Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ISTAR INC. | ||
Entity Central Index Key | 1,095,651 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 76,069,038 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Current Reporting Status | $ 1.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Real estate, at cost | $ 2,050,541 | $ 2,276,913 | |
Less: accumulated depreciation | (456,558) | (460,482) | |
Real estate, net | 1,593,983 | 1,816,431 | |
Real estate available and held for sale | 137,274 | 167,303 | |
Total real estate | 1,731,257 | 1,983,734 | |
Inventory, Real Estate, Land and Land Development Costs | 1,001,963 | 978,962 | |
Land and development | 1,001,963 | 978,962 | |
Loans receivable and other lending investments, net | 1,601,985 | 1,377,843 | |
Other investments | 254,172 | 354,119 | |
Cash and cash equivalents | 711,101 | 472,061 | |
Accrued interest and operating lease income receivable, net | 18,436 | 16,367 | |
Deferred operating lease income receivable, net | 97,421 | 98,262 | |
Deferred expenses and other assets, net | 206,557 | 181,785 | |
Total assets | 5,622,892 | 5,463,133 | |
Liabilities: | |||
Accounts payable, accrued expenses and other liabilities | 214,835 | 180,902 | |
Loan participations payable, net | 152,326 | 0 | |
Debt obligations, net | 4,143,683 | 4,022,684 | |
Total liabilities | 4,510,844 | 4,203,586 | |
Commitments and contingencies | 0 | 0 | |
Redeemable noncontrolling interests | 10,718 | 11,199 | |
iStar Inc. shareholders' equity: | |||
High Performance Units | 0 | 9,800 | |
Common Stock, $0.001 par value, 200,000 shares authorized, 81,109 and 85,191 shares issued and outstanding as of December 31, 2015 and 2014, respectively | 81 | 85 | |
Additional paid-in capital | 3,689,330 | 3,744,621 | |
Retained earnings (deficit) | (2,625,474) | (2,556,469) | |
Accumulated other comprehensive income (loss) (refer to Note 13) | (4,851) | (971) | |
Total iStar Inc. shareholders' equity | 1,059,112 | 1,197,092 | |
Noncontrolling interests | 42,218 | 51,256 | |
Total equity | 1,101,330 | 1,248,348 | |
Total liabilities and equity | 5,622,892 | 5,463,133 | |
Series D, E, F, G and I Preferred Stock | |||
iStar Inc. shareholders' equity: | |||
Preferred Stock | 22 | 22 | |
Series J convertible perpetual preferred stock | |||
iStar Inc. shareholders' equity: | |||
Preferred Stock | 4 | 4 | |
Total equity | [1] | $ 4 | $ 4 |
[1] | Refer to Note 13 for details on the Company's Preferred Stock. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 81,109,000 | 85,191,000 |
Common Stock, shares outstanding | 81,109,000 | 85,191,000 |
Series D, E, F, G and I Preferred Stock | ||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 |
Series J convertible perpetual preferred stock | ||
Liquidation Preference (in dollars per share) | $ 50 | $ 50 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues: | ||||
Operating lease income | $ 229,720 | $ 243,100 | $ 234,567 | |
Interest income | 134,687 | 122,704 | 108,015 | |
Other income | 49,931 | 81,033 | 48,208 | |
Land development revenue | 100,216 | 15,191 | 0 | |
Total revenues | 514,554 | 462,028 | 390,790 | |
Costs and expenses: | ||||
Interest expense | 224,639 | 224,483 | 266,225 | |
Real estate expense | 146,750 | 163,389 | 157,441 | |
Land development cost of sales | 67,382 | 12,840 | 0 | |
Depreciation and amortization | 65,247 | 73,571 | 71,266 | |
General and administrative | 81,277 | 88,287 | 92,114 | |
Provision for (recovery of) loan losses | 36,567 | (1,714) | 5,489 | |
Impairment of assets | 10,524 | 34,634 | 12,589 | |
Other expense | 6,374 | 6,340 | 8,050 | |
Total costs and expenses | 638,760 | 601,830 | 613,174 | |
Income (loss) before earnings from equity method investments and other items | (124,206) | (139,802) | (222,384) | |
Loss on early extinguishment of debt, net | (281) | (25,369) | (33,190) | |
Earnings from equity method investments | 32,153 | 94,905 | 41,520 | |
Loss on transfer of interest to unconsolidated subsidiary | 0 | 0 | (7,373) | |
Income (loss) from continuing operations before income taxes | (92,334) | (70,266) | (221,427) | |
Income tax (expense) benefit | (7,639) | (3,912) | 659 | |
Income (loss) from continuing operations | [1] | (99,973) | (74,178) | (220,768) |
Income (loss) from discontinued operations | 0 | 0 | 644 | |
Gain from discontinued operations | 0 | 0 | 22,233 | |
Income from sales of real estate | 93,816 | 89,943 | 86,658 | |
Net income (loss) | (6,157) | 15,765 | (111,233) | |
Net (income) loss attributable to noncontrolling interests | 3,722 | 704 | (718) | |
Net income (loss) attributable to iStar Inc. | (2,435) | 16,469 | (111,951) | |
Preferred dividends | (51,320) | (51,320) | (49,020) | |
Net (income) loss allocable to HPU holders and Participating Security holders | [2],[3] | 1,080 | 1,129 | 5,202 |
Net income (loss) allocable to common shareholders | $ (52,675) | $ (33,722) | $ (155,769) | |
Per common share data: | ||||
Income (loss) attributable to iStar Inc. from continuing operations—basic and diluted (in dollars per share) | [1] | $ (0.62) | $ (0.40) | $ (2.09) |
Net income (loss) attributable to iStar Inc.—Basic and diluted (in dollars per share) | [1] | $ (0.62) | $ (0.40) | $ (1.83) |
Weighted average number of common shares—Basic and diluted | [1] | 84,987 | 85,031 | 84,990 |
Per HPU share data: | ||||
Income (loss) attributable to iStar Inc. from continuing operations—Basic and diluted (in dollars per share) | [1],[2] | $ (120) | $ (75.27) | $ (396.07) |
Net income (loss) attributable to iStar Inc.—Basic and diluted (in dollars per share) | [1],[2] | $ (120) | $ (75.27) | $ (346.80) |
Weighted average number of HPU share—Basic and diluted (in shares) | [1],[2] | 9 | 15 | 15 |
[1] | Income (loss) from continuing operations attributable to iStar Inc. was $(96.3) million, $(73.5) million and $(221.5) million for the years ended December 31, 2015, 2014 and 2013, respectively. Refer to Note 15 for details on the calculation of earnings per share. | |||
[2] | All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 13) | |||
[3] | Participating Security holders are non-employee directors who hold common stock equivalents and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (refer to Note 14 and Note 15). |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Income (loss) from continuing operations attributable to iStar Inc. | $ (96.3) | $ (73.5) | $ (221.5) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (6,157) | $ 15,765 | $ (111,233) | |
Other comprehensive income (loss): | ||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization | [1] | (2,576) | (90) | (859) |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | [2] | 921 | 4,116 | 310 |
Realization of (gains)/losses on cumulative translation adjustment into earnings upon realization | [3] | 0 | 968 | (1,310) |
Unrealized gains/(losses) on available-for-sale securities | (532) | 3,367 | (302) | |
Unrealized gains/(losses) on cash flow hedges | (1,202) | (5,187) | (255) | |
Unrealized gains/(losses) on cumulative translation adjustment | (491) | 131 | (675) | |
Other comprehensive income (loss) | (3,880) | 3,305 | (3,091) | |
Comprehensive income (loss) | (10,037) | 19,070 | (114,324) | |
Comprehensive (income) loss attributable to noncontrolling interests | 3,722 | 710 | (718) | |
Comprehensive income (loss) attributable to iStar Inc. | $ (6,315) | $ 19,780 | $ (115,042) | |
[1] | For the years ended December 31, 2015 , 2014 and 2013, $2,576, $90 and $266, respectively, is included in "Other income" in the Company's consolidated statements of operations which was reclassified out of accumulated other comprehensive income ("AOCI"). For the year ended December 31, 2013, $593 is included in "Earnings from equity method investments" in the Company's consolidated statements of operations which was reclassified out of AOCI. | |||
[2] | Included in "Interest expense" in the Company's consolidated statements of operations are $456, $62 and $310 for the years ended December 31, 2015, 2014 and 2013, respectively, which was reclassified out of AOCI. For the year ended December 31, 2014, $3,634 is included in "Other expense" in the Company's consolidated statements of operations (refer to Note 12) and for the years ended December 31, 2015 and 2014, $465 and $420, respectively, is included in "Earnings from equity method investments" in the Company's consolidated statements of operations which was reclassified out of AOCI. | |||
[3] | Included in "Earnings from equity method investments" in the Company's consolidated statements of operations. |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization | [1] | $ (2,576) | $ (90) | $ (859) |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | [2] | 921 | 4,116 | 310 |
Other Income | ||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization | (2,576) | (90) | (266) | |
Interest Expense | ||||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | 456 | 62 | 310 | |
Other Expense | ||||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | 3,634 | |||
Earnings from Equity Method Investments | ||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization | $ (593) | |||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | $ 465 | $ 420 | ||
[1] | For the years ended December 31, 2015 , 2014 and 2013, $2,576, $90 and $266, respectively, is included in "Other income" in the Company's consolidated statements of operations which was reclassified out of accumulated other comprehensive income ("AOCI"). For the year ended December 31, 2013, $593 is included in "Earnings from equity method investments" in the Company's consolidated statements of operations which was reclassified out of AOCI. | |||
[2] | Included in "Interest expense" in the Company's consolidated statements of operations are $456, $62 and $310 for the years ended December 31, 2015, 2014 and 2013, respectively, which was reclassified out of AOCI. For the year ended December 31, 2014, $3,634 is included in "Other expense" in the Company's consolidated statements of operations (refer to Note 12) and for the years ended December 31, 2015 and 2014, $465 and $420, respectively, is included in "Earnings from equity method investments" in the Company's consolidated statements of operations which was reclassified out of AOCI. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Series J Preferred Stock | [1] | HPU's | Preferred Stock | [1] | Common Stock at Par | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |
Beginning Balance at Dec. 31, 2012 | $ 1,313,154 | $ 9,800 | $ 22 | $ 84 | $ 3,590,870 | $ (2,360,647) | $ (1,185) | $ 74,210 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of Preferred Stock | 193,510 | $ 4 | 193,506 | |||||||||
Dividends declared—preferred | (49,020) | (49,020) | ||||||||||
Issuance of stock/restricted stock unit amortization, net | (1,375) | 1 | (1,376) | |||||||||
Net income (loss) for the period | [2] | (108,114) | (111,951) | 3,837 | ||||||||
Change in accumulated other comprehensive income (loss) | (3,091) | (3,091) | ||||||||||
Repurchase of stock | (20,985) | (2) | (20,983) | |||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interests | [3] | (2,772) | (2,772) | |||||||||
Contributions from noncontrolling interests | [4] | 10,264 | 10,264 | |||||||||
Distributions to noncontrolling interests | [3] | (30,106) | (30,106) | |||||||||
Ending Balance at Dec. 31, 2013 | 1,301,465 | 4 | 9,800 | 22 | 83 | 3,759,245 | (2,521,618) | (4,276) | 58,205 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Dividends declared—preferred | (51,320) | (51,320) | ||||||||||
Issuance of stock/restricted stock unit amortization, net | (13,089) | 2 | (13,091) | |||||||||
Net income (loss) for the period | [2] | 17,690 | 16,469 | 1,221 | ||||||||
Change in accumulated other comprehensive income (loss) | 3,305 | 3,305 | ||||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interests | (1,533) | (1,533) | ||||||||||
Contributions from noncontrolling interests | 565 | 565 | ||||||||||
Distributions to noncontrolling interests | (4,820) | (4,820) | ||||||||||
Change in noncontrolling interests | [5] | (3,915) | (3,915) | |||||||||
Ending Balance at Dec. 31, 2014 | 1,248,348 | 4 | 9,800 | 22 | 85 | 3,744,621 | (2,556,469) | (971) | 51,256 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Dividends declared—preferred | (51,320) | (51,320) | ||||||||||
Issuance of stock/restricted stock unit amortization, net | 4,961 | 4,961 | ||||||||||
Net income (loss) for the period | [2] | (2,701) | (2,435) | (266) | ||||||||
Change in accumulated other comprehensive income (loss) | (3,880) | (3,880) | ||||||||||
Repurchase of stock | (70,416) | (5) | (70,411) | |||||||||
Redemption of HPUs | (9,811) | $ (9,800) | 1 | 15,238 | (15,250) | 0 | 0 | |||||
Change in additional paid in capital attributable to redeemable noncontrolling interests | [6] | (5,079) | (5,079) | |||||||||
Contributions from noncontrolling interests | 205 | 205 | ||||||||||
Distributions to noncontrolling interests | [6] | (8,977) | (8,977) | |||||||||
Ending Balance at Dec. 31, 2015 | $ 1,101,330 | $ 4 | $ 22 | $ 81 | $ 3,689,330 | $ (2,625,474) | $ (4,851) | $ 42,218 | ||||
[1] | Refer to Note 13 for details on the Company's Preferred Stock. | |||||||||||
[2] | For the years ended December 31, 2015, 2014 and 2013 net income (loss) shown above excludes $(3,456), $(1,925) and $(3,119) of net loss attributable to redeemable noncontrolling interests. | |||||||||||
[3] | Includes an $8.8 million payment to redeem a noncontrolling member's interest. | |||||||||||
[4] | Includes $9.4 million of operating property assets contributed by a noncontrolling partner. | |||||||||||
[5] | During the year ended December 31, 2014, the Company sold its 72% interest in a previously consolidated entity to one of its unconsolidated ventures (refer to Note 4 and Note 7). | |||||||||||
[6] | Includes a $6.4 million payment to redeem a noncontrolling member's interest (refer to Note 4). |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss attributable to redeemable noncontrolling interest | $ (3,456) | $ (1,925) | $ (3,119) |
Payment to redeem a noncontrolling interest | $ 6,400 | $ 8,800 | |
Strategic Venture, Commercial Operating Properties | |||
Assets contributed by noncontrolling interest | $ 9,400 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (6,157) | $ 15,765 | $ (111,233) |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Provision for (recovery of) loan losses | 36,567 | (1,714) | 5,489 |
Impairment of assets | 10,524 | 34,634 | 14,507 |
Loss on transfer of interest to unconsolidated subsidiary | 0 | 0 | 7,373 |
Depreciation and amortization | 65,247 | 73,571 | 71,530 |
Payments for withholding taxes upon vesting of stock-based compensation | (1,718) | (21,250) | (14,098) |
Non-cash expense for stock-based compensation | 12,013 | 13,314 | 19,261 |
Amortization of discounts/premiums and deferred financing costs on debt obligations, net | 17,352 | 16,891 | 20,915 |
Amortization of discounts/premiums and deferred interest on loans, net | (82,782) | (59,747) | (37,383) |
(Gain) loss from sales of loans | 0 | (19,067) | 596 |
Earnings from equity method investments | (32,153) | (94,905) | (41,520) |
Distributions from operations of other investments | 29,999 | 80,116 | 17,252 |
Deferred operating lease income | (7,950) | (8,492) | (12,077) |
Income from sales of real estate and development revenue in excess of cost of sales | (93,816) | (89,943) | (86,658) |
Gain from discontinued operations | 0 | 0 | (22,233) |
Loss on early extinguishment of debt, net | 281 | 25,369 | 19,655 |
Debt discount and prepayment penalty on repayments and repurchases of debt obligations | (578) | (14,888) | (24,001) |
Other operating activities, net | 42,607 | 31,935 | 6,917 |
Changes in assets and liabilities: | |||
Changes in accrued interest and operating lease income receivable, net | (2,068) | (1,426) | 2,310 |
Changes in deferred expenses and other assets, net | 2,631 | 4,601 | (23,012) |
Changes in accounts payable, accrued expenses and other liabilities, net | (17,112) | 7,245 | 5,945 |
Cash flows used in operating activities | (59,947) | (10,342) | (180,465) |
Cash flows from investing activities: | |||
Originations and fundings of loans receivable, net | (478,822) | (622,428) | (257,600) |
Capital expenditures on real estate assets | (81,525) | (68,464) | (73,057) |
Capital expenditures on land and development assets | (88,219) | (74,323) | (36,346) |
Acquisitions of real estate assets | 0 | (4,666) | (102,364) |
Repayments of and principal collections on loans receivable and other lending investments, net | 273,454 | 512,528 | 613,615 |
Net proceeds from sales of loans receivable | 6,655 | 65,438 | 81,614 |
Net proceeds from sales of real estate | 362,530 | 404,336 | 437,817 |
Net proceeds from sale of other investments | 0 | 0 | 220,281 |
Distributions from other investments | 119,854 | 61,031 | 36,918 |
Contributions to other investments | (11,531) | (159,424) | (12,784) |
Changes in restricted cash held in connection with investing activities | (7,550) | 29,283 | (19,388) |
Other investing activities, net | 7,581 | 1,291 | 4,741 |
Cash flows from investing activities | 184,028 | 159,793 | 893,447 |
Cash flows from financing activities: | |||
Borrowings from debt obligations | 549,000 | 1,349,822 | 1,444,565 |
Repayments of debt obligations | (432,383) | (1,471,174) | (1,984,102) |
Proceeds from loan participations payable | 138,075 | 0 | 0 |
Preferred dividends paid | (51,320) | (51,320) | (49,020) |
Proceeds from issuance of preferred stock | 0 | 0 | 193,510 |
Repurchase of stock | (69,511) | 0 | (20,985) |
Redemption of HPUs | (9,811) | 0 | 0 |
Payments for deferred financing costs | (2,255) | (19,595) | (17,539) |
Other financing activities, net | (7,314) | 1,309 | (22,187) |
Cash flows from (used in) financing activities | 114,481 | (190,958) | (455,758) |
Effect of exchange rate changes on cash | 478 | 0 | 0 |
Changes in cash and cash equivalents | 239,040 | (41,507) | 257,224 |
Cash and cash equivalents at beginning of period | 472,061 | 513,568 | 256,344 |
Cash and cash equivalents at end of period | 711,101 | 472,061 | 513,568 |
Cash paid during the period for interest, net of amount capitalized | 207,972 | 194,605 | 237,457 |
Land | |||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Income from sales of real estate and development revenue in excess of cost of sales | (32,834) | (2,351) | 0 |
Operating Segments | Land | |||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Provision for (recovery of) loan losses | 0 | 0 | 0 |
Loss on transfer of interest to unconsolidated subsidiary | 7,373 | ||
Earnings from equity method investments | (16,683) | (14,966) | 5,331 |
Income from sales of real estate and development revenue in excess of cost of sales | 0 | 0 | (4,055) |
Gain from discontinued operations | 0 | ||
Cash flows from investing activities: | |||
Net proceeds from sales of land and development assets | $ 81,601 | $ 15,191 | $ 0 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 12 Months Ended |
Dec. 31, 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 audited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets 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. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation. During the year ended December 31, 2015, the Company changed its presentation of land and development assets. Land and development assets were previously included in "Real estate, net" and "Real estate available and held for sale" on the consolidated balance sheets. Land and development assets are now included in "Land and development" on the consolidated balance sheets. Prior period amounts have been reclassified to conform to the current period presentation. During the year ended December 31, 2015, the Company determined that its classification of common shares repurchased under its share repurchase programs should be classified as a reduction to common stock for the par amount of the common stock repurchased and additional paid in capital and included as shares unissued within the consolidated financial statements. The Company previously classified common shares repurchased under its share repurchase programs as treasury stock. The Company evaluated the impact of this correction on previously issued financial statements and concluded they were not materially misstated. In order to conform previous financial statements with the current period, the Company elected to revise previously issued financial statements the next time such financial statements are filed. The accompanying consolidated balance sheet as of December 31, 2014 and the consolidated statements of changes in equity for the years ended December 31, 2014 and 2013 have been revised accordingly. In addition, the Company will revise the consolidated statements of changes in equity for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015, as those financial statements are presented in future filings. The misclassification eliminates treasury stock and results in corresponding reductions of common stock and additional paid-in capital, which results in no change in total equity within the consolidated balance sheets and consolidated statements of changes in equity. All repurchased shares previously reported as treasury stock will now be reported as unissued common stock. The change has no impact on the previously reported consolidated statements of operations, consolidated statements of comprehensive income or consolidated statements of cash flows. The impact of the change is as follows: As Reported Change As Adjusted (1) (in thousands) September 30, 2015 Additional paid-in capital $ 4,023,962 $ (283,193 ) $ 3,740,769 Common stock 147 (63 ) 84 Treasury stock, at cost (283,256 ) 283,256 — Total 3,740,853 — 3,740,853 June 30, 2015 Additional paid-in capital 4,007,937 (263,454 ) 3,744,483 Common stock 146 (61 ) 85 Treasury stock, at cost (263,515 ) 263,515 — Total 3,744,568 — 3,744,568 March 31, 2015 Additional paid-in capital 4,007,540 (263,451 ) 3,744,089 Common stock 146 (61 ) 85 Treasury stock, at cost (263,512 ) 263,512 — Total 3,744,174 — 3,744,174 December 31, 2014 (2) Additional paid-in capital 4,007,514 (262,893 ) 3,744,621 Common stock 146 (61 ) 85 Treasury stock, at cost (262,954 ) 262,954 — Total 3,744,706 — 3,744,706 December 31, 2013 Additional paid-in capital 4,022,138 (262,893 ) 3,759,245 Common stock 144 (61 ) 83 Treasury stock, at cost (262,954 ) 262,954 — Total 3,759,328 — 3,759,328 _______________________________________________________________________________ (1) Common shares repurchased during the respective periods will also be reclassified on the consolidated statements of changes in equity from treasury stock, at cost to common stock and additional paid-in capital in future filings. (2) As of December 31, 2014, the number of common shares issued and outstanding was 85,191 . 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 December 31, 2015 , the Company consolidates VIEs for which it is considered the primary beneficiary. As of December 31, 2015 , the total assets of these consolidated VIEs were $219.3 million and total liabilities were $26.5 million . The classifications of these assets are primarily within "Land and development" 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 December 31, 2015 . Unconsolidated VIEs —As of December 31, 2015 , the Company has investments in VIEs where it is not the primary beneficiary, and accordingly, the VIEs have not been consolidated in the Company's consolidated financial statements. As of December 31, 2015 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $93.4 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $17.7 million of related unfunded commitments. |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2015 | |
Business and Organization [Abstract] | |
Business and Organization | Business and Organization Business —iStar Inc. (the "Company"), doing business as "iStar," finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company has invested more than $35 billion over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary business segments are real estate finance, net lease, operating properties and land and development (refer to Note 17 ). Organization —The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments, as well as through corporate acquisitions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Real estate and land and development— Real estate and land and development assets are recorded at cost less accumulated depreciation and amortization, as follows: Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other value methods as appropriate during construction. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. Purchase price allocation— Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases, in-place leases and the value of customer relationships, which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases and customer relationships are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset. Impairments— The Company reviews real estate assets to be held and used and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets that are not held for sale and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. Impairments of real estate assets that are disposed of or classified as held for sale after December 31, 2013 and which do not represent a strategic shift that has (or will have) a major effect on the Company's operations and financial results are also recorded in "Impairment of assets" in the Company's consolidated statements of operations. Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets sold or classified as held for sale on or before December 31, 2013 are included in "Income (loss) from discontinued operations" in the Company's consolidated statements of operations. Impairment for real estate assets disposed of or classified as held for sale after December 31, 2013 are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded and historical operating results, including impairments, are reclassified to "Income (loss) from discontinued operations" in the Company's consolidated statements of operations. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell. Dispositions— Revenue from sales of land and gains or losses on the sale of other real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20 , Real Estate Sales . Sales of land and the associated gains on sales of residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of net lease assets or commercial operating properties disposed of or classified as held for sale on or before December 31, 2013 are recorded in “Gains from discontinued operations” in the Company's consolidated statements of operations. Gain on sales of net lease assets or commercial operating properties disposed of or classified as held for sale after December 31, 2013 and profits on sales of residential property within the operating property segment are included in "Income from sales of real estate" in the Company's consolidated statements of operations. Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" in the Company's consolidated statements of operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure. Equity and cost method investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's consolidated balance sheets. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations. Cash and cash equivalents — Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. Restricted cash — Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. Restricted cash is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. Variable interest entities — The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. The Company has investments in certain funds that meet the deferral criteria in Accounting Standards Update ("ASU") 2010-10 and will continue to assess consolidation of these entities under the overall guidance on the consolidation of VIEs in ASC 810-10. The consolidation evaluation is similar to the process noted above, except that the primary beneficiary is the party that will receive a majority of the VIE's anticipated losses, a majority of the VIE's expected residual returns, or both. In addition, for entities that meet the deferral criteria, the Company reassesses its initial evaluation of the primary beneficiary and whether an entity is a VIE upon the occurrence of certain reconsideration events. Deferred expenses — Deferred expenses include leasing costs and financing fees. Leasing costs include brokerage, legal and other costs which are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations. Identified intangible assets and liabilities — Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2015 , all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. 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 the balance sheet with any realized gain (loss) reflected in earnings during the period of sale. Revenue recognition — The Company's revenue recognition policies are as follows: Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2015 and 2014 , the allowance for doubtful accounts related to real estate tenant receivables was $1.9 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.5 million and $2.4 million , respectively. Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Prepayment penalties or yield maintenance payments from borrowers are recognized as other income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, loan prepayment fees, lease termination fees and other ancillary income. Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Reserve for loan losses — The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related reserve will be charged off. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. The general reserve component covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Loss on debt extinguishments — The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” in the Company's consolidated statements of operations. Derivative instruments and hedging activity — The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. The Company recognizes derivatives as either assets or liabilities on the Company's consolidated balance sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" in the Company's consolidated statements of operations. The Company does not enter into derivatives for trading purposes. Stock-based compensation — Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. The Company recognizes compensation cost for performance-based awards if and when the Comp |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 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 Total As of December 31, 2015 Land and land improvements, at cost $ 306,172 $ 133,275 $ 439,447 Buildings and improvements, at cost 1,183,723 427,371 1,611,094 Less: accumulated depreciation (377,416 ) (79,142 ) (456,558 ) Real estate, net 1,112,479 481,504 1,593,983 Real estate available and held for sale (1) — 137,274 137,274 Total real estate $ 1,112,479 $ 618,778 $ 1,731,257 As of December 31, 2014 Land and land improvements, at cost $ 311,890 $ 146,417 $ 458,307 Buildings and improvements, at cost 1,240,593 578,013 1,818,606 Less: accumulated depreciation (364,323 ) (96,159 ) (460,482 ) Real estate, net 1,188,160 628,271 1,816,431 Real estate available and held for sale (1) 4,521 162,782 167,303 Total real estate $ 1,192,681 $ 791,053 $ 1,983,734 _______________________________________________________________________________ (1) As of December 31, 2015 and 2014 the Company had $137.3 million and $155.8 million , respectively, of residential properties available for sale in its operating properties portfolio. Real Estate Available and Held for Sale— During the year ended December 31, 2015 , the Company transferred net lease assets with a carrying value of $8.2 million to held for sale due to executed contracts with third parties. During the year ended December 31, 2015 , the Company transferred a commercial operating property held for sale with a carrying value of $2.9 million to held for investment due to a change in business strategy. During the year ended December 31, 2014, the Company transferred units with a carrying value of $56.7 million to held for sale due to the conversion of hotel rooms to residential units to be sold. The Company also transferred net lease assets with a carrying value of $4.0 million to held for sale due to executed contracts with third parties. Acquisitions— The following acquisitions of real estate were reflected in the Company's consolidated statements of cash flows for the years ended December 31, 2015 , 2014 and 2013 ($ in thousands): For the Years Ended December 31, 2015 2014 (1) 2013 (2) Acquisitions of real estate assets $ — $ 4,666 $ 102,364 _______________________________________________________________________________ (1) During the year ended December 31, 2014, the Company purchased two condominium units for $3.0 million and one land parcel for $1.7 million . (2) During the year ended December 31, 2013, the Company acquired a net lease asset for a purchase price of $93.6 million , including intangible assets of $36.1 million , intangible liabilities of $11.9 million and acquisition-related costs of $0.2 million , which was leased back to the seller. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets were included in "Deferred expenses and other assets, net" and the intangible liabilities were included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The lease was classified as an operating lease. During the year ended December 31, 2014, the net lease asset was sold to the Net Lease Venture for net proceeds of $93.7 million , which approximated carrying value. During the year ended December 31, 2015 , the Company acquired, via deed-in-lieu, title to a residential 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 year ended December 31, 2014, the Company acquired, via deed-in-lieu, title to three commercial operating properties which had a total fair value of $72.4 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with these transactions. The following unaudited table summarizes the Company's pro forma revenues and net income for the years ended December 31, 2014 and 2013, as if the acquisition of the properties acquired during the year ended December 31, 2014 was completed on January 1, 2013 ($ in thousands): For the Years Ended 2014 2013 (unaudited) Pro forma total revenues $ 466,327 $ 399,885 Pro forma net income (loss) 15,351 (as revised) (112,355 ) From the date of acquisition in May 2014 through December 31, 2014, $8.3 million in total revenues and $2.9 million in net loss of the acquiree are included in the Company’s consolidated statements of operations. The pro forma revenues and net income are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2013, nor do they purport to represent the Company’s results of operations for future periods. During the year ended December 31, 2013, the Company acquired, via foreclosure, title to a residential operating property which previously served as collateral for loans receivable held by the Company. The Company contributed the residential operating property, which had a fair value of $25.5 million , to an entity of which it owns 63% . Based on the control provisions in the partnership agreement, the Company consolidates the entity and reflects its partner's 37% share of equity in "Noncontrolling interests" on the Company's consolidated balance sheets. The acquisition was accounted for at fair value. No gain or loss was recorded in connection with this transaction. Dispositions— During the years ended December 31, 2015 , 2014 and 2013 , the Company sold residential condominiums for total net proceeds of $127.9 million , $236.2 million and $269.7 million , respectively, and recorded income from sales of real estate totaling $40.1 million , $79.1 million and $82.6 million , respectively. During the year ended December 31, 2015, the Company sold net lease assets with a carrying value of $60.8 million resulting in a net gain of $40.1 million . During the year ended December 31, 2015, the Company sold a commercial operating property for $68.5 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 7). The Company recognized a gain on sale of $13.6 million , reflecting the Company's share of the interest sold, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. During the year ended December 31, 2015, the Company, through a consolidated entity, sold a leasehold interest in a commercial operating property for net proceeds of $93.5 million and simultaneously entered into a ground lease with an initial term of 99 years. In connection with this transaction, the Company recorded a lease incentive asset of $38.1 million , which is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets, and deferred a gain of $5.3 million , which is included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. In December 2015, the Company acquired the noncontrolling interest in the entity for $6.4 million . During the year ended December 31, 2015, the Company sold three commercial operating properties with an aggregate carrying value of $5.3 million for net proceeds that approximated carrying value. During the year ended December 31, 2014, the Company sold net lease assets with a carrying value of $8.0 million resulting in a gain of $6.2 million . The Company also sold a commercial operating property with a carrying value of $29.4 million resulting in a gain of $4.6 million . These gains were recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. Additionally, during the same period, the Company sold a net lease asset for net proceeds of $7.8 million . The Company recorded an impairment loss of $3.0 million in connection with the sale. During the year ended December 31, 2014, the Company sold its 72% interest in a previously consolidated entity, which owned a net lease asset subject to a non-recourse mortgage of $26.0 million at the time of sale, to the Net Lease Venture for net proceeds of $10.1 million that approximated carrying value. Additionally, during the year ended December 31, 2013, the Company sold five net lease assets with a carrying value of $18.7 million resulting in a net gain of $2.2 million . During the same period, the Company sold six commercial operating properties with a carrying value of $72.6 million resulting in a net gain of $18.6 million . These gains were recorded as "Gain from discontinued operations" in the Company's consolidated statements of operations. The Company also sold residential lots with a carrying value of $18.9 million for proceeds that approximated carrying value and sold other land assets with a carrying value of $14.8 million resulting in a gain of $0.6 million . During the year ended December 31, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed entity in which the Company also received a preferred partnership interest and a 47.5% equity interest. The Company recognized a gain of $3.4 million , reflecting the proportionate share of the sold interest, which was recorded as “Income from sales of real estate” in the Company’s consolidated statements of operations. Discontinued Operations— The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013. During the years ended December 31, 2015 and 2014, there were no disposals or assets classified as held for sale which were individually significant or represented a strategic shift that has (or will have) a major effect on the Company's operations and financial results. The following table summarizes income (loss) from discontinued operations for the year ended December 31, 2013 ($ in thousands): Revenues $ 5,545 Total expenses (3,138 ) Impairment of assets (1,763 ) Income (loss) from discontinued operations $ 644 Impairments— During the year ended December 31, 2015 , 2014 and 2013, the Company recorded impairments on real estate assets totaling $5.9 million , $11.8 million and $13.6 million , respectively. The impairments recorded in 2015 resulted from a change in business strategy for two commercial operating properties and unfavorable local market conditions for one residential property. The impairments recorded in 2014 resulted from changes in business strategy for a residential property, unfavorable local market conditions for two real estate properties and from the sale of net lease assets. The impairments recorded in 2013 resulted from changes in local market conditions and business strategy for certain assets. For the year ended December 31, 2013, $1.8 million has been recorded in "Income (loss) from discontinued operations" in the Company's consolidated statements of operations due to the assets being sold as of December 31, 2013 (see above). Tenant Reimbursements— The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $26.8 million , $30.0 million and $31.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Redeemable Noncontrolling Interest— As of December 31, 2015 and December 31, 2014 , the Company had a redeemable noncontrolling interest of $7.2 million and $9.9 million , respectively, which is not currently redeemable, for which the Company records changes in the fair value over the redemption periods. As of December 31, 2015 and December 31, 2014 , this interest had an estimated redemption value of $9.2 million and $23.6 million , respectively. Allowance for Doubtful Accounts— As of December 31, 2015 and December 31, 2014 , the allowance for doubtful accounts related to real estate tenant receivables was $1.9 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.5 million and $2.4 million , respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net", respectively, on the Company's consolidated balance sheets. Future Minimum Operating Lease Payments— Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2015 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2016 $ 121,168 $ 46,438 2017 117,110 46,358 2018 115,158 42,010 2019 113,969 37,990 2020 112,483 34,281 |
Land and Development
Land and Development | 12 Months Ended |
Dec. 31, 2015 | |
Land and Land Improvements [Abstract] | |
Land and Development | Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of December 31, 2015 2014 Land and land improvements, at cost $ 1,007,995 $ 987,329 Less: accumulated depreciation (6,032 ) (8,367 ) Total land and development 1,001,963 978,962 Acquisitions— During the year ended December 31, 2014, the Company acquired, via deed-in-lieu, title to a land asset that previously served as collateral for loans receivable. The fair value of the land asset was $5.5 million . During the year ended December 31, 2013, the Company acquired, via foreclosure, title to two land properties, which previously served as collateral for loans receivable held by the Company. The total fair value of the land properties was $15.6 million . Dispositions— For the years ended December 31, 2015 and 2014, the Company sold residential lots and parcels and recognized land development revenue of $100.2 million and $15.2 million , respectively, from its land and development portfolio. For the years ended December 31, 2015 and 2014, the Company recognized land development cost of sales of $67.4 million and $12.8 million , respectively, from its land and development portfolio. During 2015, the Company sold a land and development asset and recorded $36.9 million in land development revenue in the Company's consolidated statements of operations. In connection with the sale, the Company recorded a receivable for additional proceeds that it will receive from the buyer subject to the Company's completion of certain easement agreements resulting in deferred net revenue of $6.0 million . The receivable is included in "Deferred expenses and other assets, net" and the deferred revenue is included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. During 2015, the Company sold a land and development asset and recorded $25.9 million in land development revenue in the Company's consolidated statements of operations. In addition, the Company provided financing to the buyer in the form of a loan with a fair value of $16.7 million . The loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During 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 in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets (refer to Note 8). During the year ended December 31, 2014, the Company also sold land and development assets with a carrying value of $6.8 million for proceeds that approximated carrying value. During the same period, the Company contributed land with a carrying value of $9.5 million to a newly formed unconsolidated entity (refer to Note 7 ). During the year ended December 31, 2013, the Company contributed land with carrying value of $24.1 million to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6% . As a result of the transfer, the Company recognized a $7.4 million loss, which was recorded as “Loss on transfer of interest to unconsolidated subsidiary” on the Company’s consolidated statements of operations. Impairments— During the years ended December 31, 2015, 2014 and 2013, the Company recorded impairments on land and development assets of $4.6 million , $22.8 million and $0.7 million , respectively. |
Loans Receivable and Other Lend
