Safehold 10-Q4 Aug 152015 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ISTAR FINANCIAL INC
Entity Central Index Key	1,095,651
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		85,568,024
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Real estate, at cost		$ 3,011,978	$ 3,145,563
Less: accumulated depreciation		(473,162)	(468,849)
Real estate, net		2,538,816	2,676,714
Real estate available and held for sale		288,021	285,982
Total real estate		2,826,837	2,962,696
Loans receivable and other lending investments, net	[1]	1,567,296	1,377,843
Other investments		289,500	354,119
Cash and cash equivalents		637,136	472,061
Accrued interest and operating lease income receivable, net		16,016	16,367
Deferred operating lease income receivable, net		98,091	98,262
Deferred expenses and other assets, net		238,487	181,785
Total assets		5,673,363	5,463,133
Liabilities:
Accounts payable, accrued expenses and other liabilities		183,606	180,902
Loan Participations Payable, net		141,452	0
Debt obligations, net		4,151,653	4,022,684
Total liabilities		4,476,711	4,203,586
Commitments and contingencies		0	0
Redeemable noncontrolling interests		12,687	11,199
iStar Financial Inc. shareholders' equity:
High Performance Units		9,800	9,800
Common Stock, $0.001 par value, 200,000 shares authorized, 146,229 issued and 85,568 outstanding at June 30, 2015 and 145,807 issued and 85,191 outstanding at December 31, 2014		146	146
Additional paid-in capital		4,007,937	4,007,514
Retained earnings (deficit)		(2,611,747)	(2,556,469)
Accumulated other comprehensive income (loss) (see Note 12)		(4,706)	(971)
Treasury stock, at cost, $0.001 par value, 60,661 shares at June 30, 2015 and 60,617 shares at December 31, 2014		(263,515)	(262,954)
Total iStar Financial Inc. shareholders' equity		1,137,941	1,197,092
Noncontrolling interests		46,024	51,256
Total equity		1,183,965	1,248,348
Total liabilities and equity		5,673,363	5,463,133
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, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares		Jun. 30, 2015	Dec. 31, 2014
Common Stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common Stock, shares authorized		200,000,000	200,000,000
Common Stock, shares issued		146,229,000	145,807,000
Common Stock, shares outstanding		85,568,000	85,191,000
Treasury stock, par value (in dollars per share)		$ 0.001	$ 0.001
Treasury stock, shares		60,661,000	60,617,000
Series D, E, F, G and I Preferred Stock
Liquidation Preference (in dollars per share)	[1],[2]	$ 25	$ 25
Series J convertible perpetual preferred stock
Liquidation Preference (in dollars per share)	[1],[2]	$ 50	$ 50

[1]	Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.
[2]	The Company declared and paid dividends of $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 Cumulative Redeemable Preferred Stock during the six months ended June 30, 2015 and 2014. The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2015 and 2014. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Operating lease income		$ 56,152	$ 60,967	$ 115,291	$ 123,075
Interest income		33,729	35,127	68,625	63,041
Other income		12,761	29,262	23,325	43,846
Land development revenue		6,543	4,487	14,801	8,630
Total revenues		109,185	129,843	222,042	238,592
Costs and expenses:
Interest expense		55,824	56,530	110,456	113,986
Real estate expense		36,355	40,554	75,989	83,167
Land development cost of sales		5,252	3,611	12,142	7,265
Depreciation and amortization		15,516	18,822	34,017	37,435
General and administrative		20,586	26,623	41,340	46,411
Provision for (recovery of) loan losses	[1]	19,151	(2,792)	23,444	(6,192)
Impairment of assets		1,674	3,300	1,674	6,279
Other expense		888	4,690	3,011	4,911
Total costs and expenses		155,246	151,338	302,073	293,262
Income (loss) before earnings from equity method investments and other items		(46,061)	(21,495)	(80,031)	(54,670)
Loss on early extinguishment of debt, net		(44)	(23,587)	(212)	(24,767)
Earnings from equity method investments		8,785	24,093	15,332	27,270
Income (loss) from continuing operations before income taxes		(37,320)	(20,989)	(64,911)	(52,167)
Income tax (expense) benefit		(811)	215	(6,688)	722
Income (loss) from continuing operations	[2]	(38,131)	(20,774)	(71,599)	(51,445)
Income from sales of real estate		18,355	17,180	39,511	33,674
Net income (loss)		(19,776)	(3,594)	(32,088)	(17,771)
Net (income) loss attributable to noncontrolling interests		629	(325)	2,470	(779)
Net income (loss) attributable to iStar Financial Inc.		(19,147)	(3,919)	(29,618)	(18,550)
Preferred dividends		(12,830)	(12,830)	(25,660)	(25,660)
Net (income) loss allocable to HPU holders and Participating Security holders	[3],[4]	1,027	542	1,776	1,431
Net income (loss) allocable to common shareholders		$ (30,950)	$ (16,207)	$ (53,502)	$ (42,779)
Per basic and diluted share data:
Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted (in dollars per share)	[2]	$ (0.36)	$ (0.19)	$ (0.63)	$ (0.50)
Net income (loss) attributable to iStar Financial Inc.—Basic and diluted (in dollars per share)	[2]	$ (0.36)	$ (0.19)	$ (0.63)	$ (0.50)
Weighted average number of common shares—Basic and diluted	[2]	85,541	84,916	85,519	84,868
Per HPU share data:
Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted (in dollars per share)	[2],[3]	$ (68.47)	$ (36.13)	$ (118.40)	$ (95.40)
Net income (loss) attributable to iStar Financial Inc.—Basic and diluted (in dollars per share)	[2],[3]	$ (68.47)	$ (36.13)	$ (118.40)	$ (95.40)
Weighted average High Performance Units outstanding for basic and diluted earnings per share	[2],[3]	15	15	15	15

[1]	For the three and six months ended June 30, 2015, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.3 million and $0.6 million, respectively. 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.
[2]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(37.5) million and $(69.1) million for the three and six months ended June 30, 2015, respectively, and $(21.1) million and $(52.2) million for the three and six months ended June 30, 2014, respectively. See Note 14 for details on the calculation of earnings per share.
[3]	HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program.
[4]	Participating Security holders are non-employee directors who hold common stock equivalents and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Note 13 and Note 14).

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income (Loss) from Continuing Operations Attributable to Parent	$ (37.5)	$ (21.1)	$ (69.1)	$ (52.2)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (19,776)	$ (3,594)	$ (32,088)	$ (17,771)
Other comprehensive income (loss):
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization	[1]	0	0	(2,531)	0
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization	[2]	200	3,595	350	3,730
Realization of (gains)/losses on cumulative translation adjustment into earnings upon realization		0	968	0	968
Unrealized gains/(losses) on available-for-sale securities		(63)	43	(638)	111
Unrealized gains/(losses) on cash flow hedges		144	(2,842)	(801)	(4,604)
Unrealized gains/(losses) on cumulative translation adjustment		129	161	(115)	324
Other comprehensive income (loss)		410	1,925	(3,735)	529
Comprehensive income (loss)		(19,366)	(1,669)	(35,823)	(17,242)
Comprehensive (income) loss attributable to noncontrolling interests		629	(325)	2,470	(779)
Comprehensive income (loss) attributable to iStar Financial Inc.		$ (18,737)	$ (1,994)	$ (33,353)	$ (18,021)

[1]	Included in "Other income" on the Company's Consolidated Statements of Operations.
[2]	Included in "Interest expense" on the Company's Consolidated Statements of Operations are $84 and $119 for the three and six months ended June 30, 2015, respectively, and $(39) and $96 for the three and six months ended June 30, 2014, respectively. For the three and six months ended June 30, 2015, $116 and $231, respectively, are included in "Earnings from equity method investments" on the Company Consolidated Statements of Operations. 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 11).

Consolidated Statements of Com7

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization	[1]	$ 200	$ 3,595	$ 350	$ 3,730
Interest Expense
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization		84	(39)	119	96
Earnings from equity method investments
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization		$ 116		$ 231
Other Expense
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization			$ (3,634)		$ (3,634)

[1]	Included in "Interest expense" on the Company's Consolidated Statements of Operations are $84 and $119 for the three and six months ended June 30, 2015, respectively, and $(39) and $96 for the three and six months ended June 30, 2014, respectively. For the three and six months ended June 30, 2015, $116 and $231, respectively, are included in "Earnings from equity method investments" on the Company Consolidated Statements of Operations. 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 11).

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Preferred Stock	[1]	Series J Preferred Stock	[1]	HPU's	Common Stock at Par	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock at Cost	Noncontrolling Interests
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		$ (809)
Balance at Dec. 31, 2013		1,301,465	$ 22		$ 4		$ 9,800	$ 144	$ 4,022,138	$ (2,521,618)	$ (4,276)	$ (262,954)	$ 58,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred		(25,660)								(25,660)
Issuance of stock/restricted stock unit amortization, net		(12,022)						2	(12,024)
Net income (loss) for the period	[2]	(16,962)								(18,550)			1,588
Change in accumulated other comprehensive income (loss)		529									529
Change in 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		9,800	146	4,009,462	(2,565,828)	(3,747)	(262,954)	55,786
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(1,760)
Balance at Dec. 31, 2014		1,248,348	22		4		9,800	146	4,007,514	(2,556,469)	(971)	(262,954)	51,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared—preferred		(25,660)								(25,660)
Issuance of stock/restricted stock unit amortization, net		3,671							3,671
Net income (loss) for the period	[2]	(30,328)								(29,618)			(710)
Change in accumulated other comprehensive income (loss)		(3,735)									(3,735)
Repurchase of stock		(561)										(561)
Change in additional paid in capital attributable to redeemable noncontrolling interest		(3,248)							(3,248)
Contributions from noncontrolling interests		115											115
Distributions to noncontrolling interests		(4,637)											(4,637)
Balance at Jun. 30, 2015		$ 1,183,965	$ 22		$ 4		$ 9,800	$ 146	$ 4,007,937	$ (2,611,747)	$ (4,706)	$ (263,515)	$ 46,024

[1]	See Note 12 for details on the Company's Cumulative Redeemable Preferred Stock.
[2]	For the six months ended June 30, 2015 and 2014, net income (loss) shown above excludes $(1,760) and $(809) of net loss attributable to redeemable noncontrolling interests.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)		$ (32,088)	$ (17,771)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for (recovery of) loan losses	[1]	23,444	(6,192)
Impairment of assets		1,674	6,279
Depreciation and amortization		34,017	37,435
Payments for withholding taxes upon vesting of stock-based compensation		(1,683)	(18,266)
Non-cash expense for stock-based compensation		7,186	5,271
Amortization of discounts/premiums and deferred financing costs on debt, net		8,275	9,030
Amortization of discounts/premiums and deferred interest on loans, net		(39,640)	(30,129)
(Gain) loss from sales of loans		0	(18,995)
Earnings from equity method investments		(15,332)	(27,270)
Distributions from operations of equity method investments		7,843	10,939
Deferred operating lease income		(3,700)	(4,950)
Income from sales of real estate and land development		(42,170)	(35,039)
Loss on early extinguishment of debt, net		212	24,767
Debt discount and prepayment penalty on repayments and repurchases of debt		(498)	(14,387)
Other operating activities, net		4,363	6,848
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable, net		351	606
Changes in deferred expenses and other assets, net		5,293	3,042
Changes in accounts payable, accrued expenses and other liabilities		(21,321)	(23,325)
Cash flows used in operating activities		(63,774)	(92,107)
Cash flows from investing activities:
Investment originations and fundings		(267,245)	(319,938)
Capital expenditures on real estate assets		(75,260)	(61,446)
Acquisitions of real estate assets		0	(2,412)
Repayments of and principal collections on loans		74,989	162,032
Net proceeds from sales of loans		5,595	56,404
Net proceeds from sales of real estate and land development		223,887	212,866
Distributions from other investments		67,358	23,186
Contributions to other investments		(7,449)	(30,561)
Changes in restricted cash held in connection with investing activities		(14,359)	25,779
Deposits paid to escrow account, net		(25,180)	0
Other investing activities, net		15,308	1,411
Cash flows from (used in) investing activities		(2,356)	67,321
Cash flows from financing activities:
Borrowings from debt obligations		374,000	1,323,822
Repayments of debt obligations		(247,055)	(1,408,935)
Proceeds from loan participations payable		138,075	0
Preferred dividends paid		(25,660)	(25,660)
Payments for deferred financing costs		(2,255)	(17,491)
Other financing activities, net		(6,332)	(4,005)
Cash flows from (used in) financing activities		230,773	(132,269)
Effect of exchange rate changes on cash		432	0
Changes in cash and cash equivalents		165,075	(157,055)
Cash and cash equivalents at beginning of period		472,061	513,568
Cash and cash equivalents at end of period		$ 637,136	$ 356,513

[1]	For the three and six months ended June 30, 2015, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.3 million and $0.6 million, respectively. 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.

Business and Organization

Business and Organization	6 Months Ended
Business and Organization	Jun. 30, 2015
Business and Organization [Abstract]
Business and Organization	Business and Organization Business —iStar Financial Inc., or the "Company," doing business as "iStar", finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company has invested more than $35 billion over the past two decades and is structured as a real estate investment trust, or "REIT", with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary business segments are real estate finance, net lease, operating properties and land & development (see Note 16 ). 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 Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
Basis of Presentation and Principles of Consolidation	Jun. 30, 2015
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, 2014 , as amended on Form 10-K/A on March 27, 2015 (the " 2014 Annual Report"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related Notes to conform to the 2015 presentation. During the year ended December 31, 2014, the Company determined that its classification of proceeds received from land sales for the quarterly periods ended March 31, June 30 and September 30, 2014 was incorrectly classified as a component of cash flows from operating activities rather than cash flows from investing activities. The Company evaluated the impact on the previously issued statements of cash flows for the aforementioned periods and concluded that it was not material. However, in order to correctly present such cash flows, the Company will revise the amounts as those financial statements are presented in the respective 2015 quarterly filings. The impact of the correction for the six months ended June 30, 2014 is as follows ($ in thousands): As Previously Reported Change As Revised Cash flows from operating activities: Six months ended June 30, 2014 $ (83,477 ) $ (8,630 ) $ (92,107 ) Cash flows from investing activities: Six months ended June 30, 2014 $ 58,691 $ 8,630 $ 67,321 Principles of Consolidation —The Consolidated Financial Statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's Consolidated Statements of Operations. The Company has not provided financial support to those VIEs that it was not previously contractually required to provide. Consolidated VIEs —As of June 30, 2015 , the Company consolidated 4 VIEs for which it is considered the primary beneficiary. At June 30, 2015 , the total assets of these consolidated VIEs were $188.0 million and total liabilities were $19.2 million . The classifications of these assets are primarily within "Real estate, net" and "Other investments" on the Company's Consolidated Balance Sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company's total unfunded commitments related to consolidated VIEs was $38.8 million as of June 30, 2015 . Unconsolidated VIEs —As of June 30, 2015 , 26 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, 2015 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $160.7 million carrying value of the investments, which are classified in "Other investments" on the Company's Consolidated Balance Sheets, and $14.6 million of related unfunded commitments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Loan participations payable, net — The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing”, as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net". Financial asset activities that are accounted for as sales are removed from our balance sheet with any realized gain (loss) reflected in earnings during the period of sale. As of June 30, 2015 , the remainder of the Company's significant accounting policies, which are detailed in the Company's 2014 Annual Report, have not changed materially. New Accounting Pronouncements — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales . The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12") which requires a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition in accordance with Topic 718, Compensation—Stock Compensation . ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ("ASU 2014-15") which requires management to evaluate whether there is substantial doubt that the Company is able to continue operating as a going concern within one year after the date the financial statements are issued or available to be issued. If there is substantial doubt, additional disclosure is required, including the principal condition or event that raised the substantial doubt, the Company's evaluation of the condition or event in relation to its ability to meet its obligations and the Company's plan to alleviate (or, which is intended to alleviate) the substantial doubt. ASU 2014-15 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements. In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity ("ASU 2014-16") which eliminates the diversity in practice for the accounting for hybrid financial instruments issued in the form of a share. ASU 2014-16 requires management to consider all terms and features, whether stated or implied, of a hybrid instrument when determining whether the nature of the instrument is more akin to a debt instrument or an equity instrument. Embedded derivative features, which are accounted for separately from host contracts, should also be considered in the analysis of the hybrid instrument. ASU 2014-16 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which updates the consolidation model for limited partnerships and similar legal entities. ASU 2015-02 includes the evaluation of fees paid to a decision maker as a variable interest and amends the effect of fee arrangements and related parties on the primary beneficiary determination. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") which requires debt issuance costs to be presented as a deduction from the carrying value of the related debt obligation in the balance sheet, which is consistent with the presentation of debt discounts. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements.

Real Estate

Real Estate	6 Months Ended
Real Estate	Jun. 30, 2015
Real Estate [Abstract]
Real Estate	Real Estate The Company's real estate assets were comprised of the following ($ in thousands): Net Lease Operating Properties Land Total As of June 30, 2015 Land and land improvements $ 310,196 $ 142,892 $ 874,147 $ 1,327,235 Buildings and improvements 1,232,001 452,742 — 1,684,743 Less: accumulated depreciation and amortization (378,847 ) (85,168 ) (9,147 ) (473,162 ) Real estate, net 1,163,350 510,466 865,000 2,538,816 Real estate available and held for sale 2,708 138,187 147,126 288,021 Total real estate $ 1,166,058 $ 648,653 $ 1,012,126 $ 2,826,837 As of December 31, 2014 Land and land improvements $ 311,890 $ 146,417 $ 868,650 $ 1,326,957 Buildings and improvements 1,240,593 578,013 — 1,818,606 Less: accumulated depreciation and amortization (364,323 ) (96,159 ) (8,367 ) (468,849 ) Real estate, net 1,188,160 628,271 860,283 2,676,714 Real estate available and held for sale 4,521 162,782 118,679 285,982 Total real estate $ 1,192,681 $ 791,053 $ 978,962 $ 2,962,696 Real Estate Available and Held for Sale— As of June 30, 2015 and December 31, 2014 , the Company had $134.1 million and $155.8 million , respectively, of residential properties available for sale in its operating properties portfolio. During the six months ended June 30, 2015 , the Company reclassified residential units and lots with a carrying value of $30.0 million to held for sale due to substantial completion of construction and active marketing for sale. In addition, the Company reclassified net lease assets with a carrying value of $8.2 million , residential lots with a carrying value of $3.9 million and land with a carrying value of $2.8 million to held for sale due to executed contracts with third parties. During the six months ended June 30, 2015 , the Company reclassified a commercial operating property with a carrying value of $2.9 million to held for investment due to a change in business strategy. Acquisitions— The following acquisitions of real estate were reflected in the Company's Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014 ($ in thousands): For the Six Months Ended June 30, 2015 2014 Acquisitions of real estate assets — 2,412 (1) Explanatory Note: _______________________________________________________________________________ (1) During the six months ended June 30, 2014 , the Company purchased one condominium unit for $2.4 million . During the six months ended June 30, 2015 , the Company acquired, via deed-in-lieu, title to a residential operating property, which had a total fair value of $13.4 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. 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 June 30, For the Six Months Ended June 30, 2014 2014 Pro forma total revenues 131,038 242,892 Pro forma net income (loss) (3,614 ) (18,001 ) 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. Dispositions— During the six months ended June 30, 2015 and 2014 , the Company sold residential condominiums for total net proceeds of $91.3 million and $94.8 million , respectively, and recorded income from sales of real estate totaling $30.9 million and $33.7 million , respectively. During the six months ended June 30, 2015 , the Company sold net lease assets for net proceeds of $25.6 million resulting in a gain of $8.6 million . The gain was recorded in "Income from sales of real estate" on the Company's Consolidated Statements of Operations. During the six months ended June 30, 2015 , the Company sold residential lots from three of its master planned community properties, condominium units from an infill property, residential lots from a waterfront property and residential lots from another infill property for proceeds of $14.8 million which had associated cost of sales of $12.1 million . In April 2015 , the Company transferred a land asset to a purchaser at a stated price of $16.1 million , as part of an agreement to construct an amphitheater, for which the Company received proceeds of $5.3 million , with the remainder to be received upon completion of the development project. Due to the Company's continuing involvement in the project, no sale was recognized and the proceeds were recorded as unearned revenue in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets (Refer to Note 7 ). 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 and which had cost of sales of $7.3 million . During the six months ended June 30, 2015 , the Company, through a consolidated entity for which it has a 90% ownership interest, sold a leasehold interest in a commercial operating property for net proceeds of $93.5 million and simultaneously entered into a ground lease with an initial term of 99 years . In connection with this transaction, the Company recorded a lease incentive asset of $38.1 million , which is included in "Deferred expenses and other assets, net" on the Company's Consolidated Balance Sheets, and deferred a gain of $5.3 million , which is included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. During the six months ended June 30, 2014 , the Company sold a net lease asset for net proceeds of $93.7 million which approximated carrying value to a newly formed unconsolidated entity in which the Company has a noncontrolling equity interest of 51.9% and contributed land with a carrying value of $9.5 million to newly formed unconsolidated entities (see Note 6). During the six months ended June 30, 2014 , the Company sold properties with a carrying value of $6.7 million for proceeds that approximated carrying value. During the same period, the Company also sold a net lease asset for net proceeds of $7.8 million . The Company recorded an impairment loss of $3.0 million in connection with the sale. Impairments— During the six months ended June 30, 2015 and June 30, 2014 , the Company recorded impairments on real estate assets totaling $1.7 million and $6.3 million , respectively. The impairment recorded in 2015 resulted from a change in business strategy for a commercial operating property. Of the impairment recorded in 2014, $3.3 million resulted from a change in business strategy for a residential property and $3.0 million resulted 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 $6.7 million and $13.7 million for the three and six months ended June 30, 2015 , respectively, and $7.0 million and $15.6 million for the three and six months ended June 30, 2014 . These amounts are included in "Operating lease income" on the Company's Consolidated Statements of Operations. Redeemable Noncontrolling Interest— At June 30, 2015 and December 31, 2014 , the Company had redeemable noncontrolling interests of $8.7 million and $9.9 million , respectively, which are not currently redeemable, for which the Company records changes in the fair value over the redemption periods. These interests had an estimated redemption value of $11.1 million and $23.6 million , respectively. Allowance for Doubtful Accounts— As of June 30, 2015 and December 31, 2014 , the allowance for doubtful accounts related to real estate tenant receivables was $1.6 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $2.4 million at both dates. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net", respectively, on the Company's Consolidated Balance Sheets.

