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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2011	Feb. 23, 2012	Jun. 30, 2011
Document and Entity Information
Entity Registrant Name	ISTAR FINANCIAL INC
Entity Central Index Key	0001095651
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 720.1
Entity Common Stock, Shares Outstanding		83,834,585
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Loans and other lending investments, net	$ 2,860,762	$ 4,587,352
Net lease assets, net	1,702,764	1,784,509
Real estate held for investment, net	1,228,134	833,060
Other real estate owned	677,458	746,081
Other investments	457,835	532,358
Cash and cash equivalents	356,826	504,865
Restricted cash	32,630	13,784
Accrued interest and operating lease income receivable, net	16,878	24,408
Deferred operating lease income receivable	72,074	62,569
Deferred expenses and other assets, net	112,476	85,528
Total assets	7,517,837	9,174,514
Liabilities:
Accounts payable, accrued expenses and other liabilities	106,693	134,422
Debt obligations, net	5,837,540	7,345,433
Total liabilities	5,944,233	7,479,855
Commitments and contingencies
iStar Financial Inc. shareholders' equity:
Preferred Stock Series D, E, F, G and I, liquidation preference $25.00 per share (see Note 11)	22	22
High Performance Units	9,800	9,800
Common Stock, $0.001 par value, 200,000 shares authorized, 140,028 issued and 81,920 outstanding at December 31, 2011 and 138,189 issued and 92,336 outstanding at December 31, 2010	140	138
Additional paid-in capital	3,834,460	3,809,071
Retained earnings (deficit)	(2,078,397)	(2,014,013)
Accumulated other comprehensive income (loss) (see Note 15)	(328)	1,609
Treasury stock, at cost, $0.001 par value, 58,108 shares at December 31, 2011 and 45,853 shares at December 31, 2010	(237,341)	(158,492)
Total iStar Financial Inc. shareholders' equity	1,528,356	1,648,135
Noncontrolling interests	45,248	46,524
Total equity	1,573,604	1,694,659
Total liabilities and equity	$ 7,517,837	$ 9,174,514

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets
Preferred Stock Series D, E, F, G and I, liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000	200,000
Common Stock, shares issued	140,028	138,189
Common Stock, shares outstanding	81,920	92,336
Treasury stock, par value (in dollars per share)	$ 0.001	$ 0.001
Treasury stock, shares	58,108	45,853

- Definition

The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.

+ References + Details

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2010

Sep. 30, 2010

Jun. 30, 2010

Mar. 31, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Revenue:

Interest income

$ 226,871

$ 364,094

$ 557,809

Operating lease income

165,040

164,681

175,225

Other income

40,878

40,943

25,953

Total revenue

$ 96,480

$ 97,360

$ 128,442

$ 110,507

$ 136,035

$ 133,297

$ 133,819

$ 166,567

432,789

569,718

758,987

Costs and expenses:

Interest expense

344,788

314,868

413,091

Operating costs-net lease assets

18,439

14,566

15,799

Operating costs-REHI and OREO

77,282

64,694

40,866

Depreciation and amortization

62,619

61,663

61,643

General and administrative

105,039

109,526

124,152

Provision for loan losses

46,412

331,487

1,255,357

Impairment of assets

22,368

16,319

126,885

Other expense

11,070

16,055

62,329

Total costs and expenses

688,017

929,178

2,100,122

Income (loss) before earnings from equity method investments and other items

(255,228)

(359,460)

(1,341,135)

Gain on early extinguishment of debt, net

101,466

108,923

547,349

Earnings from equity method investments

95,091

51,908

5,298

Income (loss) from continuing operations before income taxes

(58,671)

(198,629)

(788,488)

Income tax (expense) benefit

4,719

(7,023)

(4,141)

Income (loss) from continuing operations

^[1]

(53,952)

(205,652)

(792,629)

Income (loss) from discontinued operations

(2,572)

15,476

10,356

Gain from discontinued operations

25,110

270,382

12,426

Income from sales of residential property

5,721

Net income (loss)

(28,915)

(54,661)

(26,020)

83,902

(58,865)

(74,632)

229,851

(16,142)

(25,693)

80,206

(769,847)

Net (income) loss attributable to noncontrolling interests

3,629

(523)

1,071

Net income (loss) attributable to iStar Financial Inc.

(67,050)

(83,531)

212,275

(25,408)

(22,064)

79,683

(768,776)

Preferred dividends

(42,320)

Net (income) loss allocable to HPU holders and Participating Security holders

(2,061)

(2,539)

6,452

(768)

1,997

^[2],[3]

(1,084)

^[2],[3]

22,526

^[2],[3]

Net income (loss) allocable to common shareholders

$ (35,202)

$ (62,231)

$ (35,525)

$ 67,420

$ (67,050)

$ (83,531)

$ 212,275

$ (25,408)

$ (62,387)

$ 36,279

$ (788,570)

Income (loss) attributable to iStar Financial Inc. from continuing operations:

Basic (in dollars per share)

^[1]

$ (0.94)

$ (2.58)

$ (8.10)

Diluted (in dollars per share)

^[1]

(0.94)

(2.58)

(8.10)

Net income (loss) attributable to iStar Financial Inc.:

Basic (in dollars per share)

$ (0.43)

$ (0.71)

$ (0.38)

$ 0.73

$ (0.73)

$ (0.89)

$ 2.27

$ (0.27)

(0.70)

^[1]

0.39

^[1]

(7.88)

^[1]

Diluted (in dollars per share)

$ (0.43)

$ (0.71)

$ (0.38)

$ 0.71

$ (0.73)

$ (0.89)

$ 2.27

$ (0.27)

$ (0.70)

^[1]

$ 0.39

^[1]

$ (7.88)

^[1]

Weighted average number of common shares-basic (in shares)

81,769

87,951

92,621

92,458

92,319

93,370

93,382

93,923

88,688

^[1]

93,244

^[1]

100,071

^[1]

Weighted average number of common shares-diluted (in shares)

81,769

87,951

92,621

94,609

92,319

93,370

93,382

93,923

88,688

^[1]

93,244

^[1]

100,071

^[1]

Income (loss) attributable to iStar Financial Inc. from continuing operations:

Basic (in dollars per share)

^[1],[3]

$ (179.73)

$ (490.67)

$ (1,543.67)

Diluted (in dollars per share)

^[1],[3]

(179.73)

(490.67)

(1,543.67)

Net income (loss) attributable to iStar Financial Inc.:

Basic (in dollars per share)

$ (81.47)

$ (133.87)

$ (72.60)

$ 138.00

$ (137.40)

$ (169.27)

$ 430.13

$ (51.20)

(133.13)

^[1],[3]

72.27

^[1],[3]

(1,501.73)

^[1],[3]

Diluted (in dollars per share)

$ (81.47)

$ (133.87)

$ (72.60)

$ 135.07

$ (137.40)

$ (169.27)

$ 430.13

$ (51.20)

$ (133.13)

^[1],[3]

$ 72.27

^[1],[3]

$ (1,501.73)

^[1],[3]

Weighted average number of HPU shares-basic and diluted (in shares)

^[1],[3]

[1]	Income (loss) from continuing operations attributable to iStar Financial for the years ended December 31, 2011, 2010 and 2009 was $(50,323), $(206,175) and $(791,558), respectively. See Note 14 for details on the calculation of earnings per share.
[2]	HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program (see Note 11).
[3]	Participating Security holders are Company employees and directors who hold unvested restricted stock units and common stock equivalents granted under the Company's Long Term Incentive Plans (see Notes 13 and 14).

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements of Operations
Income (loss) from continuing operations attributable to iStar Financial Inc.	$ (50,323)	$ (206,175)	$ (791,558)

- Definition

This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph b(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4613673-111683

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.13)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Total

Preferred Stock

^[1]

HPU's

Common Stock at Par

Additional Paid-In Capital

Retained Earnings (Deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock at cost

Noncontrolling Interests

Balance at Dec. 31, 2008

$ 2,446,662

$ 22

$ 9,800

$ 137

$ 3,768,772

$ (1,240,280)

$ 1,707

$ (121,159)

$ 27,663

Increase (Decrease) in Stockholders' Equity

Dividends declared-preferred

(42,320)

Restricted stock unit amortization, net

23,201

23,200

Net income (loss) for the period

^[2]

(769,841)

(768,776)

(1,065)

Change in accumulated other comprehensive income (loss)

4,438

Repurchase of stock

(29,857)

Contributions from noncontrolling interests

26,487

Distributions to noncontrolling interests

(2,652)

Balance at Dec. 31, 2009

1,656,118

9,800

138

3,791,972

(2,051,376)

6,145

(151,016)

50,433

Increase (Decrease) in Stockholders' Equity

Dividends declared-preferred

(42,320)

Restricted stock unit amortization, net

17,099

Net income (loss) for the period

^[2]

80,217

79,683

534

Change in accumulated other comprehensive income (loss)

(4,536)

Repurchase of stock

(7,476)

Contributions from noncontrolling interests

159

Distributions to noncontrolling interests

(4,602)

Balance at Dec. 31, 2010

1,694,659

9,800

138

3,809,071

(2,014,013)

1,609

(158,492)

46,524

Increase (Decrease) in Stockholders' Equity

Dividends declared-preferred

(42,320)

Restricted stock unit amortization, net

25,391

25,389

Net income (loss) for the period

^[2]

(25,667)

(22,064)

(3,603)

Change in accumulated other comprehensive income (loss)

(1,937)

Repurchase of stock

(78,849)

Contributions from noncontrolling interests

3,917

Distributions to noncontrolling interests

(1,590)

Balance at Dec. 31, 2011

$ 1,573,604

$ 22

$ 9,800

$ 140

$ 3,834,460

$ (2,078,397)

$ (328)

$ (237,341)

$ 45,248

[1]	See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock.
[2]	For the years ended December 31, 2011, 2010 and 2009, net income (loss) shown above excludes $(26), $(11) and $(6), respectively, of net income (loss) attributable to redeemable noncontrolling interests.

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements of Changes in Equity
Net income (loss) attributable to redeemable noncontrolling interests	$ (26)	$ (11)	$ (6)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net income (loss)	$ (25,693)	$ 80,206	$ (769,847)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for loan losses	46,412	331,487	1,255,357
Impairment of assets	22,386	22,403	141,018
Depreciation and amortization	63,928	70,770	99,287
Non-cash expense for stock-based compensation	29,702	19,355	23,592
Amortization of discounts/premiums and deferred financing costs on debt	32,345	(18,926)	(12,025)
Amortization of discounts/premiums and deferred interest on lending investments	(62,194)	(102,261)	(117,527)
Discounts, loan fees and deferred interest received	3,933	9,587	11,921
Earnings from equity method investments	(95,091)	(51,908)	(5,298)
Distributions from operations of equity method investments	85,766	32,651	27,973
Deferred operating lease income	(9,390)	(9,976)	(13,926)
Deferred income taxes	(13,729)	4,473	3,772
Income from sales of residential property	(5,721)
Gain from discontinued operations	(25,110)	(270,382)	(12,426)
Gain on early extinguishment of debt, net	(97,742)	(110,075)	(547,349)
Other non-cash adjustments	(3,886)	(3,451)	(4,928)
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable, net	4,793	14,259	31,767
Changes in deferred expenses and other assets, net	10,580	(1,781)	7,659
Changes in accounts payable, accrued expenses and other liabilities	6,926	(63,827)	(41,225)
Cash flows from operating activities	(31,785)	(47,396)	77,795
Cash flows from investing activities:
New investment originations	(20,000)	(100,000)
Fundings under existing loan commitments	(89,895)	(356,329)	(1,224,593)
Repayments of and principal collections on loans	1,206,461	1,519,653	951,202
Purchase of securities			(31,535)
Net proceeds from sales of loans	95,859	700,098	720,770
Net proceeds from sales of net lease assets	37,343	1,362,983	64,566
Net proceeds from sales of other real estate owned	178,587	460,198	270,621
Net proceeds from repayments and sales of securities		213,344	27,060
Contributions to unconsolidated entities	(41,820)	(23,520)	(34,272)
Distributions from and proceeds from sales of unconsolidated entities	188,467	11,441	9,459
Capital expenditures on net lease assets	(12,174)	(14,031)	(14,891)
Capital expenditures on REHI and OREO	(51,995)	(28,832)	(11,056)
Changes in restricted cash held in connection with investing activities	(20,042)	(2,068)	(1,519)
Other investing activities, net	638	(4,114)	(1,110)
Cash flows from investing activities	1,471,429	3,738,823	724,702
Cash flows from financing activities:
Borrowings under secured credit facilities	2,913,250	36,294	39,530
Repayments under secured credit facilities	(1,495,354)	(36,812)	(361,704)
Borrowings under unsecured credit facilities		499	95,211
Repayments under unsecured credit facilities	(506,600)		(10,094)
Borrowings under secured term loans	124,575		1,000,000
Repayments under secured term loans	(1,684,231)	(2,132,899)	(318,431)
Repayments under unsecured notes	(375,127)	(374,249)	(628,366)
Repurchases and redemptions of secured and unsecured notes	(408,690)	(855,833)	(885,055)
Payments for deferred financing costs	(35,545)		(51,801)
Preferred dividends paid	(42,320)	(42,320)	(42,320)
Purchase of treasury stock	(78,849)	(7,476)	(29,857)
Changes in restricted cash held in connection with debt obligations	199	12,064	121,116
Other financing activity	1,009	(10,462)	(2,631)
Cash flows from financing activities	(1,587,683)	(3,411,194)	(1,074,402)
Changes in cash and cash equivalents	(148,039)	280,233	(271,905)
Cash and cash equivalents at beginning of period	504,865	224,632	496,537
Cash and cash equivalents at end of period	356,826	504,865	224,632
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amount capitalized	$ 322,601	$ 376,473	$ 531,858

Business and Organization

12 Months Ended

Dec. 31, 2011

Business and Organization

Business and Organization

Note 1—Business and Organization

Business—iStar Financial Inc., or the "Company," is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust, or "REIT," has invested more than $35 billion over the the past two decades. The Company's three primary business segments are lending, net leasing and real estate investment. See Note 10 for discussion of business risks and uncertainties, including the impact of recent economic conditions on the Company and the Company's liquidity and capital resources.

Organization—The Company began its business in 1993 through private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new lending and leasing transactions, as well as through corporate acquisitions.

Basis of Presentation and Principles of Consolidation

12 Months Ended

Dec. 31, 2011

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Note 2—Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying audited Consolidated Financial Statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related notes to conform to the current period presentation.

Principles of Consolidation—The Consolidated Financial Statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Consolidated VIEs—The Company consolidates OHA Strategic Credit Fund Parallel I, L.P. ("OHA SCF"), which was created to invest in distressed and undervalued loans, bonds, equities and other investments. As of December 31, 2011 and 2010, OHA SCF had $56.9 million and $45.7 million, respectively, of total assets, no debt, and $0.1 million of noncontrolling interests. The investments held by this entity are presented in "Other investments" on the Company's Consolidated Balance Sheets. As of December 31, 2011, the Company had a total unfunded commitment of $16.9 million to this entity.

The Company also consolidates Madison Deutsche Andau Holdings, LP ("Madison DA"), which was created to invest in mortgage loans collateralized by real estate in Europe. As of December 31, 2011 and 2010, Madison DA had $37.4 million and $58.0 million, respectively, of total assets, no debt, and $5.4 million and $8.6 million of noncontrolling interests, respectively. The investments held by this entity are presented in "Loans and other lending investments, net" on the Company's Consolidated Balance Sheets.

Unconsolidated VIEs—The Company determined that as of December 31, 2011, 28 of its other investments were in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's Consolidated Financial Statements. As of December 31, 2011, the Company's maximum exposure to loss from these investments does not exceed the sum of the $220.2 million carrying value of the investments and $7.4 million of related unfunded commitments.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 3—Summary of Significant Accounting Policies

Loans and other lending investments, net—Loans and other lending investments, net includes the following investments: senior mortgages, subordinate mortgages, corporate/partnership loans and other lending investments-securities. Management considers nearly all of its loans and debt securities to be held-for-investment or held-to-maturity, although certain investments may be classified as held-for-sale or available-for-sale.

Loans classified as held-for-investment or held-to-maturity are reported at their outstanding unpaid principal balance, and include unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets.

Loans and other lending investments designated for sale are classified as held for sale and are carried at lower of amortized historical cost or fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs.

For held-to-maturity and available-for-sale debt securities held in "Loans and other lending investments, net," management evaluates whether the asset is other-than-temporarily impaired when the fair market value is below carrying value. The Company considers debt securities other-than-temporarily impaired if (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. If it is determined that an other-than-temporary impairment exists, the portion related to credit losses, where the Company does not expect to recover its entire amortized cost basis, will be recognized as an "Impairment of assets" on the Company's Consolidated Statements of Operations. If the Company does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security, but the security has suffered a credit loss, the impairment charge will be separated. The credit loss component of the impairment will be recorded as an "Impairment of assets" on the Company's Consolidated Statements of Operations, and the remainder will be recorded in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets.

Net lease assets and depreciation—Net lease assets are recorded at cost less accumulated depreciation. Certain improvements and replacements are capitalized when they extend the useful life, increase capacity or improve the efficiency of the asset. Repairs and maintenance items are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the shorter of estimated useful lives or 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.

Net lease assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less costs to sell and are included in "Assets held for sale" on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. Once an asset is classified as held for sale, depreciation expense is no longer recorded and historical operating results are reclassified to "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations.

The Company periodically reviews long-lived assets to be held and used for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of net lease assets that are not held for sale are recorded in "Impairment of assets," on the Company's Consolidated Statements of Operations.

The Company accounts for its acquisition of facilities by allocating the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market or below-market, in-place leases and the value of customer relationships, which are each recorded at their relative estimated fair values.

The capitalized above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also generally engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset at market-rate rents. As such, no above-market or below-market lease value is ascribed to these transactions.

Real estate held for investment, net—Real estate held for investment, net ("REHI") consists of properties acquired through foreclosure or through deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans that the Company intends to hold, operate or develop for a period of at least 12 months. REHI assets are initially recorded at their estimated fair value. The excess of the carrying value of the loan over the estimated fair value of the property acquired is charged-off against the reserve for loan losses when title to the property is obtained. Additionally, upon acquisition of a property, tangible and intangible assets and liabilities acquired are recorded at their estimated fair values and depreciation is computed, all in the same manners as described in "Net lease assets and depreciation" above.

Subsequent to acquisition, qualified development and construction costs, including interest and certain other carrying costs incurred during the construction and/or renovation periods are capitalized and charged to operations through depreciation over the asset's estimated useful life. The Company ceases capitalization on the portions substantially completed and capitalizes only those costs associated with the portions under development.

The Company considers REHI assets to be long-lived and periodically reviews them for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company measures impairments for REHI assets in the same manner as net lease assets, as described in "Net lease assets and depreciation" above. Impairments of REHI assets are recorded in "Impairment of assets," on the Company's Consolidated Statements of Operations.

Operating revenues related to REHI assets are recorded as "Other income" and expenses are included in "Operating costs—REHI and OREO," on the Company's Consolidated Statements of Operations.

Other real estate owned—OREO consists of properties acquired through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans that the Company intends to market for sale in the near term. OREO is recorded at the estimated fair value less costs to sell. The excess of the carrying value of the loan over the estimated fair value of the property less costs to sell is charged-off against the reserve for loan losses when title to the property is obtained. Net revenues and costs of holding the property are recorded as "Operating costs—REHI and OREO" in the Company's Consolidated Statements of Operations. Significant property improvements may be capitalized to the extent that the carrying value of the property does not exceed its estimated fair value less costs to sell.

The Company reviews the recoverability of an OREO asset's carrying value when events or circumstances indicate a potential impairment of a property's value. If impairment exists, a loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property less costs to sell. These impairments are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations.

Profits on sales of residential properties are recognized upon closing of the sale when all conditions for full profit recognition have been met. The Company uses the relative sales value method to allocate costs to individual residential properties. Profits on sales of residential properties are included in "Income from sales of residential property" on the Consolidated Statements of Operations.

Equity and cost method investments—Purchased equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or limited liability company. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" on the Consolidated Statements of Operations. When the Company's ownership position is too small to provide such influence, the cost method is used to account for the equity interest. Equity and cost method investments are included in "Other investments" on the Company's Consolidated Balance Sheets.

The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations.

Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days.

Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, lending investments, OREO, leasing and derivative transactions.

Consolidation—Variable interest entities—The Company evaluated its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.

The Company has investments in certain funds that meet the deferral criteria in Accounting Standards Update ("ASU") 2010-10 and will continue to assess consolidation of these entities under the overall guidance on the consolidation of VIEs in Accounting Standards Codification ("ASC") 810-10. The consolidation evaluation is similar to the process noted above, except that the primary beneficiary is the party that will receive a majority of the VIE's anticipated losses, a majority of the VIE's expected residual returns, or both. In addition, for entities that meet the deferral criteria, the Company reassesses its initial evaluation of the primary beneficiary and whether an entity is a VIE upon the occurrence of certain reconsideration events.

Deferred expenses—Deferred expenses include leasing costs and financing fees. Leasing costs include brokerage, legal and other costs which are amortized over the life of the respective leases. External fees and costs incurred to obtain long-term financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method or the straight line method, as appropriate. Amortization of leasing costs and deferred financing fees are included in "Depreciation and amortization" and "Interest expense," respectively, on the Company's Consolidated Statements of Operations.

Identified intangible assets and goodwill—Upon the acquisition of a business, the Company records intangible assets acquired at their estimated fair values separate and apart from goodwill. The Company determines whether such intangible assets have finite or indefinite lives. As of December 31, 2011, all such intangible assets acquired by the Company have finite lives. The Company amortizes finite lived intangible assets based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations.

As of December 31, 2011 and 2010, the Company had $53.6 million and $42.8 million, respectively, of unamortized finite lived intangible assets primarily related to the prior acquisition of net lease assets and REHI. The total amortization expense for these intangible assets was $11.0 million, $9.0 million and $12.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. The estimated aggregate amortization costs for each of the five succeeding fiscal years are as follows ($ in thousands):


2012	$	7,807
2013		6,172
2014		5,720
2015		5,476
2016		5,395

Total	$	30,570

The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is done at a level of reporting referred to as a reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than its carrying value. Fair values for goodwill and other finite lived intangible assets are determined using the market approach, income approach or cost approach, as appropriate.

Revenue recognition—The Company's revenue recognition policies are as follows:

Loans and other lending investments: Interest income on loans and other lending investments is recognized on an accrual basis using the interest method.

