Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ISTAR INC. | |
Entity Central Index Key | 1,095,651 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 71,176,420 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Real estate | ||
Real estate, at cost | $ 1,779,819 | $ 2,050,541 |
Less: accumulated depreciation | (405,209) | (456,558) |
Real estate, net | 1,374,610 | 1,593,983 |
Real estate available and held for sale | 101,488 | 137,274 |
Total real estate | 1,476,098 | 1,731,257 |
Land and development, net | 1,022,106 | 1,001,963 |
Loans receivable and other lending investments, net | 1,632,186 | 1,601,985 |
Other investments | 262,496 | 254,172 |
Cash and cash equivalents | 547,510 | 711,101 |
Accrued interest and operating lease income receivable, net | 12,720 | 18,436 |
Deferred operating lease income receivable, net | 94,405 | 97,421 |
Deferred expenses and other assets, net | 190,493 | 181,457 |
Total assets | 5,238,014 | 5,597,792 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities | 204,272 | 214,835 |
Loan participations payable, net | 205,781 | 152,086 |
Debt obligations, net | 3,749,873 | 4,118,823 |
Total liabilities | 4,159,926 | 4,485,744 |
Commitments and contingencies (refer to Note 11) | 0 | 0 |
Redeemable noncontrolling interests (refer to Note 5) | 6,601 | 10,718 |
iStar Inc. shareholders' equity: | ||
Common Stock, $0.001 par value, 200,000 shares authorized, 71,176 and 81,109 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 71 | 81 |
Additional paid-in capital | 3,592,710 | 3,689,330 |
Retained earnings (deficit) | (2,562,237) | (2,625,474) |
Accumulated other comprehensive income (loss) (refer to Note 13) | (5,430) | (4,851) |
Total iStar Inc. shareholders' equity | 1,025,140 | 1,059,112 |
Noncontrolling interests | 46,347 | 42,218 |
Total equity | 1,071,487 | 1,101,330 |
Total liabilities and equity | 5,238,014 | 5,597,792 |
Series D, E, F, G and I Preferred Stock | ||
iStar Inc. shareholders' equity: | ||
Preferred Stock | 22 | 22 |
Preferred Stock Series J | ||
iStar Inc. shareholders' equity: | ||
Preferred Stock | $ 4 | $ 4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 200,000 | 200,000 |
Common Stock, shares issued (in shares) | 71,176 | 81,109 |
Common Stock, shares outstanding (in shares) | 71,176 | 81,109 |
Series D, E, F, G and I Preferred Stock | ||
Liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred Stock Series J | ||
Liquidation preference (in dollars per share) | $ 50 | $ 50 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Revenues: | |||||
Operating lease income | $ 51,414 | $ 55,699 | $ 160,869 | $ 170,990 | |
Interest income | 32,258 | 33,599 | 99,877 | 102,224 | |
Other income | 13,442 | 16,888 | 35,080 | 40,214 | |
Land development revenue | 31,554 | 14,301 | 74,389 | 29,101 | |
Total revenues | 128,668 | 120,487 | 370,215 | 342,529 | |
Costs and expenses: | |||||
Interest expense | 55,105 | 56,880 | 168,173 | 167,336 | |
Real estate expense | 35,335 | 35,154 | 105,078 | 111,143 | |
Land development cost of sales | 22,004 | 10,686 | 50,842 | 22,828 | |
Depreciation and amortization | 13,002 | 15,787 | 42,184 | 49,804 | |
General and administrative | 19,666 | 21,181 | 62,433 | 62,520 | |
(Recovery of) provision for loan losses | (14,955) | 7,500 | (12,749) | 30,944 | |
Impairment of assets | 8,741 | 3,916 | 11,753 | 5,590 | |
Other expense | 819 | 3,334 | 4,741 | 6,345 | |
Total costs and expenses | 139,717 | 154,438 | 432,455 | 456,510 | |
Income (loss) before earnings from equity method investments and other items | (11,049) | (33,951) | (62,240) | (113,981) | |
Loss on early extinguishment of debt, net | (36) | (67) | (1,618) | (279) | |
Earnings from equity method investments | 26,540 | 10,572 | 74,254 | 25,904 | |
Income (loss) from continuing operations before income taxes | 15,455 | (23,446) | 10,396 | (88,356) | |
Income tax benefit (expense) | 8,256 | 2,893 | 9,859 | (3,796) | |
Income (loss) from continuing operations | 23,711 | (20,553) | 20,255 | (92,152) | |
Income from sales of real estate | 34,444 | 26,511 | 88,387 | 66,021 | |
Net income (loss) | 58,155 | 5,958 | 108,642 | (26,131) | |
Net (income) loss attributable to noncontrolling interests | 967 | 706 | (6,915) | 3,176 | |
Net income (loss) attributable to iStar Inc. | 59,122 | 6,664 | 101,727 | (22,955) | |
Preferred dividends | (12,830) | (12,830) | (38,490) | (38,490) | |
Net (income) loss allocable to HPU holders and Participating Security holders | [1],[2] | 0 | 94 | (27) | 1,627 |
Net income (loss) allocable to common shareholders | $ 46,292 | $ (6,072) | $ 63,210 | $ (59,818) | |
Income (loss) attributable to iStar Inc. from continuing operations: | |||||
Basic (in dollars per share) | $ 0.65 | $ (0.07) | $ 0.85 | $ (0.70) | |
Diluted (in dollars per share) | 0.44 | (0.07) | 0.66 | (0.70) | |
Net income (loss) attributable to iStar Inc.: | |||||
Basic (in dollars per share) | 0.65 | (0.07) | 0.85 | (0.70) | |
Diluted (in dollars per share) | $ 0.44 | $ (0.07) | $ 0.66 | $ (0.70) | |
Weighted average number of common shares: | |||||
Basic (in shares) | 71,210 | 85,766 | 74,074 | 85,602 | |
Diluted (in shares) | 115,666 | 85,766 | 118,590 | 85,602 | |
Per HPU share data: | |||||
Loss attributable to iStar Inc. from continuing operations - basic and diluted (In dollars per share) | [1] | $ 0 | $ (13.41) | $ 0 | $ (132.19) |
Net loss attributable to iStar Inc., basic and diluted (in dollars per share) | [1] | $ 0 | $ (13.41) | $ 0 | $ (132.19) |
Weighted average HPU shares, Basic and diluted (in shares) | [1] | 0 | 7 | 0 | 12 |
[1] | All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 13). | ||||
[2] | Participating Security holders are non-employee directors who hold common stock equivalents ("CSEs") 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 Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 58,155 | $ 5,958 | $ 108,642 | $ (26,131) | |
Other comprehensive income (loss): | |||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization | [1] | 0 | 0 | 0 | (2,531) |
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | [2] | 112 | 250 | 487 | 600 |
Unrealized gains/(losses) on available-for-sale securities | (202) | 31 | 263 | (607) | |
Unrealized gains/(losses) on cash flow hedges | 249 | (765) | (1,070) | (1,566) | |
Unrealized gains/(losses) on cumulative translation adjustment | (249) | (123) | (259) | (238) | |
Other comprehensive income (loss) | (90) | (607) | (579) | (4,342) | |
Comprehensive income (loss) | 58,065 | 5,351 | 108,063 | (30,473) | |
Comprehensive (income) loss attributable to noncontrolling interests | 967 | 706 | (6,915) | 3,176 | |
Comprehensive income (loss) attributable to iStar Inc. | $ 59,032 | $ 6,057 | $ 101,148 | $ (27,297) | |
[1] | Reclassified to "Other income" in the Company's consolidated statements of operations. | ||||
[2] | Reclassified to "Interest expense" in the Company's consolidated statements of operations are $20 and $202 for the three and nine months ended September 30, 2016, respectively, and $132 and $251 for the three and nine months ended September 30, 2015, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $92 and $285 for the three and nine months ended September 30, 2016, respectively, and $118 and $349 for the three and nine months ended September 30, 2015, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | [1] | $ 112 | $ 250 | $ 487 | $ 600 |
Interest Expense | |||||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | 20 | 132 | 202 | 251 | |
Earnings from equity method investments | |||||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization | $ 92 | $ 118 | $ 285 | $ 349 | |
[1] | Reclassified to "Interest expense" in the Company's consolidated statements of operations are $20 and $202 for the three and nine months ended September 30, 2016, respectively, and $132 and $251 for the three and nine months ended September 30, 2015, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $92 and $285 for the three and nine months ended September 30, 2016, respectively, and $118 and $349 for the three and nine months ended September 30, 2015, respectively. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Preferred Stock | [1] | Preferred Stock Series J | [1] | HPU's | Common Stock at Par | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | ||
Beginning Balance at Dec. 31, 2014 | $ 1,248,348 | $ 22 | $ 4 | $ 9,800 | [2] | $ 85 | $ 3,744,621 | $ (2,556,469) | $ (971) | $ 51,256 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared—preferred | (38,490) | (38,490) | |||||||||||
Issuance of stock/restricted stock unit amortization, net | 4,320 | 4,320 | |||||||||||
Net income (loss) for the period | [3] | (23,400) | (22,955) | (445) | |||||||||
Change in accumulated other comprehensive income (loss) | (4,342) | (4,342) | |||||||||||
Repurchase of stock | (20,302) | (2) | (20,300) | ||||||||||
Redemption of HPUs | (9,811) | (9,800) | 1 | 15,238 | (15,250) | ||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interest | (3,110) | (3,110) | |||||||||||
Contributions from noncontrolling interests | 127 | 127 | |||||||||||
Distributions to noncontrolling interests | (5,131) | (5,131) | |||||||||||
Ending Balance at Sep. 30, 2015 | 1,148,209 | 22 | 4 | 0 | [2] | 84 | 3,740,769 | (2,633,164) | (5,313) | 45,807 | |||
Beginning Balance at Dec. 31, 2015 | 1,101,330 | 22 | 4 | 0 | [2] | 81 | 3,689,330 | (2,625,474) | (4,851) | 42,218 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared—preferred | (38,490) | (38,490) | |||||||||||
Issuance of stock/restricted stock unit amortization, net | 1,675 | 1,675 | |||||||||||
Net income (loss) for the period | [3] | 112,635 | 101,727 | 10,908 | |||||||||
Change in accumulated other comprehensive income (loss) | (579) | (579) | |||||||||||
Repurchase of stock | (98,429) | (10) | (98,419) | ||||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interest | 124 | 124 | |||||||||||
Contributions from noncontrolling interests | 513 | 513 | |||||||||||
Change in noncontrolling interest | [4] | (7,292) | (7,292) | ||||||||||
Ending Balance at Sep. 30, 2016 | $ 1,071,487 | $ 22 | $ 4 | $ 0 | [2] | $ 71 | $ 3,592,710 | $ (2,562,237) | $ (5,430) | $ 46,347 | |||
[1] | Refer to Note 13 for details on the Company's Preferred Stock. | ||||||||||||
[2] | All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13). | ||||||||||||
[3] | For the nine months ended September 30, 2016 and 2015, net income (loss) shown above excludes $(3,993) and $(2,731) of net loss attributable to redeemable noncontrolling interests. | ||||||||||||
[4] | Includes a payment to acquire a noncontrolling interest (refer to Note 5). |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Net income (loss) attributable to redeemable noncontrolling interest | $ (3,993) | $ (2,731) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 108,642 | $ (26,131) |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ||
(Recovery of) provision for loan losses | (12,749) | 30,944 |
Impairment of assets | 11,753 | 5,590 |
Depreciation and amortization | 42,184 | 49,804 |
Payments for withholding taxes upon vesting of stock-based compensation | (1,203) | (1,683) |
Non-cash expense for stock-based compensation | 7,644 | 10,066 |
Amortization of discounts/premiums and deferred financing costs on debt obligations, net | 12,954 | 12,745 |
Amortization of discounts/premiums on loans, net | (10,835) | (8,688) |
Deferred interest on loans, net | (5,632) | (43,915) |
Earnings from equity method investments | (74,254) | (25,904) |
Distributions from operations of other investments | 44,893 | 13,487 |
Deferred operating lease income | (7,340) | (5,374) |
Income from sales of real estate | (88,387) | (66,021) |
Land development revenue in excess of cost of sales | (88,387) | (66,021) |
Loss on early extinguishment of debt, net | 1,618 | 279 |
Debt discount on repayments of debt obligations | (5,369) | (576) |
Other operating activities, net | 4,115 | 3,492 |
Changes in assets and liabilities: | ||
Changes in accrued interest and operating lease income receivable, net | 5,715 | 834 |
Changes in deferred expenses and other assets, net | (14,194) | 97 |
Changes in accounts payable, accrued expenses and other liabilities | (11,773) | (29,737) |
Cash flows used in operating activities | (15,765) | (86,964) |
Cash flows from investing activities: | ||
Originations and fundings of loans receivable, net | (226,012) | (435,700) |
Capital expenditures on real estate assets | (55,385) | (57,419) |
Capital expenditures on land and development assets | (87,891) | (65,169) |
Acquisitions of real estate assets | (4,740) | 0 |
Repayments of and principal collections on loans receivable and other lending investments, net | 243,780 | 238,468 |
Net proceeds from sales of loans receivable | 0 | 6,655 |
Net proceeds from sales of real estate | 412,335 | 281,346 |
Net proceeds from sales of land and development assets | 64,159 | 29,390 |
Net proceeds from sales of other investments | 39,810 | 0 |
Distributions from other investments | 25,795 | 93,156 |
Contributions to other investments | (45,635) | (9,304) |
Changes in restricted cash held in connection with investing activities | (603) | (9,065) |
Other investing activities, net | (14,265) | 12,347 |
Cash flows provided by (used in) investing activities | 351,348 | 84,705 |
Cash flows from financing activities: | ||
Borrowings from debt obligations | 696,401 | 549,000 |
Repayments and repurchases of debt obligations | (1,065,253) | (430,048) |
Proceeds from loan participations payable | 22,844 | 138,075 |
Preferred dividends paid | (38,490) | (38,490) |
Repurchase of stock | (99,335) | (19,004) |
Redemption of HPUs | 0 | (9,811) |
Payments for deferred financing costs | (8,930) | (2,255) |
Other financing activities, net | (6,427) | (939) |
Cash flows (used in) provided by financing activities | (499,190) | 186,528 |
Effect of exchange rate changes on cash | 16 | 412 |
Changes in cash and cash equivalents | (163,591) | 184,681 |
Cash and cash equivalents at beginning of period | 711,101 | 472,061 |
Cash and cash equivalents at end of period | 547,510 | 656,742 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Fundings of loan receivables (loan participations) | 31,030 | 10,001 |
Developer fee payable | 9,478 | 6,543 |
Deed-in-lieu transfers | 9,083 | 13,424 |
Accounts payable for capital expenditures on land and development assets | 3,187 | 3,543 |
Accounts payable for capital expenditures on real estate assets | 0 | 5,669 |
Redemption of HPUs | 0 | 15,240 |
Repurchase of stock | 0 | 1,298 |
Land and Development | ||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ||
Land development revenue in excess of cost of sales | $ (23,547) | $ (6,273) |
Business and Organization
Business and Organization | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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, land and development, net lease and operating properties (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. |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 , as amended on Form 10-K/A on March 9, 2016 (the " 2015 Annual Report"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the consolidated financial statements and the related notes to conform to the 2016 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 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 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 each time such financial statements are filed. The accompanying consolidated statements of changes in equity balances as of September 30, 2015 have been revised as follows: As Reported Change As Adjusted (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 Principles of Consolidation —The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has not provided financial support to those VIEs that it was not previously contractually required to provide. Consolidated VIEs —The Company consolidates VIEs for which it is considered the primary beneficiary. As of September 30, 2016 , the total assets of these consolidated VIEs were $414.9 million and total liabilities were $66.2 million . The classifications of these assets are primarily within "Land and development" and "Real estate, net" 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 did not have any unfunded commitments related to consolidated VIEs as of September 30, 2016 . Unconsolidated VIEs —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 September 30, 2016 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $80.6 million carrying value of the investments, which are classified in "Other investments" and "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets, and $45.8 million of related unfunded commitments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies On January 1, 2016, the Company adopted Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") which modified the presentation of debt issuance costs as a deduction from the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets, which is consistent with the presentation of debt discounts. These costs were previously recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. As a result, as of December 31, 2015, "Deferred expenses and other assets, net" excludes $25.1 million of debt issuance costs and "Debt obligations, net" and "Loan participations payable, net" are presented net of debt issuance costs of $24.9 million and $0.2 million , respectively. Debt issuance costs associated with revolving-debt arrangements are recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. On January 1, 2016, the Company adopted ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which modified the analysis it must perform to determine whether it should consolidate certain types of entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest entities ("VOEs"). The guidance, however, modified the requirements to qualify under the VOE model. The adoption did not have a material impact on the Company's consolidated financial statements. On January 1, 2016, the Company adopted 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 eliminated 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. The adoption did not have a material impact on the Company's consolidated financial statements. As of September 30, 2016 , the remainder of the Company's significant accounting policies, which are detailed in the Company's 2015 Annual Report, have not changed materially. New Accounting Pronouncements — In August 2016 , the Financial Accounting Standards Board ("FASB") issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In June 2016 , the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In March 2016 , the FASB issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 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 February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. However, in certain instances a long-term lease of land could be classified as a sales-type lease, resulting in the lessor derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance 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. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Land and land improvements, at cost $ 272,227 $ 114,354 $ 386,581 Buildings and improvements, at cost 1,091,842 301,396 1,393,238 Less: accumulated depreciation (362,293 ) (42,916 ) (405,209 ) Real estate, net 1,001,776 372,834 1,374,610 Real estate available and held for sale (1) — 101,488 101,488 Total real estate $ 1,001,776 $ 474,322 $ 1,476,098 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 _______________________________________________________________________________ (1) As of September 30, 2016 and December 31, 2015 , the Company had $101.5 million and $137.3 million , respectively, of residential properties available for sale in its operating properties portfolio. Real Estate Available and Held for Sale— During the nine months ended September 30, 2016 , the Company transferred one net lease asset with a carrying value of $0.7 million and one commercial operating property with a carrying value of $16.1 million to held for sale due to executed contracts with third parties. The Company also acquired a residential operating property for $0.8 million that is held for sale and had no operations as of September 30, 2016. During the nine months ended September 30, 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 and a commercial operating property with a carrying value of $2.9 million to held for investment due to a change in business strategy. Acquisitions— During the nine months ended September 30, 2016 , the Company acquired land for $3.9 million and simultaneously entered into a 99 year ground lease with the seller. During the nine months ended September 30, 2015, the Company acquired, via deed-in-lieu, title to a residential operating property which had a total fair value of $13.4 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. Dispositions— During the nine months ended September 30, 2016 and 2015 , the Company sold residential condominiums for total net proceeds of $74.9 million and $113.4 million , respectively, and recorded income from sales of real estate totaling $23.3 million and $36.8 million , respectively. During the nine months ended September 30, 2016 and 2015, the Company sold net lease assets for net proceeds of $108.5 million and $39.4 million , respectively, resulting in gains of $15.9 million and $15.6 million , respectively. During the nine months ended September 30, 2016 , the Company also sold commercial operating properties for net proceeds of $229.1 million resulting in gains of $49.2 million . The gains are recorded in "Income from sales of real estate" in the Company's consolidated statements of operations. During the nine months ended September 30, 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 6). 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 nine months ended September 30, 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 . Impairments— During the nine months ended September 30, 2016 , the Company recorded $7.9 million in impairments comprised of $3.0 million on a residential operating property resulting from unfavorable local market conditions and $4.9 million on the sale of net lease assets. During the nine months ended September 30, 2015, the Company recorded impairments of $5.6 million resulting from a change in business strategy on two commercial operating properties and unfavorable local market conditions for one residential operating property. Tenant Reimbursements— The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $6.2 million and $18.4 million for the three and nine months ended September 30, 2016 , respectively, and $6.8 million and $20.4 million for the three and nine months ended September 30, 2015, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of September 30, 2016 and December 31, 2015 , the allowance for doubtful accounts related to real estate tenant receivables was $1.4 million and $1.9 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million and $1.5 million as of September 30, 2016 and December 31, 2015, respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets. |
Land and Development
Land and Development | 9 Months Ended |
Sep. 30, 2016 | |
Land and development [Abstract] | |