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	6 Months Ended
Loans Receivable and Other Lending Investments, net	Jun. 30, 2015
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, Senior mortgages $ 884,927 $ 737,535 Corporate/Partnership loans 609,843 497,796 Subordinate mortgages 28,773 53,331 Total gross carrying value of loans 1,523,543 1,288,662 Reserves for loan losses (121,934 ) (98,490 ) Total loans receivable, net 1,401,609 1,190,172 Other lending investments—securities 165,687 187,671 Total loans receivable and other lending investments, net(1) $ 1,567,296 $ 1,377,843 Explanatory Note: _______________________________________________________________________________ (1) The Company's recorded investment in loans as of June 30, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million , respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets. In June 2015 , the Company received a loan with a fair value of $146.7 million as a non-cash paydown on an existing loan and reduced the principal balance by the same amount. The loan received has been recorded as a loan receivable and is included in "Loans receivable and other lending investments, net" on the Company’s Consolidated Balance Sheet. During the six months ended June 30, 2015 , the Company sold a loan with a carrying value of $5.5 million . No gain or loss was recognized as a result of the transaction. 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 $19.0 million . Gains and losses on sales of loans are included in "Other income" on the Company's Consolidated Statements of Operations. Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Reserve for loan losses at beginning of period $ 102,783 $ 370,076 $ 98,490 $ 377,204 Provision for (recovery of) loan losses(1) 19,151 (2,792 ) 23,444 (6,192 ) Charge-offs — (229,380 ) — (233,108 ) Reserve for loan losses at end of period $ 121,934 $ 137,904 $ 121,934 $ 137,904 Explanatory Note: _______________________________________________________________________________ (1) For the three and six months ended June 30, 2015 , the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.3 million and $0.6 million , respectively. 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 $7.6 million , respectively. The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment(1) Collectively Evaluated for Impairment(2) Total As of June 30, 2015 Loans $ 179,589 $ 1,352,725 $ 1,532,314 Less: Reserve for loan losses (94,834 ) (27,100 ) (121,934 ) Total $ 84,755 $ 1,325,625 $ 1,410,380 As of December 31, 2014 Loans $ 139,672 $ 1,156,031 $ 1,295,703 Less: Reserve for loan losses (64,990 ) (33,500 ) (98,490 ) Total $ 74,682 $ 1,122,531 $ 1,197,213 Explanatory Notes: _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $0.2 million and $0.2 million as of June 30, 2015 and December 31, 2014 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $11.1 million and $10.6 million as of June 30, 2015 and December 31, 2014 , respectively. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of June 30, 2015 As of December 31, 2014 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 760,515 2.71 $ 611,009 2.73 Corporate/Partnership loans 564,461 3.30 501,620 3.88 Subordinate mortgages 29,132 3.65 53,836 2.87 Total $ 1,354,108 2.98 $ 1,166,465 3.23 As of June 30, 2015 , the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days(1) Total Past Due Total Senior mortgages $ 766,515 $ 6,083 $ 116,230 $ 122,313 $ 888,828 Corporate/Partnership loans 614,354 — — — 614,354 Subordinate mortgages 29,132 — — — 29,132 Total $ 1,410,001 $ 6,083 $ 116,230 $ 122,313 $ 1,532,314 Explanatory Note: _______________________________________________________________________________ (1) As of June 30, 2015 , the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 7.0 years outstanding. Impaired Loans —The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1): As of June 30, 2015 As of December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 129,696 $ 128,709 $ (69,141 ) $ 130,645 $ 129,744 $ (64,440 ) Corporate/Partnership loans 49,893 49,893 (25,693 ) 9,027 9,057 (550 ) Total $ 179,589 $ 178,602 $ (94,834 ) $ 139,672 $ 138,801 $ (64,990 ) Explanatory Note: _______________________________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of June 30, 2015 and December 31, 2014 , certain loans modified through troubled debt restructurings with a recorded investment of $1.4 million and $10.4 million , respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. The Company did not have impaired loans without related allowances recorded. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 87,642 $ 186 $ — $ — $ 59,432 $ 687 With an allowance recorded: Senior mortgages 130,016 17 354,695 70 130,226 34 453,242 123 Corporate/Partnership loans 28,301 3 63,142 52 21,876 12 75,120 117 Subtotal 158,317 20 417,837 122 152,102 46 528,362 240 Total: Senior mortgages 130,016 17 442,337 256 130,226 34 512,674 810 Corporate/Partnership loans 28,301 3 63,142 52 21,876 12 75,120 117 Total $ 158,317 $ 20 $ 505,479 $ 308 $ 152,102 $ 46 $ 587,794 $ 927 Troubled Debt Restructurings —During the six months ended June 30, 2015 and 2014 , the Company did not modify any loans that were determined to be troubled debt restructurings. Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of June 30, 2015 , there were no unfunded commitments associated with modified loans considered troubled debt restructurings. Securities —Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of June 30, 2015 Available-for-Sale Securities Municipal debt securities $ 1,010 $ 1,010 $ 90 $ 1,100 $ 1,100 Held-to-Maturity Securities Corporate debt securities 152,576 164,587 — 168,674 164,587 Total $ 153,586 $ 165,597 $ 90 $ 169,774 $ 165,687 As of December 31, 2014 Available-for-Sale Securities Municipal debt securities $ 1,020 $ 1,020 $ 147 $ 1,167 $ 1,167 Held-to-Maturity Securities Corporate debt securities 176,254 186,504 — 190,199 186,504 Total $ 177,274 $ 187,524 $ 147 $ 191,366 $ 187,671

Other Investments

Other Investments	6 Months Ended
Other Investments	Jun. 30, 2015
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, 2015 December 31, 2014 For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 iStar Net Lease I LLC ("Net Lease Venture") $ 70,409 $ 125,361 $ 1,666 $ 164 $ 3,299 $ (198 ) Other real estate equity investments 84,119 88,848 (337 ) 1,561 (1,638 ) 2,495 Other investments(1) 50,088 63,262 2,765 24,640 4,498 27,974 Madison Funds 44,589 45,971 (408 ) (1,989 ) (445 ) (2,391 ) Marina Palms, LLC ("Marina Palms") 40,295 30,677 5,099 (283 ) 9,618 (610 ) Total other investments 289,500 354,119 $ 8,785 $ 24,093 $ 15,332 $ 27,270 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. Net Lease Venture —In February 2014 , the Company partnered with a sovereign wealth fund to form a new unconsolidated entity in which the Company has a noncontrolling equity interest of approximately 51.9% . This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner. The partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's officers whose time is substantially devoted to the net lease venture own a total of 0.6% equity ownership in the venture via co-investment. These officers are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. During the six months ended June 30, 2014 , the Company sold a net lease asset for net proceeds of $93.7 million , which approximated carrying value, to the venture. As of June 30, 2015 and December 31, 2014 , the venture's carrying value of total assets was $382.2 million and $348.1 million , respectively. In June 2015, the venture placed ten year non-recourse financing of $120.0 million on one of its net lease assets. Net proceeds from the financing were distributed to its members of which the Company received approximately $61.2 million . Marina Palms —As of June 30, 2015 , the Company owned a 47.5% equity interest and a $10.0 million preferred partnership interest in Marina Palms. As of June 30, 2015 and December 31, 2014 , the venture's carrying value of total assets was $283.6 million and $265.7 million , respectively. Other real estate equity investments —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, 2015 and December 31, 2014 , the venture's carrying value of total assets was $8.3 million and $9.4 million , respectively. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of June 30, 2015 , the loan balance was $31.2 million and was included in "Loans receivable and other lending investments, net" on the Company's Consolidated Balance Sheets. As of June 30, 2015 , the Company's other real estate equity investments included equity interests in real estate ventures ranging from 16% to 76% , comprised of investments of $11.4 million in operating properties and $64.4 million in land assets. As of December 31, 2014 , the Company's real estate equity investments included $13.2 million in operating properties and $66.1 million in land assets. Madison Funds —As of June 30, 2015 , the Company owned a 29.5% interest in Madison International Real Estate Fund II, LP ("MIRELF II"), a 32.9% interest in Madison International Real Estate Liquidity Fund III, LP ("MIRELF III"), a 32.9% interest in Madison International Real Estate Liquidity Fund III AIV, LP ("MIRELF III AIV") and a 29.5% interest in Madison GP1 Investors, LP (collectively, the "Madison Funds"). The Madison Funds invest in ownership positions of entities that own real estate assets. The Company determined that these entities are VIEs and that the Company is not the primary beneficiary. Other investments —As of June 30, 2015 , the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. During the six months ended June 30, 2015 , the Company sold available-for-sale securities for proceeds of $7.3 million for realized gains of $2.5 million , which are included in "Other income" on the Company's Consolidated Statements of Operations. The amount reclassified out of accumulated other comprehensive income into earnings was determined based on the specific identification method. Summarized investee financial information —The following tables present the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries as of June 30, 2015 ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Six Months Ended June 30, 2015 Marina Palms $ 71,852 $ (45,523 ) $ 26,329 For the Six Months Ended June 30, 2014 Marina Palms $ 48 $ (1,304 ) $ (1,256 )

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
Other Assets and Other Liabilities	Jun. 30, 2015
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, 2015 December 31, 2014 Intangible assets, net(1) $ 78,308 $ 50,088 Other receivables 41,867 13,115 Deferred financing fees, net(2) 33,004 36,774 Restricted cash 32,742 19,283 Other assets 30,881 37,085 Leasing costs, net(3) 16,832 20,031 Corporate furniture, fixtures and equipment, net(4) 4,853 5,409 Deferred expenses and other assets, net $ 238,487 $ 181,785 Explanatory Notes: _______________________________________________________________________________ (1) Intangible assets, net are primarily related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (see Note 4 ). Accumulated amortization on intangible assets was $37.7 million and $45.1 million as of June 30, 2015 and December 31, 2014 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.7 million for the three and six months ended June 30, 2015 , respectively, and $1.6 million and $4.0 million for the three and six months ended June 30, 2014 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $0.7 million and $2.2 million for the three and six months ended June 30, 2015 , respectively, and $1.5 million and $3.8 million for the three and six months ended June 30, 2014 , respectively. These amounts are included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations. (2) Accumulated amortization on deferred financing fees was $21.4 million and $15.4 million as of June 30, 2015 and December 31, 2014 , respectively. (3) Accumulated amortization on leasing costs was $9.3 million and $9.0 million as of June 30, 2015 and December 31, 2014 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $7.5 million and $7.1 million as of June 30, 2015 and December 31, 2014 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2015 December 31, 2014 Other liabilities(1) $ 66,957 $ 48,256 Accrued interest payable 55,530 57,895 Accrued expenses 49,854 62,866 Intangible liabilities, net(2) 11,265 11,885 Accounts payable, accrued expenses and other liabilities $ 183,606 $ 180,902 Explanatory Notes: _______________________________________________________________________________ (1) As of June 30, 2015 and December 31, 2014 , "Other liabilities" includes $12.4 million and $6.8 million , respectively, related to a profit sharing payable to a developer for residential units sold. As of June 30, 2015 and December 31, 2014 , "Other liabilities" also includes $7.3 million and $7.7 million , respectively, related to tax increment financing ("TIF") bonds which were issued by a governmental entity to fund the installation of infrastructure within one of the Company's master planned community developments. The balance represents a special assessment associated with each individual land parcel, which will decrease as the Company sells parcels. (2) Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.9 million and $6.2 million as of June 30, 2015 and December 31, 2014 , respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.4 million and $0.7 million for the three and six months ended June 30, 2015 , respectively, and $0.9 million and $1.6 million for the three and six months ended June 30, 2014 , respectively. Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): As of June 30, 2015 December 31, 2014 Deferred tax assets(1) $ 64,793 $ 54,318 Valuation allowance (64,793 ) (54,318 ) Net deferred tax assets (liabilities) $ — $ — Explanatory Note: _______________________________________________________________________________ (1) Deferred tax assets as of June 30, 2015 include timing differences related primarily to real estate basis of $42.4 million , investment basis of $8.5 million , deferred expenses of $7.4 million , and net operating loss carryforwards of $4.2 million . Deferred tax assets as of December 31, 2014 , include timing differences related primarily to real estate basis of $39.3 million , investment basis of $5.9 million , net operating loss carryforwards of $4.1 million , and deferred expenses of $2.7 million .

Loan Participations Payable, ne

Loan Participations Payable, net (Notes)	6 Months Ended
Loan Participations Payable, net (Notes)	Jun. 30, 2015
Loan Participations Payable [Abstract]
Loan Participations Payable, net	Loan Participations Payable, net During the six months ended June 30, 2015 , the Company transferred to a third party a $100.0 million junior loan participation in a $250.0 million mezzanine loan commitment that it had previously originated. The Company had funded $38.9 million of the junior loan prior to transfer and received proceeds of $38.9 million upon transfer. The transferee is responsible for funding the remaining $61.1 million under the junior loan commitment, which bears interest at a rate of 5.90% . The Company will fund these commitments if the transferee defaults. As of June 30, 2015 , the transferee funded an additional $3.4 million directly to the borrower. During the six months ended June 30, 2015 , the Company transferred to a third party a $100.0 million senior loan participation in a $220.2 million senior loan commitment that it had previously originated. The transferred participation bears interest at a rate of LIBOR+ 3.50% with a LIBOR floor of 0.25% . The Company had fully funded the $100.0 million transferred participation prior to transfer and received net proceeds of $99.2 million . These transfers of financial assets did not meet the sales criteria established under ASC Topic 860 and have been accounted for as loan participations payable as of June 30, 2015 , with a balance of $141.5 million , net of a discount. As of June 30, 2015 , the corresponding loan receivable balances were $142.3 million and are included in "Loans receivable and other lending investments, net" on the Company's Consolidated Balance Sheets. The principal and interest due on these participations are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.