On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" on the Company's Consolidated Statements of Operations.

The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current.

Certain of the Company's loans provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower.

Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash.

The Company holds certain loans initially acquired at a discount, for which it was probable, at acquisition, that all contractually required payments would not be received. The Company does not have a reasonable expectation about the timing and amount of cash flows expected to be collected on these loans and recognizes income when cash is received or applies cash to reduce the carrying value of the loans. As of December 31, 2011 and 2010, these loans had cumulative principal balances of $74.5 million and $93.6 million, respectively, and cumulative carrying values of $59.6 million and $75.9 million, respectively.

Leasing investments: The Company's leases have all been determined to be operating leases based on an analysis performed in accordance with ASC 840. Operating lease revenue is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes posession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable," on the Company's Consolidated Balance Sheets.

Reserve for loan losses—The reserve for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased through the "Provision for loan losses" on the Company's Consolidated Statements of Operations and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash in a pre-foreclosure sale or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company has determined it has one portfolio segment, represented by commercial real estate lending, whereby it utilizes a uniform process for determining its reserve for loan losses. The reserve for loan losses includes a general, formula-based component and an asset-specific component.

The general reserve component covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during the Company's quarterly loan portfolio assessment. During this assessment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The Company estimates loss rates based on historical realized losses experienced within its portfolio and takes into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience.

The asset-specific reserve component relates to reserves for losses on impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan.

Substantially all of the Company's impaired loans are collateral dependent and impairment is measured using the estimated fair value of collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate.

A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan.

Allowance for doubtful accounts—The allowance for doubtful accounts reflects management's estimate of losses inherent in the accrued operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. At December 31, 2011 and 2010, the total allowance for doubtful accounts was $3.7 million and $1.4 million, respectively.

Derivative instruments and hedging activity—The Company recognizes derivatives as either assets or liabilities on the Company's Consolidated Balance Sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability.

Derivatives, such as foreign currency hedges and interest rate caps, that are not designated hedges are considered economic hedges, with changes in fair value reported in current earnings in "Other expense" on the Company's Consolidated Statements of Operations. The Company does not enter into derivatives for trading purposes.

Stock-based compensation—Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect (i) actual forfeitures and (ii) the outcome of awards with performance or service conditions through the requisite service period. The Company recognizes compensation cost for performance-based awards if and when the Company concludes that it is probable that the performance condition will be achieved. Compensation cost for market condition-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock, which is reflected in the grant date fair value. All compensation cost for market-condition based awards in which the service conditions are met is recognized regardless of whether the market condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" on the Company's Consolidated Statements of Operations.

Disposal of long-lived assets—The results of operations from net lease assets that were sold or held for sale in the current and prior periods are classified as "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations even though such income was actually recognized by the Company prior to the asset sale. Gains from the sale of net lease assets are classified as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations.

Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to shelter a portion of its operating cash flow from its dividend payout requirement under federal tax laws. In addition, the Company has made foreclosure elections for certain properties acquired through foreclosure which allows the Company to operate these properties within the REIT but subjects them to certain tax obligations. The carrying value of assets with foreclosure elections as of December 31, 2011 is $1.38 billion. The Company intends to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. As of December 31, 2010, the Company had $153.7 million of net operating loss carryforwards at the corporate REIT level, which can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2030 if unused. The amount of net operating loss carryforwards as of December 31, 2011 will be subject to finalization of the 2011 tax returns. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" on the Company's Consolidated Statements of Operations.

The Company can participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, as long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRSs"), is engaged in various real estate related opportunities, including but not limited to managing various investments in equity affiliates, including Oak Hill Advisors, L.P. and LNR, and managing activities related to certain foreclosed assets. As of December 31, 2011, $770.7 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. The following represents the Company's TRS income tax expense ($ in thousands):

	For the Years Ended December 31,

	2011			2010		2009
Current tax expense	$	9,010		$	2,550	$	369
Deferred tax expense (benefit)(1)		(13,729	)		4,473		3,772

Total income tax expense (benefit)	$	(4,719	)	$	7,023	$	4,141

Explanatory Note:

(1): During the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 7) and recognized a deferred tax benefit resulting from the reversal of a deferred tax liability associated with the investment. See the table on the following page for the Company's deferred tax assets and liabilities as of December 31, 2011 and 2010.

During the year ended December 31, 2011, the Company's TRS entities had income subject to tax of $75.8 million which was offset by $54.8 million of net operating loss carryforwards, generating current tax expense of $9.0 million. The Company's TRS taxable income for the year ended December 31, 2011 included the gain on the Company's sale of its investment in Oak Hill Advisors L.P. (see Note 7). The Company's utilization of net operating loss carryforwards of $54.8 million offset this taxable income and reduced current tax expense by approximately $20.0 million. The Company also had TRS entities which generated $36.9 million of aggregate taxable losses during the year ended December 31, 2011. Total cash paid for taxes for the years ended December 31, 2011, 2010 and 2009, was $8.5 million, $7.3 million and $2.9 million, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that valuation allowances of $50.9 million and $29.9 million were required on the net deferred tax assets as of December 31, 2011 and 2010, respectively. Changes in estimate of deferred tax asset realizability, if any are included in "Income tax (expense) benefit" on the Consolidated Statements of Operations.

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):

	As of December 31,

	2011			2010
Deferred tax assets(1)	$	53,625		$	29,921
Deferred tax liabilities(2)		(2,736	)		(13,729	)
Valuation allowance		(50,889	)		(29,921	)

Net deferred tax assets (liabilities)	$	—		$	(13,729	)

Explanatory Notes:

(1): Deferred tax assets primarily include net operating loss carryforwards of $22.8 million and $21.5 million as of December 31, 2011 and 2010, respectively, as well as real estate asset basis differences of $30.8 million and $8.4 million as of December 31, 2011 and 2010, respectively.
(2): Deferred tax liabilities are primarily comprised of basis differences in equity investments. During the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 7) and recognized the deferred tax benefit associated with the reversal of this deferred liability.

Earnings per share—The Company uses the two-class method in calculating EPS when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the company when, and if, the company declares dividends on its common stock. Vested HPU shares are entitled to dividends of the Company when dividends are declared. Basic earnings per share ("Basic EPS") for the Company's Common Stock and HPU shares are computed by dividing net income allocable to common shareholders and HPU holders by the weighted average number of shares of Common Stock and HPU shares outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed a ("Participating Security") and are included in the computation of earnings per share pursuant to the two-class method. The Company's unvested restricted stock units with rights to dividends and common stock equivalents issued under its Long-Term Incentive Plans are considered participating securities and have been included in the two-class method when calculating EPS.

New Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-05, "Presentation of Comprehensive Income," which requires entities to (1) present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income and (2) present reclassification of other comprehensive income on the face of the income statement. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05," which deferred the requirements of entities to present reclassification of other comprehensive income on the face of the income statement. Both standards are effective in interim and fiscal years beginning after December 15, 2011 and should be applied retrospectively. The Company will adopt this ASU for the reporting period ending March 31, 2012, as required.

In May 2011, the FASB issued ASU 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." This ASU is a result of joint efforts by the FASB and IASB to develop a single, converged framework on how to measure fair value and what disclosures to provide about fair value measurements. This ASU is largely consistent with existing fair value measurement principles of U.S. GAAP, however, it expands existing disclosure requirements for fair value measurements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2011 and should be applied prospectively. The Company will adopt this ASU for the reporting period ending March 31, 2012, as required.

In April 2011, the FASB issued ASU 2011-02, "A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring," which provides additional guidance to creditors for determining whether a loan modification is a troubled debt restructuring ("TDR"). The guidance provides additional considerations in determining whether a creditor has granted a concession and adds factors for creditors to consider in determining whether a debtor is experiencing financial difficulties. This ASU was effective for the first interim or annual period beginning on or after June 15, 2011 with retrospective application for loan modifications that have occurred from January 1, 2011. Loan modifications that qualify as TDRs are considered impaired and will be measured and recorded prospectively in the period of adoption. The Company adopted the standard in the period ended September 30, 2011, as required. As a result of this adoption, the Company reassessed all restructurings that occurred on or after January 1, 2011 for identification as troubled debt restructurings. As of September 30, 2011, the Company had a recorded investment of $50.9 million in loans for which the allowance for credit losses was previously measured under a general allowance for credit losses methodology and became specifically reviewed for impairment as a result of adoption of this ASU. Based on an evaluation of potential losses at September 30, 2011, no specific reserves were required for these loans. See Note 4 for additional troubled debt restructuring disclosures.

In January 2011, FASB issued ASU 2011-01, "Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20," which temporarily deferred the effective date in ASU 2010-20, "Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses" in respect of disclosures related to troubled debt restructurings until FASB finalized ASU 2010-20 (see above). ASU 2010-20 requires companies to provide disaggregated levels of disclosure by portfolio segment and class to enable users of the financial statements to understand the nature of loan modifications and troubled debt restructurings. The Company adopted the TDR disclosure provisions of ASU 2010-20 in the period ended September 30, 2011, as required. See Note 4 for additional disclosures required by the adoption of these provisions.

Loans and Other Lending Investments, net

12 Months Ended

Dec. 31, 2011

Loans and Other Lending Investments, net

Loans and Other Lending Investments, net

Note 4—Loans and Other Lending Investments, net

The following is a summary of the Company's loans and other lending investments by class ($ in thousands):

	As of December 31,

Type of Investment(1)	2011			2010
Senior mortgages	$	2,801,213		$	4,390,770
Subordinate mortgages		211,491			305,245
Corporate/Partnership loans		478,892			689,535

Total gross carrying value of loans(2)	$	3,491,596		$	5,385,550
Reserves for loan losses		(646,624	)		(814,625	)

Total carrying value of loans	$	2,844,972		$	4,570,925
Other lending investments—securities		15,790			16,427

Total loans and other lending investments, net	$	2,860,762		$	4,587,352

Explanatory Notes:

(1): Loans and other lending investments are presented net of unearned income, unamortized discounts and premiums and net unamortized deferred fees and costs. In total, these amounts represented a net discount of $101.7 million and $62.7 million as of December 31, 2011 and 2010, respectively.
(2): The Company's recorded investment in loans as of December 31, 2011 and 2010 was $3.50 billion and $5.41 billion, respectively, which consists of total gross carrying value of loans plus accrued interest of $13.3 million and $21.3 million, for the same two periods, respectively.

During the year ended December 31, 2011, the Company originated $20.0 million in loans and other lending investments, funded $89.9 million under existing loan commitments and received principal repayments of $1.21 billion. During the same period, the Company sold loans with a total carrying value of $144.9 million, for which it recognized charge-offs of $25.0 million.

During the year ended December 31, 2011, the Company received title to properties in full or partial satisfaction of non-performing mortgage loans with a gross carrying value of $617.8 million, for which the properties had served as collateral, and recorded charge-offs totaling $115.3 million related to these loans. These properties were recorded as real estate held for investment ("REHI") or other real estate owned ("OREO") on the Company's Consolidated Balance Sheets (see Note 5). In addition, during the same period, the Company received equity in an entity that took title to a property in satisfaction of a non-performing mortgage for which the property had served as collateral. The Company held a participation in the mortgage with a gross carrying value of $74.6 million and charged-off $29.2 million upon receiving the equity interest (see Note 7).

Reserve for Loan Losses—Changes in the Company's reserve for loan losses were as follows: ($ in thousands):

	For the Years Ended December 31,

	2011			2010			2009
Reserve for loan losses at beginning of period	$	814,625		$	1,417,949		$	976,788
Provision for loan losses		46,412			331,487			1,255,357
Charge-offs		(214,413	)		(934,811	)		(814,196	)

Reserve for loan losses at end of period	$	646,624		$	814,625		$	1,417,949

The Company's recorded investment (comprised of a loan's carrying value plus accrued interest) in loans and the associated reserve for loan losses were as follows ($ in thousands):

	Individually Evaluated for Impairment			Collectively Evaluated for Impairment			Loans Acquired with Deteriorated Credit Quality			Total

As of December 31, 2011:
Loans	$	1,525,337		$	1,919,876		$	59,648		$	3,504,861
Less: Reserve for loan losses		(554,131	)		(73,500	)		(18,993	)		(646,624	)

Total	$	971,206		$	1,846,376		$	40,655		$	2,858,237

As of December 31, 2010:
Loans	$	2,296,599		$	3,034,310		$	75,907		$	5,406,816
Less: Reserve for loan losses		(692,610	)		(120,200	)		(1,815	)		(814,625	)

Total	$	1,603,989		$	2,914,110		$	74,092		$	4,592,191

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. This process is discussed in more detail in "Reserve for loan losses" in Note 3. As of December 31, 2011, the Company's recorded investment in loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):

	As of

	December 31, 2011				December 31, 2010
	Performing Loans		Weighted Average Risk Ratings		Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	1,514,016		3.19	$	2,394,270		3.48
Subordinate mortgages		190,342		3.36		307,509		3.20
Corporate/Partnership loans		472,178		3.61		685,848		3.76

Total	$	2,176,536		3.29	$	3,387,627		3.51

As of December 31, 2011, 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(1)		Greater Than 90 Days(1)		Total Past Due		Total

Senior mortgages	$	1,721,653	$	—	$	1,086,913	$	1,086,913	$	2,808,566
Subordinate mortgages		190,342		22,481		—		22,481		212,823
Corporate/Partnership loans		472,178		—		11,294		11,294		483,472

Total	$	2,384,173	$	22,481	$	1,098,207	$	1,120,688	$	3,504,861

Explanatory Note:

(1): All loans with payments more than 90 days past due are classified as non-performing and are on non-accrual status. In addition, a loan with a recorded investment of $22.5 million that was less than 90 days delinquent is classified as non-performing.

Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):

	As of December 31, 2011							As of December 31, 2010

	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	219,488	$	218,612	$	—		$	404,861	$	404,126	$	—
Corporate/Partnership loans		10,110		10,160		—			10,110		10,160		—

Subtotal	$	229,598	$	228,772	$	—		$	414,971	$	414,286	$	—
With an allowance recorded:
Senior mortgages	$	1,268,962	$	1,263,195	$	(540,670	)	$	1,834,008	$	1,825,150	$	(683,948	)
Subordinate mortgages		22,480		22,558		(22,480	)		—		—		—
Corporate/Partnership loans		62,591		62,845		(9,974	)		64,465		64,919		(10,477	)

Subtotal	$	1,354,033	$	1,348,598	$	(573,124	)	$	1,898,473	$	1,890,069	$	(694,425	)
Total:
Senior mortgages	$	1,488,450	$	1,481,807	$	(540,670	)	$	2,238,869	$	2,229,276	$	(683,948	)
Subordinate mortgages		22,480		22,558		(22,480	)		—		—		—
Corporate/Partnership loans		72,701		73,005		(9,974	)		74,575		75,079		(10,477	)

Total	$	1,583,631	$	1,577,370	$	(573,124	)	$	2,313,444	$	2,304,355	$	(694,425	)

Explanatory Note:

(1): All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2011 and 2010, certain loans modified through troubled debt restructurings with a recorded investment of $255.3 million and $294.3 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.

The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):

	For the Years Ended December 31,

	2011					2010				2009
	Average Recorded Investment		Interest Income Recognized			Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	309,079	$	31,799	⁽¹⁾	$	659,150	$	20,472	$	751,011	$	10,115
Subordinate mortgages		—		—			1,404		87		2,953		396
Corporate/Partnership loans		10,110		680			27,526		1,868		28,953		—

Subtotal	$	319,189	$	32,479		$	688,080	$	22,427	$	782,917	$	10,511
With an allowance recorded:
Senior mortgages	$	1,608,486	$	7,187		$	2,411,735	$	5,183	$	3,340,368	$	3,712
Subordinate mortgages		19,477		—			77,125		107		65,009		—
Corporate/Partnership loans		66,087		332			65,118		—		100,278		—

Subtotal	$	1,694,050	$	7,519		$	2,553,978	$	5,290	$	3,505,655	$	3,712
Total:
Senior mortgages	$	1,917,565	$	38,986		$	3,070,885	$	25,655	$	4,091,379	$	13,827
Subordinate mortgages		19,477		—			78,529		194		67,962		396
Corporate/Partnership loans		76,197		1,012			92,644		1,868		129,231		—

Total	$	2,013,239	$	39,998		$	3,242,058	$	27,717	$	4,288,572	$	14,223

Explanatory Note:

(1): Amount includes interest income of $26.3 million related to the resolution of certain non-performing loans. Interest income was not previously recorded as the loans were on non-accrual status.

Troubled Debt Restructurings—During the year ended December 31, 2011, the Company modified loans that were determined to be troubled debt restructurings. The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands):

	For the Year Ended December 31, 2011

	Number of Loans		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages		7	$	191,158	$	190,893

Loans that defaulted during the year ended December 31, 2011, that were modified as troubled debt restructurings within the previous 12 months, were as follows ($ in thousands):

	For the Year Ended December 31, 2011

	Number of Loans		Outstanding Recorded Investment
Senior mortgages		1	$	28,005

During the year ended December 31, 2011, the Company restructured seven loans that were considered troubled debt restructurings. The Company reduced the rate on three of these loans with a combined recorded investment of $105.7 million, from a combined weighted average rate of 8.3% to 4.7% and extended the loans with a new weighted average maturity of 1.4 years, with conditional extension options in certain cases dependent on pay down hurdles. The Company extended a discounted payoff option on one loan that is currently classified as non-performing and extended the term of the three remaining loans with the interest rates unchanged. In addition, as of December 31, 2011, the Company had $6.1 million of unfunded commitments on modified loans considered troubled debt restructurings.

For the six loans that were extended, the Company believes the borrowers can perform under the new terms and has classified these loans as performing. Generally when granting financial 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 with 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 and assessed for specific reserves and are not included in the Company's assessment of general 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.

Real Estate Held for Investment, net and Other Real Estate Owned

12 Months Ended

Dec. 31, 2011

Real Estate Held for Investment, net and Other Real Estate Owned

Real Estate Held for Investment, net and Other Real Estate Owned

Note 5—Real Estate Held for Investment, net and Other Real Estate Owned

During the year ended December 31, 2011, the Company received title to properties with an aggregate estimated fair value at the time of foreclosure of $502.5 million, in full or partial satisfaction of non-performing mortgage loans for which those properties had served as collateral. Of these, properties with a value of $396.2 million were classified as REHI and $106.3 million were classified as OREO, based on management's current intention to either hold the properties over a longer period or to market them for sale in the near term.

Real Estate Held for Investment, net—REHI consisted of the following ($ in thousands):

	As of December 31,

	2011			2010
Land held for investment and development	$	701,547		$	606,083
Operating property
Land		143,411			69,807
Buildings and improvements		400,203			165,025
Less: accumulated depreciation and amortization		(17,027	)		(7,855	)

Real estate held for investment, net	$	1,228,134		$	833,060

The Company records REHI operating income in "Other income" and REHI operating expenses in "Operating costs—REHI and OREO," on the Company's Consolidated Statements of Operations, as follows ($ in thousands):

	For the Years Ended December 31,

	2011		2010		2009
REHI operating income	$	35,331	$	23,103	$	5,822
REHI operating expenses	$	45,885	$	31,646	$	12,455

Other Real Estate Owned—During the year ended December 31, 2011, the Company sold OREO assets with a carrying value of $176.5 million. A portion of these were sales of residential property units from which the Company recorded income of $5.7 million. For the years ended December 31, 2011, 2010 and 2009, the Company recorded net impairment charges to OREO properties totaling $20.8 million, $19.1 million and $78.6 million, respectively, and recorded net expenses related to holding costs for OREO properties of $31.4 million, $33.0 million, $28.4 million, respectively.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 11
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 15
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Chapter 11
-Paragraph 2, 6, 9-11, 18, 20
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 9, 11, 12, 13, 14, 15, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 10
-Subparagraph a, b
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Subparagraph 4
-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6375948&loc=d3e4437-111522

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 43
-URI http://asc.fasb.org/extlink&oid=6390298&loc=d3e1739-110224

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(4))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6390298&loc=d3e1424-110224

+ Details

Net Lease Assets, net

12 Months Ended

Dec. 31, 2011

Net Lease Assets, net

Net Lease Assets, net

Note 6—Net Lease Assets, net

The Company's investments in net lease assets, at cost, were as follows ($ in thousands):

	As of December 31,

	2011			2010
Facilities and improvements	$	1,601,477		$	1,651,998
Land and land improvements		447,603			454,925
Less: accumulated depreciation		(346,316	)		(322,414	)

Net lease assets, net	$	1,702,764		$	1,784,509

During the year ended December 31, 2011, the Company sold net lease assets with carrying values of $34.4 million, resulting in a net gain of $2.9 million.

During the year ended December 31, 2010, the Company completed the sale of a portfolio of 32 net lease assets to a single purchaser for a gross purchase price of $1.35 billion that resulted in a net gain of $250.3 million. The aggregate carrying value of the portfolio of assets was $1.05 billion. At the time of sale, the Company had reduced its gain on sale and recorded a liability based upon certain contingent obligations, which have now been fully resolved. Upon resolution of this liability in 2011, the Company realized $22.2 million of the gain previously deferred and recorded the gain in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations for the year ended December 31, 2011. See Note 9 for additional details on the repayment of the debt collateralized by these assets. As part of the purchaser's financing for the transaction, the Company provided the purchaser with $105.6 million of mezzanine loans, which were subsequently paid down to $26.5 million as of December 31, 2011.

Summarized financial information for discontinued operations related to the sale of the portfolio of 32 net lease assets is as follows ($ in thousands):

	For the Years Ended December 31,

	2011			2010		2009
Total revenues	$	—		$	55,559	$	114,575
Income (loss) from discontinued operations	$	(2,301	)	$	15,580	$	9,966

In addition to the sale of the portfolio of assets noted above, during the year ended December 31, 2010, the Company sold net lease assets with carrying values of $119.7 million, which resulted in gains of $20.1 million. For the year ended December 31, 2010, the Company recorded impairment charges on net lease assets of $6.1 million, all of which was included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations.

During the year ended December 31, 2009 the Company sold net lease assets with carrying values of $52.1 million, which resulted in gains of $12.4 million. In addition, for the year ended December 31, 2009, the Company recorded impairment charges on net lease assets of $33.5 million of which $14.1 million was included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations.

The Company receives reimbursements from customers for certain facility operating expenses including common area costs, insurance and real estate taxes. Customer expense reimbursements for the years ended December 31, 2011, 2010 and 2009 were $23.4 million, $29.8 million and $36.4 million, respectively. Of these amounts, $23.4 million, $23.6 million and $24.5 million, respectively, were included as a reduction of "Operating costs—net lease assets," and the remainder was included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations.