Loans Receivable and Other Lending Investments, net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans Receivable and Other Lending Investments, net | Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of December 31, Type of Investment 2015 2014 Senior mortgages $ 975,915 $ 737,535 Corporate/Partnership loans 643,270 497,796 Subordinate mortgages 28,676 53,331 Total gross carrying value of loans 1,647,861 1,288,662 Reserves for loan losses (108,165 ) (98,490 ) Total loans receivable, net 1,539,696 1,190,172 Other lending investments—securities 62,289 187,671 Total loans receivable and other lending investments, net (1) $ 1,601,985 $ 1,377,843 ______________________________________________________________________________ (1) The Company's recorded investment in loans as of December 31, 2015 and 2014 includes accrued interest of $9.0 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 $196.6 million 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. In connection with the transaction, the Company recorded a provision for loan losses of $25.9 million on the original loan resulting in a remaining balance of $24.0 million . In October 2015, the Company received full payment of the remaining balance. During the year ended December 31, 2015 , the Company sold a loan with a carrying value of $5.5 million . No gain was recorded on the sale. During the years ended December 31, 2014 and 2013 , the Company sold loans with aggregate carrying values of $30.8 million and $95.1 million , respectively, which resulted in gains (losses) of $19.1 million and $(0.6) million , respectively. Gains and losses on sales of loans are included in "Other income" in the Company's consolidated statements of operations. Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Years Ended December 31, 2015 2014 2013 Reserve for loan losses at beginning of period $ 98,490 $ 377,204 $ 524,499 Provision for (recovery of) loan losses (1) 36,567 (1,714 ) 5,489 Charge-offs (26,892 ) (277,000 ) (152,784 ) Reserve for loan losses at end of period $ 108,165 $ 98,490 $ 377,204 ______________________________________________________________________________ (1) For the years ended December 31, 2015 , 2014 and 2013 , the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.6 million , $10.1 million and $63.1 million , respectively. The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of December 31, 2015 Loans $ 132,492 $ 1,524,347 $ 1,656,839 Less: Reserve for loan losses (72,165 ) (36,000 ) (108,165 ) Total $ 60,327 $ 1,488,347 $ 1,548,674 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 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.2 million and $0.2 million as of December 31, 2015 and 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 totaling net discounts of $8.2 million and $10.6 million as of December 31, 2015 and 2014 , respectively. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of December 31, 2015 2014 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 853,595 2.96 $ 611,009 2.73 Corporate/Partnership loans 641,713 3.37 501,620 3.88 Subordinate mortgages 29,039 3.64 53,836 2.87 Total $ 1,524,347 3.15 $ 1,166,465 3.23 As of December 31, 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 $ 864,099 $ — $ 116,250 $ 116,250 $ 980,349 Corporate/Partnership loans 647,451 — — — 647,451 Subordinate mortgages 29,039 — — — 29,039 Total $ 1,540,589 $ — $ 116,250 $ 116,250 $ 1,656,839 _______________________________________________________________________________ (1) As of December 31, 2015 , the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 7.0 years outstanding. Impaired Loans —The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands) (1) : As of December 31, 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 $ 126,754 $ 125,776 $ (69,627 ) $ 130,645 $ 129,744 $ (64,440 ) Corporate/Partnership loans 5,738 5,738 (2,538 ) 9,027 9,057 (550 ) Total $ 132,492 $ 131,514 $ (72,165 ) $ 139,672 $ 138,801 $ (64,990 ) _______________________________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. As of December 31, 2014 , impaired loans also includes certain loans modified through troubled debt restructurings in accordance with GAAP with a recorded investment of $10.4 million although they are performing and on accrual status. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Years Ended December 31, 2015 2014 2013 Average Interest Average Interest Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 35,659 $ 1,922 $ 31,409 $ 9,269 Corporate/Partnership loans — — — — 8,062 6,050 Subtotal — — 35,659 1,922 39,471 15,319 With an allowance recorded: Senior mortgages 129,135 38 334,351 158 794,247 1,976 Corporate/Partnership loans 24,252 12 52,963 181 77,661 323 Subordinate mortgages — — — — 32,382 — Subtotal 153,387 50 387,314 339 904,290 2,299 Total: Senior mortgages 129,135 38 370,010 2,080 825,656 11,245 Corporate/Partnership loans 24,252 12 52,963 181 85,723 6,373 Subordinate mortgages — — — — 32,382 — Total $ 153,387 $ 50 $ 422,973 $ 2,261 $ 943,761 $ 17,618 There was no interest income related to the resolution of non-performing loans recorded during the years ended December 31, 2015 and 2014. During the year ended December 31, 2013, the Company recorded interest income of $13.3 million related to the resolution of non-performing loans. Interest income was not previously recorded while the loans were on non-accrual status. Troubled Debt Restructurings —During the year ended December 31, 2015, the Company modified two senior loans that were determined to be troubled debt restructurings. The Company restructured one non-performing loan with a recorded investment of $5.8 million to grant a maturity extension of one year. The Company also modified one non-performing loan with a recorded investment of $11.6 million to grant a discounted payoff option and a maturity extension of one year. The Company's recorded investment in these loans was not impacted by the modifications. During the year ended December 31, 2014, the Company restructured one non-performing senior loan that was determined to be a troubled debt restructuring with a recorded investment of $7.0 million to grant a maturity extension of one year and included conditional extension options. The Company's recorded investment in this loan was not impacted by the modification. During the year ended December 31, 2013, the Company restructured six senior loans that were determined to be troubled debt restructurings. The Company restructured two performing loans with a combined recorded investment of $4.6 million to grant maturity extensions of one year each. Non-performing loans with a combined investment of $ 174.5 million were also modified during the year ended December 31, 2013. Included in this balance were two loans with a combined recorded investment of $98.3 million in which the Company received $15.4 million of paydowns and accepted discounted payoff options on these loans. At the time of the restructuring, the Company reclassified the loans from non-performing to performing status as the Company believed the borrowers would perform under the modified terms of the agreements. The loans were repaid in January 2014 and July 2014 at the discounted payoff amount. Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of December 31, 2015 , there were no unfunded commitments associated with modified loans considered troubled debt restructurings. Securities —Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of December 31, 2015 Available-for-Sale Securities Municipal debt securities $ 1,010 $ 1,010 $ 151 $ 1,161 $ 1,161 Held-to-Maturity Securities Corporate debt securities 54,549 61,128 — 61,199 61,128 Total $ 55,559 $ 62,138 $ 151 $ 62,360 $ 62,289 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 As of December 31, 2015 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ 61,128 $ 61,199 $ — $ — After one year through 5 years — — — — After 5 years through 10 years — — — — After 10 years — — 1,010 1,161 Total $ 61,128 $ 61,199 $ 1,010 $ 1,161 |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands): Carrying Value Equity in Earnings (Losses) As of December 31, For the Years Ended December 31, 2015 2014 2015 2014 2013 Other real estate equity investments (1) $ 81,452 $ 88,848 $ (5,212 ) $ 36,842 $ 2,869 iStar Net Lease I LLC ("Net Lease Venture") 69,096 125,360 5,221 1,915 — Other investments (2)(3) 51,559 63,263 9,434 38,385 23,810 Marina Palms, LLC ("Marina Palms") 30,099 30,677 23,626 14,671 45 Madison Funds 21,966 45,971 (916 ) 3,092 14,796 Total other investments 254,172 354,119 $ 32,153 $ 94,905 $ 41,520 _______________________________________________________________________________ (1) For the year ended December 31, 2014 , the Company recognized $32.9 million of earnings from equity method investments resulting from asset sales by one of its equity method investees. (2) During the year ended December 31, 2014 , the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees. (3) In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the years ended December 31, 2015 and 2014 , the Company recognized $2.2 million and $9.0 million of carried interest income. Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form a new unconsolidated entity in which the Company has an equity interest of approximately 51.9% . This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner. The partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's senior executives whose time is substantially devoted to the net lease venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. During the year ended December 31, 2014 , the Company sold a net lease asset for net proceeds of $93.7 million , which approximated carrying value, to the venture. The Company also sold its 72% interest in a previously consolidated entity, which owns a net lease asset subject to a mortgage of $26.0 million , to the venture for net proceeds of $10.1 million , which approximated carrying value. During the same period, the venture purchased a portfolio of 58 net lease assets for a purchase price of $200.0 million from a third party. As of December 31, 2015 and 2014, the venture's carrying value of total assets was $400.2 million and $348.1 million , respectively. In June 2015, the venture placed ten year debt 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 . During the years ended December 31, 2015 and 2014, the Company recorded $1.5 million and $1.3 million , respectively, of management fees from the Net Lease Venture. The management fees are included in "Other income" in the Company's consolidated statements of operations Marina Palms —During the year ended December 31, 2013 , the Company sold land for net proceeds of $21.4 million to Marina Palms, a residential condominium development in which the Company has a 47.5% equity interest. This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of December 31, 2015 and 2014 , the venture's carrying value of total assets was $278.5 million and $265.7 million , respectively. Other real estate equity investments —During the year ended December 31, 2015 , the Company sold a commercial operating property for $68.5 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 4 ). The Company recognized a gain on sale of $13.6 million , reflecting the Company's share of the interest sold, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. The venture placed financing on the property and proceeds from the financing were distributed to its members. Net proceeds received by the Company were $55.4 million , which was net of the Company's $13.6 million non-cash equity contribution to the venture and inclusive of a $21.0 million distribution from the financing proceeds. This entity is not a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. During the year ended December 31, 2014 , an unconsolidated entity for which the Company held a 50.0% noncontrolling equity interest sold all of its properties. As a result of the transaction, the Company received net proceeds of $48.1 million and recognized a gain of $32.9 million , which is included in "Earnings from equity method investments" in its consolidated statements of operations. During the year ended December 31, 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 December 31, 2015 and 2014 , the Company had a recorded equity interest of $6.3 million and $9.4 million , respectively. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of December 31, 2015 , the loan balance was $33.7 million and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the years ended December 31, 2015 and 2014, the Company recorded $3.9 million and $0.6 million of interest income, respectively. During the year ended December 31, 2014 , the Company and a consortium of co-lenders formed a new unconsolidated entity, in which the Company received an initial 15.7% equity interest, which acquired, via foreclosure sale, title to a land asset which previously served as collateral for a loan receivable held by the consortium. This entity is not a VIE and the Company does not have controlling interest in the entity as the Company's voting rights are based on its ownership percentage in the entity. During the year ended December 31, 2014, as a result of the transaction, the Company recorded an additional provision of $2.8 million in "Provision for (recovery of) loan losses" in its consolidated statements of operations. As of December 31, 2015 and 2014 , the Company had a recorded equity interest of $24.0 million and $23.5 million , respectively. During the year ended December 31, 2013 , the Company contributed land to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6% . As of December 31, 2015 and 2014 , the Company had a recorded equity interest of $13.5 million and $21.1 million , respectively. This entity is a VIE and the Company does not have controlling interest due to shared control of the entity with its partners. In addition, during the year ended December 31, 2013 , the Company contributed land to a newly formed unconsolidated entity in which the Company also received a 50.0% equity interest. As of December 31, 2015 and 2014 , the Company had a recorded equity interest of $9.9 million and $7.8 million , respectively. This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of December 31, 2015 , the Company's other real estate equity investments included equity interests in real estate ventures ranging from 31% to 70% , comprised of investments of $11.1 million in operating properties and $16.6 million in land assets. As of December 31, 2014 , the Company's other real estate equity investments included $13.2 million in operating properties and $13.8 million in land assets. Madison Funds —As of December 31, 2015 , the Company owned a 29.5% interest in Madison International Real Estate Fund II, LP, a 32.9% interest in Madison International Real Estate Liquidity Fund III, LP, a 32.9% interest in Madison International Real Estate Liquidity Fund III AIV, LP 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 December 31, 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 year ended December 31, 2015 , the Company sold available-for-sale securities for proceeds of $7.4 million for gains of $2.6 million , which are included in "Other income" in the Company's consolidated statements of operations. The amount reclassified out of accumulated other comprehensive income into earnings was determined based on the specific identification method. LNR —In July 2010, the Company acquired an ownership interest of approximately 24% in LNR Property Corporation ("LNR"). LNR is a servicer and special servicer of commercial mortgage loans and CMBS and a diversified real estate investment, finance and management company. In the transaction, the Company and a group of investors, including other creditors of LNR, acquired 100% of the common stock of LNR in exchange for cash and the extinguishment of existing senior notes of LNR's parent holding company (the "Holdco Notes"). The Company contributed $100.0 million aggregate principal amount of Holdco Notes and $100.0 million in cash in exchange for an equity interest of $120.0 million . Beginning in September 2012, the Company and other owners of LNR entered into negotiations with potential purchasers of LNR. After an extensive due diligence and negotiation process, the LNR owners entered into a definitive contract to sell LNR in January 2013 at a fixed sale price which, from the Company's perspective, reflected in part the Company's then-current expectations about the future results of LNR and potential volatility in its business. The definitive sale contract provided that LNR would not make cash distributions to its owners during the fourth quarter of 2012 through the closing of the sale. Notwithstanding the fixed terms of the contract, our investment balance in LNR increased due to equity in earnings recorded which resulted in our recognition of other than temporary impairment on our investment during the year ended December 31, 2013 . In April 2013, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds. Approximately $25.2 million of net proceeds, which were placed in escrow for potential indemnification obligations, were released to the Company in April 2014. The following table represents investee level summarized financial information for LNR ($ in thousands) (1) : For the Period from October 1, 2012 to April 19, 2013 For the Year Ended September 30, 2012 Income Statements Total revenue (2) $ 179,373 $ 332,902 Income tax (expense) benefit (2,137 ) (6,731 ) Net income attributable to LNR (3) 113,478 253,039 iStar's ownership percentage 24 % 24 % iStar's equity in earnings from LNR $ 45,375 $ 60,669 For the Period from October 1, 2012 to April 19, 2013 For the Year Ended September 30, 2012 Cash Flows Operating cash flows $ (127,075 ) $ (85,909 ) Cash flows from investing activities (36,543 ) (55,686 ) Cash flows from financing activities 217,241 229,634 Net cash flows 53,623 88,039 Cash distributions — 61,179 iStar's ownership percentage 24 % 24 % Cash distributions received by iStar $ — $ 14,690 _______________________________________________________________________________ (1) The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the year ended December 31, 2013 was based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 are based on the balances and results from LNR for the year ended September 30, 2012. (2) LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. Total revenue presented above includes $55.5 million and $95.4 million for the period from October 1, 2012 to April 19, 2013 and for the year ended September 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. (3) Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and the year ended December 31, 2013 ($ in thousands): For the Three Months Ended March 31, 2013 For the Three Months Ended June 30, 2013 For the Six Months Ended December 31, 2013 For the Year Ended December 31, 2013 Carrying value of LNR at beginning of period $ 205,773 $ 220,281 $ — $ 205,773 Equity in earnings of LNR for the period (1) 45,375 — — 45,375 (a) Balance before other than temporary impairment 251,148 220,281 — 251,148 Other than temporary impairment (1) (30,867 ) — — (30,867 ) (b) Sales proceeds pursuant to contract — (220,281 ) — (220,281 ) Carrying value of LNR at end of period 220,281 — — — _______________________________________________________________________________ (1) During the year ended December 31, 2013 , the Company recorded an other than temporary impairment of $30.9 million . Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. For the year ended December 31, 2013 , the amount that was recognized as income in the Company's Consolidated Statements of Operations is the sum of items (a) and (b), and $1.7 million of income recognized for the release of other comprehensive income related to LNR upon sale, or $16.5 million . Summarized investee financial information —The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Year Ended December 31, 2015 Marina Palms, LLC ("Marina Palms") $ 179,333 $ (115,584 ) $ 63,749 iStar Net Lease I LLC ("Net Lease Venture") 31,315 (20,666 ) 10,060 OHASCF 111,707 (697 ) 111,010 1000 SCI, LLC — (367 ) (367 ) Outlets at Westgate, LLC ("Westgate") 15,726 (11,150 ) 4,576 Other investments 143,143 (97,504 ) 45,501 Total $ 481,224 $ (245,968 ) $ 234,529 For the Year Ended December 31, 2014 Marina Palms $ 114,125 $ (77,120 ) $ 37,005 Net Lease Venture (1) 13,826 (9,917 ) 3,691 OHASCF 78,262 (951 ) 77,311 Westgate 13,118 (9,618 ) 3,500 Other investments 406,708 (87,997 ) 318,703 Total $ 626,039 $ (185,603 ) $ 440,210 For the Year Ended December 31, 2013 OHASCF $ 72,313 $ (1,642 ) $ 70,671 Westgate 12,447 (8,889 ) 3,558 Marina Palms (2) 73 (3,525 ) (3,452 ) Other investments 199,680 (63,577 ) 135,421 Total $ 284,513 $ (77,633 ) $ 206,198 _______________________________________________________________________________ (1) The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014. The amounts in the Company's financial statements for the year ended December 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to December 31, 2014 . (2) The Company began accounting for its investment in Marina Palms under the equity method of accounting on April 17, 2013. The amounts in the Company's financial statements for the year ended December 31, 2013 are based on the balances and results from Marina Palms for the period from April 17, 2013 to December 31, 2013 . As of December 31, 2015 2014 Balance Sheets Total assets $ 3,597,587 $ 3,464,984 Total liabilities 768,622 479,298 Noncontrolling interests 19,208 3,297 Total equity 2,809,757 2,982,389 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 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 December 31, 2015 2014 Intangible assets, net (1) $ 71,446 $ 50,088 Other assets (2) 35,464 37,085 Restricted cash 26,657 19,283 Deferred financing fees, net (3) 26,635 36,774 Other receivables 22,557 13,115 Leasing costs, net (4) 19,393 20,031 Corporate furniture, fixtures and equipment, net (5) 4,405 5,409 Deferred expenses and other assets, net $ 206,557 $ 181,785 _______________________________________________________________________________ (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 (refer to Note 4). Accumulated amortization on intangible assets was $37.3 million and $45.1 million as of December 31, 2015 and 2014 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $6.7 million , $8.6 million and $7.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $3.6 million , $6.7 million and $8.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) Includes a $7.0 million receivable in connection with the sale of a land parcel in December 2015. (3) Accumulated amortization on deferred financing fees was $27.8 million and $15.4 million as of December 31, 2015 and 2014 , respectively. (4) Accumulated amortization on leasing costs was $9.8 million and $9.0 million as of December 31, 2015 and 2014 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $8.1 million and $7.1 million as of December 31, 2015 and 2014 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of December 31, 2015 2014 Accrued expenses (1) $ 68,937 $ 62,866 Other liabilities (2) 80,332 48,256 Accrued interest payable 55,081 57,895 Intangible liabilities, net (3) 10,485 11,885 Accounts payable, accrued expenses and other liabilities (4) $ 214,835 $ 180,902 _______________________________________________________________________________ (1) As of December 31, 2015 and 2014, accrued expenses includes $5.3 million and $2.7 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (2) As of December 31, 2015 and 2014, "Other liabilities" includes $14.5 million and $6.8 million , respectively, related to a profit sharing payable to a developer for residential units sold and $4.4 million and $0.9 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2015 and 2014, "Other liabilities" also includes $6.6 million and $7.7 million , respectively related to tax increment financing 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. As of December 31, 2015, includes $0.9 million related to share repurchases that settled in January 2016. As of December 31, 2015, includes $6.0 million of deferred net revenue in connection with the sale of a land and development asset (refer to Note 5). (3) Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $6.6 million and $6.2 million as of December 31, 2015 and 2014 , respectively. The amortization of intangible liabilities increased operating lease income in the Company's consolidated statements of operations by $1.5 million , $2.5 million and $2.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. (4) As of December 31, 2015 and 2014, includes $26.2 million and $15.2 million , respectively, of capital expenditures that have not yet been paid in cash. Intangible assets— The estimated expense from the amortization of lease intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): 2016 $ 3,312 2017 3,127 2018 2,834 2019 2,768 2020 2,706 |
Loan Participations Payable, Ne
Loan Participations Payable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Loan Participations Payable, Net | Loan Participations Payable, net During the year ended December 31, 2015, the Company transferred to a third party a $100.0 million junior loan participation in a $250.0 million mezzanine loan commitment that it had previously originated. The Company had funded $38.9 million of the junior loan prior to transfer and received proceeds of $38.9 million upon transfer. The transferee is responsible for funding the remaining $61.1 million under the junior loan commitment, which bears interest at a rate of 5.9% . The Company will fund these commitments if the transferee defaults. During the year ended December 31, 2015, the transferee funded an additional $14.1 million directly to the borrower. During the year ended December 31, 2015, the Company transferred to a third party a $100.0 million senior loan participation in a $220.2 million senior loan commitment that it had previously originated. The transferred participation bears interest at a rate of LIBOR+ 3.50% with a LIBOR floor of 0.25%. The Company had fully funded the $100.0 million transferred participation prior to transfer and received net proceeds of $99.2 million . These transfers of financial assets did not meet the sales criteria established under ASC Topic 860 and have been accounted for as loan participations payable as of December 31, 2015, with a balance of $152.3 million , net of a discount. As of December 31, 2015, the corresponding loan receivable balances were $153.0 million and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these participations are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations. |
Debt Obligations, net
Debt Obligations, net | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Obligations, net | Debt Obligations, net As of December 31, 2015 and 2014 , the Company's debt obligations were as follows ($ in thousands): Carrying Value as of December 31, Stated Interest Rates Scheduled Maturity Date 2015 2014 Secured credit facilities and term loans: 2012 Tranche A-2 Facility $ 339,717 $ 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 239,547 248,955 4.85% - 7.26% (3) Various through 2026 Total secured credit facilities and term loans 829,264 607,459 Unsecured notes: 6.05% senior notes — 105,765 6.05 % — 5.875% senior notes 261,403 261,403 5.875 % March 2016 3.875% senior notes 265,000 265,000 3.875 % July 2016 3.00% senior convertible notes (4) 200,000 200,000 3.00 % November 2016 1.50% senior convertible notes (5) 200,000 200,000 1.50 % November 2016 5.85% senior notes 99,722 99,722 5.85 % March 2017 9.00% senior notes 275,000 275,000 9.00 % June 2017 4.00% senior notes 550,000 550,000 4.00 % November 2017 7.125% senior notes 300,000 300,000 7.125 % February 2018 4.875% senior notes 300,000 300,000 4.875 % July 2018 5.00% senior notes 770,000 770,000 5.00 % July 2019 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 4,150,389 4,034,349 Debt discounts, net (6,706 ) (11,665 ) Total debt obligations, net (6) $ 4,143,683 $ 4,022,684 _______________________________________________________________________________ (1) The loan has a LIBOR floor of 1.25% . As of December 31, 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 December 31, 2015 and 2014 , includes a loan with a floating rate of LIBOR plus 2.00% . As of December 31, 2015 , the weighted average interest rate of these loans is 5.3% . (4) The Company's 3.00% senior convertible fixed rate notes due November 2016 (" 3.00% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.00% Convertible Notes, at $11.77 per share at any time prior to the close of business on November 14, 2016. (5) The Company's 1.50% senior convertible fixed rate notes due November 2016 (" 1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016. (6) The Company capitalized interest relating to development activities of $5.3 million , $4.9 million and $2.6 million for the years ended December 31, 2015 2014 and 2013 , respectively. Future Scheduled Maturities —As of December 31, 2015 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2016 $ 926,403 $ — $ 926,403 2017 924,722 339,717 1,264,439 2018 600,000 263,290 863,290 2019 770,000 30,795 800,795 2020 — — — Thereafter 100,000 195,462 295,462 Total principal maturities 3,321,125 829,264 4,150,389 Debt discounts, net (5,522 ) (1,184 ) (6,706 ) Total debt obligations, net $ 3,315,603 $ 828,080 $ 4,143,683 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 year ended December 31, 2015, the weighted average cost of the credit facility was 3.13% . Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. 2012 Secured Credit Facilities —In March 2012, the Company entered into an $880.0 million senior secured credit agreement providing for two tranches of term loans: a $410.0 million 2012 A-1 tranche due March 2016, which bore 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 December 31, 2015 , the Company made cumulative amortization repayments of $130.3 million on the 2012 Tranche A-2 Facility. For the years ended December 31, 2015 , 2014 and 2013 , repayments of the 2012 Secured Credit Facilities prior to maturity resulted in losses on early extinguishment of debt of $0.3 million , $1.5 million and $1.0 million , respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. These amounts are included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations. Unsecured Notes —In 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 February 2013 secured credit facility, for the year ended December 31, 2014, the Company recorded a loss on early extinguishment of debt of $22.8 million related to unamortized discounts and financing fees at the time of refinancing. This amount is included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations. In November 2013, the Company issued $200.0 million aggregate principal of 1.50% convertible senior unsecured notes due November 2016 . Proceeds from the transaction, together with cash on hand, were used to fully repay the remaining $200.6 million of outstanding 5.70% senior unsecured notes due March 2014 . In connection with the repayment of the 5.70% senior unsecured notes, the Company incurred $2.8 million of losses related to a prepayment penalty and the accelerated amortization of discounts, which was recorded in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations for the year ended December 31, 2013 . In May 2013, the Company issued $265.0 million aggregate principal of 3.875% senior unsecured notes due July 2016 and issued $300.0 million aggregate principal of 4.875% senior unsecured notes due July 2018 . Net proceeds from these transactions, together with cash on hand, were used to fully repay the remaining $96.8 million of outstanding 8.625% senior unsecured notes due June 2013 and the remaining $448.5 million of outstanding 5.95% senior unsecured notes due in October 2013 . In connection with the repayment of the 5.95% senior unsecured notes, the Company incurred $9.5 million of losses related to a prepayment penalty and the accelerated amortization of discounts, which was recorded in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations for the year ended December 31, 2013 . Encumbered/Unencumbered Assets —As of December 31, 2015 and 2014 , the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of December 31, 2015 2014 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 816,721 $ 777,262 $ 602,471 $ 1,213,960 Real estate available and held for sale 10,593 126,681 10,496 156,807 Land and development 17,714 984,249 17,907 961,055 Loans receivable and other lending investments, net (1)(2) 170,162 1,314,823 46,515 1,364,828 Other investments 22,352 231,820 17,708 336,411 Cash and other assets — 1,033,515 — 768,475 Total $ 1,037,542 $ 4,468,350 $ 695,097 $ 4,801,536 _______________________________________________________________________________ (1) As of December 31, 2015 and 2014 , the amounts presented exclude general reserves for loan losses of $36.0 million and $33.5 million , respectively. (2) As of December 31, 2015, the amount presented excludes loan participations of $153.0 million . 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 additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5 x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. While our ability to incur additional indebtedness under the fixed charge coverage ratio is currently limited, we are permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures. The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2012 Secured Credit Facilities require the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facilities. The 2015 Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both collateral coverage of at least 1.5 x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5 x. The 2015 Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the collateral coverage remains at least 1.5 x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. In addition, for so long as the Company maintains its qualification as a REIT, the 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards in the case of the 2015 Revolving Credit Facility). The Company may not pay common dividends if it ceases to qualify as a REIT. The Company's 2012 Secured Credit Facilities and the 2015 Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 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 $ 689,014 $ 15,626 $ 23,360 $ 728,000 Strategic Investments — — 45,940 45,940 Discretionary Fundings 5,000 — — 5,000 Total $ 694,014 $ 15,626 $ 69,300 $ 778,940 Other Commitments —Total operating lease expense for the years ended December 31, 2015 , 2014 and 2013 was $6.0 million , $5.8 million and $6.1 million , respectively. Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2016 $ 5,722 2017 5,210 2018 4,185 2019 3,442 2020 3,442 Thereafter 4,823 The Company has also issued letters of credit totaling $2.2 million in connection with its investments. Legal Proceedings —The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceedings: On March 7, 2014, a shareholder action purporting to assert derivative, class and individual claims was filed in the Circuit Court for Baltimore City, Maryland naming the Company, a number of its current and former senior executives (including its chief executive officer) and current and former directors as defendants. The complaint sought unspecified damages and other relief and alleged breach of fiduciary duty, breach of contract and other causes of action arising out of shares of common stock issued by the Company to its senior executives pursuant to restricted stock unit awards granted in December 2008 and modified in July 2011. On October 30, 2014, the Circuit Court granted the defendants’ Motions to Dismiss and plaintiffs’ claims against all of the defendants in this action were dismissed. Plaintiffs filed a notice of appeal of their dismissal of their claims against the Company and all other defendants. Oral argument took place before the Court of Special Appeals of Maryland on December 9, 2015. On January 28, 2016, the Court of Special Appeals affirmed the order of the Circuit Court, holding that the Circuit Court properly dismissed plaintiffs' claims against all defendants, including the Company. On 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 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. A court-ordered mediation took place on August 13, 2015, but it was unsuccessful. In the pending appeal before the United States Court of Appeals for the Fourth Circuit, the parties have filed their respective briefs. Oral argument has not yet been scheduled. There can be no assurance as to the timing or actual receipt by the Company of amounts awarded by the Court or the outcome of any appeal. 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. |
Risk Management and Derivatives
Risk Management and Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Derivatives | Risk Management and Derivatives Risk management In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company's lending investments or leases that result from a borrower's or tenant's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of real estate assets by the Company as well as changes in foreign currency exchange rates. Risk concentrations —Concentrations of credit risks arise when a number of borrowers or tenants related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Substantially all of the Company's real estate as well as assets collateralizing its loans receivable are located in the United States. As of December 31, 2015 , the only states with a concentration greater than 10.0% were New York with 19.9% and California with 13.6% . As of December 31, 2015 , the Company's portfolio contains concentrations in the following asset types: office/industrial 22.5% , l and 22.7% , mixed use/mixed collateral 15.8% and hotel 10.6% . The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have a material adverse effect on the Company. As of December 31, 2015 , the Company's five largest borrowers or tenants collectively accounted for approximately $118 million of the Company's 2015 revenues, of which no single customer accounts for more than 6% . Derivatives The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2015 and 2014 ($ in thousands): Derivative Assets as of December 31, Derivative Liabilities as of December 31, 2015 2014 2015 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 Other Assets $ 39 N/A $ — N/A $ — Other Liabilities $ 478 Interest rate swaps N/A — Other Assets 52 Other Liabilities 131 N/A — Total $ 39 $ 52 $ 131 $ 478 Derivatives not Designated in Hedging Relationships Foreign exchange contracts Other Assets $ 378 Other Assets $ 1,534 N/A $ — N/A $ — Interest rate cap Other Assets 1,105 Other Assets 4,775 N/A — N/A — Total $ 1,483 $ 6,309 $ — $ — The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the years ended December 31, 2015 , 2014 and 2013 ($ 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 Year Ended December 31, 2015 Interest rate cap Interest Expense $ — $ (626 ) N/A Interest rate cap Earnings from equity investments (13 ) (1 ) N/A Interest rate swaps Interest Expense (537 ) 170 N/A Interest rate swaps Earnings from equity investments (528 ) (464 ) N/A Foreign exchange contracts Earnings from equity investments (124 ) — N/A For the Year Ended December 31, 2014 Interest rate cap Interest Expense — (56 ) N/A Interest rate cap Other Expense (2,984 ) — (3,634 ) Interest rate cap Earnings from equity method investments (9 ) — N/A Interest rate swaps Interest Expense (970 ) (6 ) N/A Interest rate swap Earnings from equity method investments (753 ) (420 ) N/A Foreign exchange contracts Earnings from equity method investments (471 ) — N/A For the Year Ended December 31, 2013 Interest rate cap Interest Expense (1,517 ) — N/A Interest rate swap Interest Expense 869 (310 ) N/A Foreign exchange contracts Earnings from equity method investments 393 — N/A Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Years Ended December 31, Derivatives not Designated in Hedging Relationships 2015 2014 2013 Interest rate cap Other Expense $ (3,671 ) $ (1,347 ) $ — Foreign exchange contracts Other Expense 2,403 7,257 880 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 December 31, 2015 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated (Rs and $ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells 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 December 31, 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 £ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells euro ("EUR")/Buys USD Forward € 5,700 $ 6,439 January 2016 Sells pound sterling ("GBP")/Buys USD Forward £ 3,000 $ 4,557 January 2016 The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" in its consolidated statements of operations for loan investments or "Accumulated other comprehensive income (loss)," on its consolidated balance sheets for net investments in foreign subsidiaries. The Company recorded net gains (losses) related to foreign investments of $(0.1) million , $0.1 million and $(2.0) million during the years ended December 31, 2015 , 2014 and 2013 , respectively, in its consolidated statements of operations. Interest Rate Hedges —For derivatives designated as interest rate hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. The Company entered into an interest rate swap to convert its variable rate debt to fixed rate on a $28.0 million secured term loan maturing in 2019. As of December 31, 2015 , the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate swap $ 26,935 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." In August 2013, the Company entered into an interest rate cap agreement to reduce exposure to expected increases in future interest rates and the resulting payments associated with variable interest rate debt. In June 2014, in connection with the full repayment and termination of the Company's February 2013 Secured Credit Facility referenced in Note 10 , the Company realized amounts in earnings from other comprehensive income (loss) as a portion of a hedge related to the Company's variable rate debt was no longer expected to be highly effective. The amount realized was a loss of $3.6 million recorded as a component of "Other expense" in the Company's consolidated statements of operations. As of December 31, 2015 , the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated ($ 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 $0.1 million related to terminated cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into interest expense and $0.5 million relating to other cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into earnings. Credit Risk-Related Contingent Features —The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company reports derivative instruments on a gross basis in the consolidated financial statements. In connection with its foreign currency derivatives, which were in a liability position as of December 31, 2015 and 2014 , the Company has posted collateral of $1.0 million and $3.0 million , respectively, which is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The Company's net exposure under these contracts was zero as of December 31, 2015 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2015 and 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 8.00 % $ 2.00 E 5,600 0.001 25.00 7.875 % 1.97 F 4,000 0.001 25.00 7.80 % 1.95 G 3,200 0.001 25.00 7.65 % 1.91 I 5,000 0.001 25.00 7.50 % 1.88 J (3) 4,000 0.001 50.00 4.50 % 2.25 25,800 _______________________________________________________________________________ (1) Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $8.0 million , $11.0 million , $7.8 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the years ended December 31, 2015 and 2014 . The Company declared and paid dividends of $9.0 million on its Series J Convertible Perpetual Preferred Stock during the years ended December 31, 2015 and 2014 , respectively. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. High Performance Unit Program In May 2002, the Company's shareholders approved the iStar HPU Program. The program entitled employee participants ("HPU Holders") to receive distributions if the total rate of return on the Company's common stock (share price appreciation plus dividends) exceeded certain performance thresholds over a specified valuation period. The Company established seven HPU plans that had valuation periods ending between 2002 and 2008 and the Company has not established any new HPU plans since 2005. HPU Holders purchased interests in the High Performance common stock for an aggregate initial purchase price of $9.8 million . The remaining four plans that had valuation periods which ended in 2005, 2006, 2007 and 2008, did not meet their required performance thresholds, none of the plans were funded and the Company redeemed the participants' units. The 2002, 2003 and 2004 plans all exceeded their performance thresholds and were entitled to receive distributions equivalent to the amount of dividends payable on 819,254 shares, 987,149 shares and 1,031,875 shares, respectively, of the Company's common stock as and when such dividends are paid on the Company's common stock. Each of these three plans has 5,000 shares of High Performance common stock associated with it, which was recorded as a separate class of stock within shareholders' equity on the Company's consolidated balance sheets. High Performance common stock carries 0.25 votes per share. Net income allocable to common shareholders is reduced by the HPU holders' share of earnings. In August 2015, the Company repurchased and retired all of its outstanding 14,888 HPUs, representing approximately 2.8 million common stock equivalents. The Company repurchased these HPUs at fair value from current and former employees through an arms-length exchange offer. HPU holders could elect to receive $9.30 in cash or 0.7 shares of iStar common stock, or a combination thereof, per common stock equivalent underlying the HPUs. Approximately 37% of the outstanding HPUs were exchanged for $9.8 million in cash and approximately 63% of the outstanding HPUs were exchanged for 1.2 million shares of iStar common stock with a fair value of $15.2 million , representing the number of shares issued at the closing price of the Company's common stock on August 13, 2015. The transaction value in excess of the HPUs carrying value of $9.8 million was recorded as a reduction to retained earnings (deficit) in the Company's consolidated statements of changes in equity. Dividends —In order to maintain its qualification as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2014 , the Company had $856.4 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2034 if unused. The amount of NOL carryforwards as of December 31, 2015 will be determined upon finalization of the Company's 2015 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends or, alternatively, may need to make dividend payments in excess of operating cash flows. The 2012 Tranche A-2 Facility and the 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards in the case of the 2015 Revolving Credit Facility), for so long as the Company maintains its qualification as a REIT. The 2012 Tranche A-2 Facility and the 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 years ended December 31, 2015 and 2014 . Stock Repurchase Program —In September 2015, 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 . In December 2015, after having substantially utilized the availability approved in September 2015, the Company's Board of Directors authorized a new $50.0 million repurchase program. The program authorizes the repurchase of common stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. There were no stock repurchases during the year ended December 31, 2014 . During the year ended December 31, 2015 , the Company repurchased 5.7 million shares of its outstanding common stock for $70.3 million , at an average cost of $12.25 per share. As of December 31, 2015 , the Company had remaining authorization to repurchase up to $48.7 million of common stock available to repurchase under its stock repurchase program. Subsequent to December 31, 2015, the Company repurchased 5.2 million shares of its outstanding common stock for $52.0 million , at an average cost of $10.10 per share. In February 2016, the Company's Board of Directors authorized a new $50.0 million repurchase program. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of December 31, 2015 2014 Unrealized gains (losses) on available-for-sale securities $ (125 ) $ 2,983 Unrealized gains (losses) on cash flow hedges (690 ) (409 ) Unrealized losses on cumulative translation adjustment (4,036 ) (3,545 ) Accumulated other comprehensive income (loss) $ (4,851 ) $ (971 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans and Employee Benefits | Stock-Based Compensation Plans and Employee Benefits On May 22, 2014, the Company's shareholders approved the 2013 Performance Incentive Plan ("iPIP") which is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. 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. All decisions regarding the granting of points under iPIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The fair value of points is determined using a model that forecasts the Company's projected investment performance. The payout of iPIP is based on the amount of invested capital, investment performance and the Company's total shareholder return ("TSR") as compared to the average TSR of the NAREIT All REIT Index and the Russell 2000 Index during the relevant performance period for the investments in each pool. 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. Point holders will not receive a distribution until the Company has received a full return of its capital plus a preferred return distribution, which is based on a preferred return hurdle rate of 9% per annum. Subject to certain vesting and employment requirements, point holders will be paid a combination of cash and stock. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. Compensation costs relating to iPIP are included in "General and administrative" in the Company's consolidated statements of operations. As of December 31, 2015 and 2014, the Company had accrued compensation costs relating to iPIP of $16.6 million and $7.8 million , respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company's shareholders approved the Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") which is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. A maximum of 8,000,000 shares of common stock may be awarded under the 2009 LTIP. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's 2006 Long-Term Incentive Plan (the "2006 LTIP") is designed to provide equity-based incentive compensation for officers, key employees, directors, consultants and advisors of the Company. The 2006 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, dividend equivalent rights and other share-based performance awards. A maximum of 4,550,000 shares of common stock may be subject to awards under the 2006 LTIP provided that the number of shares of common stock reserved for grants of options designated as incentive stock options is 1.0 million , subject to certain anti-dilution provisions in the 2006 LTIP. All awards under this Plan are at the discretion of the Company's Board of Directors or a committee of the Board of Directors. As of December 31, 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. The Company's 2007 Incentive Compensation Plan ("Incentive Plan") was approved and adopted by the Company's Board of Directors in 2007 in order to establish performance goals for selected officers and other key employees and to determine bonuses that will be awarded to those officers and other key employees based on the extent to which they achieve those performance goals. Equity-based awards may be made under the Incentive Plan, subject to the terms of the Company's equity incentive plans. Stock-Based Compensation —The Company recorded stock-based compensation expense of $12.0 million , $13.3 million and $19.3 million for the years ended December 31, 2015 , 2014 and 2013 in "General and administrative" in the Company's consolidated statements of operations. As of December 31, 2015 , there was $1.9 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 0.86 years. Restricted Share Issuances During the year ended December 31, 2015 , the Company granted 318,482 shares of common stock to certain employees as part of annual incentive awards that included a mix of cash and shares. The weighted average grant date fair value per share of these share awards was $13.04 and the total fair value was $4.2 million . 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. Restricted Stock Units Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2015 were as follows (number of shares and $ in thousands, except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Non-vested as of December 31, 2014 320 $ 12.57 $ 4,367 Granted 119 $ 13.65 Vested (7 ) $ 8.53 Forfeited (6 ) $ 14.66 Non-vested as of December 31, 2015 426 $ 12.90 $ 4,991 The total fair value of Units vested during the years ended December 31, 2015 , 2014 and 2013 was $0.1 million , $39.2 million and $31.6 million , respectively. 2015 Restricted Stock Unit Activity —During the year ended December 31, 2015 , the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following: • 49,650 target amount of performance-based Units were granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The performance is based on the Company's TSR, measured over a performance period ending on December 31, 2017, which is the date the awards cliff vest. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of common stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock. The assumptions used to estimate the fair value of these performance-based awards were 0.75% for risk-free interest rate and 28.14% for expected stock price volatility. As of December 31, 2015 , 48,519 of such performance-based Units were outstanding. • 64,196 service-based Units were granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2017, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. As of December 31, 2015 , 61,557 of such service-based Units were outstanding. • 4,751 service-based Units were granted on various dates to certain employees, 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 the third anniversary of the grant date of the award, 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 December 31, 2015 , 4,751 of such service-based Units were outstanding. As of December 31, 2015 , the Company had the following additional stock-based compensation awards outstanding: • 49,434 target amount of performance-based Units, granted on January 10, 2014, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest based on the Company’s TSR measured over a performance period ending on December 31, 2016, which is the date the awards cliff vest. The other terms of these performance-based Units are identical to the terms described above for the performance-based Units granted in 2015. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock. The assumptions used to estimate the fair value of these performance-based awards were 0.76% for risk-free interest rate and 44.84% for expected stock price volatility. • 62,662 service-based Units, granted on January 10, 2014, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2016, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. • 194,526 service-based Units, granted on February 1, 2013, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on February 1, 2016, three years from the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue 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. • 4,000 service-based Units granted on May 14, 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 May 14, 2016, three years from the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue 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 —Non-employee directors are awarded common stock equivalents ("CSEs") or restricted stock awards ("RSAs") at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. During the year ended December 31, 2015 , the Company awarded to non-employee Directors a combined 50,360 CSEs and RSAs at a fair value per share of $14.40 at the time of grant. These CSEs and RSAs 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. In addition, during the year ended December 31, 2015 , the Company issued an additional 7,494 RSAs to a non-employee Director, who joined the Company's Board of Directors in July 2015, pursuant to the Company's Non-Employee Directors Deferral Plan, at a fair value per share of $13.09 at the time of grant. As of December 31, 2015 , a total of 296,755 CSEs and RSAs of the Company' common stock granted to members of the Company's Board of Directors remained outstanding under such Plan, with an aggregate intrinsic value of $3.5 million . 401(k) Plan —The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Company's Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the first 10% of the participant's annual compensation. The Company made gross contributions of $1.0 million for the year ended December 31, 2015 and $0.9 million each year for the years ended December 31, 2014 and 2013 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders were current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. These HPU units were treated as a separate class of common stock. All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data): For the Years Ended December 31, 2015 2014 2013 Income (loss) from continuing operations $ (99,973 ) $ (74,178 ) $ (220,768 ) Income from sales of real estate 93,816 89,943 86,658 Net (income) loss attributable to noncontrolling interests 3,722 704 (718 ) Preferred dividends (51,320 ) (51,320 ) (49,020 ) Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share $ (53,755 ) $ (34,851 ) $ (183,848 ) For the Years Ended December 31, 2015 2014 2013 Earnings allocable to common shares: Numerator for basic and diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (52,675 ) $ (33,722 ) $ (177,907 ) Income (loss) from discontinued operations — — 623 Gain from discontinued operations — — 21,515 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (52,675 ) $ (33,722 ) $ (155,769 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic and diluted earnings per common share 84,987 85,031 84,990 Basic and diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.62 ) $ (0.40 ) $ (2.09 ) Income (loss) from discontinued operations — — 0.01 Gain from discontinued operations — — 0.25 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.62 ) $ (0.40 ) $ (1.83 ) For the Years Ended December 31, 2015 2014 2013 Earnings allocable to HPUs (1) : Numerator for basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ (1,080 ) $ (1,129 ) $ (5,941 ) Income (loss) from discontinued operations — — 21 Gain from discontinued operations — — 718 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ (1,080 ) $ (1,129 ) $ (5,202 ) Denominator for basic and diluted earnings per HPU share: Weighted average HPUs outstanding for basic and diluted earnings per share 9 15 15 Basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ (120.00 ) $ (75.27 ) $ (396.07 ) Income (loss) from discontinued operations — — 1.40 Gain from discontinued operations — — 47.87 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ (120.00 ) $ (75.27 ) $ (346.80 ) _______________________________________________________________________________ (1) All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). For the years ended December 31, 2015 , 2014 and 2013 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands): For the Years Ended December 31, 2015 (1) 2014 (1) 2013 (1) Joint venture shares 298 298 298 3.00% convertible senior unsecured notes 16,992 16,992 16,992 Series J convertible perpetual preferred stock 15,635 15,635 15,635 1.50% convertible senior unsecured notes 11,567 11,567 11,567 _______________________________________________________________________________ (1) For the years ended December 31, 2015 , 2014 and 2013 , the effect of the Company's unvested Units, performance-based Units and CSEs were anti-dilutive. |