Debt Obligations, net

Debt Obligations, net	6 Months Ended
Debt Obligations, net	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Obligations, net	Debt Obligations, net As of June 30, 2015 and December 31, 2014 , the Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Interest Rates Scheduled Maturity Date June 30, 2015 December 31, 2014 Secured credit facilities and term loans: 2012 Tranche A-2 Facility $ 345,048 $ 358,504 LIBOR + 5.75% (1) March 2017 2015 Revolving Credit Facility 250,000 — Various (2) March 2018 Term loans collateralized by net lease assets 244,623 248,955 4.851% - 7.26% (3) Various through 2026 Total secured credit facilities and term loans 839,671 607,459 Unsecured notes: 6.05% senior notes — 105,765 6.05 % April 2015 5.875% senior notes 261,403 261,403 5.875 % March 2016 3.875% senior notes 265,000 265,000 3.875 % July 2016 3.0% senior convertible notes(4) 200,000 200,000 3.0 % November 2016 1.50% senior convertible notes(5) 200,000 200,000 1.50 % November 2016 5.85% senior notes 99,722 99,722 5.85 % March 2017 9.0% senior notes 275,000 275,000 9.0 % June 2017 4.00% senior notes 550,000 550,000 4.00 % November 2017 7.125% senior notes 300,000 300,000 7.125 % February 2018 4.875% senior notes 300,000 300,000 4.875 % July 2018 5.00% senior notes 770,000 770,000 5.00 % July 2019 Total unsecured notes 3,221,125 3,326,890 Other debt obligations: Other debt obligations 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 4,160,796 4,034,349 Debt discounts, net (9,143 ) (11,665 ) Total debt obligations, net(6) $ 4,151,653 $ 4,022,684 Explanatory Notes: _______________________________________________________________________________ (1) The loan has a LIBOR floor of 1.25% . As of June 30, 2015 , inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00% . (2) The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.25% to 1.75% , or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. (3) As of June 30, 2015 and December 31, 2014 , includes a loan with a floating rate of LIBOR plus 2.00% . As of June 30, 2015 , the weighted average interest rate of these loans is 5.3% . (4) The Company's 3.0% senior convertible fixed rate notes due November 2016 (" 3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at $11.77 per share at any time prior to the close of business on November 14, 2016. (5) The Company's 1.50% senior convertible fixed rate notes due November 2016 (" 1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016. (6) The Company capitalized interest relating to development activities of $1.2 million and $2.6 million for the three and six months ended June 30, 2015 and $1.0 million and $1.9 million for the three and six months ended June 30, 2014 . Future Scheduled Maturities —As of June 30, 2015 , future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2015 (remaining six months) $ — $ — $ — 2016 926,403 — 926,403 2017 924,722 345,048 1,269,770 2018 600,000 264,282 864,282 2019 770,000 31,562 801,562 Thereafter 100,000 198,779 298,779 Total principal maturities 3,321,125 839,671 4,160,796 Unamortized discounts, net (6,962 ) (2,181 ) (9,143 ) Total long-term debt obligations, net $ 3,314,163 $ 837,490 $ 4,151,653 2015 Revolving Credit Facility —On March 27, 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Revolving Credit Facility"). Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.375% to 0.5% , based on average utilization each quarter. During the three months ended June 30, 2015 , the weighted average cost of the credit facility was 3.25% . Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. The facility is secured by a borrowing base of assets and there is no requirement that proceeds from the borrowing base be used to pay down outstanding borrowings. 2012 Secured Credit Facilities —In March 2012, the Company entered into an $880.0 million senior secured credit agreement providing for two tranches of term loans: a $410.0 million 2012 A-1 tranche due March 2016, which bears interest at a rate of LIBOR + 4.00% (the "2012 Tranche A-1 Facility"), and a $470.0 million 2012 A-2 tranche due March 2017, which bears interest at a rate of LIBOR + 5.75% (the "2012 Tranche A-2 Facility," together the "2012 Secured Credit Facilities"). The 2012 A-1 and A-2 tranches were issued at 98.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25% . Proceeds from the 2012 Secured Credit Facilities, together with cash on hand, were used to repurchase and repay other outstanding debt. The 2012 Secured Credit Facilities are collateralized by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2012 Secured Credit Facilities. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The Company may also make optional prepayments, subject to prepayment fees. The 2012 Tranche A-1 Facility was fully repaid in August 2013. Additionally, through June 30, 2015 , the Company made cumulative amortization repayments of $125.0 million on the 2012 Tranche A-2 Facility. For the three and six months ended June 30, 2015 , repayments of the 2012 Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $0.1 million and $0.2 million , respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. These amounts were included in "Loss on early extinguishment of debt, net" 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 . In connection with the repayment and termination of the facility in 2014, we recorded a loss on early extinguishment of debt of $22.8 million related to unamortized discounts and financing fees at the time of refinancing. These amounts were included in "Loss on early extinguishment of debt, net" on our Consolidated Statements of Operations. Encumbered/Unencumbered Assets —As of June 30, 2015 and December 31, 2014 , the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of June 30, 2015 December 31, 2014 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 880,745 $ 1,658,071 $ 620,378 $ 2,056,336 Real estate available and held for sale 10,496 277,525 10,496 275,486 Loans receivable and other lending investments, net(1)(2) 102,218 1,349,876 46,515 1,364,828 Other investments 18,509 270,991 17,708 336,411 Cash and other assets — 989,730 — 768,475 Total $ 1,011,968 $ 4,546,193 $ 695,097 $ 4,801,536 Explanatory Notes: _______________________________________________________________________________ (1) As of June 30, 2015 and December 31, 2014 , the amounts presented exclude general reserves for loan losses of $27.1 million and $33.5 million , respectively. (2) As of June 30, 2015 and December 31, 2014 , the amounts presented exclude loan participations payable of $142.3 million and $0.0 million , respectively. Debt Covenants The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2 x and a covenant not to incur new indebtedness, if on a pro forma basis, the Company's fixed charge coverage ratio is 1.5 x or lower, except for incurrences of permitted debt. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2012 Secured Credit Facilities require the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facilities. The 2015 Revolving Credit Facility requires the Company to maintain both collateral coverage of at least 1.5 x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5 x. In addition, for so long as the Company maintains its qualification as a REIT, the 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss carryforwards in the case of the 2015 Revolving Credit Facility). The Company may not pay common dividends if it ceases to qualify as a REIT. The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
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, 2015 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments Real Estate Other Investments Total Performance-Based Commitments $ 660,147 $ 13,069 $ 54,477 $ 727,693 Strategic Investments — — 46,076 46,076 Discretionary Fundings 16,469 — — 16,469 Total $ 676,616 $ 13,069 $ 100,553 $ 790,238 Legal Proceedings —The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceedings: On March 7, 2014, a shareholder action purporting to assert derivative, class and individual claims was filed in the Circuit Court for Baltimore City, Maryland naming the Company, a number of its current and former senior executives (including its chief executive officer) and current and former directors as defendants. The complaint sought unspecified damages and other relief and alleged breach of fiduciary duty, breach of contract and other causes of action arising out of shares of common stock issued by the Company to its senior executives pursuant to restricted stock unit awards granted in December 2008 and modified in July 2011. On October 30, 2014, the Court granted the defendants’ Motions to Dismiss and plaintiffs’ claims against all of the defendants in this action were dismissed. Plaintiffs have filed a notice of appeal. A briefing schedule has been established and oral argument has been scheduled for November 2015. On January 22, 2015, the United States District Court for the District of Maryland (the "Court") entered a judgment in favor of the Company in the matter of U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (Civil Action No. DKC 08-1863). The litigation involved a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland. The Court found that the Company was entitled to specific performance and awarded damages to it in the aggregate amount of: (i) the remaining purchase price to be paid by Lennar of $114.0 million ; plus (ii) interest on the unpaid amount at a rate of 12% per annum, calculated on a per diem basis, from May 27, 2008, until Lennar proceeds to settlement on the land; plus (iii) real estate taxes paid by the Company; plus (iv) actual and reasonable attorneys' fees and costs incurred by the Company in connection with the litigation. The Court ordered Lennar to proceed to settlement on the land and to pay the total amounts awarded to the Company within 30 days of the judgment. A third party is entitled to a 15% participation interest in all proceeds. Lennar has appealed the Court's judgment. The Court has granted Lennar's motion to stay the judgment pending appeal, subject to Lennar posting a required appeal bond, which has been posted. The Court also clarified the judgment that the unpaid amount will accrue simple interest at a rate of 12% annually, including while the appeal is pending. There can be no assurance as to the timing or actual receipt by the Company of amounts awarded by the Court or to the outcome of any appeal. On a quarterly basis, the Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's Consolidated Financial Statements.

Derivatives

Derivatives	6 Months Ended
Derivatives	Jun. 30, 2015
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, 2015 and December 31, 2014 ($ in thousands): Derivative Assets as of Derivative Liabilities as of June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Foreign exchange contracts N/A $ — N/A $ — Other Liabilities $ 21 Other Liabilities $ 478 Interest rate swaps N/A — Other Assets 52 Other Liabilities 54 N/A — Total $ — $ 52 $ 75 $ 478 Derivatives not Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 1,534 Other Liabilities $ 609 N/A $ — Interest rate cap Other Assets 2,204 Other Assets 4,775 N/A — N/A — Total $ 2,204 $ 6,309 $ 609 $ — 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, 2015 and 2014 ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended June 30, 2015 Interest rate cap Interest Expense $ — $ (125 ) N/A Interest rate cap Earnings from equity method investments (3 ) — N/A Interest rate swaps Interest Expense 92 42 N/A Interest rate swap Earnings from equity method investments 41 (117 ) N/A Foreign exchange contracts Earnings from equity method investments 14 — N/A For the Three Months Ended June 30, 2014 Interest rate cap Other Expense (2,022 ) — (3,634 ) Interest rate swap Interest Expense (693 ) (39 ) N/A Foreign exchange contracts Other Expense (127 ) — N/A For the Six Months Ended June 30, 2015 Interest rate cap Interest Expense — 202 N/A Interest rate cap Earnings from equity method investments (10 ) — N/A Interest rate swaps Interest Expense 284 84 N/A Interest rate swaps Earnings from equity method investments (323 ) (232 ) N/A Foreign exchange contracts Earnings from equity method investments (184 ) — N/A For the Six Months Ended June 30, 2014 Interest rate cap Other Expense (2,984 ) — (3,634 ) Interest rate swap Interest Expense (1,041 ) 96 N/A Foreign exchange contracts Other Expense (579 ) — N/A Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Three Months Ended June 30, For the Six Months Ended June 30, Derivatives not Designated in Hedging Relationships 2015 2014 2015 2014 Interest rate cap Other Expense $ (534 ) $ (504 ) $ (2,571 ) $ (504 ) Foreign exchange contracts Other Expense (702 ) (751 ) 1,587 747 Foreign Exchange Contracts —The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD for their fair value at or close to their settlement date. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged foreign entity is either sold or substantially liquidated. As of June 30, 2015 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells Indian rupee ("INR")/Buys USD Forward ₨ 456,000 $ 6,553 December 2016 For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's Consolidated Statements of Operations within "Other Expense." As of June 30, 2015 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, £ and C$ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells euro ("EUR")/Buys USD Forward € 5,500 $ 5,916 July 2015 Sells pound sterling ("GBP")/Buys USD Forward £ 3,000 $ 4,433 July 2015 Sells Canadian dollar ("CAD")/Buys USD Forward C$ 10,500 $ 8,292 July 2015 The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" on its Consolidated Statements of Operations for loan investments or "Accumulated other comprehensive income (loss)," on its Consolidated Balance Sheets for net investments in foreign subsidiaries. The Company recorded net gains (losses) related to foreign investments of $(0.1) million and $(0.1) million during the three and six months ended June 30, 2015 , respectively, and $0.0 million and $0.4 million during the three and six months ended June 30, 2014 , respectively, in its Consolidated Statements of Operations. Interest Rate Hedges —For derivatives designated as interest rate hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly within the Company's Consolidated Statements of Operations. As of June 30, 2015 , the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate swap $ 27,196 LIBOR + 2.00% 3.47% October 2012 November 2019 For derivatives not designated as interest rate hedges, the changes in the fair value of the derivatives are reported in the Company's Consolidated Statements of Operations within "Other Expense." As of June 30, 2015 , the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate cap $ 500,000 LIBOR 1.00% July 2014 July 2017 Over the next 12 months , the Company expects that $0.2 million related to terminated cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into interest expense and $0.7 million relating to other cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into earnings. Credit Risk-Related Contingent Features —The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company reports our derivative instruments on a gross basis on our consolidated financial statements. In connection with its foreign currency derivatives which were in a liability position as of June 30, 2015 , the Company has posted collateral of $3.0 million and $3.0 million , respectively, as of June 30, 2015 and December 31, 2014 , which is included in "Restricted cash" on the Company's Consolidated Balance Sheets. The Company's net exposure under these contracts was $0 as of June 30, 2015 .

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2015
Equity [Abstract]
Equity	Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of June 30, 2015 and December 31, 2014 : Cumulative Preferential Cash Dividends(1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference Rate per Annum Equivalent to Fixed Annual Rate (per share) D 4,000 $ 0.001 $ 25.00 8.000 % $ 2.00 E 5,600 0.001 25.00 7.875 % 1.97 F 4,000 0.001 25.00 7.8 % 1.95 G 3,200 0.001 25.00 7.65 % 1.91 I 5,000 0.001 25.00 7.50 % 1.88 J 4,000 0.001 50.00 4.50 % 2.25 25,800 Explanatory Notes: _______________________________________________________________________________ (1) 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 Cumulative Redeemable Preferred Stock during the six months ended June 30, 2015 and 2014 . The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2015 and 2014 . All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. Dividends —In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded net operating losses and may record net operating losses in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2013 , the Company had $759.8 million of net operating loss carryforwards at the corporate REIT level that can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2033 if unused. The amount of net operating loss carryforwards as of December 31, 2014 will be determined upon finalization of the Company's 2014 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends or, alternatively, may need to make dividend payments in excess of operating cash flows. The Company's 2012 Tranche A-2 Facility and 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss carryforwards in the case of the 2015 Revolving Credit Facility), for so long as the Company maintains its qualification as a REIT. The 2012 Tranche A-2 Facility and 2015 Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the six months ended June 30, 2015 and 2014 . Stock Repurchase Programs —In September 2013, the Company's Board of Directors approved an increase in the repurchase limit under the Company's previously approved stock repurchase program to $50.0 million . The program authorizes the repurchase of Common Stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. During the six months ended June 30, 2015 , the Company repurchased 44,235 shares of its outstanding Common Stock for $0.6 million , at an average cost of $12.66 per share. As of June 30, 2015 , the Company had up to $28.5 million of Common Stock available to repurchase under its Board authorized stock repurchase program. HPU Repurchase —The Company launched a tender offer for its outstanding high performance units during the quarter, which is scheduled to expire on August 12, 2015. Under the current terms, HPU holders can elect to receive $9.30 in cash, 0.7 shares of iStar common stock or a combination thereof for each common stock equivalent underlying their HPUs. The Company has binding commitments from holders representing approximately 61% of the HPUs to tender and not withdraw their units, and an additional 25% of the HPUs have been tendered as of July 30, 2015, but remain subject to withdrawal. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of June 30, 2015 December 31, 2014 Unrealized gains (losses) on available-for-sale securities $ (186 ) $ 2,983 Unrealized gains (losses) on cash flow hedges (860 ) (409 ) Unrealized losses on cumulative translation adjustment (3,660 ) (3,545 ) Accumulated other comprehensive income (loss) $ (4,706 ) $ (971 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	6 Months Ended
Stock-Based Compensation Plans and Employee Benefits	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans and Employee Benefits	Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation —The Company recorded stock-based compensation expense for our Performance Incentive Plans, Long-Term Incentive Plans and Directors' Awards of $3.9 million and $7.2 million for the three and six months ended June 30, 2015 , respectively, and $3.2 million and $5.3 million for the three and six months ended June 30, 2014 , respectively, in "General and administrative" on the Company's Consolidated Statements of Operations. As of June 30, 2015 , there was $2.8 million of total unrecognized compensation cost related to all unvested restricted stock units ("Units") that are expected to be recognized over a weighted average remaining vesting/service period of 1.33 years. As of June 30, 2015 , approximately $13.8 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, 2015 , an aggregate of 3.7 million shares remain available for issuance pursuant to future awards under the Company's 2006 and 2009 Long-Term Incentive Plans. Performance Incentive Plans —The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. In May 2014 , the Company granted 73 iPIP points for the initial 2013-2014 investment pool and in February 2015 , the Company granted an additional 10 points for the 2013-2014 investment pool and 34 iPIP points for the 2015-2016 investment pool. The fair value of points are determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. Long-Term Incentive Plans —During the six months ended June 30, 2015 , the Company granted 318,482 shares of our Common Stock to certain employees as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 189,241 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to two years from the date of grant. During the six months ended June 30, 2015 , the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following: • 64,196 service-based Units were granted on January 30, 2015, representing the right to receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2017, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. As of June 30, 2015 , 62,854 of such service-based Units were outstanding. • 49,650 target amount of performance-based Units were granted on January 30, 2015. The performance is based on the Company's total shareholder return, or TSR, measured over a performance period ending on December 31, 2017, which is the date the awards cliff vest. Vesting will range from 0% to 200% of the target amount of the award, depending on the Company's TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these performance-based awards were 0.75% for risk-free interest rate and 28.14% for expected stock price volatility. As of June 30, 2015 , 49,075 of such performance-based Units were outstanding. As of June 30, 2015 , the Company had the following additional stock-based compensation awards outstanding: • 63,378 service-based Units, granted on January 10, 2014, representing the right to receive an equivalent number of shares of the Company's Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2016, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. • 49,613 target amount of performance-based Units, granted on January 10, 2014 representing the right to receive an equivalent number of shares of the Company's Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest based on the Company’s TSR measured over a performance period ending on December 31, 2016, which is the date the awards cliff vest. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award). The Company, as well as any companies not included in the index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent these Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these performance-based awards were 0.76% for risk-free interest rate and 44.84% for expected stock price volatility. • 194,582 service-based Units, granted on February 1, 2013, representing the right to receive an equivalent number of shares of the Company's Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on February 1, 2016, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. • 10,666 service-based Units granted on various dates to employees with an original vesting term of three years . Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. Directors' Awards —During the six months ended June 30, 2015 , the Company awarded to non-employee Directors 50,360 common stock equivalents ("CSEs") and restricted shares at a fair value per share of $14.40 at the time of grant. These CSEs and restricted shares have a one year vesting period and pay dividends, if any, 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. As of June 30, 2015 , a total of 280,659 common stock equivalents ("CSEs") and restricted shares of our Common Stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.7 million . 401(k) Plan —The Company made gross contributions of $0.1 million and $0.8 million for the three and six months ended June 30, 2015 , respectively, and $0.1 million and $0.7 million for the three and six months ended June 30, 2014 , respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2015
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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) from continuing operations $ (38,131 ) $ (20,774 ) $ (71,599 ) $ (51,445 ) Income from sales of real estate 18,355 17,180 39,511 33,674 Net (income) loss attributable to noncontrolling interests 629 (325 ) 2,470 (779 ) Preferred dividends (12,830 ) (12,830 ) (25,660 ) (25,660 ) Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders $ (31,977 ) $ (16,749 ) $ (55,278 ) $ (44,210 ) For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Earnings allocable to common shares: Numerator for basic and diluted earnings per share: Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders $ (30,950 ) $ (16,207 ) $ (53,502 ) $ (42,779 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic and diluted earnings per common share 85,541 84,916 85,519 84,868 Basic and diluted earnings per common share: Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders $ (0.36 ) $ (0.19 ) $ (0.63 ) $ (0.50 ) For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Earnings allocable to High Performance Units: Numerator for basic and diluted earnings per HPU share: Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders $ (1,027 ) $ (542 ) $ (1,776 ) $ (1,431 ) 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: Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders $ (68.47 ) $ (36.13 ) $ (118.40 ) $ (95.40 ) For the six months ended June 30, 2015 and 2014 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 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 11,567 11,567 Explanatory Note: _______________________________________________________________________________ (1) For the three and six months ended June 30, 2015 and 2014 , the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.

Fair Values

Fair Values	6 Months Ended
Fair Values	Jun. 30, 2015
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 prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2015 Recurring basis: Derivative assets $ 2,204 $ — $ 2,204 $ — Derivative liabilities 684 — 684 — Available-for-sale securities(1) 1,100 — — 1,100 Non-recurring basis: Impaired loans(2) 32,200 — — 32,200 Impaired real estate(3) 1,215 — — 1,215 As of December 31, 2014 Recurring basis: Derivative assets $ 6,361 $ — $ 6,361 $ — Derivative liabilities 478 — 478 — Available-for-sale securities 7,906 7,906 — — Non-recurring basis: Impaired loans(4) 37,169 — — 37,169 Impaired real estate(5) 7,102 — — 7,102 Explanatory Notes: _______________________________________________________________________________ (1) The fair value of the Company's available-for-sale securities are based upon third-party broker quotes. (2) The Company recorded a provision for loan losses on one loan with a fair value of $24.2 million based on the expected proceeds to be received from the borrower. The Company also recorded a provision for loan losses on one loan with a fair value of $8.0 million based on a discount rate of 12.6% using discounted cash flows over a six month term. (3) The Company recorded impairment on one real estate asset with a fair value of $1.2 million based on a discount rate of 11% using discounted cash flows over a six year hold period. (4) The Company recorded a recovery of loan losses on one loan with a fair value of $8.5 million based on the loan's remaining term of 1.5 years and interest rate of 4.7% using discounted cash flow analysis. The Company also recorded a provision for loan losses on one loan with a fair value of $5.2 million based on an appraisal. In addition, the Company recorded a provision for loan losses on one loan, collateralized by a land asset, with a fair value of $23.5 million based upon a foreclosure sale agreement. The land asset was acquired by an unconsolidated entity in which the Company is a partner. (5) The Company recorded impairment on one real estate asset with a fair value of $7.1 million based on a discount rate of 15.0% using discounted cash flows over a 10 year lease term. Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments, debt obligations, and loan participations payable were $1.6 billion , $4.3 billion , and $0.1 billion , respectively, as of June 30, 2015 and $1.4 billion , $4.1 billion , and $0.0 billion , respectively, as of December 31, 2014 . The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above.

