap | Other Expense | $ | (2,022 | ) | $ | — | $ | (3,634 | ) | |||||||||||||||
Interest rate swaps | Interest Expense | (693 | ) | (39 | ) | N/A | ||||||||||||||||||
Foreign exchange contracts | Other Expense | (127 | ) | — | N/A | |||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | 844 | 79 | N/A | ||||||||||||||||||||
Foreign exchange contracts | Other Expense | 344 | — | N/A | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||||||
Interest rate cap | Other Expense | (2,984 | ) | — | (3,634 | ) | ||||||||||||||||||
Interest rate swaps | Interest Expense | (1,041 | ) | 96 | N/A | |||||||||||||||||||
Foreign exchange contracts | Other Expense | (579 | ) | — | N/A | |||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | 882 | 151 | N/A | ||||||||||||||||||||
Foreign exchange contracts | Other Expense | 344 | — | 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 U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD for their fair value at or close to their settlement date. | ||||||||||||||||||||||||
For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged foreign entity is either sold or substantially liquidated. In January 2014, the Company entered into a foreign exchange contract to hedge its exposure in a subsidiary whose functional currency is Indian rupee ("INR"). The foreign exchange contract replaced an existing contract which matured in January 2014. As of June 30, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells INR/Buys USD Forward | ₨ | 456,000 | $ | 7,576 | Jun-15 | |||||||||||||||||||
For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's Consolidated Statements of Operations within "Other Expense." As of June 30, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells euro ("EUR")/Buys USD Forward | € | 46,950 | $ | 64,287 | Jul-14 | |||||||||||||||||||
Sells pound sterling ("GBP")/Buys USD Forward | £ | 3,800 | $ | 6,501 | Jul-14 | |||||||||||||||||||
Sells Canadian dollar ("CAD")/Buys USD Forward | C$ | 40,500 | $ | 37,966 | Jul-14 | |||||||||||||||||||
Amount of Gain or (Loss) Recognized in Income | ||||||||||||||||||||||||
Location of Gain or | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
(Loss) Recognized in | June 30, | June 30, | ||||||||||||||||||||||
Derivatives not Designated in Hedging Relationships | Income | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Foreign exchange contracts | Other Expense | $ | (751 | ) | $ | (414 | ) | $ | 747 | $ | 9,742 | |||||||||||||
The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" on its Consolidated Statements of Operations for loan investments or "Accumulated other comprehensive income (loss)," on its Consolidated Balance Sheets for net investments in foreign subsidiaries. The Company recorded net gains related to foreign investments of $0.0 million and $0.4 million during the three and six months ended June 30, 2014, respectively, and net losses of $0.4 million and $0.4 million during the three and six months ended June 30, 2013, respectively, in its Consolidated Statements of Operations. | ||||||||||||||||||||||||
Interest Rate Hedges—For derivatives designated as interest rate hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. In October 2012, the Company entered into an interest rate swap to convert its variable rate debt to fixed rate on a $28.0 million secured term loan maturing in 2019. As of June 30, 2014, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Variable Rate | Fixed Rate | Effective Date | Maturity | |||||||||||||||||||
Amount | ||||||||||||||||||||||||
Interest rate swap | $ | 27,708 | LIBOR + 2.00% | 3.47% | Oct-12 | Nov-19 | ||||||||||||||||||
For derivatives not designated as interest rate hedges, the changes in the fair value of the derivatives are reported in the Company's Consolidated Statements of Operations within "Other Expense." In August 2013, the Company entered into an interest rate cap agreement to reduce exposure to expected increases in future interest rates and the resulting payments associated with variable interest rate debt. In June 2014, in connection with the full repayment and termination of the Company's February 2013 Secured Credit Facility referenced in Note 8, the Company realized amounts in earnings from other comprehensive loss as a portion of a hedge related to the Company's variable rate debt was no longer expected to be highly effective. The amount realized was a loss of $3.6 million recorded as a component of "Other expense" in the Company's Consolidated Statements of Operations. As of June 30, 2014, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Variable Rate | Fixed Rate | Effective Date | Maturity | |||||||||||||||||||
Amount | ||||||||||||||||||||||||
Interest rate cap | $ | 500,000 | LIBOR | 1.00% | Jul-14 | Jul-17 | ||||||||||||||||||
Over the next 12 months, the Company expects that $(0.3) million related to terminated cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into earnings and $0.4 million relating to other cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into interest expense. | ||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, the Company has posted collateral of $6.2 million and $7.2 million, respectively, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets. |
Equity
Equity | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Equity | ' | ||||||||||||||||||
Equity | |||||||||||||||||||
Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of June 30, 2014 and 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 | 8 | % | $ | 2 | ||||||||||
E | 5,600 | 0.001 | 25 | 7.875 | % | 1.97 | |||||||||||||
F | 4,000 | 0.001 | 25 | 7.8 | % | 1.95 | |||||||||||||
G | 3,200 | 0.001 | 25 | 7.65 | % | 1.91 | |||||||||||||
I | 5,000 | 0.001 | 25 | 7.5 | % | 1.88 | |||||||||||||
J | 4,000 | 0.001 | 50 | 4.5 | % | 2.25 | |||||||||||||
25,800 | |||||||||||||||||||
Explanatory Notes: | |||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||
-1 | Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. | ||||||||||||||||||
-2 | The Company declared and paid dividends of $4.0 million, $5.5 million, $3.9 million, $3.1 million and $4.7 million on its Series D, E, F, G and I preferred stock during the six months ended June 30, 2014 and 2013. The Company declared and paid dividends of $4.5 million and $2.2 million on its Series J preferred stock during the six months ended June 30, 2014 and 2013, respectively. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. | ||||||||||||||||||
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 June 30, 2014, the Company had $608.0 million of net operating loss carryforwards based on its most recently filed tax return 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 of net 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 six months ended June 30, 2014 and 2013. | |||||||||||||||||||
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. There were no stock repurchases during the six months ended June 30, 2014. As of June 30, 2014, 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 | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Unrealized losses on available-for-sale securities | $ | (184 | ) | $ | (294 | ) | |||||||||||||
Unrealized gains (losses) on cash flow hedges | (210 | ) | 662 | ||||||||||||||||
Unrealized losses on cumulative translation adjustment | (3,353 | ) | (4,644 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | $ | (3,747 | ) | $ | (4,276 | ) |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans and Employee Benefits | 6 Months Ended | |
Jun. 30, 2014 | ||
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 22, 2014, the Company's shareholders approved the 2013 Performance Incentive Plan ("iPIP") which is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The Company granted 73.0% out of a maximum of 100% of iPIP points to these executives and professionals. Subject to certain vesting and employment requirements, point holders will be paid a combination of cash and stock. The payout of iPIP is based on the amount of invested capital, investment performance and the Company's total shareholder return, or TSR, as compared to the average TSR of the NAREIT All REIT Index and the Russell 2000 Index. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. The fair value of points is determined using a model that forecasts the Company's projected investment performance. All decisions regarding the granting of points under iPIP are made at the discretion of the Board of Directors or a committee of the Board of Directors. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. Compensation costs relating to iPIP are included in "General and administrative" on the Company's Consolidated Statements of Operations. | ||
Stock-Based Compensation—The Company recorded stock-based compensation expense of $3.2 million and $5.3 million for the three and six months ended June 30, 2014, respectively, and $4.7 million and $9.9 million for the three and six months ended June 30, 2013 in "General and administrative" on the Company's Consolidated Statements of Operations. As of June 30, 2014, there was $3.8 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 1.30 years. As of June 30, 2014, approximately $2.4 million of stock-based compensation was included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. | ||
As of June 30, 2014, an aggregate of 4.1 million shares remain available for issuance pursuant to future awards under the Company's 2006 and 2009 Long-Term Incentive Plans. | ||
2014 Activity—During the six months ended June 30, 2014, 2,336,053 restricted stock units, or Units, that were previously granted became vested, resulting in the issuance of 1,163,678 shares of our Common Stock to employees, net of statutory minimum required tax withholdings. These vested Units were comprised of 1,696,053 Units which vested in January 2014, 40,000 service-based Units granted to certain employees in March 2011 that cliff vested in March 2014 and 600,000 service-based restricted units granted to the Company's Chairman and Chief Executive Officer in October 2011 that vested in June 2014. In addition, 229,235 fully-vested shares of our Common Stock were granted to employees in January 2014, subject to restrictions on transfer, pursuant to our annual incentive award program which included a mix of cash and equity awards (see below). | ||
During the six months ended June 30, 2014, the Company granted stock-based compensation awards to certain employees in the form of annual incentive awards and long-term incentive awards: | ||
Effective January 10, 2014, the Company granted 229,235 shares of our Common Stock to certain employees as part of annual incentive awards which included a mix of cash and equity awards. The shares are fully-vested and 128,652 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to two years from the date of grant. | ||
Effective January 10, 2014, the Company also granted 67,637 service-based Units representing the right to receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment 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 June 30, 2014, 66,967 of such service-based Units were outstanding. | ||
Effective January 10, 2014, the Company also granted 51,726 target amount of performance-based Units based on the Company's TSR measured over a performance period ending on December 31, 2016, which is the vesting date. Vesting will range from 0% to 200% of the target amount of the award, depending on the Company's TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award). The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these performance-based awards were 0.76% for risk-free interest rate and 44.84% for expected stock price volatility. As of June 30, 2014, 51,055 Units were outstanding. | ||
As of June 30, 2014, the Company had the following additional stock-based compensation awards outstanding: | ||
• | 196,582 service-based Units, granted on February 1, 2013, representing the right to receive an equivalent number of shares of the Company's Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on February 1, 2016, three years from the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled. | |
• | 195,409 target amount of performance-based Units, granted on February 1, 2013, representing the right to receive shares of the Company's Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest based on the Company's total shareholder return, or TSR, measured over a performance period ending on the vesting date of December 31, 2014, which is the vesting date. 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 these Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue 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. | |
• | 50,666 service-based Units granted on various dates to employees with an original vesting term of three years. Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holders to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock. | |
Directors' Awards—During the six months ended June 30, 2014, the Company awarded to Directors 48,172 common share equivalents ("CSEs") and restricted shares at a fair value per share of $14.46 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 six months ended June 30, 2014, the Company issued 55,076 shares of our Common Stock to a former director in settlement of previously vested CSE awards granted under the Non-Employee Directors Deferral Plan. As of June 30, 2014, a total of 360,230 CSEs and restricted shares of our Common Stock granted to members of the Company's Board of Directors remained outstanding under such Plan, with an aggregate intrinsic value of $5.4 million. | ||
401(k) Plan—The Company made gross contributions of $0.1 million and $0.7 million for the three and six months ended June 30, 2014, respectively, and $0.1 million and $0.7 million for the three and six months ended June 30, 2013, respectively. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
EPS is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit (HPU) Program. These HPU units are treated as a separate class of common stock. | ||||||||||||||||
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data): | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from continuing operations | $ | (20,774 | ) | $ | (56,939 | ) | $ | (51,445 | ) | $ | (119,176 | ) | ||||
Net (income) loss attributable to noncontrolling interests | (325 | ) | 311 | (779 | ) | 500 | ||||||||||
Income from sales of residential property | 17,180 | 34,319 | 33,674 | 58,016 | ||||||||||||
Preferred dividends | (12,830 | ) | (12,780 | ) | (25,660 | ) | (23,360 | ) | ||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | $ | (16,749 | ) | $ | (35,089 | ) | $ | (44,210 | ) | $ | (84,020 | ) | ||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
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 | $ | (16,207 | ) | $ | (33,958 | ) | $ | (42,779 | ) | $ | (81,304 | ) | ||||
Income (loss) from discontinued operations | — | (55 | ) | — | 1,148 | |||||||||||
Gain from discontinued operations | — | 8,012 | — | 12,892 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (16,207 | ) | $ | (26,001 | ) | $ | (42,779 | ) | $ | (67,264 | ) | ||||
Denominator for basic and diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding for basic and diluted earnings per common share | 84,916 | 85,125 | 84,868 | 84,975 | ||||||||||||
Basic and diluted earnings per common share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.19 | ) | $ | (0.40 | ) | $ | (0.50 | ) | $ | (0.95 | ) | ||||
Income (loss) from discontinued operations | — | — | — | 0.01 | ||||||||||||
Gain from discontinued operations | — | 0.09 | — | 0.15 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.19 | ) | $ | (0.31 | ) | $ | (0.50 | ) | $ | (0.79 | ) | ||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
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 | $ | (542 | ) | $ | (1,131 | ) | $ | (1,431 | ) | $ | (2,716 | ) | ||||
Income (loss) from discontinued operations | — | (2 | ) | — | 38 | |||||||||||
Gain from discontinued operations | — | 267 | — | 431 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (542 | ) | $ | (866 | ) | $ | (1,431 | ) | $ | (2,247 | ) | ||||
Denominator for basic and diluted earnings per HPU share: | ||||||||||||||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | 15 | 15 | 15 | ||||||||||||
Basic and diluted earnings per HPU share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (36.13 | ) | $ | (75.41 | ) | $ | (95.40 | ) | $ | (181.07 | ) | ||||
Income (loss) from discontinued operations | — | (0.13 | ) | — | 2.53 | |||||||||||
Gain from discontinued operations | — | 17.8 | — | 28.73 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (36.13 | ) | $ | (57.74 | ) | $ | (95.40 | ) | $ | (149.81 | ) | ||||
For the three and six months ended June 30, 2014 and 2013, the following shares were not included in the diluted EPS calculation because they were anti-dilutive ($ in thousands): | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Joint venture shares | $ | 298 | $ | 298 | $ | 298 | $ | 298 | ||||||||
3.00% convertible senior unsecured notes | 16,992 | 16,992 | 16,992 | 16,992 | ||||||||||||
Series J convertible perpetual preferred stock | 15,635 | 15,635 | 15,635 | 15,635 | ||||||||||||
1.50% convertible senior unsecured notes | 11,567 | — | 11,567 | — | ||||||||||||
Fair_Values
Fair Values | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 6,109 | $ | — | $ | 6,109 | $ | — | ||||||||
Derivative liabilities | 2,133 | — | 2,133 | — | ||||||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans(1) | 39,390 | — | — | 39,390 | ||||||||||||
Impaired real estate(2) | 35,394 | — | — | 35,394 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 11,175 | $ | — | $ | 11,175 | $ | — | ||||||||
Derivative liabilities | 1,653 | — | 1,653 | — | ||||||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans | 115,423 | — | — | 115,423 | ||||||||||||
Impaired real estate | 35,680 | — | 5,744 | 29,936 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The Company recorded a recovery of loan losses on one loan with a fair value of $35.1 million based on the loan's remaining term of 2.0 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 $4.3 million based upon a settlement agreement executed by the borrower. | |||||||||||||||
-2 | The Company recorded impairment on one real estate asset with a fair value of $35.4 million based on a discount rate of 10.0%, average annual revenue growth of 3.0% and remaining inventory sell out period of 1.5 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 $1.5 billion and $4.4 billion, respectively, as of June 30, 2014 and $1.4 billion and $4.5 billion, respectively, as of December 31, 2013. The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above. |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||
The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land segment includes the Company's activities related to its developable land portfolio. | ||||||||||||||||||||||||
The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): | ||||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
Three Months Ended June 30, 2014: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 37,674 | $ | 23,117 | $ | 176 | $ | — | $ | 60,967 | ||||||||||||
Interest income | 35,127 | — | — | — | — | 35,127 | ||||||||||||||||||
Other income | 19,043 | 519 | 7,874 | 143 | 1,683 | 29,262 | ||||||||||||||||||
Land sales revenue | — | — | — | 4,487 | — | 4,487 | ||||||||||||||||||
Total revenue | 54,170 | 38,193 | 30,991 | 4,806 | 1,683 | 129,843 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 862 | 731 | (151 | ) | 22,651 | 24,093 | |||||||||||||||||
Income from sales of residential property | — | — | 17,180 | — | — | 17,180 | ||||||||||||||||||
Revenue and other earnings | 54,170 | 39,055 | 48,902 | 4,655 | 24,334 | 171,116 | ||||||||||||||||||
Real estate expense | — | (5,520 | ) | (28,929 | ) | (6,105 | ) | — | (40,554 | ) | ||||||||||||||
Land cost of sales | — | — | — | (3,611 | ) | — | (3,611 | ) | ||||||||||||||||
Other expense | (303 | ) | — | — | — | (4,387 | ) | (4,690 | ) | |||||||||||||||
Allocated interest expense | (15,858 | ) | (18,009 | ) | (10,229 | ) | (7,294 | ) | (5,140 | ) | (56,530 | ) | ||||||||||||