Fair Values
Fair Values | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Recurring basis: Derivative assets (1) $ 1,522 $ — $ 1,522 $ — Derivative liabilities (1) 131 — 131 — Available-for-sale securities (1) 1,161 — — 1,161 Non-recurring basis: Impaired loans (2) 3,200 — — 3,200 As of December 31, 2014 Recurring basis: Derivative assets (1) $ 6,361 $ — $ 6,361 $ — Derivative liabilities (1) 478 — 478 — Available-for-sale securities (1) 7,906 7,906 — — Non-recurring basis: Impaired loans (3) 37,169 — — 37,169 Impaired real estate (4) 7,102 — — 7,102 _______________________________________________________________________________ (1) The fair value of the Company's derivatives and 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 $3.2 million based on a discounted cash flow analysis. (3) 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. (4) 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 and outstanding debt was $1.6 billion and $4.3 billion , respectively, as of December 31, 2015 and $1.4 billion and $4.1 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. Given the nature of certain assets and liabilities, clearly determinable market based valuation inputs are often not available, therefore, these assets and liabilities are valued using internal valuation techniques. Subjectivity exists with respect to these internal valuation techniques, therefore, the fair values disclosed may not ultimately be realized by the Company if the assets were sold or the liabilities were settled with third parties. The methods the Company used to estimate the fair values presented in the table above are described more fully below for each type of asset and liability. Derivatives —The Company uses interest rate swaps, interest rate caps and foreign exchange contracts to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Impaired loans —The Company's loans identified as being impaired are nearly all collateral dependent loans and are evaluated for impairment by comparing the estimated fair value of the underlying collateral, less costs to sell, to the carrying value of each loan. Due to the nature of the individual properties collateralizing the Company's loans, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Impaired real estate —If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 3 input under the fair value hierarchy. Loans receivable and other lending investments —The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, that fall within Level 2 of the fair value hierarchy or broker quotes that fall within Level 3 of the fair value hierarchy. Debt obligations, net —For debt obligations traded in secondary markets, the Company uses market quotes, to the extent they are available, to determine fair value and are considered Level 2 on the fair value hierarchy. For debt obligations not traded in secondary markets, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2015 Operating lease income $ — $ 151,481 $ 77,454 $ 785 $ — $ 229,720 Interest income 134,687 — — — — 134,687 Other income 9,737 357 34,637 1,219 3,981 49,931 Land development revenue — — — 100,216 — 100,216 Earnings (loss) from equity method investments — 5,221 1,663 16,683 8,586 32,153 Income from sales of real estate — 40,082 53,734 — — 93,816 Total revenue and other earnings 144,424 197,141 167,488 118,903 12,567 640,523 Real estate expense — (21,855 ) (95,888 ) (29,007 ) — (146,750 ) Land development cost of sales — — — (67,382 ) — (67,382 ) Other expense (2,291 ) — — — (4,083 ) (6,374 ) Allocated interest expense (57,109 ) (66,504 ) (28,014 ) (32,087 ) (40,925 ) (224,639 ) Allocated general and administrative (2) (13,128 ) (15,569 ) (6,988 ) (11,488 ) (22,091 ) (69,264 ) Segment profit (loss) (3) $ 71,896 $ 93,213 $ 36,598 $ (21,061 ) $ (54,532 ) $ 126,114 Other significant non-cash items: Provision for loan losses $ 36,567 $ — $ — $ — $ — $ 36,567 Impairment of assets — — 5,935 4,589 — 10,524 Depreciation and amortization — 38,138 24,548 1,422 1,139 65,247 Capitalized expenditures — 4,195 84,103 94,971 — 183,269 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2014: Operating lease income $ — $ 151,934 $ 90,331 $ 835 $ — $ 243,100 Interest income 122,704 — — — — 122,704 Other income 21,217 4,437 42,000 3,327 10,052 81,033 Land development revenue — — — 15,191 — 15,191 Earnings (loss) from equity method investments — 3,260 1,669 14,966 75,010 94,905 Income from sales of real estate — 6,206 83,737 — — 89,943 Total revenue and other earnings 143,921 165,837 217,737 34,319 85,062 646,876 Real estate expense — (22,967 ) (113,504 ) (26,918 ) — (163,389 ) Land development cost of sales — — — (12,840 ) — (12,840 ) Other expense (243 ) — — — (6,097 ) (6,340 ) Allocated interest expense (58,043 ) (72,089 ) (39,535 ) (29,432 ) (25,384 ) (224,483 ) Allocated general and administrative (2) (13,211 ) (16,603 ) (9,608 ) (13,062 ) (22,489 ) (74,973 ) Segment profit (loss) (3) $ 72,424 $ 54,178 $ 55,090 $ (47,933 ) $ 31,092 $ 164,851 Other significant non-cash items: Recovery of loan losses $ (1,714 ) $ — $ — $ — $ — $ (1,714 ) Impairment of assets — 3,689 8,131 22,814 — 34,634 Depreciation and amortization — 38,841 32,142 1,440 1,148 73,571 Capitalized expenditures — 3,933 61,186 80,119 — 145,238 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2013 Operating lease income $ — $ 147,313 $ 86,352 $ 902 $ — $ 234,567 Interest income 108,015 — — — — 108,015 Other income 4,748 250 38,164 1,474 3,572 48,208 Earnings (loss) from equity method investments — 2,699 5,546 (5,331 ) 38,606 41,520 Income from sales of real estate — — 82,603 4,055 — 86,658 Income (loss) from discontinued operations (4) — 1,484 1,251 — — 2,735 Gain from discontinued operations — 3,395 18,838 — — 22,233 Total revenue and other earnings 112,763 155,141 232,754 1,100 42,178 543,936 Real estate expense — (22,565 ) (101,044 ) (33,832 ) — (157,441 ) Other expense (1,625 ) — — — (6,425 ) (8,050 ) Allocated interest expense (5) (74,377 ) (80,034 ) (49,114 ) (30,368 ) (32,332 ) (266,225 ) Allocated general and administrative (2) (13,186 ) (14,330 ) (9,189 ) (12,365 ) (23,783 ) (72,853 ) Segment profit (loss) (3) $ 23,575 $ 38,212 $ 73,407 $ (75,465 ) $ (20,362 ) $ 39,367 Other significant non-cash items: Provision for loan losses $ 5,489 $ — $ — $ — $ — $ 5,489 Impairment of assets (5) — 1,176 12,449 728 — 14,353 Loss on transfer of interest to unconsolidated subsidiary — — — 7,373 — 7,373 Depreciation and amortization (5) — 38,582 30,599 1,105 1,244 71,530 Capitalized expenditures — 34,076 41,131 36,346 — 111,553 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of December 31, 2015 Real estate Real estate, net — 1,112,479 481,504 — — 1,593,983 Real estate available and held for sale — — 137,274 — — 137,274 Total real estate — 1,112,479 618,778 — — 1,731,257 Land and development — — — 1,001,963 — 1,001,963 Loans receivable and other lending investments, net 1,601,985 — — — — 1,601,985 Other investments — 69,096 11,124 100,419 73,533 254,172 Total portfolio assets $ 1,601,985 $ 1,181,575 $ 629,902 $ 1,102,382 $ 73,533 4,589,377 Cash and other assets 1,033,515 Total assets $ 5,622,892 As of December 31, 2014 Real estate, net — 1,188,160 628,271 — — 1,816,431 Real estate available and held for sale — 4,521 162,782 — — 167,303 Total real estate — 1,192,681 791,053 — — 1,983,734 Land and development — — — 978,962 — 978,962 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 _______________________________________________________________________________ (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 $12.0 million , $13.3 million and $19.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2015 2014 2013 Segment profit $ 126,114 $ 164,851 $ 39,367 Less: (Provision for) recovery of loan losses (36,567 ) 1,714 (5,489 ) Less: Impairment of assets (4) (10,524 ) (34,634 ) (14,353 ) Less: Loss on transfer of interest to unconsolidated subsidiary — — (7,373 ) Less: Depreciation and amortization (4) (65,247 ) (73,571 ) (71,530 ) Less: Stock-based compensation expense (12,013 ) (13,314 ) (19,261 ) Less: Income tax (expense) benefit (4) (7,639 ) (3,912 ) 596 Less: Loss on early extinguishment of debt, net (281 ) (25,369 ) (33,190 ) Net income (loss) $ (6,157 ) $ 15,765 $ (111,233 ) (4) For the year ended December 31, 2013 excludes certain amounts reclassified to discontinued operations in the Company's consolidated statements of operations. (5) For the year ended December 31, 2013 includes related amounts reclassified to discontinued operations in the Company's consolidated statements of operations. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). For the Quarters Ended December 31, September 30, June 30, March 31, 2015: Revenue $ 172,025 $ 120,487 $ 109,185 $ 112,857 Net income (loss) $ 19,974 $ 5,958 $ (19,776 ) $ (12,313 ) Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic (2) $ 7,685 $ (6,072 ) $ (30,950 ) $ (22,553 ) Diluted (2) $ 7,684 $ (6,072 ) $ (30,950 ) $ (22,553 ) Earnings per share Basic and diluted $ 0.09 $ (0.07 ) $ (0.36 ) $ (0.26 ) Weighted average number of common shares Basic 83,162 85,766 85,541 85,497 Diluted 83,581 85,766 85,541 85,497 Earnings per HPU share data (1) : Net income (loss) attributable to iStar Inc. Basic and diluted $ — $ (94 ) $ (1,027 ) $ (749 ) Earnings per share Basic and diluted $ — $ (13.41 ) $ (68.47 ) $ (49.93 ) Weighted average number of HPU shares—basic and diluted — 7 15 15 2014: Revenue $ 109,950 $ 113,486 $ 129,843 $ 108,749 Net income (loss) $ (1,955 ) $ 35,491 $ (3,594 ) $ (14,177 ) Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic (2) $ (13,270 ) $ 22,327 $ (16,207 ) $ (26,572 ) Diluted (2) $ (13,270 ) $ 27,608 $ (16,207 ) $ (26,572 ) Earnings per share Basic $ (0.16 ) $ 0.26 $ (0.19 ) $ (0.31 ) Diluted $ (0.16 ) $ 0.21 $ (0.19 ) $ (0.31 ) Weighted average number of common shares Basic 85,188 85,163 84,916 84,819 Diluted 85,188 130,160 84,916 84,819 Earnings per HPU share data (1) : Net income (loss) attributable to iStar Inc. Basic $ (442 ) $ 744 $ (542 ) $ (889 ) Diluted $ (442 ) $ 602 $ (542 ) $ (889 ) Earnings per share Basic $ (29.47 ) $ 49.60 $ (36.13 ) $ (59.27 ) Diluted $ (29.47 ) $ 40.13 $ (36.13 ) $ (59.27 ) Weighted average number of HPU shares—basic and diluted 15 15 15 15 _______________________________________________________________________________ (1) Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. (2) For the quarter ended December 31, 2015 includes net income attributable to iStar Inc. and allocable to Participating Security Holders of $5 and $5 on a basic and dilutive basis, respectively. For the quarter ended September 30, 2014, includes net income attributable to iStar Inc. and allocable to Participating Security Holders of $2 and $2 on a basic and dilutive basis, respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | iStar Inc. Schedule II—Valuation and Qualifying Accounts and Reserves ($ in thousands) Balance at Beginning of Period Charged to Costs and Expenses Adjustments to Valuation Accounts Deductions Balance at End of Period For the Year Ended December 31, 2013 Reserve for loan losses (1)(2) $ 524,499 $ 5,489 $ — $ (152,784 ) $ 377,204 Allowance for doubtful accounts (2) 5,596 261 — — 5,857 Allowance for deferred tax assets (2) 40,880 (4,473 ) 19,855 — 56,262 $ 570,975 $ 1,277 $ 19,855 $ (152,784 ) $ 439,323 For the Year Ended December 31, 2014 Reserve for loan losses (1)(2) $ 377,204 $ (1,714 ) $ — $ (277,000 ) $ 98,490 Allowance for doubtful accounts (2) 5,857 2,074 — (4,285 ) 3,646 Allowance for deferred tax assets (2) 56,262 (6,246 ) 4,302 — 54,318 $ 439,323 $ (5,886 ) $ 4,302 $ (281,285 ) $ 156,454 For the Year Ended December 31, 2015 Reserve for loan losses (1)(2) $ 98,490 $ 36,567 $ — $ (26,892 ) $ 108,165 Allowance for doubtful accounts (2) 3,646 1,359 — (1,621 ) 3,384 Allowance for deferred tax assets (2) 54,318 (310 ) (98 ) — 53,910 $ 156,454 $ 37,616 $ (98 ) $ (28,513 ) $ 165,459 _____________________________________________________________ (1) Refer to Note 6 to the Company's consolidated financial statements. (2) Refer to Note 3 to the Company's consolidated financial statements. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) OFFICE FACILITIES: Arizona OAZ002 — (1) 1,033 6,652 980 1,033 7,632 8,665 3,133 1999 40.0 Arizona OAZ003 — (1) 1,033 6,652 287 1,033 6,939 7,972 2,766 1999 40.0 Arizona OAZ004 — (1) 1,033 6,652 205 1,033 6,857 7,890 2,755 1999 40.0 Arizona OAZ005 — 701 4,339 — 701 4,339 5,040 1,754 1999 40.0 California OCA002 — (1) 4,139 5,064 1,596 4,139 6,660 10,799 2,512 2002 40.0 Colorado OCO001 — 1,757 16,930 6,503 1,757 23,433 25,190 9,943 1999 40.0 Colorado OCO002 3,860 (1) — 16,752 48 — 16,800 16,800 5,776 2002 40.0 Florida OFL001 — 2,517 14,484 7,477 2,517 21,961 24,478 3,026 2010 40.0 Georgia OGA001 — 905 6,744 177 905 6,921 7,826 3,169 1999 40.0 Georgia OGA002 — 5,709 49,091 25,480 5,709 74,571 80,280 27,262 1999 40.0 Maryland OMD001 11,111 (1) 1,800 18,706 743 1,800 19,449 21,249 6,555 2002 40.0 Massachusetts OMA001 10,997 (1) 1,600 21,947 285 1,600 22,232 23,832 7,704 2002 40.0 New Jersey ONJ001 51,794 7,726 74,429 10 7,724 74,441 82,165 24,308 2002 40.0 New Jersey ONJ002 9,743 (1) 1,008 13,763 180 1,008 13,943 14,951 4,069 2004 40.0 New Jersey ONJ003 13,290 (1) 2,456 28,955 774 2,456 29,729 32,185 8,724 2004 40.0 Pennsylvania OPA001 — (1) 690 26,098 (49 ) 690 26,049 26,739 9,307 2001 40.0 Texas OTX001 — (1) 1,364 10,628 5,739 2,373 15,358 17,731 6,144 1999 40.0 Texas OTX002 — 1,233 15,160 153 1,233 15,313 16,546 5,864 1999 40.0 Texas OTX004 — 1,230 5,660 887 1,230 6,547 7,777 2,459 1999 40.0 Wisconsin OWI001 — 1,875 13,914 (6,147 ) 1,875 7,767 9,642 4,818 1999 40.0 Subtotal $ 100,795 $ 39,809 $ 362,620 $ 45,328 $ 40,816 $ 406,941 $ 447,757 $ 142,048 INDUSTRIAL FACILITIES: Arizona IAZ001 — 2,519 7,481 1,435 2,519 8,916 11,435 1,654 2009 40.0 Arizona IAZ002 — 3,279 5,221 3,218 3,279 8,439 11,718 1,745 2009 40.0 California ICA001 17,425 (1) 11,635 19,515 5,943 11,635 25,458 37,093 5,132 2007 40.0 California ICA005 — (1) 654 4,591 2,099 654 6,690 7,344 3,057 1999 40.0 California ICA006 — (1) 1,086 7,964 2,876 1,086 10,840 11,926 5,057 1999 40.0 California ICA007 — (1) 4,880 12,367 3,550 4,880 15,917 20,797 6,141 1999 40.0 California ICA008 — (1) 6,857 8,378 1,643 6,856 10,022 16,878 3,676 2002 40.0 California ICA012 — (1) 3,044 3,716 3,677 3,044 7,393 10,437 2,662 2002 40.0 California ICA013 — (1) 2,633 3,219 290 2,633 3,509 6,142 1,331 2002 40.0 California ICA014 — (1) 4,600 5,627 4,114 4,600 9,741 14,341 2,697 2002 40.0 California ICA015 — (1) 5,617 6,877 5,501 5,619 12,376 17,995 7,368 2002 40.0 California ICA016 26,935 15,708 27,987 7,619 15,708 35,606 51,314 16,343 2004 40.0 California ICA017 — 808 8,306 588 808 8,894 9,702 3,469 1999 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Colorado ICO001 — (1) 832 1,379 — 832 1,379 2,211 323 2006 40.0 Florida IFL002 15,095 (1) 3,510 20,846 8,279 3,510 29,125 32,635 5,523 2007 40.0 Florida IFL004 — (1) 3,048 8,676 — 3,048 8,676 11,724 3,506 1999 40.0 Florida IFL005 — (1) 1,612 4,586 (1,408 ) 1,241 3,549 4,790 891 1999 40.0 Florida IFL006 — 1,476 4,198 (4,497 ) 450 727 1,177 606 1999 40.0 Georgia IGA001 13,139 (1) 2,791 24,637 349 2,791 24,986 27,777 5,112 2007 40.0 Indiana IIN001 — (1) 462 9,224 — 462 9,224 9,686 2,596 2007 40.0 Massachusetts IMA001 18,077 (1) 7,439 21,774 10,979 7,439 32,753 40,192 6,209 2007 40.0 Michigan IMI001 — (1) 598 9,814 1 598 9,815 10,413 2,790 2007 40.0 Minnesota IMN001 — (1) 403 1,147 (344 ) 1,206 — 1,206 — 1999 40.0 Minnesota IMN002 — (1) 6,705 17,690 — 6,225 18,170 24,395 4,956 2005 40.0 New Jersey INJ001 20,966 (1) 8,368 15,376 21,141 8,368 36,517 44,885 6,998 2007 40.0 Texas ITX004 13,045 (1) 1,631 27,858 (416 ) 1,631 27,442 29,073 5,557 2007 40.0 Texas ITX005 — 1,314 8,903 46 1,314 8,949 10,263 3,613 1999 40.0 Virginia IVA001 14,070 (1) 2,619 28,481 142 2,619 28,623 31,242 5,854 2007 40.0 Subtotal $ 138,752 $ 106,128 $ 325,838 $ 76,825 $ 105,055 $ 403,736 $ 508,791 $ 114,866 LAND: Arizona LAZ002 — (1) 13,170 5,144 — 13,170 5,144 18,314 600 (3) 2011 0.0 Arizona LAZ003 — 1,400 — — 1,400 — 1,400 — 2011 0.0 Arizona LAZ001 — 96,700 — — 96,700 — 96,700 — 2010 0.0 California LCA002 — 28,464 2,836 (11,000 ) 17,464 2,836 20,300 2,836 2010 0.0 California LCA003 — 87,300 — (4,998 ) 82,302 — 82,302 — 2009 0.0 California LCA004 — 68,155 — (20,942 ) 47,213 — 47,213 — 2000 0.0 California LCA005 — 84,100 — 8,625 92,725 — 92,725 — 2010 0.0 California LCA006 — 59,100 — — 59,100 — 59,100 — 2010 0.0 Florida LFA001 — 7,600 — — 7,600 — 7,600 — 2009 0.0 Florida LFA002 — 8,100 — — 8,100 — 8,100 — 2009 0.0 Florida LFA007 — 5,883 — 235 5,883 235 6,118 — 2014 0.0 Florida LFA006 — 9,300 — (129 ) 9,171 — 9,171 — 2012 0.0 Florida LFA003 — 26,600 — 39,572 26,600 39,572 66,172 — 2010 0.0 Florida LFA004 — 10,440 — — 10,440 — 10,440 — 2013 0.0 Florida LFA005 — 9,300 — — 9,300 — 9,300 — 2010 0.0 Georgia LGA001 — 3,800 — — 3,800 — 3,800 2013 0.0 Georgia LGA002 — 1,400 — — 1,400 — 1,400 2013 0.0 Maryland LMD001 — 102,938 — — 102,938 — 102,938 — 2009 0.0 Maryland LMD002 — (1) 2,486 — — 2,486 — 2,486 361 1999 70.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Michigan LMI001 — 5,374 — — 5,374 — 5,374 — 2007 0.0 New Jersey LNJ001 — 43,300 — 70,231 113,531 — 113,531 313 (3) 2009 0.0 New York LNY002 — 58,900 — (9,506 ) 49,394 — 49,394 — 2011 0.0 New York LNY003 — 3,277 — 7,435 3,277 7,435 10,712 — 2013 0.0 New York LNY001 — 52,461 — 2,525 52,461 2,525 54,986 — 2009 0.0 Oregon LOR002 — 20,326 — (8,924 ) 11,402 — 11,402 — 2012 0.0 Texas LTX001 — (1) 3,375 — — 3,375 — 3,375 — 2005 0.0 Texas LTX002 — (1) 3,621 — — 3,621 — 3,621 — 2005 0.0 Virginia LVA001 — 72,138 — 28,925 101,063 — 101,063 1,958 (3) 2009 0.0 Subtotal $ — $ 889,008 $ 7,980 $ 102,049 $ 941,290 $ 57,747 $ 999,037 $ 6,068 ENTERTAINMENT: Alabama EAL001 — 277 359 (3 ) 277 356 633 106 2004 40.0 Alabama EAL002 — 319 414 — 319 414 733 122 2004 40.0 Arizona EAZ001 — 793 1,027 — 793 1,027 1,820 303 2004 40.0 Arizona EAZ002 — 521 673 (4 ) 521 669 1,190 199 2004 40.0 Arizona EAZ003 — 305 394 (3 ) 305 391 696 117 2004 40.0 Arizona EAZ004 — 630 815 — 630 815 1,445 241 2004 40.0 Arizona EAZ005 — 590 764 — 590 764 1,354 226 2004 40.0 Arizona EAZ006 — 476 616 (4 ) 476 612 1,088 182 2004 40.0 Arizona EAZ007 — 654 845 (6 ) 654 839 1,493 250 2004 40.0 Arizona EAZ008 — 666 862 (6 ) 666 856 1,522 255 2004 40.0 Arizona EAZ009 — 460 596 — 460 596 1,056 176 2004 40.0 California ECA001 — 1,097 1,421 — 1,097 1,421 2,518 419 2004 40.0 California ECA002 — 434 560 1 434 561 995 166 2004 40.0 California ECA003 — 332 429 — 332 429 761 127 2004 40.0 California ECA005 — 676 876 — 676 876 1,552 259 2004 40.0 California ECA006 — 720 932 — 720 932 1,652 275 2004 40.0 California ECA007 — 574 743 (5 ) 574 738 1,312 220 2004 40.0 California ECA008 — 392 508 (4 ) 392 504 896 150 2004 40.0 California ECA009 — 358 464 (3 ) 358 461 819 137 2004 40.0 California ECA010 — (1) — 18,000 — — 18,000 18,000 5,184 2003 40.0 California ECA011 — 852 1,101 (8 ) 852 1,093 1,945 326 2004 40.0 California ECA012 — 1,572 2,034 1 1,572 2,035 3,607 601 2004 40.0 California ECA013 — — 1,953 25,772 — 27,725 27,725 4,735 2008 40.0 California ECA014 — 659 852 (6 ) 659 846 1,505 252 2004 40.0 California ECA015 — 562 729 — 562 729 1,291 215 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) California ECA004 — 1,642 2,124 (16 ) 1,642 2,108 3,750 628 2004 40.0 Colorado ECO002 — 640 827 1 640 828 1,468 244 2004 40.0 Colorado ECO003 — 729 944 — 729 944 1,673 279 2004 40.0 Colorado ECO004 — 536 694 (5 ) 536 689 1,225 205 2004 40.0 Colorado ECO006 — 901 1,165 (9 ) 901 1,156 2,057 345 2004 40.0 Connecticut ECT001 — 1,097 1,420 (10 ) 1,097 1,410 2,507 420 2004 40.0 Connecticut ECT002 — 330 426 — 330 426 756 126 2004 40.0 Delaware EDE001 — 1,076 1,390 4 1,076 1,394 2,470 411 2004 40.0 Florida EFL001 — (1) — 41,809 — — 41,809 41,809 16,742 2005 27.0 Florida EFL002 — 412 531 (3 ) 412 528 940 157 2004 40.0 Florida EFL003 — (1) 6,550 — 17,118 6,533 17,135 23,668 3,710 2006 40.0 Florida EFL004 — 1,067 1,382 — 1,067 1,382 2,449 408 2004 40.0 Florida EFL006 — 401 520 — 401 520 921 153 2004 40.0 Florida EFL007 — 507 655 (5 ) 507 650 1,157 194 2004 40.0 Florida EFL008 — 282 364 (3 ) 282 361 643 108 2004 40.0 Florida EFL009 — 352 455 — 352 455 807 134 2004 40.0 Florida EFL011 — 437 567 — 437 567 1,004 167 2004 40.0 Florida EFL012 — 532 689 — 532 689 1,221 203 2004 40.0 Florida EFL014 — 486 629 — 486 629 1,115 186 2004 40.0 Florida EFL016 — 497 643 (5 ) 497 638 1,135 190 2004 40.0 Florida EFL018 — 643 833 (6 ) 643 827 1,470 246 2004 40.0 Florida EFL019 — 4,200 18,272 — 4,200 18,272 22,472 4,954 2005 40.0 Florida EFL020 — 551 714 (6 ) 551 708 1,259 211 2004 40.0 Florida EFL021 — 364 470 (3 ) 364 467 831 139 2004 40.0 Florida EFL022 — 507 656 — 507 656 1,163 194 2004 40.0 Florida EFL023 — — 19,337 — — 19,337 19,337 5,243 2005 40.0 Georgia EGA001 — 510 660 (5 ) 510 655 1,165 195 2004 40.0 Georgia EGA002 — 286 371 — 286 371 657 109 2004 40.0 Georgia EGA003 — 474 613 — 474 613 1,087 181 2004 40.0 Georgia EGA004 — 581 752 — 581 752 1,333 222 2004 40.0 Georgia EGA005 — 718 930 (7 ) 718 923 1,641 275 2004 40.0 Georgia EGA006 — 546 706 — 546 706 1,252 209 2004 40.0 Georgia EGA007 — 502 651 (5 ) 502 646 1,148 192 2004 40.0 Illinois EIL001 — 335 434 — 335 434 769 128 2004 40.0 Illinois EIL002 — 481 622 — 481 622 1,103 184 2004 40.0 Illinois EIL003 — 8,803 57 30,479 8,803 30,536 39,339 6,347 2006 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Illinois EIL004 — 433 560 (5 ) 433 555 988 166 2004 40.0 Illinois EIL005 — 431 557 (4 ) 431 553 984 165 2004 40.0 Indiana EIN001 — 542 701 (5 ) 542 696 1,238 207 2004 40.0 Kentucky EKY001 — 417 539 — 417 539 956 159 2004 40.0 Kentucky EKY002 — 365 473 (3 ) 365 470 835 140 2004 40.0 Maryland EMD001 — 428 554 — 428 554 982 163 2004 40.0 Maryland EMD002 — 575 745 — 575 745 1,320 220 2004 40.0 Maryland EMD003 — 362 468 (3 ) 362 465 827 138 2004 40.0 Maryland EMD004 — 884 1,145 (9 ) 884 1,136 2,020 338 2004 40.0 Maryland EMD006 — 399 518 (4 ) 399 514 913 153 2004 40.0 Maryland EMD007 — 649 839 (6 ) 649 833 1,482 248 2004 40.0 Maryland EMD008 — 366 473 (3 ) 366 470 836 140 2004 40.0 Maryland EMD009 — 398 516 (4 ) 398 512 910 152 2004 40.0 Maryland EMD011 — 1,126 1,458 — 1,126 1,458 2,584 430 2004 40.0 Massachusetts EMA001 — 523 678 (6 ) 523 672 1,195 200 2004 40.0 Massachusetts EMA002 — 548 711 — 548 711 1,259 210 2004 40.0 Massachusetts EMA003 — 519 672 (5 ) 519 667 1,186 199 2004 40.0 Massachusetts EMA004 — 344 445 — 344 445 789 131 2004 40.0 Michigan EMI002 — 516 667 (5 ) 516 662 1,178 197 2004 40.0 Michigan EMI003 — 554 718 — 554 718 1,272 212 2004 40.0 Michigan EMI004 — 387 500 (4 ) 387 496 883 148 2004 40.0 Michigan EMI005 — 533 691 (6 ) 533 685 1,218 204 2004 40.0 Minnesota EMN001 — 666 861 (6 ) 666 855 1,521 255 2004 40.0 Minnesota EMN002 — (1) 2,962 — 17,164 2,962 17,164 20,126 3,732 2006 40.0 Minnesota EMN004 — (1) 2,437 8,715 2,098 2,437 10,813 13,250 2,709 2006 40.0 Missouri EMO001 — 334 432 — 334 432 766 128 2004 40.0 Missouri EMO004 — 878 1,139 — 878 1,139 2,017 336 2004 40.0 New Jersey ENJ001 — 1,560 2,019 (15 ) 1,560 2,004 3,564 597 2004 40.0 New Jersey ENJ002 — 830 1,075 — 830 1,075 1,905 317 2004 40.0 Nevada ENV001 — 440 569 (4 ) 440 565 1,005 168 2004 40.0 New York ENY001 — 603 779 (6 ) 603 773 1,376 230 2004 40.0 New York ENY002 — 442 571 — 442 571 1,013 169 2004 40.0 New York ENY004 — 385 499 (3 ) 385 496 881 147 2004 40.0 New York ENY005 — 350 453 — 350 453 803 134 2004 40.0 New York ENY007 — 494 640 — 494 640 1,134 189 2004 40.0 New York ENY006 — 326 421 1 326 422 748 125 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) New York ENY008 — 320 414 (3 ) 320 411 731 122 2004 40.0 New York ENY009 — 399 516 (4 ) 399 512 911 153 2004 40.0 New York ENY010 — 959 1,240 (9 ) 959 1,231 2,190 367 2004 40.0 New York ENY011 — 587 761 — 587 761 1,348 225 2004 40.0 New York ENY012 — 521 675 (5 ) 521 670 1,191 199 2004 40.0 New York ENY013 — 711 920 — 711 920 1,631 272 2004 40.0 New York ENY014 — 558 723 (6 ) 558 717 1,275 214 2004 40.0 New York ENY015 — 747 967 — 747 967 1,714 286 2004 40.0 New York ENY016 — 683 885 (7 ) 683 878 1,561 261 2004 40.0 New York ENY017 — 1,492 1,933 — 1,492 1,933 3,425 570 2004 40.0 New York ENY018 — 1,471 1,904 (14 ) 1,471 1,890 3,361 563 2004 40.0 North Carolina ENC001 — 397 513 — 397 513 910 152 2004 40.0 North Carolina ENC002 — 476 615 (4 ) 476 611 1,087 182 2004 40.0 North Carolina ENC003 — 410 530 (4 ) 410 526 936 157 2004 40.0 North Carolina ENC004 — 402 520 (4 ) 402 516 918 154 2004 40.0 North Carolina ENC005 — 948 1,227 — 948 1,227 2,175 362 2004 40.0 North Carolina ENC006 — 259 336 (3 ) 259 333 592 99 2004 40.0 North Carolina ENC007 — 349 452 — 349 452 801 133 2004 40.0 North Carolina ENC008 — 640 828 — 640 828 1,468 245 2004 40.0 North Carolina ENC009 — 409 531 — 409 531 940 157 2004 40.0 North Carolina ENC010 — 965 1,249 (10 ) 965 1,239 2,204 369 2004 40.0 North Carolina ENC011 — 475 615 — 475 615 1,090 182 2004 40.0 North Carolina ENC012 — 494 638 (4 ) 494 634 1,128 189 2004 40.0 Ohio EOH001 — 434 562 — 434 562 996 166 2004 40.0 Ohio EOH002 — 967 1,252 (9 ) 967 1,243 2,210 370 2004 40.0 Ohio EOH003 — 281 365 (3 ) 281 362 643 108 2004 40.0 Ohio EOH004 — 393 508 — 393 508 901 150 2004 40.0 Oklahoma EOK001 — 431 557 (4 ) 431 553 984 165 2004 40.0 Oklahoma EOK002 — 954 1,235 — 954 1,235 2,189 365 2004 40.0 Oregon EOR002 — 393 508 (4 ) 393 504 897 150 2004 40.0 Pennsylvania EPA001 — 407 527 — 407 527 934 156 2004 40.0 Pennsylvania EPA002 — 421 544 — 421 544 965 161 2004 40.0 Pennsylvania EPA003 — 409 528 (4 ) 409 524 933 156 2004 40.0 Pennsylvania EPA004 — 407 527 (3 ) 407 524 931 156 2004 40.0 Puerto Rico EPR001 — 950 1,230 — 950 1,230 2,180 363 2004 40.0 Rhode Island ERI001 — 850 1,100 (8 ) 850 1,092 1,942 325 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) South Carolina ESC002 — 332 429 — 332 429 761 127 2004 40.0 South Carolina ESC003 — 924 1,196 — 924 1,196 2,120 353 2004 40.0 Tennessee ETN001 — 260 338 — 260 338 598 100 2004 40.0 Texas ETX001 — 1,045 1,353 — 1,045 1,353 2,398 399 2004 40.0 Texas ETX002 — 593 767 (6 ) 593 761 1,354 227 2004 40.0 Texas ETX004 — 838 1,083 (8 ) 838 1,075 1,913 320 2004 40.0 Texas ETX005 — 528 682 (5 ) 528 677 1,205 202 2004 40.0 Texas ETX006 — 480 622 (4 ) 480 618 1,098 184 2004 40.0 Texas ETX007 — 975 1,261 (10 ) 975 1,251 2,226 373 2004 40.0 Texas ETX008 — 1,108 1,433 (10 ) 1,108 1,423 2,531 424 2004 40.0 Texas ETX009 — 425 549 (58 ) 425 491 916 153 2004 40.0 Texas ETX010 — 518 671 — 518 671 1,189 198 2004 40.0 Texas ETX011 — 758 981 1 758 982 1,740 290 2004 40.0 Texas ETX013 — 375 485 (3 ) 375 482 857 143 2004 40.0 Texas ETX014 — 438 567 (4 ) 438 563 1,001 168 2004 40.0 Texas ETX017 — 561 726 — 561 726 1,287 214 2004 40.0 Texas ETX018 — 753 976 — 753 976 1,729 288 2004 40.0 Texas ETX019 — 521 675 — 521 675 1,196 199 2004 40.0 Texas ETX020 — 634 821 (6 ) 634 815 1,449 243 2004 40.0 Texas ETX021 — 379 491 (4 ) 379 487 866 145 2004 40.0 Texas ETX022 — 592 766 — 592 766 1,358 226 2004 40.0 Virginia EVA001 — 1,134 1,467 — 1,134 1,467 2,601 433 2004 40.0 Virginia EVA002 — 845 1,094 — 845 1,094 1,939 323 2004 40.0 Virginia EVA003 — 884 1,145 (9 ) 884 1,136 2,020 338 2004 40.0 Virginia EVA004 — 953 1,233 (10 ) 953 1,223 2,176 364 2004 40.0 Virginia EVA005 — 487 632 — 487 632 1,119 186 2004 40.0 Virginia EVA006 — 425 550 (4 ) 425 546 971 163 2004 40.0 Virginia EVA007 — 1,151 1,490 (11 ) 1,151 1,479 2,630 440 2004 40.0 Virginia EVA008 — 546 707 — 546 707 1,253 209 2004 40.0 Virginia EVA009 — 851 1,103 — 851 1,103 1,954 325 2004 40.0 Virginia EVA010 — 819 1,061 — 819 1,061 1,880 313 2004 40.0 Virginia EVA011 — 958 1,240 — 958 1,240 2,198 366 2004 40.0 Virginia EVA012 — 788 1,020 (8 ) 788 1,012 1,800 302 2004 40.0 Virginia EVA013 — 554 716 (5 ) 554 711 1,265 212 2004 40.0 Washington EWA001 — (1) 1,500 6,500 — 1,500 6,500 8,000 2,304 2003 40.0 Wisconsin EWI001 — 521 673 2 521 675 1,196 199 2004 40.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Wisconsin EWI002 — 413 535 — 413 535 948 158 2004 40.0 Wisconsin EWI004 — 793 1,025 (8 ) 793 1,017 1,810 303 2004 40.0 Wisconsin EWI005 — 1,124 1,455 2 1,124 1,457 2,581 430 2004 40.0 Subtotal $ — $ 125,652 $ 243,033 $ 92,113 $ 125,635 $ 335,163 $ 460,798 $ 93,586 RETAIL: Arizona RAZ003 — 2,625 4,875 1,494 2,625 6,369 8,994 826 2009 40.0 Arizona RAZ004 — 2,184 4,056 (1,588 ) 2,184 2,468 4,652 253 2009 40.0 Arizona RAZ005 — (1) 2,657 2,666 (223 ) 2,657 2,443 5,100 432 2011 40.0 California RCA001 — 2,569 3,031 628 2,569 3,659 6,228 523 2010 40.0 Colorado RCO001 — (1) 2,631 279 5,195 2,607 5,498 8,105 1,181 2006 40.0 Florida RFL003 — (1) 3,950 — 10,286 3,908 10,328 14,236 2,398 2005 40.0 Hawaii RHI001 — 3,393 21,155 (9,514 ) 3,393 11,641 15,034 2,173 2009 40.0 Illinois RIL002 — 14,934 29,675 11,598 14,934 41,273 56,207 3,627 2012 40.0 Illinois RIL001 — (1) — 336 1,419 — 1,755 1,755 653 2010 40.0 New Mexico RNM001 — (1) 1,733 — 8,370 1,705 8,398 10,103 1,767 2005 40.0 New York RNY001 — (1) 731 6,073 699 711 6,792 7,503 1,912 2005 40.0 Pennsylvania RPA001 — 5,687 56,950 5,383 5,687 62,333 68,020 8,263 2011 40.0 South Carolina RSC001 — 2,126 948 (723 ) 1,337 1,014 2,351 213 2007 40.0 Texas RTX001 — (1) 3,538 4,215 171 3,514 4,410 7,924 1,385 2005 40.0 Utah RUT001 — (1) 3,502 — 5,975 3,502 5,975 9,477 1,370 2005 40.0 Virginia RVA001 — 4,720 16,711 — 4,720 16,711 21,431 1,347 2011 40.0 Subtotal $ — $ 56,980 $ 150,970 $ 39,170 $ 56,053 $ 191,067 $ 247,120 $ 28,323 HOTEL: California HCA002 — (1) 4,394 27,030 (871 ) 4,394 26,159 30,553 11,989 1998 40.0 California HCA003 — (1) 3,308 20,623 (664 ) 3,308 19,959 23,267 9,130 1998 40.0 Colorado HCO001 — (1) 1,242 7,865 (253 ) 1,242 7,612 8,854 3,475 1998 40.0 Georgia HGA001 — (1) 6,378 25,514 1,865 6,378 27,379 33,757 4,646 2010 40.0 Hawaii HHI001 — 17,996 17,996 (21,805 ) 3,419 10,768 14,187 4,531 2009 40.0 Hawaii HHI002 — 3,000 12,000 1,178 3,000 13,178 16,178 1,963 2009 40.0 Utah HUT001 — (1) 5,620 32,695 (1,058 ) 5,620 31,637 37,257 14,618 1998 40.0 Washington HWA004 — (1) 5,101 32,080 (1,031 ) 5,101 31,049 36,150 14,185 1998 40.0 Subtotal $ — $ 47,039 $ 175,803 $ (22,639 ) $ 32,462 $ 167,741 $ 200,203 $ 64,537 APARTMENT/RESIDENTIAL: Arizona AAZ001 — 2,423 — 14,890 2,423 14,890 17,313 — 2010 0.0 California ACA002 — 10,078 40,312 (44,678 ) 1,142 4,570 5,712 — 2007 0.0 Georgia AGA001 — 2,963 11,850 9,693 4,901 19,605 24,506 — 2010 0.0 Initial Cost to Company Cost Capitalized Subsequent to Acquisition (2) Gross Amount Carried at Close of Period State Encumbrances Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation Date Acquired Depreciable Life (Years) Nevada ANZ001 — 18,117 106,829 (122,322 ) 380 2,244 2,624 — 2009 0.0 New Jersey ANJ001 — 36,405 64,719 (100,639 ) 175 310 485 — 2009 0.0 Pennsylvania APA001 — 44,438 82,527 (120,315 ) 2,327 4,323 6,650 — 2012 0.0 Pennsylvania APA002 — 15,890 29,510 16,635 15,890 46,145 62,035 — 2012 0.0 Washington AWA001 — 1,342 12,082 63 1,342 12,145 13,487 — 2015 0.0 Washington AWA002 — 2,342 44,478 (45,924 ) 45 851 896 — 2009 0.0 Subtotal $ — $ 133,998 $ 392,307 $ (392,597 ) $ 28,625 $ 105,083 $ 133,708 $ — MIXED USE: Arizona MAZ002 — 10,182 52,544 30,047 10,182 82,591 92,773 10,545 2011 40.0 California MCA001 — 5,869 629 2 5,869 631 6,500 325 2010 40.0 Florida MFL001 — 8,450 8,216 (1,956 ) 8,450 6,260 14,710 2,179 2008 40.0 Florida MFL002 — 18,229 20,899 1,744 18,229 22,643 40,872 1,840 2014 40.0 Florida MFL003 — 2,507 8,155 1,251 2,507 9,406 11,913 826 2014 40.0 Florida MFL004 — 4,201 14,652 882 4,201 15,534 19,735 1,066 2014 40.0 Georgia MGA001 — (1) 4,480 17,916 (5,971 ) 4,480 11,945 16,425 913 2010 40.0 Subtotal $ — $ 53,918 $ 123,011 $ 25,999 $ 53,918 $ 149,010 $ 202,928 $ 17,694 Total $ 239,547 $ 1,452,532 $ 1,781,562 $ (33,752 ) $ 1,383,854 $ 1,816,488 $ 3,200,342 (4) $ 467,122 (5) _______________________________________________________________________________ (1) Consists of properties pledged as collateral under the Company's secured credit facilities with a total book value of $591.4 million (2) Includes impairments and unit sales. (3) These properties have land improvements which have depreciable lives of 15 to 20 years. (4) The aggregate cost for Federal income tax purposes was approximately $3.41 billion at December 31, 2015 . (5) Includes $6.0 million and $4.5 million relating to accumulated depreciation for land and development assets and real estate assets held for sale, respectively, as of December 31, 2015 . The following table reconciles real estate from January 1, 2013 to December 31, 2015 : 2015 2014 2013 Balance at January 1 $ 3,444,676 $ 3,589,072 $ 3,763,310 Improvements and additions 183,269 145,238 126,664 Acquisitions through foreclosure 14,505 77,867 31,764 Other acquisitions — 4,666 69,379 Dispositions (431,928 ) (341,453 ) (388,906 ) Impairments (10,180 ) (30,714 ) (13,139 ) Balance at December 31 $ 3,200,342 $ 3,444,676 $ 3,589,072 The following table reconciles accumulated depreciation from January 1, 2013 to December 31, 2015 : 2015 2014 2013 Balance at January 1 $ (481,980 ) $ (432,374 ) $ (388,346 ) Additions (57,049 ) (62,299 ) (59,208 ) Dispositions 71,907 12,693 15,180 Balance at December 31 $ (467,122 ) $ (481,980 ) $ (432,374 ) |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | iStar Inc. Schedule IV—Mortgage Loans on Real Estate As of December 31, 2015 ($ in thousands) Type of Loan/Borrower Underlying Property Type Contractual Interest Accrual Rates Contractual Interest Payment Rates Effective Maturity Dates Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages (1)(2) Senior Mortgages: Borrower A (3) Apartment/Residential LIBOR + 6.75% LIBOR + 6.75% January 2018 IO $ — $ 179,075 $ 178,118 Borrower B Office LIBOR + 5.25% LIBOR + 5.25% December 2017 IO — 155,383 153,947 Borrower C Mixed Use/Mixed Collateral LIBOR + 6% LIBOR + 6% July 2017 IO — 150,456 150,291 Borrower D (4) Mixed Use/Mixed Collateral LIBOR + 8% LIBOR + 8% January 2017 IO — 118,750 118,089 Borrower E (5) Hotel LIBOR + 6% LIBOR + 6% July 2018 IO — 90,000 89,917 Senior mortgages individually <3% Apartment/Residential, Retail, Land, Mixed Use/Mixed Collateral, Office, Hotel, Other Fixed: 3% to 9.68% Variable: LIBOR + 2.75% to LIBOR + 8% Fixed: 3% to 9.68% Variable: LIBOR + 2.75% to LIBOR + 7.5% 2016 to 2024 287,736 215,926 981,400 906,288 Subordinate Mortgages: Subordinate mortgages individually <3% Retail, Hotel Fixed: 6.8% to 14.0% Fixed: 8.12% to 9.09% 2016 to 2057 28,708 28,676 28,708 28,676 Total mortgages $ 1,010,108 $ 934,964 _______________________________________________________________________________ (1) Amounts are presented net of asset-specific reserves of $69.6 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell. (2) The carrying amount of mortgages approximated the federal income tax basis. (3) As of December 31, 2015 , included a LIBOR interest rate floor of 0.19% . (4) As of December 31, 2015 , included a LIBOR interest rate floor of 0.25% . (5) As of December 31, 2015 , included a LIBOR interest rate floor of 0.18% . iStar Inc. Schedule IV—Mortgage Loans on Real Estate (Continued) As of December 31, 2015 ($ in thousands) Reconciliation of Mortgage Loans on Real Estate: The following table reconciles Mortgage Loans on Real Estate from January 1, 2013 to December 31, 2015 (1) : 2015 2014 2013 Balance at January 1 $ 726,426 $ 827,796 $ 1,421,654 Additions: New mortgage loans 237,031 476,332 19,249 Additions under existing mortgage loans 92,887 13,108 31,589 Other (2) 33,080 26,156 16,385 Deductions (3) : Collections of principal (151,464 ) (532,465 ) (636,883 ) (Provision for) recovery of loan losses (6,186 ) 483 25,011 Transfers from (to) real estate and equity investments 3,261 (84,912 ) (49,100 ) Amortization of premium (71 ) (72 ) (109 ) Balance at December 31 $ 934,964 $ 726,426 $ 827,796 ______________________________________________________________ (1) Balances represent the carrying value of loans, which are net of asset specific reserves. (2) Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates. (3) Amounts are presented net of charge-offs of $1.0 million , $239.6 million and $152.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Capitalization and depreciation | Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other value methods as appropriate during construction. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. |
Purchase price allocation | Purchase price allocation— Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases, in-place leases and the value of customer relationships, which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases and customer relationships are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset. |
Impairments | Impairments— The Company reviews real estate assets to be held and used and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets that are not held for sale and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. Impairments of real estate assets that are disposed of or classified as held for sale after December 31, 2013 and which do not represent a strategic shift that has (or will have) a major effect on the Company's operations and financial results are also recorded in "Impairment of assets" in the Company's consolidated statements of operations. |
Real estate available and held for sale | Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets sold or classified as held for sale on or before December 31, 2013 are included in "Income (loss) from discontinued operations" in the Company's consolidated statements of operations. Impairment for real estate assets disposed of or classified as held for sale after December 31, 2013 are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded and historical operating results, including impairments, are reclassified to "Income (loss) from discontinued operations" in the Company's consolidated statements of operations. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell. |
Dispositions | Dispositions— Revenue from sales of land and gains or losses on the sale of other real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20 , Real Estate Sales . Sales of land and the associated gains on sales of residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of net lease assets or commercial operating properties disposed of or classified as held for sale on or before December 31, 2013 are recorded in “Gains from discontinued operations” in the Company's consolidated statements of operations. Gain on sales of net lease assets or commercial operating properties disposed of or classified as held for sale after December 31, 2013 and profits on sales of residential property within the operating property segment are included in "Income from sales of real estate" in the Company's consolidated statements of operations. |
Loans receivable and other lending investments, net | Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized historical cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. |
Debt securities, other than temporary impairment | For held-to-maturity and available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" in the Company's consolidated statements of operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. |
Loans and leases receivable, real estate acquired through foreclosure | The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure. |
Equity and cost method investments | Equity and cost method investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's consolidated balance sheets. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations. |
Cash and cash equivalents | Cash and cash equivalents — Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days. |
Restricted cash | Restricted cash — Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. |
Variable interest entities | Variable interest entities — The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. The Company has investments in certain funds that meet the deferral criteria in Accounting Standards Update ("ASU") 2010-10 and will continue to assess consolidation of these entities under the overall guidance on the consolidation of VIEs in ASC 810-10. The consolidation evaluation is similar to the process noted above, except that the primary beneficiary is the party that will receive a majority of the VIE's anticipated losses, a majority of the VIE's expected residual returns, or both. In addition, for entities that meet the deferral criteria, the Company reassesses its initial evaluation of the primary beneficiary and whether an entity is a VIE upon the occurrence of certain reconsideration events. |
Deferred expense | Deferred expenses — Deferred expenses include leasing costs and financing fees. Leasing costs include brokerage, legal and other costs which are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations. |
Identified intangible assets and liabilities | Identified intangible assets and liabilities — Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2015 , all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations. |
Loan participations 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 the balance sheet with any realized gain (loss) reflected in earnings during the period of sale. |
Revenue recognition leases | Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. |
Operating lease allowance for doubtful accounts | Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. |
Interest Income | Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Prepayment penalties or yield maintenance payments from borrowers are recognized as other income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. |
Revenue recognition | Revenue recognition — The Company's revenue recognition policies are as follows: Operating lease income: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2015 and 2014 , the allowance for doubtful accounts related to real estate tenant receivables was $1.9 million and $1.3 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.5 million and $2.4 million , respectively. Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Prepayment penalties or yield maintenance payments from borrowers are recognized as other income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other income also includes gains from sales of loans, loan prepayment fees, lease termination fees and other ancillary income. Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. |
Hotel revenue recognition | Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. |
Land development revenue and cost of sales | Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs. |
Reserve for loan losses | Reserve for loan losses — The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. If the Company determines that the collateral fair value less costs to sell is less than the carrying value of a collateral-dependent loan, the Company will record a reserve. The reserve is increased (decreased) through "Provision for (recovery of) loan losses" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower as the Company works toward a settlement or other alternative resolution, which can impact the potential for loan repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related reserve will be charged off. The Company has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component. The general reserve component covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. |
Loss on debt extinguishments | Loss on debt extinguishments — The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” in the Company's consolidated statements of operations. |
Derivative instruments and hedging activity | Derivative instruments and hedging activity — The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. The Company recognizes derivatives as either assets or liabilities on the Company's consolidated balance sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. Derivatives that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" in the Company's consolidated statements of operations. The Company does not enter into derivatives for trading purposes. |
Stock-based compensation | Stock-based compensation — Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. The Company recognizes compensation cost for performance-based awards if and when the Company concludes that it is probable that the performance condition will be achieved. Compensation cost for market condition-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock, which is reflected in the grant date fair value. All compensation cost for market-condition based awards in which the service conditions are met is recognized regardless of whether the market condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" in the Company's consolidated statements of operations. |
Income taxes | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2015 and 2014 , respectively. Changes in estimates of deferred tax asset realizability, if any, are included in "Income tax (expense) benefit" in the consolidated statements of operations. Income taxes — The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income; the Company, however, is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While the Company must distribute at least 90% of its taxable income to maintain its REIT status, the Company typically distributes all of its taxable income, if any, to eliminate any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. The Company intends to operate in a manner consistent with, and its election to be treated as, a REIT for tax purposes. The Company made foreclosure elections for certain properties acquired through foreclosure, or an equivalent legal process, which allows the Company to operate these properties within the REIT, but subjects net income from these assets to corporate level tax. The carrying value of assets with foreclosure elections as of December 31, 2015 is $749.2 million . As of December 31, 2014 , the Company had $856 million of REIT net operating loss ("NOL") carryforwards at the corporate REIT level, which can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2034 if unused. The amount of NOL carryforwards as of December 31, 2015 will be subject to finalization of the Company's 2015 tax return. During the year ended December 31, 2015 , the Company did not have REIT taxable income. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" in the Company's consolidated statements of operations. The Company may participate in certain activities from which it would be otherwise precluded and maintain its qualification as a REIT. These activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRS"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2015 , $516.9 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. |
Earnings per share | Earnings per share — The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Vested HPU shares were entitled to dividends of the Company when dividends are declared. Basic earnings per share ("Basic EPS") for the Company's common stock and HPU shares are computed by dividing net income allocable to common shareholders and HPU holders by the weighted average number of shares of common stock and HPU shares outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a "Participating Security" and are included in the computation of earnings per share pursuant to the two-class method. The Company's unvested common stock equivalents and restricted stock awards granted under its Long-Term Incentive Plans that are eligible to participate in dividends are considered Participating Securities and have been included in the two-class method when calculating EPS. |
New accounting pronouncements | New accounting pronouncements — In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16") which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. The amendments in ASU 2015-16 require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in ASU 2015-16 also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been issued. Management does not believe the guidance will have a material impact 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. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarified that ASU 2015-03 does not address issuance costs associated with revolving-debt arrangements and that it would be acceptable for an entity deferring such costs to present such costs as an asset and subsequently amortize the costs ratably over the term of the revolving debt arrangement. 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. 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 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 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 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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales . The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. |
Basis of Presentation and Pri33
Basis of Presentation and Principles of Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of impact of change | The impact of the change is as follows: As Reported Change As Adjusted (1) (in thousands) September 30, 2015 Additional paid-in capital $ 4,023,962 $ (283,193 ) $ 3,740,769 Common stock 147 (63 ) 84 Treasury stock, at cost (283,256 ) 283,256 — Total 3,740,853 — 3,740,853 June 30, 2015 Additional paid-in capital 4,007,937 (263,454 ) 3,744,483 Common stock 146 (61 ) 85 Treasury stock, at cost (263,515 ) 263,515 — Total 3,744,568 — 3,744,568 March 31, 2015 Additional paid-in capital 4,007,540 (263,451 ) 3,744,089 Common stock 146 (61 ) 85 Treasury stock, at cost (263,512 ) 263,512 — Total 3,744,174 — 3,744,174 December 31, 2014 (2) Additional paid-in capital 4,007,514 (262,893 ) 3,744,621 Common stock 146 (61 ) 85 Treasury stock, at cost (262,954 ) 262,954 — Total 3,744,706 — 3,744,706 December 31, 2013 Additional paid-in capital 4,022,138 (262,893 ) 3,759,245 Common stock 144 (61 ) 83 Treasury stock, at cost (262,954 ) 262,954 — Total 3,759,328 — 3,759,328 _______________________________________________________________________________ (1) Common shares repurchased during the respective periods will also be reclassified on the consolidated statements of changes in equity from treasury stock, at cost to common stock and additional paid-in capital in future filings. (2) As of December 31, 2014, the number of common shares issued and outstanding was 85,191 . |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of components of income tax expense (benefit) | The following represents the Company's TRS income tax (expense) benefit ($ in thousands): For the Years Ended December 31, 2015 2014 2013 Current tax (expense) benefit $ (7,639 ) $ (3,912 ) $ 659 Deferred tax (expense) benefit — — — Total income tax (expense) benefit $ (7,639 ) $ (3,912 ) $ 659 |