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2015
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 & Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land & Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land & Development Corporate/Other(1) Company Total Three Months Ended June 30, 2015: Operating lease income $ — $ 37,781 $ 18,116 $ 255 $ — $ 56,152 Interest income 33,729 — — — — 33,729 Other income 798 121 10,591 154 1,097 12,761 Land development revenue — — — 6,543 — 6,543 Earnings (loss) from equity method investments — 1,666 298 4,463 2,358 8,785 Income from sales of real estate — 5,127 13,228 — — 18,355 Total revenue and other earnings 34,527 44,695 42,233 11,415 3,455 136,325 Real estate expense — (5,522 ) (23,940 ) (6,893 ) — (36,355 ) Land development cost of sales — — — (5,252 ) — (5,252 ) Other expense (221 ) — — — (667 ) (888 ) Allocated interest expense (14,563 ) (16,933 ) (7,057 ) (7,876 ) (9,395 ) (55,824 ) Allocated general and administrative(2) (3,129 ) (3,676 ) (1,629 ) (2,733 ) (5,472 ) (16,639 ) Segment profit (loss)(3) $ 16,614 $ 18,564 $ 9,607 $ (11,339 ) $ (12,079 ) $ 21,367 Other significant non-cash items: Provision for (recovery of) loan losses $ 19,151 $ — $ — $ — $ — $ 19,151 Impairment of assets — — 1,674 — — 1,674 Depreciation and amortization — 9,409 5,446 390 271 15,516 Capitalized expenditures — 1,769 21,749 27,465 — 50,983 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 development revenue — — — 4,487 — 4,487 Earnings (loss) from equity method investments — 862 731 (151 ) 22,651 24,093 Income from sales of real estate — — 17,180 — — 17,180 Total 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 development 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 Real Estate Finance Net Lease Operating Properties Land & Development Corporate/Other(1) Company Total 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 Six Months Ended June 30, 2015: Operating lease income $ — $ 74,120 $ 40,730 $ 441 $ — $ 115,291 Interest income 68,625 — — — — 68,625 Other income 846 124 19,467 787 2,101 23,325 Land development revenue — — — 14,801 — 14,801 Earnings (loss) from equity method investments — 3,299 833 7,072 4,128 15,332 Income from sales of real estate — 8,654 30,857 — — 39,511 Total revenue and other earnings 69,471 86,197 91,887 23,101 6,229 276,885 Real estate expense — (10,792 ) (51,364 ) (13,833 ) — (75,989 ) Land development cost of sales — — — (12,142 ) — (12,142 ) Other expense (220 ) — — — (2,791 ) (3,011 ) Allocated interest expense (28,798 ) (33,768 ) (14,725 ) (15,420 ) (17,745 ) (110,456 ) Allocated general and administrative(2) (6,223 ) (7,437 ) (3,457 ) (5,526 ) (11,511 ) (34,154 ) Segment profit (loss)(3) $ 34,230 $ 34,200 $ 22,341 $ (23,820 ) $ (25,818 ) $ 41,133 Other significant non-cash items: Provision for (recovery of) loan losses $ 23,444 $ — $ — $ — $ — $ 23,444 Impairment of assets — — 1,674 — — 1,674 Depreciation and amortization — 18,858 13,791 780 588 34,017 Capitalized expenditures — 2,114 31,843 49,845 — 83,802 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 development revenue — — — 8,630 — 8,630 Earnings (loss) from equity method investments — 1,148 948 (409 ) 25,583 27,270 Income from sales of real estate — — 33,674 — — 33,674 Total 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 development 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 Real Estate Finance Net Lease Operating Properties Land & Development Corporate/Other(1) Company Total Capitalized expenditures — (426 ) 26,418 33,056 — 59,048 As of June 30, 2015 Real estate Real estate, net $ — $ 1,163,350 $ 510,466 $ 865,000 $ — $ 2,538,816 Real estate available and held for sale — 2,708 138,187 147,126 — 288,021 Total real estate — 1,166,058 648,653 1,012,126 — 2,826,837 Loans receivable and other lending investments, net 1,567,296 — — — — 1,567,296 Other investments — 70,409 11,391 113,009 94,691 289,500 Total portfolio assets $ 1,567,296 $ 1,236,467 $ 660,044 $ 1,125,135 $ 94,691 4,683,633 Cash and other assets 989,730 Total assets $ 5,673,363 As of December 31, 2014 Real estate Real estate, net $ — $ 1,188,160 $ 628,271 $ 860,283 $ — $ 2,676,714 Real estate available and held for sale — 4,521 162,782 118,679 — 285,982 Total real estate — 1,192,681 791,053 978,962 — 2,962,696 Loans receivable and other lending investments, net 1,377,843 — — — — 1,377,843 Other investments — 125,360 13,220 106,155 109,384 354,119 Total portfolio assets $ 1,377,843 $ 1,318,041 $ 804,273 $ 1,085,117 $ 109,384 4,694,658 Cash and other assets 768,475 Total assets $ 5,463,133 Explanatory Notes: _______________________________________________________________________________ (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $3.9 million and $7.2 million for the three and six months ended June 30, 2015 and $3.2 million and $5.3 million for the three and six months ended June 30, 2014 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Segment profit $ 21,367 $ 42,304 $ 41,133 $ 49,067 Less: (Provision for) recovery of loan losses (19,151 ) 2,792 (23,444 ) 6,192 Less: Impairment of assets (1,674 ) (3,300 ) (1,674 ) (6,279 ) Less: Stock-based compensation expense (3,947 ) (3,196 ) (7,186 ) (5,271 ) Less: Depreciation and amortization (15,516 ) (18,822 ) (34,017 ) (37,435 ) Less: Income tax (expense) benefit (811 ) 215 (6,688 ) 722 Less: Loss on early extinguishment of debt, net (44 ) (23,587 ) (212 ) (24,767 ) Net income (loss) $ (19,776 ) $ (3,594 ) $ (32,088 ) $ (17,771 )

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2015
Accounting Policies [Abstract]
Loan participation payable, net	Loan participations payable, net — The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing”, as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net". Financial asset activities that are accounted for as sales are removed from our balance sheet with any realized gain (loss) reflected in earnings during the period of sale.
New accounting pronouncements	New Accounting Pronouncements — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales . The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12") which requires a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition in accordance with Topic 718, Compensation—Stock Compensation . ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ("ASU 2014-15") which requires management to evaluate whether there is substantial doubt that the Company is able to continue operating as a going concern within one year after the date the financial statements are issued or available to be issued. If there is substantial doubt, additional disclosure is required, including the principal condition or event that raised the substantial doubt, the Company's evaluation of the condition or event in relation to its ability to meet its obligations and the Company's plan to alleviate (or, which is intended to alleviate) the substantial doubt. ASU 2014-15 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements. In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity ("ASU 2014-16") which eliminates the diversity in practice for the accounting for hybrid financial instruments issued in the form of a share. ASU 2014-16 requires management to consider all terms and features, whether stated or implied, of a hybrid instrument when determining whether the nature of the instrument is more akin to a debt instrument or an equity instrument. Embedded derivative features, which are accounted for separately from host contracts, should also be considered in the analysis of the hybrid instrument. ASU 2014-16 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which updates the consolidation model for limited partnerships and similar legal entities. ASU 2015-02 includes the evaluation of fees paid to a decision maker as a variable interest and amends the effect of fee arrangements and related parties on the primary beneficiary determination. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") which requires debt issuance costs to be presented as a deduction from the carrying value of the related debt obligation in the balance sheet, which is consistent with the presentation of debt discounts. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's Consolidated Financial Statements.

Basis of Presentation and Pri27

Basis of Presentation and Principles of Consolidation (Reclassification) (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The impact of the correction for the six months ended June 30, 2014 is as follows ($ in thousands): As Previously Reported Change As Revised Cash flows from operating activities: Six months ended June 30, 2014 $ (83,477 ) $ (8,630 ) $ (92,107 ) Cash flows from investing activities: Six months ended June 30, 2014 $ 58,691 $ 8,630 $ 67,321

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
Real Estate (Tables)	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Real Estate Assets	The Company's real estate assets were comprised of the following ($ in thousands): Net Lease Operating Properties Land Total As of June 30, 2015 Land and land improvements $ 310,196 $ 142,892 $ 874,147 $ 1,327,235 Buildings and improvements 1,232,001 452,742 — 1,684,743 Less: accumulated depreciation and amortization (378,847 ) (85,168 ) (9,147 ) (473,162 ) Real estate, net 1,163,350 510,466 865,000 2,538,816 Real estate available and held for sale 2,708 138,187 147,126 288,021 Total real estate $ 1,166,058 $ 648,653 $ 1,012,126 $ 2,826,837 As of December 31, 2014 Land and land improvements $ 311,890 $ 146,417 $ 868,650 $ 1,326,957 Buildings and improvements 1,240,593 578,013 — 1,818,606 Less: accumulated depreciation and amortization (364,323 ) (96,159 ) (8,367 ) (468,849 ) Real estate, net 1,188,160 628,271 860,283 2,676,714 Real estate available and held for sale 4,521 162,782 118,679 285,982 Total real estate $ 1,192,681 $ 791,053 $ 978,962 $ 2,962,696
Schedule of Acquisitions of Real Estate Assets, Cash Paid	The following acquisitions of real estate were reflected in the Company's Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014 ($ in thousands): For the Six Months Ended June 30, 2015 2014 Acquisitions of real estate assets — 2,412 (1) Explanatory Note: _______________________________________________________________________________ (1) During the six months ended June 30, 2014 , the Company purchased one condominium unit for $2.4 million . During the six months ended June 30, 2015 , the Company acquired, via deed-in-lieu, title to a residential operating property, which had a total fair value of $13.4 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. 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 June 30, For the Six Months Ended June 30, 2014 2014 Pro forma total revenues 131,038 242,892 Pro forma net income (loss) (3,614 ) (18,001 )

Loans Receivable and Other Le29

Loans Receivable and Other Lending Investments, net (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Schedule of the Company's loans and other lending investments by class	The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment June 30, December 31, Senior mortgages $ 884,927 $ 737,535 Corporate/Partnership loans 609,843 497,796 Subordinate mortgages 28,773 53,331 Total gross carrying value of loans 1,523,543 1,288,662 Reserves for loan losses (121,934 ) (98,490 ) Total loans receivable, net 1,401,609 1,190,172 Other lending investments—securities 165,687 187,671 Total loans receivable and other lending investments, net(1) $ 1,567,296 $ 1,377,843 Explanatory Note: _______________________________________________________________________________ (1) The Company's recorded investment in loans as of June 30, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million , respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
Schedule of changes in the Company's reserve for loan losses	Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Reserve for loan losses at beginning of period $ 102,783 $ 370,076 $ 98,490 $ 377,204 Provision for (recovery of) loan losses(1) 19,151 (2,792 ) 23,444 (6,192 ) Charge-offs — (229,380 ) — (233,108 ) Reserve for loan losses at end of period $ 121,934 $ 137,904 $ 121,934 $ 137,904 Explanatory Note: _______________________________________________________________________________ (1) For the three and six months ended June 30, 2015 , the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.3 million and $0.6 million , respectively. 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 $7.6 million , respectively.
Schedule of recorded investment in loans and associated reserve for loan losses	The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment(1) Collectively Evaluated for Impairment(2) Total As of June 30, 2015 Loans $ 179,589 $ 1,352,725 $ 1,532,314 Less: Reserve for loan losses (94,834 ) (27,100 ) (121,934 ) Total $ 84,755 $ 1,325,625 $ 1,410,380 As of December 31, 2014 Loans $ 139,672 $ 1,156,031 $ 1,295,703 Less: Reserve for loan losses (64,990 ) (33,500 ) (98,490 ) Total $ 74,682 $ 1,122,531 $ 1,197,213 Explanatory Notes: _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $0.2 million and $0.2 million as of June 30, 2015 and December 31, 2014 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $11.1 million and $10.6 million as of June 30, 2015 and December 31, 2014 , respectively.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of June 30, 2015 As of December 31, 2014 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 760,515 2.71 $ 611,009 2.73 Corporate/Partnership loans 564,461 3.30 501,620 3.88 Subordinate mortgages 29,132 3.65 53,836 2.87 Total $ 1,354,108 2.98 $ 1,166,465 3.23
Schedule of recorded investment in loans, aged by payment status and presented by class	As of June 30, 2015 , the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days(1) Total Past Due Total Senior mortgages $ 766,515 $ 6,083 $ 116,230 $ 122,313 $ 888,828 Corporate/Partnership loans 614,354 — — — 614,354 Subordinate mortgages 29,132 — — — 29,132 Total $ 1,410,001 $ 6,083 $ 116,230 $ 122,313 $ 1,532,314 Explanatory Note: _______________________________________________________________________________ (1) As of June 30, 2015 , the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 7.0 years outstanding.
Schedule of recorded investment in impaired loans, presented by class	The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1): As of June 30, 2015 As of December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 129,696 $ 128,709 $ (69,141 ) $ 130,645 $ 129,744 $ (64,440 ) Corporate/Partnership loans 49,893 49,893 (25,693 ) 9,027 9,057 (550 ) Total $ 179,589 $ 178,602 $ (94,834 ) $ 139,672 $ 138,801 $ (64,990 ) Explanatory Note: _______________________________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of June 30, 2015 and December 31, 2014 , certain loans modified through troubled debt restructurings with a recorded investment of $1.4 million and $10.4 million , respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. The Company did not have impaired loans without related allowances recorded.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class	The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 87,642 $ 186 $ — $ — $ 59,432 $ 687 With an allowance recorded: Senior mortgages 130,016 17 354,695 70 130,226 34 453,242 123 Corporate/Partnership loans 28,301 3 63,142 52 21,876 12 75,120 117 Subtotal 158,317 20 417,837 122 152,102 46 528,362 240 Total: Senior mortgages 130,016 17 442,337 256 130,226 34 512,674 810 Corporate/Partnership loans 28,301 3 63,142 52 21,876 12 75,120 117 Total $ 158,317 $ 20 $ 505,479 $ 308 $ 152,102 $ 46 $ 587,794 $ 927
Marketable securities	Securities —Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of June 30, 2015 Available-for-Sale Securities Municipal debt securities $ 1,010 $ 1,010 $ 90 $ 1,100 $ 1,100 Held-to-Maturity Securities Corporate debt securities 152,576 164,587 — 168,674 164,587 Total $ 153,586 $ 165,597 $ 90 $ 169,774 $ 165,687 As of December 31, 2014 Available-for-Sale Securities Municipal debt securities $ 1,020 $ 1,020 $ 147 $ 1,167 $ 1,167 Held-to-Maturity Securities Corporate debt securities 176,254 186,504 — 190,199 186,504 Total $ 177,274 $ 187,524 $ 147 $ 191,366 $ 187,671

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
Other Investments (Tables)	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Schedule of other investments and its proportionate share of results for equity method investments	The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands): Carrying Value as of Equity in Earnings June 30, 2015 December 31, 2014 For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 iStar Net Lease I LLC ("Net Lease Venture") $ 70,409 $ 125,361 $ 1,666 $ 164 $ 3,299 $ (198 ) Other real estate equity investments 84,119 88,848 (337 ) 1,561 (1,638 ) 2,495 Other investments(1) 50,088 63,262 2,765 24,640 4,498 27,974 Madison Funds 44,589 45,971 (408 ) (1,989 ) (445 ) (2,391 ) Marina Palms, LLC ("Marina Palms") 40,295 30,677 5,099 (283 ) 9,618 (610 ) Total other investments 289,500 354,119 $ 8,785 $ 24,093 $ 15,332 $ 27,270 Explanatory Note: _______________________________________________________________________________ (1) For the three and six months ended June 30, 2014 , the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales by one of its equity method investees.
Equity Method Investments, Significant Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	The following tables present the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries as of June 30, 2015 ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Six Months Ended June 30, 2015 Marina Palms $ 71,852 $ (45,523 ) $ 26,329 For the Six Months Ended June 30, 2014 Marina Palms $ 48 $ (1,304 ) $ (1,256 )

Other Assets and Other Liabil31

Other Assets and Other Liabilities (Tables)	6 Months Ended
Other Assets and Other Liabilities (Tables)	Jun. 30, 2015
Other Assets and Other Liabilities [Abstract]
Schedule of deferred expenses and other assets, net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of June 30, 2015 December 31, 2014 Intangible assets, net(1) $ 78,308 $ 50,088 Other receivables 41,867 13,115 Deferred financing fees, net(2) 33,004 36,774 Restricted cash 32,742 19,283 Other assets 30,881 37,085 Leasing costs, net(3) 16,832 20,031 Corporate furniture, fixtures and equipment, net(4) 4,853 5,409 Deferred expenses and other assets, net $ 238,487 $ 181,785 Explanatory Notes: _______________________________________________________________________________ (1) Intangible assets, net are primarily related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (see Note 4 ). Accumulated amortization on intangible assets was $37.7 million and $45.1 million as of June 30, 2015 and December 31, 2014 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.7 million for the three and six months ended June 30, 2015 , respectively, and $1.6 million and $4.0 million for the three and six months ended June 30, 2014 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $0.7 million and $2.2 million for the three and six months ended June 30, 2015 , respectively, and $1.5 million and $3.8 million for the three and six months ended June 30, 2014 , respectively. These amounts are included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations. (2) Accumulated amortization on deferred financing fees was $21.4 million and $15.4 million as of June 30, 2015 and December 31, 2014 , respectively. (3) Accumulated amortization on leasing costs was $9.3 million and $9.0 million as of June 30, 2015 and December 31, 2014 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $7.5 million and $7.1 million as of June 30, 2015 and December 31, 2014 , respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of June 30, 2015 December 31, 2014 Other liabilities(1) $ 66,957 $ 48,256 Accrued interest payable 55,530 57,895 Accrued expenses 49,854 62,866 Intangible liabilities, net(2) 11,265 11,885 Accounts payable, accrued expenses and other liabilities $ 183,606 $ 180,902 Explanatory Notes: _______________________________________________________________________________ (1) As of June 30, 2015 and December 31, 2014 , "Other liabilities" includes $12.4 million and $6.8 million , respectively, related to a profit sharing payable to a developer for residential units sold. As of June 30, 2015 and December 31, 2014 , "Other liabilities" also includes $7.3 million and $7.7 million , respectively, related to tax increment financing ("TIF") bonds which were issued by a governmental entity to fund the installation of infrastructure within one of the Company's master planned community developments. The balance represents a special assessment associated with each individual land parcel, which will decrease as the Company sells parcels. (2) Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.9 million and $6.2 million as of June 30, 2015 and December 31, 2014 , respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.4 million and $0.7 million for the three and six months ended June 30, 2015 , respectively, and $0.9 million and $1.6 million for the three and six months ended June 30, 2014 , respectively.
Taxable REIT Subsidiaries [Member]
Schedule of deferred tax assets and liabilities [Line Items]
Schedule of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): As of June 30, 2015 December 31, 2014 Deferred tax assets(1) $ 64,793 $ 54,318 Valuation allowance (64,793 ) (54,318 ) Net deferred tax assets (liabilities) $ — $ — Explanatory Note: _______________________________________________________________________________ (1) Deferred tax assets as of June 30, 2015 include timing differences related primarily to real estate basis of $42.4 million , investment basis of $8.5 million , deferred expenses of $7.4 million , and net operating loss carryforwards of $4.2 million . Deferred tax assets as of December 31, 2014 , include timing differences related primarily to real estate basis of $39.3 million , investment basis of $5.9 million , net operating loss carryforwards of $4.1 million , and deferred expenses of $2.7 million .