Allocated general and administrative(2) | (4,444 | ) | (5,183 | ) | (3,078 | ) | (4,224 | ) | (6,498 | ) | (23,427 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 33,565 | $ | 10,343 | $ | 6,666 | $ | (16,579 | ) | $ | 8,309 | $ | 42,304 | |||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | (2,792 | ) | $ | — | $ | — | $ | — | $ | — | $ | (2,792 | ) | ||||||||||
Impairment of assets | — | — | 3,900 | (600 | ) | — | 3,300 | |||||||||||||||||
Depreciation and amortization | — | 9,682 | 8,368 | 490 | 282 | 18,822 | ||||||||||||||||||
Capitalized expenditures | — | 201 | 13,564 | 18,373 | — | 32,138 | ||||||||||||||||||
Three Months Ended June 30, 2013: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 35,783 | $ | 21,329 | $ | — | $ | — | $ | 57,112 | ||||||||||||
Interest income | 29,682 | — | — | — | — | 29,682 | ||||||||||||||||||
Other income | 290 | — | 11,440 | — | 1,395 | 13,125 | ||||||||||||||||||
Total revenue | 29,972 | 35,783 | 32,769 | — | 1,395 | 99,919 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 652 | 1,816 | (1,511 | ) | 7,366 | 8,323 | |||||||||||||||||
Income from sales of residential property | — | — | 30,842 | 3,477 | — | 34,319 | ||||||||||||||||||
Income (loss) from discontinued operations(4) | — | 392 | 110 | — | — | 502 | ||||||||||||||||||
Gain from discontinued operations | — | 3,365 | 4,914 | — | — | 8,279 | ||||||||||||||||||
Revenue and other earnings | 29,972 | 40,192 | 70,451 | 1,966 | 8,761 | 151,342 | ||||||||||||||||||
Real estate expense | — | (5,673 | ) | (24,781 | ) | (6,527 | ) | — | (36,981 | ) | ||||||||||||||
Other expense | (414 | ) | — | — | — | 268 | (146 | ) | ||||||||||||||||
Allocated interest expense(5) | (18,470 | ) | (20,079 | ) | (12,452 | ) | (7,943 | ) | (10,213 | ) | (69,157 | ) | ||||||||||||
Allocated general and administrative(2) | (2,895 | ) | (3,158 | ) | (2,147 | ) | (1,788 | ) | (6,169 | ) | (16,157 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 8,193 | $ | 11,282 | $ | 31,071 | $ | (14,292 | ) | $ | (7,353 | ) | $ | 28,901 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | 5,020 | $ | — | $ | — | $ | — | $ | — | $ | 5,020 | ||||||||||||
Impairment of assets(5) | — | — | 427 | — | — | 427 | ||||||||||||||||||
Depreciation and amortization(5) | — | 9,589 | 7,231 | 265 | 315 | 17,400 | ||||||||||||||||||
Capitalized expenditures | — | 13,889 | 9,485 | 7,972 | — | 31,346 | ||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
Six Months Ended June 30, 2014: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 76,555 | $ | 46,118 | $ | 402 | $ | — | $ | 123,075 | ||||||||||||
Interest income | 63,041 | — | — | — | — | 63,041 | ||||||||||||||||||
Other income | 19,442 | 733 | 20,540 | 369 | 2,762 | 43,846 | ||||||||||||||||||
Land sales revenue | — | — | — | 8,630 | — | 8,630 | ||||||||||||||||||
Total revenue | 82,483 | 77,288 | 66,658 | 9,401 | 2,762 | 238,592 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 1,148 | 948 | (409 | ) | 25,583 | 27,270 | |||||||||||||||||
Income from sales of residential property | — | — | 33,674 | — | — | 33,674 | ||||||||||||||||||
Revenue and other earnings | 82,483 | 78,436 | 101,280 | 8,992 | 28,345 | 299,536 | ||||||||||||||||||
Real estate expense | — | (11,194 | ) | (57,543 | ) | (14,430 | ) | — | (83,167 | ) | ||||||||||||||
Land cost of sales | — | — | — | (7,265 | ) | — | (7,265 | ) | ||||||||||||||||
Other expense | (733 | ) | — | — | — | (4,178 | ) | (4,911 | ) | |||||||||||||||
Allocated interest expense | (31,310 | ) | (36,619 | ) | (20,488 | ) | (14,453 | ) | (11,116 | ) | (113,986 | ) | ||||||||||||
Allocated general and administrative(2) | (7,534 | ) | (8,982 | ) | (5,267 | ) | (7,273 | ) | (12,084 | ) | (41,140 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 42,906 | $ | 21,641 | $ | 17,982 | $ | (34,429 | ) | $ | 967 | $ | 49,067 | |||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | (6,192 | ) | $ | — | $ | — | $ | — | $ | — | $ | (6,192 | ) | ||||||||||
Impairment of assets | — | 2,979 | 3,900 | (600 | ) | — | 6,279 | |||||||||||||||||
Depreciation and amortization | — | 19,810 | 16,232 | 794 | 599 | 37,435 | ||||||||||||||||||
Capitalized expenditures | — | 705 | 26,418 | 33,056 | — | 60,179 | ||||||||||||||||||
Six Months Ended June 30, 2013: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 72,436 | $ | 42,692 | $ | — | $ | — | $ | 115,128 | ||||||||||||
Interest income | 54,349 | — | — | — | — | 54,349 | ||||||||||||||||||
Other income | 2,498 | — | 19,579 | 500 | 1,967 | 24,544 | ||||||||||||||||||
Total revenue | 56,847 | 72,436 | 62,271 | 500 | 1,967 | 194,021 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 1,338 | 4,473 | (3,090 | ) | 27,280 | 30,001 | |||||||||||||||||
Income from sales of residential property | — | — | 54,539 | 3,477 | — | 58,016 | ||||||||||||||||||
Income (loss) from discontinued operations(4) | — | 1,001 | 843 | — | — | 1,844 | ||||||||||||||||||
Gain from discontinued operations | — | 3,395 | 9,928 | — | — | 13,323 | ||||||||||||||||||
Revenue and other earnings | 56,847 | 78,170 | 132,054 | 887 | 29,247 | 297,205 | ||||||||||||||||||
Real estate expense | — | (11,269 | ) | (50,515 | ) | (13,031 | ) | — | (74,815 | ) | ||||||||||||||
Other expense | (1,857 | ) | — | — | — | (3,913 | ) | (5,770 | ) | |||||||||||||||
Allocated interest expense(5) | (39,532 | ) | (40,069 | ) | (25,935 | ) | (15,625 | ) | (19,562 | ) | (140,723 | ) | ||||||||||||
Allocated general and administrative(2) | (6,135 | ) | (6,217 | ) | (4,410 | ) | (3,635 | ) | (12,405 | ) | (32,802 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 9,323 | $ | 20,615 | $ | 51,194 | $ | (31,404 | ) | $ | (6,633 | ) | $ | 43,095 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | 15,226 | $ | — | $ | — | $ | — | $ | — | $ | 15,226 | ||||||||||||
Impairment of assets(5) | — | — | 395 | — | — | 395 | ||||||||||||||||||
Depreciation and amortization(5) | — | 19,229 | 14,437 | 530 | 658 | 34,854 | ||||||||||||||||||
Capitalized expenditures | — | 17,656 | 14,406 | 15,598 | — | 47,660 | ||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,611,446 | $ | 744,212 | $ | 829,112 | $ | — | $ | 3,184,770 | ||||||||||||
Less: accumulated depreciation | — | (352,418 | ) | (86,747 | ) | (4,215 | ) | — | (443,380 | ) | ||||||||||||||
Real estate, net | — | 1,259,028 | 657,465 | 824,897 | — | 2,741,390 | ||||||||||||||||||
Real estate available and held for sale | — | — | 232,771 | 122,043 | — | 354,814 | ||||||||||||||||||
Total real estate | — | 1,259,028 | 890,236 | 946,940 | — | 3,096,204 | ||||||||||||||||||
Loans receivable and other lending investments, net | 1,456,407 | — | — | — | — | 1,456,407 | ||||||||||||||||||
Other investments | — | 33,740 | 15,097 | 49,367 | 143,357 | 241,561 | ||||||||||||||||||
Total portfolio assets | $ | 1,456,407 | $ | 1,292,768 | $ | 905,333 | $ | 996,307 | $ | 143,357 | 4,794,172 | |||||||||||||
Cash and other assets | 679,313 | |||||||||||||||||||||||
Total assets | $ | 5,473,485 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 share of equity in earnings from LNR of $1.7 million and $16.5 million for the three and six months ended June 30, 2013. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR. | |||||||||||||||||||||||
-2 | General and administrative excludes stock-based compensation expense of $3.2 million and $5.3 million for the three and six months ended June 30, 2014, respectively, and $4.7 million and $9.9 million for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||
-3 | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | |||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Segment profit (loss) | $ | 42,304 | $ | 28,901 | $ | 49,067 | $ | 43,095 | ||||||||||||||||
Less: (Provision for) recovery of loan losses | 2,792 | (5,020 | ) | 6,192 | (15,226 | ) | ||||||||||||||||||
Less: Impairment of assets(4) | (3,300 | ) | (427 | ) | (6,279 | ) | (395 | ) | ||||||||||||||||
Less: Stock-based compensation expense | (3,196 | ) | (4,719 | ) | (5,271 | ) | (9,921 | ) | ||||||||||||||||
Less: Depreciation and amortization(4) | (18,822 | ) | (17,400 | ) | (37,435 | ) | (34,854 | ) | ||||||||||||||||
Less: Income tax (expense) benefit(4) | 215 | (491 | ) | 722 | (4,566 | ) | ||||||||||||||||||
Less: Loss on early extinguishment of debt, net | (23,587 | ) | (15,242 | ) | (24,767 | ) | (24,784 | ) | ||||||||||||||||
Net income (loss) | $ | (3,594 | ) | $ | (14,398 | ) | $ | (17,771 | ) | $ | (46,651 | ) | ||||||||||||
-4 | For the three and six months ended June 30, 2013, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||||||||||||||||
-5 | For the three and six months ended June 30, 2013, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ' |
Capitalization | ' |
Capitalization—For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other value methods as appropriate during construction. The Company ceases capitalization on the portions substantially completed and ready for their intended use. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This guidance requires disposals of a component of an entity or group of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results to be reported as discontinued operations. Assets and liabilities of a disposal group that includes a discontinued operation must be presented separately in asset and liability sections, respectively, of the Company's Consolidated Balance Sheets for each comparative period. Expanded disclosures about the assets, liabilities, revenues and expenses of discontinued operations are also required. For individually significant disposals that do not qualify as discontinued operations, disclosure of pre-tax income is required. ASU 2014-08 is effective for interim and annual periods beginning on or after December 15, 2014. Early adoption is permitted for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements. | |
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12") which requires a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition in accordance with Topic 718, Compensation—Stock Compensation. ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a significant impact on the Company's Consolidated Financial Statements. | |
Land | ' |
Property, Plant and Equipment [Line Items] | ' |
Dispositions | ' |
Dispositions—Revenues from sales of land are recognized in accordance with Accounting Standards Codification ("ASC") 360-20, Real Estate Sales. Sales of land 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. Revenues from sales of land are included in "Land sales revenue" and costs of land sales are included in "Land cost of sales" on the Company’s Consolidated Statements of Operations. |
Real_Estate_Tables
Real Estate (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 | ||||||||||||||||
Land and land improvements | $ | 328,143 | $ | 152,332 | $ | 829,112 | $ | 1,309,587 | ||||||||
Buildings and improvements | 1,283,303 | 591,880 | — | 1,875,183 | ||||||||||||
Less: accumulated depreciation and amortization | (352,418 | ) | (86,747 | ) | (4,215 | ) | (443,380 | ) | ||||||||
Real estate, net | 1,259,028 | 657,465 | 824,897 | 2,741,390 | ||||||||||||
Real estate available and held for sale | — | 232,771 | 122,043 | 354,814 | ||||||||||||
Total real estate | $ | 1,259,028 | $ | 890,236 | $ | 946,940 | $ | 3,096,204 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Land and land improvements | $ | 350,817 | $ | 132,934 | $ | 803,238 | $ | 1,286,989 | ||||||||
Buildings and improvements | 1,346,071 | 587,574 | — | 1,933,645 | ||||||||||||
Less: accumulated depreciation and amortization | (338,640 | ) | (82,420 | ) | (3,393 | ) | (424,453 | ) | ||||||||
Real estate, net | 1,358,248 | 638,088 | 799,845 | 2,796,181 | ||||||||||||
Real estate available and held for sale | — | 228,328 | 132,189 | 360,517 | ||||||||||||
Total real estate | $ | 1,358,248 | $ | 866,416 | $ | 932,034 | $ | 3,156,698 | ||||||||
Schedule of Pro Forma Information, Business Combination | ' | |||||||||||||||
The following table summarizes the Company's pro forma revenues and net income for the three and six months ended June 30, 2014, as if the acquisition of the properties acquired during the six months ended June 30, 2014 was completed on January 1, 2013 ($ in thousands): | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma total revenues | 131,038 | 103,175 | 242,892 | 200,072 | ||||||||||||
Pro forma net income (loss) | (3,614 | ) | (14,531 | ) | (18,001 | ) | (47,177 | ) | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The following table summarizes income (loss) from discontinued operations for the three and six months ended June 30, 2013 ($ in thousands): | ||||||||||||||||
For the Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | |||||||||||||||
Revenues | $ | 1,282 | $ | 3,677 | ||||||||||||
Total expenses | (912 | ) | (2,096 | ) | ||||||||||||
Impairment of assets | (427 | ) | (395 | ) | ||||||||||||
Income (loss) from discontinued operations | $ | (57 | ) | $ | 1,186 | |||||||||||
Loans_Receivable_and_Other_Len1
Loans Receivable and Other Lending Investments, net (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of the Company's loans and other lending investments by class | ' | |||||||||||||||||||||||||||||||
The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
Type of Investment | June 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 851,307 | $ | 1,071,662 | ||||||||||||||||||||||||||||
Subordinate mortgages | 71,696 | 60,679 | ||||||||||||||||||||||||||||||
Corporate/Partnership loans | 489,988 | 473,045 | ||||||||||||||||||||||||||||||
Total gross carrying value of loans | 1,412,991 | 1,605,386 | ||||||||||||||||||||||||||||||
Reserves for loan losses | (137,904 | ) | (377,204 | ) | ||||||||||||||||||||||||||||
Total loans receivable, net | 1,275,087 | 1,228,182 | ||||||||||||||||||||||||||||||
Other lending investments—securities | 181,320 | 141,927 | ||||||||||||||||||||||||||||||
Total loans receivable and other lending investments, net(1) | $ | 1,456,407 | $ | 1,370,109 | ||||||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The Company's recorded investment in loans as of June 30, 2014 and December 31, 2013 also includes accrued interest of $7.7 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
Schedule of changes in the Company's reserve for loan losses | ' | |||||||||||||||||||||||||||||||
Reserve for Loan Losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Reserve for loan losses at beginning of period | $ | 370,076 | $ | 521,795 | $ | 377,204 | $ | 524,499 | ||||||||||||||||||||||||
Provision for (recovery of) loan losses(1) | (2,792 | ) | 5,020 | (6,192 | ) | 15,226 | ||||||||||||||||||||||||||
Charge-offs | (229,380 | ) | (46,989 | ) | (233,108 | ) | (59,899 | ) | ||||||||||||||||||||||||
Reserve for loan losses at end of period | $ | 137,904 | $ | 479,826 | $ | 137,904 | $ | 479,826 | ||||||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $2.4 million and $7.6 million, respectively. For the three and six months ended June 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $6.4 million and $11.0 million, respectively. | |||||||||||||||||||||||||||||||
Schedule of recorded investment in loans and associated reserve for loan losses | ' | |||||||||||||||||||||||||||||||
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
Individually | Collectively | Loans Acquired | Total | |||||||||||||||||||||||||||||
Evaluated for | Evaluated for | with Deteriorated | ||||||||||||||||||||||||||||||
Impairment(1) | Impairment(2) | Credit Quality(3) | ||||||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||
Loans | $ | 323,145 | $ | 1,097,581 | $ | — | $ | 1,420,726 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (107,304 | ) | (30,600 | ) | — | (137,904 | ) | |||||||||||||||||||||||||
Total | $ | 215,841 | $ | 1,066,981 | $ | — | $ | 1,282,822 | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Loans | $ | 752,425 | $ | 849,613 | $ | 9,889 | $ | 1,611,927 | ||||||||||||||||||||||||
Less: Reserve for loan losses | (348,004 | ) | (29,200 | ) | — | (377,204 | ) | |||||||||||||||||||||||||
Total | $ | 404,421 | $ | 820,413 | $ | 9,889 | $ | 1,234,723 | ||||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $2.0 million and a net premium of $0.5 million as of June 30, 2014 and December 31, 2013, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. | |||||||||||||||||||||||||||||||
-2 | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $8.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||
-3 | The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million as of December 31, 2013. The loan had a cumulative principal balance of $10.2 million as of December 31, 2013. The loan was repaid during the six months ended June 30, 2014. | |||||||||||||||||||||||||||||||
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | ' | |||||||||||||||||||||||||||||||
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Performing | Weighted | Performing | Weighted | |||||||||||||||||||||||||||||
Loans | Average | Loans | Average | |||||||||||||||||||||||||||||
Risk Ratings | Risk Ratings | |||||||||||||||||||||||||||||||
Senior mortgages | $ | 674,018 | 2.07 | $ | 591,145 | 2.5 | ||||||||||||||||||||||||||
Subordinate mortgages | 72,444 | 2.68 | 61,364 | 3.37 | ||||||||||||||||||||||||||||
Corporate/Partnership loans | 493,578 | 3.8 | 438,831 | 3.88 | ||||||||||||||||||||||||||||
Total | $ | 1,240,040 | 2.8 | $ | 1,091,340 | 3.11 | ||||||||||||||||||||||||||
Schedule of recorded investment in loans, aged by payment status and presented by class | ' | |||||||||||||||||||||||||||||||
As of June 30, 2014, 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 | $ | 640,441 | $ | 67,335 | $ | 146,928 | $ | 214,263 | $ | 854,704 | ||||||||||||||||||||||
Subordinate mortgages | 72,444 | — | — | — | 72,444 | |||||||||||||||||||||||||||
Corporate/Partnership loans | 493,578 | — | — | — | 493,578 | |||||||||||||||||||||||||||
Total | $ | 1,206,463 | $ | 67,335 | $ | 146,928 | $ | 214,263 | $ | 1,420,726 | ||||||||||||||||||||||
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 June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 81,270 | $ | 80,669 | $ | — | $ | 3,012 | $ | 2,992 | $ | — | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | 203,645 | 202,112 | (104,248 | ) | 650,337 | 645,463 | (304,544 | ) | ||||||||||||||||||||||||
Corporate/Partnership loans | 38,230 | 38,242 | (3,056 | ) | 99,076 | 99,067 | (43,460 | ) | ||||||||||||||||||||||||
Subtotal | 241,875 | 240,354 | (107,304 | ) | 749,413 | 744,530 | (348,004 | ) | ||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | 284,915 | 282,781 | (104,248 | ) | 653,349 | 648,455 | (304,544 | ) | ||||||||||||||||||||||||
Corporate/Partnership loans | 38,230 | 38,242 | (3,056 | ) | 99,076 | 99,067 | (43,460 | ) | ||||||||||||||||||||||||
Total | $ | 323,145 | $ | 321,023 | $ | (107,304 | ) | $ | 752,425 | $ | 747,522 | $ | (348,004 | ) | ||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of June 30, 2014 and December 31, 2013, certain loans modified through troubled debt restructurings with a recorded investment of $142.5 million and $231.8 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. | |||||||||||||||||||||||||||||||
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | ' | |||||||||||||||||||||||||||||||
The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | $ | 87,642 | $ | 186 | $ | 16,561 | $ | 8,212 | $ | 59,432 | $ | 687 | $ | 47,067 | $ | 9,057 | ||||||||||||||||
Corporate/Partnership loans | — | — | 10,051 | 320 | — | — | 10,070 | 440 | ||||||||||||||||||||||||
Subtotal | 87,642 | 186 | 26,612 | 8,532 | 59,432 | 687 | 57,137 | 9,497 | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Senior mortgages | 354,695 | 70 | 878,381 | 450 | 453,242 | 123 | 891,912 | 956 | ||||||||||||||||||||||||
Subordinate mortgages | — | — | 53,966 | — | — | — | 53,971 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 63,142 | 52 | 61,945 | 80 | 75,120 | 117 | 62,329 | 157 | ||||||||||||||||||||||||
Subtotal | 417,837 | 122 | 994,292 | 530 | 528,362 | 240 | 1,008,212 | 1,113 | ||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Senior mortgages | 442,337 | 256 | 894,942 | 8,662 | 512,674 | 810 | 938,979 | 10,013 | ||||||||||||||||||||||||