Future Minimum Operating Lease Payments—Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2011, are as follows ($ in thousands):

Year

2012	$	149,937
2013	$	149,244
2014	$	151,188
2015	$	151,714
2016	$	148,792

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Other Investments

12 Months Ended

Dec. 31, 2011

Other Investments

Other Investments

Note 7—Other Investments

Other investments primarily consists of equity method investments. The Company's other investments and its proportionate share of results for equity method investments were as follows ($ in thousands):

	Carrying value as of December 31,				Equity in earnings for the Years Ended December 31,

	2011		2010		2011			2010		2009
LNR	$	159,764	$	122,176	$	53,861		$	1,797	$	—
Madison Funds		103,305		92,265		3,641			9,717		(5,620	)
Oak Hill Funds		56,817		48,613		1,918			11,613		2,078
REHI Investments		52,803		—		(7,839	)		—		—
Oak Hill Advisors		—		173,231		38,361			22,439		20,588
Other equity method investments		73,146		85,938		5,149			6,342		(11,748	)

Total equity method investments	$	445,835	$	522,223	$	95,091		$	51,908	$	5,298

Other		12,000		10,135

Total other investments	$	457,835	$	532,358

Equity Method Investments

LNR—On July 29, 2010, the Company acquired an ownership interest of approximately 24% in LNR Property Corporation ("LNR"). LNR is a servicer and special servicer of commercial mortgage loans and CMBS and a diversified real estate investment, finance and management company. In the transaction, the Company and a group of investors, including other creditors of LNR, acquired 100% of the common stock of LNR in exchange for cash and the extinguishment of existing senior notes of LNR's parent holding company (the "Holdco Notes"). The Company contributed $100.0 million aggregate principal amount of Holdco Notes and $100.0 million in cash in exchange for an equity interest of $120.0 million. During the year ended December 31, 2010, the Company executed the discounted payoff of a separate $25.0 million principal value loan with LNR for which it received proceeds of $24.5 million in full repayment.

Below is a summary of LNR's latest available financial information ($ in thousands)(1)(2):

	For the Year Ended September 30, 2011			For the Period July 29, 2010 to September 30, 2010

Income Statement
Total revenue(2)	$	327,032		$	40,022
Income tax expense (benefit)	$	(76,558	)	$	685
Net income attributable to LNR	$	225,190		$	7,495
iStar's ownership percentage		24	%		24	%
iStar's equity in earnings	$	53,861		$	1,797

	As of September 30,

	2011			2010
Balance Sheet
Total assets(2)	$	1,288,923		$	1,270,912
Total debt(2)	$	469,631		$	515,495
Total liabilities(2)	$	576,835		$	724,311
Noncontrolling interests	$	39,940		$	37,092
LNR Property LLC equity	$	672,147		$	509,510
iStar's ownership percentage		24	%		24	%
iStar's equity investment in LNR	$	159,764		$	122,176

	For the Year Ended September 30, 2011			For the Period July 29, 2010 to September 30, 2010

Cash Flows
Operating cash flows	$	170,703		$	22,568
Cash flows from investing and financing (excluding distributions)	$	(4,102	)	$	(3,272	)
Net cash flows (excluding distributions)	$	166,601		$	19,296
Cash distributions	$	73,916		$	—
iStar's ownership percentage		24	%		24	%
Cash distributions received by iStar	$	17,722		$	—
Explanatory Notes:

(1): The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2011 are based on balances and results from LNR for the year ended September 30, 2011.
(2): LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been excluded from the amounts presented above. As of September 30, 2011 and 2010, the assets of these trusts which aggregate approximately $126.66 billion and $142.39 billion, respectively, are the sole source of repayment of the related liabilities, which aggregate approximately $126.64 billion and $141.99 billion, respectively, which are non-recourse to LNR and its equity holders, including the Company. In addition, Total revenue presented above includes $119.0 million and $16.8 million for the periods ended September 30, 2011 and 2010, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's. This income is then added back through consolidation as an adjustment to income allocable to noncontrolling entities and has no net impact on Net Income attributable to LNR.

Madison Funds—As of December 31, 2011, the Company owned a 29.52% interest in Madison International Real Estate Fund II, LP, a 32.92% interest in Madison International Real Estate Fund III, LP and a 29.52% interest in Madison GP1 Investors, LP (collectively, the "Madison Funds"). The Madison Funds invest in ownership positions of entities that own real estate assets. The Company has determined that all of these entities are variable interest entities and that an external member is the primary beneficiary.

Oak Hill Funds—As of December 31, 2011, the Company owned a 10.43% interest in Oak Hill Credit Opportunities Fund, L.P. ("OHCOF"), a 5.92% interest in OHA Strategic Credit Master Fund, L.P. ("OHSCF"), and a 9.88% interest in Oak Hill Credit Partners II, Limited ("OHCP II") (collectively, the "Oak Hill Funds"). The Oak Hill Funds were formed to acquire and manage a diverse portfolio of assets, investing in distressed, stressed and undervalued loans, bonds, equities and other investments. The Company appointed to its Board of Directors a member that holds an investment in the Oak Hill Funds. As such Oak Hill is a related party of the Company.

REHI Investments—As of December 31, 2011, the Company owned 33% and 31% equity interests in two separate entities that received titles to properties previously serving as collateral for loan investments of the Company.

Oak Hill Advisors—In October 2011, the Company sold a substantial portion of its interests in Oak Hill Advisors, L.P. and related entities for $183.7 million of net cash proceeds, which resulted in a net gain of $30.3 million that was recorded in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. The transaction was completed in part through sales of interests to unrelated third parties and in part through redemption of interests by the principals of Oak Hill Advisors, L.P., including Glenn R. August. Mr. August serves as a member of the Company's Board of Directors and is also the president and senior partner of Oak Hill Advisors, L.P. In conjunction with the sale of its interests in Oak Hill Advisors, L.P., the Company retained interests in its share of certain unearned incentive fees of various funds. These fees are contingent on the future performance of the funds and the Company will recognize income related to these fees if and when the amounts are realized.

Other Equity Method Investments—The Company also had smaller investments in several other entities that were accounted for under the equity method where the Company has ownership interests up to 50.0%. Several of these investments are in real estate related funds or other strategic investment opportunities within niche markets.

During the years ended December 31, 2010 and 2009, the Company recognized impairment charges on certain of its equity method investments of $1.2 million and $4.7 million, respectively. In addition, during the year ended December 31, 2009, the Company recorded a non-cash out-of-period charge of $9.4 million to recognize additional losses from an equity method investment as a result of additional depreciation expense that should have been recorded at the equity method entity. This adjustment was recorded as a reduction to "Other investments" on the Company's Consolidated Balance Sheets and a decrease to "Earnings from equity method investments," on the Company's Consolidated Statements of Operations. The Company concluded that the amount of losses that should have been recorded in periods beginning in July 2007 were not material to any of its previously issued financial statements. The Company also concluded that the cumulative out-of-period charge was not material to the fiscal year in which it has been recorded. As such, the charge was recorded in the Company's Consolidated Statements of Operations for the year ended December 31, 2009, rather than restating prior periods.

Summarized Financial Information—The following table presents the investee level summarized financial information of the Company's equity method investments, excluding LNR ($ in thousands):

	For the years ended December 31,

	2011		2010		2009
Income Statements
Revenues	$	198,340	$	590,265	$	129,814
Net income (loss) attributable to parent entities	$	97,066	$	342,661	$	(12,237	)

	As of December 31,

	2011		2010
Balance Sheets
Total assets	$	3,079,736	$	4,486,974
Total liabilities	$	197,246	$	1,236,116
Noncontrolling interests	$	4,139	$	107,422
Total equity	$	2,878,351	$	3,143,436

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2011

Other Assets and Other Liabilities

Other Assets and Other Liabilities

Note 8—Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):

	As of December 31,

	2011		2010
Deferred financing fees, net(1)	$	21,443	$	5,527
Other receivables		17,273		13,521
Net lease in-place lease intangibles, net(2)		17,013		24,469
Leasing costs, net(3)		12,423		8,267
Corporate furniture, fixtures and equipment, net(4)		9,034		11,016
Prepaid expenses		5,441		5,265
Other assets		29,849		17,463

Deferred expenses and other assets, net	$	112,476	$	85,528

Explanatory Notes:

(1): During the year ended December 31, 2011, in connection with the Secured Credit Facility, the Company recorded deferred financing fees of $33.3 million (see Note 9). Accumulated amortization of deferred financing fees was $13.3 million and $21.1 million as of December 31, 2011 and 2010, respectively.
(2): Represents unamortized finite lived intangible assets related to the prior acquisition of net lease assets. Accumulated amortization on net lease intangibles was $33.4 million and $26.6 million as of December 31, 2011 and 2010, respectively. Amortization expense related to these assets was $6.8 million, $6.4 million and $9.6 million for the years ended December 31, 2011, 2010 and 2009, respectively.
(3): Accumulated amortization on leasing costs was $5.5 million and $5.3 million as of December 31, 2011 and 2010, respectively.
(4): Accumulated depreciation on corporate furniture, fixtures and equipment was $8.1 million and $7.2 million as of December 31, 2011 and 2010, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):

	As of December 31,

	2011		2010
Accrued expenses	$	36,332	$	19,800
Accrued interest payable		30,122		38,143
Security deposits and other investment deposits		12,192		2,874
Unearned operating lease income		9,077		10,423
Property taxes payable		6,495		5,880
Deferred tax liabilities		—		13,729
Other liabilities		12,475		43,573

Accounts payable, accrued expenses and other liabilities	$	106,693	$	134,422

Debt Obligations, net

12 Months Ended

Dec. 31, 2011

Debt Obligations, net

Debt Obligations, net

Note 9—Debt Obligations, net

As of December 31, 2011 and 2010, the Company's debt obligations were as follows ($ in thousands):

	Carrying Value as of December 31,

	Carrying Value as of December 31,					Stated Interest Rates			Scheduled Maturity Date
	2011			2010		Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities:
Tranche A-1 Facility	$	961,580		$	—		LIBOR + 3.75	%(1)	June 2013
Tranche A-2 Facility		1,450,000			—		LIBOR + 5.75	%(1)	June 2014
Line of credit		—			618,883		LIBOR + 1.50	%	June 2011
Line of credit		—			334,180		LIBOR + 1.50	%	June 2012
Secured term loans:
Collateralized by loans, net lease, REHI and OREO assets		—			1,055,000		LIBOR + 1.50	%	June 2011
Collateralized by loans, net lease, REHI and OREO assets		—			612,222		LIBOR + 1.50	%	June 2012
Collateralized by net lease assets		293,192			190,223		5.05% - 7.68	%	Various through 2026

Total secured credit facilities and term loans	$	2,704,772		$	2,810,508
Unsecured credit facilities:
Line of credit	$	—		$	501,405		LIBOR + 0.85	%	June 2011
Line of credit		243,650			243,819		LIBOR + 0.85	%	June 2012

Total unsecured credit facilities	$	243,650		$	745,224
Secured notes:
10.0% senior notes	$	—		$	312,329		10.0	%	June 2014
Unsecured notes:
5.80% senior notes	$	—		$	107,766		5.80	%	March 2011
5.125% senior notes		—			96,916		5.125	%	April 2011
5.65% senior notes		—			196,593		5.65	%	September 2011
5.15% senior notes		263,466			322,006		5.15	%	March 2012
5.50% senior notes		92,845			102,345		5.50	%	June 2012
LIBOR + 0.50% senior convertible notes(2)		784,750			787,750		LIBOR + 0.50	%	October 2012
8.625% senior notes		501,701			501,701		8.625	%	June 2013
5.95% senior notes		448,453			448,453		5.95	%	October 2013
6.5% senior notes		67,055			67,055		6.5	%	December 2013
5.70% senior notes		200,601			200,601		5.70	%	March 2014
6.05% senior notes		105,765			105,765		6.05	%	April 2015
5.875% senior notes		261,403			261,403		5.875	%	March 2016
5.85% senior notes		99,722			99,722		5.85	%	March 2017

Total unsecured notes	$	2,825,761		$	3,298,076
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5	%	October 2035
Total debt obligations	$	5,874,183		$	7,266,137
Debt premiums/(discounts), net(2)(3)		(36,643	)		79,296

Total debt obligations, net	$	5,837,540		$	7,345,433

Explanatory Notes:

(1): These loans each have a LIBOR floor of 1.25%. As of December 31, 2011, inclusive of the floors, the Tranche A-1 Facility and Tranche A-2 Facility loans incurred interest at a rate of 5.00% and 7.00%, respectively.
(2): The Company's convertible senior floating rate notes due October 2012 ("Convertible Notes") are convertible at the option of the holders, into 22.2 shares per $1,000 principal amount of Convertible Notes, on or after August 15, 2012, or prior to that date if (1) the price of the Company's Common Stock trades above 130% of the conversion price for a specified duration, (2) the trading price of the Convertible Notes is below a certain threshold, subject to specified exceptions, (3) the Convertible Notes have been called for redemption, or (4) specified corporate transactions have occurred. None of the conversion triggers have been met as of December 31, 2011. As of December 31, 2011, the outstanding principal balance of the Company's senior convertible notes was $784.8 million, the unamortized discount was $10.3 million and the net carrying amount of the liability was $774.5 million. As of December 31, 2011, the carrying value of the additional paid-in-capital, or equity component of the convertible notes, was $37.4 million. For the years ended December 31, 2011, 2010 and 2009, the Company recognized interest expense on the convertible notes of $18.0 million, $17.5 million and $21.0 million, respectively, of which $11.6 million, $10.8 million and $10.0 million, respectively, related to the amortization of the debt discount.
(3): As of December 31, 2011, includes unamortized original issue debt discounts of $22.5 million associated with the Secured Credit Facility completed in March 2011.

Future Scheduled Maturities—As of December 31, 2011, future scheduled maturities of outstanding long-term debt obligations, net are as follows ($ in thousands)(1):


2012	$	1,596,290
2013		1,971,049
2014		1,551,824
2015		105,765
2016		261,403
Thereafter		387,852

Total principal maturities	$	5,874,183
Unamortized debt discounts, net		(36,643	)

Total long-term debt obligations, net	$	5,837,540

Explanatory Note:

(1): Includes minimum required amortization payments on the Secured Credit Facility.

Secured Credit Facility—In March 2011, the Company entered into a new $2.95 billion Secured Credit Facility comprised of a $1.50 billion term loan facility bearing interest at a rate of LIBOR plus 3.75% and maturing in June 2013 (the "Tranche A-1 Facility") and a $1.45 billion term loan facility bearing interest at a rate of LIBOR plus 5.75% maturing in June 2014 (the "Tranche A-2 Facility"), together the "Secured Credit Facility." Both tranches include a LIBOR floor of 1.25%. The Tranche A-1 Facility and Tranche A-2 Facility were issued at discounts to par of 1.0% and 1.5%, respectively. Proceeds from the Secured Credit Facility were used to fully repay the $1.67 billion and $0.9 billion outstanding under the Company's secured credit facilities, which were due to mature in June 2011 and June 2012, respectively, and to repay $175.0 million of the Company's unsecured credit facilities due in June 2011. The remaining proceeds were used to repay other unsecured debt maturing in the first half of 2011.

The Secured Credit Facility is collateralized by a first lien on a fixed pool of assets consisting of loan, net lease, OREO and REHI assets. Proceeds from principal repayments and sales of collateral are applied to amortize the Secured Credit Facility. Proceeds received for interest, rent, lease payments, fee income and, under certain circumstances, additional amounts funded on assets serving as collateral are retained by the Company. The Tranche A-1 Facility requires that aggregate cumulative amortization payments of not less than $200.0 million shall be made on or before December 30, 2011, not less than $450.0 million on or before June 30, 2012, not less than $750.0 million on or before December 31, 2012 and not less than $1.50 billion on or before June 28, 2013. The Tranche A-2 Facility will begin amortizing six months after the repayment in full of the Tranche A-1 Facility, such that not less than $150.0 million of cumulative amortization payments shall be made on or before the six month anniversary of repayment of the A-1 Facility, with additional amortization payments of $150.0 million due on or before each six month anniversary thereafter, with any unpaid principal amounts due at maturity in June 2014.

During the year ended December 31, 2011, the Company used proceeds from principal repayments and sales of collateral to repay $538.4 million of its Tranche A-1 Facility. These repayments exceeded the $450.0 million cumulative amortization required to be paid by June 30, 2012, leaving $211.6 million to be paid on or before December 31, 2012. Repayments of the facility prior to scheduled amortization dates have resulted in losses on early extinguishment of debt of $12.0 million for the year ended December 31, 2011, related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

During the year ended December 31, 2011, the Company received $9.1 million pursuant to an agreement with a holder of the Company's previously outstanding secured credit facilities. The amount effectively reduced the par value that was repaid to the debtholder and was accounted for under ASC 470-60, resulting in $3.7 million being recognized during the year ended December 31, 2011, as a gain on extinguishment of debt. As the same lender participated in the new Secured Credit Facility, the remaining amount was recorded as a premium to that facility and will serve to reduce a portion of future interest expense as it is amortized through its maturity.

Unsecured Credit Facilities—In June 2011, the Company repaid the $329.9 million remaining principal balance of its LIBOR + 0.85% unsecured line of credit.

Secured Term Loans—In June 2011, the Company entered into a $120.0 million secured term loan financing maturing in July 2021. This financing is collateralized by net lease properties occupied by a single tenant and bears interest at 5.05%.

In March 2011, the Company refinanced the $47.7 million outstanding principal balance of a maturing secured term loan. In addition, during June 2011, the Company entered into an additional $4.6 million secured term loan. The loans bear interest at LIBOR + 4.50%, mature in 2014 and are cross-collateralized by the same net lease assets. Simultaneously with the financings, the Company entered into interest rate swaps to exchange its variable rates on the notes for fixed interest rates (see Note 10).

In 2010, the Company repaid other secured term loans, including a $947.9 million non-recourse loan that was collateralized by the portfolio of net lease assets sold during the period, as well as $153.3 million of other term loans with various maturities. In connection with these repayments, the Company expensed unamortized deferred financing costs and incurred other expenses totaling $22.1 million, which reduced net gain on early extinguishment of debt during the year ended December 31, 2010.

Secured Notes—During 2009, the Company completed a series of private offers in which the Company issued $155.3 million and $479.5 million aggregate principal amount of its 8.0% second priority senior secured guaranteed notes due 2011 and 10.0% second priority senior secured guaranteed notes due 2014, respectively, in exchange for $1.01 billion aggregate principal amount of its senior unsecured notes of various series. As a result of these transactions, the Company recognized a $107.9 million gain on early extinguishment of debt, net of closing costs of $11.8 million, during the year ended December 31, 2009, and recorded a deferred gain of $262.7 million which was reflected as premiums to the par value of the new debt.

During 2010, the Company redeemed or repurchased $322.5 million par value of its 2011 and 2014 Notes, generating $71.3 million of gains on early extinguishment of debt.

In January 2011, the Company fully redeemed the $312.3 million remaining principal balance of its 10% 2014 Notes and recorded a gain on early extinguishment of debt of $109.0 million primarily related to the recognition of the deferred gain premiums that resulted from the exchange.

Unsecured Notes—During the year ended December 31, 2011, the Company repaid, upon maturity, the $170.4 million outstanding principal balance of its 5.65% senior unsecured notes, the $96.9 million outstanding principal balance of its 5.125% senior unsecured notes and the $107.8 million outstanding principal balance of its 5.80% senior unsecured notes. In addition, the Company repurchased $97.2 million par value of its senior unsecured with various maturities ranging from September 2011 to October 2012. In connection with these repurchases, the Company recorded an aggregate gain on early extinguishment of debt of $0.8 million for the year ended December 31, 2011.

During the year ended December 31, 2010, the Company repurchased $592.8 million par value of senior unsecured notes with various maturities ranging from March 2010 to March 2014 generating $59.7 million in net gains on early extinguishment of debt.

During the year ended December 31, 2009, the Company repurchased $1.31 billion par value of senior unsecured notes with various maturities ranging from January 2009 to March 2017 generating $439.4 million in net gains on early extinguishment of debt.

Unencumbered/Encumbered Assets—As of December 31, 2011, the Company had unencumbered assets, including cash, with a gross carrying value of $4.68 billion, gross of $707.3 million of accumulated depreciation and loan loss reserves, and encumbered assets with a carrying value of $3.53 billion. The carrying value of our encumbered assets by asset type is as follows ($ in thousands):

	As of December 31,

	2011		2010
Loans and other lending investments, net	$	1,786,449	$	2,832,184
Net lease assets, net		1,173,978		1,021,783
REHI, net		359,597		28,376
OREO		177,005		232,150
Other investments		37,957		—

Total	$	3,534,986	$	4,114,493

Debt Covenants

The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a restriction on debt incurrence based upon the effect of the debt incurrence on the Company's fixed charge coverage. If any of the Company's covenants is breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. While the Company expects that its ability to incur new indebtedness under the fixed charge coverage ratio will be limited for the foreseeable future, it will continue to be permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures.

The Company's Secured Credit Facility contains certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the Company is required to maintain collateral coverage of 1.25x outstanding borrowings. In addition, for so long as the Company maintains its qualification as a REIT, the Secured Credit Facility permits it to distribute 100% of its REIT taxable income on an annual basis. The Company may not pay common dividends if it ceases to qualify as a REIT.

The Company's Secured Credit Facility contains 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies

Commitments and Contingencies

Note 10—Commitments and Contingencies

Business Risks and Uncertainties—The Company's business has been and continues to be adversely affected by the recent economic recession and illiquidity and volatility in the credit and commercial real estate markets. The Company experienced significant provisions for loan losses and impairments resulting from high levels of non-performing loans and increasing amounts of real estate owned as the Company took title to assets of defaulting borrowers. The economic conditions and their effect on the Company's operations also resulted in increased financing costs and an inability to access the unsecured debt markets. Since the beginning of the crisis, the Company has significantly curtailed asset originations and has focused primarily on resolving problem assets, generating liquidity, retiring debt, and decreasing leverage with the objective of preserving shareholder value.

The Company saw signs of an economic recovery during 2010 and 2011, including some improvements in the commercial real estate market and capital markets. These conditions resulted in reduced additions to non-performing loans, reductions in provisions for loan losses and increased levels of liquidity to fund operations. These improving conditions allowed the Company to complete the Secured Credit Facility in March of 2011. While the Company has benefited from improving conditions, volatility within the capital markets and commercial real estate market continues to have an adverse effect on the Company's operations, as primarily evidenced by continuing elevated levels of non-performing assets and higher costs of capital. Further, improvement in the Company's financial condition and operating results and its ability to generate sufficient liquidity are dependent on a sustained economic recovery, which cannot be predicted with certainty.