Land and Development | Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of September 30, December 31, 2016 2015 Land and land development, at cost $ 1,029,023 $ 1,007,995 Less: accumulated depreciation (6,917 ) (6,032 ) Total land and development, net $ 1,022,106 $ 1,001,963 Acquisitions— In February 2016, the Company acquired an additional 7.2% interest in a consolidated entity for $7.2 million . The Company owns 92.2% of the entity as of September 30, 2016. During the nine months ended September 30, 2016 , the Company acquired, via deed-in-lieu, title to a land asset which had a total fair value of $9.1 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. Dispositions— During the nine months ended September 30, 2016 and 2015, the Company sold residential lots and units and recognized land development revenue of $74.4 million and $29.1 million , respectively, from its land and development portfolio. For the nine months ended September 30, 2016 and 2015, the Company recognized land development cost of sales of $50.8 million and $22.8 million , respectively, from its land and development portfolio. In April 2015, the Company transferred a land asset to a purchaser at a stated price of $ 16.1 million , as part of an agreement to construct an amphitheater, for which the Company received immediate payment of $5.3 million , with the remainder to be received upon completion of the development project. Due to the Company's continuing involvement in the project, no sale was recognized and the proceeds were recorded as unearned revenue in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets (refer to Note 7). Impairments— During the nine months ended September 30, 2016 , the Company recorded an impairment of $3.8 million equal to the carrying value on a land asset resulting from a change in business strategy. Redeemable Noncontrolling Interest— The Company has a majority interest in a strategic venture that provides the third party minority partner an option to redeem its interest at fair value. The Company has reflected the partner's noncontrolling interest in this venture as a component of redeemable noncontrolling interest within its consolidated balance sheets. Changes in fair value are being accreted over the term from the date of issuance of the redemption option to the earliest redemption date using the interest method. As of September 30, 2016 and December 31, 2015 , this interest had a carrying value of $3.4 million and $7.2 million , respectively. As of September 30, 2016 , this interest did not have a redemption value. |
Loans Receivable and Other Lend
Loans Receivable and Other Lending Investments, net | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans Receivable and Other Lending Investments, net | Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment September 30, December 31, Senior mortgages $ 1,080,612 $ 975,915 Corporate/Partnership loans 558,913 643,270 Subordinate mortgages 25,525 28,676 Total gross carrying value of loans 1,665,050 1,647,861 Reserves for loan losses (95,416 ) (108,165 ) Total loans receivable, net 1,569,634 1,539,696 Other lending investments—securities 62,552 62,289 Total loans receivable and other lending investments, net $ 1,632,186 $ 1,601,985 In June 2015, the Company received a loan with a fair value of $146.7 million as a non-cash paydown on a $196.6 million loan and reduced the principal balance by the fair value to $49.9 million . 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 $24.0 million remaining balance of the original $196.6 million loan. During the nine months ended September 30, 2015 , the Company sold a loan with a carrying value of $5.5 million . No gain or loss was recognized as a result of the transaction. Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Reserve for loan losses at beginning of period $ 110,371 $ 121,934 $ 108,165 $ 98,490 (Recovery of) provision for loan losses (1) (14,955 ) 7,500 (12,749 ) 30,944 Charge-offs — (876 ) — (876 ) Reserve for loan losses at end of period $ 95,416 $ 128,558 $ 95,416 $ 128,558 _______________________________________________________________________________ (1) For the three and nine months ended September 30, 2016, the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $11.7 million . For the three and nine months ended September 30, 2015, the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $0.1 million and $0.6 million , respectively. The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of September 30, 2016 Loans $ 296,700 $ 1,376,190 $ 1,672,890 Less: Reserve for loan losses (74,216 ) (21,200 ) (95,416 ) Total (3) $ 222,484 $ 1,354,990 $ 1,577,474 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 (3) $ 60,327 $ 1,488,347 $ 1,548,674 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.4 million and $0.2 million as of September 30, 2016 and December 31, 2015 , 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. During the nine months ended September 30, 2016, the Company transferred a loan with a gross carrying value of $157.2 million to non-performing loans due to the initiation of bankruptcy proceedings related to the collateral, which resulted in the release of $11.6 million of the general reserve. The Company performed a valuation and recorded a specific reserve of $12.5 million . (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.3 million and $8.2 million as of September 30, 2016 and December 31, 2015 , respectively. (3) The Company's recorded investment in loans as of September 30, 2016 and December 31, 2015 includes accrued interest of $7.8 million and $9.0 million , respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , excludes $62.6 million and $62.3 million , respectively, of securities that are evaluated for impairment under ASC 320. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of September 30, 2016 As of December 31, 2015 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 957,681 2.78 $ 853,595 2.96 Corporate/Partnership loans 404,493 2.25 641,713 3.37 Subordinate mortgages 14,016 3.00 29,039 3.64 Total $ 1,376,190 2.63 $ 1,524,347 3.15 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 As of September 30, 2016 Senior mortgages $ 966,981 $ — $ 118,665 $ 118,665 $ 1,085,646 Corporate/Partnership loans 398,838 5,655 157,171 162,826 561,664 Subordinate mortgages 25,580 — — — 25,580 Total $ 1,391,399 $ 5,655 $ 275,836 $ 281,491 $ 1,672,890 As of December 31, 2015 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 September 30, 2016 , the Company had five 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 8.0 years outstanding. 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 September 30, 2016 As of December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Subordinate mortgages $ 11,564 $ 11,548 $ — $ — $ — $ — Subtotal 11,564 11,548 — — — — With an allowance recorded: Senior mortgages 127,965 126,547 (61,745 ) 126,754 125,776 (69,627 ) Corporate/Partnership loans 157,171 146,783 (12,471 ) 5,738 5,738 (2,538 ) Subtotal 285,136 273,330 (74,216 ) 132,492 131,514 (72,165 ) Total $ 296,700 $ 284,878 $ (74,216 ) $ 132,492 $ 131,514 $ (72,165 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ 4,608 $ 114 $ — $ — $ 4,575 $ 226 $ — $ — Subordinate mortgages 11,567 — — — 5,784 — — — Subtotal 16,175 114 — — 10,359 226 — — With an allowance recorded: Senior mortgages 127,494 — 128,969 4 127,169 — 129,730 38 Corporate/Partnership loans 81,108 — 49,893 — 43,339 — 28,880 12 Subtotal 208,602 — 178,862 4 170,508 — 158,610 50 Total $ 224,777 $ 114 $ 178,862 $ 4 $ 180,867 $ 226 $ 158,610 $ 50 Troubled Debt Restructurings —During the three and nine months ended September 30, 2015 , the Company modified two 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 $11.6 million to grant a discounted payoff option and a maturity extension of one year. The Company's recorded investment in these loans was not impacted by the modifications. Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. Securities —Other lending investments—securities includes the following ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain (Loss) Estimated Fair Value Net Carrying Value As of September 30, 2016 Available-for-Sale Securities Municipal debt securities $ 5,365 $ 5,365 $ 415 $ 5,780 $ 5,780 Held-to-Maturity Securities Debt securities 57,061 56,772 — 57,090 56,772 Total $ 62,426 $ 62,137 $ 415 $ 62,870 $ 62,552 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 Debt securities 54,549 61,128 — 61,199 61,128 Total $ 55,559 $ 62,138 $ 151 $ 62,360 $ 62,289 |
Other Investments
Other Investments | 9 Months Ended |
Sep. 30, 2016 | |
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): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended September 30, For the Nine Months September 30, 2016 December 31, 2015 2016 2015 2016 2015 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 103,468 $ 69,096 $ 723 $ 971 $ 2,613 $ 4,270 Marina Palms, LLC ("Marina Palms") 32,714 30,099 6,182 10,017 19,583 19,636 Other real estate equity investments (1) 72,918 81,452 16,289 (2,906 ) $ 43,187 (4,545 ) Subtotal 209,100 180,647 23,194 8,082 65,383 19,361 Other strategic investments (2) 53,396 73,525 3,346 2,490 8,871 6,543 Total $ 262,496 254,172 $ 26,540 $ 10,572 $ 74,254 $ 25,904 _______________________________________________________________________________ (1) During the nine months ended September 30, 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized equity in earnings of $31.5 million , of which $10.1 million was attributable to the noncontrolling interest. In September 2016, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the three and nine months ended September 30, 2016 of $15.8 million and $11.6 million , respectively. (2) 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 three and nine months ended September 30, 2016 , the Company recognized $0.6 million and $4.3 million , respectively, of carried interest income. During the nine months ended September 30, 2015 , the Company recognized $2.2 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 nine months ended September 30, 2016, the Net Lease Venture acquired two office properties and the Company made contributions to the Net Lease Venture of $35.6 million . As of September 30, 2016 and December 31, 2015 , the venture's carrying value of total assets was $493.3 million and $400.2 million , respectively. During the three and nine months ended September 30, 2016 , the Company recorded $0.4 million and $1.2 million of management fees, respectively, and $0.4 million and $1.1 million for the three and nine months ended September 30, 2015 , respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. In June 2015, the venture placed ten year non-recourse financing of $120.0 million on one of its net lease assets. Net proceeds from the financing were distributed to its members of which the Company received approximately $61.2 million . Marina Palms —As of September 30, 2016 , the Company owned a 47.5% equity interest in Marina Palms, a 468 unit, two tower residential condominium development in North Miami Beach, Florida. The 234 unit north tower has one unit remaining for sale as of September 30, 2016. The 234 unit south tower is 75% pre-sold as of September 30, 2016. 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 September 30, 2016 and December 31, 2015 , the venture's carrying value of total assets was $202.3 million and $278.5 million , respectively. Other real estate equity investments —As of September 30, 2016 , the Company's other real estate equity investments included equity interests in real estate ventures ranging from 19% to 85% , comprised of investments of $12.7 million in operating properties and $60.2 million in land assets. As of December 31, 2015 , the Company's other real estate equity investments included $11.1 million in operating properties and $70.4 million in land assets. In 2014, the Company contributed land to a newly formed unconsolidated entity in which the Company received an initial equity interest of 85.7% . As of September 30, 2016, this entity is not a VIE due to shared control of the entity with the partner. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of December 31, 2015, the mezzanine loan balance was $33.7 million and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. In September 2016, the entity secured non-recourse financing from a third-party lender, paid off in full the mezzanine loan from the Company and distributed the excess proceeds from the financing to the partners. During the three and nine months ended September 30, 2016, the Company received a distribution in excess of its carrying value and recorded equity in earnings of $15.8 million and $11.6 million , respectively. The Company has no further obligation nor intention to fund the venture in the future. Subsequent to the distribution of the financing proceeds, the Company has a 50% interest in the entity. During the three and nine months ended September 30, 2016 , the Company recorded $1.3 million and $3.6 million of interest income, respectively, and $1.1 million and $2.8 million for the three and nine months ended September 30, 2015 , respectively, relating to the mezzanine loan that was paid off in September 2016. As of September 30, 2016 and December 31, 2015 , the Company had a recorded equity interest of zero and $6.3 million , respectively. Other strategic investments —As of September 30, 2016 , 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. As of September 30, 2016 and December 31, 2015, the carrying value of the Company's cost method investments was $1.4 million and $1.5 million , respectively. During the nine months ended September 30, 2015, the Company sold available-for-sale securities for proceeds of $7.3 million for gains of $2.5 million , which are included in "Other income" in the Company's consolidated statements of operations. The amount reclassified out of accumulated other comprehensive income into earnings was determined based on the specific identification method. Summarized investee financial information —The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the nine months ended September 30, 2016 and 2015 ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Nine Months Ended September 30, 2016 Marina Palms $ 129,697 $ (72,736 ) $ 56,961 For the Nine Months Ended September 30, 2015 Marina Palms $ 142,419 $ (88,661 ) $ 53,758 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Other Assets and Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of September 30, 2016 December 31, 2015 Intangible assets, net (1) $ 63,586 $ 71,446 Other receivables (2) 49,667 22,557 Other assets 31,649 36,999 Restricted cash 28,609 26,657 Leasing costs, net (3) 11,525 19,393 Corporate furniture, fixtures and equipment, net (4) 5,457 4,405 Deferred expenses and other assets, net $ 190,493 $ 181,457 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets 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, net was $31.4 million and $37.3 million as of September 30, 2016 and December 31, 2015 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.9 million and $3.3 million for the three and nine months ended September 30, 2016 , respectively, and $1.8 million and $5.5 million for the three and nine months ended September 30, 2015 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.4 million and $1.5 million for the three and nine months ended September 30, 2016 , respectively, and $0.9 million and $3.0 million for the three and nine months ended September 30, 2015 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) As of September 30, 2016 and December 31, 2015, included $26.1 million and $11.3 million , respectively, of receivables related to the construction and development of an amphitheater (refer to Note 5). (3) Accumulated amortization of leasing costs was $6.1 million and $9.8 million as of September 30, 2016 and December 31, 2015 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $8.8 million and $8.1 million as of September 30, 2016 and December 31, 2015 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2016 December 31, 2015 Other liabilities (1) $ 81,054 $ 80,332 Accrued expenses (2) 69,711 68,937 Accrued interest payable 44,395 55,081 Intangible liabilities, net (3) 9,112 10,485 Accounts payable, accrued expenses and other liabilities $ 204,272 $ 214,835 _______________________________________________________________________________ (1) As of September 30, 2016 and December 31, 2015 , "Other liabilities" includes $24.0 million and $14.5 million , respectively, related to profit sharing arrangements with developers for properties sold. As of September 30, 2016 and December 31, 2015 , includes $3.0 million and $4.4 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , "Other liabilities" also includes $6.5 million and $6.6 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of September 30, 2016 and December 31, 2015 , accrued expenses includes $3.0 million and $5.3 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.2 million and $6.6 million as of September 30, 2016 and December 31, 2015 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million and $0.9 million for the three and nine months ended September 30, 2016 , respectively, and $0.5 million and $1.2 million for the three and nine months ended September 30, 2015, respectively. Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands): As of September 30, 2016 December 31, 2015 Deferred tax assets (liabilities) $ 61,638 $ 53,910 Valuation allowance (61,638 ) (53,910 ) Net deferred tax assets (liabilities) $ — $ — |
Loan Participations Payable, ne
Loan Participations Payable, net | 9 Months Ended |
Sep. 30, 2016 | |
Loan Participations Payable [Abstract] | |
Loan Participations Payable, net | Loan Participations Payable, net The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of September 30, 2016 December 31, 2015 Loan participations payable (1)(2) $ 206,875 $ 153,000 Debt discounts and deferred financing costs, net (1,094 ) (914 ) Total loan participations payable, net $ 205,781 $ 152,086 _______________________________________________________________________________ (1) As of September 30, 2016, the Company had four loan participations payable with a weighted average interest rate of 4.6% . As of December 31, 2015, the Company had two loan participations payable with a weighted average interest rate of 4.3% . (2) The Company is responsible for funding a $32.6 million loan commitment on one loan participation if the transferee defaults. Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of September 30, 2016 and December 31, 2015 . As of September 30, 2016 and December 31, 2015, the corresponding loan receivable balances were $205.6 million and $153.0 million , respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations. |
Debt Obligations, net
Debt Obligations, net | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Obligations, net | Debt Obligations, net The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Interest Rates Scheduled Maturity Date September 30, 2016 December 31, 2015 Secured credit facilities and mortgages: 2015 $250 Million Secured Revolving Credit Facility $ — $ 250,000 LIBOR + 2.75% (1) March 2018 2016 Senior Secured Credit Facility 499,976 — LIBOR + 4.50% (2) July 2020 Mortgages collateralized by net lease assets 232,721 239,547 4.85% - 7.26% (3) Various through 2026 2012 Secured Tranche A-2 Facility — 339,717 LIBOR + 5.75% (4) — Total secured credit facilities and mortgages 732,697 829,264 Unsecured notes: 5.875% senior notes — 261,403 5.875 % — 3.875% senior notes — 265,000 3.875 % — 3.00% senior convertible notes (5) 200,000 200,000 3.00 % November 2016 1.50% senior convertible notes (6) 178,250 200,000 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 6.50% senior notes 275,000 — 6.50 % July 2021 Total unsecured notes 2,947,972 3,221,125 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,780,669 4,150,389 Debt discounts and deferred financing costs, net (30,796 ) (31,566 ) Total debt obligations, net (7) $ 3,749,873 $ 4,118,823 _______________________________________________________________________________ (1) 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 1.0% 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. (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 1.0% and subject to a margin of 3.5% or (ii) LIBOR subject to a margin of 4.5% with a minimum LIBOR rate of 1.0% . (3) As of September 30, 2016 and December 31, 2015 , includes a loan with a floating rate of LIBOR plus 2.0% . As of September 30, 2016 , the weighted average interest rate of these loans is 5.2% . (4) The loan had a LIBOR floor of 1.25% . (5) 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. (6) The Company's 1.50% senior convertible fixed rate notes due November 2016 (" 1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016. (7) The Company capitalized interest relating to development activities of $1.4 million and $4.2 million for the three and nine months ended September 30, 2016 , respectively, and $1.3 million and $4.0 million for the three and nine months ended September 30, 2015 , respectively. Future Scheduled Maturities —As of September 30, 2016 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2016 (remaining three months) $ 378,250 $ — $ 378,250 2017 924,722 — 924,722 2018 600,000 11,734 611,734 2019 770,000 29,602 799,602 2020 — 499,976 499,976 Thereafter 375,000 191,385 566,385 Total principal maturities 3,047,972 732,697 3,780,669 Unamortized discounts and deferred financing costs, net (21,440 ) (9,356 ) (30,796 ) Total debt obligations, net $ 3,026,532 $ 723,341 $ 3,749,873 2016 Senior Secured Credit Facility —In June 2016, the Company entered into a senior secured credit facility of $450.0 million (the "2016 Senior Secured Credit Facility"). In August 2016, the Company upsized the facility to $500.0 million . The initial $450.0 million of the 2016 Senior Secured Credit Facility was issued at 99% of par and the upsize was issued at par. The 2016 Senior Secured Credit Facility bears interest at a floating rate of LIBOR plus 4.50% with a 1.00% LIBOR floor. The 2016 Senior Secured Credit Facility is collateralized 1.25 x by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2016 Senior Secured Credit Facility. 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, and is required to repay 0.25% of the principal amount outstanding on the first business day of each quarter beginning on October 3, 2016. Proceeds from the 2016 Senior Secured Credit Facility, together with cash on hand, were primarily used to repay in full the $323.2 million 2012 Secured Tranche A-2 Facility (as defined below) and repay the $245.0 million balance outstanding on the 2015 Secured Revolving Credit Facility (as defined below). In connection with the 2016 Senior Secured Credit Facility, the Company incurred $4.5 million of lender fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. The Company also incurred $6.2 million in third party fees, of which $4.3 million was capitalized in “Debt obligations, net” on the Company's consolidated balance sheets, as it related to new lenders, and $1.9 million was recognized in “Other expense” in the Company's consolidated statements of operations as it related primarily to those lenders from the original facility that modified their debt under the new facility. 2015 Secured Revolving Credit Facility —In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Secured 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 0.50% , based on average utilization each quarter. During the three months ended September 30, 2016 , the weighted average cost of the credit facility was 3.22% . 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. As of September 30, 2016, the Company had $250.0 million of borrowing capacity available under the 2015 Secured Revolving Credit Facility. 