Subordinate mortgages | — | — | 53,966 | — | — | — | 53,971 | — | ||||||||||||||||||||||||
Corporate/Partnership loans | 63,142 | 52 | 71,996 | 400 | 75,120 | 117 | 72,399 | 597 | ||||||||||||||||||||||||
Total | $ | 505,479 | $ | 308 | $ | 1,020,904 | $ | 9,062 | $ | 587,794 | $ | 927 | $ | 1,065,349 | $ | 10,610 | ||||||||||||||||
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 Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||
Senior mortgages | 2 | $ | 71,758 | $ | 71,758 | 3 | $ | 144,432 | $ | 136,758 | ||||||||||||||||||||||
Marketable securities | ' | |||||||||||||||||||||||||||||||
As of June 30, 2014, 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 | $ | 1,040 | $ | 1,040 | $ | 92 | $ | 1,132 | $ | 1,132 | ||||||||||||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||||||||||||||
Corporate debt securities | 175,000 | 180,188 | — | 180,188 | 180,188 | |||||||||||||||||||||||||||
Total | $ | 176,040 | $ | 181,228 | $ | 92 | $ | 181,320 | $ | 181,320 | ||||||||||||||||||||||
Other_Investments_Tables
Other Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||||||
Schedule of other investments and its proportionate share of results for equity method investments | ' | |||||||||||||||||||||||
The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands): | ||||||||||||||||||||||||
Carrying Value as of | Equity in Earnings | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Real estate equity investments | $ | 98,204 | $ | 62,205 | $ | 1,442 | $ | 957 | $ | 1,687 | $ | 2,721 | ||||||||||||
Other equity method investments(1) | 70,067 | 45,954 | 23,882 | (127 | ) | 24,918 | 1,626 | |||||||||||||||||
Madison Funds | 43,531 | 67,782 | (1,989 | ) | 4,865 | (2,391 | ) | 7,124 | ||||||||||||||||
Oak Hill Funds | 20,275 | 21,366 | 758 | 909 | 3,056 | 2,065 | ||||||||||||||||||
LNR | — | — | — | 1,719 | — | 16,465 | ||||||||||||||||||
Total equity method investments | 232,077 | 197,307 | $ | 24,093 | $ | 8,323 | $ | 27,270 | $ | 30,001 | ||||||||||||||
Other | 9,484 | 9,902 | ||||||||||||||||||||||
Total other investments | $ | 241,561 | $ | 207,209 | ||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales by one of its equity method investees. | |||||||||||||||||||||||
LNR Property LLC (LNR) | ' | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||||||
Schedule of other investments and its proportionate share of results for equity method investments | ' | |||||||||||||||||||||||
The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013 and for the six months ended June 30, 2013 ($ in thousands): | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | For the Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||
Carrying value of LNR at beginning of period | $ | 205,773 | $ | 220,281 | $ | 205,773 | ||||||||||||||||||
Equity in earnings of LNR for the period(1) | 45,375 | — | 45,375 | (a) | ||||||||||||||||||||
Balance before other than temporary impairment | 251,148 | 220,281 | 251,148 | |||||||||||||||||||||
Other than temporary impairment(1) | (30,867 | ) | — | (30,867 | ) | (b) | ||||||||||||||||||
Sales proceeds pursuant to contract | — | (220,281 | ) | (220,281 | ) | |||||||||||||||||||
Carrying value of LNR at end of period | 220,281 | — | — | |||||||||||||||||||||
Explanatory Note: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | During the six months ended June 30, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. | |||||||||||||||||||||||
Schedule of summarized Income Statements | ' | |||||||||||||||||||||||
The following table represents investee level summarized financial information for LNR ($ in thousands)(1): | ||||||||||||||||||||||||
For the Three Months | For the Six Months | |||||||||||||||||||||||
Ended March 31, 2013 | Ended March 31, 2013 | |||||||||||||||||||||||
Income Statements | ||||||||||||||||||||||||
Total revenue(2) | $ | 68,779 | $ | 146,579 | ||||||||||||||||||||
Income tax (expense) benefit | (1,121 | ) | (1,401 | ) | ||||||||||||||||||||
Net income attributable to LNR | 42,452 | 231,701 | ||||||||||||||||||||||
Explanatory Notes: | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the three and six months ended June 30, 2013 were based on balances and results from LNR for the three and six months ended March 31, 2013. | |||||||||||||||||||||||
-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. For the three and six months ended March 31, 2013, total revenue presented above includes $21.1 million and $50.4 million, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. |
Other_Assets_and_Other_Liabili1
Other Assets and Other Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Assets and Other Liabilities [Abstract] | ' | |||||||
Schedule of deferred expenses and other assets, net | ' | |||||||
Deferred expenses and other assets, net, consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Intangible assets, net(1) | $ | 57,060 | $ | 100,652 | ||||
Deferred financing fees, net(2) | 42,519 | 33,591 | ||||||
Leasing costs, net(3) | 22,609 | 21,799 | ||||||
Other receivables | 22,548 | 34,655 | ||||||
Corporate furniture, fixtures and equipment, net(4) | 5,917 | 6,557 | ||||||
Other assets | 36,495 | 40,726 | ||||||
Deferred expenses and other assets, net | $ | 187,148 | $ | 237,980 | ||||
Explanatory Notes: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $37.6 million and $38.1 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.6 million for the three and six months ended June 30, 2014, respectively, and $1.6 million and $3.2 million for the three and six months ended June 30, 2013. The amortization expense for other intangible assets was $1.7 million and $4.2 million for the three and six months ended June 30, 2014, respectively, and $2.5 million and $5.1 million for the three and six months ended June 30, 2013, 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 $9.9 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
-3 | Accumulated amortization on leasing costs was $7.8 million and $7.1 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
-4 | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.6 million and $6.2 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
Schedule of accounts payable, accrued expenses and other liabilities | ' | |||||||
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | ||||||||
As of | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Accrued expenses | $ | 42,931 | $ | 58,840 | ||||
Accrued interest payable | 35,971 | 40,015 | ||||||
Intangible liabilities, net(1) | 12,798 | 26,223 | ||||||
Other liabilities | 45,150 | 45,753 | ||||||
Accounts payable, accrued expenses and other liabilities | $ | 136,850 | $ | 170,831 | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.9 million and $1.6 million for the three and six months ended June 30, 2014, respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2013, respectively. | |||||||
Schedule of deferred tax assets and liabilities | ' | |||||||
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | ||||||||
As of | ||||||||
June 30, 2014 | 31-Dec-13 | |||||||
Deferred tax assets(1) | $ | 55,661 | $ | 55,962 | ||||
Valuation allowance | (55,661 | ) | (55,962 | ) | ||||
Net deferred tax assets (liabilities) | $ | — | $ | — | ||||
Explanatory Note: | ||||||||
_______________________________________________________________________________ | ||||||||
-1 | Deferred tax assets as of June 30, 2014 include real estate basis differences of $39.8 million, investment basis differences of $8.5 million, net operating loss carryforwards of $5.0 million and other differences of $2.3 million. 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 $8.1 million. |
Debt_Obligations_net_Tables
Debt Obligations, net (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of debt obligations | ' | |||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company's debt obligations were as follows ($ in thousands): | ||||||||||||||||
Carrying Value as of | ||||||||||||||||
June 30, | December 31, | Stated | Scheduled | |||||||||||||
2014 | 2013 | Interest Rates | Maturity Date | |||||||||||||
Secured credit facilities and term loans: | ||||||||||||||||
2012 Tranche A-2 Facility | $ | 391,938 | $ | 431,475 | LIBOR + 5.75% | -1 | Mar-17 | |||||||||
February 2013 Secured Credit Facility | — | 1,379,407 | LIBOR + 3.50% | -2 | — | |||||||||||
Term loans collateralized by net lease assets | 278,261 | 278,817 | 4.851% - 7.26% | -3 | Various through 2026 | |||||||||||
Total secured credit facilities and term loans | 670,199 | 2,089,699 | ||||||||||||||
Unsecured notes: | ||||||||||||||||
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 | 265,000 | 3.875 | % | Jul-16 | |||||||||||
3.0% senior convertible notes(4) | 200,000 | 200,000 | 3 | % | Nov-16 | |||||||||||
1.50% senior convertible notes(5) | 200,000 | 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 | |||||||||||
4.00% senior notes | 550,000 | — | 4 | % | Nov-17 | |||||||||||
7.125% senior notes | 300,000 | 300,000 | 7.125 | % | Feb-18 | |||||||||||
4.875% senior notes | 300,000 | 300,000 | 4.875 | % | Jul-18 | |||||||||||
5.00% senior notes | 770,000 | — | 5 | % | Jul-19 | |||||||||||
Total unsecured notes | 3,326,890 | 2,006,890 | ||||||||||||||
Other debt obligations: | ||||||||||||||||
Other debt obligations | 100,000 | 100,000 | LIBOR + 1.50% | Oct-35 | ||||||||||||
Total debt obligations | 4,097,089 | 4,196,589 | ||||||||||||||
Debt discounts, net | (14,578 | ) | (38,464 | ) | ||||||||||||
Total debt obligations, net | $ | 4,082,511 | $ | 4,158,125 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The loan has a LIBOR floor of 1.25%. As of June 30, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||
-2 | This loan had a LIBOR floor of 1.00%. | |||||||||||||||
-3 | Includes a loan with a floating rate of LIBOR plus 2.00% and a loan with a floating rate of LIBOR plus 2.75%. The weighted average interest rate of these loans is 5.1%. | |||||||||||||||
-4 | The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
-5 | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | ' | |||||||||||||||
Future Scheduled Maturities—As of June 30, 2014, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands): | ||||||||||||||||
Unsecured Debt | Secured Debt | Total | ||||||||||||||
2014 (remaining six months) | $ | — | $ | 25,176 | $ | 25,176 | ||||||||||
2015 | 105,765 | — | 105,765 | |||||||||||||
2016 | 926,403 | — | 926,403 | |||||||||||||
2017 | 924,722 | 391,938 | 1,316,660 | |||||||||||||
2018 | 600,000 | 16,162 | 616,162 | |||||||||||||
Thereafter | 870,000 | 236,923 | 1,106,923 | |||||||||||||
Total principal maturities | 3,426,890 | 670,199 | 4,097,089 | |||||||||||||
Unamortized debt discounts, net | (9,762 | ) | (4,816 | ) | (14,578 | ) | ||||||||||
Total long-term debt obligations, net | $ | 3,417,128 | $ | 665,383 | $ | 4,082,511 | ||||||||||
Schedule of carrying value of encumbered assets by asset type | ' | |||||||||||||||
Encumbered/Unencumbered Assets—As of June 30, 2014 and December 31, 2013, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): | ||||||||||||||||
As of | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Encumbered Assets | Unencumbered Assets | Encumbered Assets | Unencumbered Assets | |||||||||||||
Real estate, net | $ | 609,121 | $ | 2,132,269 | $ | 1,644,463 | $ | 1,151,718 | ||||||||
Real estate available and held for sale | 28,705 | 326,109 | 152,604 | 207,913 | ||||||||||||
Loans receivable and other lending investments, net(1) | 48,820 | 1,438,187 | 860,557 | 538,752 | ||||||||||||
Other investments | 20,369 | 221,192 | 24,093 | 183,116 | ||||||||||||
Cash and other assets | — | 679,313 | — | 907,995 | ||||||||||||
Total | $ | 707,015 | $ | 4,797,070 | $ | 2,681,717 | $ | 2,989,494 | ||||||||
Explanatory Note: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | As of June 30, 2014 and December 31, 2013, the amounts presented exclude general reserves for loan losses of $30.6 million and $29.2 million, respectively. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Schedule of unfunded commitments | ' | |||||||||||||||
As of June 30, 2014, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): | ||||||||||||||||
Loans and Other Lending Investments | Real Estate | Other | Total | |||||||||||||
Investments | ||||||||||||||||
Performance-Based Commitments | $ | 262,220 | $ | 6,295 | $ | 36,011 | $ | 304,526 | ||||||||
Strategic Investments | — | — | 46,362 | 46,362 | ||||||||||||
Discretionary Fundings | 5,000 | — | — | 5,000 | ||||||||||||
Total | $ | 267,220 | $ | 6,295 | $ | 82,373 | $ | 355,888 | ||||||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | |||||||||||||||||||||||
Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets | ' | |||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 ($ in thousands): | ||||||||||||||||||||||||
Derivative Assets as of | Derivative Liabilities as of | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||
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 | $ | 333 | Other Assets | $ | 1,418 | Other Liabilities | $ | 2,133 | Other Liabilities | $ | 1,653 | ||||||||||||
Interest rate swaps | Other Assets | 159 | Other Assets | 650 | N/A | — | N/A | — | ||||||||||||||||
Interest rate cap | Other Assets | 5,617 | Other Assets | 9,107 | N/A | — | N/A | — | ||||||||||||||||
Total | $ | 6,109 | $ | 11,175 | $ | 2,133 | $ | 1,653 | ||||||||||||||||
Schedule of derivative financial instruments on Consolidated Statements of Operations | ' | |||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Income | ||||||||||||||||||||||||
Location of Gain or | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
(Loss) Recognized in | June 30, | June 30, | ||||||||||||||||||||||
Derivatives not Designated in Hedging Relationships | Income | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Foreign exchange contracts | Other Expense | $ | (751 | ) | $ | (414 | ) | $ | 747 | $ | 9,742 | |||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2014 and 2013 ($ 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) Reclassified from Accumulated Other Comprehensive Income into Earnings | ||||||||||||||||||||
Recognized in Income | (Ineffective Portion) | |||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||||||
Interest rate cap | Other Expense | $ | (2,022 | ) | $ | — | $ | (3,634 | ) | |||||||||||||||
Interest rate swaps | Interest Expense | (693 | ) | (39 | ) | N/A | ||||||||||||||||||
Foreign exchange contracts | Other Expense | (127 | ) | — | N/A | |||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | 844 | 79 | N/A | ||||||||||||||||||||
Foreign exchange contracts | Other Expense | 344 | — | N/A | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||||||
Interest rate cap | Other Expense | (2,984 | ) | — | (3,634 | ) | ||||||||||||||||||
Interest rate swaps | Interest Expense | (1,041 | ) | 96 | N/A | |||||||||||||||||||
Foreign exchange contracts | Other Expense | (579 | ) | — | N/A | |||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||||||
Interest rate swap | Interest Expense | 882 | 151 | N/A | ||||||||||||||||||||
Foreign exchange contracts | Other Expense | 344 | — | N/A | ||||||||||||||||||||
Foreign exchange contracts | Designated as hedge | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | |||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||
As of June 30, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells INR/Buys USD Forward | ₨ | 456,000 | $ | 7,576 | Jun-15 | |||||||||||||||||||
Foreign exchange contracts | Not designated as hedge | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | |||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||
As of June 30, 2014, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Notional | Maturity | |||||||||||||||||||||
Amount | (USD Equivalent) | |||||||||||||||||||||||
Sells euro ("EUR")/Buys USD Forward | € | 46,950 | $ | 64,287 | Jul-14 | |||||||||||||||||||
Sells pound sterling ("GBP")/Buys USD Forward | £ | 3,800 | $ | 6,501 | Jul-14 | |||||||||||||||||||
Sells Canadian dollar ("CAD")/Buys USD Forward | C$ | 40,500 | $ | 37,966 | Jul-14 | |||||||||||||||||||
Interest rate cap | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | |||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||
As of June 30, 2014, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Variable Rate | Fixed Rate | Effective Date | Maturity | |||||||||||||||||||
Amount | ||||||||||||||||||||||||
Interest rate cap | $ | 500,000 | LIBOR | 1.00% | Jul-14 | Jul-17 | ||||||||||||||||||
Interest rate swap | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | |||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||
As of June 30, 2014, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated ($ in thousands): | ||||||||||||||||||||||||
Derivative Type | Notional | Variable Rate | Fixed Rate | Effective Date | Maturity | |||||||||||||||||||
Amount | ||||||||||||||||||||||||
Interest rate swap | $ | 27,708 | LIBOR + 2.00% | 3.47% | Oct-12 | Nov-19 | ||||||||||||||||||
Equity_Tables
Equity (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Schedule of Cumulative Redeemable Preferred Stock outstanding by series | ' | ||||||||||||||||||
Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of June 30, 2014 and 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 | 8 | % | $ | 2 | ||||||||||
E | 5,600 | 0.001 | 25 | 7.875 | % | 1.97 | |||||||||||||
F | 4,000 | 0.001 | 25 | 7.8 | % | 1.95 | |||||||||||||
G | 3,200 | 0.001 | 25 | 7.65 | % | 1.91 | |||||||||||||
I | 5,000 | 0.001 | 25 | 7.5 | % | 1.88 | |||||||||||||
J | 4,000 | 0.001 | 50 | 4.5 | % | 2.25 | |||||||||||||
25,800 | |||||||||||||||||||
Explanatory Notes: | |||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||
-1 | Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. | ||||||||||||||||||
-2 | The Company declared and paid dividends of $4.0 million, $5.5 million, $3.9 million, $3.1 million and $4.7 million on its Series D, E, F, G and I preferred stock during the six months ended June 30, 2014 and 2013. The Company declared and paid dividends of $4.5 million and $2.2 million on its Series J preferred stock during the six months ended June 30, 2014 and 2013, respectively. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. | ||||||||||||||||||
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): | |||||||||||||||||||
As of | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Unrealized losses on available-for-sale securities | $ | (184 | ) | $ | (294 | ) | |||||||||||||
Unrealized gains (losses) on cash flow hedges | (210 | ) | 662 | ||||||||||||||||
Unrealized losses on cumulative translation adjustment | (3,353 | ) | (4,644 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | $ | (3,747 | ) | $ | (4,276 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations | ' | |||||||||||||||
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data): | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from continuing operations | $ | (20,774 | ) | $ | (56,939 | ) | $ | (51,445 | ) | $ | (119,176 | ) | ||||
Net (income) loss attributable to noncontrolling interests | (325 | ) | 311 | (779 | ) | 500 | ||||||||||
Income from sales of residential property | 17,180 | 34,319 | 33,674 | 58,016 | ||||||||||||
Preferred dividends | (12,830 | ) | (12,780 | ) | (25,660 | ) | (23,360 | ) | ||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | $ | (16,749 | ) | $ | (35,089 | ) | $ | (44,210 | ) | $ | (84,020 | ) | ||||
Schedule of earnings per share allocable to common shares and HPU shares | ' | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
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 | $ | (16,207 | ) | $ | (33,958 | ) | $ | (42,779 | ) | $ | (81,304 | ) | ||||
Income (loss) from discontinued operations | — | (55 | ) | — | 1,148 | |||||||||||
Gain from discontinued operations | — | 8,012 | — | 12,892 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (16,207 | ) | $ | (26,001 | ) | $ | (42,779 | ) | $ | (67,264 | ) | ||||
Denominator for basic and diluted earnings per share: | ||||||||||||||||
Weighted average common shares outstanding for basic and diluted earnings per common share | 84,916 | 85,125 | 84,868 | 84,975 | ||||||||||||