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	6 Months Ended
Debt Obligations, net (Tables)	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of debt obligations	As of June 30, 2015 and December 31, 2014 , the Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Interest Rates Scheduled Maturity Date June 30, 2015 December 31, 2014 Secured credit facilities and term loans: 2012 Tranche A-2 Facility $ 345,048 $ 358,504 LIBOR + 5.75% (1) March 2017 2015 Revolving Credit Facility 250,000 — Various (2) March 2018 Term loans collateralized by net lease assets 244,623 248,955 4.851% - 7.26% (3) Various through 2026 Total secured credit facilities and term loans 839,671 607,459 Unsecured notes: 6.05% senior notes — 105,765 6.05 % April 2015 5.875% senior notes 261,403 261,403 5.875 % March 2016 3.875% senior notes 265,000 265,000 3.875 % July 2016 3.0% senior convertible notes(4) 200,000 200,000 3.0 % November 2016 1.50% senior convertible notes(5) 200,000 200,000 1.50 % November 2016 5.85% senior notes 99,722 99,722 5.85 % March 2017 9.0% senior notes 275,000 275,000 9.0 % June 2017 4.00% senior notes 550,000 550,000 4.00 % November 2017 7.125% senior notes 300,000 300,000 7.125 % February 2018 4.875% senior notes 300,000 300,000 4.875 % July 2018 5.00% senior notes 770,000 770,000 5.00 % July 2019 Total unsecured notes 3,221,125 3,326,890 Other debt obligations: Other debt obligations 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 4,160,796 4,034,349 Debt discounts, net (9,143 ) (11,665 ) Total debt obligations, net(6) $ 4,151,653 $ 4,022,684 Explanatory Notes: _______________________________________________________________________________ (1) The loan has a LIBOR floor of 1.25% . As of June 30, 2015 , inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00% . (2) The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.25% to 1.75% , or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. (3) As of June 30, 2015 and December 31, 2014 , includes a loan with a floating rate of LIBOR plus 2.00% . As of June 30, 2015 , the weighted average interest rate of these loans is 5.3% . (4) The Company's 3.0% senior convertible fixed rate notes due November 2016 (" 3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at $11.77 per share at any time prior to the close of business on November 14, 2016. (5) The Company's 1.50% senior convertible fixed rate notes due November 2016 (" 1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016. (6) The Company capitalized interest relating to development activities of $1.2 million and $2.6 million for the three and six months ended June 30, 2015 and $1.0 million and $1.9 million for the three and six months ended June 30, 2014 .
Schedule of future scheduled maturities of outstanding long-term debt obligations, net	Future Scheduled Maturities —As of June 30, 2015 , future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2015 (remaining six months) $ — $ — $ — 2016 926,403 — 926,403 2017 924,722 345,048 1,269,770 2018 600,000 264,282 864,282 2019 770,000 31,562 801,562 Thereafter 100,000 198,779 298,779 Total principal maturities 3,321,125 839,671 4,160,796 Unamortized discounts, net (6,962 ) (2,181 ) (9,143 ) Total long-term debt obligations, net $ 3,314,163 $ 837,490 $ 4,151,653
Schedule of carrying value of encumbered assets by asset type	Encumbered/Unencumbered Assets —As of June 30, 2015 and December 31, 2014 , the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of June 30, 2015 December 31, 2014 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 880,745 $ 1,658,071 $ 620,378 $ 2,056,336 Real estate available and held for sale 10,496 277,525 10,496 275,486 Loans receivable and other lending investments, net(1)(2) 102,218 1,349,876 46,515 1,364,828 Other investments 18,509 270,991 17,708 336,411 Cash and other assets — 989,730 — 768,475 Total $ 1,011,968 $ 4,546,193 $ 695,097 $ 4,801,536 Explanatory Notes: _______________________________________________________________________________ (1) As of June 30, 2015 and December 31, 2014 , the amounts presented exclude general reserves for loan losses of $27.1 million and $33.5 million , respectively. (2) As of June 30, 2015 and December 31, 2014 , the amounts presented exclude loan participations payable of $142.3 million and $0.0 million , respectively

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of June 30, 2015 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments Real Estate Other Investments Total Performance-Based Commitments $ 660,147 $ 13,069 $ 54,477 $ 727,693 Strategic Investments — — 46,076 46,076 Discretionary Fundings 16,469 — — 16,469 Total $ 676,616 $ 13,069 $ 100,553 $ 790,238

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
Derivatives (Tables)	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets	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, 2015 and December 31, 2014 ($ in thousands): Derivative Assets as of Derivative Liabilities as of June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Foreign exchange contracts N/A $ — N/A $ — Other Liabilities $ 21 Other Liabilities $ 478 Interest rate swaps N/A — Other Assets 52 Other Liabilities 54 N/A — Total $ — $ 52 $ 75 $ 478 Derivatives not Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 1,534 Other Liabilities $ 609 N/A $ — Interest rate cap Other Assets 2,204 Other Assets 4,775 N/A — N/A — Total $ 2,204 $ 6,309 $ 609 $ —
Schedule of derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2015 and 2014 ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended June 30, 2015 Interest rate cap Interest Expense $ — $ (125 ) N/A Interest rate cap Earnings from equity method investments (3 ) — N/A Interest rate swaps Interest Expense 92 42 N/A Interest rate swap Earnings from equity method investments 41 (117 ) N/A Foreign exchange contracts Earnings from equity method investments 14 — N/A For the Three Months Ended June 30, 2014 Interest rate cap Other Expense (2,022 ) — (3,634 ) Interest rate swap Interest Expense (693 ) (39 ) N/A Foreign exchange contracts Other Expense (127 ) — N/A For the Six Months Ended June 30, 2015 Interest rate cap Interest Expense — 202 N/A Interest rate cap Earnings from equity method investments (10 ) — N/A Interest rate swaps Interest Expense 284 84 N/A Interest rate swaps Earnings from equity method investments (323 ) (232 ) N/A Foreign exchange contracts Earnings from equity method investments (184 ) — N/A For the Six Months Ended June 30, 2014 Interest rate cap Other Expense (2,984 ) — (3,634 ) Interest rate swap Interest Expense (1,041 ) 96 N/A Foreign exchange contracts Other Expense (579 ) — N/A Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Three Months Ended June 30, For the Six Months Ended June 30, Derivatives not Designated in Hedging Relationships 2015 2014 2015 2014 Interest rate cap Other Expense $ (534 ) $ (504 ) $ (2,571 ) $ (504 ) Foreign exchange contracts Other Expense (702 ) (751 ) 1,587 747
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, 2015 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells Indian rupee ("INR")/Buys USD Forward ₨ 456,000 $ 6,553 December 2016
Foreign exchange contracts \| Not designated as hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2015 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, £ and C$ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells euro ("EUR")/Buys USD Forward € 5,500 $ 5,916 July 2015 Sells pound sterling ("GBP")/Buys USD Forward £ 3,000 $ 4,433 July 2015 Sells Canadian dollar ("CAD")/Buys USD Forward C$ 10,500 $ 8,292 July 2015
Interest rate cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2015 , the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate cap $ 500,000 LIBOR 1.00% July 2014 July 2017
Interest rate swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2015 , the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate swap $ 27,196 LIBOR + 2.00% 3.47% October 2012 November 2019

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Jun. 30, 2015
Equity [Abstract]
Schedule of cumulative redeemable preferred stock outstanding by series	Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of June 30, 2015 and December 31, 2014 : Cumulative Preferential Cash Dividends(1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference Rate per Annum Equivalent to Fixed Annual Rate (per share) D 4,000 $ 0.001 $ 25.00 8.000 % $ 2.00 E 5,600 0.001 25.00 7.875 % 1.97 F 4,000 0.001 25.00 7.8 % 1.95 G 3,200 0.001 25.00 7.65 % 1.91 I 5,000 0.001 25.00 7.50 % 1.88 J 4,000 0.001 50.00 4.50 % 2.25 25,800 Explanatory Notes: _______________________________________________________________________________ (1) 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 Cumulative Redeemable Preferred Stock during the six months ended June 30, 2015 and 2014 . The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2015 and 2014 . All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity	Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of June 30, 2015 December 31, 2014 Unrealized gains (losses) on available-for-sale securities $ (186 ) $ 2,983 Unrealized gains (losses) on cash flow hedges (860 ) (409 ) Unrealized losses on cumulative translation adjustment (3,660 ) (3,545 ) Accumulated other comprehensive income (loss) $ (4,706 ) $ (971 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2015
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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) from continuing operations $ (38,131 ) $ (20,774 ) $ (71,599 ) $ (51,445 ) Income from sales of real estate 18,355 17,180 39,511 33,674 Net (income) loss attributable to noncontrolling interests 629 (325 ) 2,470 (779 ) Preferred dividends (12,830 ) (12,830 ) (25,660 ) (25,660 ) Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders $ (31,977 ) $ (16,749 ) $ (55,278 ) $ (44,210 )
Schedule of earnings per share allocable to common shares and HPU shares	For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Earnings allocable to common shares: Numerator for basic and diluted earnings per share: Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders $ (30,950 ) $ (16,207 ) $ (53,502 ) $ (42,779 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic and diluted earnings per common share 85,541 84,916 85,519 84,868 Basic and diluted earnings per common share: Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders $ (0.36 ) $ (0.19 ) $ (0.63 ) $ (0.50 ) For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Earnings allocable to High Performance Units: Numerator for basic and diluted earnings per HPU share: Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders $ (1,027 ) $ (542 ) $ (1,776 ) $ (1,431 ) 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: Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders $ (68.47 ) $ (36.13 ) $ (118.40 ) $ (95.40 )
Schedule of anti-dilutive shares	For the six months ended June 30, 2015 and 2014 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 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 11,567 11,567 Explanatory Note: _______________________________________________________________________________ (1) For the three and six months ended June 30, 2015 and 2014 , the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.

Fair Values (Tables)

Fair Values (Tables)	6 Months Ended
Fair Values (Tables)	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels	The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2015 Recurring basis: Derivative assets $ 2,204 $ — $ 2,204 $ — Derivative liabilities 684 — 684 — Available-for-sale securities(1) 1,100 — — 1,100 Non-recurring basis: Impaired loans(2) 32,200 — — 32,200 Impaired real estate(3) 1,215 — — 1,215 As of December 31, 2014 Recurring basis: Derivative assets $ 6,361 $ — $ 6,361 $ — Derivative liabilities 478 — 478 — Available-for-sale securities 7,906 7,906 — — Non-recurring basis: Impaired loans(4) 37,169 — — 37,169 Impaired real estate(5) 7,102 — — 7,102 Explanatory Notes: _______________________________________________________________________________ (1) The fair value of the Company's available-for-sale securities are based upon third-party broker quotes. (2) The Company recorded a provision for loan losses on one loan with a fair value of $24.2 million based on the expected proceeds to be received from the borrower. The Company also recorded a provision for loan losses on one loan with a fair value of $8.0 million based on a discount rate of 12.6% using discounted cash flows over a six month term. (3) The Company recorded impairment on one real estate asset with a fair value of $1.2 million based on a discount rate of 11% using discounted cash flows over a six year hold period. (4) The Company recorded a recovery of loan losses on one loan with a fair value of $8.5 million based on the loan's remaining term of 1.5 years and interest rate of 4.7% using discounted cash flow analysis. The Company also recorded a provision for loan losses on one loan with a fair value of $5.2 million based on an appraisal. In addition, the Company recorded a provision for loan losses on one loan, collateralized by a land asset, with a fair value of $23.5 million based upon a foreclosure sale agreement. The land asset was acquired by an unconsolidated entity in which the Company is a partner. (5) The Company recorded impairment on one real estate asset with a fair value of $7.1 million based on a discount rate of 15.0% using discounted cash flows over a 10 year lease term.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of financial measures for each segment based on which performance is evaluated	The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land & Development Corporate/Other(1) Company Total Three Months Ended June 30, 2015: Operating lease income $ — $ 37,781 $ 18,116 $ 255 $ — $ 56,152 Interest income 33,729 — — — — 33,729 Other income 798 121 10,591 154 1,097 12,761 Land development revenue — — — 6,543 — 6,543 Earnings (loss) from equity method investments — 1,666 298 4,463 2,358 8,785 Income from sales of real estate — 5,127 13,228 — — 18,355 Total revenue and other earnings 34,527 44,695 42,233 11,415 3,455 136,325 Real estate expense — (5,522 ) (23,940 ) (6,893 ) — (36,355 ) Land development cost of sales — — — (5,252 ) — (5,252 ) Other expense (221 ) — — — (667 ) (888 ) Allocated interest expense (14,563 ) (16,933 ) (7,057 ) (7,876 ) (9,395 ) (55,824 ) Allocated general and administrative(2) (3,129 ) (3,676 ) (1,629 ) (2,733 ) (5,472 ) (16,639 ) Segment profit (loss)(3) $ 16,614 $ 18,564 $ 9,607 $ (11,339 ) $ (12,079 ) $ 21,367 Other significant non-cash items: Provision for (recovery of) loan losses $ 19,151 $ — $ — $ — $ — $ 19,151 Impairment of assets — — 1,674 — — 1,674 Depreciation and amortization — 9,409 5,446 390 271 15,516 Capitalized expenditures — 1,769 21,749 27,465 — 50,983 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 development revenue — — — 4,487 — 4,487 Earnings (loss) from equity method investments — 862 731 (151 ) 22,651 24,093 Income from sales of real estate — — 17,180 — — 17,180 Total 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 development 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 Real Estate Finance Net Lease Operating Properties Land & Development Corporate/Other(1) Company Total 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 Six Months Ended June 30, 2015: Operating lease income $ — $ 74,120 $ 40,730 $ 441 $ — $ 115,291 Interest income 68,625 — — — — 68,625 Other income 846 124 19,467 787 2,101 23,325 Land development revenue — — — 14,801 — 14,801 Earnings (loss) from equity method investments — 3,299 833 7,072 4,128 15,332 Income from sales of real estate — 8,654 30,857 — — 39,511 Total revenue and other earnings 69,471 86,197 91,887 23,101 6,229 276,885 Real estate expense — (10,792 ) (51,364 ) (13,833 ) — (75,989 ) Land development cost of sales — — — (12,142 ) — (12,142 ) Other expense (220 ) — — — (2,791 ) (3,011 ) Allocated interest expense (28,798 ) (33,768 ) (14,725 ) (15,420 ) (17,745 ) (110,456 ) Allocated general and administrative(2) (6,223 ) (7,437 ) (3,457 ) (5,526 ) (11,511 ) (34,154 ) Segment profit (loss)(3) $ 34,230 $ 34,200 $ 22,341 $ (23,820 ) $ (25,818 ) $ 41,133 Other significant non-cash items: Provision for (recovery of) loan losses $ 23,444 $ — $ — $ — $ — $ 23,444 Impairment of assets — — 1,674 — — 1,674 Depreciation and amortization — 18,858 13,791 780 588 34,017 Capitalized expenditures — 2,114 31,843 49,845 — 83,802 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 development revenue — — — 8,630 — 8,630 Earnings (loss) from equity method investments — 1,148 948 (409 ) 25,583 27,270 Income from sales of real estate — — 33,674 — — 33,674 Total 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 development 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 Real Estate Finance Net Lease Operating Properties Land & Development Corporate/Other(1) Company Total Capitalized expenditures — (426 ) 26,418 33,056 — 59,048 As of June 30, 2015 Real estate Real estate, net $ — $ 1,163,350 $ 510,466 $ 865,000 $ — $ 2,538,816 Real estate available and held for sale — 2,708 138,187 147,126 — 288,021 Total real estate — 1,166,058 648,653 1,012,126 — 2,826,837 Loans receivable and other lending investments, net 1,567,296 — — — — 1,567,296 Other investments — 70,409 11,391 113,009 94,691 289,500 Total portfolio assets $ 1,567,296 $ 1,236,467 $ 660,044 $ 1,125,135 $ 94,691 4,683,633 Cash and other assets 989,730 Total assets $ 5,673,363 As of December 31, 2014 Real estate Real estate, net $ — $ 1,188,160 $ 628,271 $ 860,283 $ — $ 2,676,714 Real estate available and held for sale — 4,521 162,782 118,679 — 285,982 Total real estate — 1,192,681 791,053 978,962 — 2,962,696 Loans receivable and other lending investments, net 1,377,843 — — — — 1,377,843 Other investments — 125,360 13,220 106,155 109,384 354,119 Total portfolio assets $ 1,377,843 $ 1,318,041 $ 804,273 $ 1,085,117 $ 109,384 4,694,658 Cash and other assets 768,475 Total assets $ 5,463,133 Explanatory Notes: _______________________________________________________________________________ (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $3.9 million and $7.2 million for the three and six months ended June 30, 2015 and $3.2 million and $5.3 million for the three and six months ended June 30, 2014 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Segment profit $ 21,367 $ 42,304 $ 41,133 $ 49,067 Less: (Provision for) recovery of loan losses (19,151 ) 2,792 (23,444 ) 6,192 Less: Impairment of assets (1,674 ) (3,300 ) (1,674 ) (6,279 ) Less: Stock-based compensation expense (3,947 ) (3,196 ) (7,186 ) (5,271 ) Less: Depreciation and amortization (15,516 ) (18,822 ) (34,017 ) (37,435 ) Less: Income tax (expense) benefit (811 ) 215 (6,688 ) 722 Less: Loss on early extinguishment of debt, net (44 ) (23,587 ) (212 ) (24,767 ) Net income (loss) $ (19,776 ) $ (3,594 ) $ (32,088 ) $ (17,771 )
Reconciliation of segment profit (loss) to income (loss) from continuing operations	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Segment profit $ 21,367 $ 42,304 $ 41,133 $ 49,067 Less: (Provision for) recovery of loan losses (19,151 ) 2,792 (23,444 ) 6,192 Less: Impairment of assets (1,674 ) (3,300 ) (1,674 ) (6,279 ) Less: Stock-based compensation expense (3,947 ) (3,196 ) (7,186 ) (5,271 ) Less: Depreciation and amortization (15,516 ) (18,822 ) (34,017 ) (37,435 ) Less: Income tax (expense) benefit (811 ) 215 (6,688 ) 722 Less: Loss on early extinguishment of debt, net (44 ) (23,587 ) (212 ) (24,767 ) Net income (loss) $ (19,776 ) $ (3,594 ) $ (32,088 ) $ (17,771 )

Business and Organization (Deta

Business and Organization (Details) $ in Billions	6 Months Ended
Business and Organization (Details) $ in Billions	Jun. 30, 2015USD ($)
Business and Organization [Abstract]
Investment across a range of real estate sectors over the past two decades	$ 35

Basis of Presentation and Pri40

Basis of Presentation and Principles of Consolidation (Details) - Jun. 30, 2015 $ in Millions	USD ($)Investmententity
Consolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| entity	4
Variable interest entity, consolidated, carrying amount, assets	$ 188
Variable interest entity, consolidated, carrying amount, liabilities	19.2
Variable interest entity unfunded commitment	$ 38.8
Unconsolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| Investment	26
Variable interest entity unfunded commitment	$ 14.6
Carrying value of the investments	$ 160.7

Basis of Presentation and Pri41

Basis of Presentation and Principles of Consolidation (Reclassification) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:	$ (63,774)	$ (92,107)
Cash flows from investing activities:	$ (2,356)	67,321
Scenario, Previously Reported [Member]
Cash flows from operating activities:		(83,477)
Cash flows from investing activities:		58,691
Scenario, Adjustment [Member]
Cash flows from operating activities:		(8,630)
Cash flows from investing activities:		8,630
Scenario, Actual [Member]
Cash flows from operating activities:		(92,107)
Cash flows from investing activities:		$ 67,321

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land and land improvements	$ 1,327,235	$ 1,326,957
Buildings and improvements	1,684,743	1,818,606
Less: accumulated depreciation and amortization	(473,162)	(468,849)
Real estate, net	2,538,816	2,676,714
Real estate available and held for sale	288,021	285,982
Total real estate	2,826,837	2,962,696
Net Lease
Real Estate Properties [Line Items]
Land and land improvements	310,196	311,890
Buildings and improvements	1,232,001	1,240,593
Less: accumulated depreciation and amortization	(378,847)	(364,323)
Real estate, net	1,163,350	1,188,160
Real estate available and held for sale	2,708	4,521
Total real estate	1,166,058	1,192,681
Operating Properties
Real Estate Properties [Line Items]
Land and land improvements	142,892	146,417
Buildings and improvements	452,742	578,013
Less: accumulated depreciation and amortization	(85,168)	(96,159)
Real estate, net	510,466	628,271
Real estate available and held for sale	138,187	162,782
Total real estate	648,653	791,053
Land
Real Estate Properties [Line Items]
Land and land improvements	874,147	868,650
Buildings and improvements	0	0
Less: accumulated depreciation and amortization	(9,147)	(8,367)
Real estate, net	865,000	860,283
Real estate available and held for sale	147,126	118,679
Total real estate	$ 1,012,126	$ 978,962

Real Estate (Real Estate Availa

Real Estate (Real Estate Available and Held for Sale) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014property	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 288,021		$ 285,982
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	134,100		155,800
Land
Real Estate Properties [Line Items]
Real estate available and held for sale	147,126		118,679
Commercial Operating Properties
Real Estate Properties [Line Items]
Property Transferred from HFS, Aggregate, Carrying Value	2,900
Condominium Units
Real Estate Properties [Line Items]
Number of properties acquired \| property		1
Net Lease
Real Estate Properties [Line Items]
Real estate available and held for sale	2,708		4,521
Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	138,187		$ 162,782
Construction Substantially Complete \| Residential Units [Member]
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	30,000
Executed Contract with Third Party \| Land
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	2,800
Executed Contract with Third Party \| Net Lease
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	8,200
Executed Contract with Third Party \| Residential Units [Member]
Real Estate Properties [Line Items]
Property Transferred to Held for Sale, Aggregate, Carrying Value	$ 3,900