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 accrued interest at a rate of LIBOR + 4.00% (the "2012 Secured Tranche A-1 Facility"), and a $470.0 million 2012 A-2 tranche due March 2017, which accrued interest at a rate of LIBOR + 5.75% (the "2012 Secured 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 included a LIBOR floor of 1.25% . The 2012 Secured Tranche A-1 Facility was fully repaid in August 2013. In June 2016, proceeds from the 2016 Senior Secured Credit Facility were used to repay in full the 2012 Secured Tranche A-2 Facility. During the nine months ended September 30, 2016 , repayments of the 2012 Secured Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $1.2 million related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid. During the three and nine months ended September 30, 2015 , repayments of the 2012 Secured Tranche A-2 Facility prior to maturity resulted in losses on early extinguishment of debt of $0.1 million and $0.3 million , respectively. These amounts are included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations. Unsecured Notes —In March 2016, the Company repaid its $261.4 million principal amount of 5.875% senior unsecured notes at maturity using available cash. In addition, the Company issued $275.0 million principal amount of 6.50% senior unsecured notes due July 2021. Proceeds from the offering were primarily used to repay in full the $265.0 million principal amount of senior unsecured notes due July 2016 and repay $5.0 million of the 2015 Secured Revolving Credit Facility. In September 2016, the Company repurchased and retired $21.8 million of its 1.50% Convertible Notes. During the three and nine months ended September 30, 2016, repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $0.1 million and $0.4 million , respectively. This amount is included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations. Encumbered/Unencumbered Assets —As of September 30, 2016 and December 31, 2015 , the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of September 30, 2016 December 31, 2015 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 895,041 $ 479,569 $ 816,721 $ 777,262 Real estate available and held for sale — 101,488 10,593 126,681 Land and development 35,164 986,942 17,714 984,249 Loans receivable and other lending investments, net (1)(2) 175,365 1,272,458 170,162 1,314,823 Other investments — 262,496 22,352 231,820 Cash and other assets — 845,128 — 1,008,415 Total $ 1,105,570 $ 3,948,081 $ 1,037,542 $ 4,443,250 _______________________________________________________________________________ (1) As of September 30, 2016 and December 31, 2015 , the amounts presented exclude general reserves for loan losses of $21.2 million and $36.0 million , respectively. (2) As of September 30, 2016 and December 31, 2015, the amounts presented exclude loan participations of $205.6 million and $153.0 million , respectively. Debt Covenants The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2 x and a covenant not to incur 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 the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is currently limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures. The Company's 2016 Senior Secured Credit Facility and the 2015 Secured 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 2016 Senior Secured Credit Facility requires the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facility. The 2015 Secured 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 Secured 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 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss ("NOL") carryforwards). The Company may not pay common dividends if it ceases to qualify as a REIT. The Company's 2016 Senior Secured Credit Facility and the 2015 Secured 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 | 9 Months Ended |
Sep. 30, 2016 | |
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 real estate 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 September 30, 2016 , 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 (1) Real Estate Other Investments Total Performance-Based Commitments $ 459,770 $ 13,930 $ 21,342 $ 495,042 Strategic Investments — — 45,823 45,823 Discretionary Fundings — — — — Total $ 459,770 $ 13,930 $ 67,165 $ 540,865 _______________________________________________________________________________ (1) Excludes $212.1 million of commitments on loan participations sold that are not the obligation of the Company (refer to Note 9). 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: Shareholder Action 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. The Company filed a Motion to Dismiss the plaintiffs’ claims, which the Circuit Court granted on October 30, 2014 and, as a result, all of plaintiffs' claims in this action were dismissed. Plaintiffs appealed the dismissal of their claims and, on January 28, 2016, the Court of Special Appeals affirmed the order of the Circuit Court. Plaintiffs then filed a petition for certiorari with the Maryland Court of Appeals, requesting that the decision of the Court of Special Appeals be reversed. On May 20, 2016, the Maryland Court of Appeals granted the petition for writ of certiorari and agreed to hear the appeal. Oral argument was held on October 7, 2016 and the Company is awaiting a decision from the Court of Appeals. U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (Civil Action No. DKC 08-1863) 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 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. Lennar appealed the Court's judgment and has posted an appeal bond. The Court has granted Lennar's motion to stay the judgment pending appeal. 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. In the pending appeal before the United States Court of Appeals for the Fourth Circuit, the parties have filed their respective briefs. Oral argument in the appeal, originally scheduled for October 26, 2016, has been continued by order of the Court of Appeals and will be rescheduled for the next available oral argument session. 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 the appeal. A third party purchased a participation interest in the Company's original loan and presently holds a 7.8% participation interest in all proceeds. On a quarterly basis, the Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial statements. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2016 and December 31, 2015 ($ in thousands): Derivative Assets as of Derivative Liabilities as of September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 39 Other Liabilities $ 209 N/A $ — Interest rate swaps N/A — N/A — Other Liabilities 495 Other Liabilities 131 Total $ — $ 39 $ 704 $ 131 Derivatives not Designated in Hedging Relationships Foreign exchange contracts Other Assets $ 94 Other Assets $ 378 Other Liabilities $ 64 N/A $ — Interest rate cap Other Assets 45 Other Assets 1,105 N/A — N/A — Total $ 139 $ 1,483 $ 64 $ — 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 three and nine months ended September 30, 2016 and 2015 ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended September 30, 2016 Interest rate swaps Interest Expense 126 (19 ) N/A Interest rate cap Earnings from equity method investments (1 ) (1 ) N/A Interest rate swap Earnings from equity method investments 124 (92 ) N/A Foreign exchange contracts Earnings from equity method investments (150 ) — N/A For the Three Months Ended September 30, 2015 Interest rate cap Interest Expense — (176 ) N/A Interest rate cap Earnings from equity method investments (2 ) — N/A Interest rate swaps Interest Expense (461 ) 43 N/A Interest rate swap Earnings from equity method investments (421 ) (117 ) N/A Foreign exchange contracts Earnings from equity method investments 119 — N/A For the Nine Months Ended September 30, 2016 Interest rate cap Interest Expense — (185 ) N/A Interest rate cap Earnings from equity method investments (2 ) — N/A Interest rate swaps Interest Expense (568 ) (17 ) N/A Interest rate swap Earnings from equity method investments (500 ) (284 ) N/A Foreign exchange contracts Earnings from equity method investments (199 ) — N/A For the Nine Months Ended September 30, 2015 Interest rate cap Interest Expense — (378 ) N/A Interest rate cap Earnings from equity method investments (12 ) — N/A Interest rate swaps Interest Expense (745 ) 127 N/A Interest rate swap Earnings from equity method investments (744 ) (349 ) N/A Foreign exchange contracts Earnings from equity method investments (65 ) — N/A Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income For the Three Months Ended September 30, For the Nine Months Derivatives not Designated in Hedging Relationships 2016 2015 2016 2015 Interest rate cap Other Expense $ (4 ) $ (1,180 ) $ (1,059 ) $ (3,751 ) Foreign exchange contracts Other Expense 65 691 406 2,278 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 September 30, 2016 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells Indian rupee ("INR")/Buys USD Forward ₨ 456,000 $ 6,553 December 2016 For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of September 30, 2016 , 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 € 6,300 $ 7,018 October 2016 Sells pound sterling ("GBP")/Buys USD Forward £ 3,400 $ 4,504 October 2016 Sells euro ("EUR")/Buys USD Forward € 6,300 $ 7,095 January 2017 Sells pound sterling ("GBP")/Buys USD Forward £ 3,400 $ 4,427 January 2017 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 during the three and nine months ended September 30, 2016 and $(0.1) million for the three and nine months ended September 30, 2015 in its consolidated statements of operations. Interest Rate Hedges —For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. As of September 30, 2016 , the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate swap $ 26,534 LIBOR + 2.00% 3.47% October 2012 November 2019 For derivatives not designated as cash flow 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 September 30, 2016 , the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ 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 September 30, 2016 and December 31, 2015 , the Company has posted collateral of $0.8 million and $1.0 million , respectively, and 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 September 30, 2016 . |
Equity
Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of September 30, 2016 and December 31, 2015 : Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) 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 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 $6.0 million , $8.3 million , $5.9 million , $4.6 million and $7.0 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the nine months ended September 30, 2016 and 2015 . The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 2016 and 2015 . All 2015 dividends qualified as a return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series D, E, F, G, and I 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 $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Dividends —To maintain its qualification as a REIT, the Company must annually 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 eliminate corporate federal income taxes payable by the REIT. 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, 2015, the Company had $902.9 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will expire beginning in 2029 and through 2035 if unused. 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 2016 Senior Secured Credit Facility and 2015 Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards), as long as the Company maintains its REIT qualification. The 2016 Senior Secured Credit Facility and 2015 Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any common stock dividends for the nine months ended September 30, 2016 and 2015 . Stock Repurchase Program —In February 2016, after having substantially utilized the remaining availability previously authorized, the Company's Board of Directors authorized a new $50.0 million stock repurchase program. After having substantially utilized the availability authorized in February 2016, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million , effective August 4, 2016. The program authorizes the repurchase of common stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. During the nine months ended September 30, 2016 , the Company repurchased 10.2 million shares of its outstanding common stock for $98.4 million , at an average cost of $9.67 per share. During the nine months ended September 30, 2015 , the Company repurchased 1.7 million shares of its outstanding common stock for $20.3 million , at an average cost of $12.16 per share. As of September 30, 2016 and December 31, 2015, the Company had remaining authorization to repurchase up to $50.0 million and $48.7 million , respectively, of common stock under its stock repurchase program. HPU Repurchase —In August 2015, the Company repurchased and retired all of its 14,888 HPUs outstanding, 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 tender 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 $9.8 million was recorded as a reduction to retained earnings in the Company's consolidated statements of changes in equity. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of September 30, 2016 December 31, 2015 Unrealized gains (losses) on available-for-sale securities $ 138 $ (125 ) Unrealized gains (losses) on cash flow hedges (1,072 ) (690 ) Unrealized losses on cumulative translation adjustment (4,496 ) (4,036 ) Accumulated other comprehensive income (loss) $ (5,430 ) $ (4,851 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans and Employee Benefits | Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation —The Company recorded stock-based compensation expense of $1.4 million and $7.6 million for the three and nine months ended September 30, 2016 , respectively, and $2.9 million and $10.1 million for the three and nine months ended September 30, 2015 , respectively, in "General and administrative" in the Company's consolidated statements of operations. As of September 30, 2016 , there was $2.4 million of total unrecognized compensation cost related to all unvested restricted stock units ("Units") that are expected to be recognized over a weighted average remaining vesting/service period of 1.8 years. Performance Incentive Plans —The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of granted iPIP points. • In May 2014, the Company granted 73 iPIP points in the initial 2013-2014 investment pool. • In January 2015, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and 34 iPIP points in the 2015-2016 investment pool. • In January 2016, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and an additional 40 iPIP points in the 2015-2016 investment pool. • In June 2016, the Company granted an additional 2.5 points in the 2015-2016 investment pool. As of September 30, 2016 and December 31, 2015, the Company had accrued compensation costs relating to iPIP of $20.3 million and $16.6 million , respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. Long-Term Incentive Plan —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. 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. As of September 30, 2016 , an aggregate of 3.6 million shares remain available for issuance pursuant to future awards under the Company's 2009 Long-Term Incentive Plan. Restricted Share Issuances —During the nine months ended September 30, 2016 , the Company granted 92,057 shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 58,667 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to 18 months from the date of grant. 2016 Restricted Stock Unit Activity —During the nine months ended September 30, 2016 , the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following: • 20,000 fully-vested shares of the Company's common stock granted on June 15, 2016 and 12,030 shares were issued as of that date, after deducting shares for minimum required statutory withholdings. In addition, 80,000 service-based Units were granted on June 15, 2016, 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 vest in equal annual installments over four years on each anniversary of the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Upon vesting of these Units, the holder will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. 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 September 30, 2016 , 80,000 of such service-based Units were outstanding. • 122,817 service-based Units granted on January 29, 2016, 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, 2018, 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 September 30, 2016 , 109,417 of such service-based Units were outstanding. As of September 30, 2016 , the Company had the following additional stock-based compensation awards outstanding: • 40,030 target amount of performance-based Units 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. • 56,979 service-based Units 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. • 38,908 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. • 57,412 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. • 4,751 service-based Units granted on various dates, 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 have an original vesting term of three years. Upon vesting of these Units, holders will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. Directors' Awards —During the nine months ended September 30, 2016 , the Company awarded to non-employee Directors 12,953 CSEs and 72,537 restricted shares of common stock at a fair value per share of $9.65 at the time of grant. The CSEs and restricted shares have a vesting term of 7.5 months and one year, respectively. 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 CSEs and restricted shares of common stock vest and are settled. As of September 30, 2016 , a combined total of 333,384 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.6 million . 401(k) Plan —The Company made gross contributions of $0.1 million and $0.9 million for the three and nine months ended September 30, 2016 , respectively, and $0.1 million and $1.0 million for the three and nine months ended September 30, 2015 , respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders were current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. These HPU units were treated as a separate class of common stock. All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015. The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Income (loss) from continuing operations $ 23,711 $ (20,553 ) $ 20,255 $ (92,152 ) Income from sales of real estate 34,444 26,511 88,387 66,021 Net (income) loss attributable to noncontrolling interests 967 706 (6,915 ) 3,176 Preferred dividends (12,830 ) (12,830 ) (38,490 ) (38,490 ) 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 (1) $ 46,292 $ (6,166 ) $ 63,237 $ (61,445 ) Add: Effect of joint venture shares 3 — 5 — Add: Effect of 1.50% senior convertible unsecured notes 1,123 — 3,400 — Add: Effect of 3.00% senior convertible unsecured notes 1,785 — 5,346 — Add: Effect of Series J convertible perpetual preferred stock 2,250 — 6,750 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share $ 51,453 $ (6,166 ) $ 78,738 $ (61,445 ) _______________________________________________________________________________ (1) For the nine months ended September 30, 2016 , includes income from continuing operations allocable to Participating Security Holders of $27 and $21 on a basic and dilutive basis. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 46,292 $ (6,072 ) $ 63,210 $ (59,818 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 46,292 $ (6,072 ) $ 63,210 $ (59,818 ) Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 51,453 $ (6,072 ) $ 78,717 $ (59,818 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 51,453 $ (6,072 ) $ 78,717 $ (59,818 ) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 71,210 85,766 74,074 85,602 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 87 — 65 — Add: Effect of joint venture shares 298 — 298 — Add: Effect of 1.50% senior convertible unsecured notes 11,444 — 11,526 — Add: Effect of 3.00% senior convertible unsecured notes 16,992 — 16,992 — Add: Effect of series J convertible perpetual preferred stock 15,635 — 15,635 — Weighted average common shares outstanding for diluted earnings per common share 115,666 85,766 118,590 85,602 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.65 $ (0.07 ) $ 0.85 $ (0.70 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.65 $ (0.07 ) $ 0.85 $ (0.70 ) Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.44 $ (0.07 ) $ 0.66 $ (0.70 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.44 $ (0.07 ) $ 0.66 $ (0.70 ) Earnings allocable to High Performance Units (1) : Numerator for basic and diluted earnings per HPU share: Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ (94 ) $ — $ (1,627 ) Denominator for basic and diluted earnings per HPU share: Weighted average High Performance Units outstanding for basic and diluted earnings per share — 7 — 12 Basic and diluted earnings per HPU share: Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ (13.41 ) $ — $ (132.19 ) _______________________________________________________________________________ (1) All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015. For the three and nine months ended September 30, 2016 and 2015 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1)(2) : For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 3.00% convertible senior unsecured notes — 16,992 — 16,992 Series J convertible perpetual preferred stock — 15,635 — 15,635 1.50% convertible senior unsecured notes — 11,567 — 11,567 Joint venture shares — 298 — 298 _______________________________________________________________________________ (1) For the three and nine months ended September 30, 2015 , the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive. (2) For the three and nine months ended September 30, 2016 , the effect of 25 and 128 unvested time and performance-based Units, respectively, were anti-dilutive. |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Recurring basis: Derivative assets (1) $ 139 $ — $ 139 $ — Derivative liabilities (1) 768 — 768 — Available-for-sale securities (1) 5,780 — — 5,780 Non-recurring basis: Impaired loans (2) 174,899 — — 174,899 Impaired land and development (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 (4) 3,200 — — 3,200 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. During the nine months ended September 30, 2016, the Company acquired $4.4 million of available for sale securities. There were no other material changes in Level 3 assets and there were no transfers into/out of Level 3 for the nine months ended September 30, 2016. (2) The Company recorded a provision for loan losses on one loan with a fair value of $144.7 million based on expected proceeds from liquidation. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $30.2 million based on market comparable sales and estimated closing costs of 4.0% . (3) The Company recorded an impairment of $3.8 million equal to the carrying value on a land and development asset due to the Company's expectation that it will receive no future cash flows from the asset. (4) 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 using a discount rate of 14.3% . Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.7 billion and $4.0 billion , respectively, as of September 30, 2016 and $1.6 billion and $4.3 billion , respectively, as of December 31, 2015 . The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended September 30, 2016: Operating lease income $ — $ 36,901 $ 14,407 $ 106 $ — $ 51,414 Interest income 32,258 — — — — 32,258 Other income 1,052 412 10,793 658 527 13,442 Land development revenue — — — 31,554 — 31,554 Earnings (loss) from equity method investments — 723 630 21,841 3,346 26,540 Income from sales of real estate — 6,629 27,815 — — 34,444 Total revenue and other earnings 33,310 44,665 53,645 54,159 3,873 189,652 Real estate expense — (4,799 ) (21,129 ) (9,407 ) — (35,335 ) Land development cost of sales — — — (22,004 ) — (22,004 ) Other expense (794 ) — — — (25 ) (819 ) Allocated interest expense (14,544 ) (16,330 ) (5,110 ) (9,013 ) (10,108 ) (55,105 ) Allocated general and administrative (2) (3,995 ) (4,526 ) (1,502 ) (3,495 ) (4,714 ) (18,232 ) Segment profit (loss) (3) $ 13,977 $ 19,010 $ 25,904 $ 10,240 $ (10,974 ) $ 58,157 Other significant items: Recovery of loan losses $ (14,955 ) $ — $ — $ — $ — $ (14,955 ) Impairment of assets — 4,829 112 3,800 — 8,741 Depreciation and amortization — 8,630 3,798 298 276 13,002 Capitalized expenditures — 934 15,902 25,938 — 42,774 Three Months Ended September 30, 2015: Operating lease income $ — $ 37,379 $ 18,125 $ 195 $ — $ 55,699 Interest income 33,599 — — — — 33,599 Other income 7,988 8 7,602 376 914 16,888 Land development revenue — — — 14,301 — 14,301 Earnings (loss) from equity method investments — 971 469 6,647 2,485 10,572 Income from sales of real estate — 6,931 19,580 — — 26,511 Total revenue and other earnings 41,587 45,289 45,776 21,519 3,399 157,570 Real estate expense — (5,473 ) (22,448 ) (7,233 ) — (35,154 ) Land development cost of sales — — — (10,686 ) — (10,686 ) Other expense (2,039 ) — — — (1,295 ) (3,334 ) Allocated interest expense (14,030 ) (16,358 ) (6,724 ) (8,265 ) (11,503 ) (56,880 ) Allocated general and administrative (2) (3,527 ) (4,209 ) (1,841 ) (3,233 ) (5,490 ) (18,300 ) Segment profit (loss) (3) $ 21,991 $ 19,249 $ 14,763 $ (7,898 ) $ (14,889 ) $ 33,216 Other significant items: Provision for loan losses $ 7,500 $ — $ — $ — $ — $ 7,500 Impairment of assets — — 3,916 — — 3,916 Depreciation and amortization — 9,522 5,610 380 275 15,787 Capitalized expenditures — 1,439 26,358 18,043 — 45,840 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Nine Months Ended September 30, 2016: Operating lease income $ — $ 109,235 $ 51,317 $ 317 $ — $ 160,869 Interest income 99,877 — — — — 99,877 Other income 2,672 925 25,351 2,889 3,243 35,080 Land development revenue — — — 74,389 — 74,389 Earnings (loss) from equity method investments — 2,613 31,564 31,189 8,888 74,254 Income from sales of real estate — 15,896 72,491 — — 88,387 Total revenue and other earnings 102,549 128,669 180,723 108,784 12,131 532,856 Real estate expense — (14,033 ) (63,046 ) (27,999 ) — (105,078 ) Land development cost of sales — — — (50,842 ) — (50,842 ) Other expense (1,634 ) — — — (3,107 ) (4,741 ) Allocated interest expense (43,877 ) (49,030 ) (17,579 ) (26,040 ) (31,647 ) (168,173 ) Allocated general and administrative (2) (11,612 ) (13,135 ) (5,010 ) (10,092 ) (14,940 ) (54,789 ) Segment profit (loss) (3) $ 45,426 $ 52,471 $ 95,088 $ (6,189 ) $ (37,563 ) $ 149,233 Other significant non-cash items: Recovery of loan losses $ (12,749 ) $ — $ — $ — $ — $ (12,749 ) Impairment of assets — 4,829 3,124 3,800 — 11,753 Depreciation and amortization — 26,260 14,103 997 824 42,184 Capitalized expenditures — 3,410 44,145 92,212 — 139,767 Nine Months Ended September 30, 2015: Operating lease income $ — $ 111,500 $ 58,855 $ 635 $ — $ 170,990 Interest income 102,224 — — — — 102,224 Other income 8,834 133 27,069 1,163 3,015 40,214 Land development revenue — — — 29,101 — 29,101 Earnings (loss) from equity method investments — 4,270 1,302 13,719 6,613 25,904 Income from sales of real estate — 15,584 50,437 — — 66,021 Total revenue and other earnings 111,058 131,487 137,663 44,618 9,628 434,454 Real estate expense — (16,266 ) (73,812 ) (21,065 ) — (111,143 ) Land development cost of sales — — — (22,828 ) — (22,828 ) Other expense (2,259 ) — — — (4,086 ) (6,345 ) Allocated interest expense (42,828 ) (50,126 ) (21,449 ) (23,685 ) (29,248 ) (167,336 ) Allocated general and administrative (2) (9,750 ) (11,646 ) (5,298 ) (8,759 ) (17,001 ) (52,454 ) Segment profit (loss) (3) $ 56,221 $ 53,449 $ 37,104 $ (31,719 ) $ (40,707 ) $ 74,348 Other significant non-cash items: Provision for loan losses $ 30,944 $ — $ — $ — $ — $ 30,944 Impairment of assets — — 5,590 — — 5,590 Depreciation and amortization — 28,380 19,400 1,160 864 49,804 Capitalized expenditures — 3,553 58,201 67,888 — 129,642 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of September 30, 2016 Real estate Real estate, net $ — $ 1,001,776 $ 372,834 $ — $ — $ 1,374,610 Real estate available and held for sale — — 101,488 — — 101,488 Total real estate — 1,001,776 474,322 — — 1,476,098 Land and development — — — 1,022,106 — 1,022,106 Loans receivable and other lending investments, net 1,632,186 — — — — 1,632,186 Other investments — 103,468 12,747 92,885 53,396 262,496 Total portfolio assets $ 1,632,186 $ 1,105,244 $ 487,069 $ 1,114,991 $ 53,396 4,392,886 Cash and other assets 845,128 Total assets $ 5,238,014 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 1,008,415 Total assets $ 5,597,792 _______________________________________________________________________________ (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 $1.4 million and $7.6 million for the three and nine months ended September 30, 2016 , respectively, and $2.9 million and $10.1 million for the three and nine months ended September 30, 2015 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Segment profit $ 58,157 $ 33,216 $ 149,233 $ 74,348 Less: Recovery of (provision for) loan losses 14,955 (7,500 ) 12,749 (30,944 ) Less: Impairment of assets (8,741 ) (3,916 ) (11,753 ) (5,590 ) Less: Stock-based compensation expense (1,434 ) (2,881 ) (7,644 ) (10,066 ) Less: Depreciation and amortization (13,002 ) (15,787 ) (42,184 ) (49,804 ) Less: Income tax benefit (expense) 8,256 2,893 9,859 (3,796 ) Less: Loss on early extinguishment of debt, net (36 ) (67 ) (1,618 ) (279 ) Net income (loss) $ 58,155 $ 5,958 $ 108,642 $ (26,131 ) |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | On January 1, 2016, the Company adopted Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") which modified the presentation of debt issuance costs as a deduction from the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets, which is consistent with the presentation of debt discounts. These costs were previously recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. As a result, as of December 31, 2015, "Deferred expenses and other assets, net" excludes $25.1 million of debt issuance costs and "Debt obligations, net" and "Loan participations payable, net" are presented net of debt issuance costs of $24.9 million and $0.2 million , respectively. Debt issuance costs associated with revolving-debt arrangements are recorded in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. On January 1, 2016, the Company adopted ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02") which modified the analysis it must perform to determine whether it should consolidate certain types of entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest entities ("VOEs"). The guidance, however, modified the requirements to qualify under the VOE model. The adoption did not have a material impact on the Company's consolidated financial statements. On January 1, 2016, the Company adopted 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 eliminated 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. The adoption did not have a material impact on the Company's consolidated financial statements. As of September 30, 2016 , the remainder of the Company's significant accounting policies, which are detailed in the Company's 2015 Annual Report, have not changed materially. New Accounting Pronouncements — In August 2016 , the Financial Accounting Standards Board ("FASB") issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In June 2016 , the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In March 2016 , the FASB issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 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 February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. However, in certain instances a long-term lease of land could be classified as a sales-type lease, resulting in the lessor derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance 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 Pri28
Basis of Presentation and Principles of Consolidation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of changes in equity balances | The accompanying consolidated statements of changes in equity balances as of September 30, 2015 have been revised as follows: As Reported Change As Adjusted (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 |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Land and land improvements, at cost $ 272,227 $ 114,354 $ 386,581 Buildings and improvements, at cost 1,091,842 301,396 1,393,238 Less: accumulated depreciation (362,293 ) (42,916 ) (405,209 ) Real estate, net 1,001,776 372,834 1,374,610 Real estate available and held for sale (1) — 101,488 101,488 Total real estate $ 1,001,776 $ 474,322 $ 1,476,098 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 _______________________________________________________________________________ (1) As of September 30, 2016 and December 31, 2015 , the Company had $101.5 million and $137.3 million , respectively, of residential properties available for sale in its operating properties portfolio. |
Land and Development (Tables)
Land and Development (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Land and development [Abstract] | |
Land and land development assets | The Company's land and development assets were comprised of the following ($ in thousands): As of September 30, December 31, 2016 2015 Land and land development, at cost $ 1,029,023 $ 1,007,995 Less: accumulated depreciation (6,917 ) (6,032 ) Total land and development, net $ 1,022,106 $ 1,001,963 |
Loans Receivable and Other Le31
Loans Receivable and Other Lending Investments, net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of the Company's loans and other lending investments by class | The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment September 30, December 31, Senior mortgages $ 1,080,612 $ 975,915 Corporate/Partnership loans 558,913 643,270 Subordinate mortgages 25,525 28,676 Total gross carrying value of loans 1,665,050 1,647,861 Reserves for loan losses (95,416 ) (108,165 ) Total loans receivable, net 1,569,634 1,539,696 Other lending investments—securities 62,552 62,289 Total loans receivable and other lending investments, net $ 1,632,186 $ 1,601,985 |
Schedule of changes in the Company's reserve for loan losses | Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Reserve for loan losses at beginning of period $ 110,371 $ 121,934 $ 108,165 $ 98,490 (Recovery of) provision for loan losses (1) (14,955 ) 7,500 (12,749 ) 30,944 Charge-offs — (876 ) — (876 ) Reserve for loan losses at end of period $ 95,416 $ 128,558 $ 95,416 $ 128,558 _______________________________________________________________________________ (1) For the three and nine months ended September 30, 2016, the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $11.7 million . For the three and nine months ended September 30, 2015, the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of $0.1 million and $0.6 million , respectively. |
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of September 30, 2016 Loans $ 296,700 $ 1,376,190 $ 1,672,890 Less: Reserve for loan losses (74,216 ) (21,200 ) (95,416 ) Total (3) $ 222,484 $ 1,354,990 $ 1,577,474 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 (3) $ 60,327 $ 1,488,347 $ 1,548,674 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.4 million and $0.2 million as of September 30, 2016 and December 31, 2015 , 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. During the nine months ended September 30, 2016, the Company transferred a loan with a gross carrying value of $157.2 million to non-performing loans due to the initiation of bankruptcy proceedings related to the collateral, which resulted in the release of $11.6 million of the general reserve. The Company performed a valuation and recorded a specific reserve of $12.5 million . (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.3 million and $8.2 million as of September 30, 2016 and December 31, 2015 , respectively. (3) The Company's recorded investment in loans as of September 30, 2016 and December 31, 2015 includes accrued interest of $7.8 million and $9.0 million , respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , excludes $62.6 million and $62.3 million , respectively, of securities that are evaluated for impairment under ASC 320. |
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of September 30, 2016 As of December 31, 2015 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 957,681 2.78 $ 853,595 2.96 Corporate/Partnership loans 404,493 2.25 641,713 3.37 Subordinate mortgages 14,016 3.00 29,039 3.64 Total $ 1,376,190 2.63 $ 1,524,347 3.15 |
Schedule of recorded investment in loans, aged by payment status and presented by class | 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 As of September 30, 2016 Senior mortgages $ 966,981 $ — $ 118,665 $ 118,665 $ 1,085,646 Corporate/Partnership loans 398,838 5,655 157,171 162,826 561,664 Subordinate mortgages 25,580 — — — 25,580 Total $ 1,391,399 $ 5,655 $ 275,836 $ 281,491 $ 1,672,890 As of December 31, 2015 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 September 30, 2016 , the Company had five 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 8.0 years outstanding. 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 September 30, 2016 As of December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Subordinate mortgages $ 11,564 $ 11,548 $ — $ — $ — $ — Subtotal 11,564 11,548 — — — — With an allowance recorded: Senior mortgages 127,965 126,547 (61,745 ) 126,754 125,776 (69,627 ) Corporate/Partnership loans 157,171 146,783 (12,471 ) 5,738 5,738 (2,538 ) Subtotal 285,136 273,330 (74,216 ) 132,492 131,514 (72,165 ) Total $ 296,700 $ 284,878 $ (74,216 ) $ 132,492 $ 131,514 $ (72,165 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. |
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Senior mortgages $ 4,608 $ 114 $ — $ — $ 4,575 $ 226 $ — $ — Subordinate mortgages 11,567 — — — 5,784 — — — Subtotal 16,175 114 — — 10,359 226 — — With an allowance recorded: Senior mortgages 127,494 — 128,969 4 127,169 — 129,730 38 Corporate/Partnership loans 81,108 — 49,893 — 43,339 — 28,880 12 Subtotal 208,602 — 178,862 4 170,508 — 158,610 50 Total $ 224,777 $ 114 $ 178,862 $ 4 $ 180,867 $ 226 $ 158,610 $ 50 |
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 September 30, 2016 Available-for-Sale Securities Municipal debt securities $ 5,365 $ 5,365 $ 415 $ 5,780 $ 5,780 Held-to-Maturity Securities Debt securities 57,061 56,772 — 57,090 56,772 Total $ 62,426 $ 62,137 $ 415 $ 62,870 $ 62,552 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 Debt securities 54,549 61,128 — 61,199 61,128 Total $ 55,559 $ 62,138 $ 151 $ 62,360 $ 62,289 |
Other Investments (Tables)
Other Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
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): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended September 30, For the Nine Months September 30, 2016 December 31, 2015 2016 2015 2016 2015 Real estate equity investments iStar Net Lease I LLC ("Net Lease Venture") $ 103,468 $ 69,096 $ 723 $ 971 $ 2,613 $ 4,270 Marina Palms, LLC ("Marina Palms") 32,714 30,099 6,182 10,017 19,583 19,636 Other real estate equity investments (1) 72,918 81,452 16,289 (2,906 ) $ 43,187 (4,545 ) Subtotal 209,100 180,647 23,194 8,082 65,383 19,361 Other strategic investments (2) 53,396 73,525 3,346 2,490 8,871 6,543 Total $ 262,496 254,172 $ 26,540 $ 10,572 $ 74,254 $ 25,904 _______________________________________________________________________________ (1) During the nine months ended September 30, 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized equity in earnings of $31.5 million , of which $10.1 million was attributable to the noncontrolling interest. In September 2016, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the three and nine months ended September 30, 2016 of $15.8 million and $11.6 million , respectively. (2) 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 three and nine months ended September 30, 2016 , the Company recognized $0.6 million and $4.3 million , respectively, of carried interest income. During the nine months ended September 30, 2015 , the Company recognized $2.2 million of carried interest income. |
Summarized investee financial information | The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the nine months ended September 30, 2016 and 2015 ($ in thousands): Revenues Expenses Net Income Attributable to Parent Entities For the Nine Months Ended September 30, 2016 Marina Palms $ 129,697 $ (72,736 ) $ 56,961 For the Nine Months Ended September 30, 2015 Marina Palms $ 142,419 $ (88,661 ) $ 53,758 |
Other Assets and Other Liabil33
Other Assets and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Assets and Other Liabilities [Abstract] | |
Schedule of deferred expenses and other assets, net | Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of September 30, 2016 December 31, 2015 Intangible assets, net (1) $ 63,586 $ 71,446 Other receivables (2) 49,667 22,557 Other assets 31,649 36,999 Restricted cash 28,609 26,657 Leasing costs, net (3) 11,525 19,393 Corporate furniture, fixtures and equipment, net (4) 5,457 4,405 Deferred expenses and other assets, net $ 190,493 $ 181,457 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets 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, net was $31.4 million and $37.3 million as of September 30, 2016 and December 31, 2015 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.9 million and $3.3 million for the three and nine months ended September 30, 2016 , respectively, and $1.8 million and $5.5 million for the three and nine months ended September 30, 2015 , respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.4 million and $1.5 million for the three and nine months ended September 30, 2016 , respectively, and $0.9 million and $3.0 million for the three and nine months ended September 30, 2015 , respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) As of September 30, 2016 and December 31, 2015, included $26.1 million and $11.3 million , respectively, of receivables related to the construction and development of an amphitheater (refer to Note 5). (3) Accumulated amortization of leasing costs was $6.1 million and $9.8 million as of September 30, 2016 and December 31, 2015 , respectively. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $8.8 million and $8.1 million as of September 30, 2016 and December 31, 2015 , respectively. |
Schedule of accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2016 December 31, 2015 Other liabilities (1) $ 81,054 $ 80,332 Accrued expenses (2) 69,711 68,937 Accrued interest payable 44,395 55,081 Intangible liabilities, net (3) 9,112 10,485 Accounts payable, accrued expenses and other liabilities $ 204,272 $ 214,835 _______________________________________________________________________________ (1) As of September 30, 2016 and December 31, 2015 , "Other liabilities" includes $24.0 million and $14.5 million , respectively, related to profit sharing arrangements with developers for properties sold. As of September 30, 2016 and December 31, 2015 , includes $3.0 million and $4.4 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , "Other liabilities" also includes $6.5 million and $6.6 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) As of September 30, 2016 and December 31, 2015 , accrued expenses includes $3.0 million and $5.3 million , respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. (3) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.2 million and $6.6 million as of September 30, 2016 and December 31, 2015 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million and $0.9 million for the three and nine months ended September 30, 2016 , respectively, and $0.5 million and $1.2 million for the three and nine months ended September 30, 2015, respectively. |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands): As of September 30, 2016 December 31, 2015 Deferred tax assets (liabilities) $ 61,638 $ 53,910 Valuation allowance (61,638 ) (53,910 ) Net deferred tax assets (liabilities) $ — $ — |
Loan Participations Payable, 34
Loan Participations Payable, net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loan Participations Payable [Abstract] | |
Schedule of Participating Mortgage Loans | The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of September 30, 2016 December 31, 2015 Loan participations payable (1)(2) $ 206,875 $ 153,000 Debt discounts and deferred financing costs, net (1,094 ) (914 ) Total loan participations payable, net $ 205,781 $ 152,086 _______________________________________________________________________________ (1) As of September 30, 2016, the Company had four loan participations payable with a weighted average interest rate of 4.6% . As of December 31, 2015, the Company had two loan participations payable with a weighted average interest rate of 4.3% . (2) The Company is responsible for funding a $32.6 million loan commitment on one loan participation if the transferee defaults. |
Debt Obligations, net (Tables)
Debt Obligations, net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Interest Rates Scheduled Maturity Date September 30, 2016 December 31, 2015 Secured credit facilities and mortgages: 2015 $250 Million Secured Revolving Credit Facility $ — $ 250,000 LIBOR + 2.75% (1) March 2018 2016 Senior Secured Credit Facility 499,976 — LIBOR + 4.50% (2) July 2020 Mortgages collateralized by net lease assets 232,721 239,547 4.85% - 7.26% (3) Various through 2026 2012 Secured Tranche A-2 Facility — 339,717 LIBOR + 5.75% (4) — Total secured credit facilities and mortgages 732,697 829,264 Unsecured notes: 5.875% senior notes — 261,403 5.875 % — 3.875% senior notes — 265,000 3.875 % — 3.00% senior convertible notes (5) 200,000 200,000 3.00 % November 2016 1.50% senior convertible notes (6) 178,250 200,000 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 6.50% senior notes 275,000 — 6.50 % July 2021 Total unsecured notes 2,947,972 3,221,125 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,780,669 4,150,389 Debt discounts and deferred financing costs, net (30,796 ) (31,566 ) Total debt obligations, net (7) $ 3,749,873 $ 4,118,823 _______________________________________________________________________________ (1) 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 1.0% 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. (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 1.0% and subject to a margin of 3.5% or (ii) LIBOR subject to a margin of 4.5% with a minimum LIBOR rate of 1.0% . (3) As of September 30, 2016 and December 31, 2015 , includes a loan with a floating rate of LIBOR plus 2.0% . As of September 30, 2016 , the weighted average interest rate of these loans is 5.2% . (4) The loan had a LIBOR floor of 1.25% . (5) 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. (6) The Company's 1.50% senior convertible fixed rate notes due November 2016 (" 1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016. (7) The Company capitalized interest relating to development activities of $1.4 million and $4.2 million for the three and nine months ended September 30, 2016 , respectively, and $1.3 million and $4.0 million for the three and nine months ended September 30, 2015 , respectively. |