Basic and diluted earnings per common share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.19 | ) | $ | (0.40 | ) | $ | (0.50 | ) | $ | (0.95 | ) | ||||
Income (loss) from discontinued operations | — | — | — | 0.01 | ||||||||||||
Gain from discontinued operations | — | 0.09 | — | 0.15 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders | $ | (0.19 | ) | $ | (0.31 | ) | $ | (0.50 | ) | $ | (0.79 | ) | ||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
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 | $ | (542 | ) | $ | (1,131 | ) | $ | (1,431 | ) | $ | (2,716 | ) | ||||
Income (loss) from discontinued operations | — | (2 | ) | — | 38 | |||||||||||
Gain from discontinued operations | — | 267 | — | 431 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (542 | ) | $ | (866 | ) | $ | (1,431 | ) | $ | (2,247 | ) | ||||
Denominator for basic and diluted earnings per HPU share: | ||||||||||||||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share | 15 | 15 | 15 | 15 | ||||||||||||
Basic and diluted earnings per HPU share: | ||||||||||||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders | $ | (36.13 | ) | $ | (75.41 | ) | $ | (95.40 | ) | $ | (181.07 | ) | ||||
Income (loss) from discontinued operations | — | (0.13 | ) | — | 2.53 | |||||||||||
Gain from discontinued operations | — | 17.8 | — | 28.73 | ||||||||||||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders | $ | (36.13 | ) | $ | (57.74 | ) | $ | (95.40 | ) | $ | (149.81 | ) | ||||
Schedule of anti-dilutive shares | ' | |||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the following shares were not included in the diluted EPS calculation because they were anti-dilutive ($ in thousands): | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Joint venture shares | $ | 298 | $ | 298 | $ | 298 | $ | 298 | ||||||||
3.00% convertible senior unsecured notes | 16,992 | 16,992 | 16,992 | 16,992 | ||||||||||||
Series J convertible perpetual preferred stock | 15,635 | 15,635 | 15,635 | 15,635 | ||||||||||||
1.50% convertible senior unsecured notes | 11,567 | — | 11,567 | — | ||||||||||||
Fair_Values_Tables
Fair Values (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels | ' | |||||||||||||||
The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): | ||||||||||||||||
Fair Value Using | ||||||||||||||||
Total | Quoted market | Significant other | Significant | |||||||||||||
prices in | observable | unobservable | ||||||||||||||
active markets | inputs | inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
As of June 30, 2014 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 6,109 | $ | — | $ | 6,109 | $ | — | ||||||||
Derivative liabilities | 2,133 | — | 2,133 | — | ||||||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans(1) | 39,390 | — | — | 39,390 | ||||||||||||
Impaired real estate(2) | 35,394 | — | — | 35,394 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||
Recurring basis: | ||||||||||||||||
Derivative assets | $ | 11,175 | $ | — | $ | 11,175 | $ | — | ||||||||
Derivative liabilities | 1,653 | — | 1,653 | — | ||||||||||||
Non-recurring basis: | ||||||||||||||||
Impaired loans | 115,423 | — | — | 115,423 | ||||||||||||
Impaired real estate | 35,680 | — | 5,744 | 29,936 | ||||||||||||
Explanatory Notes: | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The Company recorded a recovery of loan losses on one loan with a fair value of $35.1 million based on the loan's remaining term of 2.0 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 $4.3 million based upon a settlement agreement executed by the borrower. | |||||||||||||||
-2 | The Company recorded impairment on one real estate asset with a fair value of $35.4 million based on a discount rate of 10.0%, average annual revenue growth of 3.0% and remaining inventory sell out period of 1.5 years using discounted cash flows. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of financial measures for each segment based on which performance is evaluated | ' | |||||||||||||||||||||||
The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): | ||||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
Three Months Ended June 30, 2014: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 37,674 | $ | 23,117 | $ | 176 | $ | — | $ | 60,967 | ||||||||||||
Interest income | 35,127 | — | — | — | — | 35,127 | ||||||||||||||||||
Other income | 19,043 | 519 | 7,874 | 143 | 1,683 | 29,262 | ||||||||||||||||||
Land sales revenue | — | — | — | 4,487 | — | 4,487 | ||||||||||||||||||
Total revenue | 54,170 | 38,193 | 30,991 | 4,806 | 1,683 | 129,843 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 862 | 731 | (151 | ) | 22,651 | 24,093 | |||||||||||||||||
Income from sales of residential property | — | — | 17,180 | — | — | 17,180 | ||||||||||||||||||
Revenue and other earnings | 54,170 | 39,055 | 48,902 | 4,655 | 24,334 | 171,116 | ||||||||||||||||||
Real estate expense | — | (5,520 | ) | (28,929 | ) | (6,105 | ) | — | (40,554 | ) | ||||||||||||||
Land cost of sales | — | — | — | (3,611 | ) | — | (3,611 | ) | ||||||||||||||||
Other expense | (303 | ) | — | — | — | (4,387 | ) | (4,690 | ) | |||||||||||||||
Allocated interest expense | (15,858 | ) | (18,009 | ) | (10,229 | ) | (7,294 | ) | (5,140 | ) | (56,530 | ) | ||||||||||||
Allocated general and administrative(2) | (4,444 | ) | (5,183 | ) | (3,078 | ) | (4,224 | ) | (6,498 | ) | (23,427 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 33,565 | $ | 10,343 | $ | 6,666 | $ | (16,579 | ) | $ | 8,309 | $ | 42,304 | |||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | (2,792 | ) | $ | — | $ | — | $ | — | $ | — | $ | (2,792 | ) | ||||||||||
Impairment of assets | — | — | 3,900 | (600 | ) | — | 3,300 | |||||||||||||||||
Depreciation and amortization | — | 9,682 | 8,368 | 490 | 282 | 18,822 | ||||||||||||||||||
Capitalized expenditures | — | 201 | 13,564 | 18,373 | — | 32,138 | ||||||||||||||||||
Three Months Ended June 30, 2013: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 35,783 | $ | 21,329 | $ | — | $ | — | $ | 57,112 | ||||||||||||
Interest income | 29,682 | — | — | — | — | 29,682 | ||||||||||||||||||
Other income | 290 | — | 11,440 | — | 1,395 | 13,125 | ||||||||||||||||||
Total revenue | 29,972 | 35,783 | 32,769 | — | 1,395 | 99,919 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 652 | 1,816 | (1,511 | ) | 7,366 | 8,323 | |||||||||||||||||
Income from sales of residential property | — | — | 30,842 | 3,477 | — | 34,319 | ||||||||||||||||||
Income (loss) from discontinued operations(4) | — | 392 | 110 | — | — | 502 | ||||||||||||||||||
Gain from discontinued operations | — | 3,365 | 4,914 | — | — | 8,279 | ||||||||||||||||||
Revenue and other earnings | 29,972 | 40,192 | 70,451 | 1,966 | 8,761 | 151,342 | ||||||||||||||||||
Real estate expense | — | (5,673 | ) | (24,781 | ) | (6,527 | ) | — | (36,981 | ) | ||||||||||||||
Other expense | (414 | ) | — | — | — | 268 | (146 | ) | ||||||||||||||||
Allocated interest expense(5) | (18,470 | ) | (20,079 | ) | (12,452 | ) | (7,943 | ) | (10,213 | ) | (69,157 | ) | ||||||||||||
Allocated general and administrative(2) | (2,895 | ) | (3,158 | ) | (2,147 | ) | (1,788 | ) | (6,169 | ) | (16,157 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 8,193 | $ | 11,282 | $ | 31,071 | $ | (14,292 | ) | $ | (7,353 | ) | $ | 28,901 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | 5,020 | $ | — | $ | — | $ | — | $ | — | $ | 5,020 | ||||||||||||
Impairment of assets(5) | — | — | 427 | — | — | 427 | ||||||||||||||||||
Depreciation and amortization(5) | — | 9,589 | 7,231 | 265 | 315 | 17,400 | ||||||||||||||||||
Capitalized expenditures | — | 13,889 | 9,485 | 7,972 | — | 31,346 | ||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
Six Months Ended June 30, 2014: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 76,555 | $ | 46,118 | $ | 402 | $ | — | $ | 123,075 | ||||||||||||
Interest income | 63,041 | — | — | — | — | 63,041 | ||||||||||||||||||
Other income | 19,442 | 733 | 20,540 | 369 | 2,762 | 43,846 | ||||||||||||||||||
Land sales revenue | — | — | — | 8,630 | — | 8,630 | ||||||||||||||||||
Total revenue | 82,483 | 77,288 | 66,658 | 9,401 | 2,762 | 238,592 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 1,148 | 948 | (409 | ) | 25,583 | 27,270 | |||||||||||||||||
Income from sales of residential property | — | — | 33,674 | — | — | 33,674 | ||||||||||||||||||
Revenue and other earnings | 82,483 | 78,436 | 101,280 | 8,992 | 28,345 | 299,536 | ||||||||||||||||||
Real estate expense | — | (11,194 | ) | (57,543 | ) | (14,430 | ) | — | (83,167 | ) | ||||||||||||||
Land cost of sales | — | — | — | (7,265 | ) | — | (7,265 | ) | ||||||||||||||||
Other expense | (733 | ) | — | — | — | (4,178 | ) | (4,911 | ) | |||||||||||||||
Allocated interest expense | (31,310 | ) | (36,619 | ) | (20,488 | ) | (14,453 | ) | (11,116 | ) | (113,986 | ) | ||||||||||||
Allocated general and administrative(2) | (7,534 | ) | (8,982 | ) | (5,267 | ) | (7,273 | ) | (12,084 | ) | (41,140 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 42,906 | $ | 21,641 | $ | 17,982 | $ | (34,429 | ) | $ | 967 | $ | 49,067 | |||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | (6,192 | ) | $ | — | $ | — | $ | — | $ | — | $ | (6,192 | ) | ||||||||||
Impairment of assets | — | 2,979 | 3,900 | (600 | ) | — | 6,279 | |||||||||||||||||
Depreciation and amortization | — | 19,810 | 16,232 | 794 | 599 | 37,435 | ||||||||||||||||||
Capitalized expenditures | — | 705 | 26,418 | 33,056 | — | 60,179 | ||||||||||||||||||
Six Months Ended June 30, 2013: | ||||||||||||||||||||||||
Operating lease income | $ | — | $ | 72,436 | $ | 42,692 | $ | — | $ | — | $ | 115,128 | ||||||||||||
Interest income | 54,349 | — | — | — | — | 54,349 | ||||||||||||||||||
Other income | 2,498 | — | 19,579 | 500 | 1,967 | 24,544 | ||||||||||||||||||
Total revenue | 56,847 | 72,436 | 62,271 | 500 | 1,967 | 194,021 | ||||||||||||||||||
Earnings (loss) from equity method investments | — | 1,338 | 4,473 | (3,090 | ) | 27,280 | 30,001 | |||||||||||||||||
Income from sales of residential property | — | — | 54,539 | 3,477 | — | 58,016 | ||||||||||||||||||
Income (loss) from discontinued operations(4) | — | 1,001 | 843 | — | — | 1,844 | ||||||||||||||||||
Gain from discontinued operations | — | 3,395 | 9,928 | — | — | 13,323 | ||||||||||||||||||
Revenue and other earnings | 56,847 | 78,170 | 132,054 | 887 | 29,247 | 297,205 | ||||||||||||||||||
Real estate expense | — | (11,269 | ) | (50,515 | ) | (13,031 | ) | — | (74,815 | ) | ||||||||||||||
Other expense | (1,857 | ) | — | — | — | (3,913 | ) | (5,770 | ) | |||||||||||||||
Allocated interest expense(5) | (39,532 | ) | (40,069 | ) | (25,935 | ) | (15,625 | ) | (19,562 | ) | (140,723 | ) | ||||||||||||
Allocated general and administrative(2) | (6,135 | ) | (6,217 | ) | (4,410 | ) | (3,635 | ) | (12,405 | ) | (32,802 | ) | ||||||||||||
Segment profit (loss)(3) | $ | 9,323 | $ | 20,615 | $ | 51,194 | $ | (31,404 | ) | $ | (6,633 | ) | $ | 43,095 | ||||||||||
Other significant non-cash items: | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | $ | 15,226 | $ | — | $ | — | $ | — | $ | — | $ | 15,226 | ||||||||||||
Impairment of assets(5) | — | — | 395 | — | — | 395 | ||||||||||||||||||
Depreciation and amortization(5) | — | 19,229 | 14,437 | 530 | 658 | 34,854 | ||||||||||||||||||
Capitalized expenditures | — | 17,656 | 14,406 | 15,598 | — | 47,660 | ||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land | Corporate/Other(1) | Company Total | |||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,611,446 | $ | 744,212 | $ | 829,112 | $ | — | $ | 3,184,770 | ||||||||||||
Less: accumulated depreciation | — | (352,418 | ) | (86,747 | ) | (4,215 | ) | — | (443,380 | ) | ||||||||||||||
Real estate, net | — | 1,259,028 | 657,465 | 824,897 | — | 2,741,390 | ||||||||||||||||||
Real estate available and held for sale | — | — | 232,771 | 122,043 | — | 354,814 | ||||||||||||||||||
Total real estate | — | 1,259,028 | 890,236 | 946,940 | — | 3,096,204 | ||||||||||||||||||
Loans receivable and other lending investments, net | 1,456,407 | — | — | — | — | 1,456,407 | ||||||||||||||||||
Other investments | — | 33,740 | 15,097 | 49,367 | 143,357 | 241,561 | ||||||||||||||||||
Total portfolio assets | $ | 1,456,407 | $ | 1,292,768 | $ | 905,333 | $ | 996,307 | $ | 143,357 | 4,794,172 | |||||||||||||
Cash and other assets | 679,313 | |||||||||||||||||||||||
Total assets | $ | 5,473,485 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 share of equity in earnings from LNR of $1.7 million and $16.5 million for the three and six months ended June 30, 2013. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR. | |||||||||||||||||||||||
-2 | General and administrative excludes stock-based compensation expense of $3.2 million and $5.3 million for the three and six months ended June 30, 2014, respectively, and $4.7 million and $9.9 million for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||
-3 | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | |||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Segment profit (loss) | $ | 42,304 | $ | 28,901 | $ | 49,067 | $ | 43,095 | ||||||||||||||||
Less: (Provision for) recovery of loan losses | 2,792 | (5,020 | ) | 6,192 | (15,226 | ) | ||||||||||||||||||
Less: Impairment of assets(4) | (3,300 | ) | (427 | ) | (6,279 | ) | (395 | ) | ||||||||||||||||
Less: Stock-based compensation expense | (3,196 | ) | (4,719 | ) | (5,271 | ) | (9,921 | ) | ||||||||||||||||
Less: Depreciation and amortization(4) | (18,822 | ) | (17,400 | ) | (37,435 | ) | (34,854 | ) | ||||||||||||||||
Less: Income tax (expense) benefit(4) | 215 | (491 | ) | 722 | (4,566 | ) | ||||||||||||||||||
Less: Loss on early extinguishment of debt, net | (23,587 | ) | (15,242 | ) | (24,767 | ) | (24,784 | ) | ||||||||||||||||
Net income (loss) | $ | (3,594 | ) | $ | (14,398 | ) | $ | (17,771 | ) | $ | (46,651 | ) | ||||||||||||
-4 | For the three and six months ended June 30, 2013, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||||||||||||||||
-5 | For the three and six months ended June 30, 2013, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||||||||||||||||
Reconciliation of segment profit (loss) to income (loss) from continuing operations | ' | |||||||||||||||||||||||
The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): | ||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Segment profit (loss) | $ | 42,304 | $ | 28,901 | $ | 49,067 | $ | 43,095 | ||||||||||||||||
Less: (Provision for) recovery of loan losses | 2,792 | (5,020 | ) | 6,192 | (15,226 | ) | ||||||||||||||||||
Less: Impairment of assets(4) | (3,300 | ) | (427 | ) | (6,279 | ) | (395 | ) | ||||||||||||||||
Less: Stock-based compensation expense | (3,196 | ) | (4,719 | ) | (5,271 | ) | (9,921 | ) | ||||||||||||||||
Less: Depreciation and amortization(4) | (18,822 | ) | (17,400 | ) | (37,435 | ) | (34,854 | ) | ||||||||||||||||
Less: Income tax (expense) benefit(4) | 215 | (491 | ) | 722 | (4,566 | ) | ||||||||||||||||||
Less: Loss on early extinguishment of debt, net | (23,587 | ) | (15,242 | ) | (24,767 | ) | (24,784 | ) | ||||||||||||||||
Net income (loss) | $ | (3,594 | ) | $ | (14,398 | ) | $ | (17,771 | ) | $ | (46,651 | ) |
Business_and_Organization_Deta
Business and Organization (Details) (USD $) | 6 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 |
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 | '20 years |
Basis_of_Presentation_and_Prin1
Basis of Presentation and Principles of Consolidation (Details) (USD $) | Jun. 30, 2014 |
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 | $204.40 |
Variable interest entity, consolidated, carrying amount, liabilities | 36.7 |
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) | 29 |
Variable interest entity unfunded commitment | 26.8 |
Carrying value of the investments | $190.10 |
Real_Estate_Schedule_of_Real_E
Real Estate (Schedule of Real Estate Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | $1,309,587 | $1,286,989 |
Buildings and improvements | 1,875,183 | 1,933,645 |
Less: accumulated depreciation and amortization | -443,380 | -424,453 |
Real estate, net | 2,741,390 | 2,796,181 |
Real estate available and held for sale | 354,814 | 360,517 |
Total real estate | 3,096,204 | 3,156,698 |
Net Lease | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 328,143 | 350,817 |
Buildings and improvements | 1,283,303 | 1,346,071 |
Less: accumulated depreciation and amortization | -352,418 | -338,640 |
Real estate, net | 1,259,028 | 1,358,248 |
Real estate available and held for sale | 0 | 0 |
Total real estate | 1,259,028 | 1,358,248 |
Operating Properties | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 152,332 | 132,934 |
Buildings and improvements | 591,880 | 587,574 |
Less: accumulated depreciation and amortization | -86,747 | -82,420 |
Real estate, net | 657,465 | 638,088 |
Real estate available and held for sale | 232,771 | 228,328 |
Total real estate | 890,236 | 866,416 |
Land | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land and land improvements | 829,112 | 803,238 |
Buildings and improvements | 0 | 0 |
Less: accumulated depreciation and amortization | -4,215 | -3,393 |
Real estate, net | 824,897 | 799,845 |
Real estate available and held for sale | 122,043 | 132,189 |
Total real estate | $946,940 | $932,034 |
Real_Estate_Real_Estate_Availa
Real Estate (Real Estate Available and Held for Sale) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | ' | ' |
Real estate available and held for sale | $354,814,000 | $360,517,000 |
Residential Operating Properties | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate available and held for sale | 225,800,000 | 221,000,000 |
Land | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate available and held for sale | 122,043,000 | 132,189,000 |
Property transferred from HFS, aggregate, carrying value | 6,500,000 | ' |
Condominium Units | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Property transferred to held for sale, aggregate, carrying value | $56,700,000 | ' |
Real_Estate_Acquisitions_Detai
Real Estate (Acquisitions) (Details) (USD $) | 6 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Corporate Joint Venture | Real Estate Acquired in Satisfaction of Debt | Real Estate Acquired in Satisfaction of Debt | Commercial Operating Properties | ||
Corporate Joint Venture | Real Estate Acquired in Satisfaction of Debt | ||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' | ' | ' |
Number of Properties Acquired | ' | ' | ' | ' | 3 |
Mortgage loans on real estate, foreclosures | ' | ' | $77.90 | $25.50 | ' |
Noncontrolling interest, ownership percentage by parent | ' | 63.00% | ' | ' | ' |
Joint venture, venture ownership percentage | ' | 37.00% | ' | ' | ' |
Real_Estate_Dispositions_Detai
Real Estate (Dispositions) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income from sale of residential property | $17,180,000 | $34,319,000 | $33,674,000 | $58,016,000 |
Land sales revenue | 4,487,000 | 0 | 8,630,000 | 0 |
Land cost of sales | 3,611,000 | 0 | 7,265,000 | 0 |
Property sold, aggregate, carrying value | ' | ' | 6,700,000 | ' |
Net proceeds from sales of real estate | ' | ' | 204,236,000 | 260,937,000 |
Net Lease | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Real Estate Properties Sold | ' | ' | ' | 3 |
Property sold, aggregate, carrying value | ' | ' | ' | 13,500,000 |
Net proceeds from sales of real estate | ' | ' | 7,800,000 | ' |
Impairment of long-lived assets to be disposed of | ' | ' | 3,000,000 | ' |
Gain (loss) on sale of leased assets, net, operating leases | ' | ' | ' | 3,400,000 |
Commercial Operating Properties | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Real Estate Properties Sold | ' | ' | ' | 3 |
Property sold, aggregate, carrying value | ' | ' | ' | 43,200,000 |
Gain (loss) on disposition of property | ' | ' | ' | 9,900,000 |
Land | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Property sold, aggregate, carrying value | ' | ' | ' | 5,500,000 |
Condominium Units | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from sale of other real estate | ' | ' | 94,800,000 | 164,100,000 |
Income from sale of residential property | ' | ' | 33,700,000 | 54,600,000 |