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 December 31, 2015 2014 Deferred tax assets (1) $ 53,910 $ 54,318 Valuation allowance (53,910 ) (54,318 ) Net deferred tax assets (liabilities) $ — $ — _______________________________________________________________________________ (1) Deferred tax assets as of December 31, 2015 include timing differences related primarily to asset basis of $40.0 million , deferred expenses and other items of $10.7 million and NOL carryforwards of $3.2 million . Deferred tax assets as of December 31, 2014 include timing differences related primarily to asset basis of $45.2 million , deferred expenses and other items of $5.0 million and NOL carryforwards of $4.1 million . |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of real estate assets | The Company's real estate assets were comprised of the following ($ in thousands): Net Lease Operating Properties Total As of December 31, 2015 Land and land improvements, at cost $ 306,172 $ 133,275 $ 439,447 Buildings and improvements, at cost 1,183,723 427,371 1,611,094 Less: accumulated depreciation (377,416 ) (79,142 ) (456,558 ) Real estate, net 1,112,479 481,504 1,593,983 Real estate available and held for sale (1) — 137,274 137,274 Total real estate $ 1,112,479 $ 618,778 $ 1,731,257 As of December 31, 2014 Land and land improvements, at cost $ 311,890 $ 146,417 $ 458,307 Buildings and improvements, at cost 1,240,593 578,013 1,818,606 Less: accumulated depreciation (364,323 ) (96,159 ) (460,482 ) Real estate, net 1,188,160 628,271 1,816,431 Real estate available and held for sale (1) 4,521 162,782 167,303 Total real estate $ 1,192,681 $ 791,053 $ 1,983,734 _______________________________________________________________________________ (1) As of December 31, 2015 and 2014 the Company had $137.3 million and $155.8 million , respectively, of residential properties available for sale in its operating properties portfolio. |
Schedule of acquisitions of real estate | The following acquisitions of real estate were reflected in the Company's consolidated statements of cash flows for the years ended December 31, 2015 , 2014 and 2013 ($ in thousands): For the Years Ended December 31, 2015 2014 (1) 2013 (2) Acquisitions of real estate assets $ — $ 4,666 $ 102,364 _______________________________________________________________________________ (1) During the year ended December 31, 2014, the Company purchased two condominium units for $3.0 million and one land parcel for $1.7 million . (2) During the year ended December 31, 2013, the Company acquired a net lease asset for a purchase price of $93.6 million , including intangible assets of $36.1 million , intangible liabilities of $11.9 million and acquisition-related costs of $0.2 million , which was leased back to the seller. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets were included in "Deferred expenses and other assets, net" and the intangible liabilities were included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The lease was classified as an operating lease. During the year ended December 31, 2014, the net lease asset was sold to the Net Lease Venture for net proceeds of $93.7 million , which approximated carrying value. |
Schedule of pro forma revenues and net income | The following unaudited table summarizes the Company's pro forma revenues and net income for the years ended December 31, 2014 and 2013, as if the acquisition of the properties acquired during the year ended December 31, 2014 was completed on January 1, 2013 ($ in thousands): For the Years Ended 2014 2013 (unaudited) Pro forma total revenues $ 466,327 $ 399,885 Pro forma net income (loss) 15,351 (as revised) (112,355 ) |
Schedule of income (loss) from discontinued operations | The following table summarizes income (loss) from discontinued operations for the year ended December 31, 2013 ($ in thousands): Revenues $ 5,545 Total expenses (3,138 ) Impairment of assets (1,763 ) Income (loss) from discontinued operations $ 644 |
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2015 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2016 $ 121,168 $ 46,438 2017 117,110 46,358 2018 115,158 42,010 2019 113,969 37,990 2020 112,483 34,281 Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2016 $ 5,722 2017 5,210 2018 4,185 2019 3,442 2020 3,442 Thereafter 4,823 |
Land and Development (Tables)
Land and Development (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Land and Land Improvements [Abstract] | |
Schedule of land and land improvements | The Company's land and development assets were comprised of the following ($ in thousands): As of December 31, 2015 2014 Land and land improvements, at cost $ 1,007,995 $ 987,329 Less: accumulated depreciation (6,032 ) (8,367 ) Total land and development 1,001,963 978,962 |
Loans Receivable and Other Le37
Loans Receivable and Other Lending Investments, net (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, Type of Investment 2015 2014 Senior mortgages $ 975,915 $ 737,535 Corporate/Partnership loans 643,270 497,796 Subordinate mortgages 28,676 53,331 Total gross carrying value of loans 1,647,861 1,288,662 Reserves for loan losses (108,165 ) (98,490 ) Total loans receivable, net 1,539,696 1,190,172 Other lending investments—securities 62,289 187,671 Total loans receivable and other lending investments, net (1) $ 1,601,985 $ 1,377,843 ______________________________________________________________________________ (1) The Company's recorded investment in loans as of December 31, 2015 and 2014 includes accrued interest of $9.0 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 Years Ended December 31, 2015 2014 2013 Reserve for loan losses at beginning of period $ 98,490 $ 377,204 $ 524,499 Provision for (recovery of) loan losses (1) 36,567 (1,714 ) 5,489 Charge-offs (26,892 ) (277,000 ) (152,784 ) Reserve for loan losses at end of period $ 108,165 $ 98,490 $ 377,204 ______________________________________________________________________________ (1) For the years ended December 31, 2015 , 2014 and 2013 , the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.6 million , $10.1 million and $63.1 million , respectively. |
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of December 31, 2015 Loans $ 132,492 $ 1,524,347 $ 1,656,839 Less: Reserve for loan losses (72,165 ) (36,000 ) (108,165 ) Total $ 60,327 $ 1,488,347 $ 1,548,674 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 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.2 million and $0.2 million as of December 31, 2015 and 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 totaling net discounts of $8.2 million and $10.6 million as of December 31, 2015 and 2014 , respectively. |
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of December 31, 2015 2014 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 853,595 2.96 $ 611,009 2.73 Corporate/Partnership loans 641,713 3.37 501,620 3.88 Subordinate mortgages 29,039 3.64 53,836 2.87 Total $ 1,524,347 3.15 $ 1,166,465 3.23 |
Schedule of recorded investment in loans, aged by payment status and presented by class | As of December 31, 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 $ 864,099 $ — $ 116,250 $ 116,250 $ 980,349 Corporate/Partnership loans 647,451 — — — 647,451 Subordinate mortgages 29,039 — — — 29,039 Total $ 1,540,589 $ — $ 116,250 $ 116,250 $ 1,656,839 _______________________________________________________________________________ (1) As of December 31, 2015 , the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 7.0 years outstanding. |
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 December 31, 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 $ 126,754 $ 125,776 $ (69,627 ) $ 130,645 $ 129,744 $ (64,440 ) Corporate/Partnership loans 5,738 5,738 (2,538 ) 9,027 9,057 (550 ) Total $ 132,492 $ 131,514 $ (72,165 ) $ 139,672 $ 138,801 $ (64,990 ) _______________________________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. As of December 31, 2014 , impaired loans also includes certain loans modified through troubled debt restructurings in accordance with GAAP with a recorded investment of $10.4 million although they are performing and on accrual status. |
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Years Ended December 31, 2015 2014 2013 Average Interest Average Interest Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ — $ — $ 35,659 $ 1,922 $ 31,409 $ 9,269 Corporate/Partnership loans — — — — 8,062 6,050 Subtotal — — 35,659 1,922 39,471 15,319 With an allowance recorded: Senior mortgages 129,135 38 334,351 158 794,247 1,976 Corporate/Partnership loans 24,252 12 52,963 181 77,661 323 Subordinate mortgages — — — — 32,382 — Subtotal 153,387 50 387,314 339 904,290 2,299 Total: Senior mortgages 129,135 38 370,010 2,080 825,656 11,245 Corporate/Partnership loans 24,252 12 52,963 181 85,723 6,373 Subordinate mortgages — — — — 32,382 — Total $ 153,387 $ 50 $ 422,973 $ 2,261 $ 943,761 $ 17,618 |
Schedule of other lending investments - securities | Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of December 31, 2015 Available-for-Sale Securities Municipal debt securities $ 1,010 $ 1,010 $ 151 $ 1,161 $ 1,161 Held-to-Maturity Securities Corporate debt securities 54,549 61,128 — 61,199 61,128 Total $ 55,559 $ 62,138 $ 151 $ 62,360 $ 62,289 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 |
Schedule of contractual maturities of the Company's securities | As of December 31, 2015 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ 61,128 $ 61,199 $ — $ — After one year through 5 years — — — — After 5 years through 10 years — — — — After 10 years — — 1,010 1,161 Total $ 61,128 $ 61,199 $ 1,010 $ 1,161 |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment [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 earnings (losses) from equity method investments were as follows ($ in thousands): Carrying Value Equity in Earnings (Losses) As of December 31, For the Years Ended December 31, 2015 2014 2015 2014 2013 Other real estate equity investments (1) $ 81,452 $ 88,848 $ (5,212 ) $ 36,842 $ 2,869 iStar Net Lease I LLC ("Net Lease Venture") 69,096 125,360 5,221 1,915 — Other investments (2)(3) 51,559 63,263 9,434 38,385 23,810 Marina Palms, LLC ("Marina Palms") 30,099 30,677 23,626 14,671 45 Madison Funds 21,966 45,971 (916 ) 3,092 14,796 Total other investments 254,172 354,119 $ 32,153 $ 94,905 $ 41,520 _______________________________________________________________________________ (1) For the year ended December 31, 2014 , the Company recognized $32.9 million of earnings from equity method investments resulting from asset sales by one of its equity method investees. (2) During the year ended December 31, 2014 , the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees. (3) In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the years ended December 31, 2015 and 2014 , the Company recognized $2.2 million and $9.0 million of carried interest income. |
Summary of financial information of the equity method investments | The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Year Ended December 31, 2015 Marina Palms, LLC ("Marina Palms") $ 179,333 $ (115,584 ) $ 63,749 iStar Net Lease I LLC ("Net Lease Venture") 31,315 (20,666 ) 10,060 OHASCF 111,707 (697 ) 111,010 1000 SCI, LLC — (367 ) (367 ) Outlets at Westgate, LLC ("Westgate") 15,726 (11,150 ) 4,576 Other investments 143,143 (97,504 ) 45,501 Total $ 481,224 $ (245,968 ) $ 234,529 For the Year Ended December 31, 2014 Marina Palms $ 114,125 $ (77,120 ) $ 37,005 Net Lease Venture (1) 13,826 (9,917 ) 3,691 OHASCF 78,262 (951 ) 77,311 Westgate 13,118 (9,618 ) 3,500 Other investments 406,708 (87,997 ) 318,703 Total $ 626,039 $ (185,603 ) $ 440,210 For the Year Ended December 31, 2013 OHASCF $ 72,313 $ (1,642 ) $ 70,671 Westgate 12,447 (8,889 ) 3,558 Marina Palms (2) 73 (3,525 ) (3,452 ) Other investments 199,680 (63,577 ) 135,421 Total $ 284,513 $ (77,633 ) $ 206,198 _______________________________________________________________________________ (1) The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014. The amounts in the Company's financial statements for the year ended December 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to December 31, 2014 . (2) The Company began accounting for its investment in Marina Palms under the equity method of accounting on April 17, 2013. The amounts in the Company's financial statements for the year ended December 31, 2013 are based on the balances and results from Marina Palms for the period from April 17, 2013 to December 31, 2013 . As of December 31, 2015 2014 Balance Sheets Total assets $ 3,597,587 $ 3,464,984 Total liabilities 768,622 479,298 Noncontrolling interests 19,208 3,297 Total equity 2,809,757 2,982,389 |
LNR Property LLC | |
Investment [Line Items] | |
Schedule of other investments and its proportionate share of results for equity method investments | The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and the year ended December 31, 2013 ($ in thousands): For the Three Months Ended March 31, 2013 For the Three Months Ended June 30, 2013 For the Six Months Ended December 31, 2013 For the Year Ended December 31, 2013 Carrying value of LNR at beginning of period $ 205,773 $ 220,281 $ — $ 205,773 Equity in earnings of LNR for the period (1) 45,375 — — 45,375 (a) Balance before other than temporary impairment 251,148 220,281 — 251,148 Other than temporary impairment (1) (30,867 ) — — (30,867 ) (b) Sales proceeds pursuant to contract — (220,281 ) — (220,281 ) Carrying value of LNR at end of period 220,281 — — — _______________________________________________________________________________ (1) During the year ended December 31, 2013 , the Company recorded an other than temporary impairment of $30.9 million . Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. |
Summary of financial information of the equity method investments | The following table represents investee level summarized financial information for LNR ($ in thousands) (1) : For the Period from October 1, 2012 to April 19, 2013 For the Year Ended September 30, 2012 Income Statements Total revenue (2) $ 179,373 $ 332,902 Income tax (expense) benefit (2,137 ) (6,731 ) Net income attributable to LNR (3) 113,478 253,039 iStar's ownership percentage 24 % 24 % iStar's equity in earnings from LNR $ 45,375 $ 60,669 For the Period from October 1, 2012 to April 19, 2013 For the Year Ended September 30, 2012 Cash Flows Operating cash flows $ (127,075 ) $ (85,909 ) Cash flows from investing activities (36,543 ) (55,686 ) Cash flows from financing activities 217,241 229,634 Net cash flows 53,623 88,039 Cash distributions — 61,179 iStar's ownership percentage 24 % 24 % Cash distributions received by iStar $ — $ 14,690 _______________________________________________________________________________ (1) The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the year ended December 31, 2013 was based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 are based on the balances and results from LNR for the year ended September 30, 2012. (2) LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. Total revenue presented above includes $55.5 million and $95.4 million for the period from October 1, 2012 to April 19, 2013 and for the year ended September 30, 2012, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR. (3) Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above. |
Other Assets and Other Liabil39
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets and Other Liabilities [Abstract] | |
Schedule of deferred expenses and other assets, net | Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of December 31, 2015 2014 Intangible assets, net (1) $ 71,446 $ 50,088 Other assets (2) 35,464 37,085 Restricted cash 26,657 19,283 Deferred financing fees, net (3) 26,635 36,774 Other receivables 22,557 13,115 Leasing costs, net (4) 19,393 20,031 Corporate furniture, fixtures and equipment, net (5) 4,405 5,409 Deferred expenses and other assets, net $ 206,557 $ 181,785 _______________________________________________________________________________ (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 (refer to Note 4). Accumulated amortization on intangible assets was $37.3 million and $45.1 million as of December 31, 2015 and 2014 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $6.7 million , $8.6 million and $7.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $3.6 million , $6.7 million and $8.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) Includes a $7.0 million receivable in connection with the sale of a land parcel in December 2015. (3) Accumulated amortization on deferred financing fees was $27.8 million and $15.4 million as of December 31, 2015 and 2014 , respectively. (4) Accumulated amortization on leasing costs was $9.8 million and $9.0 million as of December 31, 2015 and 2014 , respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $8.1 million and $7.1 million as of December 31, 2015 and 2014 , respectively. |
Schedule of accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of December 31, 2015 2014 Accrued expenses (1) $ 68,937 $ 62,866 Other liabilities (2) 80,332 48,256 Accrued interest payable 55,081 57,895 Intangible liabilities, net (3) 10,485 11,885 Accounts payable, accrued expenses and other liabilities (4) $ 214,835 $ 180,902 _______________________________________________________________________________ (1) As of December 31, 2015 and 2014, accrued expenses includes $5.3 million and $2.7 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (2) As of December 31, 2015 and 2014, "Other liabilities" includes $14.5 million and $6.8 million , respectively, related to a profit sharing payable to a developer for residential units sold and $4.4 million and $0.9 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2015 and 2014, "Other liabilities" also includes $6.6 million and $7.7 million , respectively related to tax increment financing 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. As of December 31, 2015, includes $0.9 million related to share repurchases that settled in January 2016. As of December 31, 2015, includes $6.0 million of deferred net revenue in connection with the sale of a land and development asset (refer to Note 5). (3) Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $6.6 million and $6.2 million as of December 31, 2015 and 2014 , respectively. The amortization of intangible liabilities increased operating lease income in the Company's consolidated statements of operations by $1.5 million , $2.5 million and $2.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. (4) As of December 31, 2015 and 2014, includes $26.2 million and $15.2 million , respectively, of capital expenditures that have not yet been paid in cash. |
Schedule of expense from the amortization of lease intangible assets and liabilities | The estimated expense from the amortization of lease intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): 2016 $ 3,312 2017 3,127 2018 2,834 2019 2,768 2020 2,706 |
Debt Obligations, net (Tables)
Debt Obligations, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | As of December 31, 2015 and 2014 , the Company's debt obligations were as follows ($ in thousands): Carrying Value as of December 31, Stated Interest Rates Scheduled Maturity Date 2015 2014 Secured credit facilities and term loans: 2012 Tranche A-2 Facility $ 339,717 $ 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 239,547 248,955 4.85% - 7.26% (3) Various through 2026 Total secured credit facilities and term loans 829,264 607,459 Unsecured notes: 6.05% senior notes — 105,765 6.05 % — 5.875% senior notes 261,403 261,403 5.875 % March 2016 3.875% senior notes 265,000 265,000 3.875 % July 2016 3.00% senior convertible notes (4) 200,000 200,000 3.00 % November 2016 1.50% senior convertible notes (5) 200,000 200,000 1.50 % November 2016 5.85% senior notes 99,722 99,722 5.85 % March 2017 9.00% senior notes 275,000 275,000 9.00 % June 2017 4.00% senior notes 550,000 550,000 4.00 % November 2017 7.125% senior notes 300,000 300,000 7.125 % February 2018 4.875% senior notes 300,000 300,000 4.875 % July 2018 5.00% senior notes 770,000 770,000 5.00 % July 2019 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 4,150,389 4,034,349 Debt discounts, net (6,706 ) (11,665 ) Total debt obligations, net (6) $ 4,143,683 $ 4,022,684 _______________________________________________________________________________ (1) The loan has a LIBOR floor of 1.25% . As of December 31, 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 December 31, 2015 and 2014 , includes a loan with a floating rate of LIBOR plus 2.00% . As of December 31, 2015 , the weighted average interest rate of these loans is 5.3% . (4) The Company's 3.00% senior convertible fixed rate notes due November 2016 (" 3.00% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.00% Convertible Notes, at $11.77 per share at any time prior to the close of business on November 14, 2016. (5) The Company's 1.50% senior convertible fixed rate notes due November 2016 (" 1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016. (6) The Company capitalized interest relating to development activities of $5.3 million , $4.9 million and $2.6 million for the years ended December 31, 2015 2014 and 2013 , respectively. |
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | As of December 31, 2015 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2016 $ 926,403 $ — $ 926,403 2017 924,722 339,717 1,264,439 2018 600,000 263,290 863,290 2019 770,000 30,795 800,795 2020 — — — Thereafter 100,000 195,462 295,462 Total principal maturities 3,321,125 829,264 4,150,389 Debt discounts, net (5,522 ) (1,184 ) (6,706 ) Total debt obligations, net $ 3,315,603 $ 828,080 $ 4,143,683 |
Schedule of carrying value of encumbered assets by asset type | As of December 31, 2015 and 2014 , the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of December 31, 2015 2014 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 816,721 $ 777,262 $ 602,471 $ 1,213,960 Real estate available and held for sale 10,593 126,681 10,496 156,807 Land and development 17,714 984,249 17,907 961,055 Loans receivable and other lending investments, net (1)(2) 170,162 1,314,823 46,515 1,364,828 Other investments 22,352 231,820 17,708 336,411 Cash and other assets — 1,033,515 — 768,475 Total $ 1,037,542 $ 4,468,350 $ 695,097 $ 4,801,536 _______________________________________________________________________________ (1) As of December 31, 2015 and 2014 , the amounts presented exclude general reserves for loan losses of $36.0 million and $33.5 million , respectively. (2) As of December 31, 2015, the amount presented excludes loan participations of $153.0 million . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of unfunded commitments | As of December 31, 2015 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments Real Estate Other Investments Total Performance-Based Commitments $ 689,014 $ 15,626 $ 23,360 $ 728,000 Strategic Investments — — 45,940 45,940 Discretionary Fundings 5,000 — — 5,000 Total $ 694,014 $ 15,626 $ 69,300 $ 778,940 |
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2015 , are as follows ($ in thousands): Year Net Lease Assets Operating Properties 2016 $ 121,168 $ 46,438 2017 117,110 46,358 2018 115,158 42,010 2019 113,969 37,990 2020 112,483 34,281 Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands): 2016 $ 5,722 2017 5,210 2018 4,185 2019 3,442 2020 3,442 Thereafter 4,823 |
Risk Management and Derivativ42
Risk Management and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 ($ in thousands): Derivative Assets as of December 31, Derivative Liabilities as of December 31, 2015 2014 2015 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 Other Assets $ 39 N/A $ — N/A $ — Other Liabilities $ 478 Interest rate swaps N/A — Other Assets 52 Other Liabilities 131 N/A — Total $ 39 $ 52 $ 131 $ 478 Derivatives not Designated in Hedging Relationships Foreign exchange contracts Other Assets $ 378 Other Assets $ 1,534 N/A $ — N/A $ — Interest rate cap Other Assets 1,105 Other Assets 4,775 N/A — N/A — Total $ 1,483 $ 6,309 $ — $ — |
Schedule of derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the years ended December 31, 2015 , 2014 and 2013 ($ 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 Year Ended December 31, 2015 Interest rate cap Interest Expense $ — $ (626 ) N/A Interest rate cap Earnings from equity investments (13 ) (1 ) N/A Interest rate swaps Interest Expense (537 ) 170 N/A Interest rate swaps Earnings from equity investments (528 ) (464 ) N/A Foreign exchange contracts Earnings from equity investments (124 ) — N/A For the Year Ended December 31, 2014 Interest rate cap Interest Expense — (56 ) N/A Interest rate cap Other Expense (2,984 ) — (3,634 ) Interest rate cap Earnings from equity method investments (9 ) — N/A Interest rate swaps Interest Expense (970 ) (6 ) N/A Interest rate swap Earnings from equity method investments (753 ) (420 ) N/A Foreign exchange contracts Earnings from equity method investments (471 ) — N/A For the Year Ended December 31, 2013 Interest rate cap Interest Expense (1,517 ) — N/A Interest rate swap Interest Expense 869 (310 ) N/A Foreign exchange contracts Earnings from equity method investments 393 — N/A Amount of Gain or (Loss) Recognized in Income Location of Gain or (Loss) Recognized in Income For the Years Ended December 31, Derivatives not Designated in Hedging Relationships 2015 2014 2013 Interest rate cap Other Expense $ (3,671 ) $ (1,347 ) $ — Foreign exchange contracts Other Expense 2,403 7,257 880 |
Foreign exchange contracts | Designated as hedge | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of notional amounts of outstanding derivative positions | As of December 31, 2015 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated (Rs and $ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells 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 December 31, 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 £ in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells euro ("EUR")/Buys USD Forward € 5,700 $ 6,439 January 2016 Sells pound sterling ("GBP")/Buys USD Forward £ 3,000 $ 4,557 January 2016 |
Interest rate cap | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of notional amounts of outstanding derivative positions | As of December 31, 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 December 31, 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 $ 26,935 LIBOR + 2.00% 3.47% October 2012 November 2019 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding | Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of December 31, 2015 and 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 8.00 % $ 2.00 E 5,600 0.001 25.00 7.875 % 1.97 F 4,000 0.001 25.00 7.80 % 1.95 G 3,200 0.001 25.00 7.65 % 1.91 I 5,000 0.001 25.00 7.50 % 1.88 J (3) 4,000 0.001 50.00 4.50 % 2.25 25,800 _______________________________________________________________________________ (1) Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $8.0 million , $11.0 million , $7.8 million , $6.1 million and $9.4 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the years ended December 31, 2015 and 2014 . The Company declared and paid dividends of $9.0 million on its Series J Convertible Perpetual Preferred Stock during the years ended December 31, 2015 and 2014 , respectively. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. |
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of December 31, 2015 2014 Unrealized gains (losses) on available-for-sale securities $ (125 ) $ 2,983 Unrealized gains (losses) on cash flow hedges (690 ) (409 ) Unrealized losses on cumulative translation adjustment (4,036 ) (3,545 ) Accumulated other comprehensive income (loss) $ (4,851 ) $ (971 ) |
Stock-Based Compensation Plan44
Stock-Based Compensation Plans and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of changes in non-vested restricted stock units | Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2015 were as follows (number of shares and $ in thousands, except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Non-vested as of December 31, 2014 320 $ 12.57 $ 4,367 Granted 119 $ 13.65 Vested (7 ) $ 8.53 Forfeited (6 ) $ 14.66 Non-vested as of December 31, 2015 426 $ 12.90 $ 4,991 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 EPS calculations ($ in thousands, except for per share data): For the Years Ended December 31, 2015 2014 2013 Income (loss) from continuing operations $ (99,973 ) $ (74,178 ) $ (220,768 ) Income from sales of real estate 93,816 89,943 86,658 Net (income) loss attributable to noncontrolling interests 3,722 704 (718 ) Preferred dividends (51,320 ) (51,320 ) (49,020 ) Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share $ (53,755 ) $ (34,851 ) $ (183,848 ) |
Schedule of earnings per share allocable to common shares and HPU shares | For the Years Ended December 31, 2015 2014 2013 Earnings allocable to common shares: Numerator for basic and diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (52,675 ) $ (33,722 ) $ (177,907 ) Income (loss) from discontinued operations — — 623 Gain from discontinued operations — — 21,515 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (52,675 ) $ (33,722 ) $ (155,769 ) Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic and diluted earnings per common share 84,987 85,031 84,990 Basic and diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (0.62 ) $ (0.40 ) $ (2.09 ) Income (loss) from discontinued operations — — 0.01 Gain from discontinued operations — — 0.25 Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (0.62 ) $ (0.40 ) $ (1.83 ) For the Years Ended December 31, 2015 2014 2013 Earnings allocable to HPUs (1) : Numerator for basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ (1,080 ) $ (1,129 ) $ (5,941 ) Income (loss) from discontinued operations — — 21 Gain from discontinued operations — — 718 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ (1,080 ) $ (1,129 ) $ (5,202 ) Denominator for basic and diluted earnings per HPU share: Weighted average HPUs outstanding for basic and diluted earnings per share 9 15 15 Basic and diluted earnings per HPU share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders $ (120.00 ) $ (75.27 ) $ (396.07 ) Income (loss) from discontinued operations — — 1.40 Gain from discontinued operations — — 47.87 Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ (120.00 ) $ (75.27 ) $ (346.80 ) _______________________________________________________________________________ (1) All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). |
Schedule of anti-dilutive shares | For the years ended December 31, 2015 , 2014 and 2013 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands): For the Years Ended December 31, 2015 (1) 2014 (1) 2013 (1) Joint venture shares 298 298 298 3.00% convertible senior unsecured notes 16,992 16,992 16,992 Series J convertible perpetual preferred stock 15,635 15,635 15,635 1.50% convertible senior unsecured notes 11,567 11,567 11,567 _______________________________________________________________________________ (1) For the years ended December 31, 2015 , 2014 and 2013 , the effect of the Company's unvested Units, performance-based Units and CSEs were anti-dilutive. |
Fair Values (Tables)
Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recorded at fair value on a recurring and 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 December 31, 2015 Recurring basis: Derivative assets (1) $ 1,522 $ — $ 1,522 $ — Derivative liabilities (1) 131 — 131 — Available-for-sale securities (1) 1,161 — — 1,161 Non-recurring basis: Impaired loans (2) 3,200 — — 3,200 As of December 31, 2014 Recurring basis: Derivative assets (1) $ 6,361 $ — $ 6,361 $ — Derivative liabilities (1) 478 — 478 — Available-for-sale securities (1) 7,906 7,906 — — Non-recurring basis: Impaired loans (3) 37,169 — — 37,169 Impaired real estate (4) 7,102 — — 7,102 _______________________________________________________________________________ (1) The fair value of the Company's derivatives and 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 $3.2 million based on a discounted cash flow analysis. (3) 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. (4) The Company recorded impairment on one real estate asset with a fair value of $7.1 million based on a discount rate of 15.0% using discounted cash flows over a 10 year lease term. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of financial measures for each segment based on which performance is evaluated | The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2015 Operating lease income $ — $ 151,481 $ 77,454 $ 785 $ — $ 229,720 Interest income 134,687 — — — — 134,687 Other income 9,737 357 34,637 1,219 3,981 49,931 Land development revenue — — — 100,216 — 100,216 Earnings (loss) from equity method investments — 5,221 1,663 16,683 8,586 32,153 Income from sales of real estate — 40,082 53,734 — — 93,816 Total revenue and other earnings 144,424 197,141 167,488 118,903 12,567 640,523 Real estate expense — (21,855 ) (95,888 ) (29,007 ) — (146,750 ) Land development cost of sales — — — (67,382 ) — (67,382 ) Other expense (2,291 ) — — — (4,083 ) (6,374 ) Allocated interest expense (57,109 ) (66,504 ) (28,014 ) (32,087 ) (40,925 ) (224,639 ) Allocated general and administrative (2) (13,128 ) (15,569 ) (6,988 ) (11,488 ) (22,091 ) (69,264 ) Segment profit (loss) (3) $ 71,896 $ 93,213 $ 36,598 $ (21,061 ) $ (54,532 ) $ 126,114 Other significant non-cash items: Provision for loan losses $ 36,567 $ — $ — $ — $ — $ 36,567 Impairment of assets — — 5,935 4,589 — 10,524 Depreciation and amortization — 38,138 24,548 1,422 1,139 65,247 Capitalized expenditures — 4,195 84,103 94,971 — 183,269 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2014: Operating lease income $ — $ 151,934 $ 90,331 $ 835 $ — $ 243,100 Interest income 122,704 — — — — 122,704 Other income 21,217 4,437 42,000 3,327 10,052 81,033 Land development revenue — — — 15,191 — 15,191 Earnings (loss) from equity method investments — 3,260 1,669 14,966 75,010 94,905 Income from sales of real estate — 6,206 83,737 — — 89,943 Total revenue and other earnings 143,921 165,837 217,737 34,319 85,062 646,876 Real estate expense — (22,967 ) (113,504 ) (26,918 ) — (163,389 ) Land development cost of sales — — — (12,840 ) — (12,840 ) Other expense (243 ) — — — (6,097 ) (6,340 ) Allocated interest expense (58,043 ) (72,089 ) (39,535 ) (29,432 ) (25,384 ) (224,483 ) Allocated general and administrative (2) (13,211 ) (16,603 ) (9,608 ) (13,062 ) (22,489 ) (74,973 ) Segment profit (loss) (3) $ 72,424 $ 54,178 $ 55,090 $ (47,933 ) $ 31,092 $ 164,851 Other significant non-cash items: Recovery of loan losses $ (1,714 ) $ — $ — $ — $ — $ (1,714 ) Impairment of assets — 3,689 8,131 22,814 — 34,634 Depreciation and amortization — 38,841 32,142 1,440 1,148 73,571 Capitalized expenditures — 3,933 61,186 80,119 — 145,238 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Year Ended December 31, 2013 Operating lease income $ — $ 147,313 $ 86,352 $ 902 $ — $ 234,567 Interest income 108,015 — — — — 108,015 Other income 4,748 250 38,164 1,474 3,572 48,208 Earnings (loss) from equity method investments — 2,699 5,546 (5,331 ) 38,606 41,520 Income from sales of real estate — — 82,603 4,055 — 86,658 Income (loss) from discontinued operations (4) — 1,484 1,251 — — 2,735 Gain from discontinued operations — 3,395 18,838 — — 22,233 Total revenue and other earnings 112,763 155,141 232,754 1,100 42,178 543,936 Real estate expense — (22,565 ) (101,044 ) (33,832 ) — (157,441 ) Other expense (1,625 ) — — — (6,425 ) (8,050 ) Allocated interest expense (5) (74,377 ) (80,034 ) (49,114 ) (30,368 ) (32,332 ) (266,225 ) Allocated general and administrative (2) (13,186 ) (14,330 ) (9,189 ) (12,365 ) (23,783 ) (72,853 ) Segment profit (loss) (3) $ 23,575 $ 38,212 $ 73,407 $ (75,465 ) $ (20,362 ) $ 39,367 Other significant non-cash items: Provision for loan losses $ 5,489 $ — $ — $ — $ — $ 5,489 Impairment of assets (5) — 1,176 12,449 728 — 14,353 Loss on transfer of interest to unconsolidated subsidiary — — — 7,373 — 7,373 Depreciation and amortization (5) — 38,582 30,599 1,105 1,244 71,530 Capitalized expenditures — 34,076 41,131 36,346 — 111,553 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of December 31, 2015 Real estate Real estate, net — 1,112,479 481,504 — — 1,593,983 Real estate available and held for sale — — 137,274 — — 137,274 Total real estate — 1,112,479 618,778 — — 1,731,257 Land and development — — — 1,001,963 — 1,001,963 Loans receivable and other lending investments, net 1,601,985 — — — — 1,601,985 Other investments — 69,096 11,124 100,419 73,533 254,172 Total portfolio assets $ 1,601,985 $ 1,181,575 $ 629,902 $ 1,102,382 $ 73,533 4,589,377 Cash and other assets 1,033,515 Total assets $ 5,622,892 As of December 31, 2014 Real estate, net — 1,188,160 628,271 — — 1,816,431 Real estate available and held for sale — 4,521 162,782 — — 167,303 Total real estate — 1,192,681 791,053 — — 1,983,734 Land and development — — — 978,962 — 978,962 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 _______________________________________________________________________________ (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 $12.0 million , $13.3 million and $19.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2015 2014 2013 Segment profit $ 126,114 $ 164,851 $ 39,367 Less: (Provision for) recovery of loan losses (36,567 ) 1,714 (5,489 ) Less: Impairment of assets (4) (10,524 ) (34,634 ) (14,353 ) Less: Loss on transfer of interest to unconsolidated subsidiary — — (7,373 ) Less: Depreciation and amortization (4) (65,247 ) (73,571 ) (71,530 ) Less: Stock-based compensation expense (12,013 ) (13,314 ) (19,261 ) Less: Income tax (expense) benefit (4) (7,639 ) (3,912 ) 596 Less: Loss on early extinguishment of debt, net (281 ) (25,369 ) (33,190 ) Net income (loss) $ (6,157 ) $ 15,765 $ (111,233 ) (4) For the year ended December 31, 2013 excludes certain amounts reclassified to discontinued operations in the Company's consolidated statements of operations. (5) For the year ended December 31, 2013 includes related amounts reclassified to discontinued operations in the Company's consolidated statements of operations. |
Reconciliation of segment profit to income (loss) from continuing operations | The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Years Ended December 31, 2015 2014 2013 Segment profit $ 126,114 $ 164,851 $ 39,367 Less: (Provision for) recovery of loan losses (36,567 ) 1,714 (5,489 ) Less: Impairment of assets (4) (10,524 ) (34,634 ) (14,353 ) Less: Loss on transfer of interest to unconsolidated subsidiary — — (7,373 ) Less: Depreciation and amortization (4) (65,247 ) (73,571 ) (71,530 ) Less: Stock-based compensation expense (12,013 ) (13,314 ) (19,261 ) Less: Income tax (expense) benefit (4) (7,639 ) (3,912 ) 596 Less: Loss on early extinguishment of debt, net (281 ) (25,369 ) (33,190 ) Net income (loss) $ (6,157 ) $ 15,765 $ (111,233 ) |
Quarterly Financial Informati48
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts). For the Quarters Ended December 31, September 30, June 30, March 31, 2015: Revenue $ 172,025 $ 120,487 $ 109,185 $ 112,857 Net income (loss) $ 19,974 $ 5,958 $ (19,776 ) $ (12,313 ) Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic (2) $ 7,685 $ (6,072 ) $ (30,950 ) $ (22,553 ) Diluted (2) $ 7,684 $ (6,072 ) $ (30,950 ) $ (22,553 ) Earnings per share Basic and diluted $ 0.09 $ (0.07 ) $ (0.36 ) $ (0.26 ) Weighted average number of common shares Basic 83,162 85,766 85,541 85,497 Diluted 83,581 85,766 85,541 85,497 Earnings per HPU share data (1) : Net income (loss) attributable to iStar Inc. Basic and diluted $ — $ (94 ) $ (1,027 ) $ (749 ) Earnings per share Basic and diluted $ — $ (13.41 ) $ (68.47 ) $ (49.93 ) Weighted average number of HPU shares—basic and diluted — 7 15 15 2014: Revenue $ 109,950 $ 113,486 $ 129,843 $ 108,749 Net income (loss) $ (1,955 ) $ 35,491 $ (3,594 ) $ (14,177 ) Earnings per common share data (1) : Net income (loss) attributable to iStar Inc. Basic (2) $ (13,270 ) $ 22,327 $ (16,207 ) $ (26,572 ) Diluted (2) $ (13,270 ) $ 27,608 $ (16,207 ) $ (26,572 ) Earnings per share Basic $ (0.16 ) $ 0.26 $ (0.19 ) $ (0.31 ) Diluted $ (0.16 ) $ 0.21 $ (0.19 ) $ (0.31 ) Weighted average number of common shares Basic 85,188 85,163 84,916 84,819 Diluted 85,188 130,160 84,916 84,819 Earnings per HPU share data (1) : Net income (loss) attributable to iStar Inc. Basic $ (442 ) $ 744 $ (542 ) $ (889 ) Diluted $ (442 ) $ 602 $ (542 ) $ (889 ) Earnings per share Basic $ (29.47 ) $ 49.60 $ (36.13 ) $ (59.27 ) Diluted $ (29.47 ) $ 40.13 $ (36.13 ) $ (59.27 ) Weighted average number of HPU shares—basic and diluted 15 15 15 15 _______________________________________________________________________________ (1) Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. (2) For the quarter ended December 31, 2015 includes net income attributable to iStar Inc. and allocable to Participating Security Holders of $5 and $5 on a basic and dilutive basis, respectively. For the quarter ended September 30, 2014, includes net income attributable to iStar Inc. and allocable to Participating Security Holders of $2 and $2 on a basic and dilutive basis, respectively. |
Business and Organization (Deta
Business and Organization (Details) $ in Billions | 240 Months Ended |
Dec. 31, 2015USD ($) | |
Business and Organization [Abstract] | |
Investment across a range of real estate sectors over the past two decades (more than $35 billion) | $ 35 |
Basis of Presentation and Pri50
Basis of Presentation and Principles of Consolidation - Reclassification (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Additional paid-in capital | $ 3,689,330 | $ 3,744,621 | ||||
As Reported | ||||||
Additional paid-in capital | $ 4,023,962 | $ 4,007,937 | $ 4,007,540 | 4,007,514 | $ 4,022,138 | |
Common stock, par value (in dollars per share) | 147 | 146 | 146 | 146 | 144 | |
Treasury stock, at cost | (283,256) | (263,515) | (263,512) | (262,954) | (262,954) | |
APIC_CommonStock_TreasuryStock | 3,740,853 | 3,744,568 | 3,744,174 | 3,744,706 | 3,759,328 | |
Change | ||||||
Additional paid-in capital | (283,193) | (263,454) | (263,451) | (262,893) | (262,893) | |
Common stock, par value (in dollars per share) | (63) | (61) | (61) | (61) | (61) | |
Treasury stock, at cost | 283,256 | 263,515 | 263,512 | 262,954 | 262,954 | |
APIC_CommonStock_TreasuryStock | 0 | 0 | 0 | 0 | 0 | |
As Adjusted | ||||||
Additional paid-in capital | 3,740,769 | 3,744,483 | 3,744,089 | 3,744,621 | 3,759,245 | |
Common stock, par value (in dollars per share) | 84 | 85 | 85 | 85 | 83 | |
Treasury stock, at cost | 0 | 0 | 0 | 0 | 0 | |
APIC_CommonStock_TreasuryStock | $ 3,740,853 | $ 3,744,568 | $ 3,744,174 | $ 3,744,706 | $ 3,759,328 |
Basis of Presentation and Pri51
Basis of Presentation and Principles of Consolidation (Details) $ in Millions | Dec. 31, 2015USD ($) |
Consolidated VIEs | |
Total revenues and total expenses related to consolidated VIEs | |
Variable interest entity, consolidated, carrying amount, assets | $ 219.3 |
Variable interest entity, consolidated, carrying amount, liabilities | 26.5 |
Variable interest entity unfunded commitment | 38.8 |
Unconsolidated VIEs | |
Total revenues and total expenses related to consolidated VIEs | |
Variable interest entity unfunded commitment | 17.7 |
Carrying value of the investments | $ 93.4 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Common Stock, shares outstanding | 81,109 | 85,191 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 40 years | |
Furniture and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 5 years |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Tenant Receivables | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.9 | $ 1.3 |
Deferred Operating Lease | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.5 | $ 2.4 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Entity Information [Line Items] | |||
Assets with foreclosure elections | $ 749,200 | ||
Operating loss carryforwards | $ 856,400 | ||
Total income tax (expense) benefit | (7,639) | (3,912) | $ 659 |
Taxable REIT Subsidiaries | |||
Entity Information [Line Items] | |||
Operating loss carryforwards | 3,200 | 4,100 | |
Assets owned taxable subsidiaries | 516,900 | ||
Current tax (expense) benefit | (7,639) | (3,912) | 659 |
Deferred tax (expense) benefit | 0 | 0 | 0 |
Total income tax (expense) benefit | (7,639) | (3,912) | 659 |
Income of subsidiaries | 17,000 | 19,300 | (1,800) |
Income taxes paid | 8,400 | 1,300 | $ 9,200 |
Deferred tax assets | 53,910 | 54,318 | |
Valuation allowance | (53,910) | (54,318) | |
Net deferred tax assets (liabilities) | 0 | 0 | |
Real estate asset basis differences | 40,000 | 45,200 | |
Deferred expenses and other items | $ 10,700 | $ 5,000 |
Real Estate (Schedule of Real E
Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Land and development | $ 1,001,963 | $ 978,962 |
Real estate, net | 1,593,983 | 1,816,431 |
Real estate available and held for sale | 137,274 | 167,303 |
Total real estate | 1,731,257 | 1,983,734 |
Net Lease | ||
Real Estate Properties [Line Items] | ||
Land and development | 306,172 | 311,890 |
Buildings and improvements, at cost | 1,183,723 | 1,240,593 |
Less: accumulated depreciation | (377,416) | (364,323) |
Real estate, net | 1,112,479 | 1,188,160 |
Real estate available and held for sale | 0 | 4,521 |
Total real estate | 1,112,479 | 1,192,681 |
Operating Properties | ||
Real Estate Properties [Line Items] | ||
Land and development | 133,275 | 146,417 |
Buildings and improvements, at cost | 427,371 | 578,013 |
Less: accumulated depreciation | (79,142) | (96,159) |
Real estate, net | 481,504 | 628,271 |
Real estate available and held for sale | 137,274 | 162,782 |
Total real estate | 618,778 | 791,053 |
Real Estate Properties | ||
Real Estate Properties [Line Items] | ||
Land and development | 439,447 | 458,307 |
Buildings and improvements, at cost | 1,611,094 | 1,818,606 |
Less: accumulated depreciation | (456,558) | (460,482) |
Real estate, net | 1,593,983 | 1,816,431 |
Real estate available and held for sale | 137,274 | 167,303 |
Total real estate | $ 1,731,257 | $ 1,983,734 |
Real Estate (Real Estate Availa
Real Estate (Real Estate Available and Held for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | ||
Real estate available and held for sale | $ 137,274 | $ 167,303 |
Property transferred to held for sale, aggregate, carrying value | 8,200 | |
Residential Operating Properties | ||
Real Estate Properties [Line Items] | ||
Real estate available and held for sale | 137,300 | 155,800 |
Commercial Operating Properties | ||
Real Estate Properties [Line Items] | ||
Property transferred from held for sale, aggregate, carrying value | 2,900 | |
Condominium Units | ||
Real Estate Properties [Line Items] | ||
Property transferred to held for sale, aggregate, carrying value | 56,700 | |
Net Lease | ||
Real Estate Properties [Line Items] | ||
Real estate available and held for sale | $ 0 | 4,521 |
Property transferred to held for sale, aggregate, carrying value | $ 4,000 |
Real Estate (Acquisitions) (Det
Real Estate (Acquisitions) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | |
Real Estate Properties [Line Items] | |||
Acquisitions of real estate assets | $ 0 | $ 4,666 | $ 102,364 |
Real Estate Acquired in Satisfaction of Debt | |||
Real Estate Properties [Line Items] | |||
Fair value of assets acquired | 13,400 | ||
Real Estate Acquired in Satisfaction of Debt | Corporate Joint Venture | |||
Real Estate Properties [Line Items] | |||
Fair value of assets acquired | $ 25,500 | ||
Consolidated entity, ownership percentage | 63.00% | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 37.00% | ||
Real Estate Acquired in Satisfaction of Debt | Commercial Operating Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | property | 3 | ||
Fair value of assets acquired | $ 72,400 | ||
Operating Properties | |||
Real Estate Properties [Line Items] | |||
Acquisitions of real estate assets | 1,700 | ||
Net proceeds from sales of real estate | 93,500 | ||
Condominium Units | |||
Real Estate Properties [Line Items] | |||
Acquisitions of real estate assets | $ 3,000 | ||
Number of properties acquired | property | 2 | ||
Land | |||
Real Estate Properties [Line Items] | |||
Property sold, aggregate, carrying value | $ 14,800 | ||
Number of properties acquired | property | 1 | ||
Land | Real Estate Acquired in Satisfaction of Debt | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties acquired | property | 2 | ||
Net Lease Asset One | |||
Real Estate Properties [Line Items] | |||
Acquisitions of real estate assets | $ 93,600 | ||
Finite-lived intangible assets acquired | 36,100 | ||
Below market lease | 11,900 | ||
Transaction costs | 200 | ||
Net proceeds from sales of real estate | $ 7,800 | ||
Net Lease Asset One | iStar Net Lease I LLC | |||
Real Estate Properties [Line Items] | |||
Net proceeds from sales of real estate | 93,700 | ||
Commercial Operating Properties | |||
Real Estate Properties [Line Items] | |||
Property sold, aggregate, carrying value | $ 29,400 | $ 72,600 | |
Operating Properties | |||
Real Estate Properties [Line Items] | |||
Property sold, aggregate, carrying value | $ 5,300 |
Real Estate (Pro Forma Financia
Real Estate (Pro Forma Financial Information) (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate [Abstract] | |||
Pro forma total revenues | $ 466,327 | $ 399,885 | |
Pro forma net income (loss) | $ 15,351 | $ (112,355) | |
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | $ 8,300 | ||
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual | $ (2,900) |
Real Estate (Dispositions) (Det
Real Estate (Dispositions) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 28, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from sales of real estate | $ 93,816 | $ 89,943 | $ 86,658 | |
Other finite-lived intangible assets | 38,100 | |||
Impairment of long-lived assets to be disposed of or sold | 1,800 | |||
Marina Palms | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from sales of real estate | $ 3,400 | |||
iStar's ownership percentage | 47.50% | |||
Property contributed, aggregate carrying value | $ 21,400 | |||
Condominium Units | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of other real estate | 127,900 | 236,200 | 269,700 | |
Income from sales of real estate | 40,100 | 79,100 | 82,600 | |
Net Lease Asset Two | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property sold, aggregate, carrying value | 60,800 | 8,000 | 18,700 | |
Income from sales of real estate | 40,100 | 6,200 | 2,200 | |
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 | |||
Operating leases, term | 99 years | |||
Other finite-lived intangible assets | $ 38,100 | |||
Deferred gain on sale of property | 5,300 | |||
Payments for repurchase of redeemable noncontrolling interest | $ 6,400 | |||