As of December 31, 2011, the Company had $1.60 billion of debt maturing and minimum required amortization payments due on or before December 31, 2012. Of this amount, $211.6 million represents the minimum amortization payable by December 31, 2012 under the Secured Credit Facility, which is collateralized by assets with a carrying value of $3.08 billion. The Company expects to use proceeds from repayments and sales of the pledged collateral to meet these amortization payments. The remaining $1.38 billion of maturing debt represents unsecured debt that is scheduled to mature during 2012 as follows ($ in thousands):

Maturity Date	Amount Due

March 2012	$	263,466
June 2012	$	336,495
October 2012	$	784,750

As of December 31, 2011, the Company had unrestricted cash of $356.8 million and other unencumbered assets with a carrying value of $3.69 billion. The Company's capital sources to meet its unsecured debt maturities in the coming year will primarily include debt refinancings, proceeds from asset sales and loan repayments from borrowers, and may include equity capital raising transactions. The Company has identified unencumbered assets with a carrying value of approximately $1.5 billion that it will use either as collateral for secured refinancings or will sell strategically during the year ending December 31, 2012. The Company currently expects that the majority of such asset sales would occur during the second half of 2012. Based upon the dynamic nature of the Company's assets and its liquidity plan and the time frame in which the Company needs to generate liquidity, the specific assets, nature of the transactions, timing and amount of asset sales and refinancing transactions could vary. The Company may also encounter difficulty in finding buyers of assets or executing capital raising strategies on acceptable terms in a timely manner, which could impact its ability to make scheduled repayments on its outstanding debt. However, given the Company's unencumbered asset base and current market conditions, the Company believes that it has several options that can be reasonably and timely executed to enable the Company to repay its debt obligations during 2012 as they come due.

The timing and amounts of proceeds from expected asset repayments and sales, and the Company's ability to consummate debt refinancing and equity capital raising transactions are subject to factors outside its control and cannot be predicted with certainty. The Company's plans are dynamic and it may adjust its plans in response to changes in its expectations and changes in market conditions. In addition, although there were early signs of improvement in the commercial real estate and credit markets beginning in 2010 and in 2011, such markets remain volatile and it is not possible for the Company to predict whether these trends will continue in the future or quantify the impact of these or other trends on its financial results. If the Company fails to repay its obligations as they become due, it would be an event of default under the relevant debt instruments, which could result in a cross-default and acceleration of the Company's other outstanding debt obligations, all of which would have a material adverse effect on the Company.

Unfunded Commitments—The Company has certain off-balance sheet unfunded commitments. The Company generally funds construction and development loans and build-outs of space in net lease assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company will sometimes establish a maximum amount of additional fundings 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 at its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of December 31, 2011, the maximum amounts of the fundings the Company may make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it will approve all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):

	Loans		Net Lease Assets		Strategic Investments		Total

Performance-Based Commitments	$	53,266	$	14,054	$	—	$	67,320
Discretionary Fundings		128,029		—		—		128,029
Other		—		—		24,340		24,340

Total	$	181,295	$	14,054	$	24,340	$	219,689

Other Commitments—Total operating lease expense for the years ended December 31, 2011, 2010 and 2009 were $7.2 million, $7.3 million and $13.3 million, respectively. Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):


2012	$	5,522
2013	$	4,952
2014	$	4,487
2015	$	4,254
2016	$	4,411
Thereafter	$	13,391

For the year ended December 31, 2009, the Company recognized a $42.4 million lease termination expense in "Other expense" on the Consolidated Statements of Operations pursuant to a settlement agreement under which the Company terminated a long-term lease for new headquarters space and settled all disputes with the landlord.

The Company also has issued letters of credit totaling $12.7 million in connection with six of its investments.

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. The Company discloses certain of its more significant legal proceedings under "Item 3. Legal Proceedings" in its Annual Report on Form 10-K for the year ended December 31, 2011 (Legal Proceedings).

A liability is accrued when it is both (a) probable that a loss with respect to the legal proceeding has occurred and (b) the amount of loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings that could require a liability to be accrued. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor is any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial condition.

Equity

12 Months Ended

Dec. 31, 2011

Equity

Equity

Note 11—Equity

The Company's charter provides for the issuance of up to 200.0 million shares of Common Stock, par value $0.001 per share and 30.0 million shares of preferred stock. As of December 31, 2011, 140.0 million common shares were issued and 81.9 million common shares were outstanding.

The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of December 31, 2011 and 2010:

					Cumulative Preferential Cash Dividends(1)(2)

Series	Shares Issued and Outstanding (in thousands)		Par Value		Rate per Annum of the $25.00 Liquidation Preference			Equivalent to Fixed Annual Rate (per share)
D		4,000	$	0.001		8.000	%	$	2.00
E		5,600	$	0.001		7.875	%	$	1.97
F		4,000	$	0.001		7.8	%	$	1.95
G		3,200	$	0.001		7.65	%	$	1.91
I		5,000	$	0.001		7.50	%	$	1.88

		21,800

Explanatory Notes:

(1): Holders of shares of the Series D, E, F, G and I preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than ten days prior to the dividend payment date.
(2): The Company declared and paid dividends aggregating $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G, and I preferred stock, respectively, during each of the years ended December 31, 2011 and 2010. There are no dividend arrearages on any of the preferred shares currently outstanding.

The Series D, E, F, G, and I Cumulative Redeemable Preferred Stock are redeemable without premium at the option of the Company at their respective liquidation preferences beginning on October 8, 2002, July 18, 2008, September 29, 2008, December 19, 2008 and March 1, 2009, respectively.

High Performance Unit Program

In May 2002, the Company's shareholders approved the iStar Financial High Performance Unit ("HPU") Program. The program entitled employee participants ("HPU Holders") to receive distributions if the total rate of return on the Company's Common Stock (share price appreciation plus dividends) exceeded certain performance thresholds over a specified valuation period. The Company established seven HPU plans that had valuation periods ending between 2002 and 2008 and the Company has not established any new HPU plans since 2005. HPU Holders purchased their interests in High Performance Common Stock for aggregate initial purchase prices of approximately $2.8 million, $1.8 million, $1.4 million, $0.6 million, $0.7 million, $0.6 million and $0.8 million for the 2002, 2003, 2004, 2005, 2006, 2007 and 2008 plans, respectively.

The 2002, 2003 and 2004 plans all exceeded their performance thresholds and are entitled to receive distributions equivalent to the amount of dividends payable on 819,254 shares, 987,149 shares and 1,031,875 shares, respectively, of the Company's Common Stock as and when such dividends are paid on the Company's Common Stock. Each of these three plans has 5,000 shares of High Performance Common Stock associated with it, which is recorded as a separate class of stock within shareholders' equity on the Company's Consolidated Balance Sheets. High Performance Common Stock carries 0.25 votes per share. Net income allocable to common shareholders is reduced by the HPU holders' share of earnings.

The remaining four plans that had valuation periods which ended in 2005, 2006, 2007 and 2008, did not meet their required performance thresholds and none of the plans were funded. As a result, the Company redeemed the participants' units for approximately $1,700 resulting in the unit holders losing $2.4 million of aggregate contributions.

In addition to these plans, a high performance unit program for executive officers was established with plans having three-year valuation periods which ended December 31, 2005, 2006, 2007 and 2008. The provisions of these plans were substantially the same as the high performance unit programs for employees. The Chief Executive Officer and former President collectively purchased 100% interests in the Company's 2005, 2006, 2007 and 2008 high performance unit program for senior executive officers for an aggregate purchase price of $1.5 million. These plans did not meet the required performance thresholds and were not funded, resulting in the Chief Executive Officer and former President losing $0.9 million and $0.6 million in total contributions, respectively.

Dividends—In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded net operating losses and may record net operating losses in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. 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 be required to borrow to make sufficient dividend payments. The Company's Secured Credit Facility permits the Company to distribute 100% of its REIT taxable income on an annual basis, for so long as the Company maintains its qualification as a REIT. The Secured Credit Facility restricts the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the years ended December 31, 2011 and 2010.

Stock Repurchase Program—On August 8, 2011, the Company's Board of Directors approved a stock repurchase program that authorized the repurchase of up to $65.0 million of its Common Stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. When aggregated with the $14.1 million remaining authorization from previous repurchase programs, the Company had $79.1 million of its Common Stock available for repurchases during the year ended December 31, 2011.

During the year ended December 31, 2011, the Company repurchased 12.3 million shares of its outstanding Common Stock for approximately $78.5 million, at an average cost of $6.43 per share, and repurchases were recorded at cost. As of December 31, 2011, the Company had $0.6 million of Common Stock available to repurchase under its Board authorized stock repurchase programs.

Risk Management and Derivatives

12 Months Ended

Dec. 31, 2011

Risk Management and Derivatives

Risk Management and Derivatives

Note 12—Risk Management and Derivatives

Risk management

In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company's lending investments or leases that result from a borrower's or tenant's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of net lease, REHI and OREO assets by the Company as well as changes in foreign currency exchange rates.

Risk concentrations—As of December 31, 2011, the Company's total investment portfolio was comprised of the following property/collateral types ($ in thousands)(1):

Property/Collateral Types	Performing Loans		Net Lease Assets		Non- performing Loans		REHI		OREO		Total

Land	$	206,550	$	56,014	$	211,164	$	782,766	$	119,004	$	1,375,498	19.7	%
Apartment / Residential		549,471		—		292,740		41,076		402,983		1,286,270	18.4	%
Retail		356,823		158,762		68,483		154,406		58,379		796,853	11.4	%
Office		116,527		490,106		36,901		71,148		2,616		717,298	10.2	%
Industrial / R&D		87,853		478,322		7,836		48,789		1,100		623,900	8.9	%
Entertainment / Leisure		78,231		424,794		79,581		—		479		583,085	8.3	%
Hotel		352,777		94,766		68,270		42,285		16,049		574,147	8.2	%
Mixed Use / Mixed Collateral		238,943		—		—		87,664		76,848		403,455	5.8	%
Other property types		175,891		—		6,221		—		—		182,112	2.6	%
Other Investments		—		—		—		—		—		457,835	6.5	%

Total	$	2,163,066	$	1,702,764	$	771,196	$	1,228,134	$	677,458	$	7,000,453	100.0	%

Explanatory Note:

(1): Based on the carrying value of our total investment portfolio gross of general loan loss reserves.

As of December 31, 2011, the Company's total investment portfolio had the following characteristics by geographical region ($ in thousands):

Geographic Region	Carrying Value(1)

West	$	1,657,504	23.7	%
Northeast		1,303,779	18.6	%
Southeast		1,052,002	15.0	%
Southwest		847,141	12.1	%
Mid-Atlantic		694,654	9.9	%
Various		545,421	7.8	%
Central		376,338	5.4	%
International		279,352	4.0	%
Northwest		244,262	3.5	%

Total	$	7,000,453	100.0	%

Explanatory Note:

(1): Based on the carrying value of our total investment portfolio gross of general loan loss reserves.

Concentrations of credit risks arise when a number of borrowers or customers related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company monitors various segments of its portfolio to assess potential concentrations of credit risks. Management believes the current portfolio is reasonably well diversified and does not contain any significant concentration of credit risks.

Substantially all of the Company's net lease, REHI and OREO assets as well as assets collateralizing its loans and other lending investments are located in the United States, with California 15.3% and Florida 11.0% representing the only significant concentrations (greater than 10.0%) as of December 31, 2011. The Company's portfolio contains significant concentrations in the following asset types as of December 31, 2011: land 19.7%, apartment/residential 18.4%, retail 11.4% and office 10.2%.

The Company underwrites the credit of prospective borrowers and customers and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and other lending investments and net lease assets are geographically diverse and the borrowers and customers operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or customer, the inability of that borrower or customer to make its payment could have an adverse effect on the Company. As of December 31, 2011, the Company's five largest borrowers or tenants collectively accounted for approximately 22.4% of the Company's aggregate annualized interest and operating lease revenue, of which no single customer accounts for more than 8.0%.

Derivatives

The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate hedges and foreign exchange hedges. The principal objective of such hedges are to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to foreign exchange rate movements. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements.

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2011 and 2010 ($ in thousands):

	Derivative Assets as of December 31,						Derivative Liabilities as of December 31,

	2011			2010			2011			2010
Derivative	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other Assets	$	—	Other Assets	$	—	Other Liabilities	$	1,342	Other Liabilities	$	223
Cash flow interest rate swap	Other Assets		—	Other Assets		—	Other Liabilities		1,031	Other Liabilities		—

Total		$	—		$	—		$	2,373		$	223

The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the year ended December 31, 2011 ($ in thousands):

Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivative	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) Recognized in Earnings (Ineffective Portion)

For the Year Ended December 31, 2011:
Cash flow interest rate swap	Accumulated Other Comprehensive Income	$	(1,553	)	$	(526	)	N/A

		Amount of Gain or (Loss) Recognized in Income on Derivative

		For the Year Ended December 31,
	Location of Gain or (Loss) Recognized in Income on Derivative	For the Year Ended December 31,
Derivatives not Designated in Hedging Relationships		2011		2010			2009
Foreign Exchange Contracts	Other Expense	$	17,406	$	(1,010	)	$	738

Non-designated hedges—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 strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings.

The following table presents the Company's foreign currency derivatives outstanding as of December 31, 2011 ($ in thousands):

Derivative Type		Notional (USD Equivalent)		Maturity

Sells EUR/Buys USD Forward	€ 141,500	$	183,126	March 2012
Sells GBP/Buys USD Forward	£ 47,960	$	74,380	March 2012
Sells CAD/Buys USD Forward	CAD 50,641	$	49,728	March 2012

Qualifying Cash Flow Hedges—During the year ended December 31, 2011, the Company entered into interest rate swaps to convert its variable rate debt to fixed rate. The following table presents the Company's interest rate swaps outstanding as of December 31, 2011 ($ in thousands):

Derivative Type	Notional Amount					Maturity

Interest rate swap	$	47,731	LIBOR + 4.50%	6.11	%	March 2014
Interest rate swap	$	4,575	LIBOR + 4.50%	5.575	%	June 2014

The effective portion of the change in the fair value of these qualifying hedges are recorded in "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets. Over the next 12 months, the Company expects that $0.5 million of expense and $0.7 million of income related to the qualifying cash flow hedges and previously terminated cash flow hedges, respectively, 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.

In connection with its foreign currency derivatives, as of December 31, 2011, the Company has posted collateral of $9.6 million, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets.

Stock-Based Compensation Plans and Employee Benefits

12 Months Ended

Dec. 31, 2011

Stock-Based Compensation Plans and Employee Benefits

Stock-Based Compensation Plans and Employee Benefits

Note 13—Stock-Based Compensation Plans and Employee Benefits

On May 27, 2009, the Company's shareholders approved the Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") which is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. A maximum of 8,000,000 shares of Common Stock may be awarded under the 2009 LTIP, plus up to an additional 500,000 shares to the extent that a corresponding number of equity awards previously granted under the Company's 1996 Long-Term Incentive Plan expire or are cancelled or forfeited. All awards under the 2009 LTIP are made at the discretion of the Board of Directors or a committee of the Board of Directors.

The Company's 2006 Long-Term Incentive Plan (the "2006 LTIP") is designed to provide equity-based incentive compensation for officers, key employees, directors, consultants and advisers of the Company. The 2006 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, dividend equivalent rights and other share-based performance awards. A maximum of 4,550,000 shares of Common Stock may be subject to awards under the 2006 LTIP provided that the number of shares of Common Stock reserved for grants of options designated as incentive stock options is 1.0 million, subject to certain anti-dilution provisions in the 2006 LTIP. All awards under this Plan are at the discretion of the Board of Directors or a committee of the Board of Directors.

The Company's 2007 Incentive Compensation Plan ("Incentive Plan") was approved and adopted by the Board of Directors in 2007 in order to establish performance goals for selected officers and other key employees and to determine bonuses that will be awarded to those officers and other key employees based on the extent to which they achieve those performance goals. Equity-based awards may be made under the Incentive Plan, subject to the terms of the Company's equity incentive plans.

As of December 31, 2011, an aggregate of 3.7 million shares remain available for awards under the Company's 2006 and 2009 LTIP.

Stock-based Compensation—The Company recorded stock-based compensation expense of $29.7 million, $19.4 million and $23.6 million for the years ended December 31, 2011, 2010 and 2009, respectively in "General and administrative" on the Company's Consolidated Statements of Operations. As of December 31, 2011, there was $23.8 million of total unrecognized compensation cost related to all unvested restricted stock units and the cost is expected to be recognized over a weighted average remaining vesting/service period of 0.95 years.

Stock Options—Changes in options outstanding during the year ended December 31, 2011, are as follows (amounts in thousands, except for weighted average strike price):

	Number of Shares

	Employees			Non-Employee Directors			Other			Weighted Average Strike Price		Aggregate Intrinsic Value
Options Outstanding, December 31, 2010		59			64			20		$	24.87
Forfeited in 2011		(59	)		(30	)		(10	)	$	22.65

Options Outstanding, December 31, 2011		—			34			10		$	29.82	$	—

The following table summarizes information concerning outstanding and exercisable options as of December 31, 2011 (options in thousands):

Exercise Price		Options Outstanding and Exercisable			Remaining Contractual Life (Years)

$29.82			44			0.41

The Company has not issued any options since 2003. During the years ended December 31, 2011 and 2010, no options were exercised.

Restricted Stock Units—Changes in non-vested restricted stock units during the year ended December 31, 2011 were as follows ($ in thousands, except per share amounts):

Non-Vested Shares			Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value

Non-vested at December 31, 2010	14,333		$	2.89
Granted	2,721		$	6.43
Vested	(2,569	)	$	4.20
Forfeited(1)	(4,500	)	$	2.54

Non-vested at December 31, 2011	9,985		$	4.70	$	52,821

Explanatory Note:

(1): Includes 2,447 Original Units awarded to unit holders on December 19, 2008, reduced as part of the modification to Amended Units on July 1, 2011 as further described below.

The total fair value of restricted stock units vested during the years ended December 31, 2011, 2010 and 2009 was $15.5 million, $1.7 million and $1.4 million, respectively.

2011 Activity—

•

On October 9, 2011, 2,000,000 market-condition based restricted stock units originally granted to the Company's Chairman and Chief Executive Officer on October 9, 2008 and approved by shareholders on May 27, 2009 were canceled as the shareholder return target was not achieved. These units would have cliff vested in one installment on October 9, 2011 only if the total shareholder return on the Company's Common Stock was at least 25% per year (compounded at the end of the three year vesting period, including dividends). Total shareholder return was based on the average NYSE closing prices for the Company's Common Stock for the 20 days prior to: (a) the date of the award on October 9, 2008; and (b) the vesting date. The total shareholder return during the three year period was approximately 83%, which was less than the 95% threshold return established in the award agreement.

•

On October 7, 2011, the Company granted 2,000,000 service-based restricted stock units to the Company's Chairman and Chief Executive Officer with vesting installments of 40% on October 15, 2011 and 30% each on June 15 of 2013 and 2014. On October 15, 2011, the first installment, of 800,000 units vested and were issued to the Company's Chairman and Chief Executive Officer, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holder to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

•

During the year ended December 31, 2011, the Company granted 721,257 service based restricted stock units to employees with original vesting terms ranging from two to three years. Unit holders will receive shares of the Company's Common Stock in the amount of the units granted, net of statutory minimum required tax withholdings, if and when the units vest. As of December 31, 2011, 718,957 of the awards remain outstanding. These awards carry dividend equivalent rights that entitle the holder to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

•

In July 2011, the Company modified the terms of its then outstanding 8,305,000 market-condition based restricted stock units originally granted to executives and other officers of the Company on December 19, 2008 (the "Original Units"). Under the original terms of these awards, these units would have vested in one installment on January 1, 2012 if the Common Stock had achieved a price of $10.00 or more (average NYSE closing price over 20 consecutive trading days) prior to December 19, 2011 and the employee was thereafter employed on the vesting date. Under the terms of the modification, these restricted stock units provide that if the remaining share price target of $10.00 had not been met before December 19, 2011, a portion of the Original Units (the "Amended Units") become eligible for future vesting if extended service period requirements are met. The number of Amended Units is equal to 75% of the Original Units granted to an employee less, in the case of each executive level employee, the number of restricted stock units granted to the executive in March 2011. The Amended Units will vest ratably on each of January 1, 2012, 2013 and 2014, so long as the employee remains employed by the Company on the vesting dates. 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. The $10.00 price of the Original Units was not met prior to December 19, 2011. While the share price traded above the $10.00 target prior to December 19, 2011, it did not meet the 20 consecutive trading day requirement. Therefore the adjusted amount of shares outstanding under this plan as of December 31, 2011 was 5,857,638. The modification of these awards resulted in additional non-cash expense of approximately $8.1 million for the year ended December 31, 2011 and the remaining expense will be recognized over the extended service period through January 1, 2014. The incremental expense was measured based on the fair value of the modified awards in excess of the fair value of the original award measured immediately before the terms were modified, based on current assumptions. The estimated expense is based upon a number of assumptions and the actual expense could vary from the estimate if the actual experience regarding, among other things, forfeiture and vesting is different from the assumptions.

•

1,525,000 restricted stock units awarded to certain officers on October 9, 2008, as special retention incentive, fully vested in one installment on October 9, 2011. These units were issued to certain officers, net of statutory minimum required tax withholdings.

Other Outstanding Awards—In addition to the awards noted above, the following awards remained outstanding as of December 31, 2011:

•

1,340,620 service-based restricted stock units granted to employees that represent the right to receive an equivalent number of shares of the Company's Common Stock. Unit holders will receive shares of the Company's Common Stock in the amount of the units granted, net of statutory minimum required tax withholdings, if and when the units vest. These units will cliff vest on February 17, 2012 if the employee is employed by the Company on that date and carry dividend equivalent rights that entitle the holder to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

•

806,518 performance-based restricted stock units granted to the Company's Chairman and Chief Executive Officer that represent the right to receive an equivalent number of shares of the Company's Common Stock. The unit holder will receive shares of the Company's Common Stock in the amount of the units granted, net of statutory minimum required tax withholdings, if and when the units vest. The performance-based units will cliff vest on March 2, 2012 if certain performance and service conditions have been achieved, relating to reductions in the Company's general and administrative expenses, retirement of debt and continued employment. The performance conditions were satisfied during the year ended December 31, 2010, therefore, vesting is now based solely on continued employment through March 2, 2012. Since the performance conditions have been achieved, these units now carry dividend equivalent rights that entitle the holder to receive dividend payments, if and when dividends are paid on shares of the Company's Common Stock.