Real estate equity investment 51.9% | Net Lease | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net proceeds from sales of real estate | ' | ' | 93,700,000 | ' |
iStar's ownership percentage | 51.90% | ' | 51.90% | ' |
Real estate equity investment 51.9% | Land | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Property contributed, aggregate, carrying value | ' | ' | 9,500,000 | ' |
Real Estate Equity Investment Two [Member] | Land | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
iStar's ownership percentage | 85.70% | ' | 85.70% | ' |
Real estate equity investments | Land | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Property sold, aggregate, carrying value | ' | ' | ' | 21,400,000 |
iStar's ownership percentage | ' | 47.50% | ' | 47.50% |
Gain (loss) on disposition of property | ' | ' | ' | $3,400,000 |
Master Planned Community [Member] | Residential Real Estate | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Real Estate Properties Sold | ' | ' | 2 | ' |
Real_Estate_Discontinued_Opera
Real Estate (Discontinued Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Real Estate [Abstract] | ' | ' | ' | ' |
Revenues | ' | $1,282 | ' | $3,677 |
Total expenses | ' | -912 | ' | -2,096 |
Impairment of assets | ' | -427 | ' | -395 |
Income (loss) from discontinued operations | $0 | ($57) | $0 | $1,186 |
Real_Estate_Tenant_Reimburseme
Real Estate (Tenant Reimbursements) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Real Estate [Abstract] | ' | ' | ' | ' |
Tenant reimbursements | $7 | $7.90 | $15.60 | $15.70 |
Real_Estate_Allowance_for_doub
Real Estate (Allowance for doubtful accounts) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Real Estate Tenant Receivables | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts receivable | $2.60 | $3.40 |
Deferred Operating Lease | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts receivable | $2.20 | $2.50 |
Real_Estate_Impairments_Detail
Real Estate (Impairments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | $3,300,000 | $0 | $6,279,000 | $0 |
Net Lease | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment of long-lived assets to be disposed of | ' | ' | 3,000,000 | ' |
Residential Operating Properties [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | $3,300,000 | ' |
Real_Estate_Pro_Forma_Financia
Real Estate (Pro Forma Financial Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Business Combinations [Abstract] | ' | ' | ' | ' |
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | $1,800,000 | ' | $1,800,000 | ' |
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual | ' | -600,000 | -600,000 | ' |
Business combination, pro forma revenue | 131,038,000 | 103,175,000 | 242,892,000 | 200,072,000 |
Business combination, pro forma net income (loss) | ($3,614,000) | ($14,531,000) | ($18,001,000) | ($47,177,000) |
Loans_Receivable_and_Other_Len2
Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) (USD $) | 6 Months Ended | |||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Document Period End Date | 30-Jun-14 | ' | ' | ' | ' | ' | ||
Total gross carrying value of loans | $1,412,991,000 | ' | $1,605,386,000 | ' | ' | ' | ||
Reserves for loan losses | -137,904,000 | -370,076,000 | -377,204,000 | -479,826,000 | -521,795,000 | -524,499,000 | ||
Total loans receivable, net | 1,275,087,000 | ' | 1,228,182,000 | ' | ' | ' | ||
Other lending investments—securities | 181,320,000 | ' | 141,927,000 | ' | ' | ' | ||
Total loans receivable and other lending investments, net(1) | 1,456,407,000 | [1] | ' | 1,370,109,000 | [1] | ' | ' | ' |
Interest receivable | 7,700,000 | ' | 6,500,000 | ' | ' | ' | ||
Senior mortgages | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total gross carrying value of loans | 851,307,000 | ' | 1,071,662,000 | ' | ' | ' | ||
Subordinate mortgages | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total gross carrying value of loans | 71,696,000 | ' | 60,679,000 | ' | ' | ' | ||
Corporate/Partnership loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total gross carrying value of loans | $489,988,000 | ' | $473,045,000 | ' | ' | ' | ||
[1] | The Company's recorded investment in loans as of June 30, 2014 and December 31, 2013 also includes accrued interest of $7.7 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. |
Loans_Receivable_and_Other_Len3
Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ||||
Reserve for loan losses at beginning of period | $370,076,000 | $521,795,000 | $377,204,000 | $524,499,000 | ||||
Provision for (recovery of) loan losses | -2,792,000 | [1] | 5,020,000 | [1] | -6,192,000 | [1] | 15,226,000 | [1] |
Charge-offs | -229,380,000 | -46,989,000 | -233,108,000 | -59,899,000 | ||||
Reserve for loan losses at end of period | 137,904,000 | 479,826,000 | 137,904,000 | 479,826,000 | ||||
Recoveries of previously recorded loan loss reserves | $2,400,000 | $6,400,000 | $7,600,000 | $11,000,000 | ||||
[1] | For the three and six months ended June 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $2.4 million and $7.6 million, respectively. For the three and six months ended June 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $6.4 million and $11.0 million, respectively. |
Loans_Receivable_and_Other_Len4
Loans Receivable and Other Lending Investments, net (Schedule of Investment in Loans) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
Loans | ' | ' | ' | ' | ' | ' | ||
Individually Evaluated for Impairment(1) | $323,145,000 | [1] | ' | $752,425,000 | [1] | ' | ' | ' |
Collectively Evaluated for Impairment(2) | 1,097,581,000 | [2] | ' | 849,613,000 | [2] | ' | ' | ' |
Loans Acquired with Deteriorated Credit Quality(3) | 0 | [3] | ' | 9,889,000 | [3] | ' | ' | ' |
Total | 1,420,726,000 | ' | 1,611,927,000 | ' | ' | ' | ||
Less: Reserve for loan losses | ' | ' | ' | ' | ' | ' | ||
Individually Evaluated for Impairment(1) | -107,304,000 | [1] | ' | -348,004,000 | [1] | ' | ' | ' |
Collectively Evaluated for Impairment(2) | -30,600,000 | [2] | ' | -29,200,000 | [2] | ' | ' | ' |
Loans Acquired with Deteriorated Credit Quality(3) | 0 | [3] | ' | 0 | [3] | ' | ' | ' |
Total | -137,904,000 | -370,076,000 | -377,204,000 | -479,826,000 | -521,795,000 | -524,499,000 | ||
Total | ' | ' | ' | ' | ' | ' | ||
Individually Evaluated for Impairment(1) | 215,841,000 | [1] | ' | 404,421,000 | [1] | ' | ' | ' |
Collectively Evaluated for Impairment(2) | 1,066,981,000 | [2] | ' | 820,413,000 | [2] | ' | ' | ' |
Loans Acquired with Deteriorated Credit Quality(3) | 0 | [3] | ' | 9,889,000 | [3] | ' | ' | ' |
Total | 1,282,822,000 | ' | 1,234,723,000 | ' | ' | ' | ||
Unamortized discounts, premiums, deferred fees and costs, individually evaluated for impairment, net premium (discount) | 2,000,000 | ' | 500,000 | ' | ' | ' | ||
Unamortized discounts, premiums, deferred fees and costs, collectively evaluated for impairment, net premium (discount) | 8,300,000 | ' | 4,600,000 | ' | ' | ' | ||
Unamortized discounts, premiums, deferred fees and costs, loans acquired with deteriorated credit quality, net premium (discount) | ' | ' | 400,000 | ' | ' | ' | ||
Cumulative principal balances of loans acquired with deteriorated credit quality | ' | ' | $10,200,000 | ' | ' | ' | ||
[1] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $2.0 million and a net premium of $0.5 million as of June 30, 2014 and December 31, 2013, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. | |||||||
[2] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $8.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
[3] | The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million as of December 31, 2013. The loan had a cumulative principal balance of $10.2 million as of December 31, 2013. The loan was repaid during the six months ended June 30, 2014. |
Loans_Receivable_and_Other_Len5
Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | $1,420,726 | $1,611,927 |
Senior mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 854,704 | ' |
Subordinate mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 72,444 | ' |
Corporate/Partnership loans | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 493,578 | ' |
Real Estate Finance | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 1,240,040 | 1,091,340 |
Weighted Average Risk Ratings | 2.8 | 3.11 |
Real Estate Finance | Senior mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 674,018 | 591,145 |
Weighted Average Risk Ratings | 2.07 | 2.5 |
Real Estate Finance | Subordinate mortgages | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | 72,444 | 61,364 |
Weighted Average Risk Ratings | 2.68 | 3.37 |
Real Estate Finance | Corporate/Partnership loans | ' | ' |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ' | ' |
Performing Loans | $493,578 | $438,831 |
Weighted Average Risk Ratings | 3.8 | 3.88 |
Loans_Receivable_and_Other_Len6
Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | $1,206,463 | ' |
Less Than and Equal to 90 Days | 67,335 | ' |
Greater Than 90 Days | 146,928 | ' |
Total Past Due | 214,263 | ' |
Total | 1,420,726 | 1,611,927 |
Senior mortgages | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 640,441 | ' |
Less Than and Equal to 90 Days | 67,335 | ' |
Greater Than 90 Days | 146,928 | ' |
Total Past Due | 214,263 | ' |
Total | 854,704 | ' |
Subordinate mortgages | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 72,444 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 0 | ' |
Total Past Due | 0 | ' |
Total | 72,444 | ' |
Corporate/Partnership loans | ' | ' |
Recorded investment in loans, aged by payment status and presented by class | ' | ' |
Current | 493,578 | ' |
Less Than and Equal to 90 Days | 0 | ' |
Greater Than 90 Days | 0 | ' |
Total Past Due | 0 | ' |
Total | $493,578 | ' |
Loans_Receivable_and_Other_Len7
Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Document Period End Date | ' | ' | 30-Jun-14 | ' | ' | |||
Recorded Investment | $323,145,000 | [1] | ' | $323,145,000 | [1] | ' | $752,425,000 | [1] |
Unpaid Principal Balance | 321,023,000 | [1] | ' | 321,023,000 | [1] | ' | 747,522,000 | [1] |
Related Allowance | -107,304,000 | [1] | ' | -107,304,000 | [1] | ' | -348,004,000 | [1] |
Loans modified through troubled debt restructurings | 142,500,000 | ' | 142,500,000 | ' | 231,800,000 | |||
Average Recorded Investment | 505,479,000 | 1,020,904,000 | 587,794,000 | 1,065,349,000 | ' | |||
Interest Income Recognized | 308,000 | 9,062,000 | 927,000 | 10,610,000 | ' | |||
Senior mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 284,915,000 | [1] | ' | 284,915,000 | [1] | ' | 653,349,000 | [1] |
Unpaid Principal Balance | 282,781,000 | [1] | ' | 282,781,000 | [1] | ' | 648,455,000 | [1] |
Related Allowance | -104,248,000 | [1] | ' | -104,248,000 | [1] | ' | -304,544,000 | [1] |
Average Recorded Investment | 442,337,000 | 894,942,000 | 512,674,000 | 938,979,000 | ' | |||
Interest Income Recognized | 256,000 | 8,662,000 | 810,000 | 10,013,000 | ' | |||
Subordinate mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Average Recorded Investment | 0 | 53,966,000 | 0 | 53,971,000 | ' | |||
Interest Income Recognized | 0 | 0 | 0 | 0 | ' | |||
Corporate/Partnership loans | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 38,230,000 | [1] | ' | 38,230,000 | [1] | ' | 99,076,000 | [1] |
Unpaid Principal Balance | 38,242,000 | [1] | ' | 38,242,000 | [1] | ' | 99,067,000 | [1] |
Related Allowance | -3,056,000 | [1] | ' | -3,056,000 | [1] | ' | -43,460,000 | [1] |
Average Recorded Investment | 63,142,000 | 71,996,000 | 75,120,000 | 72,399,000 | ' | |||
Interest Income Recognized | 52,000 | 400,000 | 117,000 | 597,000 | ' | |||
With no related allowance recorded | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Average Recorded Investment | 87,642,000 | 26,612,000 | 59,432,000 | 57,137,000 | ' | |||
Interest Income Recognized | 186,000 | 8,532,000 | 687,000 | 9,497,000 | ' | |||
With no related allowance recorded | Senior mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 81,270,000 | [1] | ' | 81,270,000 | [1] | ' | 3,012,000 | [1] |
Unpaid Principal Balance | 80,669,000 | [1] | ' | 80,669,000 | [1] | ' | 2,992,000 | [1] |
Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Average Recorded Investment | 87,642,000 | 16,561,000 | 59,432,000 | 47,067,000 | ' | |||
Interest Income Recognized | 186,000 | 8,212,000 | 687,000 | 9,057,000 | ' | |||
With no related allowance recorded | Corporate/Partnership loans | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Average Recorded Investment | 0 | 10,051,000 | 0 | 10,070,000 | ' | |||
Interest Income Recognized | 0 | 320,000 | 0 | 440,000 | ' | |||
With an allowance recorded | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 241,875,000 | [1] | ' | 241,875,000 | [1] | ' | 749,413,000 | [1] |
Unpaid Principal Balance | 240,354,000 | [1] | ' | 240,354,000 | [1] | ' | 744,530,000 | [1] |
Related Allowance | -107,304,000 | [1] | ' | -107,304,000 | [1] | ' | -348,004,000 | [1] |
Average Recorded Investment | 417,837,000 | 994,292,000 | 528,362,000 | 1,008,212,000 | ' | |||
Interest Income Recognized | 122,000 | 530,000 | 240,000 | 1,113,000 | ' | |||
With an allowance recorded | Senior mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 203,645,000 | [1] | ' | 203,645,000 | [1] | ' | 650,337,000 | [1] |
Unpaid Principal Balance | 202,112,000 | [1] | ' | 202,112,000 | [1] | ' | 645,463,000 | [1] |
Related Allowance | -104,248,000 | [1] | ' | -104,248,000 | [1] | ' | -304,544,000 | [1] |
Average Recorded Investment | 354,695,000 | 878,381,000 | 453,242,000 | 891,912,000 | ' | |||
Interest Income Recognized | 70,000 | 450,000 | 123,000 | 956,000 | ' | |||
With an allowance recorded | Subordinate mortgages | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Average Recorded Investment | 0 | 53,966,000 | 0 | 53,971,000 | ' | |||
Interest Income Recognized | 0 | 0 | 0 | 0 | ' | |||
With an allowance recorded | Corporate/Partnership loans | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Recorded Investment | 38,230,000 | [1] | ' | 38,230,000 | [1] | ' | 99,076,000 | [1] |
Unpaid Principal Balance | 38,242,000 | [1] | ' | 38,242,000 | [1] | ' | 99,067,000 | [1] |
Related Allowance | -3,056,000 | [1] | ' | -3,056,000 | [1] | ' | -43,460,000 | [1] |
Average Recorded Investment | 63,142,000 | 61,945,000 | 75,120,000 | 62,329,000 | ' | |||
Interest Income Recognized | 52,000 | 80,000 | 117,000 | 157,000 | ' | |||
Nonperforming Financing Receivable [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | ' | $0 | $8,000,000 | ' | |||
[1] | All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of June 30, 2014 and December 31, 2013, certain loans modified through troubled debt restructurings with a recorded investment of $142.5 million and $231.8 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. |
Loans_Receivable_and_Other_Len8
Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
loans | loans | |
Senior mortgages | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of Loans | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $71,758 | $144,432 |
Post-Modification Outstanding Recorded Investment | $71,758 | $136,758 |
Performing senior mortgages | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of Loans | 1 | 3 |
Non-performing senior mortgages | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Loans_Receivable_and_Other_Len9
Loans Receivable and Other Lending Investments, net (Narrative) (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
Performing senior mortgages | Performing senior mortgages | Repayment of debt | Non-performing senior mortgages | Non-performing senior mortgages | One Year Payment Extension | |||
loans | loans | loans | Performing senior mortgages | |||||
Troubled debt restructurings | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of loans sold | $30.80 | $80.30 | ' | ' | ' | ' | ' | ' |
Realized investment gains (losses) | 19 | -0.6 | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | 1 | 3 | ' | ' | 1 | ' |
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal | ' | ' | ' | ' | ' | ' | 72.7 | ' |
Recorded investment of loans whose maturity was extended | ' | ' | ' | ' | 13.3 | 68.6 | ' | 3.2 |
Finance Receivable, Trouble Debt Restructuring Time Period | ' | ' | ' | ' | ' | ' | ' | '1 year |
Unfunded commitments, troubled debt restructurings | $3.50 | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Loans Receivable and Other Lending Investments, net (Securities) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Schedule of Debt Securities [Line Items] | ' |
Available-for-sale Securities, Net Unrealized Gain (Loss) | $92 |
Face Value | 176,040 |
Amortized Cost Basis | 181,228 |
Estimated Fair Value | 181,320 |
Net Carrying Amount | 181,320 |
Municipal Bonds | ' |
Schedule of Debt Securities [Line Items] | ' |
Available-for-sale Securities, Face Value | 1,040 |
Available-for-sale Securities, Amortized Cost Basis | 1,040 |
Available-for-sale Securities, Net Unrealized Gain (Loss) | 92 |
Available-for-sale Securities, Estimated Fair Value and Net Carrying Value | 1,132 |
Corporate Debt Securities | ' |
Schedule of Debt Securities [Line Items] | ' |
Held-to-Maturity Securities, Face Value | 175,000 |
Held-to-Maturity Securities, Amortized Cost Basis | 180,188 |
Held-to-Maturity Securities, Net Unrealized Gain (Loss) | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 180,188 |
Held-to-maturity Securities | $180,188 |
Other_Investments_Schedule_of_
Other Investments (Schedule of Other Investments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ||
Equity method investments | $232,077 | ' | $232,077 | ' | $197,307 | ||
Other, carrying value | 9,484 | ' | 9,484 | ' | 9,902 | ||
Other investments | 241,561 | ' | 241,561 | ' | 207,209 | ||
Earnings (loss) from equity method investments | 24,093 | 8,323 | 27,270 | 30,001 | ' | ||
Real estate equity investments | ' | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ||
Equity method investments | 98,204 | ' | 98,204 | ' | 62,205 | ||
Earnings (loss) from equity method investments | 1,442 | 957 | 1,687 | 2,721 | ' | ||
Other equity method investments | ' | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ||
Equity method investments | 70,067 | ' | 70,067 | ' | 45,954 | ||
Earnings (loss) from equity method investments | 23,882 | -127 | 24,918 | 1,626 | [1] | ' | |
Madison Funds | ' | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ||
Equity method investments | 43,531 | ' | 43,531 | ' | 67,782 | ||
Earnings (loss) from equity method investments | -1,989 | 4,865 | [1] | -2,391 | 7,124 | ' | |
Oak Hill Funds | ' | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ||
Equity method investments | 20,275 | ' | 20,275 | ' | 21,366 | ||
Earnings (loss) from equity method investments | 758 | 909 | 3,056 | 2,065 | ' | ||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ||
Equity method investments | 0 | ' | 0 | ' | 0 | ||
Earnings (loss) from equity method investments | 0 | 1,719 | 0 | 16,465 | ' | ||
Other Equity Method Investee | ' | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ||
Earnings (loss) from equity method investments | $23,400 | ' | $23,400 | ' | ' | ||
[1] | For the three and six months ended June 30, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales by one of its equity method investees. |
Other_Investments_LNR_Property
Other Investments (LNR Property Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Apr. 30, 2013 | Jul. 31, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 28, 2010 | ||||
Equity Method Ownership Rollforward [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings from equity method investments | ' | ' | $24,093,000 | $8,323,000 | ' | $27,270,000 | $30,001,000 | ' | |||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
iStar's ownership percentage | ' | ' | ' | ' | ' | ' | ' | 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 | |||
Real estate, net proceeds held in escrow for potential indemnification obligations | ' | ' | 25,200,000 | ' | ' | 25,200,000 | ' | ' | |||
Equity Method Ownership Rollforward [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Carrying value of LNR at beginning of period | 220,281,000 | ' | ' | 220,281,000 | 205,773,000 | ' | 205,773,000 | ' | |||