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | As of September 30, 2016 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2016 (remaining three months) $ 378,250 $ — $ 378,250 2017 924,722 — 924,722 2018 600,000 11,734 611,734 2019 770,000 29,602 799,602 2020 — 499,976 499,976 Thereafter 375,000 191,385 566,385 Total principal maturities 3,047,972 732,697 3,780,669 Unamortized discounts and deferred financing costs, net (21,440 ) (9,356 ) (30,796 ) Total debt obligations, net $ 3,026,532 $ 723,341 $ 3,749,873 |
Schedule of carrying value of encumbered assets by asset type | As of September 30, 2016 and December 31, 2015 , the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): As of September 30, 2016 December 31, 2015 Encumbered Assets Unencumbered Assets Encumbered Assets Unencumbered Assets Real estate, net $ 895,041 $ 479,569 $ 816,721 $ 777,262 Real estate available and held for sale — 101,488 10,593 126,681 Land and development 35,164 986,942 17,714 984,249 Loans receivable and other lending investments, net (1)(2) 175,365 1,272,458 170,162 1,314,823 Other investments — 262,496 22,352 231,820 Cash and other assets — 845,128 — 1,008,415 Total $ 1,105,570 $ 3,948,081 $ 1,037,542 $ 4,443,250 _______________________________________________________________________________ (1) As of September 30, 2016 and December 31, 2015 , the amounts presented exclude general reserves for loan losses of $21.2 million and $36.0 million , respectively. (2) As of September 30, 2016 and December 31, 2015, the amounts presented exclude loan participations of $205.6 million and $153.0 million , respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of unfunded commitments | As of September 30, 2016 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments (1) Real Estate Other Investments Total Performance-Based Commitments $ 459,770 $ 13,930 $ 21,342 $ 495,042 Strategic Investments — — 45,823 45,823 Discretionary Fundings — — — — Total $ 459,770 $ 13,930 $ 67,165 $ 540,865 _______________________________________________________________________________ (1) Excludes $212.1 million of commitments on loan participations sold that are not the obligation of the Company (refer to Note 9). |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2016 and December 31, 2015 ($ in thousands): Derivative Assets as of Derivative Liabilities as of September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Foreign exchange contracts N/A $ — Other Assets $ 39 Other Liabilities $ 209 N/A $ — Interest rate swaps N/A — N/A — Other Liabilities 495 Other Liabilities 131 Total $ — $ 39 $ 704 $ 131 Derivatives not Designated in Hedging Relationships Foreign exchange contracts Other Assets $ 94 Other Assets $ 378 Other Liabilities $ 64 N/A $ — Interest rate cap Other Assets 45 Other Assets 1,105 N/A — N/A — Total $ 139 $ 1,483 $ 64 $ — |
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 three and nine months ended September 30, 2016 and 2015 ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Ineffective Portion) For the Three Months Ended September 30, 2016 Interest rate swaps Interest Expense 126 (19 ) N/A Interest rate cap Earnings from equity method investments (1 ) (1 ) N/A Interest rate swap Earnings from equity method investments 124 (92 ) N/A Foreign exchange contracts Earnings from equity method investments (150 ) — N/A For the Three Months Ended September 30, 2015 Interest rate cap Interest Expense — (176 ) N/A Interest rate cap Earnings from equity method investments (2 ) — N/A Interest rate swaps Interest Expense (461 ) 43 N/A Interest rate swap Earnings from equity method investments (421 ) (117 ) N/A Foreign exchange contracts Earnings from equity method investments 119 — N/A For the Nine Months Ended September 30, 2016 Interest rate cap Interest Expense — (185 ) N/A Interest rate cap Earnings from equity method investments (2 ) — N/A Interest rate swaps Interest Expense (568 ) (17 ) N/A Interest rate swap Earnings from equity method investments (500 ) (284 ) N/A Foreign exchange contracts Earnings from equity method investments (199 ) — N/A For the Nine Months Ended September 30, 2015 Interest rate cap Interest Expense — (378 ) N/A Interest rate cap Earnings from equity method investments (12 ) — N/A Interest rate swaps Interest Expense (745 ) 127 N/A Interest rate swap Earnings from equity method investments (744 ) (349 ) N/A Foreign exchange contracts Earnings from equity method investments (65 ) — N/A Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income For the Three Months Ended September 30, For the Nine Months Derivatives not Designated in Hedging Relationships 2016 2015 2016 2015 Interest rate cap Other Expense $ (4 ) $ (1,180 ) $ (1,059 ) $ (3,751 ) Foreign exchange contracts Other Expense 65 691 406 2,278 |
Foreign exchange contracts | Designated as hedge | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of notional amounts of outstanding derivative positions | As of September 30, 2016 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands): Derivative Type Notional Amount Notional (USD Equivalent) Maturity Sells Indian rupee ("INR")/Buys USD Forward ₨ 456,000 $ 6,553 December 2016 |
Foreign exchange contracts | Not designated as hedge | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of notional amounts of outstanding derivative positions | As of September 30, 2016 , 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 € 6,300 $ 7,018 October 2016 Sells pound sterling ("GBP")/Buys USD Forward £ 3,400 $ 4,504 October 2016 Sells euro ("EUR")/Buys USD Forward € 6,300 $ 7,095 January 2017 Sells pound sterling ("GBP")/Buys USD Forward £ 3,400 $ 4,427 January 2017 |
Interest rate cap | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of notional amounts of outstanding derivative positions | As of September 30, 2016 , the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ 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 September 30, 2016 , the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands): Derivative Type Notional Amount Variable Rate Fixed Rate Effective Date Maturity Interest rate swap $ 26,534 LIBOR + 2.00% 3.47% October 2012 November 2019 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series | The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of September 30, 2016 and December 31, 2015 : Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) 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 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 $6.0 million , $8.3 million , $5.9 million , $4.6 million and $7.0 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the nine months ended September 30, 2016 and 2015 . The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 2016 and 2015 . All 2015 dividends qualified as a return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series D, E, F, G, and I 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 $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) 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 $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. |
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | "Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of September 30, 2016 December 31, 2015 Unrealized gains (losses) on available-for-sale securities $ 138 $ (125 ) Unrealized gains (losses) on cash flow hedges (1,072 ) (690 ) Unrealized losses on cumulative translation adjustment (4,496 ) (4,036 ) Accumulated other comprehensive income (loss) $ (5,430 ) $ (4,851 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Income (loss) from continuing operations $ 23,711 $ (20,553 ) $ 20,255 $ (92,152 ) Income from sales of real estate 34,444 26,511 88,387 66,021 Net (income) loss attributable to noncontrolling interests 967 706 (6,915 ) 3,176 Preferred dividends (12,830 ) (12,830 ) (38,490 ) (38,490 ) 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 (1) $ 46,292 $ (6,166 ) $ 63,237 $ (61,445 ) Add: Effect of joint venture shares 3 — 5 — Add: Effect of 1.50% senior convertible unsecured notes 1,123 — 3,400 — Add: Effect of 3.00% senior convertible unsecured notes 1,785 — 5,346 — Add: Effect of Series J convertible perpetual preferred stock 2,250 — 6,750 — Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share $ 51,453 $ (6,166 ) $ 78,738 $ (61,445 ) _______________________________________________________________________________ (1) For the nine months ended September 30, 2016 , includes income from continuing operations allocable to Participating Security Holders of $27 and $21 on a basic and dilutive basis. |
Schedule of earnings per share allocable to common shares and HPU shares | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Earnings allocable to common shares: Numerator for basic earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 46,292 $ (6,072 ) $ 63,210 $ (59,818 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 46,292 $ (6,072 ) $ 63,210 $ (59,818 ) Numerator for diluted earnings per share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 51,453 $ (6,072 ) $ 78,717 $ (59,818 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 51,453 $ (6,072 ) $ 78,717 $ (59,818 ) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 71,210 85,766 74,074 85,602 Add: Effect of assumed shares issued under treasury stock method for restricted stock units 87 — 65 — Add: Effect of joint venture shares 298 — 298 — Add: Effect of 1.50% senior convertible unsecured notes 11,444 — 11,526 — Add: Effect of 3.00% senior convertible unsecured notes 16,992 — 16,992 — Add: Effect of series J convertible perpetual preferred stock 15,635 — 15,635 — Weighted average common shares outstanding for diluted earnings per common share 115,666 85,766 118,590 85,602 Basic earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.65 $ (0.07 ) $ 0.85 $ (0.70 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.65 $ (0.07 ) $ 0.85 $ (0.70 ) Diluted earnings per common share: Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ 0.44 $ (0.07 ) $ 0.66 $ (0.70 ) Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ 0.44 $ (0.07 ) $ 0.66 $ (0.70 ) Earnings allocable to High Performance Units (1) : Numerator for basic and diluted earnings per HPU share: Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ (94 ) $ — $ (1,627 ) Denominator for basic and diluted earnings per HPU share: Weighted average High Performance Units outstanding for basic and diluted earnings per share — 7 — 12 Basic and diluted earnings per HPU share: Net income (loss) attributable to iStar Inc. and allocable to HPU holders $ — $ (13.41 ) $ — $ (132.19 ) _______________________________________________________________________________ (1) All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015. |
Schedule of anti-dilutive shares | For the three and nine months ended September 30, 2016 and 2015 , the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands) (1)(2) : For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 3.00% convertible senior unsecured notes — 16,992 — 16,992 Series J convertible perpetual preferred stock — 15,635 — 15,635 1.50% convertible senior unsecured notes — 11,567 — 11,567 Joint venture shares — 298 — 298 _______________________________________________________________________________ (1) For the three and nine months ended September 30, 2015 , the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive. (2) For the three and nine months ended September 30, 2016 , the effect of 25 and 128 unvested time and performance-based Units, respectively, were anti-dilutive. |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels | The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of September 30, 2016 Recurring basis: Derivative assets (1) $ 139 $ — $ 139 $ — Derivative liabilities (1) 768 — 768 — Available-for-sale securities (1) 5,780 — — 5,780 Non-recurring basis: Impaired loans (2) 174,899 — — 174,899 Impaired land and development (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 (4) 3,200 — — 3,200 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. During the nine months ended September 30, 2016, the Company acquired $4.4 million of available for sale securities. There were no other material changes in Level 3 assets and there were no transfers into/out of Level 3 for the nine months ended September 30, 2016. (2) The Company recorded a provision for loan losses on one loan with a fair value of $144.7 million based on expected proceeds from liquidation. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $30.2 million based on market comparable sales and estimated closing costs of 4.0% . (3) The Company recorded an impairment of $3.8 million equal to the carrying value on a land and development asset due to the Company's expectation that it will receive no future cash flows from the asset. (4) The Company recorded a provision for loan losses on one loan with a fair value of $3.2 million based on a discounted cash flow analysis using a discount rate of 14.3% . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of financial measures for each segment based on which performance is evaluated | The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended September 30, 2016: Operating lease income $ — $ 36,901 $ 14,407 $ 106 $ — $ 51,414 Interest income 32,258 — — — — 32,258 Other income 1,052 412 10,793 658 527 13,442 Land development revenue — — — 31,554 — 31,554 Earnings (loss) from equity method investments — 723 630 21,841 3,346 26,540 Income from sales of real estate — 6,629 27,815 — — 34,444 Total revenue and other earnings 33,310 44,665 53,645 54,159 3,873 189,652 Real estate expense — (4,799 ) (21,129 ) (9,407 ) — (35,335 ) Land development cost of sales — — — (22,004 ) — (22,004 ) Other expense (794 ) — — — (25 ) (819 ) Allocated interest expense (14,544 ) (16,330 ) (5,110 ) (9,013 ) (10,108 ) (55,105 ) Allocated general and administrative (2) (3,995 ) (4,526 ) (1,502 ) (3,495 ) (4,714 ) (18,232 ) Segment profit (loss) (3) $ 13,977 $ 19,010 $ 25,904 $ 10,240 $ (10,974 ) $ 58,157 Other significant items: Recovery of loan losses $ (14,955 ) $ — $ — $ — $ — $ (14,955 ) Impairment of assets — 4,829 112 3,800 — 8,741 Depreciation and amortization — 8,630 3,798 298 276 13,002 Capitalized expenditures — 934 15,902 25,938 — 42,774 Three Months Ended September 30, 2015: Operating lease income $ — $ 37,379 $ 18,125 $ 195 $ — $ 55,699 Interest income 33,599 — — — — 33,599 Other income 7,988 8 7,602 376 914 16,888 Land development revenue — — — 14,301 — 14,301 Earnings (loss) from equity method investments — 971 469 6,647 2,485 10,572 Income from sales of real estate — 6,931 19,580 — — 26,511 Total revenue and other earnings 41,587 45,289 45,776 21,519 3,399 157,570 Real estate expense — (5,473 ) (22,448 ) (7,233 ) — (35,154 ) Land development cost of sales — — — (10,686 ) — (10,686 ) Other expense (2,039 ) — — — (1,295 ) (3,334 ) Allocated interest expense (14,030 ) (16,358 ) (6,724 ) (8,265 ) (11,503 ) (56,880 ) Allocated general and administrative (2) (3,527 ) (4,209 ) (1,841 ) (3,233 ) (5,490 ) (18,300 ) Segment profit (loss) (3) $ 21,991 $ 19,249 $ 14,763 $ (7,898 ) $ (14,889 ) $ 33,216 Other significant items: Provision for loan losses $ 7,500 $ — $ — $ — $ — $ 7,500 Impairment of assets — — 3,916 — — 3,916 Depreciation and amortization — 9,522 5,610 380 275 15,787 Capitalized expenditures — 1,439 26,358 18,043 — 45,840 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Nine Months Ended September 30, 2016: Operating lease income $ — $ 109,235 $ 51,317 $ 317 $ — $ 160,869 Interest income 99,877 — — — — 99,877 Other income 2,672 925 25,351 2,889 3,243 35,080 Land development revenue — — — 74,389 — 74,389 Earnings (loss) from equity method investments — 2,613 31,564 31,189 8,888 74,254 Income from sales of real estate — 15,896 72,491 — — 88,387 Total revenue and other earnings 102,549 128,669 180,723 108,784 12,131 532,856 Real estate expense — (14,033 ) (63,046 ) (27,999 ) — (105,078 ) Land development cost of sales — — — (50,842 ) — (50,842 ) Other expense (1,634 ) — — — (3,107 ) (4,741 ) Allocated interest expense (43,877 ) (49,030 ) (17,579 ) (26,040 ) (31,647 ) (168,173 ) Allocated general and administrative (2) (11,612 ) (13,135 ) (5,010 ) (10,092 ) (14,940 ) (54,789 ) Segment profit (loss) (3) $ 45,426 $ 52,471 $ 95,088 $ (6,189 ) $ (37,563 ) $ 149,233 Other significant non-cash items: Recovery of loan losses $ (12,749 ) $ — $ — $ — $ — $ (12,749 ) Impairment of assets — 4,829 3,124 3,800 — 11,753 Depreciation and amortization — 26,260 14,103 997 824 42,184 Capitalized expenditures — 3,410 44,145 92,212 — 139,767 Nine Months Ended September 30, 2015: Operating lease income $ — $ 111,500 $ 58,855 $ 635 $ — $ 170,990 Interest income 102,224 — — — — 102,224 Other income 8,834 133 27,069 1,163 3,015 40,214 Land development revenue — — — 29,101 — 29,101 Earnings (loss) from equity method investments — 4,270 1,302 13,719 6,613 25,904 Income from sales of real estate — 15,584 50,437 — — 66,021 Total revenue and other earnings 111,058 131,487 137,663 44,618 9,628 434,454 Real estate expense — (16,266 ) (73,812 ) (21,065 ) — (111,143 ) Land development cost of sales — — — (22,828 ) — (22,828 ) Other expense (2,259 ) — — — (4,086 ) (6,345 ) Allocated interest expense (42,828 ) (50,126 ) (21,449 ) (23,685 ) (29,248 ) (167,336 ) Allocated general and administrative (2) (9,750 ) (11,646 ) (5,298 ) (8,759 ) (17,001 ) (52,454 ) Segment profit (loss) (3) $ 56,221 $ 53,449 $ 37,104 $ (31,719 ) $ (40,707 ) $ 74,348 Other significant non-cash items: Provision for loan losses $ 30,944 $ — $ — $ — $ — $ 30,944 Impairment of assets — — 5,590 — — 5,590 Depreciation and amortization — 28,380 19,400 1,160 864 49,804 Capitalized expenditures — 3,553 58,201 67,888 — 129,642 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of September 30, 2016 Real estate Real estate, net $ — $ 1,001,776 $ 372,834 $ — $ — $ 1,374,610 Real estate available and held for sale — — 101,488 — — 101,488 Total real estate — 1,001,776 474,322 — — 1,476,098 Land and development — — — 1,022,106 — 1,022,106 Loans receivable and other lending investments, net 1,632,186 — — — — 1,632,186 Other investments — 103,468 12,747 92,885 53,396 262,496 Total portfolio assets $ 1,632,186 $ 1,105,244 $ 487,069 $ 1,114,991 $ 53,396 4,392,886 Cash and other assets 845,128 Total assets $ 5,238,014 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 1,008,415 Total assets $ 5,597,792 _______________________________________________________________________________ (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 $1.4 million and $7.6 million for the three and nine months ended September 30, 2016 , respectively, and $2.9 million and $10.1 million for the three and nine months ended September 30, 2015 , respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Segment profit $ 58,157 $ 33,216 $ 149,233 $ 74,348 Less: Recovery of (provision for) loan losses 14,955 (7,500 ) 12,749 (30,944 ) Less: Impairment of assets (8,741 ) (3,916 ) (11,753 ) (5,590 ) Less: Stock-based compensation expense (1,434 ) (2,881 ) (7,644 ) (10,066 ) Less: Depreciation and amortization (13,002 ) (15,787 ) (42,184 ) (49,804 ) Less: Income tax benefit (expense) 8,256 2,893 9,859 (3,796 ) Less: Loss on early extinguishment of debt, net (36 ) (67 ) (1,618 ) (279 ) Net income (loss) $ 58,155 $ 5,958 $ 108,642 $ (26,131 ) |
Reconciliation of segment profit to income (loss) | The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Segment profit $ 58,157 $ 33,216 $ 149,233 $ 74,348 Less: Recovery of (provision for) loan losses 14,955 (7,500 ) 12,749 (30,944 ) Less: Impairment of assets (8,741 ) (3,916 ) (11,753 ) (5,590 ) Less: Stock-based compensation expense (1,434 ) (2,881 ) (7,644 ) (10,066 ) Less: Depreciation and amortization (13,002 ) (15,787 ) (42,184 ) (49,804 ) Less: Income tax benefit (expense) 8,256 2,893 9,859 (3,796 ) Less: Loss on early extinguishment of debt, net (36 ) (67 ) (1,618 ) (279 ) Net income (loss) $ 58,155 $ 5,958 $ 108,642 $ (26,131 ) |
Business and Organization (Deta
Business and Organization (Details) $ in Billions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment across a range of real estate sectors over the past two decades (more than) | $ 35 |
Basis of Presentation and Pri43
Basis of Presentation and Principles of Consolidation (Reclassification) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Additional paid-in capital | $ 3,592,710 | $ 3,689,330 | |
Common stock | $ 71 | $ 81 | |
As Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Additional paid-in capital | $ 4,023,962 | ||
Common stock | 147 | ||
Treasury stock, at cost | (283,256) | ||
Total | 3,740,853 | ||
Change | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Additional paid-in capital | (283,193) | ||
Common stock | (63) | ||
Treasury stock, at cost | 283,256 | ||
Total | 0 | ||
As Adjusted | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Additional paid-in capital | 3,740,769 | ||
Common stock | 84 | ||
Treasury stock, at cost | 0 | ||
Total | $ 3,740,853 |
Basis of Presentation and Pri44
Basis of Presentation and Principles of Consolidation (VIEs) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Consolidated VIEs | |
Variable interest entities | |
Variable interest entity, consolidated, carrying amount, assets | $ 414.9 |
Variable interest entity, consolidated, carrying amount, liabilities | 66.2 |
Unconsolidated VIEs | |
Variable interest entities | |
Carrying value of the investments | 80.6 |
Variable interest entity unfunded commitment | $ 45.8 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Deferred finance costs, net | $ 25.1 |
Obligations | |
Debt Instrument [Line Items] | |
Deferred finance costs, net | 24.9 |
Total loan participations payable, net | |
Debt Instrument [Line Items] | |
Deferred finance costs, net | $ 0.2 |
Real Estate (Schedule of Real E
Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Land and land improvements, at cost | $ 386,581 | $ 439,447 |
Buildings and improvements, at cost | 1,393,238 | 1,611,094 |
Less: accumulated depreciation | (405,209) | (456,558) |
Real estate, net | 1,374,610 | 1,593,983 |
Real estate available and held for sale | 101,488 | 137,274 |
Total real estate | 1,476,098 | 1,731,257 |
Net Lease | ||
Real Estate Properties [Line Items] | ||
Land and land improvements, at cost | 272,227 | 306,172 |
Buildings and improvements, at cost | 1,091,842 | 1,183,723 |
Less: accumulated depreciation | (362,293) | (377,416) |
Real estate, net | 1,001,776 | 1,112,479 |
Real estate available and held for sale | 0 | 0 |
Total real estate | 1,001,776 | 1,112,479 |
Operating Properties | ||
Real Estate Properties [Line Items] | ||
Land and land improvements, at cost | 114,354 | 133,275 |
Buildings and improvements, at cost | 301,396 | 427,371 |
Less: accumulated depreciation | (42,916) | (79,142) |
Real estate, net | 372,834 | 481,504 |
Real estate available and held for sale | 101,488 | 137,274 |
Total real estate | 474,322 | 618,778 |
Residential Operating Properties | ||
Real Estate Properties [Line Items] | ||
Real estate available and held for sale | $ 101,500 | $ 137,300 |
Real Estate (Real Estate Availa
Real Estate (Real Estate Available and Held for Sale) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($) | |
Net Lease | ||
Real Estate Properties [Line Items] | ||
Real estate properties transferred | property | 1 | |
Executed Contract with Third Party | Net Lease | ||
Real Estate Properties [Line Items] | ||
Property transferred to held for sale, carrying value | $ 0.7 | $ 8.2 |
Executed Contract with Third Party | Commercial Operating Properties | ||
Real Estate Properties [Line Items] | ||