•

61,330 service-based restricted stock units granted to employees with original vesting terms ranging from three to five years that are entitled to receive dividend payments if and when dividends are paid on shares of the Company's Common Stock.

Market-condition award assumptions—The fair values of the market-condition based restricted stock 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 following assumptions were used to estimate the fair value of market-condition based awards:

	Valued as of

	July 1, 2011(1)			May 27, 2009(2)			May 27, 2009(3)
Risk-free interest rate		0.092	%		1.16	%		1.28	%
Expected stock price volatility		57.75	%		152.03	%		145.45	%
Expected annual dividend		—			—			—
Explanatory Notes:

(1): The modified December 19, 2008 market-condition based restricted stock units were measured on July 1, 2011, the date the Company's Board of Directors' approved the modification of the award.
(2): Contingent equity-based restricted stock units awarded on October 9, 2008 were measured on May 27, 2009, the date the Company's shareholders approved the grant of the award.
(3): The units granted on December 19, 2008 were re-measured on May 27, 2009 when they became equity-based awards in accordance with ASC 718-20-55-135 to 138.

Common Stock Equivalents—Non-employee directors are awarded common stock equivalents ("CSEs") at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. The CSEs generally vest at the time of the next annual shareholders meeting and pay dividends in an amount equal to the dividends paid on an equivalent number of shares of the Company's Common Stock from the date of grant, as and when dividends are paid on the Common Stock.

During the year ended December 31, 2011, the Company awarded to Directors 61,160 CSEs with a service vesting period ending in May 2012. These CSEs pay dividends in an amount equal to the dividends paid on the equivalent number of shares of the Company's Common Stock from the date of grant, as and when dividends are paid on the Common Stock. The aggregate grant date fair value of these awards was $0.5 million. As of December 31, 2011, 343,118 CSEs granted to members of the Company's Board of Directors remained outstanding and had an aggregate intrinsic value of $1.8 million.

During 2011, the Company's Board of Directors decided pursuant to the terms of the non-employee directors deferral plan to require settlement of CSEs in shares of the Company's Common Stock, thereby eliminating the cash settlement option. This modification converted these liability-based awards to equity awards and as such, the Company reclassified $2.4 million from "Accounts payable, accrued expenses and other liabilities" to "Additional paid-in capital" on the Company's Consolidated Balance Sheet during the year ended December 31, 2011.

401(k) Plan

The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the first 10% of the participant's annual compensation. The Company made gross contributions of approximately $0.9 million, $1.1 million and $1.3 million for the years ended December 31, 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Name Accounting Standards Codification
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

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-Paragraph 2
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-Paragraph 4
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Earnings Per Share

Note 14—Earnings Per Share

EPS is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit (HPU) Program (see Note 11). These HPU units have been treated as a separate class of common stock.

The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):

	For the Years Ended December 31,

	2011			2010			2009
Income (loss) from continuing operations	$	(53,952	)	$	(205,652	)	$	(792,629	)
Net (income) loss attributable to noncontrolling interests		3,629			(523	)		1,071
Income from sales of residential property		5,721			—			—
Preferred dividends		(42,320	)		(42,320	)		(42,320	)

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders and HPU holders	$	(86,922	)	$	(248,495	)	$	(833,878	)

	For the Years Ended December 31,

	2011			2010			2009
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(84,226	)	$	(241,135	)	$	(810,723	)
Income (loss) from discontinued operations		(2,492	)		15,019			10,070
Gain from discontinued operations		24,331			262,395			12,083

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(62,387	)	$	36,279		$	(788,570	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		88,688			93,244			100,071

Basic and diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.94	)	$	(2.58	)	$	(8.10	)
Income (loss) from discontinued operations		(0.03	)		0.16			0.10
Gain from discontinued operations		0.27			2.81			0.12

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.70	)	$	0.39		$	(7.88	)

Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(2,696	)	$	(7,360	)	$	(23,155	)
Income (loss) from discontinued operations		(80	)		457			286
Gain from discontinued operations		779			7,987			343

Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,997	)	$	1,084		$	(22,526	)

Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share		15			15			15

Basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(179.73	)	$	(490.67	)	$	(1,543.67	)
Income (loss) from discontinued operations		(5.33	)		30.47			19.07
Gain from discontinued operations		51.93			532.47			22.87

Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(133.13	)	$	72.27		$	(1,501.73	)

For the years ended December 31, 2011, 2010 and 2009, the following shares were anti-dilutive ($ in thousands):

	For the Years Ended December 31,

	2011		2010		2009
Joint venture shares		298		298		298
Stock options		44		143		520

Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2011

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Note 15—Comprehensive Income (Loss)

The statement of comprehensive income (loss) attributable to iStar Financial, Inc. is as follows ($ in thousands):

	For the Years Ended December 31,

	2011			2010			2009
Net income (loss)	$	(25,693	)	$	80,206		$	(769,847	)
Other comprehensive income/(losses):
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization		—			(4,206	)		2,727
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization		(705	)		(799	)		(4,357	)
Unrealized gains/(losses) on available-for-sale securities		391			445			6,515
Unrealized gains/(losses) on cash flow hedges		(666	)		—			(30	)
Unrealized gains/(losses) on cumulative translation adjustment		(957	)		24			(416	)

Comprehensive income (loss)	$	(27,630	)	$	75,670		$	(765,408	)
Net (income) loss attributable to noncontrolling interests		3,629			(523	)		1,071

Comprehensive income (loss) attributable to iStar Financial Inc.	$	(24,001	)	$	75,147		$	(764,337	)

Unrealized gains/(losses) on available-for-sale securities, cash flow hedges and foreign currency translation adjustments are recorded as adjustments to shareholders' equity through "Accumulated other comprehensive income (loss)" on the Company's Consolidated Balance Sheets and are not included in net income unless realized. As of December 31, 2011 and 2010, accumulated other comprehensive income reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):

	As of December 31,

	2011			2010
Unrealized gains on available-for-sale securities	$	589		$	198
Unrealized gains on cash flow hedges		1,986			3,357
Unrealized losses on cumulative translation adjustment		(2,903	)		(1,946	)

Accumulated other comprehensive income (loss)	$	(328	)	$	1,609

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

+ Details

Fair Values

12 Months Ended

Dec. 31, 2011

Fair Values

Fair Values

Note 16—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;

        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. Other 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 table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):

			Fair Value Using

	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of December 31, 2011:
Recurring basis:
Financial Assets:
Marketable securities—equity securities	$	483	$	483	$	—	$	—
Financial Liabilities:
Derivative liabilities	$	2,373	$	—	$	2,373	$	—
Non-recurring basis:
Financial Assets:
Impaired loans	$	271,968	$	—	$	—	$	271,968
Non-financial Assets:
Impaired OREO	$	43,660	$	—	$	—	$	43,660
As of December 31, 2010:
Recurring basis:
Financial Assets:
Marketable securities—equity securities	$	699	$	699	$	—	$	—
Financial Liabilities:
Derivative liabilities	$	223	$	—	$	223	$	—
Non-recurring basis:
Financial Assets:
Impaired loans	$	616,070	$	—	$	—	$	616,070
Impaired equity method investment	$	1,535	$	—	$	—	$	1,535
Non-financial Assets:
Impaired OREO	$	54,141	$	—	$	—	$	54,141

In addition to the Company's disclosures regarding assets and liabilities recorded at fair value in the financial statements, it is also required to disclose the estimated fair values of all financial instruments, regardless of whether they are recorded at fair value in the financial statements.

The book and estimated fair values of financial instruments were as follows ($ in thousands)(1):

	As of December 31, 2011				As of December 31, 2010

	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Loans and other lending investments, net	$	2,860,762	$	2,786,595	$	4,587,352	$	4,256,663
Financial liabilities:
Debt obligations, net	$	5,837,540	$	5,495,197	$	7,345,433	$	6,767,968
Explanatory Note:

(1): The carrying values of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. The fair value of other financial instruments, including derivative assets and liabilities and marketable securities are included in the previous table.

Given the nature of certain assets and liabilities, clearly determinable market based valuation inputs are often not available, therefore, these assets and liabilities are valued using internal valuation techniques. Subjectivity exists with respect to these internal valuation techniques, therefore, the fair values disclosed may not ultimately be realized by the Company if the assets were sold or the liabilities were settled with third parties. The methods the Company used to estimate the fair values presented in the two tables above are described more fully below for each type of asset and liability.

Derivatives—The Company uses interest rate swaps and foreign currency derivatives to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy.

Securities—The Company's available-for-sale and impaired held-to-maturity debt and equity securities are actively traded and have been valued using quoted market prices.

Impaired loans—The Company's loans identified as being impaired are nearly all collateral dependent loans and are evaluated for impairment by comparing the estimated fair value of the underlying collateral, less costs to sell, to the carrying value of each loan. Due to the nature of the individual properties collateralizing the Company's loans, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make significant judgments in respect to discount rates, capitalization rates and the timing and amounts of estimated future cash flows that are all considered Level 3 inputs. These cash flows generally include property revenues, lot and unit sale prices and velocity, operating costs, and costs of completion. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate.

Impaired equity method investments—If the Company determines an equity method investment is other than temporarily impaired it records an impairment charge to adjust the investment to its estimated fair market value. To estimate the fair value of an investment in a fund that invests in real estate, the Company estimates the fair value of the individual properties held within the fund using a discounted cash flow methodology through internally developed valuation models. This approach requires the Company to make significant judgments with respect to discount rates, capitalization rates and the timing and amounts of estimated future cash flows that are all considered Level 3 inputs. These cash flows are primarily based on expected future leasing rates, operating costs and sales prices.

Impaired OREO assets—If the Company determines an OREO asset is impaired it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of the individual properties in the OREO portfolio, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make significant judgments with respect to discount rates, capitalization rates and the timing and amounts of estimated future cash flows that are all considered Level 3 inputs. These cash flows generally include property revenues, lot and unit sale prices and velocity, operating costs, and costs of completion.

Loans and other lending investments—The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality.

Debt obligations, net—For debt obligations traded in secondary markets, the Company uses market quotes, to the extent they are available, to determine fair value. For debt obligations not traded in secondary markets, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2011

Segment Reporting

Segment Reporting

Note 17—Segment Reporting

The Company has determined that it has three reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Lending, Net Leasing and Real Estate Investment. The Real Estate Lending segment includes all of the Company's activities related to senior and mezzanine real estate debt and corporate capital investments. The Net Leasing segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Real Estate Investment segment includes all of the Company's activities related to the operations, repositioning and redevelopment of REHI and OREO properties.

The Company evaluates performance based on the following financial measures for each segment ($ in thousands):

	Real Estate Lending			Net Leasing			Real Estate Investment			Corporate/ Other(1)			Company Total

2011
Total revenue(2)	$	230,047		$	165,040		$	35,331		$	2,371		$	432,789
Earnings (loss) from equity method investments		—			2,566			(7,839	)		100,364			95,091
Operating costs		(2,866	)		(18,439	)		(77,282	)		(8,204	)		(106,791	)
Interest expense		(159,339	)		(83,650	)		(79,084	)		(22,715	)		(344,788	)
General and administrative(3)		(17,281	)		(9,194	)		(8,577	)		(40,285	)		(75,337	)

Segment profit (loss)(4)	$	50,561		$	56,323		$	(137,451	)	$	31,531		$	964
Other significant non-cash items:
Provision for loan losses	$	46,412		$	—		$	—		$	—		$	46,412
Impairment of assets	$	—		$	650		$	20,846		$	872		$	22,368
Depreciation and amortization	$	—		$	53,460		$	7,094		$	2,065		$	62,619
Capitalized expenditures	$	—		$	12,174		$	51,995		$	—		$	64,169
Total assets	$	2,892,240		$	1,837,425		$	1,982,420		$	805,752		$	7,517,837
2010
Total revenue(2)	$	377,844		$	165,831		$	23,103		$	2,940		$	569,718
Earnings from equity method investments		—			2,522			—			49,386			51,908
Operating costs		(10,107	)		(14,566	)		(64,694	)		(5,948	)		(95,315	)
Interest expense		(192,010	)		(43,902	)		(45,574	)		(33,382	)		(314,868	)
General and administrative(3)		(28,340	)		(11,149	)		(6,727	)		(43,955	)		(90,171	)

Segment profit (loss)(4)	$	147,387		$	98,736		$	(93,892	)	$	(30,959	)	$	121,272
Other significant non-cash items:
Provision for loan losses	$	331,487		$	—		$	—		$	—		$	331,487
Impairment of assets	$	—		$	—		$	19,089		$	(2,770	)	$	16,319
Depreciation and amortization	$	—		$	52,635		$	5,378		$	3,650		$	61,663
Capitalized expenditures	$	—		$	14,031		$	28,832		$	18		$	42,881
Total assets	$	4,636,777		$	1,915,164		$	1,594,859		$	1,027,714		$	9,174,514
2009
Total revenue(2)	$	563,849		$	172,106		$	5,822		$	17,210		$	758,987
Earnings from equity method investments		—			2,500			—			2,798			5,298
Operating costs		(9,734	)		(15,799	)		(40,866	)		(52,595	)		(118,994	)
Interest expense		(324,558	)		(42,884	)		(18,706	)		(26,943	)		(413,091	)
General and administrative(3)		(37,406	)		(12,782	)		(2,156	)		(48,216	)		(100,560	)

Segment profit (loss)(4)	$	192,151		$	103,141		$	(55,906	)	$	(107,746	)	$	131,640
Other significant non-cash items:
Provision for loan losses	$	1,255,357		$	—		$	—		$	—		$	1,255,357
Impairment of assets	$	—		$	23,556		$	78,564		$	24,765		$	126,885
Depreciation and amortization	$	—		$	54,296		$	2,955		$	4,392		$	61,643
Capitalized expenditures	$	—		$	14,891		$	11,056		$	703		$	26,650
Total assets	$	7,723,280		$	3,149,783		$	1,271,506		$	666,006		$	12,810,575
Explanatory Notes:

(1): Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's equity investment in LNR of $159.8 million and $122.2 million, as of December 31, 2011 and 2010, respectively, and the Company's share of equity in earnings from LNR of $53.9 million and $1.8 million, for the years ended December 31, 2011 and 2010, respectively. See Note 7 for further details on the Company's investment in LNR and summarized financial information of LNR.
(2): Total revenue represents all revenue earned during the period related to the assets in each segment. Revenue from the Real Estate Lending segment primarily represents interest income, revenue from the Net Leasing segment primarily represents operating lease income and revenue from Real Estate Investment primarily represents operating revenues from REHI properties.
(3): General and administrative excludes stock-based compensation expense of $29.7 million, $19.4 million and $23.6 million for the years ended December 31, 2011, 2010 and 2009, respectively.
(4): The following is a reconciliation of segment profit (loss) to income (loss) from continuing operations ($ in thousands):

	For the Years Ended December 31,

	2011			2010			2009
Segment profit (loss)	$	964		$	121,272		$	131,640
Less: Provision for loan losses		(46,412	)		(331,487	)		(1,255,357	)
Less: Impairment of assets		(22,368	)		(16,319	)		(126,885	)
Less: Stock-based compensation expense		(29,702	)		(19,355	)		(23,592	)
Less: Depreciation and amortization		(62,619	)		(61,663	)		(61,643	)
Add: Income tax (expense) benefit		4,719			(7,023	)		(4,141	)
Add: Gain (loss) on early extinguishment of debt, net		101,466			108,923			547,349

Income (loss) from continuing operations	$	(53,952	)	$	(205,652	)	$	(792,629	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

Note 18—Quarterly Financial Information (Unaudited)

The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts).

	For the Quarters Ended

	December 31,			September 30,			June 30,			March 31,
2011(1):
Revenue	$	96,480		$	97,360		$	128,442		$	110,507
Net income (loss)	$	(28,915	)	$	(54,661	)	$	(26,020	)	$	83,902
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(35,202	)	$	(62,231	)	$	(35,525	)	$	67,420
Basic earnings per share	$	(0.43	)	$	(0.71	)	$	(0.38	)	$	0.73
Diluted earnings per share	$	(0.43	)	$	(0.71	)	$	(0.38	)	$	0.71
Weighted average number of common shares—basic		81,769			87,951			92,621			92,458
Weighted average number of common shares—diluted		81,769			87,951			92,621			94,609
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(1,222	)	$	(2,008	)	$	(1,089	)	$	2,070
Basic earnings per share	$	(81.47	)	$	(133.87	)	$	(72.60	)	$	138.00
Diluted earnings per share	$	(81.47	)	$	(133.87	)	$	(72.60	)	$	135.07
Weighted average number of HPU shares—basic and diluted		15			15			15			15
2010(2):
Revenue	$	136,035		$	133,297		$	133,819		$	166,567
Net income (loss)	$	(58,865	)	$	(74,632	)	$	229,851		$	(16,142	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(67,050	)	$	(83,531	)	$	212,275		$	(25,408	)
Basic and diluted earnings per share	$	(0.73	)	$	(0.89	)	$	2.27		$	(0.27	)
Weighted average number of common shares—basic and diluted		92,319			93,370			93,382			93,923
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(2,061	)	$	(2,539	)	$	6,452		$	(768	)
Basic and diluted earnings per share	$	(137.40	)	$	(169.27	)	$	430.13		$	(51.20	)
Weighted average number of HPU shares—basic and diluted		15			15			15			15
Explanatory Notes:

(1): During the quarter ended December 31, 2011, the Company sold a substantial portion of its interests in Oak Hill Advisors, L.P. and related entities which resulted in a net gain of $30.3 million (see Note 7). During the quarter ended June 30, 2011, the Company recorded interest income of $26.3 million related to certain non-performing loans that were resolved, including interest not previously recorded due to the loans being on non-accrual status. During the quarter ended March 31, 2011, the Company recorded a gain on early extinguishment of debt of $109.0 million for the redemption of its $312.3 million remaining principal amount of 10% senior secured notes due June 2014.
(2): During the quarter ended June 30, 2010, the Company recorded gains from discontinued operations of $250.3 million for the sale of a portfolio of 32 net lease assets (see Note 6).

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events

Subsequent Events

Note 19—Subsequent Events

On February 28, 2012, the Company announced the launch of a syndication of up to $900.0 million in new senior secured credit facilities. The Company expects the facilities to be comprised of two tranches, maturing in 2016 and 2017, with differing interest rates. Outstanding borrowings under the facilities will be collateralized by a pool of diversified collateral, including loans, net lease assets and other real estate assets. The proceeds from the new credit facilities will be used to refinance the Company's 2012 unsecured debt maturities. The Company is in the process of syndicating the new facilities and there can be no assurance that it will be successful in its efforts to complete the syndication.

Schedule II-Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2011

Schedule II-Valuation and Qualifying Accounts and Reserves

Schedule II-Valuation and Qualifying Accounts and Reserves

iStar Financial Inc.

Schedule II—Valuation and Qualifying Accounts and Reserves

($ in thousands)

Description	Balance at Beginning of Period		Charged to Costs and Expenses			Adjustments to Valuation Accounts		Deductions			Balance at End of Period

For the Year Ended December 31, 2009
Reserve for loan losses(1)(2)	$	976,788	$	1,255,357		$	—	$	(814,196	)	$	1,417,949
Allowance for doubtful accounts(2)		5,335		1,237			—		(3,784	)		2,788
Allowance for deferred tax assets(2)		10,848		—			8,109		—			18,957

	$	992,971	$	1,256,594		$	8,109	$	(817,980	)	$	1,439,694
For the Year Ended December 31, 2010
Reserve for loan losses(1)(2)	$	1,417,949	$	331,487		$	—	$	(934,811	)	$	814,625
Allowance for doubtful accounts(2)		2,788		687			—		(2,099	)		1,376
Allowance for deferred tax assets(2)		18,957		—			10,964		—			29,921

	$	1,439,694	$	332,174		$	10,964	$	(936,910	)	$	845,922
For the Year Ended December 31, 2011
Reserve for loan losses(1)(2)	$	814,625	$	46,412		$	—	$	(214,413	)	$	646,624
Allowance for doubtful accounts(2)		1,376		2,292			—		—			3,668
Allowance for deferred tax assets(2)		29,921		(19,968	)		40,936		—			50,889

	$	845,922	$	28,736		$	40,936	$	(214,413	)	$	701,181

Explanatory Notes:

(1): See Note 4 to the Company's Consolidated Financial Statements.
(2): See Note 3 to the Company's Consolidated Financial Statements.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III-Real Estate and Accumulated Depreciation

Schedule III-Real Estate and Accumulated Depreciation

iStar Financial, Inc.