Equity in earnings of LNR for the period | ' | ' | ' | 0 | [1] | 45,375,000 | [1] | ' | 45,375,000 | [1] | ' |
Balance before other than temporary impairment | ' | ' | ' | 220,281,000 | 251,148,000 | ' | 251,148,000 | ' | |||
Other than temporary impairment | ' | ' | ' | 0 | [1] | -30,867,000 | [1] | ' | -30,867,000 | [1] | ' |
Sales proceeds pursuant to contract | -220,300,000 | ' | ' | -220,281,000 | 0 | ' | -220,281,000 | ' | |||
Carrying value of LNR at end of period | ' | ' | ' | 0 | 220,281,000 | ' | 0 | ' | |||
Equity Method Investment, Summarized Financial Information, Other Loss | ' | ' | ' | ' | 66,200,000 | ' | ' | ' | |||
Income (loss) from equity method investments, release of AOCI | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | |||
Earnings from equity method investments | ' | ' | $0 | $1,719,000 | ' | $0 | $16,465,000 | ' | |||
[1] | During the six months ended June 30, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. |
Other_Investments_Income_State
Other Investments (Income Statement) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Total revenue | ' | $68,779,000 | [1],[2] | ' | $146,579,000 | [1],[2] | ||
Income tax (expense) benefit | ' | -1,121,000 | [2] | ' | -1,401,000 | [2] | ||
Net income attributable to LNR | ' | 42,452,000 | [2] | ' | 231,701,000 | [2] | ||
Other than temporary impairment | 0 | [3] | -30,867,000 | [3] | -30,867,000 | [3] | ' | |
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] | ' | ' | ' | ' | ||||
Servicing fee revenue | ' | $21,100,000 | ' | $50,400,000 | ||||
[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. For the three and six months ended March 31, 2013, total revenue presented above includes $21.1 million and $50.4 million, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. | |||||||
[2] | The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the three and six months ended June 30, 2013 were based on balances and results from LNR for the three and six months ended March 31, 2013. | |||||||
[3] | During the six months ended June 30, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. |
Other_Investments_Narrative_De
Other Investments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Document Period End Date | ' | ' | 30-Jun-14 | ' | ' |
Net proceeds from sales of real estate | ' | ' | $204,236,000 | $260,937,000 | ' |
Payments for contributions to unconsolidated entities | ' | ' | 30,561,000 | 3,248,000 | ' |
Equity method investments | 232,077,000 | ' | 232,077,000 | ' | 197,307,000 |
Earnings (loss) from equity method investments | 24,093,000 | 8,323,000 | 27,270,000 | 30,001,000 | ' |
Madison International Real Estate Fund IILP | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 29.52% | ' | 29.52% | ' | ' |
Madison International Real Estate Fund IIILP | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 32.92% | ' | 32.92% | ' | ' |
Madison GP1 Investors LP | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 29.52% | ' | 29.52% | ' | ' |
Oak Hill Funds Group 2 | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 5.92% | ' | 5.92% | ' | ' |
Real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method investments | 98,204,000 | ' | 98,204,000 | ' | 62,205,000 |
Earnings (loss) from equity method investments | 1,442,000 | 957,000 | 1,687,000 | 2,721,000 | ' |
Land | Real Estate Equity Investment Two [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 85.70% | ' | 85.70% | ' | ' |
Equity method investments | 9,500,000 | ' | 9,500,000 | ' | ' |
Loans receivable, commitments, related party | ' | ' | 45,700,000 | ' | ' |
Land | Other real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method investments | 39,900,000 | ' | 39,900,000 | ' | 29,800,000 |
Land | Real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | ' | 47.50% | ' | 47.50% | ' |
Net Lease | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Net proceeds from sales of real estate | ' | ' | 7,800,000 | ' | ' |
Net Lease | Real estate equity investment 51.9% | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 51.90% | ' | 51.90% | ' | ' |
Net proceeds from sales of real estate | ' | ' | 93,700,000 | ' | ' |
Payments for contributions to unconsolidated entities | ' | ' | 17,700,000 | ' | ' |
Equity method investment, related party ownership percentage | 0.60% | ' | 0.60% | ' | ' |
Equity method investment, related party promote fee percentage | 50.00% | ' | 50.00% | ' | ' |
Equity method investment, partner ownership percentage | 47.50% | ' | 47.50% | ' | ' |
Equity method investments | 17,300,000 | ' | 17,300,000 | ' | ' |
Net Lease | Other real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method investments | 16,400,000 | ' | 16,400,000 | ' | 16,400,000 |
Operating Properties | Other real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method investments | 15,100,000 | ' | 15,100,000 | ' | 16,000,000 |
Operating Properties | Real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 33.00% | ' | 33.00% | ' | ' |
Earnings (loss) from equity method investments | ' | ' | 300,000 | 4,000,000 | ' |
Minimum | Other real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 31.00% | ' | 31.00% | ' | ' |
Maximum | Other real estate equity investments | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
iStar's ownership percentage | 76.00% | ' | 76.00% | ' | ' |
Net Lease | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Partners' capital account, contributions | 500,000,000 | ' | 500,000,000 | ' | ' |
Loans Receivable and Other Lending Investments, Net | Land | Real Estate Equity Investment Two [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Payments for funding under loan commitments | $1,900,000 | ' | $1,900,000 | ' | ' |
Other_Assets_and_Other_Liabili2
Other Assets and Other Liabilities (Other Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Other Assets and Other Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Intangible assets, net(1) | $57,060,000 | [1] | ' | $57,060,000 | [1] | ' | $100,652,000 | [1] |
Deferred financing fees, net(2) | 42,519,000 | [2] | ' | 42,519,000 | [2] | ' | 33,591,000 | [2] |
Leasing costs, net(3) | 22,609,000 | [3] | ' | 22,609,000 | [3] | ' | 21,799,000 | [3] |
Other receivables | 22,548,000 | ' | 22,548,000 | ' | 34,655,000 | |||
Corporate furniture, fixtures and equipment, net(4) | 5,917,000 | [4] | ' | 5,917,000 | [4] | ' | 6,557,000 | [4] |
Other assets | 36,495,000 | ' | 36,495,000 | ' | 40,726,000 | |||
Deferred expenses and other assets, net | 187,148,000 | ' | 187,148,000 | ' | 237,980,000 | |||
Intangible assets, accumulated amortization | 37,600,000 | ' | 37,600,000 | ' | 38,100,000 | |||
Amortization of above market lease | 1,400,000 | 1,600,000 | 3,600,000 | 3,200,000 | ' | |||
Amortization of intangible assets | 1,700,000 | 2,500,000 | 4,200,000 | 5,100,000 | ' | |||
Accumulated amortization of deferred financing fees | 9,900,000 | ' | 9,900,000 | ' | 9,900,000 | |||
Accumulated amortization on leasing costs | 7,800,000 | ' | 7,800,000 | ' | 7,100,000 | |||
Accumulated depreciation on corporate furniture, fixtures and equipment | $6,600,000 | ' | $6,600,000 | ' | $6,200,000 | |||
[1] | Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $37.6 million and $38.1 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.6 million for the three and six months ended June 30, 2014, respectively, and $1.6 million and $3.2 million for the three and six months ended June 30, 2013. The amortization expense for other intangible assets was $1.7 million and $4.2 million for the three and six months ended June 30, 2014, respectively, and $2.5 million and $5.1 million for the three and six months ended June 30, 2013, 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 $9.9 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
[3] | Accumulated amortization on leasing costs was $7.8 million and $7.1 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||
[4] | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.6 million and $6.2 million as of June 30, 2014 and December 31, 2013, respectively. |
Other_Assets_and_Other_Liabili3
Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Other Assets and Other Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Accrued expenses | $42,931,000 | ' | $42,931,000 | ' | $58,840,000 | |||
Accrued interest payable | 35,971,000 | ' | 35,971,000 | ' | 40,015,000 | |||
Intangible liabilities, net(1) | 12,798,000 | [1] | ' | 12,798,000 | [1] | ' | 26,223,000 | [1] |
Other liabilities | 45,150,000 | ' | 45,150,000 | ' | 45,753,000 | |||
Accounts payable, accrued expenses and other liabilities | 136,850,000 | ' | 136,850,000 | ' | 170,831,000 | |||
Below market lease, accumulated amortization | 5,300,000 | ' | 5,300,000 | ' | 4,600,000 | |||
Amortization of below market lease | $900,000 | $1,100,000 | $1,600,000 | $2,200,000 | ' | |||
[1] | Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.9 million and $1.6 million for the three and six months ended June 30, 2014, respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2013, respectively. |
Other_Assets_and_Other_Liabili4
Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Taxable REIT Subsidiaries | Taxable REIT Subsidiaries | ||||
Schedule of deferred tax assets and liabilities [Line Items] | ' | ' | ' | ||
Deferred tax assets | ' | $55,661,000 | [1] | $55,962,000 | [1] |
Valuation allowance | ' | -55,661,000 | -55,962,000 | ||
Net deferred tax assets (liabilities) | ' | 0 | 0 | ||
Real estate asset basis differences | ' | 39,800,000 | 33,000,000 | ||
Operating loss carryforwards | 608,000,000 | 5,000,000 | 14,900,000 | ||
Other basis differences | ' | 2,300,000 | ' | ||
Investment basis differences | ' | $8,500,000 | $8,100,000 | ||
[1] | Deferred tax assets as of June 30, 2014 include real estate basis differences of $39.8 million, investment basis differences of $8.5 million, net operating loss carryforwards of $5.0 million and other differences of $2.3 million. 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. |
Debt_Obligations_net_Schedule_
Debt Obligations, net (Schedule of Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 10, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 10, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||||||||
In Thousands, unless otherwise specified | 2012 Tranche A-2 Facility | 2012 Tranche A-2 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 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 | Senior Convertible 3.0% notes | Senior Convertible 3.0% 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 4.00% Senior Notes Due November 2017 | Unsecured Notes 4.00% Senior Notes Due November 2017 | Unsecured Notes 4.00% Senior Notes Due November 2017 | 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 5.00% Senior Notes Due July 2019 | Unsecured Notes 5.00% Senior Notes Due July 2019 | Unsecured Notes 5.00% Senior Notes Due July 2019 | Unsecured Notes | Unsecured Notes | Other debt obligations due in October, 2035 | Other debt obligations due in October, 2035 | 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) | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | $4,097,089 | $4,196,589 | $391,938 | [1] | $431,475 | [1] | $0 | [2] | $1,379,407 | [2] | $278,261 | [3] | $278,817 | [3] | $670,199 | $2,089,699 | $105,765 | $105,765 | $261,403 | $261,403 | $265,000 | $265,000 | $200,000 | [4] | $200,000 | [4] | $200,000 | [5] | $200,000 | [5] | $99,722 | $99,722 | $275,000 | $275,000 | $550,000 | ' | $0 | $300,000 | $300,000 | $300,000 | $300,000 | $770,000 | ' | $0 | $3,326,890 | $2,006,890 | $100,000 | $100,000 | ' | ' | ' | ' |
Debt discounts, net | -14,578 | -38,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total long-term debt obligations, net | $4,082,511 | $4,158,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Stated interest rate | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | 6.05% | ' | 5.88% | ' | 3.88% | ' | 3.00% | [4] | ' | 1.50% | [5] | ' | 5.85% | ' | 9.00% | ' | 4.00% | 4.00% | ' | 7.13% | ' | 4.88% | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Variable interest rate, spread | ' | ' | 5.75% | [1] | ' | 3.50% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 1.25% | 1.00% | 2.00% | 2.75% | ||||||||
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | 5.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Variable interest rate, basis | ' | ' | 'LIBOR | [1] | ' | 'LIBOR | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ||||||||
Stated interest rate, minimum | ' | ' | ' | ' | ' | ' | 4.85% | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Stated interest rate, maximum | ' | ' | ' | ' | ' | ' | 7.26% | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Convertible debt conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.085 | ' | 0.0578 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | The loan has a LIBOR floor of 1.25%. As of June 30, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This loan had a LIBOR floor of 1.00%. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes a loan with a floating rate of LIBOR plus 2.00% and a loan with a floating rate of LIBOR plus 2.75%. The weighted average interest rate of these loans is 5.1%. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016. |
Debt_Obligations_net_Future_Sc
Debt Obligations, net (Future Scheduled Maturities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 (remaining six months) | $25,176 | ' |
2015 | 105,765 | ' |
2016 | 926,403 | ' |
2017 | 1,316,660 | ' |
2018 | 616,162 | ' |
Thereafter | 1,106,923 | ' |
Total principal maturities | 4,097,089 | 4,196,589 |
Unamortized debt discounts, net | -14,578 | -38,464 |
Total long-term debt obligations, net | 4,082,511 | 4,158,125 |
Unsecured Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 (remaining six months) | 0 | ' |
2015 | 105,765 | ' |
2016 | 926,403 | ' |
2017 | 924,722 | ' |
2018 | 600,000 | ' |
Thereafter | 870,000 | ' |
Total principal maturities | 3,426,890 | ' |
Unamortized debt discounts, net | -9,762 | ' |
Total long-term debt obligations, net | 3,417,128 | ' |
Secured Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 (remaining six months) | 25,176 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 391,938 | ' |
2018 | 16,162 | ' |
Thereafter | 236,923 | ' |
Total principal maturities | 670,199 | ' |
Unamortized debt discounts, net | -4,816 | ' |
Total long-term debt obligations, net | $665,383 | ' |
Debt_Obligations_net_Secured_C
Debt Obligations, net (Secured Credit Facility Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | 3 Months Ended | 6 Months Ended | 27 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 10, 2014 | Feb. 11, 2013 | Oct. 15, 2012 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 10, 2014 | Jun. 30, 2014 | Jun. 10, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||
February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | February 2013 Secured Credit Facility | October 2012 Secured Credit Facility | 2012 Tranche A-1 Facility | 2012 Tranche A-1 Facility | 2012 Tranche A-1 Facility | 2012 Tranche A-1 Facility | 2012 Tranche A-1 Facility | 2012 Secured Credit Facilities | Unsecured Notes LIBOR plus 0.50% senior convertible notes | Unsecured Line of credit due June 2012 | Unsecured Notes 5.50% senior notes | 2012 Tranche A-2 Facility | 2012 Tranche A-2 Facility | 2012 Tranche A-2 Facility | Unsecured Notes 4.00% Senior Notes Due November 2017 | Unsecured Notes 4.00% Senior Notes Due November 2017 | Unsecured Notes 5.00% Senior Notes Due July 2019 | Unsecured Notes 5.00% Senior Notes Due July 2019 | Minimum | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | |||||||
tranches | 2012 Tranche A-2 Facility | Minimum | Minimum | |||||||||||||||||||||||||||||
February 2013 Secured Credit Facility | 2012 Tranche A-1 Facility | |||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,710,000,000 | $1,820,000,000 | ' | ' | ' | ' | $410,000,000 | $880,000,000 | ' | ' | ' | ' | ' | $470,000,000 | ' | $550,000,000 | ' | $770,000,000 | ' | ' | ' | ||
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 | ' | ' | ' | ' | 22,800,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, third party fees | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, third party fees, amount recognized | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, third party fees, amount capitalized | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | 7.00% | 7.00% | ' | 4.00% | 4.00% | 5.00% | 5.00% | ' | ' | ' | ||
Repayment of principal amount | ' | ' | 1,408,935,000 | 1,519,101,000 | 1,320,000,000 | ' | ' | ' | 388,500,000 | ' | ' | ' | ' | ' | 78,100,000 | ' | ' | 606,700,000 | 244,000,000 | 90,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loss on early extinguishment of debt, net | ($23,587,000) | ($15,242,000) | ($24,767,000) | ($24,784,000) | ' | ' | ($300,000) | ($1,100,000) | ' | ' | ' | ($1,300,000) | ' | ($4,200,000) | ' | ' | ' | ' | ' | ' | ($600,000) | ($900,000) | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Variable interest rate, basis | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [2] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of par credit facilities were issued at | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | 98.50% | ' | ' | ' | ' | ' | ' | ' | ||
Variable interest rate, spread | ' | ' | ' | ' | ' | ' | ' | 3.50% | [1] | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | [2] | ' | ' | ' | ' | ' | 1.25% | 1.00% | 1.25% |
[1] | This loan had a LIBOR floor of 1.00%. | |||||||||||||||||||||||||||||||
[2] | The loan has a LIBOR floor of 1.25%. As of June 30, 2014, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%. |
Debt_Obligations_net_Encumbere
Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Real estate, net | $2,741,390 | $2,796,181 | ||
Real estate available and held for sale | 354,814 | 360,517 | ||
Loans receivable and other lending investments, net(1) | 1,456,407 | [1] | 1,370,109 | [1] |
Other investments | 241,561 | 207,209 | ||
Cash and other assets | 679,313 | 907,995 | ||
Total assets | 5,473,485 | 5,642,011 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 30,600 | [2] | 29,200 | [2] |
Encumbered Assets | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Real estate, net | 609,121 | 1,644,463 | ||
Real estate available and held for sale | 28,705 | 152,604 | ||
Loans receivable and other lending investments, net(1) | 48,820 | [3] | 860,557 | [3] |
Other investments | 20,369 | 24,093 | ||
Cash and other assets | 0 | 0 | ||
Total assets | 707,015 | 2,681,717 | ||
Unencumbered Assets | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Real estate, net | 2,132,269 | 1,151,718 | ||
Real estate available and held for sale | 326,109 | 207,913 | ||
Loans receivable and other lending investments, net(1) | 1,438,187 | [3] | 538,752 | [3] |
Other investments | 221,192 | 183,116 | ||
Cash and other assets | 679,313 | 907,995 | ||
Total assets | $4,797,070 | $2,989,494 | ||
[1] | The Company's recorded investment in loans as of June 30, 2014 and December 31, 2013 also includes accrued interest of $7.7 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | |||
[2] | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $8.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. | |||
[3] | As of June 30, 2014 and December 31, 2013, the amounts presented exclude general reserves for loan losses of $30.6 million and $29.2 million, respectively. |
Debt_Obligations_net_Debt_Cove
Debt Obligations, net (Debt Covenants) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Unsecured Credit Facilities | ' |
Debt Instrument [Line Items] | ' |
Minimum ratio of unencumbered assets to unsecured indebtedness | 1.2 |
Total secured credit facilities and term loans | ' |
Debt Instrument [Line Items] | ' |
Multiple of the minimum collateral coverage on outstanding borrowings | 1.25 |
Percentage of REIT taxable income permitted for distribution under debt covenants | 100.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Percentage of capital committed to strategic investments that may be drawn down | 100.00% |
Commitments_and_Contingencies_2
Commitments and Contingencies (Unfunded Commitments) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | $304,526 |
Strategic Investments | 46,362 |