Real Estate (Acquisitions) (Det

Real Estate (Acquisitions) (Details) $ in Thousands	6 Months Ended
Real Estate (Acquisitions) (Details) $ in Thousands	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)property
Real Estate Properties [Line Items]
Acquisitions of real estate assets \| $	$ 0	$ 2,412
Condominium Units
Real Estate Properties [Line Items]
Acquisitions of real estate assets \| $		$ 2,400
Number of properties acquired		1
Real Estate Acquired in Satisfaction of Debt [Member]
Real Estate Properties [Line Items]
Fair Value of Assets Acquired \| $	$ 13,400	$ 77,900
Residential Operating Properties [Member] \| Real Estate Acquired in Satisfaction of Debt [Member]
Real Estate Properties [Line Items]
Number of properties acquired	1
Commercial Operating Properties \| Real Estate Acquired in Satisfaction of Debt [Member]
Real Estate Properties [Line Items]
Number of properties acquired		3

Real Estate (Pro Forma Financia

Real Estate (Pro Forma Financial Information) (Details) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Real Estate [Abstract]
Pro forma total revenues	$ 131,038	$ 242,892
Pro forma net income (loss)	$ (3,614)	(18,001)
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		1,800
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual		$ 600

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details) $ in Thousands	3 Months Ended		6 Months Ended
Real Estate (Dispositions) (Details) $ in Thousands	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sales of real estate	$ 18,355	$ 17,180	$ 39,511	$ 33,674
Land development revenue	6,543	4,487	14,801	8,630
Land development cost of sales	$ 5,252	$ 3,611	$ 12,142	7,265
Noncontrolling Interest, Ownership Percentage by Parent	90.00%		90.00%
Property sold, aggregate, carrying value				6,700
Net Lease Asset Two
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property held-for-sale			$ 25,600
Income from sales of real estate			$ 8,600
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate				7,800
Impairment of long-lived assets to be disposed of or sold				3,000
Net Lease Asset One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Initial term of ground lease			99 years
Lease incentive asset	$ 38,100		$ 38,100
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Unpaid Purchase Price	16,100		16,100
Deferred Revenue	5,300		5,300
Condominium Units
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of other real estate			91,300	94,800
Income from sales of real estate			30,900	33,700
Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate			93,500
Deferred gain on sale of property	$ 5,300		$ 5,300
Net Lease Venture \| Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate				$ 93,700
iStar's ownership percentage		51.90%		51.90%
Net Lease Venture \| Net Lease Asset One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sales of real estate				$ 93,700
Real Estate Equity Investment One [Member] \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property Contributed, Aggregate, Carrying Value				$ 9,500
Master Planned Community [Member] \| Residential Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| property			3	2

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate Properties [Line Items]
Impairment of assets	$ 1,674	$ 3,300	$ 1,674	$ 6,279
Residential Operating Properties [Member]
Real Estate Properties [Line Items]
Impairment of assets				3,300
Net Lease Asset [Member]
Real Estate Properties [Line Items]
Impairment of long-lived assets to be disposed of or sold				$ 3,000

Real Estate (Tenant Reimburseme

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate [Abstract]
Tenant reimbursements	$ 6.7	$ 7	$ 13.7	$ 15.6

Real Estate (Redeemable Noncont

Real Estate (Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	$ 12,687	$ 11,199
Not Currently Redeemable [Member]
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	8,700	9,900
Redeemable estimated redemption value	$ 11,100	$ 23,600

Real Estate (Allowance for doub

Real Estate (Allowance for doubtful accounts) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Real Estate Tenant Receivables [Member]
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for Doubtful Accounts Receivable	$ 1.6	$ 1.3
Deferred Operating Lease [Member]
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]
Allowance for Doubtful Accounts Receivable	$ 2.4	$ 2.4

Loans Receivable and Other Le51

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans		$ 1,523,543		$ 1,288,662
Reserves for loan losses		(121,934)	$ (102,783)	(98,490)	$ (137,904)	$ (370,076)	$ (377,204)
Total loans receivable, net		1,401,609		1,190,172
Other lending investments—securities		165,687		187,671
Total loans receivable and other lending investments, net	[1]	1,567,296		1,377,843
Interest receivable		8,800		7,000
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans		884,927		737,535
Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans		609,843		497,796
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans		$ 28,773		$ 53,331

[1]	The Company's recorded investment in loans as of June 30, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Loans Receivable and Other Le52

Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Allowance for Loan Losses [Roll Forward]
Reserve for loan losses at beginning of period		$ 102,783	$ 370,076	$ 98,490	$ 377,204
Provision for (recovery of) loan losses	[1]	19,151	(2,792)	23,444	(6,192)
Charge-offs		0	(229,380)	0	(233,108)
Reserve for loan losses at end of period		121,934	137,904	121,934	137,904
Recoveries of previously recorded loan loss reserves		$ 300	$ 2,400	$ 600	$ 7,600

[1]	For the three and six months ended June 30, 2015, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.3 million and $0.6 million, respectively. 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.

Loans Receivable and Other Le53

Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans		$ 1,532,314		$ 1,295,703
Less: Reserve for loan losses		(121,934)	$ (102,783)	(98,490)	$ (137,904)	$ (370,076)	$ (377,204)
Total		1,410,380		1,197,213
Collectively Evaluated for Impairment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	[1]	1,352,725		1,156,031
Less: Reserve for loan losses	[1]	(27,100)		(33,500)
Total	[1]	1,325,625		1,122,531
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		(11,100)		(10,600)
Individually Evaluated for Impairment [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	[2]	179,589		139,672
Less: Reserve for loan losses	[2]	(94,834)		(64,990)
Total	[2]	84,755		74,682
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		$ (200)		$ (200)

[1]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $11.1 million and $10.6 million as of June 30, 2015 and December 31, 2014, respectively.
[2]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $0.2 million and $0.2 million as of June 30, 2015 and December 31, 2014, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.

Loans Receivable and Other Le54

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 1,532,314	$ 1,295,703
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	888,828
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	614,354
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	29,132
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 1,354,108	$ 1,166,465
Weighted Average Risk Ratings	2.98	3.23
Real Estate Finance \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 760,515	$ 611,009
Weighted Average Risk Ratings	2.71	2.73
Real Estate Finance \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 564,461	$ 501,620
Weighted Average Risk Ratings	3.30	3.88
Real Estate Finance \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loans	$ 29,132	$ 53,836
Weighted Average Risk Ratings	3.65	2.87

Loans Receivable and Other Le55

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)
Recorded investment in loans, aged by payment status and presented by class
Current		$ 1,410,001
Less Than and Equal to 90 Days		6,083
Greater Than 90 Days	[1]	116,230
Total Past Due		122,313
Loans		$ 1,532,314	$ 1,295,703
Financing receivable, number of loans greater than 90 days past due \| Loan		4
Financing receivables, past due time period		90 days
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current		$ 766,515
Less Than and Equal to 90 Days		6,083
Greater Than 90 Days	[1]	116,230
Total Past Due		122,313
Loans		888,828
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current		614,354
Less Than and Equal to 90 Days		0
Greater Than 90 Days		0
Total Past Due		0
Loans		614,354
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current		29,132
Less Than and Equal to 90 Days		0
Greater Than 90 Days		0
Total Past Due		0
Loans		$ 29,132
Minimum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period		1 year
Maximum
Recorded investment in loans, aged by payment status and presented by class
Financing receivables, past due time period		7 years

[1]	As of June 30, 2015, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 7.0 years outstanding.

Loans Receivable and Other Le56

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Loans modified through troubled debt restructurings		$ 1,400		$ 1,400		$ 10,400
Average Recorded Investment		158,317	$ 505,479	152,102	$ 587,794
Interest Income Recognized		20	308	46	927
Senior mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment		130,016	442,337	130,226	512,674
Interest Income Recognized		17	256	34	810
Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Average Recorded Investment		28,301	63,142	21,876	75,120
Interest Income Recognized		3	52	12	117
With no related allowance recorded \| Senior mortgages
Financing Receivable, Impaired [Line Items]
Average Recorded Investment		0	87,642	0	59,432
Interest Income Recognized		0	186	0	687
With an allowance recorded
Financing Receivable, Impaired [Line Items]
Recorded Investment	[1]	179,589		179,589		139,672
Unpaid Principal Balance	[1]	178,602		178,602		138,801
Related Allowance	[1]	(94,834)		(94,834)		(64,990)
Average Recorded Investment		158,317	417,837	152,102	528,362
Interest Income Recognized		20	122	46	240
With an allowance recorded \| Senior mortgages
Financing Receivable, Impaired [Line Items]
Recorded Investment	[1]	129,696		129,696		130,645
Unpaid Principal Balance	[1]	128,709		128,709		129,744
Related Allowance	[1]	(69,141)		(69,141)		(64,440)
Average Recorded Investment		130,016	354,695	130,226	453,242
Interest Income Recognized		17	70	34	123
With an allowance recorded \| Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Recorded Investment	[1]	49,893		49,893		9,027
Unpaid Principal Balance	[1]	49,893		49,893		9,057
Related Allowance	[1]	(25,693)		(25,693)		$ (550)
Average Recorded Investment		28,301	63,142	21,876	75,120
Interest Income Recognized		$ 3	$ 52	$ 12	$ 117

[1]	All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of June 30, 2015 and December 31, 2014, certain loans modified through troubled debt restructurings with a recorded investment of $1.4 million and $10.4 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status. The Company did not have impaired loans without related allowances recorded.

Loans Receivable and Other Le57

Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details)	Jun. 30, 2015USD ($)
Receivables [Abstract]
Unfunded commitments, troubled debt restructurings	$ 0

Loans Receivable and Other Le58

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Available-for-Sale Securities
Net Unrealized Gain (Loss)	$ 90		$ 147
Investments, Debt and Equity Securities [Abstract]
Face Value	153,586		177,274
Amortized Cost Basis	165,597		187,524
Estimated Fair Value	169,774		191,366
Net Carrying Value	165,687		187,671
Municipal Bonds
Available-for-Sale Securities
Face Value	1,010		1,020
Amortized Cost Basis	1,010		1,020
Net Unrealized Gain (Loss)	90		147
Estimated Fair Value	1,100		1,167
Net Carrying Value	1,100		1,167
Corporate Debt Securities
Held-to-Maturity Securities
Face Value	152,576		176,254
Amortized Cost Basis	164,587		186,504
Held-to-maturity Securities, Unrecognized Holding Loss	0	$ 0
Estimated Fair Value	168,674		190,199
Net Carrying Value	$ 164,587		$ 186,504

Loans Receivable and Other Le59

Loans Receivable and Other Lending Investments, net (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Loans Receivable Net of Deferred Income	$ 1,523,543,000		$ 1,288,662,000
Loans, Sold Loans Carrying Value	5,500,000	$ 30,800,000
Realized Investment Gains (Losses)	0	$ 19,000,000
Loans Receivable One
Loans Receivable Net of Deferred Income	$ 146,700,000

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)Investee	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 289,500		$ 289,500		$ 354,119
Earnings (loss) from equity method investments	8,785	$ 24,093	15,332	$ 27,270
Equity Method Investee \| Investee				1
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from equity method investments				$ 23,400
Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Equity method investments	70,409		70,409		125,361
Earnings (loss) from equity method investments	1,666	164	3,299	(198)
Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	84,119		84,119		88,848
Earnings (loss) from equity method investments	(337)	1,561	(1,638)	2,495
Other Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	50,088		50,088		63,262
Earnings (loss) from equity method investments	2,765	24,640	4,498	27,974
Madison Funds
Schedule of Equity Method Investments [Line Items]
Equity method investments	44,589		44,589		45,971
Earnings (loss) from equity method investments	(408)	(1,989)	(445)	(2,391)
Marina Palms
Schedule of Equity Method Investments [Line Items]
Equity method investments	40,295		40,295		$ 30,677
Earnings (loss) from equity method investments	$ 5,099	$ (283)	$ 9,618	$ (610)

Other Investments (Narrative) (

Other Investments (Narrative) (Details)	6 Months Ended
Other Investments (Narrative) (Details)	Jun. 30, 2015USD ($)Investee	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Net Lease Assets Under Term Loan \| Investee	1
Distributions from operations of equity method investments	$ 7,843,000	$ 10,939,000
Equity method investments	289,500,000		$ 354,119,000
Proceeds from Sale of Available-for-sale Securities, Equity	7,300,000
Available-for-sale Securities, Gross Realized Gain (Loss)	2,500,000
Marina Palms
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 40,295,000		30,677,000
MIRELF III
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	32.90%
MIRELF III AIV
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	32.90%
Madison GP1 Investors LP
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	29.50%
Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Distributions from operations of equity method investments	$ 61,200,000
Equity method investments	$ 70,409,000		125,361,000
Madison International Real Estate Fund IILP [Member]
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	29.50%
Net Lease Asset One \| Net Lease Venture
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of real estate		$ 93,700,000
Land \| Marina Palms
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	47.50%
Equity method investment, preferred interest	$ 10,000,000
Total assets	283,600,000		265,700,000
Land \| Real Estate Equity Investment Two [Member]
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage		85.70%
Equity method investments	8,300,000		9,400,000
Loans Receivable, Commitments, Related Party		$ 45,700,000
Land \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	64,400,000		66,100,000
Net Lease
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of real estate		$ 7,800,000
Net Lease \| Net Lease Venture
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage		51.90%
Partners' capital account, contributions		$ 500,000,000
Equity method investment, related party ownership percentage		0.60%
Equity method investment, related party promote fee percentage		50.00%
Equity method investment, partner ownership percentage		47.50%
Net proceeds from sales of real estate		$ 93,700,000
Total assets	382,200,000		348,100,000
Operating Properties \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 11,400,000		$ 13,200,000
Minimum \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	16.00%
Maximum \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
iStar's ownership percentage	76.00%
Loans Receivable and Other Lending Investments, Net [Member] \| Land \| Real Estate Equity Investment Two [Member]
Schedule of Equity Method Investments [Line Items]
Loans Receivable, Related Party	$ 31,200,000
Net Lease
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Maturity Date	10 years
Debt instrument, face amount	$ 120,000,000

Other Investments (Schedule o62

Other Investments (Schedule of Summarized Investee Financial Information) (Details) - Marina Palms - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments, Summarized Financial Information [Line Items]
Equity Method Investment, Summarized Financial Information, Revenue	$ 71,852	$ 48
Equity Method Investment, Summarized Financial Information, Costs and Expenses	(45,523)	(1,304)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 26,329	$ (1,256)

Other Assets and Other Liabil63

Other Assets and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Operating Leased Assets [Line Items]
Intangible assets, net	[1]	$ 78,308		$ 78,308		$ 50,088
Other receivables		41,867		41,867		13,115
Deferred financing fees, net	[2]	33,004		33,004		36,774
Restricted cash		32,742		32,742		19,283
Other assets		30,881		30,881		37,085
Leasing costs, net	[3]	16,832		16,832		20,031
Corporate furniture, fixtures and equipment, net	[4]	4,853		4,853		5,409
Deferred expenses and other assets, net		238,487		238,487		181,785
Intangible assets, accumulated amortization		37,700		37,700		45,100
Amortization of above market lease		1,400	$ 1,600	3,700	$ 4,000
Amortization of intangible assets		700	$ 1,500	2,200	$ 3,800
Accumulated amortization of deferred financing fees		21,400		21,400		15,400
Accumulated amortization on leasing costs		9,300		9,300		9,000
Accumulated depreciation on corporate furniture, fixtures and equipment		7,500		7,500		$ 7,100
Net Lease Asset One
Operating Leased Assets [Line Items]
Lease incentive asset		$ 38,100		$ 38,100

[1]	Intangible assets, net are primarily related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (see Note 4). Accumulated amortization on intangible assets was $37.7 million and $45.1 million as of June 30, 2015 and December 31, 2014, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.7 million for the three and six months ended June 30, 2015, respectively, and $1.6 million and $4.0 million for the three and six months ended June 30, 2014, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $0.7 million and $2.2 million for the three and six months ended June 30, 2015, respectively, and $1.5 million and $3.8 million for the three and six months ended June 30, 2014, respectively. These amounts are included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations.
[2]	Accumulated amortization on deferred financing fees was $21.4 million and $15.4 million as of June 30, 2015 and December 31, 2014, respectively.
[3]	Accumulated amortization on leasing costs was $9.3 million and $9.0 million as of June 30, 2015 and December 31, 2014, respectively.
[4]	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.5 million and $7.1 million as of June 30, 2015 and December 31, 2014, respectively.

Other Assets and Other Liabil64

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Other Liabilities	[1]	$ 66,957		$ 66,957		$ 48,256
Accrued interest payable		55,530		55,530		57,895
Accrued expenses		49,854		49,854		62,866
Intangible liabilities, net	[2]	11,265		11,265		11,885
Accounts payable, accrued expenses and other liabilities		183,606		183,606		180,902
Profit sharing payable		12,400		12,400		6,800
Special assessment bond		7,300		7,300		7,700
Below market lease, accumulated amortization		5,900		5,900		$ 6,200
Amortization of below market lease		$ 400	$ 900	$ 700	$ 1,600
Residential Real Estate \| Master Planned Community [Member]
Real Estate Properties [Line Items]
Number of Properties \| property				1

[1]	As of June 30, 2015 and December 31, 2014, "Other liabilities" includes $12.4 million and $6.8 million, respectively, related to a profit sharing payable to a developer for residential units sold. As of June 30, 2015 and December 31, 2014, "Other liabilities" also includes $7.3 million and $7.7 million, respectively, related to tax increment financing ("TIF") bonds which were issued by a governmental entity to fund the installation of infrastructure within one of the Company's master planned community developments. The balance represents a special assessment associated with each individual land parcel, which will decrease as the Company sells parcels.
[2]	Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.9 million and $6.2 million as of June 30, 2015 and December 31, 2014, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.4 million and $0.7 million for the three and six months ended June 30, 2015, respectively, and $0.9 million and $1.6 million for the three and six months ended June 30, 2014, respectively.

Other Assets and Other Liabil65

Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of deferred tax assets and liabilities [Line Items]
Operating loss carryforwards				$ 759,800
Taxable REIT Subsidiaries [Member]
Schedule of deferred tax assets and liabilities [Line Items]
Deferred tax assets	[1]	$ 64,793	$ 54,318
Valuation allowance		(64,793)	(54,318)
Net deferred tax assets (liabilities)		0	0
Real estate basis differences		42,400	39,300
Investments basis differences		8,500	5,900
Deferred expenses differences		7,400	2,700
Operating loss carryforwards		$ 4,200	$ 4,100

[1]	Deferred tax assets as of June 30, 2015 include timing differences related primarily to real estate basis of $42.4 million, investment basis of $8.5 million, deferred expenses of $7.4 million, and net operating loss carryforwards of $4.2 million. Deferred tax assets as of December 31, 2014, include timing differences related primarily to real estate basis of $39.3 million, investment basis of $5.9 million, net operating loss carryforwards of $4.1 million, and deferred expenses of $2.7 million.