Schedule III—Real Estate and Accumulated Depreciation

As of December 31, 2011

($ in thousands)

												Gross Amount Carried at Close of Period

					Initial Cost to Company
					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired		Depreciable Life (Years)
OFFICE FACILITIES:
Arizona	OAZ006		—	(1)		10,780		43,120		0			10,780		43,120		53,900	$	—		2011		40.0
Arizona	OAZ001		—	(1)		1,512		9,732		524			1,512		10,256		11,768		3,434		1999		40.0
Arizona	OAZ002		—	(1)		1,033		6,652		6			1,033		6,658		7,691		2,023		1999		40.0
Arizona	OAZ003		—	(1)		1,033		6,652		425			1,033		7,077		8,110		2,296		1999		40.0
Arizona	OAZ004		—	(1)		1,033		6,652		2,273			1,033		8,925		9,958		4,068		1999		40.0
Arizona	OAZ005		—	(1)		701		4,339		50			701		4,389		5,090		1,370		1999		40.0
California	OCA002		—			4,139		5,064		840			4,139		5,904		10,043		1,481		2002		40.0
Colorado	OCO001		—	(1)		1,757		16,930		5,506			1,757		22,436		24,193		5,867		1999		40.0
Colorado	OCO002		7,470			—		16,752		48			—		16,800		16,800		4,095		2002		40.0
Florida	OFL001		—	(1)		2,517		14,484		817			2,517		15,301		17,818		570		2010		40.0
Georgia	OGA001		—	(1)		905		6,744		878			905		7,622		8,527		2,204		1999		40.0
Georgia	OGA002		—	(1)		5,709		49,091		16,327			5,709		65,418		71,127		20,973		1999		40.0
Illinois	OIL001		—			6,153		14,993		(14,985	)		6,153		8		6,161		4		1999		40.0
Maryland	OMD001		14,451			1,800		18,706		433			1,800		19,139		20,939		4,530		2002		40.0
Massachusetts	OMA001		14,930			1,600		21,947		276			1,600		22,223		23,823		5,394		2002		40.0
Michigan	OMI001		—			5,374		114,956		1,558			5,374		116,514		121,888		14,305		2007		40.0
Minnesota	OMN001					4,550		4,550		(6,484	)		2,616		—		2,616		—		2010		—
New Jersey	ONJ001		53,840			7,726		74,429		10			7,724		74,441		82,165		16,864		2002		40.0
New Jersey	ONJ002		11,766			1,008		13,763		(81	)		1,008		13,682		14,690		2,699		2004		40.0
New Jersey	ONJ003		20,310			2,456		28,955		306			2,456		29,261		31,717		5,746		2004		40.0
Pennsylvania	OPA001		—	(1)		690		26,098		(49	)		690		26,049		26,739		6,703		2001		40.0
Tennessee	OTN001		—			2,702		25,129		49			2,702		25,178		27,880		7,652		1999		40.0
Texas	OTX001		—	(1)		1,364		10,628		8,475			2,373		18,094		20,467		7,326		1999		40.0
Texas	OTX002		—	(1)		1,233		15,160		35			1,233		15,195		16,428		4,336		1999		40.0
Texas	OTX003		—	(1)		2,932		31,235		7,622			2,932		38,857		41,789		11,613		1999		40.0
Texas	OTX004		—	(1)		1,230		5,660		469			1,230		6,129		7,359		1,827		1999		40.0
Wisconsin	OWI001		—			1,875		13,914		(21	)		1,875		13,893		15,768		4,193		1999		40.0

Subtotal			122,767			73,812		606,335		25,307			72,885		632,569		705,454		141,573

INDUSTRIAL FACILITIES:
Arizona	IAZ001		—	(1)		2,519		7,481		—			2,519		7,481		10,000		389		2009		40.0
Arizona	IAZ002		—	(1)		3,279		5,221		839			3,279		6,060		9,339		354		2009		40.0
California	ICA001		18,576			11,635		19,515		5,943			11,635		25,458		37,093		2,588		2007		40.0
California	ICA003		—			741		494		3			741		497		1,238		83		2006		40.0
California	ICA004		—			1,343		1,669		2			1,343		1,671		3,014		201		2006		40.0
California	ICA005		—			654		4,591		2,044			654		6,635		7,289		1,620		1999		40.0
California	ICA006		—	(1)		1,086		7,964		2,876			1,086		10,840		11,926		3,069		1999		40.0
California	ICA007		—			4,880		12,367		3,498			4,880		15,865		20,745		4,205		1999		40.0
California	ICA008		—			6,857		8,378		343			6,856		8,722		15,578		2,376		2002		40.0
California	ICA009		—	(1)		4,095		8,323		1,586			4,095		9,909		14,004		2,832		1999		40.0
California	ICA010		—			5,051		6,170		359			5,051		6,529		11,580		1,795		2002		40.0
California	ICA011		—			4,119		5,034		17			4,119		5,051		9,170		1,391		2002		40.0
California	ICA012		—			3,044		3,716		2,776			3,044		6,492		9,536		1,294		2002		40.0
California	ICA013		—			2,633		3,219		290			2,633		3,509		6,142		969		2002		40.0
California	ICA014		—			4,600		5,627		1,840			4,600		7,467		12,067		1,802		2002		40.0
California	ICA015		—			5,617		6,877		5,501			5,619		12,376		17,995		4,365		2002		40.0
California	ICA016		—			15,708		27,987		4,912			15,708		32,899		48,607		12,160		2004		40.0
California	ICA017		—	(1)		808		8,306		1,140			808		9,446		10,254		3,103		1999		40.0
Colorado	ICO001		—			645		684		(8	)		645		676		1,321		88		2006		40.0
Florida	IFL001		—			322		323		(5	)		322		318		640		43		2006		40.0
Florida	IFL002		16,092			3,510		20,846		8,279			3,510		29,125		32,635		2,611		2007		40.0
Florida	IFL003		—			2,310		5,435		—			2,310		5,435		7,745		1,653		1999		40.0
Florida	IFL004		—	(1)		3,048		8,676		—			3,048		8,676		11,724		2,639		1999		40.0
Florida	IFL005		—	(1)		1,612		4,586		(1,408	)		1,241		3,549		4,790		462		1999		40.0
Florida	IFL006		—	(1)		1,476		4,198		(4,497	)		450		727		1,177		264		1999		40.0
Georgia	IGA001		14,006			2,791		24,637		349			2,791		24,986		27,777		2,614		2007		40.0
Hawaii	IHI001		—			7,477		23,623		238			7,477		23,861		31,338		1,145		2010		40.0
Illinois	ILI001		—			495		605		—			495		605		1,100		—		2010		—
Indiana	IIN001		—	(1)		462		9,224		—			462		9,224		9,686		1,426		2007		40.0
Indiana	IIN003		—			140		4,640		717			140		5,357		5,497		1,808		1999		40.0
Massachusetts	IMA001		19,271			7,439		21,774		10,979			7,439		32,753		40,192		2,935		2007		40.0
Michigan	IMI001		—	(1)		598		9,814		1			598		9,815		10,413		1,533		2007		40.0
Minnesota	IMN001		—	(1)		403		1,147		(344	)		1,206		—		1,206		—		1999		40.0
Minnesota	IMN002		—	(1)		6,705		17,690		—			6,225		18,170		24,395		3,139		2005		40.0
North Carolina	INC001		—	(1)		680		5,947		—			680		5,947		6,627		1,085		2004		40.0
New Jersey	INJ001		22,350			8,368		15,376		21,141			8,368		36,517		44,885		3,346		2007		40.0
Nevada	INV001		—			4,137		2,963		—			4,137		2,963		7,100		473		2006		40.0
New York	INY001		—	(1)		1,796		5,108		4			1,796		5,112		6,908		1,556		1999		40.0
Texas	ITX001		—			3,213		4,105		9			3,213		4,114		7,327		488		2006		40.0
Texas	ITX002		13,907			1,631		27,858		(416	)		1,631		27,442		29,073		2,814		2007		40.0
Texas	ITX003		—	(1)		1,314		8,903		46			1,314		8,949		10,263		2,718		1999		40.0
Virginia	IVA001		15,000			2,619		28,481		142			2,619		28,623		31,242		2,993		2007		40.0

Subtotal			119,202			141,860		399,582		69,196			140,787		469,851		610,638		82,429

LAND:
Arizona	LAZ001		—			96,700		—		—			96,700		—		96,700		—		2010		—
California	LCA007		—	(1)		51,083		13,617		—			51,083		13,617		64,700		28		2011		40.0
California	LCA002		—			28,464		2,836		—			28,464		2,836		31,300		705		2010		—
California	LCA008		—			30,500		—		—			30,500		—		30,500		—		2011		—
California	LCA003		—			87,300		—		8,247			95,547		—		95,547		—		2009		—
California	LCA004		—			68,155		—		(19,155	)		49,000		—		49,000		2,249		2000		—
California	LCA005		—			84,100		—		2			84,102		—		84,102		—		2010		—
California	LCA006		—			59,100		—		—			59,100		—		59,100		—		2010		—
Florida	LFA001		—			7,600		—		—			7,600		—		7,600		—		2009		—
Florida	LFA002		—			8,100		—		—			8,100		—		8,100		—		2009		—
Florida	LFA003		—			26,600		—		—			26,600		—		26,600		—		2010		—
Florida	LFA004		—			25,600		—		56			25,600		56		25,656		—		2009		—
Florida	LFA005		—			9,300		—		—			9,300		—		9,300		—		2010		—
Hawaii	LHI001		—			14,800		—		—			14,800		—		14,800		—		2010		—
Illinois	LIL001		—			9,500		—		—			9,500		—		9,500		—		2011		—
Maryland	LMD001		—			102,938		—		(0	)		102,938		—		102,938		—		2009		—
Maryland	LMD002		—	(1)		2,486		—		—			2,486		—		2,486		219		1999		70.0
New Jersey	LNJ001		—			43,300		—		8,940			52,240		—		52,240		—		2009		—
New York	LNY002		—			58,900		—		—			58,900		—		58,900		—		2011		—
New York	LNY001		—			52,461		—		—			52,461		—		52,461		—		2009		—
Texas	LTX001		—	(1)		3,375		—		—			3,375		—		3,375		—		2005		—
Texas	LTX002		—	(1)		3,621		—		—			3,621		—		3,621		—		2005		—
Virginia	LVA001		—			72,137		—		781			72,918		—		72,918		459		2009		—

Subtotal			—			946,120		16,453		(1,129	)		944,935		16,509		961,444		3,660

ENTERTAINMENT:
Alabama	EAL001		—	(1)		277		359		—			277		359		636		70		2004		40.0
Alabama	EAL002		—	(1)		319		414		—			319		414		733		81		2004		40.0
Arizona	EAZ001		—	(1)		793		1,027		—			793		1,027		1,820		201		2004		40.0
Arizona	EAZ002		—	(1)		521		673		—			521		673		1,194		132		2004		40.0
Arizona	EAZ003		—	(1)		305		394		—			305		394		699		77		2004		40.0
Arizona	EAZ004		—	(1)		630		815		—			630		815		1,445		160		2004		40.0
Arizona	EAZ005		—	(1)		590		764		—			590		764		1,354		150		2004		40.0
Arizona	EAZ006		—	(1)		476		616		—			476		616		1,092		121		2004		40.0
Arizona	EAZ007		—	(1)		654		845		—			654		845		1,499		166		2004		40.0
Arizona	EAZ008		—	(1)		666		862		—			666		862		1,528		169		2004		40.0
Arizona	EAZ009		—	(1)		460		596		—			460		596		1,056		117		2004		40.0
California	ECA001		—	(1)		1,097		1,421		—			1,097		1,421		2,518		279		2004		40.0
California	ECA002		—	(1)		434		560		—			434		560		994		110		2004		40.0
California	ECA003		—	(1)		332		429		—			332		429		761		84		2004		40.0
California	ECA004		—	(1)		1,642		2,124		—			1,642		2,124		3,766		417		2004		40.0
California	ECA005		—	(1)		676		876		—			676		876		1,552		172		2004		40.0
California	ECA006		—	(1)		720		932		—			720		932		1,652		183		2004		40.0
California	ECA007		—	(1)		574		743		—			574		743		1,317		146		2004		40.0
California	ECA008		—	(1)		392		508		—			392		508		900		100		2004		40.0
California	ECA009		—	(1)		358		464		—			358		464		822		91		2004		40.0
California	ECA010		—	(1)		—		18,000		—			—		18,000		18,000		3,488		2003		40.0
California	ECA011		—	(1)		852		1,101		—			852		1,101		1,953		216		2004		40.0
California	ECA012		—	(1)		1,572		2,034		—			1,572		2,034		3,606		399		2004		40.0
California	ECA013		—	(1)		—		1,953		25,772			—		27,725		27,725		1,962		2008		40.0
California	ECA014		—	(1)		659		852		—			659		852		1,511		167		2004		40.0
California	ECA015		—	(1)		562		729		—			562		729		1,291		143		2004		40.0
California	ECA016		—	(1)		896		1,159		—			896		1,159		2,055		227		2004		40.0
Colorado	ECO001		—	(1)		466		602		—			466		602		1,068		118		2004		40.0
Colorado	ECO002		—	(1)		640		827		—			640		827		1,467		162		2004		40.0
Colorado	ECO003		—	(1)		729		944		—			729		944		1,673		185		2004		40.0
Colorado	ECO004		—	(1)		536		694		—			536		694		1,230		136		2004		40.0
Colorado	ECO005		—	(1)		412		533		—			412		533		945		105		2004		40.0
Colorado	ECO006		—	(1)		901		1,165		—			901		1,165		2,066		229		2004		40.0
Connecticut	ECT001		—	(1)		1,097		1,420		—			1,097		1,420		2,517		278		2004		40.0
Connecticut	ECT002		—	(1)		330		426		—			330		426		756		84		2004		40.0
Delaware	EDE001		—	(1)		1,076		1,390		—			1,076		1,390		2,466		273		2004		40.0
Florida	EFL001		—	(1)		—		41,809		—			—		41,809		41,809		10,567		2005		27.0
Florida	EFL002		—	(1)		412		531		—			412		531		943		104		2004		40.0
Florida	EFL003		—	(1)		6,550		—		17,118			6,533		17,135		23,668		1,996		2006		40.0
Florida	EFL004		—	(1)		1,067		1,382		—			1,067		1,382		2,449		271		2004		40.0
Florida	EFL005		—	(1)		340		439		—			340		439		779		86		2004		40.0
Florida	EFL006		—	(1)		401		520		—			401		520		921		102		2004		40.0
Florida	EFL007		—	(1)		507		655		—			507		655		1,162		129		2004		40.0
Florida	EFL008		—	(1)		282		364		—			282		364		646		71		2004		40.0
Florida	EFL009		—	(1)		352		455		—			352		455		807		89		2004		40.0
Florida	EFL010		—	(1)		404		524		—			404		524		928		103		2004		40.0
Florida	EFL011		—	(1)		437		567		—			437		567		1,004		111		2004		40.0
Florida	EFL012		—	(1)		532		689		—			532		689		1,221		135		2004		40.0
Florida	EFL013		—	(1)		379		490		—			379		490		869		96		2004		40.0
Florida	EFL014		—	(1)		486		629		—			486		629		1,115		123		2004		40.0
Florida	EFL015		—	(1)		433		561		—			433		561		994		110		2004		40.0
Florida	EFL016		—	(1)		497		643		—			497		643		1,140		126		2004		40.0
Florida	EFL017		—			360		840		(722	)		360		118		478		—		2010		—
Florida	EFL018		—	(1)		643		833		—			643		833		1,476		163		2004		40.0
Florida	EFL019		—	(1)		4,200		18,272		—			4,200		18,272		22,472		3,127		2005		40.0
Florida	EFL020		—	(1)		551		714		—			551		714		1,265		140		2004		40.0
Florida	EFL021		—	(1)		364		470		—			364		470		834		92		2004		40.0
Florida	EFL022		—	(1)		507		656		—			507		656		1,163		129		2004		40.0
Florida	EFL023		—	(1)		—		19,337		—			—		19,337		19,337		3,309		2005		40.0
Georgia	EGA001		—	(1)		510		660		—			510		660		1,170		129		2004		40.0
Georgia	EGA002		—	(1)		286		371		—			286		371		657		73		2004		40.0
Georgia	EGA003		—	(1)		474		613		—			474		613		1,087		120		2004		40.0
Georgia	EGA004		—	(1)		581		752		—			581		752		1,333		147		2004		40.0
Georgia	EGA005		—	(1)		718		930		—			718		930		1,648		182		2004		40.0
Georgia	EGA006		—	(1)		546		706		—			546		706		1,252		139		2004		40.0
Georgia	EGA007		—	(1)		502		651		—			502		651		1,153		128		2004		40.0
Iowa	EIA001		—	(1)		425		551		—			425		551		976		108		2004		40.0
Illinois	EIL001		—	(1)		335		434		—			335		434		769		85		2004		40.0
Illinois	EIL002		—	(1)		481		622		—			481		622		1,103		122		2004		40.0
Illinois	EIL003		—	(1)		8,803		57		30,479			8,803		30,536		39,339		3,292		2006		40.0
Illinois	EIL004		—	(1)		433		560		—			433		560		993		110		2004		40.0
Illinois	EIL005		—	(1)		431		557		—			431		557		988		109		2004		40.0
Indiana	EIN001		—	(1)		542		701		—			542		701		1,243		138		2004		40.0
Kentucky	EKY001		—	(1)		417		539		—			417		539		956		106		2004		40.0
Kentucky	EKY002		—	(1)		365		473		—			365		473		838		93		2004		40.0
Maryland	EMD001		—	(1)		428		554		—			428		554		982		109		2004		40.0
Maryland	EMD002		—	(1)		575		745		—			575		745		1,320		146		2004		40.0
Maryland	EMD003		—	(1)		362		468		—			362		468		830		92		2004		40.0
Maryland	EMD004		—	(1)		884		1,145		—			884		1,145		2,029		224		2004		40.0
Maryland	EMD005		—	(1)		371		481		—			371		481		852		94		2004		40.0
Maryland	EMD006		—	(1)		399		518		—			399		518		917		101		2004		40.0
Maryland	EMD007		—	(1)		649		839		—			649		839		1,488		165		2004		40.0
Maryland	EMD008		—	(1)		366		473		—			366		473		839		93		2004		40.0
Maryland	EMD009		—	(1)		398		516		—			398		516		914		101		2004		40.0
Maryland	EMD010		—	(1)		388		505		—			388		505		893		99		2004		40.0
Maryland	EMD011		—	(1)		1,126		1,458		—			1,126		1,458		2,584		286		2004		40.0
Massachusetts	EMA001		—	(1)		523		678		—			523		678		1,201		133		2004		40.0
Massachusetts	EMA002		—	(1)		548		711		—			548		711		1,259		139		2004		40.0
Massachusetts	EMA003		—	(1)		519		672		—			519		672		1,191		132		2004		40.0
Massachusetts	EMA004		—	(1)		344		445		—			344		445		789		87		2004		40.0
Michigan	EMI001		—	(1)		309		400		—			309		400		709		78		2004		40.0
Michigan	EMI002		—	(1)		516		667		—			516		667		1,183		131		2004		40.0
Michigan	EMI003		—	(1)		554		718		—			554		718		1,272		141		2004		40.0
Michigan	EMI004		—	(1)		387		500		—			387		500		887		98		2004		40.0
Michigan	EMI005		—	(1)		533		691		—			533		691		1,224		135		2004		40.0
Michigan	EMI006		—	(1)		356		460		—			356		460		816		90		2004		40.0
Minnesota	EMN001		—	(1)		666		861		—			666		861		1,527		169		2004		40.0
Minnesota	EMN002		—	(1)		2,962		—		15,307			2,962		15,307		18,269		1,370		2006		40.0
Minnesota	EMN003		—	(1)		359		465		—			359		465		824		91		2004		40.0
Minnesota	EMN004		—	(1)		2,437		8,715		679			2,437		9,394		11,831		1,234		2006		40.0
Missouri	EMO001		—	(1)		334		432		—			334		432		766		85		2004		40.0
Missouri	EMO002		—	(1)		404		523		—			404		523		927		103		2004		40.0
Missouri	EMO003		—	(1)		462		597		—			462		597		1,059		117		2004		40.0
Missouri	EMO004		—	(1)		878		1,139		—			878		1,139		2,017		223		2004		40.0
New Jersey	ENJ001		—	(1)		1,560		2,019		—			1,560		2,019		3,579		396		2004		40.0
New Jersey	ENJ002		—	(1)		830		1,075		—			830		1,075		1,905		211		2004		40.0
Nevada	ENV001		—	(1)		440		569		—			440		569		1,009		112		2004		40.0
New York	ENY001		—	(1)		603		779		—			603		779		1,382		153		2004		40.0
New York	ENY002		—	(1)		442		571		—			442		571		1,013		112		2004		40.0
New York	ENY003		—	(1)		562		728		—			562		728		1,290		143		2004		40.0
New York	ENY004		—	(1)		385		499		—			385		499		884		98		2004		40.0
New York	ENY005		—	(1)		350		453		—			350		453		803		89		2004		40.0
New York	ENY006		—	(1)		326		421		—			326		421		747		83		2004		40.0
New York	ENY007		—	(1)		494		640		—			494		640		1,134		125		2004		40.0
New York	ENY008		—	(1)		320		414		—			320		414		734		81		2004		40.0
New York	ENY009		—	(1)		399		516		—			399		516		915		101		2004		40.0
New York	ENY010		—	(1)		959		1,240		—			959		1,240		2,199		243		2004		40.0
New York	ENY011		—	(1)		587		761		—			587		761		1,348		149		2004		40.0
New York	ENY012		—	(1)		521		675		—			521		675		1,196		132		2004		40.0
New York	ENY013		—	(1)		711		920		—			711		920		1,631		180		2004		40.0
New York	ENY014		—	(1)		558		723		—			558		723		1,281		142		2004		40.0
New York	ENY015		—	(1)		747		967		—			747		967		1,714		190		2004		40.0
New York	ENY016		—	(1)		683		885		—			683		885		1,568		173		2004		40.0
New York	ENY017		—	(1)		1,492		1,933		—			1,492		1,933		3,425		379		2004		40.0
New York	ENY018		—	(1)		1,471		1,904		—			1,471		1,904		3,375		373		2004		40.0
North Carolina	ENC001		—	(1)		397		513		—			397		513		910		101		2004		40.0
North Carolina	ENC002		—	(1)		476		615		—			476		615		1,091		121		2004		40.0
North Carolina	ENC003		—	(1)		410		530		—			410		530		940		104		2004		40.0
North Carolina	ENC004		—	(1)		402		520		—			402		520		922		102		2004		40.0
North Carolina	ENC005		—	(1)		948		1,227		—			948		1,227		2,175		241		2004		40.0
North Carolina	ENC006		—	(1)		259		336		—			259		336		595		66		2004		40.0
North Carolina	ENC007		—	(1)		349		452		—			349		452		801		89		2004		40.0
North Carolina	ENC008		—	(1)		640		828		—			640		828		1,468		162		2004		40.0
North Carolina	ENC009		—	(1)		409		531		—			409		531		940		104		2004		40.0
North Carolina	ENC010		—	(1)		965		1,249		—			965		1,249		2,214		245		2004		40.0
North Carolina	ENC011		—	(1)		475		615		—			475		615		1,090		121		2004		40.0
North Carolina	ENC012		—	(1)		494		638		—			494		638		1,132		125		2004		40.0
Ohio	EOH001		—	(1)		434		562		—			434		562		996		110		2004		40.0
Ohio	EOH002		—	(1)		967		1,252		—			967		1,252		2,219		245		2004		40.0
Ohio	EOH003		—	(1)		281		365		—			281		365		646		71		2004		40.0
Ohio	EOH004		—	(1)		393		508		—			393		508		901		100		2004		40.0
Oklahoma	EOK001		—	(1)		431		557		—			431		557		988		109		2004		40.0
Oklahoma	EOK002		—	(1)		954		1,235		—			954		1,235		2,189		242		2004		40.0
Oregon	EOR001		—	(1)		373		484		—			373		484		857		95		2004		40.0
Oregon	EOR002		—	(1)		393		508		—			393		508		901		100		2004		40.0
Pennsylvania	EPA001		—	(1)		407		527		—			407		527		934		103		2004		40.0
Pennsylvania	EPA002		—	(1)		421		544		—			421		544		965		107		2004		40.0
Pennsylvania	EPA003		—	(1)		409		528		—			409		528		937		104		2004		40.0
Pennsylvania	EPA004		—	(1)		407		527		—			407		527		934		103		2004		40.0
Puerto Rico	EPR001		—	(1)		950		1,230		—			950		1,230		2,180		241		2004		40.0
Rhode Island	ERI001		—	(1)		850		1,100		—			850		1,100		1,950		216		2004		40.0
South Carolina	ESC001		—	(1)		943		1,220		—			943		1,220		2,163		239		2004		40.0
South Carolina	ESC002		—	(1)		332		429		—			332		429		761		84		2004		40.0
South Carolina	ESC003		—	(1)		924		1,196		—			924		1,196		2,120		235		2004		40.0
Tennessee	ETN001		—	(1)		260		338		—			260		338		598		66		2004		40.0
Texas	ETX001		—	(1)		1,045		1,353		—			1,045		1,353		2,398		265		2004		40.0
Texas	ETX002		—	(1)		593		767		—			593		767		1,360		150		2004		40.0
Texas	ETX003		—	(1)		985		1,276		—			985		1,276		2,261		250		2004		40.0
Texas	ETX004		—	(1)		838		1,083		—			838		1,083		1,921		213		2004		40.0
Texas	ETX005		—	(1)		528		682		—			528		682		1,210		134		2004		40.0
Texas	ETX006		—	(1)		480		622		—			480		622		1,102		122		2004		40.0
Texas	ETX007		—	(1)		975		1,261		—			975		1,261		2,236		247		2004		40.0
Texas	ETX008		—	(1)		1,108		1,433		—			1,108		1,433		2,541		281		2004		40.0
Texas	ETX009		—	(1)		425		549		—			425		549		974		108		2004		40.0
Texas	ETX010		—	(1)		518		671		—			518		671		1,189		132		2004		40.0
Texas	ETX011		—	(1)		758		981		—			758		981		1,739		193		2004		40.0
Texas	ETX012		—	(1)		399		517		—			399		517		916		101		2004		40.0
Texas	ETX013		—	(1)		375		485		—			375		485		860		95		2004		40.0
Texas	ETX014		—	(1)		438		567		—			438		567		1,005		111		2004		40.0
Texas	ETX015		—	(1)		285		369		—			285		369		654		72		2004		40.0
Texas	ETX016		—	(1)		554		718		—			554		718		1,272		141		2004		40.0
Texas	ETX017		—	(1)		561		726		—			561		726		1,287		142		2004		40.0
Texas	ETX018		—	(1)		753		976		—			753		976		1,729		191		2004		40.0
Texas	ETX019		—	(1)		521		675		—			521		675		1,196		132		2004		40.0
Texas	ETX020		—	(1)		634		821		—			634		821		1,455		161		2004		40.0
Texas	ETX021		—	(1)		379		491		—			379		491		870		96		2004		40.0
Texas	ETX022		—	(1)		592		766		—			592		766		1,358		150		2004		40.0
Utah	EUT001		—	(1)		624		808		—			624		808		1,432		158		2004		40.0
Virginia	EVA001		—	(1)		1,134		1,467		—			1,134		1,467		2,601		288		2004		40.0
Virginia	EVA002		—	(1)		845		1,094		—			845		1,094		1,939		215		2004		40.0
Virginia	EVA003		—	(1)		884		1,145		—			884		1,145		2,029		224		2004		40.0
Virginia	EVA004		—	(1)		953		1,233		—			953		1,233		2,186		242		2004		40.0
Virginia	EVA005		—	(1)		487		632		—			487		632		1,119		124		2004		40.0
Virginia	EVA006		—	(1)		425		550		—			425		550		975		108		2004		40.0
Virginia	EVA007		—	(1)		1,151		1,490		—			1,151		1,490		2,641		292		2004		40.0
Virginia	EVA008		—	(1)		546		707		—			546		707		1,253		139		2004		40.0
Virginia	EVA009		—	(1)		851		1,103		—			851		1,103		1,954		216		2004		40.0
Virginia	EVA010		—	(1)		819		1,061		—			819		1,061		1,880		208		2004		40.0
Virginia	EVA011		—	(1)		958		1,240		—			958		1,240		2,198		243		2004		40.0
Virginia	EVA012		—	(1)		788		1,020		—			788		1,020		1,808		200		2004		40.0
Virginia	EVA013		—	(1)		554		716		—			554		716		1,270		141		2004		40.0
Washington	EWA001		—	(1)		1,500		6,500		—			1,500		6,500		8,000		1,550		2003		40.0
Wisconsin	EWI001		—	(1)		521		673		—			521		673		1,194		132		2004		40.0
Wisconsin	EWI002		—	(1)		413		535		—			413		535		948		105		2004		40.0
Wisconsin	EWI003		—	(1)		542		702		—			542		702		1,244		138		2004		40.0
Wisconsin	EWI004		—	(1)		793		1,025		—			793		1,025		1,818		201		2004		40.0
Wisconsin	EWI005		—	(1)		1,124		1,455		—			1,124		1,455		2,579		285		2004		40.0