Discretionary Fundings | 5,000 |
Total | 355,888 |
Loans and Other Lending Investments | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 262,220 |
Strategic Investments | 0 |
Discretionary Fundings | 5,000 |
Total | 267,220 |
Real Estate | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 6,295 |
Strategic Investments | 0 |
Discretionary Fundings | 0 |
Total | 6,295 |
Other Investments | ' |
Unfunded Financial Commitments [Line Items] | ' |
Performance-Based Commitments | 36,011 |
Strategic Investments | 46,362 |
Discretionary Fundings | 0 |
Total | $82,373 |
Derivatives_Classification_on_
Derivatives (Classification on the Consolidated Balance Sheets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | $6,109 | $11,175 |
Derivative Liabilities, Fair Value | 2,133 | 1,653 |
Other Assets | Foreign exchange contracts | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 333 | 1,418 |
Other Assets | Interest rate swaps | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 159 | 650 |
Other Assets | Interest rate cap | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Assets, Fair Value | 5,617 | 9,107 |
Other Liabilities | Foreign exchange contracts | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Liabilities, Fair Value | 2,133 | 1,653 |
Other Liabilities | Interest rate swaps | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Liabilities, Fair Value | 0 | 0 |
Other Liabilities | Interest rate cap | ' | ' |
Derivative financial instruments on consolidated balance sheets | ' | ' |
Derivative Liabilities, Fair Value | $0 | $0 |
Derivatives_Classification_on_1
Derivatives (Classification on the Consolidated Statements of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Derivative financial instruments on consolidated statements of operations | ' | ' | ' | ' | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | ($3,634,000) | [1] | ' | ' | ' |
Foreign currency transaction gain (loss) | 0 | -400,000 | 400,000 | -400,000 | |
Other Expense | Interest rate cap | Designated as hedge | ' | ' | ' | ' | |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' | ' | |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | -2,022,000 | ' | -2,984,000 | ' | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | ' | 0 | ' | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | -3,634,000 | ' | -3,634,000 | ' | |
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) | -127,000 | 344,000 | -579,000 | 344,000 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | 0 | 0 | 0 | |
Other Expense | Foreign exchange contracts | Not designated as hedge | ' | ' | ' | ' | |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' | ' | |
Amount of Gain or (Loss) Recognized in Income | -751,000 | -414,000 | 747,000 | 9,742,000 | |
Interest Expense | Interest rate swaps | Designated as hedge | ' | ' | ' | ' | |
Derivative financial instruments on consolidated statements of operations | ' | ' | ' | ' | |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | -693,000 | 844,000 | -1,041,000 | 882,000 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | ($39,000) | $79,000 | $96,000 | $151,000 | |
[1] | For the three and six months ended June 30, 2014, $3,634 is included in "Other expense" on the Company's Consolidated Statements of Operations (see Note 10). Included in "Interest expense" on the Company's Consolidated Statements of Operations are $(39) and $96 for the three and six months ended June 30, 2014, respectively, and $79 and $151 for the three and six months ended June 30, 2013, respectively. |
Derivatives_Notional_Amounts_D
Derivatives (Notional Amounts) (Details) (USD $) | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 31, 2012 |
Interest rate cap | Interest rate swap | Interest rate swap | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | ' | ' | $28 |
Maturity | 30-Jun-15 | 3-Jul-14 | 3-Jul-14 | 3-Jul-14 | ' | ' | ' |
Fixed Rate | ' | ' | ' | ' | 1.00% | ' | ' |
Variable Rate | ' | ' | ' | ' | ' | 2.00% | ' |
Fixed Rate | ' | ' | ' | ' | ' | 3.47% | ' |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | ||
USD ($) | USD ($) | USD ($) | USD ($) | Sells euro (EUR)/Buys USD Forward | Sells euro (EUR)/Buys USD Forward | Interest rate cap | Sells pound sterling (GBP)/Buys USD Forward | Sells pound sterling (GBP)/Buys USD Forward | Sells INR/Buys USD Forward | Sells INR/Buys USD Forward | Interest Rate Swap | Interest rate swaps | Terminated Interest Rate Swap | Forward Contracts | Forward Contracts | Sells Canadian dollar (CAD)/Buys USD Forward | Sells Canadian dollar (CAD)/Buys USD Forward | ||
USD ($) | EUR (€) | USD ($) | USD ($) | GBP (£) | USD ($) | RSD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency transaction gain (loss) | $0 | ($400,000) | $400,000 | ($400,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | 3,634,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | 64,287,000 | 46,950,000 | 500,000,000 | 6,501,000 | 3,800,000 | 7,576,000 | 456,000,000 | 27,708,000 | ' | ' | ' | ' | 37,966,000 | 40,500,000 | |
Expense related to qualifying cash flow hedges expected to be reclassified to earnings over the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | -300,000 | ' | ' | ' | ' | |
Collateral already posted, aggregate fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,200,000 | $7,200,000 | ' | ' | |
[1] | For the three and six months ended June 30, 2014, $3,634 is included in "Other expense" on the Company's Consolidated Statements of Operations (see Note 10). Included in "Interest expense" on the Company's Consolidated Statements of Operations are $(39) and $96 for the three and six months ended June 30, 2014, respectively, and $79 and $151 for the three and six months ended June 30, 2013, respectively. |
Equity_Preferred_Stock_Details
Equity (Preferred Stock) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Shares Issued and Outstanding (in thousands) | 25,800 | ' | 25,800 | ||
Number of days in year used in the computation of preferred stock dividends for any partial dividend period | '360 days | ' | '360 days | ||
Number of months used in the computation of preferred stock dividends for any partial dividend period | '12 months | ' | '12 months | ||
Number of days in month, dividends computation of dividends payable for any partial dividend period | '30 days | ' | '30 days | ||
Amount of preferred dividends in arrears | $0 | ' | ' | ||
Maximum | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | '30 days | ' | '30 days | ||
Minimum | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | '10 days | ' | '10 days | ||
Series D | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Shares Issued and Outstanding (in thousands) | 4,000 | ' | 4,000 | ||
Par Value (in dollars per share) | $0.00 | ' | $0.00 | ||
Liquidation Preference (in dollars per share) | $25 | [1],[2] | ' | $25 | [1],[2] |
Rate per Annum | 8.00% | [1],[2] | ' | 8.00% | [1],[2] |
Equivalent to Fixed Annual Rate (per share) | $2 | [1],[2] | ' | $2 | [1],[2] |
Dividends declared and paid | 4 | 4 | ' | ||
Series E | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Shares Issued and Outstanding (in thousands) | 5,600 | ' | 5,600 | ||
Par Value (in dollars per share) | $0.00 | ' | $0.00 | ||
Liquidation Preference (in dollars per share) | $25 | [1],[2] | ' | $25 | [1],[2] |
Rate per Annum | 7.88% | [1],[2] | ' | 7.88% | [1],[2] |
Equivalent to Fixed Annual Rate (per share) | $1.97 | [1],[2] | ' | $1.97 | [1],[2] |
Dividends declared and paid | 5.5 | 5.5 | ' | ||
Series F | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Shares Issued and Outstanding (in thousands) | 4,000 | ' | 4,000 | ||
Par Value (in dollars per share) | $0.00 | ' | $0.00 | ||
Liquidation Preference (in dollars per share) | $25 | [1],[2] | ' | $25 | [1],[2] |
Rate per Annum | 7.80% | [1],[2] | ' | 7.80% | [1],[2] |
Equivalent to Fixed Annual Rate (per share) | $1.95 | [1],[2] | ' | $1.95 | [1],[2] |
Dividends declared and paid | 3.9 | 3.9 | ' | ||
Series G | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Shares Issued and Outstanding (in thousands) | 3,200 | ' | 3,200 | ||
Par Value (in dollars per share) | $0.00 | ' | $0.00 | ||
Liquidation Preference (in dollars per share) | $25 | [1],[2] | ' | $25 | [1],[2] |
Rate per Annum | 7.65% | [1],[2] | ' | 7.65% | [1],[2] |
Equivalent to Fixed Annual Rate (per share) | $1.91 | [1],[2] | ' | $1.91 | [1],[2] |
Dividends declared and paid | 3.1 | 3.1 | ' | ||
Series I | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Shares Issued and Outstanding (in thousands) | 5,000 | ' | 5,000 | ||
Par Value (in dollars per share) | $0.00 | ' | $0.00 | ||
Liquidation Preference (in dollars per share) | $25 | [1],[2] | ' | $25 | [1],[2] |
Rate per Annum | 7.50% | [1],[2] | ' | 7.50% | [1],[2] |
Equivalent to Fixed Annual Rate (per share) | $1.88 | [1],[2] | ' | $1.88 | [1],[2] |
Dividends declared and paid | 4.7 | 4.7 | ' | ||
Series J | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Shares Issued and Outstanding (in thousands) | 4,000 | ' | 4,000 | ||
Par Value (in dollars per share) | $0.00 | ' | $0.00 | ||
Liquidation Preference (in dollars per share) | $50 | [1],[2] | ' | $50 | [1],[2] |
Rate per Annum | 4.50% | [1],[2] | ' | 4.50% | [1],[2] |
Equivalent to Fixed Annual Rate (per share) | $2.25 | [1],[2] | ' | $2.25 | [1],[2] |
Dividends declared and paid | $4.50 | $2.20 | ' | ||
[1] | The Company declared and paid dividends of $4.0 million, $5.5 million, $3.9 million, $3.1 million and $4.7 million on its Series D, E, F, G and I preferred stock during the six months ended June 30, 2014 and 2013. The Company declared and paid dividends of $4.5 million and $2.2 million on its Series J preferred stock during the six months ended June 30, 2014 and 2013, respectively. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. | ||||
[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_Dividends_Details
Equity (Dividends) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | 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 | ' | $608 |
Equity_Stock_Repurchase_Progra
Equity (Stock Repurchase Program) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | 31-May-12 |
Stock Repurchase Program | ' | ' | ' |
Repurchase of common stock, authorized amount | ' | $50,000,000 | $20,000,000 |
Available repurchase of common stock, authorized amount | $29,000,000 | $16,000,000 | ' |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ' | ' |
Unrealized losses on available-for-sale securities | ($184) | ($294) |
Unrealized gains (losses) on cash flow hedges | -210 | 662 |
Unrealized losses on cumulative translation adjustment | -3,353 | -4,644 |
Accumulated other comprehensive income (loss) | ($3,747) | ($4,276) |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 22-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 10, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 10, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
2013 Performance Incentive Plan [Member] | Long-term Incentive Plan 2006 and 2009 | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Employees | Company's chairman and chief executive officer | |||||
Restricted stock units | Amended restricted stock units vesting on January 1, 2014 | Service-based restricted stock units vesting on March 2014 | Common Stock Subject to Sales Restriction [Member] | Common Stock Subject to Sales Restriction [Member] | Common Stock | Service-based restricted stock units | Service-based restricted stock units | Service-based restricted stock units | Performance-based restricted stock units vesting on December 31, 2016 | Performance-based restricted stock units vesting on December 31, 2016 | Performance-based restricted stock units vesting on December 31, 2016 | Performance-based restricted stock units vesting on December 31, 2016 | Performance-based restricted stock units vesting on December 31, 2016 | Service-based restricted stock units vesting on February 1, 2016 | Service-based restricted stock units vesting on February 1, 2016 | Performance based restricted stock units vesting on December 31, 2014 | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Service based restricted stock units with specified vesting dates | Service based restricted stock units with specified vesting dates | Service-based restricted stock units vesting on June 15, 2014 | |||||||
Minimum | Maximum | Minimum | Maximum | Minimum | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Points Granted | ' | ' | ' | ' | 73.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Points | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | $3,196,000 | $4,719,000 | $5,271,000 | $9,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | 3,800,000 | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period to recognize the unrecognized compensation cost | ' | ' | '1 year 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation share-based arrangements, liability, current and noncurrent | $2,400,000 | ' | $2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | 2,336,053 | 1,696,053 | 40,000 | 229,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 |
Restricted shares awarded | ' | ' | ' | ' | ' | ' | 1,163,678 | ' | ' | ' | 128,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested, outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,967 | ' | ' | 51,055 | ' | ' | ' | ' | 196,582 | 195,409 | ' | ' | ' | 50,666 | ' | ' |
Vesting term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | '3 years | ' |
Sale restriction period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,637 | ' | ' | 51,726 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% | ' | ' | ' | ' | 0.00% | 200.00% | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.76% | ' | ' | ' | ' | ' | ' | ' | 0.26% | ' | ' | ' | ' | ' |
Expected stock price volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.84% | ' | ' | ' | ' | ' | ' | ' | 50.44% | ' | ' | ' | ' | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) (CSE and restricted stock units, USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Directors | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 48,172 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $14.46 |
Non-vested, outstanding (in shares) | 360,230 |
Aggregate intrinsic value for directors | $5.40 |
Former director | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares issued for settlement (in shares) | 55,076 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Gross contributions made by the Company | $0.10 | $0.10 | $0.70 | $0.70 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations | ' | ' | ' | ' | ||||
Income (loss) from continuing operations | ($20,774) | [1] | ($56,939) | [1] | ($51,445) | [1] | ($119,176) | [1] |
Net (income) loss attributable to noncontrolling interests | -325 | 311 | -779 | 500 | ||||
Income from sales of residential property | 17,180 | 34,319 | 33,674 | 58,016 | ||||
Preferred dividends | -12,830 | -12,780 | -25,660 | -23,360 | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders | -16,749 | -35,089 | -44,210 | -84,020 | ||||
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Gain from discontinued operations | 0 | 8,279 | 0 | 13,323 | ||||
Net income (loss) allocable to common shareholders | -16,207 | -26,001 | -42,779 | -67,264 | ||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Weighted average number of common shares—basic and diluted | 84,916 | [1] | 85,125 | [1] | 84,868 | [1] | 84,975 | [1] |
Weighted average number of HPU shares—basic and diluted | 15 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] |
Basic and diluted earnings per common share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($0.19) | [1] | ($0.40) | [1] | ($0.50) | [1] | ($0.95) | [1] |
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders/HPU holders (in dollars per share) | ($0.19) | [1] | ($0.31) | [1] | ($0.50) | [1] | ($0.79) | [1] |
Common Stock | ' | ' | ' | ' | ||||
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders | -16,207 | -33,958 | -42,779 | -81,304 | ||||
Income (loss) from discontinued operations | 0 | -55 | 0 | 1,148 | ||||
Gain from discontinued operations | 0 | 8,012 | 0 | 12,892 | ||||
Net income (loss) allocable to common shareholders | -16,207 | -26,001 | -42,779 | -67,264 | ||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Weighted average number of common shares—basic and diluted | 84,916 | 85,125 | 84,868 | 84,975 | ||||
Basic and diluted earnings per common share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($0.19) | ($0.40) | ($0.50) | ($0.95) | ||||
Income (loss) from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0.01 | ||||
Gain from discontinued operations (in dollars per share) | $0 | $0.09 | $0 | $0.15 | ||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders/HPU holders (in dollars per share) | ($0.19) | ($0.31) | ($0.50) | ($0.79) | ||||
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 | -542 | -1,131 | -1,431 | -2,716 | ||||
Income (loss) from discontinued operations | 0 | -2 | 0 | 38 | ||||
Gain from discontinued operations | 0 | 267 | 0 | 431 | ||||
Net income (loss) allocable to common shareholders | ($542) | ($866) | ($1,431) | ($2,247) | ||||
Denominator for basic and diluted earnings per share: | ' | ' | ' | ' | ||||
Weighted average number of HPU shares—basic and diluted | 15 | 15 | 15 | 15 | ||||
Basic and diluted earnings per common share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders (in dollars per share) | ($36.13) | ($75.41) | ($95.40) | ($181.07) | ||||
Income (loss) from discontinued operations (in dollars per share) | $0 | ($0.13) | $0 | $2.53 | ||||
Gain from discontinued operations (in dollars per share) | $0 | $17.80 | $0 | $28.73 | ||||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders/HPU holders (in dollars per share) | ($36.13) | ($57.74) | ($95.40) | ($149.81) | ||||
[1] | Income (loss) from continuing operations attributable to iStar Financial Inc. was $(21.1) million and $(52.2) million for the three and six months ended June 30, 2014, respectively, and $(56.6) million and $(118.7) million for the three and six months ended June 30, 2013, respectively. See Note 13 for details on the calculation of earnings per share. | |||||||
[2] | HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Anti-dilutive Shares) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Joint venture shares | ' | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' | ' |
Anti-dilutive shares | 298 | 298 | 298 | 298 |
3.00% convertible senior unsecured notes | ' | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' | ' |
Anti-dilutive shares | 16,992 | 16,992 | 16,992 | 16,992 |
Series J convertible perpetual preferred stock | ' | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' | ' |
Anti-dilutive shares | 15,635 | 15,635 | 15,635 | 15,635 |
1.50% convertible senior unsecured notes | ' | ' | ' | ' |
Anti-dilutive shares | ' | ' | ' | ' |
Anti-dilutive shares | 11,567 | 0 | 11,567 | 0 |
Fair_Values_Schedule_of_Fair_V
Fair Values (Schedule of Fair Value Measurement) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Recurring basis | Total | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | $6,109 | $11,175 | |
Derivative liabilities | 2,133 | 1,653 | |
Recurring basis | Quoted market prices in active markets (Level 1) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring basis | Significant other observable inputs (Level 2) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | 6,109 | 11,175 | |
Derivative liabilities | 2,133 | 1,653 | |
Recurring basis | Significant unobservable inputs (Level 3) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Non-recurring basis | Total | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans | 39,390 | [1] | 115,423 |
Impaired real estate | 35,394 | [2] | 35,680 |
Non-recurring basis | Quoted market prices in active markets (Level 1) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans | 0 | [1] | 0 |
Impaired real estate | 0 | [2] | 0 |
Non-recurring basis | Significant other observable inputs (Level 2) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans | 0 | [1] | 0 |
Impaired real estate | 0 | [2] | 5,744 |
Non-recurring basis | Significant unobservable inputs (Level 3) | ' | ' | |