Number of real estate properties sold | property | 3 | |||
Operating Properties | RCC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from sales of real estate | $ 13,600 | |||
Sales price of real estate held for investment | $ 68,500 | |||
iStar's ownership percentage | 50.00% | |||
Commercial Operating Properties | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property sold, aggregate, carrying value | 29,400 | 72,600 | ||
Income from sales of real estate | 4,600 | 18,600 | ||
Residential Operating Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property sold, aggregate, carrying value | 18,900 | |||
Land | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property sold, aggregate, carrying value | 14,800 | |||
Income from sales of real estate | $ 600 | |||
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 | 7,800 | |||
Impairment of long-lived assets to be disposed of or sold | 3,000 | |||
Net Lease Asset One | iStar Net Lease I LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net proceeds from sales of real estate | 93,700 | |||
Net Lease | iStar Net Lease I LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
iStar's ownership percentage | 51.90% | |||
Net proceeds from sales of real estate | $ 10,100 | |||
Noncontrolling interest, ownership percentage by parent | 72.00% | |||
Transfer mortgage payable | $ 26,000 |
Real Estate (Discontinued Opera
Real Estate (Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate [Abstract] | |||
Revenues | $ 5,545 | ||
Total expenses | (3,138) | ||
Impairment of assets | (1,763) | ||
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 644 |
Real Estate (Impairments) (Deta
Real Estate (Impairments) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Impairment of real estate | $ 5.9 | $ 11.8 | $ 13.6 |
Impairment of long-lived assets to be disposed of or sold | $ 1.8 | ||
Real Estate Properties | |||
Property, Plant and Equipment [Line Items] | |||
Number of properties impaired | property | 2 |
Real Estate (Tenant Reimburseme
Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate [Abstract] | |||
Tenant reimbursements | $ 26.8 | $ 30 | $ 31.8 |
Real Estate (Redeemable Noncont
Real Estate (Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interests, carrying amount | $ 10,718 | $ 11,199 |
Redeemable noncontrolling interests, fair value | 9,200 | 23,600 |
Not Currently Redeemable | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interests, carrying amount | $ 7,200 | $ 9,900 |
Real Estate (Allowance for doub
Real Estate (Allowance for doubtful accounts) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Tenant Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.9 | $ 1.3 |
Deferred Operating Lease | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.5 | $ 2.4 |
Real Estate (Future Minimum Ope
Real Estate (Future Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Net Lease | |
2,016 | $ 121,168 |
2,017 | 117,110 |
2,018 | 115,158 |
2,019 | 113,969 |
2,020 | 112,483 |
Operating Properties | |
2,016 | 46,438 |
2,017 | 46,358 |
2,018 | 42,010 |
2,019 | 37,990 |
2,020 | $ 34,281 |
Land and Development (Details)
Land and Development (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)property | Apr. 30, 2015USD ($) | |
Land and land development, at cost | $ 1,001,963 | $ 978,962 | ||
Inventory, Real Estate, Land and Land Development Costs | 1,001,963 | 978,962 | ||
Land development revenue | 100,216 | 15,191 | $ 0 | |
Land development cost of sales | 67,382 | 12,840 | 0 | |
Loss on transfer of interest to unconsolidated subsidiary | 0 | 0 | (7,373) | |
Impairment of land and development assets | 4,600 | 22,800 | 700 | |
Loans receivable | 1,539,696 | 1,190,172 | ||
Land | ||||
Land and land development, at cost | 1,007,995 | 987,329 | ||
Less: accumulated depreciation | (6,032) | (8,367) | ||
Inventory, Real Estate, Land and Land Development Costs | 1,001,963 | 978,962 | ||
Property sold, aggregate, carrying value | $ 14,800 | |||
Purchase price | $ 16,100 | |||
Deferred revenue | $ 5,300 | |||
Land and Development 3 | ||||
Land development revenue | 36,900 | |||
Deferred revenue | 6,000 | |||
Land and Development 2 | ||||
Land development revenue | 25,900 | |||
Loans receivable | 16,700 | |||
Land and Development 1 | ||||
Property sold, aggregate, carrying value | 6,800 | |||
Real Estate Equity Investment Three | ||||
iStar's ownership percentage | 75.60% | |||
Loss on transfer of interest to unconsolidated subsidiary | $ 7,400 | |||
Real Estate Equity Investment Three | Land | ||||
Property contributed, aggregate carrying value | 9,500 | $ 24,100 | ||
Real Estate Acquired in Satisfaction of Debt | ||||
Fair value of assets acquired | $ 13,400 | |||
Real Estate Acquired in Satisfaction of Debt | Land | ||||
Number of real estate properties acquired | property | 2 | |||
Land | Real Estate Acquired in Satisfaction of Debt | ||||
Fair value of assets acquired | $ 5,500 | $ 15,600 |
Land and Development (Deferred
Land and Development (Deferred Revenue) (Details) - Land $ in Millions | Apr. 30, 2015USD ($) |
Real Estate Properties [Line Items] | |
Purchase price | $ 16.1 |
Deferred revenue | $ 5.3 |
Loans Receivable and Other Le68
Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Valuation Allowances and Reserves, Deductions | $ 28,513 | $ 281,285 | $ 152,784 | ||
Total gross carrying value of loans | 1,647,861 | 1,288,662 | |||
Reserves for loan losses | (108,165) | (98,490) | (377,204) | $ (524,499) | |
Total loans receivable, net | 1,539,696 | 1,190,172 | |||
Other lending investments—securities | 62,289 | 187,671 | |||
Total loans receivable and other lending investments, net | 1,601,985 | 1,377,843 | |||
Interest receivable | 9,000 | 7,000 | |||
Carrying value of loans sold | 5,500 | 30,800 | 95,100 | ||
Realized investment gains (losses) | 19,100 | (600) | |||
Provision for (recovery of) loan losses | 36,567 | (1,714) | 5,489 | ||
Repayments of and principal collections on loans receivable and other lending investments, net | 273,454 | 512,528 | $ 613,615 | ||
Loans Receivable One | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | $ 146,700 | ||||
Senior mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | 975,915 | 737,535 | |||
Corporate/Partnership loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | 643,270 | 497,796 | |||
Subordinate mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | $ 28,676 | $ 53,331 | |||
Loan 1 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross carrying value of loans | 196,600 | ||||
Total loans receivable, net | 24,000 | ||||
Provision for (recovery of) loan losses | $ 25,900 |
Loans Receivable and Other Le69
Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan Losses [Roll Forward] | |||
Reserve for loan losses at beginning of period | $ 98,490 | $ 377,204 | $ 524,499 |
Provision for (recovery of) loan losses | 37,616 | (5,886) | 1,277 |
Charge-offs | (28,513) | (281,285) | (152,784) |
Reserve for loan losses at end of period | 108,165 | 98,490 | 377,204 |
Recoveries of previously recorded loan loss reserves | 600 | 10,100 | 63,100 |
Loans Receivable Allowance | |||
Allowance for Loan Losses [Roll Forward] | |||
Provision for (recovery of) loan losses | 36,567 | (1,714) | 5,489 |
Charge-offs | $ (26,892) | $ (277,000) | $ (152,784) |
Loans Receivable and Other Le70
Loans Receivable and Other Lending Investments, net (Schedule of Investment in Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans | ||||
Individually Evaluated for Impairment | $ 132,492 | $ 139,672 | ||
Collectively Evaluated for Impairment | 1,524,347 | 1,156,031 | ||
Total | 1,656,839 | 1,295,703 | ||
Less: Reserve for loan losses | ||||
Individually Evaluated for Impairment | (72,165) | (64,990) | ||
Collectively Evaluated for Impairment | (36,000) | (33,500) | ||
Total | (108,165) | (98,490) | $ (377,204) | $ (524,499) |
Total | ||||
Individually Evaluated for Impairment | 60,327 | 74,682 | ||
Collectively Evaluated for Impairment | 1,488,347 | 1,122,531 | ||
Total | 1,548,674 | 1,197,213 | ||
Individually evaluated for impairment, net discount | 200 | 200 | ||
Collectively evaluated for impairment, net discount | $ 8,200 | $ 10,600 |
Loans Receivable and Other Le71
Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 1,656,839 | $ 1,295,703 |
Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | 980,349 | |
Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | 647,451 | |
Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | 29,039 | |
Real Estate Finance | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 1,524,347 | $ 1,166,465 |
Weighted Average Risk Ratings | 3.15 | 3.23 |
Real Estate Finance | Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 853,595 | $ 611,009 |
Weighted Average Risk Ratings | 2.96 | 2.73 |
Real Estate Finance | Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 641,713 | $ 501,620 |
Weighted Average Risk Ratings | 3.37 | 3.88 |
Real Estate Finance | Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 29,039 | $ 53,836 |
Weighted Average Risk Ratings | 3.64 | 2.87 |
Loans Receivable and Other Le72
Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loans | Dec. 31, 2014USD ($) | |
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 1,540,589 | |
Less Than and Equal to 90 Days | 0 | |
Greater Than 90 Days | 116,250 | |
Total Past Due | 116,250 | |
Total | $ 1,656,839 | $ 1,295,703 |
Financing receivable, number of loans greater than 90 days past due | loans | 4 | |
Financing receivables, past due time period | 90 days | |
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 | |
Senior mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 864,099 | |
Less Than and Equal to 90 Days | 0 | |
Greater Than 90 Days | 116,250 | |
Total Past Due | 116,250 | |
Total | 980,349 | |
Corporate/Partnership loans | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 647,451 | |
Less Than and Equal to 90 Days | 0 | |
Greater Than 90 Days | 0 | |
Total Past Due | 0 | |
Total | 647,451 | |
Subordinate mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 29,039 | |
Less Than and Equal to 90 Days | 0 | |
Greater Than 90 Days | 0 | |
Total Past Due | 0 | |
Total | $ 29,039 |
Loans Receivable and Other Le73
Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Loans modified through troubled debt restructurings | $ 10,400,000 | ||
Average Recorded Investment | $ 153,387,000 | 422,973,000 | $ 943,761,000 |
Interest Income Recognized | 50,000 | 2,261,000 | 17,618,000 |
Senior mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 129,135,000 | 370,010,000 | 825,656,000 |
Interest Income Recognized | 38,000 | 2,080,000 | 11,245,000 |
Corporate/Partnership loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 24,252,000 | 52,963,000 | 85,723,000 |
Interest Income Recognized | 12,000 | 181,000 | 6,373,000 |
Subordinate mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 0 | 32,382,000 |
Interest Income Recognized | 0 | 0 | 0 |
Nonperforming loans | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, interest income, cash basis method | 0 | 0 | 13,300,000 |
With an allowance recorded | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 132,492,000 | 139,672,000 | |
Unpaid Principal Balance | 131,514,000 | 138,801,000 | |
Related Allowance | (72,165,000) | (64,990,000) | |
Average Recorded Investment | 153,387,000 | 387,314,000 | 904,290,000 |
Interest Income Recognized | 50,000 | 339,000 | 2,299,000 |
With an allowance recorded | Senior mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 126,754,000 | 130,645,000 | |
Unpaid Principal Balance | 125,776,000 | 129,744,000 | |
Related Allowance | (69,627,000) | (64,440,000) | |
Average Recorded Investment | 129,135,000 | 334,351,000 | 794,247,000 |
Interest Income Recognized | 38,000 | 158,000 | 1,976,000 |
With an allowance recorded | Corporate/Partnership loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 5,738,000 | 9,027,000 | |
Unpaid Principal Balance | 5,738,000 | 9,057,000 | |
Related Allowance | (2,538,000) | (550,000) | |
Average Recorded Investment | 0 | 52,963,000 | 77,661,000 |
Interest Income Recognized | 0 | 181,000 | 323,000 |
With an allowance recorded | Subordinate mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 24,252,000 | 0 | 32,382,000 |
Interest Income Recognized | 12,000 | 0 | 0 |
With no related allowance recorded | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 35,659,000 | 39,471,000 |
Interest Income Recognized | 0 | 1,922,000 | 15,319,000 |
With no related allowance recorded | Senior mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 35,659,000 | 31,409,000 |
Interest Income Recognized | 0 | 1,922,000 | 9,269,000 |
With no related allowance recorded | Corporate/Partnership loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 0 | 8,062,000 |
Interest Income Recognized | $ 0 | $ 0 | $ 6,050,000 |
Loans Receivable and Other Le74
Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Loan | Dec. 31, 2013USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pre-modification outstanding recorded investment | $ 11,600,000 | ||
Unfunded commitments, troubled debt restructurings | 0 | ||
Non-performing mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans | Loan | 1 | ||
Recorded investment of loans whose maturity was extended | $ 174,500,000 | ||
Non-performing mortgage | One Year Payment Extension | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans | Loan | 2 | ||
Recorded investment of loans whose maturity was extended | $ 7,000,000 | $ 98,300,000 | |
Initial paydowns loans whose maturity was extended | $ 15,400,000 | ||
Finance receivable, trouble debt restructuring time period | 1 year | ||
Senior mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans | Loan | 6 | ||
Performing First Mortgage | One Year Payment Extension | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment of loans whose maturity was extended | $ 4,600,000 | ||
Individually Evaluated for Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pre-modification outstanding recorded investment | $ 5,800,000 |
Loans Receivable and Other Le75
Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost Basis | $ 1,010 | |
Estimated Fair Value | 1,161 | |
Investments, Debt and Equity Securities [Abstract] | ||
Face Value | 55,559 | $ 177,274 |
Amortized Cost Basis | 62,138 | 187,524 |
Net Unrealized Gain (Loss) | 151 | 147 |
Estimated Fair Value | 62,360 | 191,366 |
Net Carrying Value | 62,289 | 187,671 |
Held-to-Maturity Securities, Debt Maturities [Abstract] | ||
Amortized Cost Basis | 61,128 | |
Estimated Fair Value | 61,199 | |
Held-to-Maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Within one year, Amortized Cost Basis | 61,128 | |
After one year through five years, Amortized Cost Basis | 0 | |
After five years through ten years, Amortized Cost Basis | 0 | |
After ten years, Amortized Cost Basis | 0 | |
Held-to-Maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Within one year, Estimated Fair Value | 61,199 | |
After one year through five years, Estimated Fair Value | 0 | |
After five years through ten years, Estimated Fair Value | 0 | |
After ten years, Estimated Fair Value | 0 | |
Available-for-Sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Within one year, Amortized Cost Basis | 0 | |
After one year through five years, Amortized Cost Basis | 0 | |
After five years through ten years, Amortized Cost Basis | 0 | |
After ten years, Amortized Cost Basis | 1,010 | |
Available-for-Sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Within one year, Estimated Fair Value | 0 | |
After one year through five years, Estimated Fair Value | 0 | |
After five years through ten years, Estimated Fair Value | 0 | |
After ten years, Estimated Fair Value | 1,161 | |
Municipal Bonds | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Face Value | 1,010 | 1,020 |
Amortized Cost Basis | 1,010 | 1,020 |
Net Unrealized Gain (Loss) | 151 | 147 |
Estimated Fair Value | 1,161 | 1,167 |
Net Carrying Value | 1,161 | 1,167 |
Corporate Debt Securities | ||
Held-to-Maturity Securities, Debt Maturities [Abstract] | ||
Face Value | 54,549 | 176,254 |
Amortized Cost Basis | 61,128 | 186,504 |
Estimated Fair Value | 61,199 | 190,199 |
Net Carrying Value | $ 61,128 | $ 186,504 |
Other Investments (Narrative) (
Other Investments (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015USD ($) | Apr. 30, 2013USD ($) | Jul. 31, 2010USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Apr. 19, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Investeelease_assetproperty | Dec. 31, 2013USD ($) | Sep. 30, 2012USD ($) | Apr. 30, 2014USD ($) | Feb. 28, 2014USD ($) | Jul. 28, 2010USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | $ 254,172,000 | $ 354,119,000 | ||||||||||||
Earnings (loss) from equity method investments | 32,153,000 | 94,905,000 | $ 41,520,000 | |||||||||||
Income from sales of real estate | 93,816,000 | 89,943,000 | 86,658,000 | |||||||||||
Distributions from other investments | 119,854,000 | 61,031,000 | 36,918,000 | |||||||||||
Net proceeds from sales of real estate | 362,530,000 | 404,336,000 | 437,817,000 | |||||||||||
Contributions to other investments | 11,531,000 | 159,424,000 | 12,784,000 | |||||||||||
Provision for (recovery of) loan losses | 36,567,000 | (1,714,000) | 5,489,000 | |||||||||||
Proceeds from sale of available-for-sale securities | 7,400,000 | |||||||||||||
Available-for-sale securities, realized gain | 2,600,000 | |||||||||||||
Interest income | 134,687,000 | 122,704,000 | 108,015,000 | |||||||||||
Distributions from operations of other investments | 29,999,000 | 80,116,000 | 17,252,000 | |||||||||||
Net Lease Asset One | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net proceeds from sales of real estate | $ 7,800,000 | |||||||||||||
Land | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Income from sales of real estate | 600,000 | |||||||||||||
Number of properties acquired | property | 1 | |||||||||||||
Operating Properties | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net proceeds from sales of real estate | 93,500,000 | |||||||||||||
Other real estate equity investments | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 81,452,000 | $ 88,848,000 | ||||||||||||
Earnings (loss) from equity method investments | $ (5,212,000) | 36,842,000 | 2,869,000 | |||||||||||
Other real estate equity investments | Minimum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
iStar's ownership percentage | 31.00% | |||||||||||||
Other real estate equity investments | Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
iStar's ownership percentage | 70.00% | |||||||||||||
Other real estate equity investments | Land | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | $ 16,600,000 | 13,800,000 | ||||||||||||
Other real estate equity investments | Operating Properties | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 11,100,000 | 13,200,000 | ||||||||||||
iStar Net Lease I LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 69,096,000 | 125,360,000 | ||||||||||||
Earnings (loss) from equity method investments | 5,221,000 | 1,915,000 | 0 | |||||||||||
Distributions from other investments | $ 61,200,000 | |||||||||||||
Total Revenue | 31,315,000 | 13,826,000 | ||||||||||||
Net income attributable to LNR | 10,060,000 | 3,691,000 | ||||||||||||
iStar Net Lease I LLC | Net Lease | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 120,000,000 | |||||||||||||
iStar Net Lease I LLC | Net Lease | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
iStar's ownership percentage | 51.90% | |||||||||||||
Partners' capital account, contributions (up to) | $ 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 | $ 10,100,000 | |||||||||||||
Noncontrolling interest, ownership percentage by parent | 72.00% | |||||||||||||
Transfer mortgage payable | $ 26,000,000 | |||||||||||||
Number of properties acquired | lease_asset | 58 | |||||||||||||
Acquisitions of real estate assets | $ 200,000,000 | |||||||||||||
Total assets | 400,200,000 | 348,100,000 | ||||||||||||
Management fees revenue | 1,500,000 | 1,300,000 | ||||||||||||
iStar Net Lease I LLC | Net Lease Asset One | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net proceeds from sales of real estate | 93,700,000 | |||||||||||||
Other investments | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 51,559,000 | 63,263,000 | ||||||||||||
Earnings (loss) from equity method investments | 9,434,000 | 38,385,000 | 23,810,000 | |||||||||||
Marina Palms | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 30,099,000 | 30,677,000 | ||||||||||||
Earnings (loss) from equity method investments | 23,626,000 | 14,671,000 | $ 45,000 | |||||||||||
iStar's ownership percentage | 47.50% | 47.50% | ||||||||||||
Income from sales of real estate | $ 3,400,000 | |||||||||||||
Total Revenue | 179,333,000 | 114,125,000 | 73,000 | |||||||||||
Net income attributable to LNR | 63,749,000 | 37,005,000 | (3,452,000) | |||||||||||
Marina Palms | Land | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Total assets | 278,500,000 | 265,700,000 | ||||||||||||
Net proceeds from sales of real estate | 21,400,000 | |||||||||||||
Madison Funds | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 21,966,000 | 45,971,000 | ||||||||||||
Earnings (loss) from equity method investments | $ (916,000) | 3,092,000 | $ 14,796,000 | |||||||||||
iStar's ownership percentage | 29.50% | |||||||||||||
Equity Method Investee | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Earnings (loss) from equity method investments | $ 32,900,000 | |||||||||||||
Equity Method Investee One | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investee | Investee | 1 | |||||||||||||
Equity Method Investee Two | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Earnings (loss) from equity method investments | $ 23,400,000 | |||||||||||||
Equity Method Investee Two | Land | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | $ 6,300,000 | $ 9,400,000 | ||||||||||||
iStar's ownership percentage | 85.70% | |||||||||||||
Loans receivable, commitments, related party | 45,700,000 | |||||||||||||
Equity Method Investee Two | Land | Loans Receivable and Other Lending Investments, Net | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Payments for funding under loan commitments | 33,700,000 | |||||||||||||
Equity method Investee Three | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investee | Investee | 1 | |||||||||||||
Oak Hill Funds Group | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Earnings (loss) from equity method investments | $ 2,200,000 | $ 9,000,000 | ||||||||||||
RCC | Operating Properties | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
iStar's ownership percentage | 50.00% | |||||||||||||
Distributions from other investments | $ 21,000,000 | |||||||||||||
Sales price of real estate held for investment | 68,500,000 | |||||||||||||
Proceeds from sale of other real estate, net of equity contribution | 55,400,000 | |||||||||||||
Contributions to other investments | $ 13,600,000 | |||||||||||||
RCC | Operating Properties | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
iStar's ownership percentage | 50.00% | |||||||||||||
Income from sales of real estate | $ 13,600,000 | |||||||||||||
Sales price of real estate held for investment | 68,500,000 | |||||||||||||
Real Estate Equity Investment Three | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
iStar's ownership percentage | 75.60% | 75.60% | ||||||||||||
Real Estate Equity Investment Three | Net Lease | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Earnings (loss) from equity method investments | $ 32,900,000 | |||||||||||||
iStar's ownership percentage | 50.00% | |||||||||||||
Proceeds from real estate and real estate joint ventures | $ 48,100,000 | |||||||||||||
Real Estate Equity Investment Four | Land | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 24,000,000 | $ 23,500,000 | ||||||||||||
iStar's ownership percentage | 15.70% | |||||||||||||
Provision for (recovery of) loan losses | $ 2,800,000 | |||||||||||||
Real Estate Equity Investment Five | Land | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | 13,500,000 | 21,100,000 | ||||||||||||
iStar's ownership percentage | 75.60% | 75.60% | ||||||||||||
Real Estate Equity Investment Six | Land | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Carrying Value | $ 9,900,000 | 7,800,000 | ||||||||||||
iStar's ownership percentage | 50.00% | 50.00% | ||||||||||||
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% | |||||||||||||
1000 SCI, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Interest income | $ 3,900,000 | 600,000 | ||||||||||||
Total Revenue | 0 | |||||||||||||
Net income attributable to LNR | $ (367,000) | |||||||||||||
LNR Property LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Earnings (loss) from equity method investments | $ 45,375,000 | $ 16,500,000 | $ 60,669,000 | |||||||||||
iStar's ownership percentage | 24.00% | 24.00% | 24.00% | |||||||||||
Ownership percentage acquired by entity | 100.00% | |||||||||||||
Contribution towards principal amount debt extinguished | $ 100,000,000 | |||||||||||||
Payments to acquire equity method investments | $ 100,000,000 | |||||||||||||
Equity method investment, aggregate cost | $ 120,000,000 | |||||||||||||
Net proceeds released from escrow | $ 25,200,000 | |||||||||||||
Total Revenue | $ 179,373,000 | $ 332,902,000 | ||||||||||||
Income tax (expense) benefit | (2,137,000) | (6,731,000) | ||||||||||||
Net income attributable to LNR | 113,478,000 | 253,039,000 | ||||||||||||
Operating cash flows | (127,075,000) | (85,909,000) | ||||||||||||
Cash flows from investing activities | (36,543,000) | (55,686,000) | ||||||||||||
Cash flows from financing activities | 217,241,000 | 229,634,000 | ||||||||||||
Net cash flows | 53,623,000 | 88,039,000 | ||||||||||||
Cash distributions | 0 | 61,179,000 | ||||||||||||
Servicing fee revenue | 55,500,000 | 95,400,000 | ||||||||||||
Other loss | $ (66,200,000) | |||||||||||||
Carrying value of LNR at beginning of period | $ 220,281,000 | 220,281,000 | $ 205,773,000 | $ 0 | $ 0 | 205,773,000 | ||||||||
Equity in earnings of LNR for the period | 0 | 45,375,000 | 0 | 45,375,000 | ||||||||||
Balance before other than temporary impairment | 220,281,000 | 251,148,000 | 0 | 251,148,000 | ||||||||||
Other than temporary impairment | 0 | (30,867,000) | 0 | (30,867,000) | ||||||||||
Sales proceeds pursuant to contract | $ (220,300,000) | (220,281,000) | 0 | 0 | (220,281,000) | |||||||||
Carrying value of LNR at end of period | $ 0 | $ 220,281,000 | $ 0 | 0 | ||||||||||
Income (loss) from equity method investments, release of AOCI | $ 1,700,000 | |||||||||||||
Distributions from operations of other investments | $ 0 | $ 14,690,000 |
Other Investments (Summarized f
Other Investments (Summarized financial information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Marina Palms | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Revenues | $ 179,333 | $ 114,125 | $ 73 |
Expenses | (115,584) | (77,120) | (3,525) |
Net income attributable to LNR | 63,749 | 37,005 | (3,452) |
iStar Net Lease I LLC | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Revenues | 31,315 | 13,826 | |
Expenses | (20,666) | (9,917) | |
Net income attributable to LNR | 10,060 | 3,691 | |
OHASCF | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Revenues | 111,707 | 78,262 | 72,313 |
Expenses | (697) | (951) | (1,642) |
Net income attributable to LNR | 111,010 | 77,311 | 70,671 |
1000 SCI, LLC | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Revenues | 0 | ||
Expenses | (367) | ||
Net income attributable to LNR | (367) | ||
Westgate | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Revenues | 15,726 | 13,118 | 12,447 |
Expenses | (11,150) | (9,618) | (8,889) |
Net income attributable to LNR | 4,576 | 3,500 | 3,558 |
Other investments | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Revenues | 143,143 | 406,708 | 199,680 |
Expenses | (97,504) | (87,997) | (63,577) |
Net income attributable to LNR | 45,501 | 318,703 | 135,421 |
Equity Method Investments [Member] | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Revenues | 481,224 | 626,039 | 284,513 |
Expenses | (245,968) | (185,603) | (77,633) |
Net income attributable to LNR | 234,529 | 440,210 | $ 206,198 |
Equity Method Investments Excluding Lnr Property Corporation | |||
Equity Method Investments, Summarized Financial Information [Line Items] | |||
Total assets | 3,597,587 | 3,464,984 | |
Total liabilities | 768,622 | 479,298 | |
Noncontrolling interests | 19,208 | 3,297 | |
Total equity | $ 2,809,757 | $ 2,982,389 |
Other Assets and Other Liabil78
Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible assets, net | $ 71,446 | $ 50,088 | |
Other assets | 35,464 | 37,085 | |
Restricted cash | 26,657 | 19,283 | |
Deferred financing fees, net | 26,635 | 36,774 | |
Other receivables | 22,557 | 13,115 | |
Leasing costs, net | 19,393 | 20,031 | |
Corporate furniture, fixtures and equipment, net | 4,405 | 5,409 | |
Deferred expenses and other assets, net | 206,557 | 181,785 | |
Other finite-lived intangible assets | 38,100 | ||
Intangible assets, accumulated amortization | 37,300 | 45,100 | |
Amortization of above market lease and lease incentives | 6,700 | 8,600 | $ 7,200 |
Amortization of intangible assets | 3,600 | 6,700 | $ 8,200 |
Accumulated amortization of deferred financing fees | 27,800 | 15,400 | |
Accumulated amortization on leasing costs | 9,800 | 9,000 | |
Accumulated depreciation on corporate furniture, fixtures and equipment | 8,100 | $ 7,100 | |
Land and Development 3 | |||
Other assets | $ 7,000 |
Other Assets and Other Liabil79
Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Significant Noncash Transactions [Line Items] | |||
Accrued expenses | $ 68,937 | $ 62,866 | |
Other Liabilities | 80,332 | 48,256 | |
Accrued interest payable | 55,081 | 57,895 | |
Intangible liabilities, net | 10,485 | 11,885 | |
Accounts payable, accrued expenses and other liabilities | 214,835 | 180,902 | |
Profit sharing payable | 14,500 | 6,800 | |
Special assessment bond | 6,600 | 7,700 | |
Payable for treasury share repurchases | 900 | ||
Below market lease, accumulated amortization | 6,600 | 6,200 | |
Amortization of below market lease | 1,500 | 2,500 | $ 2,800 |
Capitalized expenditures | 183,269 | 145,238 | $ 111,553 |
Assets Held-for-Sale | |||
Other Significant Noncash Transactions [Line Items] | |||
Accrued expenses | 5,300 | 2,700 | |
Other Liabilities | 4,400 | 900 | |
Non cash | |||
Other Significant Noncash Transactions [Line Items] | |||
Capital expenditures incurred but not yet paid | 26,200 | $ 15,200 | |
Land and Development 3 | |||
Other Significant Noncash Transactions [Line Items] | |||
Deferred revenue | $ 6,000 |
Other Assets and Other Liabil80
Other Assets and Other Liabilities (Intangible assets) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Intangible Assets Disclosure [Abstract] | |
2,016 | $ 3,312 |
2,017 | 3,127 |
2,018 | 2,834 |
2,019 | 2,768 |
2,020 | $ 2,706 |
Loan Participations Payable, 81
Loan Participations Payable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from loan participations payable | $ 138,075 | $ 0 | $ 0 |
Unfunded commitments | 778,940 | ||
Loan participations payable, net | 152,326 | 0 | |
Loans receivable | 1,539,696 | $ 1,190,172 | |
Loan Participations Payable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan participations payable, net | 152,300 | ||
Loan Participation Payable One | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan participation transfers | 100,000 | ||
Loans receivable, commitments | 250,000 | ||
Loans receivable, funded commitment | 38,900 | ||
Proceeds from loan participations payable | 38,900 | ||
Unfunded commitments | $ 61,100 | ||
Fixed interest rate | 5.90% | ||
Amount funded to borrower | $ 14,100 | ||
Loan Participation Payable Two | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan participation transfers | 100,000 | ||
Loans receivable, commitments | 220,200 | ||
Loans receivable, funded commitment | 100,000 | ||
Proceeds from loan participations payable | $ 99,200 | ||
Variable rate basis | LIBOR | ||
Basis spread on variable rate | 3.50% | ||
Loan Participation Payable Two | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Basis spread on variable rate, floor | 0.25% | ||
Loan Participations Payable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable | $ 153,000 |
Debt Obligations, net (Schedule
Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 10, 2014 | Nov. 13, 2013 | May. 31, 2013 | |
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 4,150,389 | $ 4,034,349 | ||||
Debt discounts, net | (6,706) | (11,665) | ||||
Total long-term debt obligations, net | 4,143,683 | 4,022,684 | ||||
Interest costs capitalized | 5,300 | 4,900 | $ 2,600 | |||
2012 Tranche A-2 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 339,717 | 358,504 | ||||
Stated interest rate | 7.00% | |||||
Variable interest rate, basis | LIBOR | |||||
Variable interest rate, spread | 5.75% | |||||
2012 Tranche A-2 Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate, spread | 1.25% | |||||
2015 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 250,000 | 0 | ||||
2015 Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate, spread | 1.00% | |||||
2015 Revolving Credit Facility | Federal Funds Effective Swap Rate | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate, spread | 0.50% | |||||
2015 Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, margin | 2.25% | |||||
2015 Revolving Credit Facility | Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, margin | 1.25% | |||||
2015 Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, margin | 2.75% | |||||
2015 Revolving Credit Facility | Maximum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, margin | 1.75% | |||||
Term loans collateralized by net lease assets | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 239,547 | 248,955 | ||||
Stated interest rate, minimum | 4.85% | |||||
Stated interest rate, maximum | 7.26% | |||||
Weighted average interest rate | 5.30% | |||||
Term loans collateralized by net lease assets | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate, spread | 2.00% | |||||
Total secured credit facilities and term loans | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 829,264 | 607,459 | ||||
6.05% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 0 | 105,765 | ||||
Stated interest rate | 6.05% | |||||
5.875% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 261,403 | 261,403 | ||||
Stated interest rate | 5.875% | |||||
3.875% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 265,000 | 265,000 | ||||
Stated interest rate | 3.875% | 3.875% | ||||
3.00% senior convertible notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 200,000 | 200,000 | ||||
Stated interest rate | 3.00% | |||||
Conversion price | $ 11.77 | |||||
Convertible debt conversion ratio | 0.085 | |||||
1.50% senior convertible notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 200,000 | 200,000 | ||||
Stated interest rate | 1.50% | 1.50% | ||||
Conversion price | $ 17.29 | |||||
Convertible debt conversion ratio | 0.0578 | |||||
5.85% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 99,722 | 99,722 | ||||
Stated interest rate | 5.85% | |||||
9.00% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 275,000 | 275,000 | ||||
Stated interest rate | 9.00% | |||||
4.00% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 550,000 | 550,000 | ||||
Stated interest rate | 4.00% | 4.00% | ||||
7.125% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 300,000 | 300,000 | ||||
Stated interest rate | 7.125% | |||||
4.875% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 300,000 | 300,000 | ||||
Stated interest rate | 4.875% | 4.875% | ||||
5.00% senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 770,000 | 770,000 | ||||
Stated interest rate | 5.00% | 5.00% | ||||
Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 3,221,125 | 3,326,890 | ||||
Other debt obligations | ||||||
Debt Instrument [Line Items] | ||||||
Total debt obligations | $ 100,000 | $ 100,000 | ||||
Variable interest rate, basis | LIBOR | |||||
Variable interest rate, spread | 1.50% | |||||
2012 Tranche A-1 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate, spread | 4.00% | |||||
2012 Tranche A-1 Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate, spread | 1.25% |
Debt Obligations, net (Future S
Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities of Long-term Debt [Abstract] | ||
2,016 | $ 926,403 | |
2,017 | 1,264,439 | |
2,018 | 863,290 | |
2,019 | 800,795 | |
2,020 | 0 | |
Thereafter | 295,462 | |
Total principal maturities | 4,150,389 | $ 4,034,349 |
Debt discounts, net | (6,706) | (11,665) |
Debt obligations, net | 4,143,683 | $ 4,022,684 |
Unsecured Debt | ||
Maturities of Long-term Debt [Abstract] | ||
2,016 | 926,403 | |
2,017 | 924,722 | |
2,018 | 600,000 | |
2,019 | 770,000 | |
2,020 | 0 | |
Thereafter | 100,000 | |
Total principal maturities | 3,321,125 | |
Debt discounts, net | (5,522) | |
Debt obligations, net | 3,315,603 | |
Secured Debt | ||
Maturities of Long-term Debt [Abstract] | ||
2,016 | 0 | |
2,017 | 339,717 | |
2,018 | 263,290 | |
2,019 | 30,795 | |
2,020 | 0 | |
Thereafter | 195,462 | |
Total principal maturities | 829,264 | |
Debt discounts, net | (1,184) | |
Debt obligations, net | $ 828,080 |
Debt Obligations, net (Secured
Debt Obligations, net (Secured Credit Facility Narrative) (Details) | Mar. 27, 2015USD ($) | Jun. 30, 2014USD ($) | Nov. 30, 2013USD ($) | May. 31, 2013USD ($) | Mar. 31, 2012USD ($)tranche | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Jun. 10, 2014USD ($) | Nov. 13, 2013USD ($) |
Line of Credit Facility [Line Items] | |||||||||||
Repayment of principal amount | $ 432,383,000 | $ 1,471,174,000 | $ 1,984,102,000 | ||||||||
Loss on early extinguishment of debt, net | $ (281,000) | (25,369,000) | (33,190,000) | ||||||||
2015 Revolving Credit Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||||
Line of credit facility, interest rate | 3.13% | ||||||||||
Converted loan, term | 1 year | ||||||||||
2015 Revolving Credit Facility | Minimum | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Commitment fee percentage | 0.375% | ||||||||||
2015 Revolving Credit Facility | Maximum | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Commitment fee percentage | 0.50% | ||||||||||
2012 Secured Credit Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 880,000,000 | ||||||||||
Number of tranches | tranche | 2 | ||||||||||
2012 Tranche A-1 Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 410,000,000 | ||||||||||
Percentage of par credit facilities were issued at | 98.00% | ||||||||||
Variable interest rate, spread | 4.00% | ||||||||||
2012 Tranche A-1 Facility | Minimum | London Interbank Offered Rate (LIBOR) | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate, spread | 1.25% | ||||||||||
2012 Tranche A-2 Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 470,000,000 | ||||||||||
Percentage of par credit facilities were issued at | 98.50% | ||||||||||
Variable interest rate, spread | 5.75% | ||||||||||
Repayment of principal amount | $ 130,300,000 | ||||||||||
Loss on early extinguishment of debt, net | $ (300,000) | (1,500,000) | (1,000,000) | ||||||||
Stated interest rate | 7.00% | 7.00% | |||||||||
Variable interest rate, basis | LIBOR | ||||||||||
2012 Tranche A-2 Facility | Minimum | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate, spread | 1.25% | ||||||||||
2013 Revolving Credit Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Repayment of principal amount | $ 1,320,000,000 | ||||||||||
2013 Revolving Credit Facility | Early Repayment | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Loss on early extinguishment of debt, net | $ 22,800,000 | ||||||||||
4.00% senior notes | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 550,000,000 | ||||||||||
Stated interest rate | 4.00% | 4.00% | 4.00% | ||||||||
5.00% senior notes | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 770,000,000 | ||||||||||
Stated interest rate | 5.00% | 5.00% | 5.00% | ||||||||
1.50% senior convertible notes | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||||
Stated interest rate | 1.50% | 1.50% | 1.50% | ||||||||
Unsecured Notes 5.70% Percent Senior Notes Due March 2014 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Repayment of principal amount | $ 200,600,000 | ||||||||||
Loss on early extinguishment of debt, net | (2,800,000) | ||||||||||
Stated interest rate | 5.70% | ||||||||||
Unsecured Notes 3.875 Percent Senior Notes Due July 2016 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 265,000,000 | ||||||||||
Stated interest rate | 3.875% | 3.875% | 3.875% | ||||||||
Unsecured Notes 4.875 Percent Senior Notes Due July 2018 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||
Stated interest rate | 4.875% | 4.875% | 4.875% | ||||||||
Unsecured Notes 8.625 Percent Senior Notes Due June 2013 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Repayment of principal amount | $ 96,800,000 | ||||||||||
Stated interest rate | 8.625% | ||||||||||
Unsecured Notes 5.95 Percent Senior Notes Due October 2013 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Repayment of principal amount | $ 448,500,000 | ||||||||||
Loss on early extinguishment of debt, net | $ (9,500,000) | ||||||||||
Stated interest rate | 5.95% |
Debt Obligations, net (Encumber
Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Real estate, net | $ 1,593,983 | $ 1,816,431 |
Real estate available and held for sale | 137,274 | 167,303 |
Land and development | 1,001,963 | 978,962 |
Loans receivable and other lending investments, net | 1,601,985 | 1,377,843 |
Other investments | 254,172 | 354,119 |
Cash and other assets | 1,033,515 | 768,475 |
Total assets | 5,622,892 | 5,463,133 |
Reserves for loan losses | 36,000 | 33,500 |
Loan participations | 1,539,696 | 1,190,172 |
Loan Participations Payable | ||
Debt Instrument [Line Items] | ||
Loan participations | 153,000 | |
Encumbered Assets | ||
Debt Instrument [Line Items] | ||
Real estate, net | 816,721 | 602,471 |
Real estate available and held for sale | 10,593 | 10,496 |
Land and development | 17,714 | 17,907 |
Loans receivable and other lending investments, net | 170,162 | 46,515 |
Other investments | 22,352 | 17,708 |
Cash and other assets | 0 | 0 |
Total assets | 1,037,542 | 695,097 |
Unencumbered Assets | ||
Debt Instrument [Line Items] | ||
Real estate, net | 777,262 | 1,213,960 |
Real estate available and held for sale | 126,681 | 156,807 |
Land and development | 984,249 | 961,055 |
Loans receivable and other lending investments, net | 1,314,823 | 1,364,828 |
Other investments | 231,820 | 336,411 |
Cash and other assets | 1,033,515 | 768,475 |
Total assets | $ 4,468,350 | $ 4,801,536 |
Debt Obligations, net (Debt Cov
Debt Obligations, net (Debt Covenants) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Unsecured Credit Facilities | |
Debt Instrument [Line Items] | |
Minimum ratio of unencumbered assets to unsecured indebtedness | 1.2 |
Multiple of minimum fixed charges on outstanding borrowings | 1.5 |
Total secured credit facilities and term loans | |
Debt Instrument [Line Items] | |
Multiple of the minimum collateral coverage on outstanding borrowings | 1.25 |
Percentage of REIT taxable income permitted for distribution under debt covenants | 100.00% |
2015 Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Multiple of minimum fixed charges on outstanding borrowings | 1.5 |
Multiple of the minimum collateral coverage on outstanding borrowings | 1.5 |
Commitments and Contingencies87
Commitments and Contingencies (Narrative) (Details) - Land - Real Estate Sales $ in Millions | Jan. 22, 2015USD ($)a |
Other Commitments [Line Items] | |
Acres of real estate property | a | 1,250 |
Unpaid purchase price | $ | $ 114 |
Unpaid purchase price, interest rate | 12.00% |
Commitments and Contingencies88
Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 | $ 728,000 |
Strategic Investments | 45,940 |
Discretionary Fundings | 5,000 |
Total | 778,940 |
Loans and Other Lending Investments | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 689,014 |
Strategic Investments | 0 |
Discretionary Fundings | 5,000 |
Total | 694,014 |
Real Estate | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 15,626 |
Strategic Investments | 0 |
Discretionary Fundings | 0 |
Total | 15,626 |
Other Investments | |
Unfunded Financial Commitments [Line Items] | |
Performance-Based Commitments | 23,360 |
Strategic Investments | 45,940 |
Discretionary Fundings | 0 |
Total | $ 69,300 |
Commitments and Contingencies89
Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 6,000 | $ 5,800 | $ 6,100 |
2,016 | 5,722 | ||
2,017 | 5,210 | ||
2,018 | 4,185 | ||
2,019 | 3,442 | ||
2,020 | 3,442 | ||
Thereafter | 4,823 | ||
Letters of credit outstanding, amount | $ 2,200 |
Risk Management and Derivativ90
Risk Management and Derivatives (Risk Concentration) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)borrower | |
Commercial Office Real Estate | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 22.50% |
Land | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 22.70% |
Mixed Use Collateral | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 15.80% |
Hotel | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.60% |
CALIFORNIA | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 13.60% |
NEW YORK | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 19.90% |
Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Number of large borrowers or tenants | borrower | 5 |
Large borrowers or tenants revenue | $ | $ 118 |
Concentration risk percentage of revenue (no more than) | 6.00% |
Risk Management and Derivativ91
Risk Management and Derivatives (Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Designated as hedge | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | $ 39 | $ 52 |
Derivative Liabilities, Fair Value | 131 | 478 |
Designated as hedge | Foreign exchange contracts | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 0 | |
Derivative Liabilities, Fair Value | 0 | |
Designated as hedge | Foreign exchange contracts | Other Assets | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 39 | |
Designated as hedge | Foreign exchange contracts | Other Liabilities | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Liabilities, Fair Value | 478 | |
Designated as hedge | Interest rate swaps | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 0 | |
Derivative Liabilities, Fair Value | 0 | |
Designated as hedge | Interest rate swaps | Other Assets | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 52 | |
Designated as hedge | Interest rate swaps | Other Liabilities | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Liabilities, Fair Value | 131 | |
Not designated as hedge | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 1,483 | 6,309 |
Derivative Liabilities, Fair Value | 0 | 0 |
Not designated as hedge | Foreign exchange contracts | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Liabilities, Fair Value | 0 | 0 |
Not designated as hedge | Foreign exchange contracts | Other Assets | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | 378 | 1,534 |
Not designated as hedge | Interest rate cap | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Liabilities, Fair Value | 0 | 0 |
Not designated as hedge | Interest rate cap | Other Assets | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative Assets, Fair Value | $ 1,105 | $ 4,775 |
Risk Management and Derivativ92
Risk Management and Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) | [1] | $ (3,600) | ||
Interest Expense | Interest rate cap | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | 0 | $ 0 | $ (1,517) | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (626) | (56) | 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) | (537) | (970) | 869 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 170 | (6) | (310) | |
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) | (13) | (9) | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (1) | 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) | (528) | (753) | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (464) | (420) | ||
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) | (124) | (471) | 393 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | 0 | 0 | |
Other Expense | Interest rate cap | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | (2,984) | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) | (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 | (3,671) | (1,347) | 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 | $ 2,403 | $ 7,257 | $ 880 | |
[1] | Included in "Interest expense" in the Company's consolidated statements of operations are $456, $62 and $310 for the years ended December 31, 2015, 2014 and 2013, respectively, which was reclassified out of AOCI. For the year ended December 31, 2014, $3,634 is included in "Other expense" in the Company's consolidated statements of operations (refer to Note 12) and for the years ended December 31, 2015 and 2014, $465 and $420, respectively, is included in "Earnings from equity method investments" in the Company's consolidated statements of operations which was reclassified out of AOCI. |
Risk Management and Derivativ93
Risk Management and Derivatives (Foreign Exchange Contracts) (Details) € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015GBP (£) | Dec. 31, 2015INR (₨) | |
Derivative [Line Items] | ||||||
Foreign currency transaction gain (loss) | $ (100) | $ 100 | $ (2,000) | |||
Sells INR/Buys USD Forward | ||||||
Derivative [Line Items] | ||||||
Notional Amount | $ 6,553 | ₨ 456,000 | ||||
Maturity | Dec. 31, 2016 | |||||
Sells euro (EUR)/Buys USD Forward | ||||||
Derivative [Line Items] | ||||||
Notional Amount | $ 6,439 | € 5,700 | ||||
Maturity | Jan. 5, 2016 | |||||
Sells pound sterling (GBP)/Buys USD Forward | ||||||
Derivative [Line Items] | ||||||
Notional Amount | $ 4,557 | £ 3,000 | ||||
Maturity | Jan. 5, 2016 |
Risk Management and Derivativ94
Risk Management and Derivatives (Interest Rate Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Oct. 31, 2012 | ||
Derivative [Line Items] | |||
Realized loss on interest rate hedge | [1] | $ (3,600) | |
Interest rate swap | |||
Derivative [Line Items] | |||
Secured term loan | $ 28,000 | ||
Notional Amount | $ 26,935 | ||
Derivative, Variable Rate | 2.00% | ||
Derivative, Fixed Rate | 3.47% | ||
Interest rate cap | |||
Derivative [Line Items] | |||
Notional Amount | $ 500,000 | ||
Fixed Rate | 1.00% | ||
Terminated Interest Rate Swap | |||
Derivative [Line Items] | |||
Hedge gain (loss) to be reclassified within next 12 months | $ (100) | ||
Interest rate swaps | |||
Derivative [Line Items] | |||
Hedge gain (loss) to be reclassified within next 12 months | $ (500) | ||
[1] | Included in "Interest expense" in the Company's consolidated statements of operations are $456, $62 and $310 for the years ended December 31, 2015, 2014 and 2013, respectively, which was reclassified out of AOCI. For the year ended December 31, 2014, $3,634 is included in "Other expense" in the Company's consolidated statements of operations (refer to Note 12) and for the years ended December 31, 2015 and 2014, $465 and $420, respectively, is included in "Earnings from equity method investments" in the Company's consolidated statements of operations which was reclassified out of AOCI. |
Risk Management and Derivativ95
Risk Management and Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Forward Contracts | ||
Derivative [Line Items] | ||
Collateral posted for hedges | $ 1 | $ 3 |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 25,800,000 | 25,800,000 |