Subtotal			—			137,683		258,985		88,633			137,666		347,635		485,301		60,036

RETAIL:
Alabama	RAL001		—			2,377		3,978		69			2,408		4,016		6,424		769		2004		39.0
Arizona	RAZ001		22,376			8,374		5,394		23,038			8,223		28,583		36,806		4,850		2004		36.5
Arizona	RAZ007		—	(1)		10,182		59,200		5			10,031		59,356		69,387		805		2011		40.0
Arizona	RAZ002		6,209			3,284		8,258		(36	)		3,274		8,232		11,506		1,521		2004		40.0
Arizona	RAZ003		—			2,625		4,875		(500	)		2,625		4,375		7,000		41		2009		40.0
Arizona	RAZ004		—			2,184		4,056		(1,547	)		2,184		2,509		4,693		27		2009		40.0
Arizona	RAZ005		—			756		1,404		(552	)		756		852		1,608		—		2009		—
Arizona	RAZ006		9,946			6,232		9,271		3,470			6,219		12,754		18,973		2,274		2004		40.0
California	RCA003		—			1,920		480		—			1,920		480		2,400		—		2011		—
California	RCA001		—	(1)		2,569		3,031		50			2,569		3,081		5,650		161		2010		40.0
California	RCA002		—	(1)		3,100		—		—			3,100		—		3,100		—		2010		—
Colorado	RCO001		—			2,631		279		5,195			2,607		5,498		8,105		649		2006		40.0
Florida	RFL004		—	(1)		4,800		19,200		—			4,800		19,200		24,000		—		2011		—
Florida	RFL001		—			3,230		6,865		(2,595	)		2,400		5,100		7,500		—		2008		—
Florida	RFL002		—			2,182		4,638		(600	)		2,182		4,038		6,220		—		2009		—
Florida	RFL003		—			3,950		—		10,285			3,908		10,327		14,235		1,395		2005		40.0
Hawaii	RHI001		—			3,393		21,306		2,436			3,393		23,742		27,135		1,640		2009		40.0
Illinois	RIL001		—			—		18,700		533			—		19,233		19,233		2,358		2010		40.0
Louisiana	RLA001		—			2,193		3,654		64			2,221		3,690		5,911		725		2004		38.0
New Hampshire	RNH001		4,497			3,848		3,909		(89	)		3,798		3,870		7,668		837		2006		27.5
New Jersey	RNJ001		8,195			—		18,003		(19	)		—		17,984		17,984		2,097		2007		40.0
New Jersey	RNJ002		—			3,520		880		—			3,520		880		4,400		—		2011		—
New Mexico	RNM001		—			1,733		—		8,370			1,705		8,398		10,103		1,070		2005		40.0
New Mexico	RNM002		—			756		905		422			762		1,321		2,083		256		2005		28.0
New Mexico	RNM003		—			4,178		8,528		(22	)		4,338		8,346		12,684		1,560		2005		38.0
New York	RNY001		—			731		6,073		699			711		6,792		7,503		1,165		2005		40.0
New York	RNY002		—			1,760		3,740		(2,200	)		1,056		2,244		3,300		—		2009		—
New York	RNY003		—			482		1,024		(355	)		482		669		1,151		—		2009		—
Pennsylvania	RPA001		—	(1)		5,687		65,312		1,169			5,687		66,481		72,168		846		2011		40.0
South Carolina	RSC001		—			2,126		948		(790	)		1,337		947		2,284		111		2007		40.0
Texas	RTX001		—			3,538		4,215		171			3,514		4,410		7,924		839		2005		40.0
Texas	RTX002		—			1,225		2,275		(395	)		1,225		1,880		3,105		—		2010		—
Texas	RTX003		—			630		1,170		(205	)		630		965		1,595		—		2010		—
Utah	RUT001		—			3,502		—		5,975			3,502		5,975		9,477		793		2005		40.0
Virginia	RVA001		—	(1)		4,720		18,880		—			4,720		18,880		23,600		—		2011		40.0

Subtotal			51,223			104,418		310,451		52,046			101,807		365,108		466,915		26,789

HOTEL:
California	HCA002		—			4,394		27,030		(871	)		4,394		26,159		30,553		9,276		1998		40.0
California	HCA003		—			3,308		20,623		(664	)		3,308		19,959		23,267		7,064		1998		40.0
Colorado	HCO001		—			1,242		7,865		(253	)		1,242		7,612		8,854		2,688		1998		40.0
Hawaii	HHI001		—			4,567		39,815		456			4,567		40,271		44,838		2,553		2009		40.0
Hawaii	HHI002		—			3,000		12,000		1,049			3,000		13,049		16,049		—		2009		—
Utah	HUT001		—			5,620		32,695		(1,058	)		5,620		31,637		37,257		11,311		1998		40.0
Washington	HWA004		—			5,101		32,080		(1,032	)		5,101		31,048		36,149		10,975		1998		40.0

Subtotal			—			27,232		172,108		(2,373	)		27,232		169,735		196,967		43,867

APARTMENT/RESIDENTIAL:
Arizona	AAZ001		—			4,480		17,921		(14,278	)		4,480		3,643		8,123		—		2010		—
Arizona	AAZ002		—	(1)		1,626		11,174		4,765			1,864		15,701		17,565		460		2009		40.0
California	ACA001		—	(1)		7,333		29,333		10,916			7,333		40,249		47,582		—		2009		—
California	ACA002		—	(1)		10,078		40,312		(29,018	)		4,275		17,097		21,372		—		2007		—
Florida	AFL001		—	(1)		2,394		24,206		(17,867	)		2,394		6,339		8,733		—		2009		—
Florida	AFL002		—			6,540		15,260		(1,530	)		6,540		13,730		20,270		—		2010		—
Florida	AFL003		—			30,900		30,900		342			30,900		31,242		62,142		—		2011		—
Florida	AFL004		—			760		3,040		(3,747	)		11		42		53		—		2011		—
Hawaii	AHI001		—	(1)		8,080		12,120		(9,623	)		8,080		2,497		10,577		—		2010		—
Hawaii	AHI002		—	(1)		4,430		18,170		(7,858	)		2,072		12,670		14,742		—		2009		—
Hawaii	AHI003		—	(1)		3,483		9,417		(3,904	)		2,312		6,684		8,996		—		2009		—
Idaho	AID001		—	(1)		2,275		15,925		(11,963	)		2,275		3,962		6,237		—		2009		—
Nevada	ANZ001		—			18,117		106,829		(56,432	)		9,934		58,580		68,514		—		2009		—
New Jersey	ANJ001		—			36,405		64,719		(56,252	)		16,154		28,718		44,872		—		2009		—
New York	ANY001		—			—		114,400		(58,838	)		0		55,562		55,562		—		2009		—
Washington	AWA001		—	(1)		2,342		44,479		(21,611	)		1,261		23,949		25,210		—		2009		—

Subtotal			—			139,243		558,205		(276,898	)		99,885		320,665		420,550		460

MIXED USE:
Arizona	MAZ001		—			15,827		8,773		(404	)		15,827		8,369		24,196		225		2011		40.0
California	MCA001		—	(1)		5,870		629		1			5,870		630		6,500		43		2010		—
Florida	MFL001		—	(1)		8,450		13,251		1,642			8,450		14,893		23,343		4,261		2008		40.0
Georgia	MGA001		—			13,820		55,280		1,291			13,820		56,571		70,391		—		2010		—

Subtotal			—			43,967		77,933		2,530			43,967		80,463		124,430		4,529

Total			293,192			1,614,335		2,400,052		(42,688	)		1,569,164		2,402,535		3,971,699		363,343

Explanatory Note:

(1): Consists of properties pledged as collateral under the Company's secured indebtedness with a total book value of $1.26 billion.

1. Reconciliation of Real Estate:

The following table reconciles Real Estate from January 1, 2009 to December 31, 2011:

	2011			2010			2009

Balance at January 1	$	3,694,759		$	4,690,096		$	3,498,067
Improvements and additions		64,505			109,479			29,145
Acquisitions through foreclosure		502,482			773,315			1,340,255
Dispositions		(269,402	)		(1,858,527	)		(71,843	)
Impairments		(20,645	)		(19,604	)		(105,528	)

Balance at December 31	$	3,971,699		$	3,694,759		$	4,690,096

2. Reconciliation of Accumulated Depreciation:

The following table reconciles Accumulated Depreciation from January 1, 2009 to December 31, 2011:

	2011			2010			2009

Balance at January 1	$	(330,462	)	$	(525,113	)	$	(453,256	)
Additions		(55,815	)		(75,019	)		(82,082	)
Dispositions		22,934			269,670			10,225

Balance at December 31	$	(363,343	)	$	(330,462	)	$	(525,113	)

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

Schedule IV-Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2011

Schedule IV-Mortgage Loans on Real Estate

Schedule IV-Mortgage Loans on Real Estate

iStar Financial Inc.

Schedule IV—Mortgage Loans on Real Estate

As of December 31, 2011

($ in thousands)

Type of Loan/Borrower	Underlying Property Type	Contractual Interest Accrual Rates	Contractual Interest Payment Rates	Effective Maturity Dates	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amount of Mortgages(1)(2)

Senior Mortgages:
Borrower A	Apartment/Residential	9%	0%	September 2010(3)	IO	$	—	$	175,570	$	138,700
Borrower B	Apartment/Residential	LIBOR + 3.5%	LIBOR + 3.5%	May 2012	IO	$	—		117,348		118,629
Borrower C	Mixed Use/Mixed Collateral	LIBOR + 3.3%	LIBOR + 3.3%	October 2013	IO	$	—		103,540		103,554
Borrower D	Apartment/Residential	LIBOR + 4%(4)	LIBOR + 4%(4)	December 2012	IO	$	—		103,265		103,511
Borrower E	Retail	7%	7%	May 2012	IO	$	—		94,787		94,788
Borrower F	Entertainment/Leisure	17%	17%	April 2009(5)	IO	$	—		220,059		79,580
Borrower G	Land	LIBOR + 2.75%	LIBOR + 2.75%	August 2012	IO	$	—		75,000		75,001
Senior mortgages individually <3%	Apartment/Residential, Retail, Land, Industrial/R&D, Mixed Use/Mixed Collateral, Office, Hotel, Entertainment/Leisure, Other	Fixed: 4% to 23% Variable: LIBOR + 1.5% to LIBOR + 8%	Fixed: 2.5% to 20% Variable: LIBOR + 0.5% to LIBOR + 7%	2012 to 2024					1,898,267		1,546,781

								$	2,787,836	$	2,260,544

Subordinate Mortgages:
Subordinate mortgages individually <3%	Retail, Mixed Use/Mixed Collateral, Office, Hotel, Other	Fixed: 5% to 14% Variable: LIBOR + 2.5% to LIBOR + 5.06%	Fixed: 6.5% to 10.5% Variable: LIBOR + 2.5% to LIBOR + 5.06%	2012 to 2018				$	226,632	$	189,010

								$	226,632	$	189,010

Total mortgages								$	3,014,468	$	2,449,554

Explanatory Notes:

(1): Amounts are presented net of asset-specific reserves of $563.2 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.
(2): The carrying amount of mortgages approximated the federal income tax basis.
(3): Loan is in default with $175.6 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status.
(4): As of December 31, 2011, included a LIBOR interest rate floor of 4%.
(5): Loan is in default with $220.1 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status.

1. Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2009 to December 31, 2011(1):

	2011			2010			2009

Balance at January 1	$	4,012,067		$	6,662,379		$	9,088,331
Additions:
New mortgage loans		20,000			—			—
Additions under existing mortgage loans		82,598			326,093			1,212,299
Other(2)		32,922			48,493			107,922
Deductions(3):
Collections of principal		(1,047,943	)		(2,004,129	)		(1,329,083	)
Provision for loan losses		(93,187	)		(291,905	)		(1,114,606	)
Transfers to REHI, net, OREO and equity investments		(556,753	)		(728,559	)		(1,300,058	)
Amortization of premium		(150	)		(305	)		(2,426	)

Balance at December 31	$	2,449,554		$	4,012,067		$	6,662,379

Explanatory Notes:

(1): Balances represent the carrying value of loans, which are net of asset specific reserves.
(2): Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates.
(3): Amounts are presented net of charge-offs of $214.0 million, $804.7 million and $680.4 million for the years ended December 31, 2011, 2010 and 2009, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies

Loans and other lending investments, net

Net lease assets and depreciation

Real estate held for investment, net

Operating revenues related to REHI assets are recorded as "Other income" and expenses are included in "Operating costs—REHI and OREO," on the Company's Consolidated Statements of Operations.

Other real estate owned

Equity and cost method investments

Cash and cash equivalents

Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days.

Restricted cash

Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, lending investments, OREO, leasing and derivative transactions.

Consolidation-Variable interest entities

Deferred expenses

Identified intangible assets and goodwill


2012	$	7,807
2013		6,172
2014		5,720
2015		5,476
2016		5,395

Total	$	30,570

Revenue recognition

Revenue recognition—The Company's revenue recognition policies are as follows:

Loans and other lending investments: Interest income on loans and other lending investments is recognized on an accrual basis using the interest method.

Reserve for loan losses

Allowance for doubtful accounts

Derivative instruments and hedging activity

Stock-based compensation

Disposal of long-lived assets

Income taxes

	For the Years Ended December 31,

	2011			2010		2009
Current tax expense	$	9,010		$	2,550	$	369
Deferred tax expense (benefit)(1)		(13,729	)		4,473		3,772

Total income tax expense (benefit)	$	(4,719	)	$	7,023	$	4,141

Explanatory Note:

(1): During the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 7) and recognized a deferred tax benefit resulting from the reversal of a deferred tax liability associated with the investment. See the table on the following page for the Company's deferred tax assets and liabilities as of December 31, 2011 and 2010.

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):

	As of December 31,

	2011			2010
Deferred tax assets(1)	$	53,625		$	29,921
Deferred tax liabilities(2)		(2,736	)		(13,729	)
Valuation allowance		(50,889	)		(29,921	)

Net deferred tax assets (liabilities)	$	—		$	(13,729	)

Explanatory Notes:

(1): Deferred tax assets primarily include net operating loss carryforwards of $22.8 million and $21.5 million as of December 31, 2011 and 2010, respectively, as well as real estate asset basis differences of $30.8 million and $8.4 million as of December 31, 2011 and 2010, respectively.
(2): Deferred tax liabilities are primarily comprised of basis differences in equity investments. During the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 7) and recognized the deferred tax benefit associated with the reversal of this deferred liability.

Earnings per share

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies

Estimated aggregate amortization costs for each of the five succeeding fiscal years


2012	$	7,807
2013		6,172
2014		5,720
2015		5,476
2016		5,395

Total	$	30,570

Taxable REIT Subsidiaries (TRSs)

Income Taxes

Schedule of entity's TRS income tax expense

	For the Years Ended December 31,

	2011			2010		2009
Current tax expense	$	9,010		$	2,550	$	369
Deferred tax expense (benefit)(1)		(13,729	)		4,473		3,772

Total income tax expense (benefit)	$	(4,719	)	$	7,023	$	4,141

Explanatory Note:

(1): During the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 7) and recognized a deferred tax benefit resulting from the reversal of a deferred tax liability associated with the investment. See the table on the following page for the Company's deferred tax assets and liabilities as of December 31, 2011 and 2010.

Schedule of deferred tax assets and liabilities of the entity's TRS entities

	As of December 31,

	2011			2010
Deferred tax assets(1)	$	53,625		$	29,921
Deferred tax liabilities(2)		(2,736	)		(13,729	)
Valuation allowance		(50,889	)		(29,921	)

Net deferred tax assets (liabilities)	$	—		$	(13,729	)

Explanatory Notes:

(1): Deferred tax assets primarily include net operating loss carryforwards of $22.8 million and $21.5 million as of December 31, 2011 and 2010, respectively, as well as real estate asset basis differences of $30.8 million and $8.4 million as of December 31, 2011 and 2010, respectively.
(2): Deferred tax liabilities are primarily comprised of basis differences in equity investments. During the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 7) and recognized the deferred tax benefit associated with the reversal of this deferred liability.

Loans and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 31, 2011

Loans and Other Lending Investments, net

Schedule of the Company's loans and other lending investments by class

	As of December 31,

Type of Investment(1)	2011			2010
Senior mortgages	$	2,801,213		$	4,390,770
Subordinate mortgages		211,491			305,245
Corporate/Partnership loans		478,892			689,535

Total gross carrying value of loans(2)	$	3,491,596		$	5,385,550
Reserves for loan losses		(646,624	)		(814,625	)

Total carrying value of loans	$	2,844,972		$	4,570,925
Other lending investments—securities		15,790			16,427

Total loans and other lending investments, net	$	2,860,762		$	4,587,352

Explanatory Notes:

(1): Loans and other lending investments are presented net of unearned income, unamortized discounts and premiums and net unamortized deferred fees and costs. In total, these amounts represented a net discount of $101.7 million and $62.7 million as of December 31, 2011 and 2010, respectively.
(2): The Company's recorded investment in loans as of December 31, 2011 and 2010 was $3.50 billion and $5.41 billion, respectively, which consists of total gross carrying value of loans plus accrued interest of $13.3 million and $21.3 million, for the same two periods, respectively.

