Safehold 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

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)