Number of days in year used in the computation of preferred stock dividends for any partial dividend period | 360 days | 360 days |
Number of months used in the computation of preferred stock dividends for any partial dividend period | 12 months | 12 months |
Number of days in month, dividends computation of dividends payable for any partial dividend period | 30 days | 30 days |
Amount of preferred dividends in arrears | $ 0 | |
Shares issued upon conversion | 3.9087 | 3.9087 |
Maximum | ||
Class of Stock [Line Items] | ||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | 30 days | 30 days |
Minimum | ||
Class of Stock [Line Items] | ||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | 10 days | 10 days |
Series D | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 4,000,000 | 4,000,000 |
Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Liquidation Preference (in dollars per share) | $ 25 | $ 25 |
Rate per Annum | 8.00% | 8.00% |
Equivalent to Fixed Annual Rate (in dollars per share) | $ 2 | $ 2 |
Dividends declared and paid | $ 8,000,000 | $ 8,000,000 |
Series E | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 5,600,000 | 5,600,000 |
Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Liquidation Preference (in dollars per share) | $ 25 | $ 25 |
Rate per Annum | 7.875% | 7.875% |
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.97 | $ 1.97 |
Dividends declared and paid | $ 11,000,000 | $ 11,000,000 |
Series F | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 4,000,000 | 4,000,000 |
Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Liquidation Preference (in dollars per share) | $ 25 | $ 25 |
Rate per Annum | 7.80% | 7.80% |
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.95 | $ 1.95 |
Dividends declared and paid | $ 7,800,000 | $ 7,800,000 |
Series G | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 3,200,000 | 3,200,000 |
Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Liquidation Preference (in dollars per share) | $ 25 | $ 25 |
Rate per Annum | 7.65% | 7.65% |
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.91 | $ 1.91 |
Dividends declared and paid | $ 6,100,000 | $ 6,100,000 |
Series I | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 5,000,000 | 5,000,000 |
Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Liquidation Preference (in dollars per share) | $ 25 | $ 25 |
Rate per Annum | 7.50% | 7.50% |
Equivalent to Fixed Annual Rate (in dollars per share) | $ 1.88 | $ 1.88 |
Dividends declared and paid | $ 9,400,000 | $ 9,400,000 |
Series J | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 4,000,000 | 4,000,000 |
Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Liquidation Preference (in dollars per share) | $ 50 | $ 50 |
Rate per Annum | 4.50% | 4.50% |
Equivalent to Fixed Annual Rate (in dollars per share) | $ 2.25 | $ 2.25 |
Dividends declared and paid | $ 9,000,000 | $ 9,000,000 |
Conversion price (in dollars per share) | $ 12.79 | $ 12.79 |
Redemption price as a percentage of liquidation preference | 100.00% | 100.00% |
Equity (High Performance Unit P
Equity (High Performance Unit Program) (Details) $ / shares in Units, $ in Thousands | Aug. 13, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)voteplanshares | Dec. 31, 2014USD ($) |
Class of Stock [Line Items] | |||
HPUs outstanding (in shares) | 14,888 | ||
Common stock equivalent underlying HPUs (in shares) | 2,800,000 | ||
Cash exchange rate for CSE underlying HPU (in dollars per share) | $ / shares | $ 9.30 | ||
HPU cash value acquired | $ | $ 9,800 | ||
Stock issued during period (in shares) | 1,200,000 | ||
Stock issued | $ | $ 15,200 | ||
High performance units, value | $ | $ 9,800 | $ 0 | $ 9,800 |
HPU | |||
Class of Stock [Line Items] | |||
Stock performance award, number of voting rights per share | vote | 0.25 | ||
Percentage of holders with binding commitments to tender, cash redemption | 37.00% | ||
Percentage of holders with binding commitments to tender | 63.00% | ||
High Performance Unit Program | |||
Class of Stock [Line Items] | |||
Stock performance award initial purchase price of participant interest | $ | $ 9,800 | ||
Stock performance award, number of plans, not meet performance thresholds | plan | 4 | ||
High Performance Unit Program 2002 Plan | Employee Stock Performance Award Participant | HPU | |||
Class of Stock [Line Items] | |||
Stock performance award common stock shares basis for distribution calculation | 819,254 | ||
Stock performance award, shares outstanding, number | 5,000 | ||
High Performance Unit Program 2003 Plan | Employee Stock Performance Award Participant | HPU | |||
Class of Stock [Line Items] | |||
Stock performance award common stock shares basis for distribution calculation | 987,149 | ||
Stock performance award, shares outstanding, number | 5,000 | ||
High Performance Unit Program 2004 Plan | Employee Stock Performance Award Participant | HPU | |||
Class of Stock [Line Items] | |||
Stock performance award common stock shares basis for distribution calculation | 1,031,875 | ||
Stock performance award, shares outstanding, number | 5,000 |
Equity (Dividends) (Details)
Equity (Dividends) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends [Abstract] | ||
Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT | 90.00% | |
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT | 100.00% | |
Operating loss carryforwards | $ 856.4 |
Equity (Stock Repurchase Progra
Equity (Stock Repurchase Program) (Details) - USD ($) | 2 Months Ended | 12 Months Ended | ||||||
Feb. 24, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 15, 2016 | Dec. 21, 2015 | Sep. 21, 2015 | Aug. 13, 2015 | |
Class of Stock [Line Items] | ||||||||
Common stock exchange rate for CSE underlying HPU, Shares | 0.7 | |||||||
Stock Repurchase Program | ||||||||
Repurchase of common stock, authorized amount | $ 50,000,000 | $ 50,000,000 | ||||||
Treasury stock, shares, acquired | 0 | |||||||
Stock repurchased and retired during period, shares | 5,700,000 | |||||||
Common stock value acquired including acquisition costs | $ 70,300,000 | |||||||
Repurchase of stock | $ 69,511,000 | $ 0 | $ 20,985,000 | |||||
Average cost per share | $ 12.25 | |||||||
Available repurchase of common stock, authorized amount | $ 48,700,000 | |||||||
Subsequent Event | ||||||||
Stock Repurchase Program | ||||||||
Repurchase of common stock, authorized amount | $ 50,000,000 | |||||||
Stock repurchased and retired during period, shares | 5,200,000 | |||||||
Repurchase of stock | $ 52,000,000 | |||||||
Average cost per share | $ 10.10 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ||
Unrealized gains (losses) on available-for-sale securities | $ (125) | $ 2,983 |
Unrealized gains (losses) on cash flow hedges | (690) | (409) |
Unrealized losses on cumulative translation adjustment | (4,036) | (3,545) |
Accumulated other comprehensive income (loss) | $ (4,851) | $ (971) |
Stock-Based Compensation Pla101
Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) $ / shares in Units, $ in Thousands | Jan. 30, 2015shares | Feb. 28, 2015shares | Jan. 31, 2015$ / sharesshares | May. 31, 2014shares | May. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2015USD ($)Installment$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Accrued expenses | $ | $ 68,937 | $ 62,866 | |||||||
Stock-based compensation expense | $ | 12,013 | 13,314 | $ 19,261 | ||||||
Unrecognized compensation cost | $ | $ 1,900 | ||||||||
Weighted-average period to recognize the unrecognized compensation cost | 10 months 10 days | ||||||||
Long-term Incentive Plan 2009 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized | 8,000,000 | ||||||||
Long-term Incentive Plan 2006 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized | 4,550,000 | ||||||||
Number of shares reserved for grants of options | 1,000,000 | ||||||||
Long-term Incentive Plan 2006 and 2009 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available for issuance | 3,700,000 | ||||||||
2013-2014 Performance Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of points issued (in shares) | 10 | 73 | |||||||
Preferred return | 9.00% | ||||||||
2014-2015 Performance Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of points issued (in shares) | 34 | ||||||||
All Performance Incentive Plans | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Accrued expenses | $ | $ 16,600 | 7,800 | |||||||
Restricted stock units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-vested, aggregate intrinsic value | $ | $ 4,991 | $ 4,367 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Non-vested at Beginning of Period, Number of Shares | 320,000 | 320,000 | |||||||
Granted, Number of Shares | 119,000 | ||||||||
Vested, Number of Shares | (7,000) | ||||||||
Forfeited, Number of Shares | (6,000) | ||||||||
Non-vested at End of Period, Number of Shares | 426,000 | 320,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Non-vested at Beginning of Period, Weighted Average Grant Date Fair Value Per Share, (in dollars per share) | $ / shares | $ 12.57 | $ 12.57 | |||||||
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | 13.65 | ||||||||
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | 8.53 | ||||||||
Forfeited, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | 14.66 | ||||||||
Non-vested at End of Period, Weighted Average Grant Date Fair Value Per Share, (in dollars per share) | $ / shares | $ 12.90 | $ 12.57 | |||||||
Fair value of units vested during period | $ | $ 100 | $ 39,200 | $ 31,600 | ||||||
Performance based restricted stock units vesting on December 31, 2017 | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Non-vested at End of Period, Number of Shares | 48,519 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Granted units | 49,650 | ||||||||
Risk-free interest rate | 0.75% | ||||||||
Expected stock price volatility | 28.14% | ||||||||
Performance based restricted stock units vesting on December 31, 2017 | Employees | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Vesting percentage | 0.00% | ||||||||
Performance based restricted stock units vesting on December 31, 2017 | Employees | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Vesting percentage | 200.00% | ||||||||
Service based restricted stock units vesting on December 31, 2017 | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Non-vested at End of Period, Number of Shares | 61,557 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Granted units | 64,196 | ||||||||
Number of cliff installments | Installment | 1 | ||||||||
Service based restricted stock units with specified vesting dates | Employees 2 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Non-vested at End of Period, Number of Shares | 4,751 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Number of cliff installments | Installment | 1 | ||||||||
Performance-based restricted stock units vesting on December 31, 2016 | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Granted units | 49,434 | ||||||||
Risk-free interest rate | 0.76% | ||||||||
Expected stock price volatility | 44.84% | ||||||||
Service-based restricted stock units | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Non-vested at End of Period, Number of Shares | 62,662 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Number of cliff installments | Installment | 1 | ||||||||
Service-based restricted stock units vesting on February 1, 2016 | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Non-vested at End of Period, Number of Shares | 194,526 | ||||||||
Service based restricted stock units vesting on May 14, 2016 | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Non-vested at End of Period, Number of Shares | 4,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Vesting period | 3 years | 3 years | |||||||
Common stock subject to sales restriction | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-vested, aggregate intrinsic value | $ | $ 4,200 | ||||||||
Restricted shares awarded | 189,241 | ||||||||
Sale restriction period | 2 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||||
Non-vested at End of Period, Weighted Average Grant Date Fair Value Per Share, (in dollars per share) | $ / shares | $ 13.04 | ||||||||
Shares issued | 318,482 |
Stock-Based Compensation Pla102
Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted | 119,000 | |
Non-vested, outstanding (in shares) | 426,000 | 320,000 |
Directors | CSE and Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted | 50,360 | |
Options, grants in period, weighted average grant date fair value (in dollars per share) | $ 14.40 | |
Vesting period | 1 year | |
Non-vested, outstanding (in shares) | 296,755 | |
Aggregate intrinsic value for directors | $ 3.5 | |
Directors | Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options, grants in period, weighted average grant date fair value (in dollars per share) | $ 13.09 | |
Shares issued for settlement (in shares) | 7,494 |
Stock-Based Compensation Pla103
Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Requisite service period | 3 months | ||
Defined contribution plan maximum percentage of matching contribution | 50.00% | ||
Defined contribution plan maximum percentage of employee compensation | 10.00% | ||
Gross contributions made by the Company | $ 1 | $ 0.9 | $ 0.9 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Income (Loss) from Continuing Operations used in the calculation of Basic and Diluted EPS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | [1] | $ (99,973) | $ (74,178) | $ (220,768) |
Income from sales of real estate | 93,816 | 89,943 | 86,658 | |
Net (income) loss attributable to noncontrolling interests | 3,722 | 704 | (718) | |
Preferred dividends | (51,320) | (51,320) | (49,020) | |
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share | $ (53,755) | $ (34,851) | $ (183,848) | |
[1] | Income (loss) from continuing operations attributable to iStar Inc. was $(96.3) million, $(73.5) million and $(221.5) million for the years ended December 31, 2015, 2014 and 2013, respectively. Refer to Note 15 for details on the calculation of earnings per share. |
Earnings Per Share (Earnings Al
Earnings Per Share (Earnings Allocable to Common Shares and HPUs) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Numerator for basic and diluted earnings per share: | ||||
Gain from discontinued operations | $ 0 | $ 0 | $ 22,233 | |
Denominator for basic and diluted earnings per share: | ||||
Weighted average common shares outstanding for basic and diluted earnings per common share | [1] | 84,987 | 85,031 | 84,990 |
Weighted average number of HPU shares—basic and diluted | [1],[2] | 9 | 15 | 15 |
Basic and diluted earnings per share | ||||
Income (loss) from continuing operations attributable to iStar Inc. (in dollars per share) | [1] | $ (0.62) | $ (0.40) | $ (2.09) |
Net income (loss) attributable to iStar Inc. (in dollars per share) | [1] | $ (0.62) | $ (0.40) | $ (1.83) |
Common Stock | ||||
Numerator for basic and diluted earnings per share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | $ (52,675) | $ (33,722) | $ (177,907) | |
Income (loss) from discontinued operations | 0 | 0 | 623 | |
Gain from discontinued operations | 0 | 0 | 21,515 | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders | $ (52,675) | $ (33,722) | $ (155,769) | |
Denominator for basic and diluted earnings per share: | ||||
Weighted average common shares outstanding for basic and diluted earnings per common share | 84,987 | 85,031 | 84,990 | |
Basic and diluted earnings per share | ||||
Income (loss) from continuing operations attributable to iStar Inc. (in dollars per share) | $ (0.62) | $ (0.40) | $ (2.09) | |
Income (loss) from discontinued operations (in dollars per share) | 0 | 0 | 0.01 | |
Gain from discontinued operations (in dollars per share) | 0 | 0 | 0.25 | |
Net income (loss) attributable to iStar Inc. (in dollars per share) | $ (0.62) | $ (0.40) | $ (1.83) | |
HPU's | ||||
Numerator for basic and diluted earnings per share: | ||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders | $ (1,080) | $ (1,129) | $ (5,941) | |
Income (loss) from discontinued operations | 0 | 0 | 21 | |
Gain from discontinued operations | 0 | 0 | 718 | |
Net income (loss) attributable to iStar Inc. and allocable to HPU holders | $ (1,080) | $ (1,129) | $ (5,202) | |
Denominator for basic and diluted earnings per share: | ||||
Weighted average number of HPU shares—basic and diluted | 9 | 15 | 15 | |
Basic and diluted earnings per share | ||||
Income (loss) from continuing operations attributable to iStar Inc. (in dollars per share) | $ (120) | $ (75.27) | $ (396.07) | |
Income (loss) from discontinued operations (in dollars per share) | 0 | 0 | 1.40 | |
Gain from discontinued operations (in dollars per share) | 0 | 0 | 47.87 | |
Net income (loss) attributable to iStar Inc. (in dollars per share) | $ (120) | $ (75.27) | $ (346.80) | |
[1] | Income (loss) from continuing operations attributable to iStar Inc. was $(96.3) million, $(73.5) million and $(221.5) million for the years ended December 31, 2015, 2014 and 2013, respectively. Refer to Note 15 for details on the calculation of earnings per share. | |||
[2] | All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 13) |
Earnings Per Share (Anti-diluti
Earnings Per Share (Anti-dilutive Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Joint venture shares | |||
Anti-dilutive shares | |||
Anti-dilutive shares | 298 | 298 | 298 |
3.00% convertible senior unsecured notes | |||
Anti-dilutive shares | |||
Anti-dilutive shares | 16,992 | 16,992 | 16,992 |
Series J convertible perpetual preferred stock | |||
Anti-dilutive shares | |||
Anti-dilutive shares | 15,635 | 15,635 | 15,635 |
1.50% convertible senior unsecured notes | |||
Anti-dilutive shares | |||
Anti-dilutive shares | 11,567 | 11,567 | 11,567 |
Fair Values (Schedule of Fair V
Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($)Loan | Dec. 31, 2015USD ($)Loan | |
Recurring basis | Quoted market prices in active markets (Level 1) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | $ 0 | $ 0 |
Derivative liabilities | 0 | 0 |
Available-for-sale securities | 7,906 | 0 |
Recurring basis | Significant other observable inputs (Level 2) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 6,361 | 1,522 |
Derivative liabilities | 478 | 131 |
Available-for-sale securities | 0 | 0 |
Recurring basis | Significant unobservable inputs (Level 3) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Available-for-sale securities | 0 | 1,161 |
Non-recurring basis | Quoted market prices in active markets (Level 1) | ||
Assets and liabilities recorded at fair value | ||
Impaired loans(3) | 0 | 0 |
Impaired real estate | 0 | |
Non-recurring basis | Significant other observable inputs (Level 2) | ||
Assets and liabilities recorded at fair value | ||
Impaired loans(3) | 0 | 0 |
Impaired real estate | 0 | |
Non-recurring basis | Significant unobservable inputs (Level 3) | ||
Assets and liabilities recorded at fair value | ||
Impaired loans(3) | 37,169 | 3,200 |
Impaired real estate | 7,102 | |
Total | Recurring basis | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 6,361 | 1,522 |
Derivative liabilities | 478 | 131 |
Available-for-sale securities | 7,906 | 1,161 |
Total | Non-recurring basis | ||
Assets and liabilities recorded at fair value | ||
Impaired loans(3) | 37,169 | 3,200 |
Impaired real estate | 7,102 | |
Executed Foreclosure Sale Agreement [Member] | Loans Receivable Three [Member] | Non-recurring basis | ||
Assets and liabilities recorded at fair value | ||
Impaired loans(3) | 23,500 | |
Discounted Cash Flow | Loans Receivable | Non-recurring basis | ||
Assets and liabilities recorded at fair value | ||
Impaired loans(3) | $ 8,500 | $ 3,200 |
Number of impaired loans | Loan | 1 | 1 |
Fair Value Assumptions, Weighted Average Expected Term | 1 year 6 months | |
Weighted average discount rate | 4.70% | |
Appraisal [Member] | Loans Receivable Three [Member] | Non-recurring basis | ||
Assets and liabilities recorded at fair value | ||
Impaired loans(3) | $ 5,200 |
Fair Values (Non-recurring Basi
Fair Values (Non-recurring Basis) (Details) - Non-recurring basis - Discounted Cash Flow $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Loanproperty | Dec. 31, 2014USD ($)Loan | |
Loans Receivable | ||
Quantitative information about Level 3 fair value measures | ||
Number of impaired loans | Loan | 1 | 1 |
Impaired loans | $ 3.2 | $ 8.5 |
Weighted average discount rate | 4.70% | |
Land | ||
Quantitative information about Level 3 fair value measures | ||
Number of impaired real estate assets | property | 1 | |
Impaired real estate | $ 7.1 | |
Weighted average discount rate | 15.00% | |
Expected lease term | 10 years |
Fair Values (Narrative) (Detail
Fair Values (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Loans receivable and other lending investments, net | $ 1,601,985 | $ 1,377,843 |
Financial liabilities: | ||
Debt obligations, net | 4,143,683 | 4,022,684 |
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 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segments) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting | |||
Number of reportable segments | segments | 4 | ||
Operating lease income | $ 229,720 | $ 243,100 | $ 234,567 |
Interest income | 134,687 | 122,704 | 108,015 |
Other income | 49,931 | 81,033 | 48,208 |
Land development revenue | 100,216 | 15,191 | 0 |
Earnings (loss) from equity method investments | 32,153 | 94,905 | 41,520 |
Income from sales of real estate | 93,816 | 89,943 | 86,658 |
Income (loss) from discontinued operations | 2,735 | ||
Gain from discontinued operations | 0 | 0 | 22,233 |
Total revenue and other earnings | 640,523 | 646,876 | 543,936 |
Real estate expense | (146,750) | (163,389) | (157,441) |
Land development cost of sales | (67,382) | (12,840) | 0 |
Other expense | (6,374) | (6,340) | (8,050) |
Allocated interest expense | (224,639) | (224,483) | (266,225) |
Allocated general and administrative | (69,264) | (74,973) | (72,853) |
Segment profit (loss) | 126,114 | 164,851 | 39,367 |
Provision for (recovery of) loan losses | 36,567 | (1,714) | 5,489 |
Impairment of assets | 10,524 | 34,634 | 14,353 |
Loss on transfer of interest to unconsolidated subsidiary | 0 | 0 | 7,373 |
Depreciation and amortization | 65,247 | 73,571 | 71,530 |
Capitalized expenditures | 183,269 | 145,238 | 111,553 |
Real estate, net | 1,593,983 | 1,816,431 | |
Real estate available and held for sale | 137,274 | 167,303 | |
Total real estate | 1,731,257 | 1,983,734 | |
Land and development | 1,001,963 | 978,962 | |
Loans receivable and other lending investments, net | 1,601,985 | 1,377,843 | |
Other investments | 254,172 | 354,119 | |
Total portfolio assets | 4,589,377 | 4,694,658 | |
Cash and other assets | 1,033,515 | 768,475 | |
Total assets | 5,622,892 | 5,463,133 | |
Stock-based compensation expense | 12,013 | 13,314 | 19,261 |
Land | |||
Segment Reporting | |||
Income from sales of real estate | 32,834 | 2,351 | 0 |
Operating Segments | Real Estate Finance | |||
Segment Reporting | |||
Operating lease income | 0 | 0 | 0 |
Interest income | 134,687 | 122,704 | 108,015 |
Other income | 9,737 | 21,217 | 4,748 |
Land development revenue | 0 | 0 | |
Earnings (loss) from equity method investments | 0 | 0 | 0 |
Income from sales of real estate | 0 | 0 | 0 |
Income (loss) from discontinued operations | 0 | ||
Gain from discontinued operations | 0 | ||
Total revenue and other earnings | 144,424 | 143,921 | 112,763 |
Real estate expense | 0 | 0 | 0 |
Land development cost of sales | 0 | 0 | |
Other expense | (2,291) | (243) | (1,625) |
Allocated interest expense | (57,109) | (58,043) | (74,377) |
Allocated general and administrative | (13,128) | (13,211) | (13,186) |
Segment profit (loss) | 71,896 | 72,424 | 23,575 |
Provision for (recovery of) loan losses | 36,567 | (1,714) | 5,489 |
Impairment of assets | 0 | 0 | 0 |
Loss on transfer of interest to unconsolidated subsidiary | 0 | ||
Depreciation and amortization | 0 | 0 | 0 |
Capitalized expenditures | 0 | 0 | 0 |
Real estate, net | 0 | 0 | |
Real estate available and held for sale | 0 | 0 | |
Total real estate | 0 | 0 | |
Land and development | 0 | 0 | |
Loans receivable and other lending investments, net | 1,601,985 | 1,377,843 | |
Other investments | 0 | 0 | |
Total portfolio assets | 1,601,985 | 1,377,843 | |
Operating Segments | Net Lease | |||
Segment Reporting | |||
Operating lease income | 151,481 | 151,934 | 147,313 |
Interest income | 0 | 0 | 0 |
Other income | 357 | 4,437 | 250 |
Land development revenue | 0 | 0 | |
Earnings (loss) from equity method investments | 5,221 | 3,260 | 2,699 |
Income from sales of real estate | 40,082 | 6,206 | 0 |
Income (loss) from discontinued operations | 1,484 | ||
Gain from discontinued operations | 3,395 | ||
Total revenue and other earnings | 197,141 | 165,837 | 155,141 |
Real estate expense | (21,855) | (22,967) | (22,565) |
Land development cost of sales | 0 | 0 | |
Other expense | 0 | 0 | 0 |
Allocated interest expense | (66,504) | (72,089) | (80,034) |
Allocated general and administrative | (15,569) | (16,603) | (14,330) |
Segment profit (loss) | 93,213 | 54,178 | 38,212 |
Provision for (recovery of) loan losses | 0 | 0 | 0 |
Impairment of assets | 0 | 3,689 | 1,176 |
Loss on transfer of interest to unconsolidated subsidiary | 0 | ||
Depreciation and amortization | 38,138 | 38,841 | 38,582 |
Capitalized expenditures | 4,195 | 3,933 | 34,076 |
Real estate, net | 1,112,479 | 1,188,160 | |
Real estate available and held for sale | 0 | 4,521 | |
Total real estate | 1,112,479 | 1,192,681 | |
Land and development | 0 | 0 | |
Loans receivable and other lending investments, net | 0 | 0 | |
Other investments | 69,096 | 125,360 | |
Total portfolio assets | 1,181,575 | 1,318,041 | |
Operating Segments | Operating Properties | |||
Segment Reporting | |||
Operating lease income | 77,454 | 90,331 | 86,352 |
Interest income | 0 | 0 | 0 |
Other income | 34,637 | 42,000 | 38,164 |
Land development revenue | 0 | 0 | |
Earnings (loss) from equity method investments | 1,663 | 1,669 | 5,546 |
Income from sales of real estate | 53,734 | 83,737 | 82,603 |
Income (loss) from discontinued operations | 1,251 | ||
Gain from discontinued operations | 18,838 | ||
Total revenue and other earnings | 167,488 | 217,737 | 232,754 |
Real estate expense | (95,888) | (113,504) | (101,044) |
Land development cost of sales | 0 | 0 | |
Other expense | 0 | 0 | 0 |
Allocated interest expense | (28,014) | (39,535) | (49,114) |
Allocated general and administrative | (6,988) | (9,608) | (9,189) |
Segment profit (loss) | 36,598 | 55,090 | 73,407 |
Provision for (recovery of) loan losses | 0 | 0 | 0 |
Impairment of assets | 5,935 | 8,131 | 12,449 |
Loss on transfer of interest to unconsolidated subsidiary | 0 | ||
Depreciation and amortization | 24,548 | 32,142 | 30,599 |
Capitalized expenditures | 84,103 | 61,186 | 41,131 |
Real estate, net | 481,504 | 628,271 | |
Real estate available and held for sale | 137,274 | 162,782 | |
Total real estate | 618,778 | 791,053 | |
Land and development | 0 | 0 | |
Loans receivable and other lending investments, net | 0 | 0 | |
Other investments | 11,124 | 13,220 | |
Total portfolio assets | 629,902 | 804,273 | |
Operating Segments | Land | |||
Segment Reporting | |||
Operating lease income | 785 | 835 | 902 |
Interest income | 0 | 0 | 0 |
Other income | 1,219 | 3,327 | 1,474 |
Land development revenue | 100,216 | 15,191 | |
Earnings (loss) from equity method investments | 16,683 | 14,966 | (5,331) |
Income from sales of real estate | 0 | 0 | 4,055 |
Income (loss) from discontinued operations | 0 | ||
Gain from discontinued operations | 0 | ||
Total revenue and other earnings | 118,903 | 34,319 | 1,100 |
Real estate expense | (29,007) | (26,918) | (33,832) |
Land development cost of sales | (67,382) | (12,840) | |
Other expense | 0 | 0 | 0 |
Allocated interest expense | (32,087) | (29,432) | (30,368) |
Allocated general and administrative | (11,488) | (13,062) | (12,365) |
Segment profit (loss) | (21,061) | (47,933) | (75,465) |
Provision for (recovery of) loan losses | 0 | 0 | 0 |
Impairment of assets | 4,589 | 22,814 | 728 |
Loss on transfer of interest to unconsolidated subsidiary | 7,373 | ||
Depreciation and amortization | 1,422 | 1,440 | 1,105 |
Capitalized expenditures | 94,971 | 80,119 | 36,346 |
Real estate, net | 0 | 0 | |
Real estate available and held for sale | 0 | 0 | |
Total real estate | 0 | 0 | |
Land and development | 1,001,963 | 978,962 | |
Loans receivable and other lending investments, net | 0 | 0 | |
Other investments | 100,419 | 106,155 | |
Total portfolio assets | 1,102,382 | 1,085,117 | |
Corporate, Non-Segment | Corporate/Other | |||
Segment Reporting | |||
Operating lease income | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 |
Other income | 3,981 | 10,052 | 3,572 |
Land development revenue | 0 | 0 | |
Earnings (loss) from equity method investments | 8,586 | 75,010 | 38,606 |
Income from sales of real estate | 0 | 0 | 0 |
Income (loss) from discontinued operations | 0 | ||
Gain from discontinued operations | 0 | ||
Total revenue and other earnings | 12,567 | 85,062 | 42,178 |
Real estate expense | 0 | 0 | 0 |
Land development cost of sales | 0 | 0 | |
Other expense | (4,083) | (6,097) | (6,425) |
Allocated interest expense | (40,925) | (25,384) | (32,332) |
Allocated general and administrative | (22,091) | (22,489) | (23,783) |
Segment profit (loss) | (54,532) | 31,092 | (20,362) |
Provision for (recovery of) loan losses | 0 | 0 | 0 |
Impairment of assets | 0 | 0 | 0 |
Loss on transfer of interest to unconsolidated subsidiary | 0 | ||
Depreciation and amortization | 1,139 | 1,148 | 1,244 |
Capitalized expenditures | 0 | 0 | $ 0 |
Real estate, net | 0 | 0 | |
Real estate available and held for sale | 0 | 0 | |
Total real estate | 0 | 0 | |
Land and development | 0 | 0 | |
Loans receivable and other lending investments, net | 0 | 0 | |
Other investments | 73,533 | 109,384 | |
Total portfolio assets | $ 73,533 | $ 109,384 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of segment profit (loss) to income (loss) from continuing operations | |||||||||||
Segment profit | $ 126,114 | $ 164,851 | $ 39,367 | ||||||||
Less: (Provision for) recovery of loan losses | (36,567) | 1,714 | (5,489) | ||||||||
Less: Impairment of assets | (10,524) | (34,634) | (14,353) | ||||||||
Less: Loss on transfer of interest to unconsolidated subsidiary | 0 | 0 | (7,373) | ||||||||
Less: Stock-based compensation expense | (12,013) | (13,314) | (19,261) | ||||||||
Less: Depreciation and amortization | (65,247) | (73,571) | (71,530) | ||||||||
Less: Income tax (expense) benefit | (7,639) | (3,912) | 596 | ||||||||
Less: Loss on early extinguishment of debt, net | (281) | (25,369) | (33,190) | ||||||||
Net income (loss) | $ 19,974 | $ 5,958 | $ (19,776) | $ (12,313) | $ (1,955) | $ 35,491 | $ (3,594) | $ (14,177) | $ (6,157) | $ 15,765 | $ (111,233) |
Quarterly Financial Informat112
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Information [Line Items] | ||||||||||||
Revenue | $ 172,025 | $ 120,487 | $ 109,185 | $ 112,857 | $ 109,950 | $ 113,486 | $ 129,843 | $ 108,749 | $ 514,554 | $ 462,028 | $ 390,790 | |
Net income (loss) | 19,974 | 5,958 | (19,776) | (12,313) | (1,955) | 35,491 | (3,594) | (14,177) | (6,157) | 15,765 | (111,233) | |
Earnings per common share data: | ||||||||||||
Net income (loss) attributable to iStar Inc. | $ (2,435) | $ 16,469 | $ (111,951) | |||||||||
Earnings per share, basic and diluted (in dollars per share) | [1] | $ (0.62) | $ (0.40) | $ (1.83) | ||||||||
Earnings per HPU share data: | ||||||||||||
Income (loss) attributable to iStar Inc. from continuing operations—basic and diluted (in dollars per share) | [1] | $ (0.62) | $ (0.40) | $ (2.09) | ||||||||
Weighted average number of HPU shares—basic and diluted | [1],[2] | 9 | 15 | 15 | ||||||||
Undistributed earnings (loss) allocated to participating securities, Basic | 5 | 2 | ||||||||||
Undistributed earnings (loss) allocated to participating securities, Diluted | 5 | 2 | ||||||||||
Common Stock | ||||||||||||
Earnings per common share data: | ||||||||||||
Earnings per share, basic and diluted (in dollars per share) | $ (0.62) | $ (0.40) | $ (1.83) | |||||||||
Earnings per HPU share data: | ||||||||||||
Income (loss) attributable to iStar Inc. from continuing operations—basic and diluted (in dollars per share) | (0.62) | (0.40) | (2.09) | |||||||||
HPU | ||||||||||||
Earnings per common share data: | ||||||||||||
Earnings per share, basic and diluted (in dollars per share) | (120) | (75.27) | (346.80) | |||||||||
Earnings per HPU share data: | ||||||||||||
Income (loss) attributable to iStar Inc. from continuing operations—basic and diluted (in dollars per share) | $ (120) | $ (75.27) | $ (396.07) | |||||||||
Weighted average number of HPU shares—basic and diluted | 9 | 15 | 15 | |||||||||
Basic | Common Stock | ||||||||||||
Earnings per common share data: | ||||||||||||
Net income (loss) attributable to iStar Inc. | $ 7,685 | $ (6,072) | $ (30,950) | $ (22,553) | $ (13,270) | $ 22,327 | $ (16,207) | $ (26,572) | ||||
Earnings per share, Basic (in dollars per share) | $ (0.16) | $ 0.26 | $ (0.19) | $ (0.31) | ||||||||
Weighted average number of shares, Basic | 83,162 | 85,766 | 85,541 | 85,497 | 85,188 | 85,163 | 84,916 | 84,819 | ||||
Basic | HPU | ||||||||||||
Earnings per HPU share data: | ||||||||||||
Net income (loss) attributable to iStar Inc. | $ (442) | $ 744 | $ (542) | $ (889) | ||||||||
Earnings per share, Basic (in dollars per share) | $ (29.47) | $ 49.60 | $ (36.13) | $ (59.27) | ||||||||
Diluted | Common Stock | ||||||||||||
Earnings per common share data: | ||||||||||||
Net income (loss) attributable to iStar Inc. | $ 7,684 | $ (6,072) | $ (30,950) | $ (22,553) | $ (13,270) | $ 27,608 | $ (16,207) | $ (26,572) | ||||
Earnings per share, Diluted (in dollars per share) | $ (0.16) | $ 0.21 | $ (0.19) | $ (0.31) | ||||||||
Weighted average number of shares, Diluted | 83,581 | 85,766 | 85,541 | 85,497 | 85,188 | 130,160 | 84,916 | 84,819 | ||||
Diluted | HPU | ||||||||||||
Earnings per HPU share data: | ||||||||||||
Net income (loss) attributable to iStar Inc. | $ (442) | $ 602 | $ (542) | $ (889) | ||||||||
Earnings per share, Diluted (in dollars per share) | $ (29.47) | $ 40.13 | $ (36.13) | $ (59.27) | ||||||||
Basic and Diluted | Common Stock | ||||||||||||
Earnings per common share data: | ||||||||||||
Earnings per share, basic and diluted (in dollars per share) | $ 0.09 | $ (0.07) | $ (0.36) | $ (0.26) | ||||||||
Earnings per HPU share data: | ||||||||||||
Net income (loss) attributable to iStar Inc. | $ 0 | $ (94) | $ (1,027) | $ (749) | ||||||||
Income (loss) attributable to iStar Inc. from continuing operations—basic and diluted (in dollars per share) | $ 0 | $ (13.41) | $ (68.47) | $ (49.93) | ||||||||
Basic and Diluted | HPU | ||||||||||||
Earnings per HPU share data: | ||||||||||||
Weighted average number of HPU shares—basic and diluted | 0 | 7 | 15 | 15 | 15 | 15 | 15 | 15 | ||||
[1] | Income (loss) from continuing operations attributable to iStar Inc. was $(96.3) million, $(73.5) million and $(221.5) million for the years ended December 31, 2015, 2014 and 2013, respectively. Refer to Note 15 for details on the calculation of earnings per share. | |||||||||||
[2] | All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 13) |
Schedule II - Valuation and 113
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 156,454 | $ 439,323 | $ 570,975 | |
Charged to Costs and Expenses | 37,616 | (5,886) | 1,277 | |
Adjustments to Valuation Accounts | (98) | 4,302 | 19,855 | |
Deductions | (28,513) | (281,285) | (152,784) | |
Balance at End of Period | 156,454 | 439,323 | 570,975 | $ 165,459 |
Loans Receivable Allowance | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 98,490 | 377,204 | 524,499 | |
Charged to Costs and Expenses | 36,567 | (1,714) | 5,489 | |
Adjustments to Valuation Accounts | 0 | 0 | 0 | |
Deductions | (26,892) | (277,000) | (152,784) | |
Balance at End of Period | 98,490 | 377,204 | 524,499 | 108,165 |
Allowance for Doubtful Accounts | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 3,646 | 5,857 | 5,596 | |
Charged to Costs and Expenses | 1,359 | 2,074 | 261 | |
Adjustments to Valuation Accounts | 0 | 0 | 0 | |
Deductions | (1,621) | (4,285) | 0 | |
Balance at End of Period | 3,646 | 5,857 | 5,596 | 3,384 |
Valuation Allowance of Deferred Tax Assets | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 54,318 | 56,262 | 40,880 | |
Charged to Costs and Expenses | (310) | (6,246) | (4,473) | |
Adjustments to Valuation Accounts | (98) | 4,302 | 19,855 | |
Deductions | 0 | 0 | 0 | |
Balance at End of Period | $ 54,318 | $ 56,262 | $ 40,880 | $ 53,910 |
Schedule III - Real Estate a114
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 239,547 | |||
Initial Cost to Company, Land | 1,452,532 | |||
Initial Cost to Company, Building and Improvements | 1,781,562 | |||
Cost Capitalized Subsequent to Acquisition | (33,752) | |||
Gross Amount Carried at Close of Period, Land | 1,383,854 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,816,488 | |||
Gross Amount Carried at Close of Period, Total | 3,200,342 | $ 3,444,676 | $ 3,589,072 | $ 3,763,310 |
Accumulated Depreciation | (467,122) | $ (481,980) | $ (432,374) | $ (388,346) |
Properties pledged as collateral | 591,400 | |||
Aggregate cost for federal income tax purposes | 3,410,000 | |||
Office Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 100,795 | |||
Initial Cost to Company, Land | 39,809 | |||
Initial Cost to Company, Building and Improvements | 362,620 | |||
Cost Capitalized Subsequent to Acquisition | 45,328 | |||
Gross Amount Carried at Close of Period, Land | 40,816 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 406,941 | |||
Gross Amount Carried at Close of Period, Total | 447,757 | |||
Accumulated Depreciation | (142,048) | |||
Office Facilities | Arizona OAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 980 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,632 | |||
Gross Amount Carried at Close of Period, Total | 8,665 | |||
Accumulated Depreciation | $ (3,133) | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 287 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,939 | |||
Gross Amount Carried at Close of Period, Total | 7,972 | |||
Accumulated Depreciation | $ (2,766) | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,033 | |||
Initial Cost to Company, Building and Improvements | 6,652 | |||
Cost Capitalized Subsequent to Acquisition | 205 | |||
Gross Amount Carried at Close of Period, Land | 1,033 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,857 | |||
Gross Amount Carried at Close of Period, Total | 7,890 | |||
Accumulated Depreciation | $ (2,755) | |||
Depreciable Life | 40 years | |||
Office Facilities | Arizona OAZ 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 701 | |||
Initial Cost to Company, Building and Improvements | 4,339 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 701 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,339 | |||
Gross Amount Carried at Close of Period, Total | 5,040 | |||
Accumulated Depreciation | $ (1,754) | |||
Depreciable Life | 40 years | |||
Office Facilities | California OCA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,139 | |||
Initial Cost to Company, Building and Improvements | 5,064 | |||
Cost Capitalized Subsequent to Acquisition | 1,596 | |||
Gross Amount Carried at Close of Period, Land | 4,139 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,660 | |||
Gross Amount Carried at Close of Period, Total | 10,799 | |||
Accumulated Depreciation | $ (2,512) | |||
Depreciable Life | 40 years | |||
Office Facilities | Colorado OCO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,757 | |||
Initial Cost to Company, Building and Improvements | 16,930 | |||
Cost Capitalized Subsequent to Acquisition | 6,503 | |||
Gross Amount Carried at Close of Period, Land | 1,757 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 23,433 | |||
Gross Amount Carried at Close of Period, Total | 25,190 | |||
Accumulated Depreciation | $ (9,943) | |||
Depreciable Life | 40 years | |||
Office Facilities | Colorado OCO 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,860 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 16,752 | |||
Cost Capitalized Subsequent to Acquisition | 48 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 16,800 | |||
Gross Amount Carried at Close of Period, Total | 16,800 | |||
Accumulated Depreciation | $ (5,776) | |||
Depreciable Life | 40 years | |||
Office Facilities | Florida OFL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,517 | |||
Initial Cost to Company, Building and Improvements | 14,484 | |||
Cost Capitalized Subsequent to Acquisition | 7,477 | |||
Gross Amount Carried at Close of Period, Land | 2,517 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 21,961 | |||
Gross Amount Carried at Close of Period, Total | 24,478 | |||
Accumulated Depreciation | $ (3,026) | |||
Depreciable Life | 40 years | |||
Office Facilities | Georgia OGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 905 | |||
Initial Cost to Company, Building and Improvements | 6,744 | |||
Cost Capitalized Subsequent to Acquisition | 177 | |||
Gross Amount Carried at Close of Period, Land | 905 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,921 | |||
Gross Amount Carried at Close of Period, Total | 7,826 | |||
Accumulated Depreciation | $ (3,169) | |||
Depreciable Life | 40 years | |||
Office Facilities | Georgia OGA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,709 | |||
Initial Cost to Company, Building and Improvements | 49,091 | |||
Cost Capitalized Subsequent to Acquisition | 25,480 | |||
Gross Amount Carried at Close of Period, Land | 5,709 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 74,571 | |||
Gross Amount Carried at Close of Period, Total | 80,280 | |||
Accumulated Depreciation | $ (27,262) | |||
Depreciable Life | 40 years | |||
Office Facilities | Maryland OMD 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,111 | |||
Initial Cost to Company, Land | 1,800 | |||
Initial Cost to Company, Building and Improvements | 18,706 | |||
Cost Capitalized Subsequent to Acquisition | 743 | |||
Gross Amount Carried at Close of Period, Land | 1,800 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 19,449 | |||
Gross Amount Carried at Close of Period, Total | 21,249 | |||
Accumulated Depreciation | $ (6,555) | |||
Depreciable Life | 40 years | |||
Office Facilities | Massachusetts OMA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,997 | |||
Initial Cost to Company, Land | 1,600 | |||
Initial Cost to Company, Building and Improvements | 21,947 | |||
Cost Capitalized Subsequent to Acquisition | 285 | |||
Gross Amount Carried at Close of Period, Land | 1,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 22,232 | |||
Gross Amount Carried at Close of Period, Total | 23,832 | |||
Accumulated Depreciation | $ (7,704) | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 51,794 | |||
Initial Cost to Company, Land | 7,726 | |||
Initial Cost to Company, Building and Improvements | 74,429 | |||
Cost Capitalized Subsequent to Acquisition | 10 | |||
Gross Amount Carried at Close of Period, Land | 7,724 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 74,441 | |||
Gross Amount Carried at Close of Period, Total | 82,165 | |||
Accumulated Depreciation | $ (24,308) | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,743 | |||
Initial Cost to Company, Land | 1,008 | |||
Initial Cost to Company, Building and Improvements | 13,763 | |||
Cost Capitalized Subsequent to Acquisition | 180 | |||
Gross Amount Carried at Close of Period, Land | 1,008 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 13,943 | |||
Gross Amount Carried at Close of Period, Total | 14,951 | |||
Accumulated Depreciation | $ (4,069) | |||
Depreciable Life | 40 years | |||
Office Facilities | New Jersey ONJ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,290 | |||
Initial Cost to Company, Land | 2,456 | |||
Initial Cost to Company, Building and Improvements | 28,955 | |||
Cost Capitalized Subsequent to Acquisition | 774 | |||
Gross Amount Carried at Close of Period, Land | 2,456 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 29,729 | |||
Gross Amount Carried at Close of Period, Total | 32,185 | |||
Accumulated Depreciation | $ (8,724) | |||
Depreciable Life | 40 years | |||
Office Facilities | Pennsylvania OPA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 690 | |||
Initial Cost to Company, Building and Improvements | 26,098 | |||
Cost Capitalized Subsequent to Acquisition | (49) | |||
Gross Amount Carried at Close of Period, Land | 690 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 26,049 | |||
Gross Amount Carried at Close of Period, Total | 26,739 | |||
Accumulated Depreciation | $ (9,307) | |||
Depreciable Life | 40 years | |||
Office Facilities | Texas OTX 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,364 | |||
Initial Cost to Company, Building and Improvements | 10,628 | |||
Cost Capitalized Subsequent to Acquisition | 5,739 | |||
Gross Amount Carried at Close of Period, Land | 2,373 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,358 | |||
Gross Amount Carried at Close of Period, Total | 17,731 | |||
Accumulated Depreciation | $ (6,144) | |||
Depreciable Life | 40 years | |||
Office Facilities | Texas OTX 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,233 | |||
Initial Cost to Company, Building and Improvements | 15,160 | |||
Cost Capitalized Subsequent to Acquisition | 153 | |||
Gross Amount Carried at Close of Period, Land | 1,233 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,313 | |||
Gross Amount Carried at Close of Period, Total | 16,546 | |||
Accumulated Depreciation | $ (5,864) | |||
Depreciable Life | 40 years | |||
Office Facilities | Texas OTX 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,230 | |||
Initial Cost to Company, Building and Improvements | 5,660 | |||
Cost Capitalized Subsequent to Acquisition | 887 | |||
Gross Amount Carried at Close of Period, Land | 1,230 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,547 | |||
Gross Amount Carried at Close of Period, Total | 7,777 | |||
Accumulated Depreciation | $ (2,459) | |||
Depreciable Life | 40 years | |||
Office Facilities | Wisconsin OWI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,875 | |||
Initial Cost to Company, Building and Improvements | 13,914 | |||
Cost Capitalized Subsequent to Acquisition | (6,147) | |||
Gross Amount Carried at Close of Period, Land | 1,875 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,767 | |||
Gross Amount Carried at Close of Period, Total | 9,642 | |||
Accumulated Depreciation | $ (4,818) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 138,752 | |||
Initial Cost to Company, Land | 106,128 | |||
Initial Cost to Company, Building and Improvements | 325,838 | |||
Cost Capitalized Subsequent to Acquisition | 76,825 | |||
Gross Amount Carried at Close of Period, Land | 105,055 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 403,736 | |||
Gross Amount Carried at Close of Period, Total | 508,791 | |||
Accumulated Depreciation | (114,866) | |||
Industrial Facilities | Arizona IAZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,519 | |||
Initial Cost to Company, Building and Improvements | 7,481 | |||
Cost Capitalized Subsequent to Acquisition | 1,435 | |||
Gross Amount Carried at Close of Period, Land | 2,519 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,916 | |||
Gross Amount Carried at Close of Period, Total | 11,435 | |||
Accumulated Depreciation | $ (1,654) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Arizona IAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,279 | |||
Initial Cost to Company, Building and Improvements | 5,221 | |||
Cost Capitalized Subsequent to Acquisition | 3,218 | |||
Gross Amount Carried at Close of Period, Land | 3,279 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,439 | |||
Gross Amount Carried at Close of Period, Total | 11,718 | |||
Accumulated Depreciation | $ (1,745) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,425 | |||
Initial Cost to Company, Land | 11,635 | |||
Initial Cost to Company, Building and Improvements | 19,515 | |||
Cost Capitalized Subsequent to Acquisition | 5,943 | |||
Gross Amount Carried at Close of Period, Land | 11,635 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 25,458 | |||
Gross Amount Carried at Close of Period, Total | 37,093 | |||
Accumulated Depreciation | $ (5,132) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 654 | |||
Initial Cost to Company, Building and Improvements | 4,591 | |||
Cost Capitalized Subsequent to Acquisition | 2,099 | |||
Gross Amount Carried at Close of Period, Land | 654 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,690 | |||
Gross Amount Carried at Close of Period, Total | 7,344 | |||
Accumulated Depreciation | $ (3,057) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,086 | |||
Initial Cost to Company, Building and Improvements | 7,964 | |||
Cost Capitalized Subsequent to Acquisition | 2,876 | |||
Gross Amount Carried at Close of Period, Land | 1,086 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,840 | |||
Gross Amount Carried at Close of Period, Total | 11,926 | |||
Accumulated Depreciation | $ (5,057) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,880 | |||
Initial Cost to Company, Building and Improvements | 12,367 | |||
Cost Capitalized Subsequent to Acquisition | 3,550 | |||
Gross Amount Carried at Close of Period, Land | 4,880 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,917 | |||
Gross Amount Carried at Close of Period, Total | 20,797 | |||
Accumulated Depreciation | $ (6,141) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,857 | |||
Initial Cost to Company, Building and Improvements | 8,378 | |||
Cost Capitalized Subsequent to Acquisition | 1,643 | |||
Gross Amount Carried at Close of Period, Land | 6,856 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,022 | |||
Gross Amount Carried at Close of Period, Total | 16,878 | |||
Accumulated Depreciation | $ (3,676) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,044 | |||
Initial Cost to Company, Building and Improvements | 3,716 | |||
Cost Capitalized Subsequent to Acquisition | 3,677 | |||
Gross Amount Carried at Close of Period, Land | 3,044 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,393 | |||
Gross Amount Carried at Close of Period, Total | 10,437 | |||
Accumulated Depreciation | $ (2,662) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,633 | |||
Initial Cost to Company, Building and Improvements | 3,219 | |||
Cost Capitalized Subsequent to Acquisition | 290 | |||
Gross Amount Carried at Close of Period, Land | 2,633 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,509 | |||
Gross Amount Carried at Close of Period, Total | 6,142 | |||
Accumulated Depreciation | $ (1,331) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,600 | |||
Initial Cost to Company, Building and Improvements | 5,627 | |||
Cost Capitalized Subsequent to Acquisition | 4,114 | |||
Gross Amount Carried at Close of Period, Land | 4,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,741 | |||
Gross Amount Carried at Close of Period, Total | 14,341 | |||
Accumulated Depreciation | $ (2,697) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,617 | |||
Initial Cost to Company, Building and Improvements | 6,877 | |||
Cost Capitalized Subsequent to Acquisition | 5,501 | |||
Gross Amount Carried at Close of Period, Land | 5,619 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 12,376 | |||
Gross Amount Carried at Close of Period, Total | 17,995 | |||
Accumulated Depreciation | $ (7,368) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 26,935 | |||
Initial Cost to Company, Land | 15,708 | |||