Assets and liabilities recorded at fair value | ' | ' | |
Impaired loans | 39,390 | [1] | 115,423 |
Impaired real estate | $35,394 | [2] | $29,936 |
[1] | The Company recorded a recovery of loan losses on one loan with a fair value of $35.1 million based on the loan's remaining term of 2.0 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 $4.3 million based upon a settlement agreement executed by the borrower. | ||
[2] | The Company recorded impairment on one real estate asset with a fair value of $35.4 million based on a discount rate of 10.0%, average annual revenue growth of 3.0% and remaining inventory sell out period of 1.5 years using discounted cash flows. |
Fair_Values_Schedule_of_Fair_V1
Fair Values (Schedule of Fair Value Measurement Assumptions) (Details) (Non-recurring basis, USD $) | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | ||
Loans and Other Lending Investments | Real Estate Properties | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | |||
Discounted Cash Flow | Discounted Cash Flow | Executed Settlement Agreement [Member] | |||||
loans | loans | ||||||
Quantitative information about Level 3 fair value measures | ' | ' | ' | ' | ' | ||
Number of impaired loans | 1 | ' | ' | ' | ' | ||
Impaired loans | $35,100 | ' | $39,390 | [1] | $115,423 | $4,300 | |
Number of Impaired Real Estate Assets | ' | 1 | ' | ' | ' | ||
Fair value assumptions, expected term | '2 years | ' | ' | ' | ' | ||
Weighted average discount rate | 4.70% | 10.00% | ' | ' | ' | ||
Impaired real estate | ' | $35,400 | [2] | $35,394 | [2] | $29,936 | ' |
Long-term revenue growth rate | ' | 3.00% | ' | ' | ' | ||
Remaining inventory sell out period | ' | '1 year 6 months | ' | ' | ' | ||
[1] | The Company recorded a recovery of loan losses on one loan with a fair value of $35.1 million based on the loan's remaining term of 2.0 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 $4.3 million based upon a settlement agreement executed by the borrower. | ||||||
[2] | The Company recorded impairment on one real estate asset with a fair value of $35.4 million based on a discount rate of 10.0%, average annual revenue growth of 3.0% and remaining inventory sell out period of 1.5 years using discounted cash flows. |
Fair_Values_Narrative_Details
Fair Values (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ||
Loans receivable and other lending investments, net | $1,456,407 | [1] | $1,370,109 | [1] |
Financial liabilities: | ' | ' | ||
Debt obligations, net | 4,082,511 | 4,158,125 | ||
Fair Value | ' | ' | ||
Financial assets: | ' | ' | ||
Loans receivable and other lending investments, net | 1,500,000 | 1,400,000 | ||
Financial liabilities: | ' | ' | ||
Debt obligations, net | $4,400,000 | $4,500,000 | ||
[1] | The Company's recorded investment in loans as of June 30, 2014 and December 31, 2013 also includes accrued interest of $7.7 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. |
Segment_Reporting_Schedule_of_
Segment Reporting (Schedule of Segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
segments | ||||||||||
Segment Reporting | ' | ' | ' | ' | ' | |||||
Number of reportable segments | ' | ' | 4 | ' | ' | |||||
Operating lease income | $60,967 | $57,112 | $123,075 | $115,128 | ' | |||||
Interest income | 35,127 | 29,682 | 63,041 | 54,349 | ' | |||||
Other income | 29,262 | 13,125 | 43,846 | 24,544 | ' | |||||
Land sales revenue | 4,487 | 0 | 8,630 | 0 | ' | |||||
Total revenues | 129,843 | 99,919 | 238,592 | 194,021 | ' | |||||
Earnings (loss) from equity method investments | 24,093 | 8,323 | 27,270 | 30,001 | ' | |||||
Income from sales of residential property | 17,180 | 34,319 | 33,674 | 58,016 | ' | |||||
Income (loss) from discontinued operations(4) | ' | 502 | [1] | ' | 1,844 | [1] | ' | |||
Gain from discontinued operations | 0 | 8,279 | 0 | 13,323 | ' | |||||
Revenue and other earnings | 171,116 | 151,342 | 299,536 | 297,205 | ' | |||||
Real estate expense | -40,554 | -36,981 | -83,167 | -74,815 | ' | |||||
Land cost of sales | -3,611 | 0 | -7,265 | 0 | ' | |||||
Other expense | -4,690 | -146 | -4,911 | -5,770 | ' | |||||
Allocated interest expense | -56,530 | -69,157 | [2] | -113,986 | -140,723 | [2] | ' | |||
Allocated general and administrative(2) | -23,427 | [3] | -16,157 | [3] | -41,140 | [3] | -32,802 | [3] | ' | |
Segment profit (loss)(3) | 42,304 | [4] | 28,901 | [4] | 49,067 | [4] | 43,095 | [4] | ' | |
Provision for (recovery of) loan losses | -2,792 | [5] | 5,020 | [5] | -6,192 | [5] | 15,226 | [5] | ' | |
Impairment of assets | 3,300 | 427 | [2] | 6,279 | 395 | [2] | ' | |||
Depreciation and amortization | 18,822 | 17,400 | [2] | 37,435 | 34,854 | [2] | ' | |||
Capitalized expenditures | 32,138 | 31,346 | 60,179 | 47,660 | ' | |||||
Real estate, at cost | 3,184,770 | ' | 3,184,770 | ' | 3,220,634 | |||||
Less: accumulated depreciation | -443,380 | ' | -443,380 | ' | -424,453 | |||||
Real estate, net | 2,741,390 | ' | 2,741,390 | ' | 2,796,181 | |||||
Real estate available and held for sale | 354,814 | ' | 354,814 | ' | 360,517 | |||||
Total real estate | 3,096,204 | ' | 3,096,204 | ' | 3,156,698 | |||||
Loans receivable and other lending investments, net | 1,456,407 | [6] | ' | 1,456,407 | [6] | ' | 1,370,109 | [6] | ||
Other investments | 241,561 | ' | 241,561 | ' | 207,209 | |||||
Total portfolio assets | 4,794,172 | ' | 4,794,172 | ' | 4,734,016 | |||||
Cash and other assets | 679,313 | ' | 679,313 | ' | 907,995 | |||||
Total assets | 5,473,485 | ' | 5,473,485 | ' | 5,642,011 | |||||
Stock-based compensation expense | 3,196 | 4,719 | 5,271 | 9,921 | ' | |||||
LNR Property LLC (LNR) | ' | ' | ' | ' | ' | |||||
Segment Reporting | ' | ' | ' | ' | ' | |||||
Earnings (loss) from equity method investments | 0 | 1,719 | 0 | 16,465 | ' | |||||
Operating Segments | Real Estate Finance | ' | ' | ' | ' | ' | |||||
Segment Reporting | ' | ' | ' | ' | ' | |||||
Operating lease income | 0 | 0 | 0 | 0 | ' | |||||
Interest income | 35,127 | 29,682 | 63,041 | 54,349 | ' | |||||
Other income | 19,043 | 290 | 19,442 | 2,498 | ' | |||||
Land sales revenue | 0 | ' | 0 | ' | ' | |||||
Total revenues | 54,170 | 29,972 | 82,483 | 56,847 | ' | |||||
Earnings (loss) from equity method investments | 0 | 0 | 0 | 0 | ' | |||||
Income from sales of residential property | 0 | 0 | 0 | 0 | ' | |||||
Income (loss) from discontinued operations(4) | ' | 0 | [1] | ' | 0 | [1] | ' | |||
Gain from discontinued operations | ' | 0 | ' | 0 | ' | |||||
Revenue and other earnings | 54,170 | 29,972 | 82,483 | 56,847 | ' | |||||
Real estate expense | 0 | 0 | 0 | 0 | ' | |||||
Land cost of sales | 0 | ' | 0 | ' | ' | |||||
Other expense | -303 | -414 | -733 | -1,857 | ' | |||||
Allocated interest expense | -15,858 | -18,470 | [2] | -31,310 | -39,532 | [2] | ' | |||
Allocated general and administrative(2) | -4,444 | [3] | -2,895 | [3] | -7,534 | [3] | -6,135 | [3] | ' | |
Segment profit (loss)(3) | 33,565 | [4] | 8,193 | [4] | 42,906 | [4] | 9,323 | [4] | ' | |
Provision for (recovery of) loan losses | -2,792 | 5,020 | -6,192 | 15,226 | ' | |||||
Impairment of assets | 0 | 0 | [2] | 0 | 0 | [2] | ' | |||
Depreciation and amortization | 0 | 0 | [2] | 0 | 0 | [2] | ' | |||
Capitalized expenditures | 0 | 0 | 0 | 0 | ' | |||||
Real estate, at cost | 0 | ' | 0 | ' | 0 | |||||
Less: accumulated depreciation | 0 | ' | 0 | ' | 0 | |||||
Real estate, net | 0 | ' | 0 | ' | 0 | |||||
Real estate available and held for sale | 0 | ' | 0 | ' | 0 | |||||
Total real estate | 0 | ' | 0 | ' | 0 | |||||
Loans receivable and other lending investments, net | 1,456,407 | ' | 1,456,407 | ' | 1,370,109 | |||||
Other investments | 0 | ' | 0 | ' | 0 | |||||
Total portfolio assets | 1,456,407 | ' | 1,456,407 | ' | 1,370,109 | |||||
Operating Segments | Net Lease | ' | ' | ' | ' | ' | |||||
Segment Reporting | ' | ' | ' | ' | ' | |||||
Operating lease income | 37,674 | 35,783 | 76,555 | 72,436 | ' | |||||
Interest income | 0 | 0 | 0 | 0 | ' | |||||
Other income | 519 | 0 | 733 | 0 | ' | |||||
Land sales revenue | 0 | ' | 0 | ' | ' | |||||
Total revenues | 38,193 | 35,783 | 77,288 | 72,436 | ' | |||||
Earnings (loss) from equity method investments | 862 | 652 | 1,148 | 1,338 | ' | |||||
Income from sales of residential property | 0 | 0 | 0 | 0 | ' | |||||
Income (loss) from discontinued operations(4) | ' | 392 | [1] | ' | 1,001 | [1] | ' | |||
Gain from discontinued operations | ' | 3,365 | ' | 3,395 | ' | |||||
Revenue and other earnings | 39,055 | 40,192 | 78,436 | 78,170 | ' | |||||
Real estate expense | -5,520 | -5,673 | -11,194 | -11,269 | ' | |||||
Land cost of sales | 0 | ' | 0 | ' | ' | |||||
Other expense | 0 | 0 | 0 | 0 | ' | |||||
Allocated interest expense | -18,009 | -20,079 | [2] | -36,619 | -40,069 | [2] | ' | |||
Allocated general and administrative(2) | -5,183 | [3] | -3,158 | [3] | -8,982 | [3] | -6,217 | [3] | ' | |
Segment profit (loss)(3) | 10,343 | [4] | 11,282 | [4] | 21,641 | [4] | 20,615 | [4] | ' | |
Provision for (recovery of) loan losses | 0 | 0 | 0 | 0 | ' | |||||
Impairment of assets | 0 | 0 | [2] | 2,979 | 0 | [2] | ' | |||
Depreciation and amortization | 9,682 | 9,589 | [2] | 19,810 | 19,229 | [2] | ' | |||
Capitalized expenditures | 201 | 13,889 | 705 | 17,656 | ' | |||||
Real estate, at cost | 1,611,446 | ' | 1,611,446 | ' | 1,696,888 | |||||
Less: accumulated depreciation | -352,418 | ' | -352,418 | ' | -338,640 | |||||
Real estate, net | 1,259,028 | ' | 1,259,028 | ' | 1,358,248 | |||||
Real estate available and held for sale | 0 | ' | 0 | ' | 0 | |||||
Total real estate | 1,259,028 | ' | 1,259,028 | ' | 1,358,248 | |||||
Loans receivable and other lending investments, net | 0 | ' | 0 | ' | 0 | |||||
Other investments | 33,740 | ' | 33,740 | ' | 16,408 | |||||
Total portfolio assets | 1,292,768 | ' | 1,292,768 | ' | 1,374,656 | |||||
Operating Segments | Operating Properties | ' | ' | ' | ' | ' | |||||
Segment Reporting | ' | ' | ' | ' | ' | |||||
Operating lease income | 23,117 | 21,329 | 46,118 | 42,692 | ' | |||||
Interest income | 0 | 0 | 0 | 0 | ' | |||||
Other income | 7,874 | 11,440 | 20,540 | 19,579 | ' | |||||
Land sales revenue | 0 | ' | 0 | ' | ' | |||||
Total revenues | 30,991 | 32,769 | 66,658 | 62,271 | ' | |||||
Earnings (loss) from equity method investments | 731 | 1,816 | 948 | 4,473 | ' | |||||
Income from sales of residential property | 17,180 | 30,842 | 33,674 | 54,539 | ' | |||||
Income (loss) from discontinued operations(4) | ' | 110 | [1] | ' | 843 | [1] | ' | |||
Gain from discontinued operations | ' | 4,914 | ' | 9,928 | ' | |||||
Revenue and other earnings | 48,902 | 70,451 | 101,280 | 132,054 | ' | |||||
Real estate expense | -28,929 | -24,781 | -57,543 | -50,515 | ' | |||||
Land cost of sales | 0 | ' | 0 | ' | ' | |||||
Other expense | 0 | 0 | 0 | 0 | ' | |||||
Allocated interest expense | -10,229 | -12,452 | [2] | -20,488 | -25,935 | [2] | ' | |||
Allocated general and administrative(2) | -3,078 | [3] | -2,147 | [3] | -5,267 | [3] | -4,410 | [3] | ' | |
Segment profit (loss)(3) | 6,666 | [4] | 31,071 | [4] | 17,982 | [4] | 51,194 | [4] | ' | |
Provision for (recovery of) loan losses | 0 | 0 | 0 | 0 | ' | |||||
Impairment of assets | 3,900 | 427 | [2] | 3,900 | 395 | [2] | ' | |||
Depreciation and amortization | 8,368 | 7,231 | [2] | 16,232 | 14,437 | [2] | ' | |||
Capitalized expenditures | 13,564 | 9,485 | 26,418 | 14,406 | ' | |||||
Real estate, at cost | 744,212 | ' | 744,212 | ' | 720,508 | |||||
Less: accumulated depreciation | -86,747 | ' | -86,747 | ' | -82,420 | |||||
Real estate, net | 657,465 | ' | 657,465 | ' | 638,088 | |||||
Real estate available and held for sale | 232,771 | ' | 232,771 | ' | 228,328 | |||||
Total real estate | 890,236 | ' | 890,236 | ' | 866,416 | |||||
Loans receivable and other lending investments, net | 0 | ' | 0 | ' | 0 | |||||
Other investments | 15,097 | ' | 15,097 | ' | 16,032 | |||||
Total portfolio assets | 905,333 | ' | 905,333 | ' | 882,448 | |||||
Operating Segments | Land | ' | ' | ' | ' | ' | |||||
Segment Reporting | ' | ' | ' | ' | ' | |||||
Operating lease income | 176 | 0 | 402 | 0 | ' | |||||
Interest income | 0 | 0 | 0 | 0 | ' | |||||
Other income | 143 | 0 | 369 | 500 | ' | |||||
Land sales revenue | 4,487 | ' | 8,630 | ' | ' | |||||
Total revenues | 4,806 | 0 | 9,401 | 500 | ' | |||||
Earnings (loss) from equity method investments | -151 | -1,511 | -409 | -3,090 | ' | |||||
Income from sales of residential property | 0 | 3,477 | 0 | 3,477 | ' | |||||
Income (loss) from discontinued operations(4) | ' | 0 | [1] | ' | 0 | [1] | ' | |||
Gain from discontinued operations | ' | 0 | ' | 0 | ' | |||||
Revenue and other earnings | 4,655 | 1,966 | 8,992 | 887 | ' | |||||
Real estate expense | -6,105 | -6,527 | -14,430 | -13,031 | ' | |||||
Land cost of sales | -3,611 | ' | -7,265 | ' | ' | |||||
Other expense | 0 | 0 | 0 | 0 | ' | |||||
Allocated interest expense | -7,294 | -7,943 | [2] | -14,453 | -15,625 | [2] | ' | |||
Allocated general and administrative(2) | -4,224 | [3] | -1,788 | [3] | -7,273 | [3] | -3,635 | [3] | ' | |
Segment profit (loss)(3) | -16,579 | [4] | -14,292 | [4] | -34,429 | [4] | -31,404 | [4] | ' | |
Provision for (recovery of) loan losses | 0 | 0 | 0 | 0 | ' | |||||
Impairment of assets | -600 | 0 | [2] | -600 | 0 | [2] | ' | |||
Depreciation and amortization | 490 | 265 | [2] | 794 | 530 | [2] | ' | |||
Capitalized expenditures | 18,373 | 7,972 | 33,056 | 15,598 | ' | |||||
Real estate, at cost | 829,112 | ' | 829,112 | ' | 803,238 | |||||
Less: accumulated depreciation | -4,215 | ' | -4,215 | ' | -3,393 | |||||
Real estate, net | 824,897 | ' | 824,897 | ' | 799,845 | |||||
Real estate available and held for sale | 122,043 | ' | 122,043 | ' | 132,189 | |||||
Total real estate | 946,940 | ' | 946,940 | ' | 932,034 | |||||
Loans receivable and other lending investments, net | 0 | ' | 0 | ' | 0 | |||||
Other investments | 49,367 | ' | 49,367 | ' | 29,765 | |||||
Total portfolio assets | 996,307 | ' | 996,307 | ' | 961,799 | |||||
Corporate, Non-Segment | Corporate/Other | ' | ' | ' | ' | ' | |||||
Segment Reporting | ' | ' | ' | ' | ' | |||||
Operating lease income | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Interest income | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Other income | 1,683 | [7] | 1,395 | [7] | 2,762 | [7] | 1,967 | [7] | ' | |
Land sales revenue | 0 | [7] | ' | 0 | [7] | ' | ' | |||
Total revenues | 1,683 | [7] | 1,395 | [7] | 2,762 | [7] | 1,967 | [7] | ' | |
Earnings (loss) from equity method investments | 22,651 | [7] | 7,366 | [7] | 25,583 | [7] | 27,280 | [7] | ' | |
Income from sales of residential property | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Income (loss) from discontinued operations(4) | ' | 0 | [1],[7] | ' | 0 | [1],[7] | ' | |||
Gain from discontinued operations | ' | 0 | [7] | ' | 0 | [7] | ' | |||
Revenue and other earnings | 24,334 | [7] | 8,761 | [7] | 28,345 | [7] | 29,247 | [7] | ' | |
Real estate expense | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Land cost of sales | 0 | [7] | ' | 0 | [7] | ' | ' | |||
Other expense | -4,387 | [7] | 268 | [7] | -4,178 | [7] | -3,913 | [7] | ' | |
Allocated interest expense | -5,140 | [7] | -10,213 | [2],[7] | -11,116 | [7] | -19,562 | [2],[7] | ' | |
Allocated general and administrative(2) | -6,498 | [3],[7] | -6,169 | [3],[7] | -12,084 | [3],[7] | -12,405 | [3],[7] | ' | |
Segment profit (loss)(3) | 8,309 | [4],[7] | -7,353 | [4],[7] | 967 | [4],[7] | -6,633 | [4],[7] | ' | |
Provision for (recovery of) loan losses | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Impairment of assets | 0 | [7] | 0 | [2],[7] | 0 | [7] | 0 | [2],[7] | ' | |
Depreciation and amortization | 282 | [7] | 315 | [2],[7] | 599 | [7] | 658 | [2],[7] | ' | |
Capitalized expenditures | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Real estate, at cost | 0 | [7] | ' | 0 | [7] | ' | 0 | [7] | ||
Less: accumulated depreciation | 0 | [7] | ' | 0 | [7] | ' | 0 | [7] | ||
Real estate, net | 0 | [7] | ' | 0 | [7] | ' | 0 | [7] | ||
Real estate available and held for sale | 0 | [7] | ' | 0 | [7] | ' | 0 | [7] | ||
Total real estate | 0 | [7] | ' | 0 | [7] | ' | 0 | [7] | ||
Loans receivable and other lending investments, net | 0 | [7] | ' | 0 | [7] | ' | 0 | [7] | ||
Other investments | 143,357 | [7] | ' | 143,357 | [7] | ' | 145,004 | [7] | ||
Total portfolio assets | $143,357 | [7] | ' | $143,357 | [7] | ' | $145,004 | [7] | ||
[1] | For the three and six months ended June 30, 2013, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. | |||||||||
[2] | For the three and six months ended June 30, 2013, 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 $3.2 million and $5.3 million for the three and six months ended June 30, 2014, respectively, and $4.7 million and $9.9 million for the three and six months ended June 30, 2013, respectively. | |||||||||
[4] | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months EndedJune 30, For the Six Months Ended June 30, 2014 2013 2014 2013Segment profit (loss)$42,304 $28,901 $49,067 $43,095Less: (Provision for) recovery of loan losses2,792 (5,020) 6,192 (15,226)Less: Impairment of assets(4)(3,300) (427) (6,279) (395)Less: Stock-based compensation expense(3,196) (4,719) (5,271) (9,921)Less: Depreciation and amortization(4)(18,822) (17,400) (37,435) (34,854)Less: Income tax (expense) benefit(4)215 (491) 722 (4,566)Less: Loss on early extinguishment of debt, net(23,587) (15,242) (24,767) (24,784)Net income (loss)$(3,594) $(14,398) $(17,771) $(46,651) | |||||||||
[5] | For the three and six months ended June 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $2.4 million and $7.6 million, respectively. For the three and six months ended June 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $6.4 million and $11.0 million, respectively. | |||||||||
[6] | The Company's recorded investment in loans as of June 30, 2014 and December 31, 2013 also includes accrued interest of $7.7 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. | |||||||||
[7] | Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. 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 share of equity in earnings from LNR of $1.7 million and $16.5 million for the three and six months ended June 30, 2013. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR. |
Segment_Reporting_Reconciliati
Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Reconciliation of segment profit (loss) to income (loss) from continuing operations | ' | ' | ' | ' | ||||
Segment profit (loss) | $42,304 | [1] | $28,901 | [1] | $49,067 | [1] | $43,095 | [1] |
Less: (Provision for) recovery of loan losses | 2,792 | [2] | -5,020 | [2] | 6,192 | [2] | -15,226 | [2] |
Less: Impairment of assets(4) | -3,300 | [3] | -427 | [3] | -6,279 | [3] | -395 | [3] |
Less: Stock-based compensation expense | -3,196 | -4,719 | -5,271 | -9,921 | ||||
Less: Depreciation and amortization(4) | -18,822 | [3] | -17,400 | [3] | -37,435 | [3] | -34,854 | [3] |
Less: Income tax (expense) benefit(4) | 215 | [3] | -491 | [3] | 722 | [3] | -4,566 | [3] |
Less: Loss on early extinguishment of debt, net | -23,587 | -15,242 | -24,767 | -24,784 | ||||
Net income (loss) | ($3,594) | ($14,398) | ($17,771) | ($46,651) | ||||
[1] | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months EndedJune 30, For the Six Months Ended June 30, 2014 2013 2014 2013Segment profit (loss)$42,304 $28,901 $49,067 $43,095Less: (Provision for) recovery of loan losses2,792 (5,020) 6,192 (15,226)Less: Impairment of assets(4)(3,300) (427) (6,279) (395)Less: Stock-based compensation expense(3,196) (4,719) (5,271) (9,921)Less: Depreciation and amortization(4)(18,822) (17,400) (37,435) (34,854)Less: Income tax (expense) benefit(4)215 (491) 722 (4,566)Less: Loss on early extinguishment of debt, net(23,587) (15,242) (24,767) (24,784)Net income (loss)$(3,594) $(14,398) $(17,771) $(46,651) | |||||||
[2] | For the three and six months ended June 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $2.4 million and $7.6 million, respectively. For the three and six months ended June 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $6.4 million and $11.0 million, respectively. | |||||||
[3] | For the three and six months ended June 30, 2013, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations. |