Loan Participations Payable, 66

Loan Participations Payable, net (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Loans Receivable Net of Deferred Income		$ 1,523,543		$ 1,288,662
Loan Participations Payable, net		141,452		0
Unfunded Commitments		790,238
Proceeds from loan participations payable		138,075	$ 0
Loan Participation Payable One [Domain]
Transfers Accounted for as Loan Participations Payable, Assets, Carrying Amount		100,000
Loans Receivable, Commitments		250,000
Loans Receivable, Funded Commitment		38,900
Unfunded Commitments		$ 61,100
Loans Receivable with Fixed Rates of Interest		5.90%
Loans Receivable, Amount Funded to Borrower		$ 3,400
Proceeds from loan participations payable		$ 38,900
Loan Participation Payable Two [Domain]
Debt Instrument, Description of Variable Rate Basis	[1]	LIBOR
Loan Receivable, Basis Spread on Variable Rate		3.50%
Transfers Accounted for as Loan Participations Payable, Assets, Carrying Amount		$ 100,000
Loans Receivable, Commitments		220,200
Loans Receivable, Funded Commitment		100,000
Proceeds from loan participations payable		99,200
Loan Participations Payable [Member]
Loans Receivable Net of Deferred Income		142,300
Loan Participations Payable, net		142,300		$ 0
Loan Participations Payable [Member]
Loan Participations Payable, net		$ 141,500
Minimum [Member] \| Loan Participation Payable Two [Domain]
Debt Instrument, Basis Spread on Variable Rate		0.25%

[1]	The loan has a LIBOR floor of 1.25%. As of June 30, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jun. 10, 2014
Debt Instrument [Line Items]
Total debt obligations		$ 4,160,796			$ 4,160,796		$ 4,034,349
Debt discounts, net		(9,143)			(9,143)		(11,665)
Total debt obligations, net(6)		4,151,653			4,151,653		4,022,684
Interest Costs Capitalized		1,200		$ 1,000	2,600	$ 1,900
2012 Tranche A-2 Facility
Debt Instrument [Line Items]
Total debt obligations	[1]	$ 345,048			$ 345,048		358,504
Stated Interest Rates		7.00%			7.00%
Variable interest rate, spread		5.75%	[1]		5.75%
Variable interest rate, basis	[1]				LIBOR
2015 Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations	[2]	$ 250,000			$ 250,000		0
Term loans collateralized by net lease assets
Debt Instrument [Line Items]
Total debt obligations	[3]	$ 244,623			$ 244,623		248,955
Weighted average interest rate		5.30%			5.30%
Stated interest rate, minimum	[3]				4.851%
Stated interest rate, maximum	[3]	7.26%
Total secured credit facilities and term loans
Debt Instrument [Line Items]
Total debt obligations		$ 839,671			$ 839,671		607,459
6.05% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 0			$ 0		105,765
Stated Interest Rates		6.05%			6.05%
5.875% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 261,403			$ 261,403		261,403
Stated Interest Rates		5.875%			5.875%
3.875% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 265,000			$ 265,000		265,000
Stated Interest Rates		3.875%			3.875%
3.0% senior convertible notes
Debt Instrument [Line Items]
Total debt obligations	[4]	$ 200,000			$ 200,000		200,000
Stated Interest Rates	[4]	3.00%			3.00%
Convertible debt conversion ratio		0.085
Convertible debt conversion price		$ 11.77			$ 11.77
1.50% senior convertible notes
Debt Instrument [Line Items]
Total debt obligations	[5]	$ 200,000			$ 200,000		200,000
Stated Interest Rates	[5]	1.50%			1.50%
Convertible debt conversion ratio		0.0578
Convertible debt conversion price		$ 17.29			$ 17.29
5.85% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 99,722			$ 99,722		99,722
Stated Interest Rates		5.85%			5.85%
9.0% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 275,000			$ 275,000		275,000
Stated Interest Rates		9.00%			9.00%
4.00% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 550,000			$ 550,000		550,000
Stated Interest Rates		4.00%			4.00%			4.00%
7.125% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 300,000			$ 300,000		300,000
Stated Interest Rates		7.125%			7.125%
4.875% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 300,000			$ 300,000		300,000
Stated Interest Rates		4.875%			4.875%
5.00% senior notes
Debt Instrument [Line Items]
Total debt obligations		$ 770,000			$ 770,000		770,000
Stated Interest Rates		5.00%			5.00%			5.00%
Unsecured Notes
Debt Instrument [Line Items]
Total debt obligations		$ 3,221,125			$ 3,221,125		3,326,890
Other debt obligations
Debt Instrument [Line Items]
Total debt obligations		$ 100,000			$ 100,000		$ 100,000
Variable interest rate, spread		1.50%
Variable interest rate, basis					LIBOR
Minimum \| 2012 Tranche A-2 Facility
Debt Instrument [Line Items]
Variable interest rate, spread		1.25%
Property One \| London Interbank Offered Rate (LIBOR) \| Term loans collateralized by net lease assets
Debt Instrument [Line Items]
Variable interest rate, spread					2.00%
Base Rate [Member] \| London Interbank Offered Rate (LIBOR) \| 2015 Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate, spread					1.00%
Base Rate [Member] \| Federal Funds Effective Swap Rate [Member] \| 2015 Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate, spread					0.50%
Base Rate [Member] \| Minimum \| 2015 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, margin					1.25%
Base Rate [Member] \| Maximum [Member] \| 2015 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, margin					1.75%
London Interbank Offered Rate (LIBOR) \| Minimum \| 2015 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, margin					2.25%
London Interbank Offered Rate (LIBOR) \| Maximum [Member] \| 2015 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, margin					2.75%

[1]	The loan has a LIBOR floor of 1.25%. As of June 30, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.
[2]	The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.
[3]	As of June 30, 2015 and December 31, 2014, includes a loan with a floating rate of LIBOR plus 2.00%. As of June 30, 2015, the weighted average interest rate of these loans is 5.3%.
[4]	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at $11.77 per share at any time prior to the close of business on November 14, 2016.
[5]	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Future S

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Maturities of Long-term Debt [Abstract]
2015 (remaining six months)	$ 0
2,016	926,403
2,017	1,269,770
2,018	864,282
2,019	801,562
Thereafter	298,779
Total principal maturities	4,160,796	$ 4,034,349
Unamortized discounts, net	(9,143)	(11,665)
Total debt obligations, net(6)	4,151,653	$ 4,022,684
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2015 (remaining six months)	0
2,016	926,403
2,017	924,722
2,018	600,000
2,019	770,000
Thereafter	100,000
Total principal maturities	3,321,125
Unamortized discounts, net	(6,962)
Total debt obligations, net(6)	3,314,163
Secured Debt
Maturities of Long-term Debt [Abstract]
2015 (remaining six months)	0
2,016	0
2,017	345,048
2,018	264,282
2,019	31,562
Thereafter	198,779
Total principal maturities	839,671
Unamortized discounts, net	(2,181)
Total debt obligations, net(6)	$ 837,490

Debt Obligations, net (Secured

Debt Obligations, net (Secured Credit Facility Narrative) (Details)		1 Months Ended	3 Months Ended			6 Months Ended		39 Months Ended
		Mar. 31, 2012USD ($)tranches	Jun. 30, 2015USD ($)		Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Mar. 27, 2015USD ($)
Line of Credit Facility [Line Items]
Repayments of Debt						$ 247,055,000	$ 1,408,935,000
Loss on early extinguishment of debt, net			$ 44,000		$ 23,587,000	$ 212,000	$ 24,767,000
2012 Secured Credit Facilities
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 880,000,000
Number of tranches \| tranches		2
2012 Tranche A-1 Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 410,000,000
Variable interest rate, basis						LIBOR
Percentage of par credit facilities were issued at		98.00%
Variable interest rate, spread						4.00%
2012 Tranche A-2 Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 470,000,000
Repayments of Debt								$ 125,000,000
Stated Interest Rates			7.00%			7.00%		7.00%
Loss on early extinguishment of debt, net			$ 100,000			$ 200,000
Variable interest rate, basis	[1]					LIBOR
Percentage of par credit facilities were issued at		98.50%
Variable interest rate, spread			5.75%	[1]		5.75%
2015 Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity									$ 250,000,000
Line of Credit Facility, Interest Rate at Period End			3.25%
Converted term loan, term						1 year
Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage						0.375%
Minimum \| 2012 Tranche A-2 Facility
Line of Credit Facility [Line Items]
Variable interest rate, spread			1.25%
Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage						0.50%
London Interbank Offered Rate (LIBOR) \| Minimum \| 2012 Tranche A-1 Facility
Line of Credit Facility [Line Items]
Variable interest rate, spread						1.25%

[1]	The loan has a LIBOR floor of 1.25%. As of June 30, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.

Debt Obligations, net (Encumber

Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Real estate, net		$ 2,538,816		$ 2,676,714
Real estate available and held for sale		288,021		285,982
Loans receivable and other lending investments, net	[1]	1,567,296		1,377,843
Other investments		289,500		354,119
Cash and other assets		989,730		768,475
Total assets		5,673,363		5,463,133
Reserves for loan losses		(121,934)	$ (102,783)	(98,490)	$ (137,904)	$ (370,076)	$ (377,204)
Loan Participations Payable, net		141,452		0
Encumbered Assets
Debt Instrument [Line Items]
Real estate, net		880,745		620,378
Real estate available and held for sale		10,496		10,496
Loans receivable and other lending investments, net	[2]	102,218		46,515
Other investments		18,509		17,708
Cash and other assets		0		0
Total assets		1,011,968		695,097
Unencumbered Assets [Member]
Debt Instrument [Line Items]
Real estate, net		1,658,071		2,056,336
Real estate available and held for sale		277,525		275,486
Loans receivable and other lending investments, net	[2]	1,349,876		1,364,828
Other investments		270,991		336,411
Cash and other assets		989,730		768,475
Total assets		4,546,193		4,801,536
Collectively Evaluated for Impairment [Member]
Debt Instrument [Line Items]
Reserves for loan losses	[3]	(27,100)		(33,500)
Loan Participations Payable [Member]
Debt Instrument [Line Items]
Loan Participations Payable, net		$ 142,300		$ 0

[1]	The Company's recorded investment in loans as of June 30, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[2]	As of June 30, 2015 and December 31, 2014, the amounts presented exclude general reserves for loan losses of $27.1 million and $33.5 million, respectively.
[3]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $11.1 million and $10.6 million as of June 30, 2015 and December 31, 2014, respectively.

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details) - Jun. 30, 2015	Total
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness	1.2
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
2012 Secured Credit Facilities
Debt Instrument [Line Items]
Multiple of the minimum collateral coverage on outstanding borrowings	1.25
Total secured credit facilities and term loans
Debt Instrument [Line Items]
Percentage of REIT taxable income permitted for distribution under debt covenants	100.00%
2015 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings	1.5
Multiple of the minimum collateral coverage on outstanding borrowings	1.5

Debt Obligations, net (Unsecure

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 10, 2014
Debt Instrument [Line Items]
Repayments of Debt		$ 247,055	$ 1,408,935
4.00% senior notes
Debt Instrument [Line Items]
Stated Interest Rates		4.00%		4.00%
Debt instrument, face amount				$ 550,000
5.00% senior notes
Debt Instrument [Line Items]
Stated Interest Rates		5.00%		5.00%
Debt instrument, face amount				$ 770,000
February 2013 Secured Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of Debt	$ 1,320,000
Early Repayment [Member] \| February 2013 Secured Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Lender Fees, Amount Recorded as a Loss on Early Extinguishment of Debt	$ 22,800

Commitments and Contingencies73

Commitments and Contingencies (Unfunded Commitments) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	$ 727,693
Strategic Investments	46,076
Discretionary Fundings	16,469
Total	790,238
Loans and Other Lending Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	660,147
Strategic Investments	0
Discretionary Fundings	16,469
Total	676,616
Real Estate
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	13,069
Strategic Investments	0
Discretionary Fundings	0
Total	13,069
Other Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	54,477
Strategic Investments	46,076
Discretionary Fundings	0
Total	$ 100,553

Commitments and Contingencies74

Commitments and Contingencies (Narrative) (Details) - Jan. 22, 2015 - Land - Real Estate Sales [Member] $ in Millions	USD ($)a
Other Commitments [Line Items]
Area of real estate property	1,250
Unpaid purchase price \| $	$ 114
Unpaid purchase price, interest rate	12.00%
Court Settlement Payment Period	30 days
Noncontrolling Interest, ownership percentage by noncontrolling owners	15.00%

Derivatives (Derivatives) (Deta

Derivatives (Derivatives) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	$ 0	$ 52
Derivative Liabilities, Fair Value	75	478
Designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	0
Designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	21	478
Designated as hedge \| Interest rate swaps \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	52
Designated as hedge \| Interest rate swaps \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	54	0
Not designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	2,204	6,309
Derivative Liabilities, Fair Value	609	0
Not designated as hedge \| Foreign exchange contracts \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	1,534
Not designated as hedge \| Foreign exchange contracts \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	609	0
Not designated as hedge \| Interest rate cap \| Other Assets
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	2,204	4,775
Not designated as hedge \| Interest rate cap \| Other Liabilities
Derivative financial instruments on consolidated balance sheets
Derivative Liabilities, Fair Value	$ 0	$ 0

Derivatives (Classification on

Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Expense \| Interest rate cap \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Derivative, Net Hedge Ineffectiveness Gain (Loss)		$ (3,634)		$ (3,634)
Other Expense \| Interest rate cap \| Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income	$ (534)	(504)	$ (2,571)	(504)
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)		(579)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)		0		0
Other Expense \| Foreign exchange contracts \| Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income	(702)	(751)	1,587	747
Earnings from equity method investments \| Interest rate cap \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(3)		(10)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0		0
Earnings from equity method investments \| Interest rate swaps \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	41		(323)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(117)		(232)
Earnings from equity method investments \| Foreign exchange contracts \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	14		(184)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0		0
Interest Expense \| Interest rate cap \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	0	(2,022)	0	(2,984)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(125)	0	202	0
Interest Expense \| Interest rate swaps \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	92	(693)	284	(1,041)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	$ 42	$ (39)	$ 84	$ 96

Derivatives (Foreign Exchange C

Derivatives (Foreign Exchange Contracts) (Details) € in Thousands, ₨ in Thousands, £ in Thousands, CAD in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015EUR (€)	Jun. 30, 2015GBP (£)	Jun. 30, 2015CAD	Jun. 30, 2015INR (₨)
Derivative [Line Items]
Foreign currency transaction gain (loss)	$ (100)	$ 0	$ (100)	$ 400
Sells euro (EUR)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	5,916		$ 5,916		€ 5,500
Maturity of Foreign Currency Derivatives			Jul. 2, 2015
Sells Indian rupee (INR)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	6,553		$ 6,553					₨ 456,000
Maturity of Foreign Currency Derivatives			Dec. 30, 2016
Sells pound sterling (GBP)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	4,433		$ 4,433			£ 3,000
Maturity of Foreign Currency Derivatives			Jul. 2, 2015
Sells Canadian dollar (CAD)/Buys USD Forward
Derivative [Line Items]
Derivative, Notional Amount	$ 8,292		$ 8,292				CAD 10,500
Maturity of Foreign Currency Derivatives			Jul. 2, 2015

Derivatives (Interest Rate Hedg

Derivatives (Interest Rate Hedges) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Interest rate cap
Derivative [Line Items]
Derivative, Notional Amount	$ 500,000
Derivative, Cap Interest Rate	1.00%
Interest rate swap
Derivative [Line Items]
Derivative, Variable Interest Rate	2.00%
Derivative, Notional Amount	$ 27,196
Derivative, Fixed Interest Rate	3.47%
Terminated Interest Rate Swap
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 200
Interest rate swaps
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 700

Derivatives (Notional Amounts)

Derivatives (Notional Amounts) (Details) - Jun. 30, 2015	Total
Sells Indian rupee (INR)/Buys USD Forward
Derivative [Line Items]
Maturity	Dec. 30, 2016
Sells euro (EUR)/Buys USD Forward
Derivative [Line Items]
Maturity	Jul. 2, 2015
Sells pound sterling (GBP)/Buys USD Forward
Derivative [Line Items]
Maturity	Jul. 2, 2015
Sells Canadian dollar (CAD)/Buys USD Forward
Derivative [Line Items]
Maturity	Jul. 2, 2015
Interest rate cap
Derivative [Line Items]
Fixed Rate	1.00%
Interest rate swap
Derivative [Line Items]
Fixed Rate	3.47%

Derivatives (Credit Risk-Relate

Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted	$ 0
Forward Contracts
Derivative [Line Items]
Collateral Posted For Hedges	$ 3,000,000	$ 3,000,000

Equity (Preferred Stock) (Detai

Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
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)		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	[1],[2]	$ 25		$ 25
Rate per Annum	[1],[2]	8.00%	8.00%
Equivalent to Fixed Annual Rate (per share)	[1],[2]	$ 2	$ 2
Dividends declared and paid		$ 4,000,000	$ 4,000,000
Series E
Class of Stock [Line Items]
Shares Issued and Outstanding (in thousands)		5,600		5,600
Par Value (in dollars per share)		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	[1],[2]	$ 25		$ 25
Rate per Annum	[1],[2]	7.875%	7.875%
Equivalent to Fixed Annual Rate (per share)	[1],[2]	$ 1.97	$ 1.97
Dividends declared and paid		$ 5,500,000	$ 5,500,000
Series F
Class of Stock [Line Items]
Shares Issued and Outstanding (in thousands)		4,000		4,000
Par Value (in dollars per share)		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	[1],[2]	$ 25		$ 25
Rate per Annum	[1],[2]	7.80%	7.80%
Equivalent to Fixed Annual Rate (per share)	[1],[2]	$ 1.95	$ 1.95
Dividends declared and paid		$ 3,900,000	$ 3,900,000
Series G
Class of Stock [Line Items]
Shares Issued and Outstanding (in thousands)		3,200		3,200
Par Value (in dollars per share)		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	[1],[2]	$ 25		$ 25
Rate per Annum	[1],[2]	7.65%	7.65%
Equivalent to Fixed Annual Rate (per share)	[1],[2]	$ 1.91	$ 1.91
Dividends declared and paid		$ 3,100,000	$ 3,100,000
Series I
Class of Stock [Line Items]
Shares Issued and Outstanding (in thousands)		5,000		5,000
Par Value (in dollars per share)		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	[1],[2]	$ 25		$ 25
Rate per Annum	[1],[2]	7.50%	7.50%
Equivalent to Fixed Annual Rate (per share)	[1],[2]	$ 1.88	$ 1.88
Dividends declared and paid		$ 4,700,000	$ 4,700,000
Series J
Class of Stock [Line Items]
Shares Issued and Outstanding (in thousands)		4,000		4,000
Par Value (in dollars per share)		$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	[1],[2]	$ 50		$ 50
Rate per Annum	[1],[2]	4.50%	4.50%
Equivalent to Fixed Annual Rate (per share)	[1],[2]	$ 2.25	$ 2.25
Dividends declared and paid		$ 4,500,000	$ 4,500,000

[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 Cumulative Redeemable Preferred Stock during the six months ended June 30, 2015 and 2014. The Company declared and paid dividends of $4.5 million on its Series J Convertible Perpetual Preferred Stock during the six months ended June 30, 2015 and 2014. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ in Millions	6 Months Ended
Equity (Dividends) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2013
Dividends [Abstract]
Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT	90.00%
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT	100.00%
Operating loss carryforwards		$ 759.8

Equity (Stock Repurchase Progra

Equity (Stock Repurchase Program) (Details) - USD ($)	6 Months Ended
Equity (Stock Repurchase Program) (Details) - USD ($)	Jun. 30, 2015	Sep. 30, 2013
Stock Repurchase Program
Repurchase of common stock, authorized amount		$ 50,000,000
Treasury stock, shares, acquired	44,235
Treasury stock value acquired including acquisition costs	$ 600,000
Treasury stock acquired, average cost per share	$ 12.66
Available repurchase of common stock, authorized amount	$ 28,500,000

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains (losses) on available-for-sale securities	$ (186)	$ 2,983
Unrealized gains (losses) on cash flow hedges	(860)	(409)
Unrealized losses on cumulative translation adjustment	(3,660)	(3,545)
Accumulated other comprehensive income (loss)	$ (4,706)	$ (971)

Equity (HPU Repurchase) (Detail

Equity (HPU Repurchase) (Details) - Jul. 30, 2015 - Subsequent Event [Member] - HPU [Member] - $ / shares	Total
Stock Performance Award Repurchase Cash Price of Participant Interest	$ 9.30
Stock Performance Award Repurchase Common Stock Equivalent of Participant Interest	$ 0.7
Stock Performance Award Percentage of Holders with Binding Commitments To Tender	61.00%
Stock Performance Award Percentage of Holders Tendered	25.00%