Initial Cost to Company, Building and Improvements | 27,987 | |||
Cost Capitalized Subsequent to Acquisition | 7,619 | |||
Gross Amount Carried at Close of Period, Land | 15,708 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 35,606 | |||
Gross Amount Carried at Close of Period, Total | 51,314 | |||
Accumulated Depreciation | $ (16,343) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | California ICA 017 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 808 | |||
Initial Cost to Company, Building and Improvements | 8,306 | |||
Cost Capitalized Subsequent to Acquisition | 588 | |||
Gross Amount Carried at Close of Period, Land | 808 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,894 | |||
Gross Amount Carried at Close of Period, Total | 9,702 | |||
Accumulated Depreciation | $ (3,469) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Colorado ICO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 832 | |||
Initial Cost to Company, Building and Improvements | 1,379 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 832 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,379 | |||
Gross Amount Carried at Close of Period, Total | 2,211 | |||
Accumulated Depreciation | $ (323) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,095 | |||
Initial Cost to Company, Land | 3,510 | |||
Initial Cost to Company, Building and Improvements | 20,846 | |||
Cost Capitalized Subsequent to Acquisition | 8,279 | |||
Gross Amount Carried at Close of Period, Land | 3,510 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 29,125 | |||
Gross Amount Carried at Close of Period, Total | 32,635 | |||
Accumulated Depreciation | $ (5,523) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,048 | |||
Initial Cost to Company, Building and Improvements | 8,676 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,048 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,676 | |||
Gross Amount Carried at Close of Period, Total | 11,724 | |||
Accumulated Depreciation | $ (3,506) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,612 | |||
Initial Cost to Company, Building and Improvements | 4,586 | |||
Cost Capitalized Subsequent to Acquisition | (1,408) | |||
Gross Amount Carried at Close of Period, Land | 1,241 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,549 | |||
Gross Amount Carried at Close of Period, Total | 4,790 | |||
Accumulated Depreciation | $ (891) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Florida IFL 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,476 | |||
Initial Cost to Company, Building and Improvements | 4,198 | |||
Cost Capitalized Subsequent to Acquisition | (4,497) | |||
Gross Amount Carried at Close of Period, Land | 450 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 727 | |||
Gross Amount Carried at Close of Period, Total | 1,177 | |||
Accumulated Depreciation | $ (606) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Georgia IGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,139 | |||
Initial Cost to Company, Land | 2,791 | |||
Initial Cost to Company, Building and Improvements | 24,637 | |||
Cost Capitalized Subsequent to Acquisition | 349 | |||
Gross Amount Carried at Close of Period, Land | 2,791 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 24,986 | |||
Gross Amount Carried at Close of Period, Total | 27,777 | |||
Accumulated Depreciation | $ (5,112) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Indiana IIN 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 462 | |||
Initial Cost to Company, Building and Improvements | 9,224 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 462 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,224 | |||
Gross Amount Carried at Close of Period, Total | 9,686 | |||
Accumulated Depreciation | $ (2,596) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Massachusetts IMA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,077 | |||
Initial Cost to Company, Land | 7,439 | |||
Initial Cost to Company, Building and Improvements | 21,774 | |||
Cost Capitalized Subsequent to Acquisition | 10,979 | |||
Gross Amount Carried at Close of Period, Land | 7,439 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 32,753 | |||
Gross Amount Carried at Close of Period, Total | 40,192 | |||
Accumulated Depreciation | $ (6,209) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Michigan IMI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 598 | |||
Initial Cost to Company, Building and Improvements | 9,814 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 598 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,815 | |||
Gross Amount Carried at Close of Period, Total | 10,413 | |||
Accumulated Depreciation | $ (2,790) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Minnesota IMN 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 403 | |||
Initial Cost to Company, Building and Improvements | 1,147 | |||
Cost Capitalized Subsequent to Acquisition | (344) | |||
Gross Amount Carried at Close of Period, Land | 1,206 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 1,206 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Minnesota IMN 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,705 | |||
Initial Cost to Company, Building and Improvements | 17,690 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 6,225 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,170 | |||
Gross Amount Carried at Close of Period, Total | 24,395 | |||
Accumulated Depreciation | $ (4,956) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | New Jersey INJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,966 | |||
Initial Cost to Company, Land | 8,368 | |||
Initial Cost to Company, Building and Improvements | 15,376 | |||
Cost Capitalized Subsequent to Acquisition | 21,141 | |||
Gross Amount Carried at Close of Period, Land | 8,368 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 36,517 | |||
Gross Amount Carried at Close of Period, Total | 44,885 | |||
Accumulated Depreciation | $ (6,998) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Texas ITX 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,045 | |||
Initial Cost to Company, Land | 1,631 | |||
Initial Cost to Company, Building and Improvements | 27,858 | |||
Cost Capitalized Subsequent to Acquisition | (416) | |||
Gross Amount Carried at Close of Period, Land | 1,631 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 27,442 | |||
Gross Amount Carried at Close of Period, Total | 29,073 | |||
Accumulated Depreciation | $ (5,557) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Texas ITX 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,314 | |||
Initial Cost to Company, Building and Improvements | 8,903 | |||
Cost Capitalized Subsequent to Acquisition | 46 | |||
Gross Amount Carried at Close of Period, Land | 1,314 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,949 | |||
Gross Amount Carried at Close of Period, Total | 10,263 | |||
Accumulated Depreciation | $ (3,613) | |||
Depreciable Life | 40 years | |||
Industrial Facilities | Virginia IVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,070 | |||
Initial Cost to Company, Land | 2,619 | |||
Initial Cost to Company, Building and Improvements | 28,481 | |||
Cost Capitalized Subsequent to Acquisition | 142 | |||
Gross Amount Carried at Close of Period, Land | 2,619 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 28,623 | |||
Gross Amount Carried at Close of Period, Total | 31,242 | |||
Accumulated Depreciation | $ (5,854) | |||
Depreciable Life | 40 years | |||
Land | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 889,008 | |||
Initial Cost to Company, Building and Improvements | 7,980 | |||
Cost Capitalized Subsequent to Acquisition | 102,049 | |||
Gross Amount Carried at Close of Period, Land | 941,290 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 57,747 | |||
Gross Amount Carried at Close of Period, Total | 999,037 | |||
Accumulated Depreciation | $ (6,068) | |||
Land | Minimum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life | 15 years | |||
Land | Maximum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life | 20 years | |||
Land | Arizona LAZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 96,700 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 96,700 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 96,700 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Arizona LAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,170 | |||
Initial Cost to Company, Building and Improvements | 5,144 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 13,170 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,144 | |||
Gross Amount Carried at Close of Period, Total | 18,314 | |||
Accumulated Depreciation | $ (600) | |||
Depreciable Life | 0 years | |||
Land | Arizona LAZ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,400 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,400 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 1,400 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28,464 | |||
Initial Cost to Company, Building and Improvements | 2,836 | |||
Cost Capitalized Subsequent to Acquisition | (11,000) | |||
Gross Amount Carried at Close of Period, Land | 17,464 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,836 | |||
Gross Amount Carried at Close of Period, Total | 20,300 | |||
Accumulated Depreciation | $ (2,836) | |||
Depreciable Life | 0 years | |||
Land | California LCA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 87,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (4,998) | |||
Gross Amount Carried at Close of Period, Land | 82,302 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 82,302 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 68,155 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (20,942) | |||
Gross Amount Carried at Close of Period, Land | 47,213 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 47,213 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 84,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,625 | |||
Gross Amount Carried at Close of Period, Land | 92,725 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 92,725 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | California LCA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 59,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 59,100 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 59,100 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,600 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 7,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 7,600 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,100 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 8,100 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 8,100 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,883 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 235 | |||
Gross Amount Carried at Close of Period, Land | 5,883 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 235 | |||
Gross Amount Carried at Close of Period, Total | 6,118 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Flordia LFA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (129) | |||
Gross Amount Carried at Close of Period, Land | 9,171 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 9,171 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Florida LFA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 26,600 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 39,572 | |||
Gross Amount Carried at Close of Period, Land | 26,600 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 39,572 | |||
Gross Amount Carried at Close of Period, Total | 66,172 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Georgia LGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,800 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,800 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | $ 3,800 | |||
Accumulated Depreciation | ||||
Depreciable Life | 0 years | |||
Land | Georgia LGA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,400 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,400 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | $ 1,400 | |||
Accumulated Depreciation | ||||
Depreciable Life | 0 years | |||
Land | Maryland LMD 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 102,938 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 102,938 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 102,938 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Maryland LMD 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,486 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,486 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 2,486 | |||
Accumulated Depreciation | $ (361) | |||
Depreciable Life | 70 years | |||
Land | Michigan OMI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,374 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 5,374 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 5,374 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New Jersey LNJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 43,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 70,231 | |||
Gross Amount Carried at Close of Period, Land | 113,531 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 113,531 | |||
Accumulated Depreciation | $ (313) | |||
Depreciable Life | 0 years | |||
Land | New York LNY 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 58,900 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (9,506) | |||
Gross Amount Carried at Close of Period, Land | 49,394 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 49,394 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,277 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,435 | |||
Gross Amount Carried at Close of Period, Land | 3,277 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,435 | |||
Gross Amount Carried at Close of Period, Total | 10,712 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | New York LNY 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 52,461 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,525 | |||
Gross Amount Carried at Close of Period, Land | 52,461 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,525 | |||
Gross Amount Carried at Close of Period, Total | 54,986 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Oregon LOR 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 20,326 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | (8,924) | |||
Gross Amount Carried at Close of Period, Land | 11,402 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 11,402 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Texas LTX 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,375 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,375 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 3,375 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Texas LTX 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,621 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,621 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 3,621 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Land | Virginia LVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 72,138 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 28,925 | |||
Gross Amount Carried at Close of Period, Land | 101,063 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 101,063 | |||
Accumulated Depreciation | $ (1,958) | |||
Depreciable Life | 0 years | |||
Entertainment | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 125,652 | |||
Initial Cost to Company, Building and Improvements | 243,033 | |||
Cost Capitalized Subsequent to Acquisition | 92,113 | |||
Gross Amount Carried at Close of Period, Land | 125,635 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 335,163 | |||
Gross Amount Carried at Close of Period, Total | 460,798 | |||
Accumulated Depreciation | (93,586) | |||
Entertainment | Alabama EAL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 277 | |||
Initial Cost to Company, Building and Improvements | 359 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 277 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 356 | |||
Gross Amount Carried at Close of Period, Total | 633 | |||
Accumulated Depreciation | $ (106) | |||
Depreciable Life | 40 years | |||
Entertainment | Alabama EAL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 319 | |||
Initial Cost to Company, Building and Improvements | 414 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 319 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 414 | |||
Gross Amount Carried at Close of Period, Total | 733 | |||
Accumulated Depreciation | $ (122) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 793 | |||
Initial Cost to Company, Building and Improvements | 1,027 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 793 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,027 | |||
Gross Amount Carried at Close of Period, Total | 1,820 | |||
Accumulated Depreciation | $ (303) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 673 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 669 | |||
Gross Amount Carried at Close of Period, Total | 1,190 | |||
Accumulated Depreciation | $ (199) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 305 | |||
Initial Cost to Company, Building and Improvements | 394 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 305 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 391 | |||
Gross Amount Carried at Close of Period, Total | 696 | |||
Accumulated Depreciation | $ (117) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 630 | |||
Initial Cost to Company, Building and Improvements | 815 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 630 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 815 | |||
Gross Amount Carried at Close of Period, Total | 1,445 | |||
Accumulated Depreciation | $ (241) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 590 | |||
Initial Cost to Company, Building and Improvements | 764 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 590 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 764 | |||
Gross Amount Carried at Close of Period, Total | 1,354 | |||
Accumulated Depreciation | $ (226) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Building and Improvements | 616 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 476 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 612 | |||
Gross Amount Carried at Close of Period, Total | 1,088 | |||
Accumulated Depreciation | $ (182) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 654 | |||
Initial Cost to Company, Building and Improvements | 845 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 654 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 839 | |||
Gross Amount Carried at Close of Period, Total | 1,493 | |||
Accumulated Depreciation | $ (250) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 666 | |||
Initial Cost to Company, Building and Improvements | 862 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 666 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 856 | |||
Gross Amount Carried at Close of Period, Total | 1,522 | |||
Accumulated Depreciation | $ (255) | |||
Depreciable Life | 40 years | |||
Entertainment | Arizona EAZ 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 460 | |||
Initial Cost to Company, Building and Improvements | 596 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 460 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 596 | |||
Gross Amount Carried at Close of Period, Total | 1,056 | |||
Accumulated Depreciation | $ (176) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,097 | |||
Initial Cost to Company, Building and Improvements | 1,421 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,097 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,421 | |||
Gross Amount Carried at Close of Period, Total | 2,518 | |||
Accumulated Depreciation | $ (419) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 434 | |||
Initial Cost to Company, Building and Improvements | 560 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 434 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 561 | |||
Gross Amount Carried at Close of Period, Total | 995 | |||
Accumulated Depreciation | $ (166) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Building and Improvements | 429 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 332 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 429 | |||
Gross Amount Carried at Close of Period, Total | 761 | |||
Accumulated Depreciation | $ (127) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 676 | |||
Initial Cost to Company, Building and Improvements | 876 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 676 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 876 | |||
Gross Amount Carried at Close of Period, Total | 1,552 | |||
Accumulated Depreciation | $ (259) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 720 | |||
Initial Cost to Company, Building and Improvements | 932 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 720 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 932 | |||
Gross Amount Carried at Close of Period, Total | 1,652 | |||
Accumulated Depreciation | $ (275) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 574 | |||
Initial Cost to Company, Building and Improvements | 743 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 574 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 738 | |||
Gross Amount Carried at Close of Period, Total | 1,312 | |||
Accumulated Depreciation | $ (220) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 392 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 392 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 504 | |||
Gross Amount Carried at Close of Period, Total | 896 | |||
Accumulated Depreciation | $ (150) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 358 | |||
Initial Cost to Company, Building and Improvements | 464 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 358 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 461 | |||
Gross Amount Carried at Close of Period, Total | 819 | |||
Accumulated Depreciation | $ (137) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 18,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,000 | |||
Gross Amount Carried at Close of Period, Total | 18,000 | |||
Accumulated Depreciation | $ (5,184) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 852 | |||
Initial Cost to Company, Building and Improvements | 1,101 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 852 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,093 | |||
Gross Amount Carried at Close of Period, Total | 1,945 | |||
Accumulated Depreciation | $ (326) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,572 | |||
Initial Cost to Company, Building and Improvements | 2,034 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 1,572 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,035 | |||
Gross Amount Carried at Close of Period, Total | 3,607 | |||
Accumulated Depreciation | $ (601) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 1,953 | |||
Cost Capitalized Subsequent to Acquisition | 25,772 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 27,725 | |||
Gross Amount Carried at Close of Period, Total | 27,725 | |||
Accumulated Depreciation | $ (4,735) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 659 | |||
Initial Cost to Company, Building and Improvements | 852 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 659 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 846 | |||
Gross Amount Carried at Close of Period, Total | 1,505 | |||
Accumulated Depreciation | $ (252) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 562 | |||
Initial Cost to Company, Building and Improvements | 729 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 562 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 729 | |||
Gross Amount Carried at Close of Period, Total | 1,291 | |||
Accumulated Depreciation | $ (215) | |||
Depreciable Life | 40 years | |||
Entertainment | California ECA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,642 | |||
Initial Cost to Company, Building and Improvements | 2,124 | |||
Cost Capitalized Subsequent to Acquisition | (16) | |||
Gross Amount Carried at Close of Period, Land | 1,642 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,108 | |||
Gross Amount Carried at Close of Period, Total | 3,750 | |||
Accumulated Depreciation | $ (628) | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Building and Improvements | 827 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 640 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 828 | |||
Gross Amount Carried at Close of Period, Total | 1,468 | |||
Accumulated Depreciation | $ (244) | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 729 | |||
Initial Cost to Company, Building and Improvements | 944 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 729 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 944 | |||
Gross Amount Carried at Close of Period, Total | 1,673 | |||
Accumulated Depreciation | $ (279) | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 536 | |||
Initial Cost to Company, Building and Improvements | 694 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 536 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 689 | |||
Gross Amount Carried at Close of Period, Total | 1,225 | |||
Accumulated Depreciation | $ (205) | |||
Depreciable Life | 40 years | |||
Entertainment | Colorado ECO 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 901 | |||
Initial Cost to Company, Building and Improvements | 1,165 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 901 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,156 | |||
Gross Amount Carried at Close of Period, Total | 2,057 | |||
Accumulated Depreciation | $ (345) | |||
Depreciable Life | 40 years | |||
Entertainment | Connecticut ECT 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,097 | |||
Initial Cost to Company, Building and Improvements | 1,420 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 1,097 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,410 | |||
Gross Amount Carried at Close of Period, Total | 2,507 | |||
Accumulated Depreciation | $ (420) | |||
Depreciable Life | 40 years | |||
Entertainment | Connecticut ECT 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 330 | |||
Initial Cost to Company, Building and Improvements | 426 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 330 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 426 | |||
Gross Amount Carried at Close of Period, Total | 756 | |||
Accumulated Depreciation | $ (126) | |||
Depreciable Life | 40 years | |||
Entertainment | Delaware EDE 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,076 | |||
Initial Cost to Company, Building and Improvements | 1,390 | |||
Cost Capitalized Subsequent to Acquisition | 4 | |||
Gross Amount Carried at Close of Period, Land | 1,076 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,394 | |||
Gross Amount Carried at Close of Period, Total | 2,470 | |||
Accumulated Depreciation | $ (411) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 41,809 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 41,809 | |||
Gross Amount Carried at Close of Period, Total | 41,809 | |||
Accumulated Depreciation | $ (16,742) | |||
Depreciable Life | 27 years | |||
Entertainment | Florida EFL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 412 | |||
Initial Cost to Company, Building and Improvements | 531 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 412 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 528 | |||
Gross Amount Carried at Close of Period, Total | 940 | |||
Accumulated Depreciation | $ (157) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,550 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,118 | |||
Gross Amount Carried at Close of Period, Land | 6,533 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,135 | |||
Gross Amount Carried at Close of Period, Total | 23,668 | |||
Accumulated Depreciation | $ (3,710) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,067 | |||
Initial Cost to Company, Building and Improvements | 1,382 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,067 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,382 | |||
Gross Amount Carried at Close of Period, Total | 2,449 | |||
Accumulated Depreciation | $ (408) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 401 | |||
Initial Cost to Company, Building and Improvements | 520 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 401 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 520 | |||
Gross Amount Carried at Close of Period, Total | 921 | |||
Accumulated Depreciation | $ (153) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 507 | |||
Initial Cost to Company, Building and Improvements | 655 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 507 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 650 | |||
Gross Amount Carried at Close of Period, Total | 1,157 | |||
Accumulated Depreciation | $ (194) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 282 | |||
Initial Cost to Company, Building and Improvements | 364 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 282 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 361 | |||
Gross Amount Carried at Close of Period, Total | 643 | |||
Accumulated Depreciation | $ (108) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 352 | |||
Initial Cost to Company, Building and Improvements | 455 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 352 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 455 | |||
Gross Amount Carried at Close of Period, Total | 807 | |||
Accumulated Depreciation | $ (134) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 437 | |||
Initial Cost to Company, Building and Improvements | 567 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 437 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 567 | |||
Gross Amount Carried at Close of Period, Total | 1,004 | |||
Accumulated Depreciation | $ (167) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 532 | |||
Initial Cost to Company, Building and Improvements | 689 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 532 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 689 | |||
Gross Amount Carried at Close of Period, Total | 1,221 | |||
Accumulated Depreciation | $ (203) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 486 | |||
Initial Cost to Company, Building and Improvements | 629 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 486 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 629 | |||
Gross Amount Carried at Close of Period, Total | 1,115 | |||
Accumulated Depreciation | $ (186) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 497 | |||
Initial Cost to Company, Building and Improvements | 643 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 497 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 638 | |||
Gross Amount Carried at Close of Period, Total | 1,135 | |||
Accumulated Depreciation | $ (190) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 018 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 643 | |||
Initial Cost to Company, Building and Improvements | 833 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 643 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 827 | |||
Gross Amount Carried at Close of Period, Total | 1,470 | |||
Accumulated Depreciation | $ (246) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 019 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,200 | |||
Initial Cost to Company, Building and Improvements | 18,272 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 4,200 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 18,272 | |||
Gross Amount Carried at Close of Period, Total | 22,472 | |||
Accumulated Depreciation | $ (4,954) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 020 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 551 | |||
Initial Cost to Company, Building and Improvements | 714 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 551 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 708 | |||
Gross Amount Carried at Close of Period, Total | 1,259 | |||
Accumulated Depreciation | $ (211) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 021 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 364 | |||
Initial Cost to Company, Building and Improvements | 470 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 364 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 467 | |||
Gross Amount Carried at Close of Period, Total | 831 | |||
Accumulated Depreciation | $ (139) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 022 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 507 | |||
Initial Cost to Company, Building and Improvements | 656 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 507 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 656 | |||
Gross Amount Carried at Close of Period, Total | 1,163 | |||
Accumulated Depreciation | $ (194) | |||
Depreciable Life | 40 years | |||
Entertainment | Florida EFL 023 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 19,337 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 19,337 | |||
Gross Amount Carried at Close of Period, Total | 19,337 | |||
Accumulated Depreciation | $ (5,243) | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 510 | |||
Initial Cost to Company, Building and Improvements | 660 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 510 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 655 | |||
Gross Amount Carried at Close of Period, Total | 1,165 | |||
Accumulated Depreciation | $ (195) | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 286 | |||
Initial Cost to Company, Building and Improvements | 371 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 286 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 371 | |||
Gross Amount Carried at Close of Period, Total | 657 | |||
Accumulated Depreciation | $ (109) | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 474 | |||
Initial Cost to Company, Building and Improvements | 613 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 474 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 613 | |||
Gross Amount Carried at Close of Period, Total | 1,087 | |||
Accumulated Depreciation | $ (181) | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 581 | |||
Initial Cost to Company, Building and Improvements | 752 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 581 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 752 | |||
Gross Amount Carried at Close of Period, Total | 1,333 | |||
Accumulated Depreciation | $ (222) | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 718 | |||
Initial Cost to Company, Building and Improvements | 930 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 718 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 923 | |||
Gross Amount Carried at Close of Period, Total | 1,641 | |||
Accumulated Depreciation | $ (275) | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 546 | |||
Initial Cost to Company, Building and Improvements | 706 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 546 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 706 | |||
Gross Amount Carried at Close of Period, Total | 1,252 | |||
Accumulated Depreciation | $ (209) | |||
Depreciable Life | 40 years | |||
Entertainment | Georgia EGA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 502 | |||
Initial Cost to Company, Building and Improvements | 651 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 502 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 646 | |||
Gross Amount Carried at Close of Period, Total | 1,148 | |||
Accumulated Depreciation | $ (192) | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 335 | |||
Initial Cost to Company, Building and Improvements | 434 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 335 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 434 | |||
Gross Amount Carried at Close of Period, Total | 769 | |||
Accumulated Depreciation | $ (128) | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 481 | |||
Initial Cost to Company, Building and Improvements | 622 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 481 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 622 | |||
Gross Amount Carried at Close of Period, Total | 1,103 | |||
Accumulated Depreciation | $ (184) | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,803 | |||
Initial Cost to Company, Building and Improvements | 57 | |||
Cost Capitalized Subsequent to Acquisition | 30,479 | |||
Gross Amount Carried at Close of Period, Land | 8,803 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 30,536 | |||
Gross Amount Carried at Close of Period, Total | 39,339 | |||
Accumulated Depreciation | $ (6,347) | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 433 | |||
Initial Cost to Company, Building and Improvements | 560 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 433 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 555 | |||
Gross Amount Carried at Close of Period, Total | 988 | |||
Accumulated Depreciation | $ (166) | |||
Depreciable Life | 40 years | |||
Entertainment | Illinois EIL 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 431 | |||
Initial Cost to Company, Building and Improvements | 557 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 431 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 553 | |||
Gross Amount Carried at Close of Period, Total | 984 | |||
Accumulated Depreciation | $ (165) | |||
Depreciable Life | 40 years | |||
Entertainment | Indiana EIN 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 542 | |||
Initial Cost to Company, Building and Improvements | 701 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 542 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 696 | |||
Gross Amount Carried at Close of Period, Total | 1,238 | |||
Accumulated Depreciation | $ (207) | |||
Depreciable Life | 40 years | |||
Entertainment | Kentucky EKY 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 417 | |||
Initial Cost to Company, Building and Improvements | 539 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 417 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 539 | |||
Gross Amount Carried at Close of Period, Total | 956 | |||
Accumulated Depreciation | $ (159) | |||
Depreciable Life | 40 years | |||
Entertainment | Kentucky EKY 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 365 | |||
Initial Cost to Company, Building and Improvements | 473 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 365 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 470 | |||
Gross Amount Carried at Close of Period, Total | 835 | |||
Accumulated Depreciation | $ (140) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 428 | |||
Initial Cost to Company, Building and Improvements | 554 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 428 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 554 | |||
Gross Amount Carried at Close of Period, Total | 982 | |||
Accumulated Depreciation | $ (163) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 575 | |||
Initial Cost to Company, Building and Improvements | 745 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 575 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 745 | |||
Gross Amount Carried at Close of Period, Total | 1,320 | |||
Accumulated Depreciation | $ (220) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 362 | |||
Initial Cost to Company, Building and Improvements | 468 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 362 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 465 | |||
Gross Amount Carried at Close of Period, Total | 827 | |||
Accumulated Depreciation | $ (138) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 884 | |||
Initial Cost to Company, Building and Improvements | 1,145 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 884 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,136 | |||
Gross Amount Carried at Close of Period, Total | 2,020 | |||
Accumulated Depreciation | $ (338) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Building and Improvements | 518 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 399 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 514 | |||
Gross Amount Carried at Close of Period, Total | 913 | |||
Accumulated Depreciation | $ (153) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 649 | |||
Initial Cost to Company, Building and Improvements | 839 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 649 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 833 | |||
Gross Amount Carried at Close of Period, Total | 1,482 | |||
Accumulated Depreciation | $ (248) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 366 | |||
Initial Cost to Company, Building and Improvements | 473 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 366 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 470 | |||
Gross Amount Carried at Close of Period, Total | 836 | |||
Accumulated Depreciation | $ (140) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 398 | |||
Initial Cost to Company, Building and Improvements | 516 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 398 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 512 | |||
Gross Amount Carried at Close of Period, Total | 910 | |||
Accumulated Depreciation | $ (152) | |||
Depreciable Life | 40 years | |||
Entertainment | Maryland EMD 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,126 | |||
Initial Cost to Company, Building and Improvements | 1,458 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,126 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,458 | |||
Gross Amount Carried at Close of Period, Total | 2,584 | |||
Accumulated Depreciation | $ (430) | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 523 | |||
Initial Cost to Company, Building and Improvements | 678 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 523 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 672 | |||
Gross Amount Carried at Close of Period, Total | 1,195 | |||
Accumulated Depreciation | $ (200) | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 548 | |||
Initial Cost to Company, Building and Improvements | 711 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 548 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 711 | |||
Gross Amount Carried at Close of Period, Total | 1,259 | |||
Accumulated Depreciation | $ (210) | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 519 | |||
Initial Cost to Company, Building and Improvements | 672 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 519 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 667 | |||
Gross Amount Carried at Close of Period, Total | 1,186 | |||
Accumulated Depreciation | $ (199) | |||
Depreciable Life | 40 years | |||
Entertainment | Massachusetts EMA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 344 | |||
Initial Cost to Company, Building and Improvements | 445 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 344 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 445 | |||
Gross Amount Carried at Close of Period, Total | 789 | |||
Accumulated Depreciation | $ (131) | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 516 | |||
Initial Cost to Company, Building and Improvements | 667 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 516 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 662 | |||
Gross Amount Carried at Close of Period, Total | 1,178 | |||
Accumulated Depreciation | $ (197) | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 554 | |||
Initial Cost to Company, Building and Improvements | 718 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 554 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 718 | |||
Gross Amount Carried at Close of Period, Total | 1,272 | |||
Accumulated Depreciation | $ (212) | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 387 | |||
Initial Cost to Company, Building and Improvements | 500 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 387 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 496 | |||
Gross Amount Carried at Close of Period, Total | 883 | |||
Accumulated Depreciation | $ (148) | |||
Depreciable Life | 40 years | |||
Entertainment | Michigan EMI 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 533 | |||
Initial Cost to Company, Building and Improvements | 691 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 533 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 685 | |||
Gross Amount Carried at Close of Period, Total | 1,218 | |||
Accumulated Depreciation | $ (204) | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 666 | |||
Initial Cost to Company, Building and Improvements | 861 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 666 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 855 | |||
Gross Amount Carried at Close of Period, Total | 1,521 | |||
Accumulated Depreciation | $ (255) | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,962 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,164 | |||
Gross Amount Carried at Close of Period, Land | 2,962 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 17,164 | |||
Gross Amount Carried at Close of Period, Total | 20,126 | |||
Accumulated Depreciation | $ (3,732) | |||
Depreciable Life | 40 years | |||
Entertainment | Minnesota EMN 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,437 | |||
Initial Cost to Company, Building and Improvements | 8,715 | |||
Cost Capitalized Subsequent to Acquisition | 2,098 | |||
Gross Amount Carried at Close of Period, Land | 2,437 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,813 | |||
Gross Amount Carried at Close of Period, Total | 13,250 | |||
Accumulated Depreciation | $ (2,709) | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 334 | |||
Initial Cost to Company, Building and Improvements | 432 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 334 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 432 | |||
Gross Amount Carried at Close of Period, Total | 766 | |||
Accumulated Depreciation | $ (128) | |||
Depreciable Life | 40 years | |||
Entertainment | Missouri EMO 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 878 | |||
Initial Cost to Company, Building and Improvements | 1,139 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 878 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,139 | |||
Gross Amount Carried at Close of Period, Total | 2,017 | |||
Accumulated Depreciation | $ (336) | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,560 | |||
Initial Cost to Company, Building and Improvements | 2,019 | |||
Cost Capitalized Subsequent to Acquisition | (15) | |||
Gross Amount Carried at Close of Period, Land | 1,560 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,004 | |||
Gross Amount Carried at Close of Period, Total | 3,564 | |||
Accumulated Depreciation | $ (597) | |||
Depreciable Life | 40 years | |||
Entertainment | New Jersey ENJ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 830 | |||
Initial Cost to Company, Building and Improvements | 1,075 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 830 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,075 | |||
Gross Amount Carried at Close of Period, Total | 1,905 | |||
Accumulated Depreciation | $ (317) | |||
Depreciable Life | 40 years | |||
Entertainment | Nevada ENV 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 440 | |||
Initial Cost to Company, Building and Improvements | 569 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 440 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 565 | |||
Gross Amount Carried at Close of Period, Total | 1,005 | |||
Accumulated Depreciation | $ (168) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 603 | |||
Initial Cost to Company, Building and Improvements | 779 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 603 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 773 | |||
Gross Amount Carried at Close of Period, Total | 1,376 | |||
Accumulated Depreciation | $ (230) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 442 | |||
Initial Cost to Company, Building and Improvements | 571 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 442 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 571 | |||
Gross Amount Carried at Close of Period, Total | 1,013 | |||
Accumulated Depreciation | $ (169) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 385 | |||
Initial Cost to Company, Building and Improvements | 499 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 385 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 496 | |||
Gross Amount Carried at Close of Period, Total | 881 | |||
Accumulated Depreciation | $ (147) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 350 | |||
Initial Cost to Company, Building and Improvements | 453 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 350 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 453 | |||
Gross Amount Carried at Close of Period, Total | 803 | |||
Accumulated Depreciation | $ (134) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Building and Improvements | 640 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 494 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 640 | |||
Gross Amount Carried at Close of Period, Total | 1,134 | |||
Accumulated Depreciation | $ (189) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 326 | |||
Initial Cost to Company, Building and Improvements | 421 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 326 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 422 | |||
Gross Amount Carried at Close of Period, Total | 748 | |||
Accumulated Depreciation | $ (125) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 320 | |||
Initial Cost to Company, Building and Improvements | 414 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 320 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 411 | |||
Gross Amount Carried at Close of Period, Total | 731 | |||
Accumulated Depreciation | $ (122) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Building and Improvements | 516 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 399 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 512 | |||
Gross Amount Carried at Close of Period, Total | 911 | |||
Accumulated Depreciation | $ (153) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 959 | |||
Initial Cost to Company, Building and Improvements | 1,240 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 959 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,231 | |||
Gross Amount Carried at Close of Period, Total | 2,190 | |||
Accumulated Depreciation | $ (367) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 587 | |||
Initial Cost to Company, Building and Improvements | 761 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 587 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 761 | |||
Gross Amount Carried at Close of Period, Total | 1,348 | |||
Accumulated Depreciation | $ (225) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 675 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 670 | |||
Gross Amount Carried at Close of Period, Total | 1,191 | |||
Accumulated Depreciation | $ (199) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 711 | |||
Initial Cost to Company, Building and Improvements | 920 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 711 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 920 | |||
Gross Amount Carried at Close of Period, Total | 1,631 | |||
Accumulated Depreciation | $ (272) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 558 | |||