Real estate properties transferred | property | 1 | |
Property transferred to held for sale, carrying value | $ 16.1 | |
Executed Contract with Third Party | Residential Operating Properties | ||
Real Estate Properties [Line Items] | ||
Property transferred to held for sale, carrying value | $ 0.8 | |
Change in Business Strategy | Commercial Operating Properties | ||
Real Estate Properties [Line Items] | ||
Property transferred to held for sale, carrying value | $ 2.9 |
Real Estate (Acquisitions) (Det
Real Estate (Acquisitions) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Real Estate Properties [Line Items] | ||
Payments to acquire real estate assets | $ 4,740 | $ 0 |
Real Estate Acquired in Satisfaction of Debt | ||
Real Estate Properties [Line Items] | ||
Deed-in-lieu transfers | 9,100 | $ 13,400 |
Net Lease Asset One | ||
Real Estate Properties [Line Items] | ||
Payments to acquire real estate assets | $ 3,900 | |
Initial term of ground lease | 99 years |
Real Estate (Dispositions) (Det
Real Estate (Dispositions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from sales of real estate | $ 34,444 | $ 26,511 | $ 88,387 | $ 66,021 | |
Net proceeds from sales of real estate | 412,335 | 281,346 | |||
Payments for repurchase of redeemable noncontrolling interest | $ 6,400 | ||||
Residential Condominiums | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of other real estate | 74,900 | 113,400 | |||
Income from sales of real estate | 23,300 | 36,800 | |||
Net Lease Asset Two | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from sales of real estate | 15,900 | 15,600 | |||
Net proceeds from sales of real estate | 108,500 | 39,400 | |||
Commercial Operating Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from sales of real estate | 49,200 | ||||
Net proceeds from sales of real estate | 229,100 | ||||
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 | ||||
Initial term of ground lease | 99 years | ||||
Lease incentive asset | $ 38,100 | $ 38,100 | $ 38,100 | ||
Deferred gain on sale of property | $ 5,300 | $ 5,300 | |||
RCC [Member] [Member] | Operating Properties | |||||
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 | ||||
Equity interest percentage | 50.00% | 50.00% |
Real Estate (Impairments) (Deta
Real Estate (Impairments) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($)property | |
Investment [Line Items] | ||||
Impairment of assets | $ 8,741 | $ 3,916 | $ 11,753 | $ 5,590 |
Real Estate Properties | ||||
Investment [Line Items] | ||||
Impairment of assets | 7,900 | |||
Residential Operating Properties | ||||
Investment [Line Items] | ||||
Impairment of assets | 3,000 | |||
Number of real estate properties impaired | property | 1 | |||
Net Lease Assets | ||||
Investment [Line Items] | ||||
Impairment of assets | $ 4,900 | |||
Operating Properties | ||||
Investment [Line Items] | ||||
Number of real estate properties impaired | property | 2 |
Real Estate (Tenant Reimburseme
Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Lease Income | ||||
Real Estate Properties [Line Items] | ||||
Tenant reimbursements | $ 6.2 | $ 6.8 | $ 18.4 | $ 20.4 |
Real Estate (Allowance for doub
Real Estate (Allowance for doubtful accounts) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Real Estate Tenant Receivables | ||
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.4 | $ 1.9 |
Deferred Operating Lease | ||
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.3 | $ 1.5 |
Land and Development (Schedule
Land and Development (Schedule of Land and Development) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total land and development, net | $ 1,022,106 | $ 1,001,963 |
Land & Development | ||
Property, Plant and Equipment [Line Items] | ||
Land and land development, at cost | 1,029,023 | 1,007,995 |
Less: accumulated depreciation | (6,917) | (6,032) |
Total land and development, net | $ 1,022,106 | $ 1,001,963 |
Land and Development (Acquisiti
Land and Development (Acquisitions, Dispositions, and Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Apr. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||||||
Noncontrolling interest increase (percent) | 7.20% | ||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 7,200 | ||||||
Noncontrolling interest, ownership percentage by parent | 92.20% | 92.20% | |||||
Land development revenue | $ 31,554 | $ 14,301 | $ 74,389 | $ 29,101 | |||
Land development cost of sales | 22,004 | 10,686 | 50,842 | 22,828 | |||
Impairment of assets | 8,741 | $ 3,916 | 11,753 | 5,590 | |||
Redeemable noncontrolling interests | 6,601 | 6,601 | $ 10,718 | ||||
Land & Development | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Purchase price | $ 16,100 | ||||||
Deferred revenue | $ 5,300 | ||||||
Not Currently Redeemable | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Redeemable noncontrolling interests | $ 3,400 | 3,400 | $ 7,200 | ||||
Real Estate Acquired in Satisfaction of Debt | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Deed-in-lieu transfers | 9,100 | $ 13,400 | |||||
Land & Development | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of assets | $ 3,800 |
Loans Receivable and Other Le55
Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross carrying value of loans | $ 1,665,050 | $ 1,647,861 | ||||
Reserves for loan losses | (95,416) | $ (110,371) | (108,165) | $ (128,558) | $ (121,934) | $ (98,490) |
Total loans receivable, net | 1,569,634 | 1,539,696 | ||||
Other lending investments—securities | 62,552 | 62,289 | ||||
Total loans receivable and other lending investments, net | 1,632,186 | 1,601,985 | ||||
Senior mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross carrying value of loans | 1,080,612 | 975,915 | ||||
Corporate/Partnership loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross carrying value of loans | 558,913 | 643,270 | ||||
Subordinate mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross carrying value of loans | $ 25,525 | $ 28,676 |
Loans Receivable and Other Le56
Loans Receivable and Other Lending Investments, net (Additional Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Oct. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total gross carrying value of loans | $ 1,665,050 | $ 1,665,050 | $ 1,647,861 | ||||
(Recovery of) provision for loan losses | (14,955) | $ 7,500 | (12,749) | $ 30,944 | |||
Loans receivable, net | $ 1,569,634 | $ 1,569,634 | $ 1,539,696 | ||||
Carrying value of loans sold | $ 5,500 | ||||||
Loans Receivable One | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total gross carrying value of loans | $ 146,700 | ||||||
Reduction in principal balance | 49,900 | ||||||
Loan 1 | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total gross carrying value of loans | 196,600 | ||||||
(Recovery of) provision for loan losses | 25,900 | ||||||
Loans receivable, net | $ 24,000 | $ 24,000 |
Loans Receivable and Other Le57
Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance for Loan Losses [Roll Forward] | ||||
Reserve for loan losses at beginning of period | $ 110,371 | $ 121,934 | $ 108,165 | $ 98,490 |
(Recovery of) provision for loan losses | (14,955) | 7,500 | (12,749) | 30,944 |
Charge-offs | 0 | (876) | 0 | (876) |
Reserve for loan losses at end of period | 95,416 | 128,558 | 95,416 | 128,558 |
Recoveries of previously recorded asset-specific loan loss reserves | $ 11,600 | $ 100 | $ 11,700 | $ 600 |
Loans Receivable and Other Le58
Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans | $ 1,672,890 | $ 1,672,890 | $ 1,656,839 | |||||
Less: Reserve for loan losses | (95,416) | $ (128,558) | (95,416) | $ (128,558) | $ (110,371) | (108,165) | $ (121,934) | $ (98,490) |
Total | 1,577,474 | 1,577,474 | 1,548,674 | |||||
Reserve | 95,416 | 128,558 | 95,416 | 128,558 | $ 110,371 | 108,165 | $ 121,934 | $ 98,490 |
Release of general reserve | 0 | $ 876 | 0 | $ 876 | ||||
Interest receivable | 7,800 | 7,800 | 9,000 | |||||
Held-to-maturity and available-for-sale securities | 62,552 | 62,552 | 62,289 | |||||
Individually Evaluated for Impairment | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans | 296,700 | 296,700 | 132,492 | |||||
Less: Reserve for loan losses | (74,216) | (74,216) | (72,165) | |||||
Total | 222,484 | 222,484 | 60,327 | |||||
Unamortized discounts, premiums, deferred fees and costs | 400 | 400 | 200 | |||||
Reserve | 74,216 | 74,216 | 72,165 | |||||
Collectively Evaluated for Impairment | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans | 1,376,190 | 1,376,190 | 1,524,347 | |||||
Less: Reserve for loan losses | (21,200) | (21,200) | (36,000) | |||||
Total | 1,354,990 | 1,354,990 | 1,488,347 | |||||
Unamortized discounts, premiums, deferred fees and costs | 300 | 300 | $ 8,200 | |||||
Non-performing loans | Individually Evaluated for Impairment | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans | 157,200 | 157,200 | ||||||
Less: Reserve for loan losses | (12,500) | (12,500) | ||||||
Reserve | $ 12,500 | 12,500 | ||||||
Release of general reserve | $ 11,600 |
Loans Receivable and Other Le59
Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | $ 1,672,890 | $ 1,656,839 |
Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | 1,085,646 | 980,349 |
Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | 561,664 | 647,451 |
Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | 25,580 | 29,039 |
Real Estate Finance | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | $ 1,376,190 | $ 1,524,347 |
Weighted Average Risk Ratings | 2.63 | 3.15 |
Real Estate Finance | Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | $ 957,681 | $ 853,595 |
Weighted Average Risk Ratings | 2.78 | 2.96 |
Real Estate Finance | Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | $ 404,493 | $ 641,713 |
Weighted Average Risk Ratings | 2.25 | 3.37 |
Real Estate Finance | Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Loans | $ 14,016 | $ 29,039 |
Weighted Average Risk Ratings | 3 | 3.64 |
Loans Receivable and Other Le60
Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)Loan | Dec. 31, 2015USD ($)Loan | |
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 1,391,399 | $ 1,540,589 |
Less Than and Equal to 90 Days | 5,655 | 0 |
Greater Than 90 Days | 275,836 | 116,250 |
Total Past Due | 281,491 | 116,250 |
Loans | $ 1,672,890 | $ 1,656,839 |
Financing receivable, number of loans greater than 90 days past due | Loan | 5 | 4 |
Financing receivables, past due time period | 90 days | 90 days |
Minimum | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Financing receivables, past due time period | 1 year | 1 year |
Maximum | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Financing receivables, past due time period | 8 years | 7 years |
Senior mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 966,981 | $ 864,099 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 118,665 | 116,250 |
Total Past Due | 118,665 | 116,250 |
Loans | 1,085,646 | 980,349 |
Corporate/Partnership loans | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 398,838 | 647,451 |
Less Than and Equal to 90 Days | 5,655 | 0 |
Greater Than 90 Days | 157,171 | 0 |
Total Past Due | 162,826 | 0 |
Loans | 561,664 | 647,451 |
Subordinate mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 25,580 | 29,039 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Loans | $ 25,580 | $ 29,039 |
Loans Receivable and Other Le61
Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 296,700 | $ 296,700 | $ 132,492 | ||
Unpaid Principal Balance | 284,878 | 284,878 | 131,514 | ||
Related Allowance | (74,216) | (74,216) | (72,165) | ||
Average Recorded Investment | 224,777 | $ 178,862 | 180,867 | $ 158,610 | |
Interest Income Recognized | 114 | 4 | 226 | 50 | |
Subordinate mortgages | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 11,564 | 11,564 | 0 | ||
Unpaid Principal Balance | 11,548 | 11,548 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
With no related allowance recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 11,564 | 11,564 | 0 | ||
Unpaid Principal Balance | 11,548 | 11,548 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Recorded Investment | 16,175 | 0 | 10,359 | 0 | |
Interest Income Recognized | 114 | 0 | 226 | 0 | |
With no related allowance recorded | Senior mortgages | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment | 4,608 | 0 | 4,575 | 0 | |
Interest Income Recognized | 114 | 0 | 226 | 0 | |
With no related allowance recorded | Subordinate mortgages | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment | 11,567 | 0 | 5,784 | 0 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
With an allowance recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 285,136 | 285,136 | 132,492 | ||
Unpaid Principal Balance | 273,330 | 273,330 | 131,514 | ||
Related Allowance | (74,216) | (74,216) | (72,165) | ||
Average Recorded Investment | 208,602 | 178,862 | 170,508 | 158,610 | |
Interest Income Recognized | 0 | 4 | 0 | 50 | |
With an allowance recorded | Senior mortgages | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 127,965 | 127,965 | 126,754 | ||
Unpaid Principal Balance | 126,547 | 126,547 | 125,776 | ||
Related Allowance | (61,745) | (61,745) | (69,627) | ||
Average Recorded Investment | 127,494 | 128,969 | 127,169 | 129,730 | |
Interest Income Recognized | 0 | 4 | 0 | 38 | |
With an allowance recorded | Corporate/Partnership loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 157,171 | 157,171 | 5,738 | ||
Unpaid Principal Balance | 146,783 | 146,783 | 5,738 | ||
Related Allowance | (12,471) | (12,471) | $ (2,538) | ||
Average Recorded Investment | 81,108 | 49,893 | 43,339 | 28,880 | |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 12 |
Loans Receivable and Other Le62
Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Financing Receivable, Impaired [Line Items] | |
Recorded investment | $ 11.6 |
Individually Evaluated for Impairment | |
Financing Receivable, Impaired [Line Items] | |
Recorded investment | $ 5.8 |
Loans Receivable and Other Le63
Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Face Value | $ 62,426 | $ 55,559 |
Amortized Cost Basis | 62,137 | 62,138 |
Net Unrealized Gain (Loss) | 415 | 151 |
Estimated Fair Value | 62,870 | 62,360 |
Net Carrying Value | 62,552 | 62,289 |
Municipal debt securities | ||
Available-for-Sale Securities | ||
Face Value | 5,365 | 1,010 |
Amortized Cost Basis | 5,365 | 1,010 |
Net Unrealized Gain (Loss) | 415 | 151 |
Estimated Fair Value | 5,780 | 1,161 |
Net Carrying Value | 5,780 | 1,161 |
Debt securities | ||
Held-to-Maturity Securities | ||
Face Value | 57,061 | 54,549 |
Amortized Cost Basis | 56,772 | 61,128 |
Estimated Fair Value | 57,090 | 61,199 |
Net Carrying Value | $ 56,772 | $ 61,128 |
Other Investments (Schedule of
Other Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, carrying value | $ 262,496 | $ 262,496 | $ 254,172 | ||
Earnings (loss) from equity method investments | 26,540 | $ 10,572 | 74,254 | $ 25,904 | |
Proceeds from sale of equity method investments | 39,810 | 0 | |||
Equity method investment, realized gain on disposal, portion attributable to noncontrolling interest | 10,100 | ||||
Other real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings (loss) from equity method investments | 15,800 | 11,600 | |||
Proceeds from sale of equity method investments | 39,800 | ||||
Equity method investment, realized gain on disposal | 31,500 | ||||
Other strategic investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, carrying value | 53,396 | 53,396 | 73,525 | ||
Earnings (loss) from equity method investments | 3,346 | 2,490 | 8,871 | 6,543 | |
Oak Hill Funds | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings (loss) from equity method investments | 600 | 4,300 | 2,200 | ||
Real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, carrying value | 209,100 | 209,100 | 180,647 | ||
Earnings (loss) from equity method investments | 23,194 | 8,082 | 65,383 | 19,361 | |
Real estate equity investments | Net Lease Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, carrying value | 103,468 | 103,468 | 69,096 | ||
Earnings (loss) from equity method investments | 723 | 971 | 2,613 | 4,270 | |
Real estate equity investments | Marina Palms | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, carrying value | 32,714 | 32,714 | 30,099 | ||
Earnings (loss) from equity method investments | 6,182 | 10,017 | 19,583 | 19,636 | |
Real estate equity investments | Other real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, carrying value | 72,918 | 72,918 | $ 81,452 | ||
Earnings (loss) from equity method investments | $ 16,289 | $ (2,906) | $ 43,187 | $ (4,545) |
Other Investments (Narrative) (
Other Investments (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2015USD ($) | Sep. 30, 2016USD ($)unit | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)propertyunit | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Contributions | $ 45,635,000 | $ 9,304,000 | |||||
Distributions from other investments | 25,795,000 | 93,156,000 | |||||
Equity method investments, carrying value | $ 262,496,000 | 262,496,000 | $ 254,172,000 | ||||
Earnings from equity method investments | 26,540,000 | $ 10,572,000 | 74,254,000 | 25,904,000 | |||
Cost method investments | $ 1,400,000 | $ 1,400,000 | 1,500,000 | ||||
Proceeds from sale of available-for-sale securities, equity | 7,300,000 | ||||||
Available-for-sale securities, gross realized gains | 2,500,000 | ||||||
Net Lease Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
iStar's ownership percentage | 51.90% | 51.90% | |||||
Partners' capital account, contributions (up to) | $ 500,000,000 | $ 500,000,000 | |||||
Equity method investment, related party ownership percentage | 0.60% | 0.60% | |||||
Equity method investment, related party promote fee percentage | 50.00% | 50.00% | |||||
Equity method investment, partner ownership percentage | 47.50% | 47.50% | |||||
Number of properties | property | 2 | ||||||
Contributions | $ 35,600,000 | ||||||
Total assets carrying value | $ 493,300,000 | 493,300,000 | 400,200,000 | ||||
Distributions from other investments | $ 61,200,000 | ||||||
Net Lease Venture | Other Income | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Management fees revenue | $ 400,000 | 400,000 | $ 1,200,000 | 1,100,000 | |||
Net Lease Venture | Net Lease | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Debt term | 10 years | ||||||
Debt instrument, face amount | $ 120,000,000 | ||||||
Marina Palms | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
iStar's ownership percentage | 47.50% | 47.50% | |||||
Total assets carrying value | $ 202,300,000 | $ 202,300,000 | 278,500,000 | ||||
Number of units | unit | 468 | 468 | |||||
Marine Palms North Tower | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of units | unit | 234 | 234 | |||||
Marine Palms South Tower | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of units | unit | 234 | 234 | |||||
Percentage of units pre-sold | 75.00% | ||||||
Other real estate equity investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Earnings from equity method investments | $ 15,800,000 | $ 11,600,000 | |||||
Equity method investment, realized gain on disposal | 31,500,000 | ||||||
Other real estate equity investments | Operating Properties | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments, carrying value | 12,700,000 | 12,700,000 | 11,100,000 | ||||
Other real estate equity investments | Land & Development | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments, carrying value | $ 60,200,000 | $ 60,200,000 | 70,400,000 | ||||
Other real estate equity investments | Minimum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
iStar's ownership percentage | 19.00% | 19.00% | |||||
Other real estate equity investments | Maximum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
iStar's ownership percentage | 85.00% | 85.00% | |||||
Real Estate Equity Investment | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Earnings from equity method investments | $ 15,800,000 | $ 11,600,000 | |||||
Real Estate Equity Investment | Land & Development | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
iStar's ownership percentage | 50.00% | 50.00% | 85.70% | ||||
Equity method investments, carrying value | $ 0 | $ 0 | 6,300,000 | ||||
Loans commitments, related party | $ 45,700,000 | ||||||
Interest income | $ 1,300,000 | $ 1,100,000 | $ 3,600,000 | $ 2,800,000 | |||
Real Estate Equity Investment | Land & Development | Loans Receivable and Other Lending Investments, Net | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loans receivable, related party | $ 33,700,000 |
Other Investments (Schedule o66
Other Investments (Schedule of Summarized Investee Financial Information) (Details) - Marina Palms - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Equity Method Investments, Summarized Financial Information [Line Items] | ||
Revenues | $ 129,697 | $ 142,419 |
Expenses | (72,736) | (88,661) |
Net Income Attributable to Parent Entities | $ 56,961 | $ 53,758 |
Other Assets and Other Liabil67
Other Assets and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||||
Intangible assets, net | $ 63,586 | $ 63,586 | $ 71,446 | ||
Other receivables | 49,667 | 49,667 | 22,557 | ||
Other assets | 31,649 | 31,649 | 36,999 | ||
Restricted cash | 28,609 | 28,609 | 26,657 | ||
Leasing costs, net | 11,525 | 11,525 | 19,393 | ||
Corporate furniture, fixtures and equipment, net | 5,457 | 5,457 | 4,405 | ||
Deferred expenses and other assets, net | 190,493 | 190,493 | 181,457 | ||
Intangible assets, accumulated amortization | 31,400 | 31,400 | 37,300 | ||
Amortization of above market lease | 900 | $ 1,800 | 3,300 | $ 5,500 | |
Accumulated amortization on leasing costs | 6,100 | 6,100 | 9,800 | ||
Accumulated depreciation on corporate furniture, fixtures and equipment | 8,800 | 8,800 | 8,100 | ||
Depreciation and Amortization | |||||
Operating Leased Assets [Line Items] | |||||
Amortization of intangible assets | 400 | $ 900 | 1,500 | $ 3,000 | |
Operating Properties | |||||
Operating Leased Assets [Line Items] | |||||
Other receivables | 26,100 | 26,100 | 11,300 | ||
Lease incentive asset | $ 38,100 | $ 38,100 | $ 38,100 |
Other Assets and Other Liabil68
Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | |||||
Other liabilities | $ 81,054 | $ 81,054 | $ 80,332 | ||
Accrued expenses | 69,711 | 69,711 | 68,937 | ||
Accrued interest payable | 44,395 | 44,395 | 55,081 | ||
Intangible liabilities, net | 9,112 | 9,112 | 10,485 | ||
Accounts payable, accrued expenses and other liabilities | 204,272 | 204,272 | 214,835 | ||
Developer fee payable | 24,000 | 24,000 | 14,500 | ||
Special assessment bond | 6,500 | 6,500 | 6,600 | ||
Below market lease, accumulated amortization | 6,200 | 6,200 | 6,600 | ||
Amortization of below market lease | 300 | $ 500 | 900 | $ 1,200 | |
Real Estate Available and Held for Sale | |||||
Real Estate Properties [Line Items] | |||||
Accrued expenses | 3,000 | $ 3,000 | 5,300 | ||
Residential Real Estate | Master Planned Community | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | property | 2 | ||||
Real Estate Assets Held-for-Sale | |||||
Real Estate Properties [Line Items] | |||||
Other liabilities | $ 3,000 | $ 3,000 | $ 4,400 |
Other Assets and Other Liabil69
Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) - Taxable REIT Subsidiaries - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of deferred tax assets and liabilities [Line Items] | ||
Deferred tax assets (liabilities) | $ 61,638 | $ 53,910 |
Valuation allowance | (61,638) | (53,910) |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Loan Participations Payable, 70