Stock-Based Compensation Plan86

Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) $ in Thousands	Jan. 30, 2015shares	Jan. 31, 2015	Jan. 31, 2014	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Installmentshares	Jun. 30, 2014USD ($)shares	Feb. 01, 2013shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $				$ 3,947	$ 3,196	$ 7,186	$ 5,271
Unrecognized compensation cost \| $				2,800		$ 2,800
Weighted-average period to recognize the unrecognized compensation cost						1 year 3 months 29 days
Deferred compensation share-based arrangements, liability, current and noncurrent \| $				$ 13,800		$ 13,800
2013 Performance Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Points Issued						10	73
2014 Performance Incentive Plan [Member] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Points Issued						34
Long-term Incentive Plan 2006 and 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance				3,700,000		3,700,000
Employees \| Common Stock Subject to Sales Restriction
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, Number of Shares						318,482
Granted, Number of Shares						318,482
Restricted shares awarded						189,241
Sale restriction period						2 years
Employees \| Service Based Restricted Stock Units Vesting on December 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units	64,196
Non-vested, outstanding (in shares)				62,854		62,854
Employees \| Performance-based restricted stock units vesting on December 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)				49,613		49,613
Risk-free interest rate			0.76%
Expected stock price volatility			44.84%
Employees \| Performance-based restricted stock units vesting on December 31, 2016 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			0.00%
Employees \| Performance-based restricted stock units vesting on December 31, 2016 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			200.00%
Employees \| Performance Based Restricted Stock Units Vesting on December 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units	49,650
Non-vested, outstanding (in shares)				49,075		49,075
Risk-free interest rate		0.75%
Expected stock price volatility		28.14%
Employees \| Performance Based Restricted Stock Units Vesting on December 31, 2017 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%
Employees \| Performance Based Restricted Stock Units Vesting on December 31, 2017 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		200.00%
Employees \| Service Based Restricted Stock Units Vesting on December 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)				63,378		63,378
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Installments, Number \| Installment						1
Employees \| Service-based restricted stock units vesting on February 1, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)								194,582
Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)				10,666		10,666
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Installments, Number \| Installment						1
Employees \| Service based restricted stock units with specified vesting dates \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						3 years

Stock-Based Compensation Plan87

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Jun. 30, 2015 - Directors - CSE and restricted stock units - USD ($) $ / shares in Units, $ in Millions	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of Shares	50,360
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value	$ 14.40
Vesting term	1 year
Non-vested, outstanding (in shares)	280,659
Aggregate intrinsic value for directors	$ 3.7

Stock-Based Compensation Plan88

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.1	$ 0.8	$ 0.7

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details 1) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Income (loss) from continuing operations	[1]	$ (38,131)	$ (20,774)	$ (71,599)	$ (51,445)
Income from sales of real estate		18,355	17,180	39,511	33,674
Net (income) loss attributable to noncontrolling interests		629	(325)	2,470	(779)
Preferred dividends		12,830	12,830	25,660	25,660
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders		$ (31,977)	$ (16,749)	$ (55,278)	$ (44,210)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(37.5) million and $(69.1) million for the three and six months ended June 30, 2015, respectively, and $(21.1) million and $(52.2) million for the three and six months ended June 30, 2014, respectively. See Note 14 for details on the calculation of earnings per share.

Earnings Per Share (Schedule 90

Earnings Per Share (Schedule of Earnings Per Share) (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	[1]	85,541	84,916	85,519	84,868
Weighted average High Performance Units outstanding for basic and diluted earnings per share	[1],[2]	15	15	15	15
Per basic and diluted share data:
Net income (loss) attributable to iStar Financial Inc.and allocable to HPU holders—Basic and diluted (in dollars per share)	[1]	$ (0.36)	$ (0.19)	$ (0.63)	$ (0.50)
Common Stock
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		85,541	84,916	85,519	84,868
Per basic and diluted share data:
Net income (loss) attributable to iStar Financial Inc.and allocable to HPU holders—Basic and diluted (in dollars per share)		$ (0.36)	$ (0.19)	$ (0.63)	$ (0.50)
HPU's
Denominator for basic and diluted earnings per share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share		15	15	15	15
Basic and Diluted \| Common Stock
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders		$ (30,950)	$ (16,207)	$ (53,502)	$ (42,779)
Basic and Diluted \| HPU's
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders		$ (1,027)	$ (542)	$ (1,776)	$ (1,431)
Per basic and diluted share data:
Net income (loss) attributable to iStar Financial Inc.and allocable to HPU holders—Basic and diluted (in dollars per share)		$ (68.47)	$ (36.13)	$ (118.40)	$ (95.40)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. was $(37.5) million and $(69.1) million for the three and six months ended June 30, 2015, respectively, and $(21.1) million and $(52.2) million for the three and six months ended June 30, 2014, respectively. See Note 14 for details on the calculation of earnings per share.
[2]	HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program.

Earnings Per Share (Anti-diluti

Earnings Per Share (Anti-dilutive Shares) (Details) - shares shares in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Joint venture shares
Anti-dilutive shares
Anti-dilutive shares	[1]	298	298	298	298
3.00% convertible senior unsecured notes
Anti-dilutive shares
Anti-dilutive shares	[1]	16,992	16,992	16,992	16,992
Series J convertible perpetual preferred stock
Anti-dilutive shares
Anti-dilutive shares	[1]	15,635	15,635	15,635	15,635
1.50% convertible senior unsecured notes
Anti-dilutive shares
Anti-dilutive shares	[1]	11,567	11,567	11,567	11,567

[1]	For the three and six months ended June 30, 2015 and 2014, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.

Fair Values (Schedule of Fair V

Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)Loanreal_estate_asset		Jun. 30, 2014	Dec. 31, 2014USD ($)Loanreal_estate_asset
Recurring basis \| Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Available-for-sale securities					$ 7,906
Recurring basis \| Significant other observable inputs (Level 2)
Assets and liabilities recorded at fair value
Derivative assets		$ 2,204			6,361
Derivative liabilities		684			478
Recurring basis \| Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Available-for-sale securities	[1]	1,100
Non-recurring basis \| Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired loans		32,200	[2]		37,169
Impaired real estate		1,215			7,102
Total \| Recurring basis
Assets and liabilities recorded at fair value
Derivative assets		2,204			6,361
Derivative liabilities		684			478
Available-for-sale securities		1,100	[1]		7,906
Total \| Non-recurring basis
Assets and liabilities recorded at fair value
Impaired loans		32,200	[2]		37,169
Impaired real estate		1,215			7,102
Loans Receivable One \| Non-recurring basis \| Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired loans	[2]	24,200
Loans Receivable Two \| Non-recurring basis \| Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Impaired loans	[2]	$ 8,000
Discounted Cash Flow Valuation Technique \| Loans Receivable One \| Non-recurring basis
Assets and liabilities recorded at fair value
Number of Impaired Loans \| Loan		1
Discounted Cash Flow Valuation Technique \| Loans Receivable Two \| Non-recurring basis
Assets and liabilities recorded at fair value
Impaired loans	[2]				$ 8,500
Number of Impaired Loans \| Loan		1			1
Fair Value Assumptions, Weighted Average Expected Term				1 year 6 months
Discount rate		12.60%		4.70%
Discounted Cash Flow Valuation Technique \| Loans Receivable Three \| Non-recurring basis
Assets and liabilities recorded at fair value
Number of Impaired Loans \| Loan					1
Discounted Cash Flow Valuation Technique \| Commercial Operating Properties \| Non-recurring basis
Assets and liabilities recorded at fair value
Impaired real estate		$ 1,200
Number of Impaired Real Estate Assets \| real_estate_asset		1
Discount rate		11.00%
Discounted Cash Flow Valuation Technique \| Land \| Non-recurring basis
Assets and liabilities recorded at fair value
Impaired real estate					$ 7,100
Number of Impaired Real Estate Assets \| real_estate_asset					1
Discount rate				15.00%
Fair Value Assumptions, Expected Term				10 years
Market Approach Valuation Technique \| Loans Receivable Three \| Non-recurring basis
Assets and liabilities recorded at fair value
Impaired loans	[2]				$ 5,200
Executed Foreclosure Sale Agreement \| Loans Receivable Three \| Non-recurring basis
Assets and liabilities recorded at fair value
Impaired loans					$ 23,500
Number of Impaired Loans \| Loan					1

[1]	The fair value of the Company's available-for-sale securities are based upon third-party broker quotes.
[2]	The Company recorded a provision for loan losses on one loan with a fair value of $24.2 million based on the expected proceeds to be received from the borrower. The Company also recorded a provision for loan losses on one loan with a fair value of $8.0 million based on a discount rate of 12.6% using discounted cash flows over a six month term.

Fair Values (Narrative) (Detail

Fair Values (Narrative) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Financial assets:
Loans receivable and other lending investments, net	[1]	$ 1,567,296	$ 1,377,843
Financial liabilities:
Debt obligations, net		4,151,653	4,022,684
Loan Participations Payable, net		141,452	0
Fair Value
Financial assets:
Loans receivable and other lending investments, net		1,600,000	1,400,000
Financial liabilities:
Debt obligations, net		4,300,000	4,100,000
Loan Participations Payable, net		$ 100,000	$ 0

[1]	The Company's recorded investment in loans as of June 30, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segments	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting
Number of reportable segments \| segments				4
Operating lease income		$ 56,152	$ 60,967	$ 115,291	$ 123,075
Interest income		33,729	35,127	68,625	63,041
Other income		12,761	29,262	23,325	43,846
Land development revenue		6,543	4,487	14,801	8,630
Earnings (loss) from equity method investments		8,785	24,093	15,332	27,270
Income from sales of real estate		18,355	17,180	39,511	33,674
Total revenue and other earnings		136,325	171,116	276,885	299,536
Real estate expense		(36,355)	(40,554)	(75,989)	(83,167)
Land development cost of sales		(5,252)	(3,611)	(12,142)	(7,265)
Other expense		(888)	(4,690)	(3,011)	(4,911)
Allocated interest expense		(55,824)	(56,530)	(110,456)	(113,986)
Allocated general and administrative	[1]	(16,639)	(23,427)	(34,154)	(41,140)
Segment profit (loss)	[2]	21,367	42,304	41,133	49,067
Provision for (recovery of) loan losses	[3]	19,151	(2,792)	23,444	(6,192)
Impairment of assets		1,674	3,300	1,674	6,279
Depreciation and amortization		15,516	18,822	34,017	37,435
Capitalized expenditures		50,983	32,138	83,802	59,048
Real estate, net		2,538,816		2,538,816		$ 2,676,714
Real estate available and held for sale		288,021		288,021		285,982
Total real estate		2,826,837		2,826,837		2,962,696
Loans receivable and other lending investments, net	[4]	1,567,296		1,567,296		1,377,843
Other investments		289,500		289,500		354,119
Total portfolio assets		4,683,633		4,683,633		4,694,658
Cash and other assets		989,730		989,730		768,475
Total assets		5,673,363		5,673,363		5,463,133
Operating Segments \| Real Estate Finance
Segment Reporting
Operating lease income		0	0	0	0
Interest income		33,729	35,127	68,625	63,041
Other income		798	19,043	846	19,442
Land development revenue		0	0	0	0
Earnings (loss) from equity method investments		0	0	0	0
Income from sales of real estate		0	0	0	0
Total revenue and other earnings		34,527	54,170	69,471	82,483
Real estate expense		0	0	0	0
Land development cost of sales		0	0	0	0
Other expense		(221)	(303)	(220)	(733)
Allocated interest expense		(14,563)	(15,858)	(28,798)	(31,310)
Allocated general and administrative	[1]	(3,129)	(4,444)	(6,223)	(7,534)
Segment profit (loss)	[2]	16,614	33,565	34,230	42,906
Provision for (recovery of) loan losses		19,151	(2,792)	23,444	(6,192)
Impairment of assets		0	0	0	0
Depreciation and amortization		0	0	0	0
Capitalized expenditures		0	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		1,567,296		1,567,296		1,377,843
Other investments		0		0		0
Total portfolio assets		1,567,296		1,567,296		1,377,843
Operating Segments \| Net Lease
Segment Reporting
Operating lease income		37,781	37,674	74,120	76,555
Interest income		0	0	0	0
Other income		121	519	124	733
Land development revenue		0	0	0	0
Earnings (loss) from equity method investments		1,666	862	3,299	1,148
Income from sales of real estate		5,127	0	8,654	0
Total revenue and other earnings		44,695	39,055	86,197	78,436
Real estate expense		(5,522)	(5,520)	(10,792)	(11,194)
Land development cost of sales		0	0	0	0
Other expense		0	0	0	0
Allocated interest expense		(16,933)	(18,009)	(33,768)	(36,619)
Allocated general and administrative	[1]	(3,676)	(5,183)	(7,437)	(8,982)
Segment profit (loss)	[2]	18,564	10,343	34,200	21,641
Provision for (recovery of) loan losses		0	0	0	0
Impairment of assets		0	0	0	2,979
Depreciation and amortization		9,409	9,682	18,858	19,810
Capitalized expenditures		1,769	201	2,114	(426)
Real estate, net		1,163,350		1,163,350		1,188,160
Real estate available and held for sale		2,708		2,708		4,521
Total real estate		1,166,058		1,166,058		1,192,681
Loans receivable and other lending investments, net		0		0		0
Other investments		70,409		70,409		125,360
Total portfolio assets		1,236,467		1,236,467		1,318,041
Operating Segments \| Operating Properties
Segment Reporting
Operating lease income		18,116	23,117	40,730	46,118
Interest income		0	0	0	0
Other income		10,591	7,874	19,467	20,540
Land development revenue		0	0	0	0
Earnings (loss) from equity method investments		298	731	833	948
Income from sales of real estate		13,228	17,180	30,857	33,674
Total revenue and other earnings		42,233	48,902	91,887	101,280
Real estate expense		(23,940)	(28,929)	(51,364)	(57,543)
Land development cost of sales		0	0	0	0
Other expense		0	0	0	0
Allocated interest expense		(7,057)	(10,229)	(14,725)	(20,488)
Allocated general and administrative	[1]	(1,629)	(3,078)	(3,457)	(5,267)
Segment profit (loss)	[2]	9,607	6,666	22,341	17,982
Provision for (recovery of) loan losses		0	0	0	0
Impairment of assets		1,674	3,900	1,674	3,900
Depreciation and amortization		5,446	8,368	13,791	16,232
Capitalized expenditures		21,749	13,564	31,843	26,418
Real estate, net		510,466		510,466		628,271
Real estate available and held for sale		138,187		138,187		162,782
Total real estate		648,653		648,653		791,053
Loans receivable and other lending investments, net		0		0		0
Other investments		11,391		11,391		13,220
Total portfolio assets		660,044		660,044		804,273
Operating Segments \| Land
Segment Reporting
Operating lease income		255	176	441	402
Interest income		0	0	0	0
Other income		154	143	787	369
Land development revenue		6,543	4,487	14,801	8,630
Earnings (loss) from equity method investments		4,463	(151)	7,072	(409)
Income from sales of real estate		0	0	0	0
Total revenue and other earnings		11,415	4,655	23,101	8,992
Real estate expense		(6,893)	(6,105)	(13,833)	(14,430)
Land development cost of sales		(5,252)	(3,611)	(12,142)	$ (7,265)
Other expense		0	0	0
Allocated interest expense		(7,876)	(7,294)	(15,420)	$ (14,453)
Allocated general and administrative	[1]	(2,733)	(4,224)	(5,526)	(7,273)
Segment profit (loss)	[2]	(11,339)	(16,579)	(23,820)	(34,429)
Provision for (recovery of) loan losses		0	0	0	0
Impairment of assets		0	(600)	0	(600)
Depreciation and amortization		390	490	780	794
Capitalized expenditures		27,465	18,373	49,845	33,056
Real estate, net		865,000		865,000		860,283
Real estate available and held for sale		147,126		147,126		118,679
Total real estate		1,012,126		1,012,126		978,962
Loans receivable and other lending investments, net		0		0		0
Other investments		113,009		113,009		106,155
Total portfolio assets		1,125,135		1,125,135		1,085,117
Corporate, Non-Segment \| Corporate/Other
Segment Reporting
Operating lease income	[5]	0	0	0	0
Interest income	[5]	0	0	0	0
Other income	[5]	1,097	1,683	2,101	2,762
Land development revenue	[5]	0	0	0	0
Earnings (loss) from equity method investments	[5]	2,358	22,651	4,128	25,583
Income from sales of real estate	[5]	0	0	0	0
Total revenue and other earnings	[5]	3,455	24,334	6,229	28,345
Real estate expense	[5]	0	0	0	0
Land development cost of sales	[5]	0	0	0	0
Other expense	[5]	(667)	(4,387)	(2,791)	(4,178)
Allocated interest expense	[5]	(9,395)	(5,140)	(17,745)	(11,116)
Allocated general and administrative	[1],[5]	(5,472)	(6,498)	(11,511)	(12,084)
Segment profit (loss)	[2],[5]	(12,079)	8,309	(25,818)	967
Provision for (recovery of) loan losses	[5]	0	0	0	0
Impairment of assets	[5]	0	0	0	0
Depreciation and amortization	[5]	271	282	588	599
Capitalized expenditures	[5]	0	$ 0	0	$ 0
Real estate, net	[5]	0		0		0
Real estate available and held for sale	[5]	0		0		0
Total real estate	[5]	0		0		0
Loans receivable and other lending investments, net	[5]	0		0		0
Other investments	[5]	94,691		94,691		109,384
Total portfolio assets	[5]	$ 94,691		$ 94,691		$ 109,384

[1]	General and administrative excludes stock-based compensation expense of $3.9 million and $7.2 million for the three and six months ended June 30, 2015 and $3.2 million and $5.3 million for the three and six months ended June 30, 2014, respectively.
[2]	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014Segment profit$21,367 $42,304 $41,133 $49,067Less: (Provision for) recovery of loan losses(19,151) 2,792 (23,444) 6,192Less: Impairment of assets(1,674) (3,300) (1,674) (6,279)Less: Stock-based compensation expense(3,947) (3,196) (7,186) (5,271)Less: Depreciation and amortization(15,516) (18,822) (34,017) (37,435)Less: Income tax (expense) benefit(811) 215 (6,688) 722Less: Loss on early extinguishment of debt, net(44) (23,587) (212) (24,767)Net income (loss)$(19,776) $(3,594) $(32,088) $(17,771)
[3]	For the three and six months ended June 30, 2015, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.3 million and $0.6 million, respectively. 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.
[4]	The Company's recorded investment in loans as of June 30, 2015 and December 31, 2014 includes accrued interest of $8.8 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[5]	Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of segment profit (loss) to income (loss) from continuing operations
Segment profit	[1]	$ 21,367	$ 42,304	$ 41,133	$ 49,067
Less: (Provision for) recovery of loan losses		(19,151)	2,792	(23,444)	6,192
Less: Impairment of assets		(1,674)	(3,300)	(1,674)	(6,279)
Less: Stock-based compensation expense		(3,947)	(3,196)	(7,186)	(5,271)
Less: Depreciation and amortization		(15,516)	(18,822)	(34,017)	(37,435)
Less: Income tax (expense) benefit		(811)	215	(6,688)	722
Less: Loss on early extinguishment of debt, net		(44)	(23,587)	(212)	(24,767)
Net income (loss)		$ (19,776)	$ (3,594)	$ (32,088)	$ (17,771)

[1]	The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014Segment profit$21,367 $42,304 $41,133 $49,067Less: (Provision for) recovery of loan losses(19,151) 2,792 (23,444) 6,192Less: Impairment of assets(1,674) (3,300) (1,674) (6,279)Less: Stock-based compensation expense(3,947) (3,196) (7,186) (5,271)Less: Depreciation and amortization(15,516) (18,822) (34,017) (37,435)Less: Income tax (expense) benefit(811) 215 (6,688) 722Less: Loss on early extinguishment of debt, net(44) (23,587) (212) (24,767)Net income (loss)$(19,776) $(3,594) $(32,088) $(17,771)