Initial Cost to Company, Building and Improvements | 723 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 558 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 717 | |||
Gross Amount Carried at Close of Period, Total | 1,275 | |||
Accumulated Depreciation | $ (214) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 747 | |||
Initial Cost to Company, Building and Improvements | 967 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 747 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 967 | |||
Gross Amount Carried at Close of Period, Total | 1,714 | |||
Accumulated Depreciation | $ (286) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 683 | |||
Initial Cost to Company, Building and Improvements | 885 | |||
Cost Capitalized Subsequent to Acquisition | (7) | |||
Gross Amount Carried at Close of Period, Land | 683 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 878 | |||
Gross Amount Carried at Close of Period, Total | 1,561 | |||
Accumulated Depreciation | $ (261) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 017 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,492 | |||
Initial Cost to Company, Building and Improvements | 1,933 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,492 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,933 | |||
Gross Amount Carried at Close of Period, Total | 3,425 | |||
Accumulated Depreciation | $ (570) | |||
Depreciable Life | 40 years | |||
Entertainment | New York ENY 018 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,471 | |||
Initial Cost to Company, Building and Improvements | 1,904 | |||
Cost Capitalized Subsequent to Acquisition | (14) | |||
Gross Amount Carried at Close of Period, Land | 1,471 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,890 | |||
Gross Amount Carried at Close of Period, Total | 3,361 | |||
Accumulated Depreciation | $ (563) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 397 | |||
Initial Cost to Company, Building and Improvements | 513 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 397 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 513 | |||
Gross Amount Carried at Close of Period, Total | 910 | |||
Accumulated Depreciation | $ (152) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Building and Improvements | 615 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 476 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 611 | |||
Gross Amount Carried at Close of Period, Total | 1,087 | |||
Accumulated Depreciation | $ (182) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 410 | |||
Initial Cost to Company, Building and Improvements | 530 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 410 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 526 | |||
Gross Amount Carried at Close of Period, Total | 936 | |||
Accumulated Depreciation | $ (157) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 402 | |||
Initial Cost to Company, Building and Improvements | 520 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 402 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 516 | |||
Gross Amount Carried at Close of Period, Total | 918 | |||
Accumulated Depreciation | $ (154) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 948 | |||
Initial Cost to Company, Building and Improvements | 1,227 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 948 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,227 | |||
Gross Amount Carried at Close of Period, Total | 2,175 | |||
Accumulated Depreciation | $ (362) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 259 | |||
Initial Cost to Company, Building and Improvements | 336 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 259 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 333 | |||
Gross Amount Carried at Close of Period, Total | 592 | |||
Accumulated Depreciation | $ (99) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 349 | |||
Initial Cost to Company, Building and Improvements | 452 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 349 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 452 | |||
Gross Amount Carried at Close of Period, Total | 801 | |||
Accumulated Depreciation | $ (133) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Building and Improvements | 828 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 640 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 828 | |||
Gross Amount Carried at Close of Period, Total | 1,468 | |||
Accumulated Depreciation | $ (245) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Building and Improvements | 531 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 409 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 531 | |||
Gross Amount Carried at Close of Period, Total | 940 | |||
Accumulated Depreciation | $ (157) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 965 | |||
Initial Cost to Company, Building and Improvements | 1,249 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 965 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,239 | |||
Gross Amount Carried at Close of Period, Total | 2,204 | |||
Accumulated Depreciation | $ (369) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 475 | |||
Initial Cost to Company, Building and Improvements | 615 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 475 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 615 | |||
Gross Amount Carried at Close of Period, Total | 1,090 | |||
Accumulated Depreciation | $ (182) | |||
Depreciable Life | 40 years | |||
Entertainment | North Carolina ENC 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Building and Improvements | 638 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 494 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 634 | |||
Gross Amount Carried at Close of Period, Total | 1,128 | |||
Accumulated Depreciation | $ (189) | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 434 | |||
Initial Cost to Company, Building and Improvements | 562 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 434 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 562 | |||
Gross Amount Carried at Close of Period, Total | 996 | |||
Accumulated Depreciation | $ (166) | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 967 | |||
Initial Cost to Company, Building and Improvements | 1,252 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 967 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,243 | |||
Gross Amount Carried at Close of Period, Total | 2,210 | |||
Accumulated Depreciation | $ (370) | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 281 | |||
Initial Cost to Company, Building and Improvements | 365 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 281 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 362 | |||
Gross Amount Carried at Close of Period, Total | 643 | |||
Accumulated Depreciation | $ (108) | |||
Depreciable Life | 40 years | |||
Entertainment | Ohio EOH 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 393 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 508 | |||
Gross Amount Carried at Close of Period, Total | 901 | |||
Accumulated Depreciation | $ (150) | |||
Depreciable Life | 40 years | |||
Entertainment | Oklahoma EOK 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 431 | |||
Initial Cost to Company, Building and Improvements | 557 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 431 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 553 | |||
Gross Amount Carried at Close of Period, Total | 984 | |||
Accumulated Depreciation | $ (165) | |||
Depreciable Life | 40 years | |||
Entertainment | Oklahoma EOK 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 954 | |||
Initial Cost to Company, Building and Improvements | 1,235 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 954 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,235 | |||
Gross Amount Carried at Close of Period, Total | 2,189 | |||
Accumulated Depreciation | $ (365) | |||
Depreciable Life | 40 years | |||
Entertainment | Oregon EOR 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 393 | |||
Initial Cost to Company, Building and Improvements | 508 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 504 | |||
Gross Amount Carried at Close of Period, Total | 897 | |||
Accumulated Depreciation | $ (150) | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407 | |||
Initial Cost to Company, Building and Improvements | 527 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 407 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 527 | |||
Gross Amount Carried at Close of Period, Total | 934 | |||
Accumulated Depreciation | $ (156) | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 421 | |||
Initial Cost to Company, Building and Improvements | 544 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 421 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 544 | |||
Gross Amount Carried at Close of Period, Total | 965 | |||
Accumulated Depreciation | $ (161) | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Building and Improvements | 528 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 409 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 524 | |||
Gross Amount Carried at Close of Period, Total | 933 | |||
Accumulated Depreciation | $ (156) | |||
Depreciable Life | 40 years | |||
Entertainment | Pennsylvania EPA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407 | |||
Initial Cost to Company, Building and Improvements | 527 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 407 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 524 | |||
Gross Amount Carried at Close of Period, Total | 931 | |||
Accumulated Depreciation | $ (156) | |||
Depreciable Life | 40 years | |||
Entertainment | Puerto Rico EPR 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 950 | |||
Initial Cost to Company, Building and Improvements | 1,230 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 950 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,230 | |||
Gross Amount Carried at Close of Period, Total | 2,180 | |||
Accumulated Depreciation | $ (363) | |||
Depreciable Life | 40 years | |||
Entertainment | Rhode Island ERI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 850 | |||
Initial Cost to Company, Building and Improvements | 1,100 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 850 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,092 | |||
Gross Amount Carried at Close of Period, Total | 1,942 | |||
Accumulated Depreciation | $ (325) | |||
Depreciable Life | 40 years | |||
Entertainment | South Carolina ESC 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Building and Improvements | 429 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 332 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 429 | |||
Gross Amount Carried at Close of Period, Total | 761 | |||
Accumulated Depreciation | $ (127) | |||
Depreciable Life | 40 years | |||
Entertainment | South Carolina ESC 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 924 | |||
Initial Cost to Company, Building and Improvements | 1,196 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 924 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,196 | |||
Gross Amount Carried at Close of Period, Total | 2,120 | |||
Accumulated Depreciation | $ (353) | |||
Depreciable Life | 40 years | |||
Entertainment | Tennessee ETN 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 260 | |||
Initial Cost to Company, Building and Improvements | 338 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 260 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 338 | |||
Gross Amount Carried at Close of Period, Total | 598 | |||
Accumulated Depreciation | $ (100) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,045 | |||
Initial Cost to Company, Building and Improvements | 1,353 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,045 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,353 | |||
Gross Amount Carried at Close of Period, Total | 2,398 | |||
Accumulated Depreciation | $ (399) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 593 | |||
Initial Cost to Company, Building and Improvements | 767 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 593 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 761 | |||
Gross Amount Carried at Close of Period, Total | 1,354 | |||
Accumulated Depreciation | $ (227) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 838 | |||
Initial Cost to Company, Building and Improvements | 1,083 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 838 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,075 | |||
Gross Amount Carried at Close of Period, Total | 1,913 | |||
Accumulated Depreciation | $ (320) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 528 | |||
Initial Cost to Company, Building and Improvements | 682 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 528 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 677 | |||
Gross Amount Carried at Close of Period, Total | 1,205 | |||
Accumulated Depreciation | $ (202) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 480 | |||
Initial Cost to Company, Building and Improvements | 622 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 480 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 618 | |||
Gross Amount Carried at Close of Period, Total | 1,098 | |||
Accumulated Depreciation | $ (184) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 975 | |||
Initial Cost to Company, Building and Improvements | 1,261 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 975 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,251 | |||
Gross Amount Carried at Close of Period, Total | 2,226 | |||
Accumulated Depreciation | $ (373) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,108 | |||
Initial Cost to Company, Building and Improvements | 1,433 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 1,108 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,423 | |||
Gross Amount Carried at Close of Period, Total | 2,531 | |||
Accumulated Depreciation | $ (424) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Building and Improvements | 549 | |||
Cost Capitalized Subsequent to Acquisition | (58) | |||
Gross Amount Carried at Close of Period, Land | 425 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 491 | |||
Gross Amount Carried at Close of Period, Total | 916 | |||
Accumulated Depreciation | $ (153) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 518 | |||
Initial Cost to Company, Building and Improvements | 671 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 518 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 671 | |||
Gross Amount Carried at Close of Period, Total | 1,189 | |||
Accumulated Depreciation | $ (198) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 758 | |||
Initial Cost to Company, Building and Improvements | 981 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Gross Amount Carried at Close of Period, Land | 758 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 982 | |||
Gross Amount Carried at Close of Period, Total | 1,740 | |||
Accumulated Depreciation | $ (290) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 375 | |||
Initial Cost to Company, Building and Improvements | 485 | |||
Cost Capitalized Subsequent to Acquisition | (3) | |||
Gross Amount Carried at Close of Period, Land | 375 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 482 | |||
Gross Amount Carried at Close of Period, Total | 857 | |||
Accumulated Depreciation | $ (143) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 438 | |||
Initial Cost to Company, Building and Improvements | 567 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 438 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 563 | |||
Gross Amount Carried at Close of Period, Total | 1,001 | |||
Accumulated Depreciation | $ (168) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 017 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 561 | |||
Initial Cost to Company, Building and Improvements | 726 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 561 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 726 | |||
Gross Amount Carried at Close of Period, Total | 1,287 | |||
Accumulated Depreciation | $ (214) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 018 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 753 | |||
Initial Cost to Company, Building and Improvements | 976 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 753 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 976 | |||
Gross Amount Carried at Close of Period, Total | 1,729 | |||
Accumulated Depreciation | $ (288) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 019 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 675 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 675 | |||
Gross Amount Carried at Close of Period, Total | 1,196 | |||
Accumulated Depreciation | $ (199) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 020 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 634 | |||
Initial Cost to Company, Building and Improvements | 821 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Amount Carried at Close of Period, Land | 634 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 815 | |||
Gross Amount Carried at Close of Period, Total | 1,449 | |||
Accumulated Depreciation | $ (243) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 021 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 379 | |||
Initial Cost to Company, Building and Improvements | 491 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 379 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 487 | |||
Gross Amount Carried at Close of Period, Total | 866 | |||
Accumulated Depreciation | $ (145) | |||
Depreciable Life | 40 years | |||
Entertainment | Texas ETX 022 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 592 | |||
Initial Cost to Company, Building and Improvements | 766 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 592 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 766 | |||
Gross Amount Carried at Close of Period, Total | 1,358 | |||
Accumulated Depreciation | $ (226) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,134 | |||
Initial Cost to Company, Building and Improvements | 1,467 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,134 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,467 | |||
Gross Amount Carried at Close of Period, Total | 2,601 | |||
Accumulated Depreciation | $ (433) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 845 | |||
Initial Cost to Company, Building and Improvements | 1,094 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 845 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,094 | |||
Gross Amount Carried at Close of Period, Total | 1,939 | |||
Accumulated Depreciation | $ (323) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 884 | |||
Initial Cost to Company, Building and Improvements | 1,145 | |||
Cost Capitalized Subsequent to Acquisition | (9) | |||
Gross Amount Carried at Close of Period, Land | 884 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,136 | |||
Gross Amount Carried at Close of Period, Total | 2,020 | |||
Accumulated Depreciation | $ (338) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 953 | |||
Initial Cost to Company, Building and Improvements | 1,233 | |||
Cost Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount Carried at Close of Period, Land | 953 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,223 | |||
Gross Amount Carried at Close of Period, Total | 2,176 | |||
Accumulated Depreciation | $ (364) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 487 | |||
Initial Cost to Company, Building and Improvements | 632 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 487 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 632 | |||
Gross Amount Carried at Close of Period, Total | 1,119 | |||
Accumulated Depreciation | $ (186) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 006 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Building and Improvements | 550 | |||
Cost Capitalized Subsequent to Acquisition | (4) | |||
Gross Amount Carried at Close of Period, Land | 425 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 546 | |||
Gross Amount Carried at Close of Period, Total | 971 | |||
Accumulated Depreciation | $ (163) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 007 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,151 | |||
Initial Cost to Company, Building and Improvements | 1,490 | |||
Cost Capitalized Subsequent to Acquisition | (11) | |||
Gross Amount Carried at Close of Period, Land | 1,151 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,479 | |||
Gross Amount Carried at Close of Period, Total | 2,630 | |||
Accumulated Depreciation | $ (440) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 008 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 546 | |||
Initial Cost to Company, Building and Improvements | 707 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 546 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 707 | |||
Gross Amount Carried at Close of Period, Total | 1,253 | |||
Accumulated Depreciation | $ (209) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 009 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 851 | |||
Initial Cost to Company, Building and Improvements | 1,103 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 851 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,103 | |||
Gross Amount Carried at Close of Period, Total | 1,954 | |||
Accumulated Depreciation | $ (325) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 819 | |||
Initial Cost to Company, Building and Improvements | 1,061 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 819 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,061 | |||
Gross Amount Carried at Close of Period, Total | 1,880 | |||
Accumulated Depreciation | $ (313) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 958 | |||
Initial Cost to Company, Building and Improvements | 1,240 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 958 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,240 | |||
Gross Amount Carried at Close of Period, Total | 2,198 | |||
Accumulated Depreciation | $ (366) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 788 | |||
Initial Cost to Company, Building and Improvements | 1,020 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 788 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,012 | |||
Gross Amount Carried at Close of Period, Total | 1,800 | |||
Accumulated Depreciation | $ (302) | |||
Depreciable Life | 40 years | |||
Entertainment | Virginia EVA 013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 554 | |||
Initial Cost to Company, Building and Improvements | 716 | |||
Cost Capitalized Subsequent to Acquisition | (5) | |||
Gross Amount Carried at Close of Period, Land | 554 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 711 | |||
Gross Amount Carried at Close of Period, Total | 1,265 | |||
Accumulated Depreciation | $ (212) | |||
Depreciable Life | 40 years | |||
Entertainment | Washington EWA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,500 | |||
Initial Cost to Company, Building and Improvements | 6,500 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,500 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,500 | |||
Gross Amount Carried at Close of Period, Total | 8,000 | |||
Accumulated Depreciation | $ (2,304) | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 521 | |||
Initial Cost to Company, Building and Improvements | 673 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Gross Amount Carried at Close of Period, Land | 521 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 675 | |||
Gross Amount Carried at Close of Period, Total | 1,196 | |||
Accumulated Depreciation | $ (199) | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 413 | |||
Initial Cost to Company, Building and Improvements | 535 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 413 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 535 | |||
Gross Amount Carried at Close of Period, Total | 948 | |||
Accumulated Depreciation | $ (158) | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 793 | |||
Initial Cost to Company, Building and Improvements | 1,025 | |||
Cost Capitalized Subsequent to Acquisition | (8) | |||
Gross Amount Carried at Close of Period, Land | 793 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,017 | |||
Gross Amount Carried at Close of Period, Total | 1,810 | |||
Accumulated Depreciation | $ (303) | |||
Depreciable Life | 40 years | |||
Entertainment | Wisconsin EWI 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,124 | |||
Initial Cost to Company, Building and Improvements | 1,455 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Gross Amount Carried at Close of Period, Land | 1,124 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,457 | |||
Gross Amount Carried at Close of Period, Total | 2,581 | |||
Accumulated Depreciation | $ (430) | |||
Depreciable Life | 40 years | |||
Retail | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 56,980 | |||
Initial Cost to Company, Building and Improvements | 150,970 | |||
Cost Capitalized Subsequent to Acquisition | 39,170 | |||
Gross Amount Carried at Close of Period, Land | 56,053 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 191,067 | |||
Gross Amount Carried at Close of Period, Total | 247,120 | |||
Accumulated Depreciation | (28,323) | |||
Retail | Arizona RAZ 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,625 | |||
Initial Cost to Company, Building and Improvements | 4,875 | |||
Cost Capitalized Subsequent to Acquisition | 1,494 | |||
Gross Amount Carried at Close of Period, Land | 2,625 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,369 | |||
Gross Amount Carried at Close of Period, Total | 8,994 | |||
Accumulated Depreciation | $ (826) | |||
Depreciable Life | 40 years | |||
Retail | Arizona RAZ 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,184 | |||
Initial Cost to Company, Building and Improvements | 4,056 | |||
Cost Capitalized Subsequent to Acquisition | (1,588) | |||
Gross Amount Carried at Close of Period, Land | 2,184 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,468 | |||
Gross Amount Carried at Close of Period, Total | 4,652 | |||
Accumulated Depreciation | $ (253) | |||
Depreciable Life | 40 years | |||
Retail | Arizona RAZ 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,657 | |||
Initial Cost to Company, Building and Improvements | 2,666 | |||
Cost Capitalized Subsequent to Acquisition | (223) | |||
Gross Amount Carried at Close of Period, Land | 2,657 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,443 | |||
Gross Amount Carried at Close of Period, Total | 5,100 | |||
Accumulated Depreciation | $ (432) | |||
Depreciable Life | 40 years | |||
Retail | California RCA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,569 | |||
Initial Cost to Company, Building and Improvements | 3,031 | |||
Cost Capitalized Subsequent to Acquisition | 628 | |||
Gross Amount Carried at Close of Period, Land | 2,569 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 3,659 | |||
Gross Amount Carried at Close of Period, Total | 6,228 | |||
Accumulated Depreciation | $ (523) | |||
Depreciable Life | 40 years | |||
Retail | Colorado RCO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,631 | |||
Initial Cost to Company, Building and Improvements | 279 | |||
Cost Capitalized Subsequent to Acquisition | 5,195 | |||
Gross Amount Carried at Close of Period, Land | 2,607 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,498 | |||
Gross Amount Carried at Close of Period, Total | 8,105 | |||
Accumulated Depreciation | $ (1,181) | |||
Depreciable Life | 40 years | |||
Retail | Florida RFL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,950 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 10,286 | |||
Gross Amount Carried at Close of Period, Land | 3,908 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,328 | |||
Gross Amount Carried at Close of Period, Total | 14,236 | |||
Accumulated Depreciation | $ (2,398) | |||
Depreciable Life | 40 years | |||
Retail | Hawaii RHI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,393 | |||
Initial Cost to Company, Building and Improvements | 21,155 | |||
Cost Capitalized Subsequent to Acquisition | (9,514) | |||
Gross Amount Carried at Close of Period, Land | 3,393 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 11,641 | |||
Gross Amount Carried at Close of Period, Total | 15,034 | |||
Accumulated Depreciation | $ (2,173) | |||
Depreciable Life | 40 years | |||
Retail | Illinois RIL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 14,934 | |||
Initial Cost to Company, Building and Improvements | 29,675 | |||
Cost Capitalized Subsequent to Acquisition | 11,598 | |||
Gross Amount Carried at Close of Period, Land | 14,934 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 41,273 | |||
Gross Amount Carried at Close of Period, Total | 56,207 | |||
Accumulated Depreciation | $ (3,627) | |||
Depreciable Life | 40 years | |||
Retail | Illinois RIL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvements | 336 | |||
Cost Capitalized Subsequent to Acquisition | 1,419 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,755 | |||
Gross Amount Carried at Close of Period, Total | 1,755 | |||
Accumulated Depreciation | $ (653) | |||
Depreciable Life | 40 years | |||
Retail | New Mexico RNM 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,733 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,370 | |||
Gross Amount Carried at Close of Period, Land | 1,705 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 8,398 | |||
Gross Amount Carried at Close of Period, Total | 10,103 | |||
Accumulated Depreciation | $ (1,767) | |||
Depreciable Life | 40 years | |||
Retail | New York RNY 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 731 | |||
Initial Cost to Company, Building and Improvements | 6,073 | |||
Cost Capitalized Subsequent to Acquisition | 699 | |||
Gross Amount Carried at Close of Period, Land | 711 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,792 | |||
Gross Amount Carried at Close of Period, Total | 7,503 | |||
Accumulated Depreciation | $ (1,912) | |||
Depreciable Life | 40 years | |||
Retail | Pennsylvania RPA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,687 | |||
Initial Cost to Company, Building and Improvements | 56,950 | |||
Cost Capitalized Subsequent to Acquisition | 5,383 | |||
Gross Amount Carried at Close of Period, Land | 5,687 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 62,333 | |||
Gross Amount Carried at Close of Period, Total | 68,020 | |||
Accumulated Depreciation | $ (8,263) | |||
Depreciable Life | 40 years | |||
Retail | South Carolina RSC 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,126 | |||
Initial Cost to Company, Building and Improvements | 948 | |||
Cost Capitalized Subsequent to Acquisition | (723) | |||
Gross Amount Carried at Close of Period, Land | 1,337 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 1,014 | |||
Gross Amount Carried at Close of Period, Total | 2,351 | |||
Accumulated Depreciation | $ (213) | |||
Depreciable Life | 40 years | |||
Retail | Texas RTX 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,538 | |||
Initial Cost to Company, Building and Improvements | 4,215 | |||
Cost Capitalized Subsequent to Acquisition | 171 | |||
Gross Amount Carried at Close of Period, Land | 3,514 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,410 | |||
Gross Amount Carried at Close of Period, Total | 7,924 | |||
Accumulated Depreciation | $ (1,385) | |||
Depreciable Life | 40 years | |||
Retail | Utah RUT 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,502 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,975 | |||
Gross Amount Carried at Close of Period, Land | 3,502 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 5,975 | |||
Gross Amount Carried at Close of Period, Total | 9,477 | |||
Accumulated Depreciation | $ (1,370) | |||
Depreciable Life | 40 years | |||
Retail | Virginia RVA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,720 | |||
Initial Cost to Company, Building and Improvements | 16,711 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 4,720 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 16,711 | |||
Gross Amount Carried at Close of Period, Total | 21,431 | |||
Accumulated Depreciation | $ (1,347) | |||
Depreciable Life | 40 years | |||
Hotel | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 47,039 | |||
Initial Cost to Company, Building and Improvements | 175,803 | |||
Cost Capitalized Subsequent to Acquisition | (22,639) | |||
Gross Amount Carried at Close of Period, Land | 32,462 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 167,741 | |||
Gross Amount Carried at Close of Period, Total | 200,203 | |||
Accumulated Depreciation | (64,537) | |||
Hotel | California HCA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 4,394 | |||
Initial Cost to Company, Building and Improvements | 27,030 | |||
Cost Capitalized Subsequent to Acquisition | (871) | |||
Gross Amount Carried at Close of Period, Land | 4,394 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 26,159 | |||
Gross Amount Carried at Close of Period, Total | 30,553 | |||
Accumulated Depreciation | $ (11,989) | |||
Depreciable Life | 40 years | |||
Hotel | California HCA 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,308 | |||
Initial Cost to Company, Building and Improvements | 20,623 | |||
Cost Capitalized Subsequent to Acquisition | (664) | |||
Gross Amount Carried at Close of Period, Land | 3,308 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 19,959 | |||
Gross Amount Carried at Close of Period, Total | 23,267 | |||
Accumulated Depreciation | $ (9,130) | |||
Depreciable Life | 40 years | |||
Hotel | Colorado HCO 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,242 | |||
Initial Cost to Company, Building and Improvements | 7,865 | |||
Cost Capitalized Subsequent to Acquisition | (253) | |||
Gross Amount Carried at Close of Period, Land | 1,242 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 7,612 | |||
Gross Amount Carried at Close of Period, Total | 8,854 | |||
Accumulated Depreciation | $ (3,475) | |||
Depreciable Life | 40 years | |||
Hotel | Georgia HGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,378 | |||
Initial Cost to Company, Building and Improvements | 25,514 | |||
Cost Capitalized Subsequent to Acquisition | 1,865 | |||
Gross Amount Carried at Close of Period, Land | 6,378 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 27,379 | |||
Gross Amount Carried at Close of Period, Total | 33,757 | |||
Accumulated Depreciation | $ (4,646) | |||
Depreciable Life | 40 years | |||
Hotel | Hawaii HHI 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 17,996 | |||
Initial Cost to Company, Building and Improvements | 17,996 | |||
Cost Capitalized Subsequent to Acquisition | (21,805) | |||
Gross Amount Carried at Close of Period, Land | 3,419 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 10,768 | |||
Gross Amount Carried at Close of Period, Total | 14,187 | |||
Accumulated Depreciation | $ (4,531) | |||
Depreciable Life | 40 years | |||
Hotel | Hawaii HHI 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,000 | |||
Initial Cost to Company, Building and Improvements | 12,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,178 | |||
Gross Amount Carried at Close of Period, Land | 3,000 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 13,178 | |||
Gross Amount Carried at Close of Period, Total | 16,178 | |||
Accumulated Depreciation | $ (1,963) | |||
Depreciable Life | 40 years | |||
Hotel | Utah HUT 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,620 | |||
Initial Cost to Company, Building and Improvements | 32,695 | |||
Cost Capitalized Subsequent to Acquisition | (1,058) | |||
Gross Amount Carried at Close of Period, Land | 5,620 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 31,637 | |||
Gross Amount Carried at Close of Period, Total | 37,257 | |||
Accumulated Depreciation | $ (14,618) | |||
Depreciable Life | 40 years | |||
Hotel | Washington HWA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,101 | |||
Initial Cost to Company, Building and Improvements | 32,080 | |||
Cost Capitalized Subsequent to Acquisition | (1,031) | |||
Gross Amount Carried at Close of Period, Land | 5,101 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 31,049 | |||
Gross Amount Carried at Close of Period, Total | 36,150 | |||
Accumulated Depreciation | $ (14,185) | |||
Depreciable Life | 40 years | |||
Apartment/Residential | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 133,998 | |||
Initial Cost to Company, Building and Improvements | 392,307 | |||
Cost Capitalized Subsequent to Acquisition | (392,597) | |||
Gross Amount Carried at Close of Period, Land | 28,625 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 105,083 | |||
Gross Amount Carried at Close of Period, Total | 133,708 | |||
Accumulated Depreciation | 0 | |||
Apartment/Residential | Arizona AAZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,423 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,890 | |||
Gross Amount Carried at Close of Period, Land | 2,423 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 14,890 | |||
Gross Amount Carried at Close of Period, Total | 17,313 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | California ACA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,078 | |||
Initial Cost to Company, Building and Improvements | 40,312 | |||
Cost Capitalized Subsequent to Acquisition | (44,678) | |||
Gross Amount Carried at Close of Period, Land | 1,142 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,570 | |||
Gross Amount Carried at Close of Period, Total | 5,712 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Georgia AGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,963 | |||
Initial Cost to Company, Building and Improvements | 11,850 | |||
Cost Capitalized Subsequent to Acquisition | 9,693 | |||
Gross Amount Carried at Close of Period, Land | 4,901 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 19,605 | |||
Gross Amount Carried at Close of Period, Total | 24,506 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Nevada ANZ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 18,117 | |||
Initial Cost to Company, Building and Improvements | 106,829 | |||
Cost Capitalized Subsequent to Acquisition | (122,322) | |||
Gross Amount Carried at Close of Period, Land | 380 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 2,244 | |||
Gross Amount Carried at Close of Period, Total | 2,624 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | New Jersey ANJ 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 36,405 | |||
Initial Cost to Company, Building and Improvements | 64,719 | |||
Cost Capitalized Subsequent to Acquisition | (100,639) | |||
Gross Amount Carried at Close of Period, Land | 175 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 310 | |||
Gross Amount Carried at Close of Period, Total | 485 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Pennsylvania APA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 44,438 | |||
Initial Cost to Company, Building and Improvements | 82,527 | |||
Cost Capitalized Subsequent to Acquisition | (120,315) | |||
Gross Amount Carried at Close of Period, Land | 2,327 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 4,323 | |||
Gross Amount Carried at Close of Period, Total | 6,650 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Pennsylvania APA 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 15,890 | |||
Initial Cost to Company, Building and Improvements | 29,510 | |||
Cost Capitalized Subsequent to Acquisition | 16,635 | |||
Gross Amount Carried at Close of Period, Land | 15,890 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 46,145 | |||
Gross Amount Carried at Close of Period, Total | 62,035 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Washington AWA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,342 | |||
Initial Cost to Company, Building and Improvements | 12,082 | |||
Cost Capitalized Subsequent to Acquisition | 63 | |||
Gross Amount Carried at Close of Period, Land | 1,342 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 12,145 | |||
Gross Amount Carried at Close of Period, Total | 13,487 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Apartment/Residential | Washington AWA 002 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,342 | |||
Initial Cost to Company, Building and Improvements | 44,478 | |||
Cost Capitalized Subsequent to Acquisition | (45,924) | |||
Gross Amount Carried at Close of Period, Land | 45 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 851 | |||
Gross Amount Carried at Close of Period, Total | 896 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Mixed Use | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 53,918 | |||
Initial Cost to Company, Building and Improvements | 123,011 | |||
Cost Capitalized Subsequent to Acquisition | 25,999 | |||
Gross Amount Carried at Close of Period, Land | 53,918 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 149,010 | |||
Gross Amount Carried at Close of Period, Total | 202,928 | |||
Accumulated Depreciation | (17,694) | |||
Mixed Use | Florida LFA 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 10,440 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 10,440 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 10,440 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Mixed Use | Florida LFA 005 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,300 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 9,300 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 9,300 | |||
Accumulated Depreciation | $ 0 | |||
Depreciable Life | 0 years | |||
Mixed Use | Arizona MAZ 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,182 | |||
Initial Cost to Company, Building and Improvements | 52,544 | |||
Cost Capitalized Subsequent to Acquisition | 30,047 | |||
Gross Amount Carried at Close of Period, Land | 10,182 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 82,591 | |||
Gross Amount Carried at Close of Period, Total | 92,773 | |||
Accumulated Depreciation | $ (10,545) | |||
Depreciable Life | 40 years | |||
Mixed Use | California MCA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,869 | |||
Initial Cost to Company, Building and Improvements | 629 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Gross Amount Carried at Close of Period, Land | 5,869 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 631 | |||
Gross Amount Carried at Close of Period, Total | 6,500 | |||
Accumulated Depreciation | $ (325) | |||
Depreciable Life | 40 years | |||
Mixed Use | Florida MFL 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,450 | |||
Initial Cost to Company, Building and Improvements | 8,216 | |||
Cost Capitalized Subsequent to Acquisition | (1,956) | |||
Gross Amount Carried at Close of Period, Land | 8,450 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 6,260 | |||
Gross Amount Carried at Close of Period, Total | 14,710 | |||
Accumulated Depreciation | $ (2,179) | |||
Depreciable Life | 40 years | |||
Mixed Use | Florida MFL 002 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 18,229 | |||
Initial Cost to Company, Building and Improvements | 20,899 | |||
Cost Capitalized Subsequent to Acquisition | 1,744 | |||
Gross Amount Carried at Close of Period, Land | 18,229 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 22,643 | |||
Gross Amount Carried at Close of Period, Total | 40,872 | |||
Accumulated Depreciation | $ (1,840) | |||
Depreciable Life | 40 years | |||
Mixed Use | Florida MFL 003 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,507 | |||
Initial Cost to Company, Building and Improvements | 8,155 | |||
Cost Capitalized Subsequent to Acquisition | 1,251 | |||
Gross Amount Carried at Close of Period, Land | 2,507 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 9,406 | |||
Gross Amount Carried at Close of Period, Total | 11,913 | |||
Accumulated Depreciation | $ (826) | |||
Depreciable Life | 40 years | |||
Mixed Use | Florida MFL 004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,201 | |||
Initial Cost to Company, Building and Improvements | 14,652 | |||
Cost Capitalized Subsequent to Acquisition | 882 | |||
Gross Amount Carried at Close of Period, Land | 4,201 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 15,534 | |||
Gross Amount Carried at Close of Period, Total | 19,735 | |||
Accumulated Depreciation | $ (1,066) | |||
Depreciable Life | 40 years | |||
Mixed Use | Georgia MGA 001 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,480 | |||
Initial Cost to Company, Building and Improvements | 17,916 | |||
Cost Capitalized Subsequent to Acquisition | (5,971) | |||
Gross Amount Carried at Close of Period, Land | 4,480 | |||
Gross Amount Carried at Close of Period, Building and Improvements | 11,945 | |||
Gross Amount Carried at Close of Period, Total | 16,425 | |||
Accumulated Depreciation | $ (913) | |||
Depreciable Life | 40 years | |||
Assets Held-for-Sale | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ (4,500) | |||
Land and Land Development Assets | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ (6,000) |
Schedule III - Real Estate a115
Schedule III - Real Estate and Accumulated Depreciation - Real Estate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at January 1 | $ 3,444,676 | $ 3,589,072 | $ 3,763,310 |
Improvements and additions | 183,269 | 145,238 | 126,664 |
Acquisitions through foreclosure | 14,505 | 77,867 | 31,764 |
Other acquisitions | 0 | 4,666 | 69,379 |
Dispositions | 431,928 | (341,453) | (388,906) |
Impairments | (10,180) | (30,714) | (13,139) |
Balance at December 31 | $ 3,200,342 | $ 3,444,676 | $ 3,589,072 |
Schedule III - Real Estate a116
Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at January 1 | $ (481,980) | $ (432,374) | $ (388,346) |
Additions | (57,049) | (62,299) | (59,208) |
Dispositions | 71,907 | 12,693 | 15,180 |
Balance at December 31 | $ (467,122) | $ (481,980) | $ (432,374) |
Schedule IV - Mortgage Loans117
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 1,010,108 | |||
Carrying Amount of Mortgages | 934,964 | $ 726,426 | $ 827,796 | $ 1,421,654 |
Reserves on impaired loans | 69,600 | |||
Borrower A | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 0 | |||
Face Amount of Mortgages | 179,075 | |||
Carrying Amount of Mortgages | $ 178,118 | |||
Borrower A | Minimum | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR | 0.19% | |||
Borrower B | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 155,383 | |||
Carrying Amount of Mortgages | 153,947 | |||
Borrower C | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 0 | |||
Face Amount of Mortgages | 150,456 | |||
Carrying Amount of Mortgages | 150,291 | |||
Borrower D | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 0 | |||
Face Amount of Mortgages | 118,750 | |||
Carrying Amount of Mortgages | $ 118,089 | |||
Borrower D | Minimum | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR | 0.25% | |||
Borrower E | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 90,000 | |||
Carrying Amount of Mortgages | $ 89,917 | |||
Borrower E | Minimum | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Variable spread on LIBOR | 0.18% | |||
Senior Mortgages Individually Less than 3 Percent | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 287,736 | |||
Carrying Amount of Mortgages | 215,926 | |||
Senior Mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | 981,400 | |||
Carrying Amount of Mortgages | 906,288 | |||
Subordinate Mortgages Individually Less than 3 Percent | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | 28,708 | |||
Carrying Amount of Mortgages | 28,676 | |||
Subordinate Mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | 28,708 | |||
Carrying Amount of Mortgages | $ 28,676 |
Schedule IV - Mortgage Loans118
Schedule IV - Mortgage Loans on Real Estate - Interest Rates (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Borrower A | Minimum | |
Mortgage Loans on Real Estate [Line Items] | |
Variable spread on LIBOR | 0.19% |
Borrower D | Minimum | |
Mortgage Loans on Real Estate [Line Items] | |
Variable spread on LIBOR | 0.25% |
Borrower E | Minimum | |
Mortgage Loans on Real Estate [Line Items] | |
Variable spread on LIBOR | 0.18% |
Contractual Interest Accrual Rates | Borrower A | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 6.75% |
Contractual Interest Accrual Rates | Borrower B | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 5.25% |
Contractual Interest Accrual Rates | Borrower C | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 6.00% |
Contractual Interest Accrual Rates | Borrower D | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 8.00% |
Contractual Interest Accrual Rates | Borrower E | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 6.00% |
Contractual Interest Accrual Rates | Senior Mortgages Individually Less than 3 Percent | |
Mortgage Loans on Real Estate [Line Items] | |
Minimum interest rate | 3.00% |
Maximum interest rate | 9.68% |
Contractual Interest Accrual Rates | Senior Mortgages Individually Less than 3 Percent | Minimum | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 2.75% |
Contractual Interest Accrual Rates | Senior Mortgages Individually Less than 3 Percent | Maximum | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 8.00% |
Contractual Interest Accrual Rates | Subordinate Mortgages Individually Less than 3 Percent | |
Mortgage Loans on Real Estate [Line Items] | |
Minimum interest rate | 6.80% |
Maximum interest rate | 14.00% |
Contractual Interest Payment Rates | Borrower A | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 6.75% |
Contractual Interest Payment Rates | Borrower B | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 5.25% |
Contractual Interest Payment Rates | Borrower C | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 6.00% |
Contractual Interest Payment Rates | Borrower D | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 8.00% |
Contractual Interest Payment Rates | Borrower E | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 6.00% |
Contractual Interest Payment Rates | Senior Mortgages Individually Less than 3 Percent | |
Mortgage Loans on Real Estate [Line Items] | |
Minimum interest rate | 3.00% |
Maximum interest rate | 9.68% |
Contractual Interest Payment Rates | Senior Mortgages Individually Less than 3 Percent | Minimum | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 2.75% |
Contractual Interest Payment Rates | Senior Mortgages Individually Less than 3 Percent | Maximum | |
Mortgage Loans on Real Estate [Line Items] | |
Variable rate basis | LIBOR |
Variable spread on LIBOR | 7.50% |
Contractual Interest Payment Rates | Subordinate Mortgages Individually Less than 3 Percent | |
Mortgage Loans on Real Estate [Line Items] | |
Minimum interest rate | 8.12% |
Maximum interest rate | 9.09% |
Schedule IV - Mortgage Loans119
Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at January 1 | $ 726,426 | $ 827,796 | $ 1,421,654 |
Additions: | |||
New mortgage loans | 237,031 | 476,332 | 19,249 |
Additions under existing mortgage loans | 92,887 | 13,108 | 31,589 |
Other | 33,080 | 26,156 | 16,385 |
Deductions: | |||
Collections of principal | (151,464) | (532,465) | (636,883) |
(Provision for) recovery of loan losses | (6,186) | 483 | 25,011 |
Transfers from (to) real estate and equity investments | 3,261 | (84,912) | (49,100) |
Amortization of premium | (71) | (72) | (109) |
Balance at December 31 | 934,964 | 726,426 | 827,796 |
Charge offs | $ 1,000 | $ 239,600 | $ 152,800 |