Loan Participations Payable, net (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Loan Participations Payable, net [Line Items] | ||
Loan participations payable, net | $ 205,781 | $ 152,086 |
Unamortized discounts and deferred financing costs, net | (30,796) | (31,566) |
Unfunded commitments | 540,865 | |
Loans receivable, net | $ 1,569,634 | $ 1,539,696 |
Total loan participations payable, net | ||
Loan Participations Payable, net [Line Items] | ||
Weighted average interest rate | 4.60% | 4.30% |
Total loan participations payable, net | ||
Loan Participations Payable, net [Line Items] | ||
Loan Participations Payable, gross | $ 206,875 | $ 153,000 |
Unamortized discounts and deferred financing costs, net | (1,094) | (914) |
Total loan participations payable, net | ||
Loan Participations Payable, net [Line Items] | ||
Loans receivable, net | 205,600 | $ 153,000 |
Loan Participation Payable Three | ||
Loan Participations Payable, net [Line Items] | ||
Unfunded commitments | $ 32,600 |
Debt Obligations, net (Schedule
Debt Obligations, net (Schedule of Debt) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2012 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Aug. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 3,780,669,000 | $ 3,780,669,000 | $ 4,150,389,000 | ||||||
Debt discounts and deferred financing costs, net | (30,796,000) | (30,796,000) | (31,566,000) | ||||||
Total debt obligations, net | 3,749,873,000 | 3,749,873,000 | 4,118,823,000 | ||||||
Interest costs capitalized | 1,400,000 | $ 1,300,000 | 4,200,000 | $ 4,000,000 | |||||
2015 $250 Million Secured Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 250,000,000 | 250,000,000 | |||||||
Total debt obligations | 0 | $ 0 | 250,000,000 | ||||||
Converted term loan, term | 1 year | ||||||||
2015 $250 Million Secured Revolving Credit Facility | Minimum | Interest Rate Category One | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, margin | 1.25% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | Minimum | Interest Rate Category Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, margin | 2.25% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | Maximum | Interest Rate Category One | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, margin | 1.75% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | Maximum | Interest Rate Category Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, margin | 2.75% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 2.75% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 1.00% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | Federal Funds Effective Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 0.50% | ||||||||
2016 Senior Secured Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 500,000,000 | $ 450,000,000 | |||||||
Total debt obligations | 499,976,000 | $ 499,976,000 | 0 | ||||||
Variable interest rate, spread | 1.00% | ||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 4.50% | ||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 1.00% | ||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 3.50% | ||||||||
2016 Senior Secured Credit Facility | Federal Funds Effective Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 0.50% | ||||||||
Mortgages collateralized by net lease assets | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 232,721,000 | $ 232,721,000 | 239,547,000 | ||||||
Stated interest rate, minimum | 4.85% | ||||||||
Stated interest rate, maximum | 7.26% | ||||||||
Weighted average interest rate | 5.20% | 5.20% | |||||||
Mortgages collateralized by net lease assets | London Interbank Offered Rate (LIBOR) | Property One | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 2.00% | ||||||||
2012 Secured Tranche A-2 Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 470,000,000 | ||||||||
Total debt obligations | $ 0 | $ 0 | 339,717,000 | ||||||
Variable interest rate, spread | 5.75% | ||||||||
2012 Secured Tranche A-2 Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 5.75% | ||||||||
2012 Secured Tranche A-2 Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate, spread | 1.25% | ||||||||
Total secured credit facilities and mortgages | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | 732,697,000 | $ 732,697,000 | 829,264,000 | ||||||
5.875% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 0 | $ 0 | 261,403,000 | ||||||
Stated Interest Rates | 5.875% | 5.875% | 5.875% | ||||||
3.875% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 0 | $ 0 | 265,000,000 | ||||||
Stated Interest Rates | 3.875% | 3.875% | |||||||
3.00% senior convertible notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 200,000,000 | $ 200,000,000 | 200,000,000 | ||||||
Stated Interest Rates | 3.00% | 3.00% | |||||||
Convertible debt conversion ratio | 0.085 | ||||||||
Convertible debt conversion price (usd per share) | $ 11.77 | $ 11.77 | |||||||
1.50% senior convertible notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 178,250,000 | $ 178,250,000 | 200,000,000 | ||||||
Stated Interest Rates | 1.50% | 1.50% | |||||||
Convertible debt conversion ratio | 0.0578 | ||||||||
Convertible debt conversion price (usd per share) | $ 17.29 | $ 17.29 | |||||||
5.85% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 99,722,000 | $ 99,722,000 | 99,722,000 | ||||||
Stated Interest Rates | 5.85% | 5.85% | |||||||
9.00% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 275,000,000 | $ 275,000,000 | 275,000,000 | ||||||
Stated Interest Rates | 9.00% | 9.00% | |||||||
4.00% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 550,000,000 | $ 550,000,000 | 550,000,000 | ||||||
Stated Interest Rates | 4.00% | 4.00% | |||||||
7.125% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||
Stated Interest Rates | 7.125% | 7.125% | |||||||
4.875% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||
Stated Interest Rates | 4.875% | 4.875% | |||||||
5.00% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 770,000,000 | $ 770,000,000 | 770,000,000 | ||||||
Stated Interest Rates | 5.00% | 5.00% | |||||||
6.50% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 275,000,000 | $ 275,000,000 | 0 | ||||||
Stated Interest Rates | 6.50% | 6.50% | 6.50% | ||||||
Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 2,947,972,000 | $ 2,947,972,000 | 3,221,125,000 | ||||||
Trust preferred securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt obligations | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||
Variable interest rate, spread | 1.50% |
Debt Obligations, net (Future S
Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Maturities of Long-term Debt [Abstract] | ||
2016 (remaining six months) | $ 378,250 | |
2,017 | 924,722 | |
2,018 | 611,734 | |
2,019 | 799,602 | |
2,020 | 499,976 | |
Thereafter | 566,385 | |
Total principal maturities | 3,780,669 | $ 4,150,389 |
Unamortized discounts and deferred financing costs, net | (30,796) | (31,566) |
Total debt obligations, net | 3,749,873 | $ 4,118,823 |
Unsecured Debt | ||
Maturities of Long-term Debt [Abstract] | ||
2016 (remaining six months) | 378,250 | |
2,017 | 924,722 | |
2,018 | 600,000 | |
2,019 | 770,000 | |
2,020 | 0 | |
Thereafter | 375,000 | |
Total principal maturities | 3,047,972 | |
Unamortized discounts and deferred financing costs, net | (21,440) | |
Total debt obligations, net | 3,026,532 | |
Secured Debt | ||
Maturities of Long-term Debt [Abstract] | ||
2016 (remaining six months) | 0 | |
2,017 | 0 | |
2,018 | 11,734 | |
2,019 | 29,602 | |
2,020 | 499,976 | |
Thereafter | 191,385 | |
Total principal maturities | 732,697 | |
Unamortized discounts and deferred financing costs, net | (9,356) | |
Total debt obligations, net | $ 723,341 |
Debt Obligations, net (Secured
Debt Obligations, net (Secured Credit Facility Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2012USD ($)tranche | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||||||||
Repayments of debt | $ 1,065,253,000 | $ 430,048,000 | |||||||
Loss on early extinguishment of debt, net | $ 36,000 | $ 67,000 | $ 1,618,000 | 279,000 | |||||
2016 Senior Secured Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | $ 500,000,000 | $ 450,000,000 | |||||||
Percentage of par credit facilities were issued at | 99.00% | 99.00% | |||||||
Variable interest rate, spread | 1.00% | ||||||||
Multiple of the minimum collateral coverage on outstanding borrowings (at least) | 1.25 | 1.25 | |||||||
Minimum amortization payment | 0.25% | ||||||||
Deferred finance costs, gross | $ 4,500,000 | ||||||||
Debt instrument, thirst party fees, amount recognized | 6,200,000 | ||||||||
Debt instrument, third party fees, amount capitalized | 4,300,000 | ||||||||
2016 Senior Secured Credit Facility | Other Expense | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, thirst party fees, amount recognized | $ 1,900,000 | ||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 4.50% | ||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 1.00% | ||||||||
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 3.50% | ||||||||
2012 Secured 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% | ||||||||
Repayments of debt | $ 323,200,000 | ||||||||
Loss on early extinguishment of debt, net | $ 100,000 | $ 1,200,000 | $ 300,000 | ||||||
2012 Secured Tranche A-2 Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 5.75% | ||||||||
2012 Secured Tranche A-2 Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 1.25% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | $ 250,000,000 | $ 250,000,000 | |||||||
Multiple of the minimum collateral coverage on outstanding borrowings (at least) | 1.5 | 1.5 | |||||||
Repayments of debt | $ 5,000,000 | $ 245,000,000 | |||||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||||
Interest rate during period | 3.22% | ||||||||
Converted term loan, term | 1 year | ||||||||
2015 $250 Million Secured Revolving Credit Facility | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitment fee percentage | 0.375% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitment fee percentage | 0.50% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 2.75% | ||||||||
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 1.00% | ||||||||
2012 Secured Credit Facilities | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | $ 880,000,000 | ||||||||
Multiple of the minimum collateral coverage on outstanding borrowings (at least) | 1.25 | 1.25 | |||||||
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 | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable interest rate, spread | 1.25% | ||||||||
Unsecured Debt | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Loss on early extinguishment of debt, net | $ 100,000 | $ 400,000 |
Debt Obligations, net (Unsecure
Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 1,065,253 | $ 430,048 | |||
Borrowings from debt obligations | 696,401 | 549,000 | |||
Loss on early extinguishment of debt, net | $ 36 | $ 67 | $ 1,618 | $ 279 | |
5.875% senior notes | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 261,400 | ||||
Stated interest rates | 5.875% | 5.875% | 5.875% | ||
6.50% senior notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rates | 6.50% | 6.50% | 6.50% | ||
Borrowings from debt obligations | $ 275,000 | ||||
3.875% senior notes | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | 265,000 | ||||
Stated interest rates | 3.875% | 3.875% | |||
2015 $250 Million Secured Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 5,000 | $ 245,000 | |||
1.50% senior convertible notes | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 21,800 | ||||
Stated interest rates | 1.50% | 1.50% | |||
Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Loss on early extinguishment of debt, net | $ 100 | $ 400 |
Debt Obligations, net (Encumber
Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Real estate, net | $ 1,374,610 | $ 1,593,983 |
Real estate available and held for sale | 101,488 | 137,274 |
Land and development, net | 1,022,106 | 1,001,963 |
Loans receivable and other lending investments, net | 1,632,186 | 1,601,985 |
Other investments | 262,496 | 254,172 |
Cash and other assets | 845,128 | 1,008,415 |
Total assets | 5,238,014 | 5,597,792 |
Loans receivable, net | 1,569,634 | 1,539,696 |
Total loan participations payable, net | ||
Debt Instrument [Line Items] | ||
Loans receivable, net | 205,600 | 153,000 |
Collectively Evaluated for Impairment | ||
Debt Instrument [Line Items] | ||
General reserves for loan losses | 21,200 | 36,000 |
Encumbered Assets | ||
Debt Instrument [Line Items] | ||
Real estate, net | 895,041 | 816,721 |
Real estate available and held for sale | 0 | 10,593 |
Land and development, net | 35,164 | 17,714 |
Loans receivable and other lending investments, net | 175,365 | 170,162 |
Other investments | 0 | 22,352 |
Cash and other assets | 0 | 0 |
Total assets | 1,105,570 | 1,037,542 |
Unencumbered Assets | ||
Debt Instrument [Line Items] | ||
Real estate, net | 479,569 | 777,262 |
Real estate available and held for sale | 101,488 | 126,681 |
Land and development, net | 986,942 | 984,249 |
Loans receivable and other lending investments, net | 1,272,458 | 1,314,823 |
Other investments | 262,496 | 231,820 |
Cash and other assets | 845,128 | 1,008,415 |
Total assets | $ 3,948,081 | $ 4,443,250 |
Debt Obligations, net (Debt Cov
Debt Obligations, net (Debt Covenants) (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Unsecured Credit Facilities | |
Debt Instrument [Line Items] | |
Minimum ratio of unencumbered assets to unsecured indebtedness (at least) | 1.2 |
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings | 1.5 |
2012 Secured Credit Facilities | |
Debt Instrument [Line Items] | |
Multiple of the minimum collateral coverage on outstanding borrowings (at least) | 1.25 |
2015 $250 Million Secured Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings | 1.5 |
Multiple of the minimum collateral coverage on outstanding borrowings (at least) | 1.5 |
Total secured credit facilities and mortgages | |
Debt Instrument [Line Items] | |
Percentage of REIT taxable income permitted for distribution under debt covenants | 100.00% |
Commitments and Contingencies77
Commitments and Contingencies (Narrative) (Details) $ in Millions | Jan. 22, 2015USD ($)a | Sep. 30, 2016 |
Other Commitments [Line Items] | ||
Percentage of capital committed to strategic investments that may be drawn down | 100.00% | |
Area of land subject to litigation | a | 1,250 | |
Land & Development | Real Estate Sales | ||
Other Commitments [Line Items] | ||
Unpaid purchase price | $ | $ 114 | |
Unpaid purchase price, interest rate | 12.00% | |
Court settlement payment period | 30 days | |
Ownership percentage by noncontrolling owners | 7.80% |
Commitments and Contingencies78
Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Other Commitments [Line Items] | |
Performance-Based Commitments | $ 495,042 |
Strategic Investments | 45,823 |
Discretionary Fundings | 0 |
Total | 540,865 |
Loans and Other Lending Investments | |
Other Commitments [Line Items] | |
Performance-Based Commitments | 459,770 |
Strategic Investments | 0 |
Discretionary Fundings | 0 |
Total | 459,770 |
Real Estate | |
Other Commitments [Line Items] | |
Performance-Based Commitments | 13,930 |
Strategic Investments | 0 |
Discretionary Fundings | 0 |
Total | 13,930 |
Other Investments | |
Other Commitments [Line Items] | |
Performance-Based Commitments | 21,342 |
Strategic Investments | 45,823 |
Discretionary Fundings | 0 |
Total | 67,165 |
Loan participations, not the obligation of the Company | |
Other Commitments [Line Items] | |
Performance-Based Commitments | $ 212,100 |
Derivatives (Fair Value of Deri
Derivatives (Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Designated as hedge | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative assets, fair value | $ 0 | $ 39 |
Derivative liabilities, fair value | 704 | 131 |
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 | 209 | |
Designated as hedge | Interest rate swaps | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative assets, fair value | 0 | 0 |
Designated as hedge | Interest rate swaps | Other Liabilities | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative liabilities, fair value | 495 | 131 |
Not designated as hedge | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative assets, fair value | 139 | 1,483 |
Derivative liabilities, fair value | 64 | 0 |
Not designated as hedge | Foreign exchange contracts | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative liabilities, fair value | 0 | |
Not designated as hedge | Foreign exchange contracts | Other Assets | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative assets, fair value | 94 | 378 |
Not designated as hedge | Foreign exchange contracts | Other Liabilities | ||
Derivative financial instruments on consolidated balance sheets | ||
Derivative liabilities, fair value | 64 | |
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 | $ 45 | $ 1,105 |
Derivatives (Classification on
Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 | $ 0 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (176) | (185) | (378) | |
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) | $ 126 | (461) | (568) | (745) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (19) | 43 | (17) | 127 |
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) | (1) | (2) | (2) | (12) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (1) | 0 | 0 | 0 |
Earnings from equity method investments | Interest rate swaps | Designated as hedge | ||||
Derivative financial instruments on consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) | 124 | (421) | (500) | (744) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | (92) | (117) | (284) | (349) |
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) | (150) | 119 | (199) | (65) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) | 0 | 0 | 0 | 0 |
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 | (4) | (1,180) | (1,059) | (3,751) |
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 | $ 65 | $ 691 | $ 406 | $ 2,278 |
Derivatives (Foreign Exchange C
Derivatives (Foreign Exchange Contracts) (Details) € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016GBP (£) | Sep. 30, 2016INR (₨) | |
Derivative [Line Items] | |||||||
Foreign currency transaction gain (loss) | $ 100 | $ (100) | $ 100 | $ (100) | |||
Sells Indian rupee (INR)/Buys USD Forward | |||||||
Derivative [Line Items] | |||||||
Notional Amount | 6,553 | 6,553 | ₨ 456,000 | ||||
October 2016 Maturity | Sells euro (EUR)/Buys USD Forward | |||||||
Derivative [Line Items] | |||||||
Notional Amount | 7,018 | 7,018 | € 6,300 | ||||
October 2016 Maturity | Sells pound sterling (GBP)/Buys USD Forward | |||||||
Derivative [Line Items] | |||||||
Notional Amount | 4,504 | 4,504 | £ 3,400 | ||||
January 2017 Maturity | Sells euro (EUR)/Buys USD Forward | |||||||
Derivative [Line Items] | |||||||
Notional Amount | 7,095 | 7,095 | € 6,300 | ||||
January 2017 Maturity | Sells pound sterling (GBP)/Buys USD Forward | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 4,427 | $ 4,427 | £ 3,400 |
Derivatives (Interest Rate Hedg
Derivatives (Interest Rate Hedges) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Interest rate swap | |
Derivative [Line Items] | |
Notional Amount | $ 26,534 |
Fixed Rate | 3.47% |
Interest rate swap | London Interbank Offered Rate (LIBOR) | |
Derivative [Line Items] | |
Variable Rate | 2.00% |
Interest rate cap | |
Derivative [Line Items] | |
Notional Amount | $ 500,000 |
Fixed Rate | 1.00% |
Terminated interest rate swap | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 100 |
Interest rate swaps | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 500 |
Derivatives (Credit Risk-Relate
Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Credit derivative, maximum exposure, undiscounted | $ 0 | |
Deferred Expenses and Other Assets, Net | Forward Contracts | ||
Derivative [Line Items] | ||
Collateral posted for hedges | $ 800,000 | $ 1,000,000 |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Shares Issued and Outstanding (in shares) | 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 | $ 0 | |
Redemption price as a percentage of liquidation preference | 100.00% | 100.00% | |
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 (in shares) | 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 | $ 6,000,000 | $ 6,000,000 | |
Series E | |||
Class of Stock [Line Items] | |||
Shares Issued and Outstanding (in shares) | 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 | $ 8,300,000 | 8,300,000 | |
Series F | |||
Class of Stock [Line Items] | |||
Shares Issued and Outstanding (in shares) | 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 | $ 5,900,000 | 5,900,000 | |
Series G | |||
Class of Stock [Line Items] | |||
Shares Issued and Outstanding (in shares) | 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 | $ 4,600,000 | 4,600,000 | |
Series I | |||
Class of Stock [Line Items] | |||
Shares Issued and Outstanding (in shares) | 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 | $ 7,000,000 | 7,000,000 | |
Series J | |||
Class of Stock [Line Items] | |||
Shares Issued and Outstanding (in shares) | 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 | $ 6,800,000 | $ 6,800,000 | |
Redemption price as a percentage of liquidation preference | 100.00% | ||
Conversion price per share (in dollars per share) | $ 12.79 | $ 12.79 | |
Class D, E, F, G, I | |||
Class of Stock [Line Items] | |||
Liquidation preference (in dollars per share) | $ 25 | $ 25 |
Equity (Dividends) (Details)
Equity (Dividends) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 | $ 902.9 |
Equity (Stock Repurchase Progra
Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Aug. 04, 2016 | Feb. 15, 2016 | Dec. 31, 2015 | |
Stock Repurchase Program | |||||
Repurchase of common stock, authorized amount | $ 50,000,000 | $ 50,000,000 | |||
Treasury stock, shares, acquired | 10.2 | 1.7 | |||
Treasury stock value acquired including acquisition costs | $ 98,400,000 | $ 20,300,000 | |||
Treasury stock acquired, average cost per share (in dollars per share) | $ 9.67 | $ 12.16 | |||
Available repurchase of common stock, authorized amount (up to) | $ 50,000,000 | $ 48,700,000 |
Equity Equity (HPU Repurchase)
Equity Equity (HPU Repurchase) (Details) $ / shares in Units, $ in Millions | Aug. 13, 2015USD ($)$ / sharesshares |
Class of Stock [Line Items] | |
HPUs outstanding | shares | 14,888 |
Common stock equivalent underlying HPUs | shares | 2,800,000 |
Cash exchange rate for CSE underlying HPU | $ / shares | $ 9.30 |
Common stock exchange rate for CSE underlying HPU | 0.7 |
HPU cash value acquired | $ | $ 9.8 |
New shares issued (in shares) | shares | 1,200,000 |
Stock issued | $ | $ 15.2 |
High performance units, transaction value | $ | $ 9.8 |
HPU's | |
Class of Stock [Line Items] | |
Percentage of holders with binding commitments to tender, cash redemption | 37.00% |
Percentage of holders with binding commitments to tender | 63.00% |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | ||
Unrealized gains (losses) on available-for-sale securities | $ 138 | $ (125) |
Unrealized gains (losses) on cash flow hedges | (1,072) | (690) |
Unrealized losses on cumulative translation adjustment | (4,496) | (4,036) |
Accumulated other comprehensive income (loss) | $ (5,430) | $ (4,851) |
Stock-Based Compensation Plan89
Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) $ in Thousands | Jun. 15, 2016shares | Jan. 29, 2016shares | Jun. 30, 2016shares | Jan. 31, 2016shares | Jan. 31, 2015shares | May 31, 2014shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Installmentshares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock-based compensation expense | $ | $ 1,434 | $ 2,881 | $ 7,644 | $ 10,066 | |||||||
Unrecognized compensation cost | $ | 2,400 | $ 2,400 | |||||||||
Weighted-average period to recognize the unrecognized compensation cost | 1 year 9 months 18 days | ||||||||||
Accrued expenses | $ | $ 69,711 | $ 69,711 | $ 68,937 | ||||||||
Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted units | 20,000 | ||||||||||
Shares issued (in shares) | 12,030 | ||||||||||
Long-term Incentive Plan 2009 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available for issuance | 3,600,000 | 3,600,000 | |||||||||
2013-2014 Performance Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of points issued (in shares) | 10 | 10 | 73 | ||||||||
2015-2016 Performance Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of points issued (in shares) | 2.5 | 40 | 34 | ||||||||
All Performance Incentive Plans | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Accrued expenses | $ | $ 20,300 | $ 20,300 | $ 16,600 | ||||||||
Common Stock Subject to Sales Restriction | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vested, number of shares | 92,057 | ||||||||||
Restricted shares awarded | 58,667 | ||||||||||
Sale restriction period | 18 months | ||||||||||
Service Based Restricted Stock Units Vesting 20% on each Anniversary Date | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting term | 4 years | ||||||||||
Service Based Restricted Stock Units Vesting 20% on each Anniversary Date | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted units | 80,000 | ||||||||||
Non-vested, outstanding (in shares) | 80,000 | 80,000 | |||||||||
Service Based Restricted Stock Units Vesting on December 31, 2018 | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted units | 122,817 | ||||||||||
Non-vested, outstanding (in shares) | 109,417 | 109,417 | |||||||||
Number of vesting installments | Installment | 1 | ||||||||||
Performance Based Restricted Stock Units Vesting on December 31, 2017 | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Non-vested, outstanding (in shares) | 40,030 | 40,030 | |||||||||
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 [Line Items] | |||||||||||
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 [Line Items] | |||||||||||
Vesting percentage | 200.00% | ||||||||||
Service Based Restricted Stock Units Vesting on December 31, 2017 | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Non-vested, outstanding (in shares) | 56,979 | 56,979 | |||||||||
Number of vesting installments | Installment | 1 | ||||||||||
Performance Based Restricted Stock Units Vesting on December 31, 2016 | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Non-vested, outstanding (in shares) | 38,908 | 38,908 | |||||||||
Risk-free interest rate | 0.76% | ||||||||||
Expected stock price volatility | 44.84% | ||||||||||
Service Based Restricted Stock Units Vesting on December 31, 2016 | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Non-vested, outstanding (in shares) | 57,412 | 57,412 | |||||||||
Number of vesting installments | Installment | 1 | ||||||||||
Service Based Restricted Stock Units with specified vesting dates | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting term | 3 years | ||||||||||
Non-vested, outstanding (in shares) | 4,751 | 4,751 |
Stock-Based Compensation Plan90
Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
CSE | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | 12,953 |
Vesting term | 7 months 15 days |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | 72,537 |
Vesting term | 1 year |
CSE and Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.65 |
Non-vested, outstanding (in shares) | 333,384 |
Aggregate intrinsic value for directors | $ | $ 3.6 |
Stock-Based Compensation Plan91
Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Gross contributions made by the Company | $ 0.1 | $ 0.1 | $ 0.9 | $ 1 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income (loss) from continuing operations | $ 23,711,000 | $ (20,553,000) | $ 20,255,000 | $ (92,152,000) |
Income from sales of real estate | 34,444,000 | 26,511,000 | 88,387,000 | 66,021,000 |
Net (income) loss attributable to noncontrolling interests | 967,000 | 706,000 | (6,915,000) | 3,176,000 |
Preferred dividends | (12,830,000) | (12,830,000) | (38,490,000) | (38,490,000) |
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(1) | 46,292,000 | (6,166,000) | 63,237,000 | (61,445,000) |
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share | $ 51,453,000 | (6,166,000) | 78,738,000 | (61,445,000) |
Undistributed earnings (loss) allocated to participating securities, basic | 27,000 | |||
Undistributed earnings (loss) allocated to participating securities, diluted | $ 21 | |||
Joint venture shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | 0 | 0 | ||
1.50% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | 0 | 0 | ||
Stated interest rates | 1.50% | 1.50% | ||
3.00% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | 0 | 0 | ||
Stated interest rates | 3.00% | 3.00% | ||
Preferred Stock Series J | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | $ 0 | $ 6,750,000 | $ 0 | |
Joint venture shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | $ 3,000 | 5,000 | ||
1.50% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | 1,123,000 | 3,400,000 | ||
3.00% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | 1,785,000 | $ 5,346,000 | ||
Preferred Stock Series J | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | $ 2,250,000 |
Earnings Per Share (Earnings Al
Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Denominator for basic and diluted earnings per share: | |||||
Weighted average common shares outstanding for basic and diluted earnings per common share (in shares) | 71,210 | 85,766 | 74,074 | 85,602 | |
Weighted average common shares outstanding for diluted earnings per common share (in shares) | 115,666 | 85,766 | 118,590 | 85,602 | |
Basic earnings per common share: | |||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | $ 0.65 | $ (0.07) | $ 0.85 | $ (0.70) | |
Diluted earnings per common share: | |||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | 0.44 | (0.07) | 0.66 | (0.70) | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | $ 0.44 | $ (0.07) | $ 0.66 | $ (0.70) | |
Denominator for basic and diluted earnings per HPU share: | |||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share (in shares) | [1] | 0 | 7 | 0 | 12 |
Basic and diluted earnings per HPU share: | |||||
Net income (loss) attributable to iStar Inc. and allocable to HPU holders | [1] | $ 0 | $ (13.41) | $ 0 | $ (132.19) |
Common Stock | |||||
Denominator for basic and diluted earnings per share: | |||||
Weighted average common shares outstanding for basic and diluted earnings per common share (in shares) | 71,210 | 85,766 | 74,074 | 85,602 | |
Add: Effect of assumed shares issued under treasury stock method for restricted shares (in shares) | 87 | 0 | 65 | 0 | |
Weighted average common shares outstanding for diluted earnings per common share (in shares) | 115,666 | 85,766 | 118,590 | 85,602 | |
Basic earnings per common share: | |||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | $ 0.65 | $ (0.07) | $ 0.85 | $ (0.70) | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | 0.65 | (0.07) | 0.85 | (0.70) | |
Diluted earnings per common share: | |||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | 0.44 | (0.07) | 0.66 | (0.70) | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) | 0.44 | (0.07) | 0.66 | (0.70) | |
HPU's | |||||
Basic and diluted earnings per HPU share: | |||||
Net income (loss) attributable to iStar Inc. and allocable to HPU holders | $ 0 | $ (13.41) | $ 0 | $ (132.19) | |
Basic | Common Stock | |||||
Numerator for basic earnings per share: | |||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | $ 46,292 | $ (6,072) | $ 63,210 | $ (59,818) | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders | 46,292 | (6,072) | 63,210 | (59,818) | |
Basic and Diluted | HPU's | |||||
Numerator for basic and diluted earnings per HPU share: | |||||
Net income (loss) attributable to iStar Inc. and allocable to HPU holders | $ 0 | $ (94) | $ 0 | $ (1,627) | |
Denominator for basic and diluted earnings per HPU share: | |||||
Weighted average High Performance Units outstanding for basic and diluted earnings per share (in shares) | 0 | 7 | 0 | 12 | |
Diluted | Common Stock | |||||
Numerator for basic earnings per share: | |||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders | $ 51,453 | $ (6,072) | $ 78,717 | $ (59,818) | |
Net income (loss) attributable to iStar Inc. and allocable to common shareholders | $ 51,453 | $ (6,072) | $ 78,717 | $ (59,818) | |
Joint venture shares | Common Stock | |||||
Denominator for basic and diluted earnings per share: | |||||
Add: Effect of joint venture shares (in shares) | 298 | 0 | 298 | 0 | |
1.50% convertible senior unsecured notes | |||||
Basic and diluted earnings per HPU share: | |||||
Stated interest rates | 1.50% | 1.50% | |||
1.50% convertible senior unsecured notes | Common Stock | |||||
Denominator for basic and diluted earnings per share: | |||||
Add: Effect of senior unsecured notes (in shares) | 11,444 | 0 | 11,526 | 0 | |
3.00% convertible senior unsecured notes | |||||
Basic and diluted earnings per HPU share: | |||||
Stated interest rates | 3.00% | 3.00% | |||
3.00% convertible senior unsecured notes | Common Stock | |||||
Denominator for basic and diluted earnings per share: | |||||
Add: Effect of senior unsecured notes (in shares) | 16,992 | 0 | 16,992 | 0 | |
Preferred Stock Series J | Common Stock | |||||
Denominator for basic and diluted earnings per share: | |||||
Add: Effect of series J convertible perpetual preferred stock (in shares) | 15,635 | 0 | 15,635 | 0 | |
[1] | 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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
3.00% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 16,992 | 0 | 16,992 |
Stated interest rates | 3.00% | 3.00% | ||
Series J convertible perpetual preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 15,635 | 0 | 15,635 |
1.50% convertible senior unsecured notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 11,567 | 0 | 11,567 |
Stated interest rates | 1.50% | 1.50% | ||
Joint venture shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 0 | 298 | 0 | 298 |
Performance Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 25 | 128 |
Fair Values (Schedule of Fair V
Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Loan | |
Assets and liabilities recorded at fair value | |||||
Payments to acquire available-for-sale securities | $ 4,400 | ||||
Impairment of assets | $ 8,741 | $ 3,916 | 11,753 | $ 5,590 | |
Recurring basis | Quoted market prices in active markets (Level 1) | |||||
Assets and liabilities recorded at fair value | |||||
Derivative assets | 0 | 0 | $ 0 | ||
Derivative liabilities | 0 | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | 0 | ||
Recurring basis | Significant other observable inputs (Level 2) | |||||
Assets and liabilities recorded at fair value | |||||
Derivative assets | 139 | 139 | 1,522 | ||
Derivative liabilities | 768 | 768 | 131 | ||
Recurring basis | Significant unobservable inputs (Level 3) | |||||
Assets and liabilities recorded at fair value | |||||
Available-for-sale securities | 5,780 | 5,780 | 1,161 | ||
Non-recurring basis | liquidation [Member] | Loans Receivable One | |||||
Assets and liabilities recorded at fair value | |||||
Impaired loans | $ 144,700 | $ 144,700 | |||
Number of impaired loans | Loan | 1 | 1 | |||
Non-recurring basis | comparable sales [Member] | Loans Receivable Two | |||||
Assets and liabilities recorded at fair value | |||||
Impaired loans | $ 30,200 | $ 30,200 | |||
Closing costs as a percentage of sales price | 4.00% | 4.00% | |||
Non-recurring basis | Discounted Cash Flow Valuation Technique | Loans Receivable Two | |||||
Assets and liabilities recorded at fair value | |||||
Impaired loans | $ 3,200 | ||||
Number of impaired loans | Loan | 1 | ||||
Discount rate | 14.30% | ||||
Non-recurring basis | Quoted market prices in active markets (Level 1) | |||||
Assets and liabilities recorded at fair value | |||||
Impaired loans | $ 0 | $ 0 | $ 0 | ||
Impaired land and development | 0 | 0 | |||
Non-recurring basis | Significant unobservable inputs (Level 3) | |||||
Assets and liabilities recorded at fair value | |||||
Impaired loans | 174,899 | 174,899 | 3,200 | ||
Fair Value | Recurring basis | |||||
Assets and liabilities recorded at fair value | |||||
Derivative assets | 139 | 139 | 1,522 | ||
Derivative liabilities | 768 | 768 | 131 | ||
Available-for-sale securities | 5,780 | 5,780 | 1,161 | ||
Fair Value | Non-recurring basis | |||||
Assets and liabilities recorded at fair value | |||||
Impaired loans | $ 174,899 | 174,899 | $ 3,200 | ||
Land | |||||
Assets and liabilities recorded at fair value | |||||
Impairment of assets | $ 3,800 |
Fair Values (Narrative) (Detail
Fair Values (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Book and estimated fair values of financial instruments | ||
Loans receivable and other lending investments, net | $ 1,632,186 | $ 1,601,985 |
Debt obligations, net | 3,749,873 | 4,118,823 |
Fair Value | ||
Book and estimated fair values of financial instruments | ||
Loans receivable and other lending investments, net | 1,700,000 | 1,600,000 |
Debt obligations, net | $ 4,000,000 | $ 4,300,000 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segments) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)segments | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segments | 4 | ||||
Segment Reporting | |||||
Operating lease income | $ 51,414 | $ 55,699 | $ 160,869 | $ 170,990 | |
Interest income | 32,258 | 33,599 | 99,877 | 102,224 | |
Other income | 13,442 | 16,888 | 35,080 | 40,214 | |
Land development revenue | 31,554 | 14,301 | 74,389 | 29,101 | |
Earnings (loss) from equity method investments | 26,540 | 10,572 | 74,254 | 25,904 | |
Income from sales of real estate | 34,444 | 26,511 | 88,387 | 66,021 | |
Total revenue and other earnings | 189,652 | 157,570 | 532,856 | 434,454 | |
Real estate expense | (35,335) | (35,154) | (105,078) | (111,143) | |
Land development cost of sales | (22,004) | (10,686) | (50,842) | (22,828) | |
Other expense | (819) | (3,334) | (4,741) | (6,345) | |
Allocated interest expense | (55,105) | (56,880) | (168,173) | (167,336) | |
Allocated general and administrative | (18,232) | (18,300) | (54,789) | (52,454) | |
Segment profit (loss) | 58,157 | 33,216 | 149,233 | 74,348 | |
Other significant items: | |||||
(Recovery of) provision for loan losses | (14,955) | 7,500 | (12,749) | 30,944 | |
Impairment of assets | 8,741 | 3,916 | 11,753 | 5,590 | |
Depreciation and amortization | 13,002 | 15,787 | 42,184 | 49,804 | |
Capitalized expenditures | 42,774 | 45,840 | 139,767 | 129,642 | |
Real estate, net | 1,374,610 | 1,374,610 | $ 1,593,983 | ||
Real estate available and held for sale | 101,488 | 101,488 | 137,274 | ||
Total real estate | 1,476,098 | 1,476,098 | 1,731,257 | ||
Land and development | 1,022,106 | 1,022,106 | 1,001,963 | ||
Loans receivable and other lending investments, net | 1,632,186 | 1,632,186 | 1,601,985 | ||
Other investments | 262,496 | 262,496 | 254,172 | ||
Total portfolio assets | 4,392,886 | 4,392,886 | 4,589,377 | ||
Cash and other assets | 845,128 | 845,128 | 1,008,415 | ||
Total assets | 5,238,014 | 5,238,014 | 5,597,792 | ||
Stock-based compensation expense | 1,434 | 2,881 | 7,644 | 10,066 | |
Land and Development | |||||
Segment Reporting | |||||
Income from sales of real estate | 23,547 | 6,273 | |||
Operating Segments | Real Estate Finance | |||||
Segment Reporting | |||||
Operating lease income | 0 | 0 | 0 | 0 | |
Interest income | 32,258 | 33,599 | 99,877 | 102,224 | |
Other income | 1,052 | 7,988 | 2,672 | 8,834 | |
Land development revenue | 0 | 0 | 0 | 0 | |
Earnings (loss) from equity method investments | 0 | 0 | 0 | 0 | |
Income from sales of real estate | 0 | 0 | 0 | 0 | |
Total revenue and other earnings | 33,310 | 41,587 | 102,549 | 111,058 | |
Real estate expense | 0 | 0 | 0 | 0 | |
Land development cost of sales | 0 | 0 | 0 | 0 | |
Other expense | (794) | (2,039) | (1,634) | (2,259) | |
Allocated interest expense | (14,544) | (14,030) | (43,877) | (42,828) | |
Allocated general and administrative | (3,995) | (3,527) | (11,612) | (9,750) | |
Segment profit (loss) | 13,977 | 21,991 | 45,426 | 56,221 | |
Other significant items: | |||||
(Recovery of) provision for loan losses | (14,955) | 7,500 | (12,749) | 30,944 | |
Impairment of assets | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Capitalized expenditures | 0 | 0 | 0 | 0 | |
Real estate, net | 0 | 0 | 0 | ||
Real estate available and held for sale | 0 | 0 | 0 | ||
Total real estate | 0 | 0 | 0 | ||
Land and development | 0 | 0 | 0 | ||
Loans receivable and other lending investments, net | 1,632,186 | 1,632,186 | 1,601,985 | ||
Other investments | 0 | 0 | 0 | ||
Total portfolio assets | 1,632,186 | 1,632,186 | 1,601,985 | ||
Operating Segments | Net Lease | |||||
Segment Reporting | |||||
Operating lease income | 36,901 | 37,379 | 109,235 | 111,500 | |
Interest income | 0 | 0 | 0 | 0 | |
Other income | 412 | 8 | 925 | 133 | |
Land development revenue | 0 | 0 | 0 | 0 | |
Earnings (loss) from equity method investments | 723 | 971 | 2,613 | 4,270 | |
Income from sales of real estate | 6,629 | 6,931 | 15,896 | 15,584 | |
Total revenue and other earnings | 44,665 | 45,289 | 128,669 | 131,487 | |
Real estate expense | (4,799) | (5,473) | (14,033) | (16,266) | |
Land development cost of sales | 0 | 0 | 0 | 0 | |
Other expense | 0 | 0 | 0 | 0 | |
Allocated interest expense | (16,330) | (16,358) | (49,030) | (50,126) | |
Allocated general and administrative | (4,526) | (4,209) | (13,135) | (11,646) | |
Segment profit (loss) | 19,010 | 19,249 | 52,471 | 53,449 | |
Other significant items: | |||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | |
Impairment of assets | 4,829 | 0 | 4,829 | 0 | |
Depreciation and amortization | 8,630 | 9,522 | 26,260 | 28,380 | |
Capitalized expenditures | 934 | 1,439 | 3,410 | 3,553 | |
Real estate, net | 1,001,776 | 1,001,776 | 1,112,479 | ||
Real estate available and held for sale | 0 | 0 | 0 | ||
Total real estate | 1,001,776 | 1,001,776 | 1,112,479 | ||
Land and development | 0 | 0 | 0 | ||
Loans receivable and other lending investments, net | 0 | 0 | 0 | ||
Other investments | 103,468 | 103,468 | 69,096 | ||
Total portfolio assets | 1,105,244 | 1,105,244 | 1,181,575 | ||
Operating Segments | Operating Properties | |||||
Segment Reporting | |||||
Operating lease income | 14,407 | 18,125 | 51,317 | 58,855 | |
Interest income | 0 | 0 | 0 | 0 | |
Other income | 10,793 | 7,602 | 25,351 | 27,069 | |
Land development revenue | 0 | 0 | 0 | 0 | |
Earnings (loss) from equity method investments | 630 | 469 | 31,564 | 1,302 | |
Income from sales of real estate | 27,815 | 19,580 | 72,491 | 50,437 | |
Total revenue and other earnings | 53,645 | 45,776 | 180,723 | 137,663 | |
Real estate expense | (21,129) | (22,448) | (63,046) | (73,812) | |
Land development cost of sales | 0 | 0 | 0 | 0 | |
Other expense | 0 | 0 | 0 | 0 | |
Allocated interest expense | (5,110) | (6,724) | (17,579) | (21,449) | |
Allocated general and administrative | (1,502) | (1,841) | (5,010) | (5,298) | |
Segment profit (loss) | 25,904 | 14,763 | 95,088 | 37,104 | |
Other significant items: | |||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | |
Impairment of assets | 112 | 3,916 | 3,124 | 5,590 | |
Depreciation and amortization | 3,798 | 5,610 | 14,103 | 19,400 | |
Capitalized expenditures | 15,902 | 26,358 | 44,145 | 58,201 | |
Real estate, net | 372,834 | 372,834 | 481,504 | ||
Real estate available and held for sale | 101,488 | 101,488 | 137,274 | ||
Total real estate | 474,322 | 474,322 | 618,778 | ||
Land and development | 0 | 0 | 0 | ||
Loans receivable and other lending investments, net | 0 | 0 | 0 | ||
Other investments | 12,747 | 12,747 | 11,124 | ||
Total portfolio assets | 487,069 | 487,069 | 629,902 | ||
Operating Segments | Land and Development | |||||
Segment Reporting | |||||
Operating lease income | 106 | 195 | 317 | 635 | |
Interest income | 0 | 0 | 0 | 0 | |
Other income | 658 | 376 | 2,889 | 1,163 | |
Land development revenue | 31,554 | 14,301 | 74,389 | 29,101 | |
Earnings (loss) from equity method investments | 21,841 | 6,647 | 31,189 | 13,719 | |
Income from sales of real estate | 0 | 0 | 0 | 0 | |
Total revenue and other earnings | 54,159 | 21,519 | 108,784 | 44,618 | |
Real estate expense | (9,407) | (7,233) | (27,999) | (21,065) | |
Land development cost of sales | (22,004) | (10,686) | (50,842) | (22,828) | |
Other expense | 0 | 0 | 0 | 0 | |
Allocated interest expense | (9,013) | (8,265) | (26,040) | (23,685) | |
Allocated general and administrative | (3,495) | (3,233) | (10,092) | (8,759) | |
Segment profit (loss) | 10,240 | (7,898) | (6,189) | (31,719) | |
Other significant items: | |||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | |
Impairment of assets | 3,800 | 0 | 3,800 | 0 | |
Depreciation and amortization | 298 | 380 | 997 | 1,160 | |
Capitalized expenditures | 25,938 | 18,043 | 92,212 | 67,888 | |
Real estate, net | 0 | 0 | 0 | ||
Real estate available and held for sale | 0 | 0 | 0 | ||
Total real estate | 0 | 0 | 0 | ||
Land and development | 1,022,106 | 1,022,106 | 1,001,963 | ||
Loans receivable and other lending investments, net | 0 | 0 | 0 | ||
Other investments | 92,885 | 92,885 | 100,419 | ||
Total portfolio assets | 1,114,991 | 1,114,991 | 1,102,382 | ||
Corporate/Other | |||||
Segment Reporting | |||||
Operating lease income | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Other income | 527 | 914 | 3,243 | 3,015 | |
Land development revenue | 0 | 0 | 0 | 0 | |
Earnings (loss) from equity method investments | 3,346 | 2,485 | 8,888 | 6,613 | |
Income from sales of real estate | 0 | 0 | 0 | 0 | |
Total revenue and other earnings | 3,873 | 3,399 | 12,131 | 9,628 | |
Real estate expense | 0 | 0 | 0 | 0 | |
Land development cost of sales | 0 | 0 | 0 | 0 | |
Other expense | (25) | (1,295) | (3,107) | (4,086) | |
Allocated interest expense | (10,108) | (11,503) | (31,647) | (29,248) | |
Allocated general and administrative | (4,714) | (5,490) | (14,940) | (17,001) | |
Segment profit (loss) | (10,974) | (14,889) | (37,563) | (40,707) | |
Other significant items: | |||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | |
Impairment of assets | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 276 | 275 | 824 | 864 | |
Capitalized expenditures | 0 | $ 0 | 0 | $ 0 | |
Real estate, net | 0 | 0 | 0 | ||
Real estate available and held for sale | 0 | 0 | 0 | ||
Total real estate | 0 | 0 | 0 | ||
Land and development | 0 | 0 | 0 | ||
Loans receivable and other lending investments, net | 0 | 0 | 0 | ||
Other investments | 53,396 | 53,396 | 73,533 | ||
Total portfolio assets | $ 53,396 | $ 53,396 | $ 73,533 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reconciliation of segment profit (loss) to income (loss) from continuing operations | ||||
Segment profit | $ 58,157 | $ 33,216 | $ 149,233 | $ 74,348 |
Less: Recovery of (provision for) loan losses | 14,955 | (7,500) | 12,749 | (30,944) |
Less: Impairment of assets | (8,741) | (3,916) | (11,753) | (5,590) |
Less: Stock-based compensation expense | (1,434) | (2,881) | (7,644) | (10,066) |
Less: Depreciation and amortization | (13,002) | (15,787) | (42,184) | (49,804) |
Less: Income tax benefit (expense) | 8,256 | 2,893 | 9,859 | (3,796) |
Less: Loss on early extinguishment of debt, net | (36) | (67) | (1,618) | (279) |
Net income (loss) | $ 58,155 | $ 5,958 | $ 108,642 | $ (26,131) |