Schedule of changes in the Company's reserve for loan losses

	For the Years Ended December 31,

	2011			2010			2009
Reserve for loan losses at beginning of period	$	814,625		$	1,417,949		$	976,788
Provision for loan losses		46,412			331,487			1,255,357
Charge-offs		(214,413	)		(934,811	)		(814,196	)

Reserve for loan losses at end of period	$	646,624		$	814,625		$	1,417,949

Schedule of recorded investment in loans and associated reserve for loan losses

	Individually Evaluated for Impairment			Collectively Evaluated for Impairment			Loans Acquired with Deteriorated Credit Quality			Total

As of December 31, 2011:
Loans	$	1,525,337		$	1,919,876		$	59,648		$	3,504,861
Less: Reserve for loan losses		(554,131	)		(73,500	)		(18,993	)		(646,624	)

Total	$	971,206		$	1,846,376		$	40,655		$	2,858,237

As of December 31, 2010:
Loans	$	2,296,599		$	3,034,310		$	75,907		$	5,406,816
Less: Reserve for loan losses		(692,610	)		(120,200	)		(1,815	)		(814,625	)

Total	$	1,603,989		$	2,914,110		$	74,092		$	4,592,191

Schedule of investment in loans, presented by class and by credit quality, as indicated by risk rating

	As of

	December 31, 2011				December 31, 2010
	Performing Loans		Weighted Average Risk Ratings		Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	1,514,016		3.19	$	2,394,270		3.48
Subordinate mortgages		190,342		3.36		307,509		3.20
Corporate/Partnership loans		472,178		3.61		685,848		3.76

Total	$	2,176,536		3.29	$	3,387,627		3.51

Schedule of recorded investment in loans, aged by payment status and presented by class

As of December 31, 2011, 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(1)		Greater Than 90 Days(1)		Total Past Due		Total

Senior mortgages	$	1,721,653	$	—	$	1,086,913	$	1,086,913	$	2,808,566
Subordinate mortgages		190,342		22,481		—		22,481		212,823
Corporate/Partnership loans		472,178		—		11,294		11,294		483,472

Total	$	2,384,173	$	22,481	$	1,098,207	$	1,120,688	$	3,504,861

Explanatory Note:

(1): All loans with payments more than 90 days past due are classified as non-performing and are on non-accrual status. In addition, a loan with a recorded investment of $22.5 million that was less than 90 days delinquent is classified as non-performing.

Schedule of recorded investment in impaired loans, presented by class

	As of December 31, 2011							As of December 31, 2010

	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	219,488	$	218,612	$	—		$	404,861	$	404,126	$	—
Corporate/Partnership loans		10,110		10,160		—			10,110		10,160		—

Subtotal	$	229,598	$	228,772	$	—		$	414,971	$	414,286	$	—
With an allowance recorded:
Senior mortgages	$	1,268,962	$	1,263,195	$	(540,670	)	$	1,834,008	$	1,825,150	$	(683,948	)
Subordinate mortgages		22,480		22,558		(22,480	)		—		—		—
Corporate/Partnership loans		62,591		62,845		(9,974	)		64,465		64,919		(10,477	)

Subtotal	$	1,354,033	$	1,348,598	$	(573,124	)	$	1,898,473	$	1,890,069	$	(694,425	)
Total:
Senior mortgages	$	1,488,450	$	1,481,807	$	(540,670	)	$	2,238,869	$	2,229,276	$	(683,948	)
Subordinate mortgages		22,480		22,558		(22,480	)		—		—		—
Corporate/Partnership loans		72,701		73,005		(9,974	)		74,575		75,079		(10,477	)

Total	$	1,583,631	$	1,577,370	$	(573,124	)	$	2,313,444	$	2,304,355	$	(694,425	)

Explanatory Note:

(1): All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2011 and 2010, certain loans modified through troubled debt restructurings with a recorded investment of $255.3 million and $294.3 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.

Schedule of average recorded investment in impaired loans and interest income recognized, presented by class

	For the Years Ended December 31,

	2011					2010				2009
	Average Recorded Investment		Interest Income Recognized			Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	309,079	$	31,799	⁽¹⁾	$	659,150	$	20,472	$	751,011	$	10,115
Subordinate mortgages		—		—			1,404		87		2,953		396
Corporate/Partnership loans		10,110		680			27,526		1,868		28,953		—

Subtotal	$	319,189	$	32,479		$	688,080	$	22,427	$	782,917	$	10,511
With an allowance recorded:
Senior mortgages	$	1,608,486	$	7,187		$	2,411,735	$	5,183	$	3,340,368	$	3,712
Subordinate mortgages		19,477		—			77,125		107		65,009		—
Corporate/Partnership loans		66,087		332			65,118		—		100,278		—

Subtotal	$	1,694,050	$	7,519		$	2,553,978	$	5,290	$	3,505,655	$	3,712
Total:
Senior mortgages	$	1,917,565	$	38,986		$	3,070,885	$	25,655	$	4,091,379	$	13,827
Subordinate mortgages		19,477		—			78,529		194		67,962		396
Corporate/Partnership loans		76,197		1,012			92,644		1,868		129,231		—

Total	$	2,013,239	$	39,998		$	3,242,058	$	27,717	$	4,288,572	$	14,223

Explanatory Note:

(1): Amount includes interest income of $26.3 million related to the resolution of certain non-performing loans. Interest income was not previously recorded as the loans were on non-accrual status.

Schedule of troubled debt restructurings, presented by class

	For the Year Ended December 31, 2011

	Number of Loans		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages		7	$	191,158	$	190,893

Schedule of troubled debt restructurings that subsequently defaulted

	For the Year Ended December 31, 2011

	Number of Loans		Outstanding Recorded Investment
Senior mortgages		1	$	28,005

Real Estate Held for Investment, net and Other Real Estate Owned (Tables)

12 Months Ended

Dec. 31, 2011

Real Estate Held for Investment, net and Other Real Estate Owned

Schedule of real estate held for investment, net

	As of December 31,

	2011			2010
Land held for investment and development	$	701,547		$	606,083
Operating property
Land		143,411			69,807
Buildings and improvements		400,203			165,025
Less: accumulated depreciation and amortization		(17,027	)		(7,855	)

Real estate held for investment, net	$	1,228,134		$	833,060

Schedule of REHI operating income and expenses recorded on the Company's consolidated statements of operations

	For the Years Ended December 31,

	2011		2010		2009
REHI operating income	$	35,331	$	23,103	$	5,822
REHI operating expenses	$	45,885	$	31,646	$	12,455

Net Lease Assets, net (Tables)

12 Months Ended

Dec. 31, 2011

Net Lease Assets, net

Schedule of investments in net lease assets, at cost

	As of December 31,

	2011			2010
Facilities and improvements	$	1,601,477		$	1,651,998
Land and land improvements		447,603			454,925
Less: accumulated depreciation		(346,316	)		(322,414	)

Net lease assets, net	$	1,702,764		$	1,784,509

Summarized financial information for discontinued operations related to the sale of the portfolio of net lease assets

	For the Years Ended December 31,

	2011			2010		2009
Total revenues	$	—		$	55,559	$	114,575
Income (loss) from discontinued operations	$	(2,301	)	$	15,580	$	9,966

Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses

Year

2012	$	149,937
2013	$	149,244
2014	$	151,188
2015	$	151,714
2016	$	148,792

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Other Investments (Tables)

12 Months Ended

Dec. 31, 2011

Other Investments

Schedule of other investments and its proportionate share of results for equity method investments

	Carrying value as of December 31,				Equity in earnings for the Years Ended December 31,

	2011		2010		2011			2010		2009
LNR	$	159,764	$	122,176	$	53,861		$	1,797	$	—
Madison Funds		103,305		92,265		3,641			9,717		(5,620	)
Oak Hill Funds		56,817		48,613		1,918			11,613		2,078
REHI Investments		52,803		—		(7,839	)		—		—
Oak Hill Advisors		—		173,231		38,361			22,439		20,588
Other equity method investments		73,146		85,938		5,149			6,342		(11,748	)

Total equity method investments	$	445,835	$	522,223	$	95,091		$	51,908	$	5,298

Other		12,000		10,135

Total other investments	$	457,835	$	532,358

LNR Property LLC ("LNR")

Equity method investments

Schedule of summarized Income Statements

	For the Year Ended September 30, 2011			For the Period July 29, 2010 to September 30, 2010

Income Statement
Total revenue(2)	$	327,032		$	40,022
Income tax expense (benefit)	$	(76,558	)	$	685
Net income attributable to LNR	$	225,190		$	7,495
iStar's ownership percentage		24	%		24	%
iStar's equity in earnings	$	53,861		$	1,797

(1) The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2011 are based on balances and results from LNR for the year ended September 30, 2011.
(2) LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been excluded from the amounts presented above. As of September 30, 2011 and 2010, the assets of these trusts which aggregate approximately $126.66 billion and $142.39 billion, respectively, are the sole source of repayment of the related liabilities, which aggregate approximately $126.64 billion and $141.99 billion, respectively, which are non-recourse to LNR and its equity holders, including the Company. In addition, Total revenue presented above includes $119.0 million and $16.8 million for the periods ended September 30, 2011 and 2010, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's. This income is then added back through consolidation as an adjustment to income allocable to noncontrolling entities and has no net impact on Net Income attributable to LNR.

Schedule of summarized Balance Sheets

	As of September 30,

	2011			2010
Balance Sheet
Total assets(2)	$	1,288,923		$	1,270,912
Total debt(2)	$	469,631		$	515,495
Total liabilities(2)	$	576,835		$	724,311
Noncontrolling interests	$	39,940		$	37,092
LNR Property LLC equity	$	672,147		$	509,510
iStar's ownership percentage		24	%		24	%
iStar's equity investment in LNR	$	159,764		$	122,176

(1) The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2011 are based on balances and results from LNR for the year ended September 30, 2011.

(2) LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been excluded from the amounts presented above. As of September 30, 2011 and 2010, the assets of these trusts which aggregate approximately $126.66 billion and $142.39 billion, respectively, are the sole source of repayment of the related liabilities, which aggregate approximately $126.64 billion and $141.99 billion, respectively, which are non-recourse to LNR and its equity holders, including the Company. In addition, Total revenue presented above includes $119.0 million and $16.8 million for the periods ended September 30, 2011 and 2010, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's. This income is then added back through consolidation as an adjustment to income allocable to noncontrolling entities and has no net impact on Net Income attributable to LNR.

Schedule of summarized Cash Flows

	For the Year Ended September 30, 2011			For the Period July 29, 2010 to September 30, 2010

Cash Flows
Operating cash flows	$	170,703		$	22,568
Cash flows from investing and financing (excluding distributions)	$	(4,102	)	$	(3,272	)
Net cash flows (excluding distributions)	$	166,601		$	19,296
Cash distributions	$	73,916		$	—
iStar's ownership percentage		24	%		24	%
Cash distributions received by iStar	$	17,722		$	—

(2) LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been excluded from the amounts presented above. As of September 30, 2011 and 2010, the assets of these trusts which aggregate approximately $126.66 billion and $142.39 billion, respectively, are the sole source of repayment of the related liabilities, which aggregate approximately $126.64 billion and $141.99 billion, respectively, which are non-recourse to LNR and its equity holders, including the Company. In addition, Total revenue presented above includes $119.0 million and $16.8 million for the periods ended September 30, 2011 and 2010, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's. This income is then added back through consolidation as an adjustment to income allocable to noncontrolling entities and has no net impact on Net Income attributable to LNR

Equity method investments excluding LNR

Equity method investments

Schedule of summarized Income Statements

	For the years ended December 31,

	2011		2010		2009
Income Statements
Revenues	$	198,340	$	590,265	$	129,814
Net income (loss) attributable to parent entities	$	97,066	$	342,661	$	(12,237	)

Schedule of summarized Balance Sheets

	As of December 31,

	2011		2010
Balance Sheets
Total assets	$	3,079,736	$	4,486,974
Total liabilities	$	197,246	$	1,236,116
Noncontrolling interests	$	4,139	$	107,422
Total equity	$	2,878,351	$	3,143,436

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Other Assets and Other Liabilities

Schedule of deferred expenses and other assets, net

	As of December 31,

	2011		2010
Deferred financing fees, net(1)	$	21,443	$	5,527
Other receivables		17,273		13,521
Net lease in-place lease intangibles, net(2)		17,013		24,469
Leasing costs, net(3)		12,423		8,267
Corporate furniture, fixtures and equipment, net(4)		9,034		11,016
Prepaid expenses		5,441		5,265
Other assets		29,849		17,463

Deferred expenses and other assets, net	$	112,476	$	85,528

Explanatory Notes:

(1): During the year ended December 31, 2011, in connection with the Secured Credit Facility, the Company recorded deferred financing fees of $33.3 million (see Note 9). Accumulated amortization of deferred financing fees was $13.3 million and $21.1 million as of December 31, 2011 and 2010, respectively.
(2): Represents unamortized finite lived intangible assets related to the prior acquisition of net lease assets. Accumulated amortization on net lease intangibles was $33.4 million and $26.6 million as of December 31, 2011 and 2010, respectively. Amortization expense related to these assets was $6.8 million, $6.4 million and $9.6 million for the years ended December 31, 2011, 2010 and 2009, respectively.
(3): Accumulated amortization on leasing costs was $5.5 million and $5.3 million as of December 31, 2011 and 2010, respectively.
(4): Accumulated depreciation on corporate furniture, fixtures and equipment was $8.1 million and $7.2 million as of December 31, 2011 and 2010, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

	As of December 31,
	2011		2010
Accrued expenses	$	36,332	$	19,800
Accrued interest payable		30,122		38,143
Security deposits and other investment deposits		12,192		2,874
Unearned operating lease income		9,077		10,423
Property taxes payable		6,495		5,880
Deferred tax liabilities		—		13,729
Other liabilities		12,475		43,573

Accounts payable, accrued expenses and other liabilities	$	106,693	$	134,422

Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2011

Debt Obligations, net

Schedule of debt obligations

	Carrying Value as of December 31,

	Carrying Value as of December 31,					Stated Interest Rates			Scheduled Maturity Date
	2011			2010		Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities:
Tranche A-1 Facility	$	961,580		$	—		LIBOR + 3.75	%(1)	June 2013
Tranche A-2 Facility		1,450,000			—		LIBOR + 5.75	%(1)	June 2014
Line of credit		—			618,883		LIBOR + 1.50	%	June 2011
Line of credit		—			334,180		LIBOR + 1.50	%	June 2012
Secured term loans:
Collateralized by loans, net lease, REHI and OREO assets		—			1,055,000		LIBOR + 1.50	%	June 2011
Collateralized by loans, net lease, REHI and OREO assets		—			612,222		LIBOR + 1.50	%	June 2012
Collateralized by net lease assets		293,192			190,223		5.05% - 7.68	%	Various through 2026

Total secured credit facilities and term loans	$	2,704,772		$	2,810,508
Unsecured credit facilities:
Line of credit	$	—		$	501,405		LIBOR + 0.85	%	June 2011
Line of credit		243,650			243,819		LIBOR + 0.85	%	June 2012

Total unsecured credit facilities	$	243,650		$	745,224
Secured notes:
10.0% senior notes	$	—		$	312,329		10.0	%	June 2014
Unsecured notes:
5.80% senior notes	$	—		$	107,766		5.80	%	March 2011
5.125% senior notes		—			96,916		5.125	%	April 2011
5.65% senior notes		—			196,593		5.65	%	September 2011
5.15% senior notes		263,466			322,006		5.15	%	March 2012
5.50% senior notes		92,845			102,345		5.50	%	June 2012
LIBOR + 0.50% senior convertible notes(2)		784,750			787,750		LIBOR + 0.50	%	October 2012
8.625% senior notes		501,701			501,701		8.625	%	June 2013
5.95% senior notes		448,453			448,453		5.95	%	October 2013
6.5% senior notes		67,055			67,055		6.5	%	December 2013
5.70% senior notes		200,601			200,601		5.70	%	March 2014
6.05% senior notes		105,765			105,765		6.05	%	April 2015
5.875% senior notes		261,403			261,403		5.875	%	March 2016
5.85% senior notes		99,722			99,722		5.85	%	March 2017

Total unsecured notes	$	2,825,761		$	3,298,076
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5	%	October 2035
Total debt obligations	$	5,874,183		$	7,266,137
Debt premiums/(discounts), net(2)(3)		(36,643	)		79,296

Total debt obligations, net	$	5,837,540		$	7,345,433

Explanatory Notes:

(1): These loans each have a LIBOR floor of 1.25%. As of December 31, 2011, inclusive of the floors, the Tranche A-1 Facility and Tranche A-2 Facility loans incurred interest at a rate of 5.00% and 7.00%, respectively.
(2): The Company's convertible senior floating rate notes due October 2012 ("Convertible Notes") are convertible at the option of the holders, into 22.2 shares per $1,000 principal amount of Convertible Notes, on or after August 15, 2012, or prior to that date if (1) the price of the Company's Common Stock trades above 130% of the conversion price for a specified duration, (2) the trading price of the Convertible Notes is below a certain threshold, subject to specified exceptions, (3) the Convertible Notes have been called for redemption, or (4) specified corporate transactions have occurred. None of the conversion triggers have been met as of December 31, 2011. As of December 31, 2011, the outstanding principal balance of the Company's senior convertible notes was $784.8 million, the unamortized discount was $10.3 million and the net carrying amount of the liability was $774.5 million. As of December 31, 2011, the carrying value of the additional paid-in-capital, or equity component of the convertible notes, was $37.4 million. For the years ended December 31, 2011, 2010 and 2009, the Company recognized interest expense on the convertible notes of $18.0 million, $17.5 million and $21.0 million, respectively, of which $11.6 million, $10.8 million and $10.0 million, respectively, related to the amortization of the debt discount.
(3): As of December 31, 2011, includes unamortized original issue debt discounts of $22.5 million associated with the Secured Credit Facility completed in March 2011.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net


2012	$	1,596,290
2013		1,971,049
2014		1,551,824
2015		105,765
2016		261,403
Thereafter		387,852

Total principal maturities	$	5,874,183
Unamortized debt discounts, net		(36,643	)

Total long-term debt obligations, net	$	5,837,540

Explanatory Note:

(1) Includes minimum required amortization payments on the Secured Credit Facility.

Schedule of carrying value of encumbered assets by asset type

	As of December 31,

	2011		2010
Loans and other lending investments, net	$	1,786,449	$	2,832,184
Net lease assets, net		1,173,978		1,021,783
REHI, net		359,597		28,376
OREO		177,005		232,150
Other investments		37,957		—

Total	$	3,534,986	$	4,114,493

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies

Unsecured debt that is scheduled to mature in next fiscal year

	Amount Due

Maturity Date March 2012	$	263,466
June 2012	$	336,495
October 2012	$	784,750

Schedule of unfunded commitments

	Loans		Net Lease Assets		Strategic Investments		Total

Performance-Based Commitments	$	53,266	$	14,054	$	—	$	67,320
Discretionary Fundings		128,029		—		—		128,029
Other		—		—		24,340		24,340

Total	$	181,295	$	14,054	$	24,340	$	219,689

Future minimum lease obligations under non-cancelable operating leases


2012	$	5,522
2013	$	4,952
2014	$	4,487
2015	$	4,254
2016	$	4,411
Thereafter	$	13,391

Equity (Tables)

12 Months Ended

Dec. 31, 2011

Equity

Schedule of Cumulative Redeemable Preferred Stock outstanding by series

					Cumulative Preferential Cash Dividends(1)(2)

Series	Shares Issued and Outstanding (in thousands)		Par Value		Rate per Annum of the $25.00 Liquidation Preference			Equivalent to Fixed Annual Rate (per share)
D		4,000	$	0.001		8.000	%	$	2.00
E		5,600	$	0.001		7.875	%	$	1.97
F		4,000	$	0.001		7.8	%	$	1.95
G		3,200	$	0.001		7.65	%	$	1.91
I		5,000	$	0.001		7.50	%	$	1.88

		21,800

Explanatory Notes:

(1): Holders of shares of the Series D, E, F, G and I preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than ten days prior to the dividend payment date.
(2): The Company declared and paid dividends aggregating $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G, and I preferred stock, respectively, during each of the years ended December 31, 2011 and 2010. There are no dividend arrearages on any of the preferred shares currently outstanding.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 02
-Paragraph 29

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 150
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 4
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21300-112643

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802392&loc=d3e177068-122764

+ Details

Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 31, 2011

Risk Management and Derivatives

Schedule of total investment portfolio by property/collateral types

Property/Collateral Types	Performing Loans		Net Lease Assets		Non- performing Loans		REHI		OREO		Total

Land	$	206,550	$	56,014	$	211,164	$	782,766	$	119,004	$	1,375,498	19.7	%
Apartment / Residential		549,471		—		292,740		41,076		402,983		1,286,270	18.4	%
Retail		356,823		158,762		68,483		154,406		58,379		796,853	11.4	%
Office		116,527		490,106		36,901		71,148		2,616		717,298	10.2	%
Industrial / R&D		87,853		478,322		7,836		48,789		1,100		623,900	8.9	%
Entertainment / Leisure		78,231		424,794		79,581		—		479		583,085	8.3	%
Hotel		352,777		94,766		68,270		42,285		16,049		574,147	8.2	%
Mixed Use / Mixed Collateral		238,943		—		—		87,664		76,848		403,455	5.8	%
Other property types		175,891		—		6,221		—		—		182,112	2.6	%
Other Investments		—		—		—		—		—		457,835	6.5	%

Total	$	2,163,066	$	1,702,764	$	771,196	$	1,228,134	$	677,458	$	7,000,453	100.0	%

Explanatory Note:

(1): Based on the carrying value of our total investment portfolio gross of general loan loss reserves.

Schedule of total investment portfolio by geographical region

Geographic Region	Carrying Value(1)

West	$	1,657,504	23.7	%
Northeast		1,303,779	18.6	%
Southeast		1,052,002	15.0	%
Southwest		847,141	12.1	%
Mid-Atlantic		694,654	9.9	%
Various		545,421	7.8	%
Central		376,338	5.4	%
International		279,352	4.0	%
Northwest		244,262	3.5	%

Total	$	7,000,453	100.0	%

Explanatory Note:

(1) Based on the carrying value of our total investment portfolio gross of general loan loss reserves.

Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets

	Derivative Assets as of December 31,						Derivative Liabilities as of December 31,

	2011			2010			2011			2010
Derivative	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other Assets	$	—	Other Assets	$	—	Other Liabilities	$	1,342	Other Liabilities	$	223
Cash flow interest rate swap	Other Assets		—	Other Assets		—	Other Liabilities		1,031	Other Liabilities		—

Total		$	—		$	—		$	2,373		$	223

Schedule of derivative financial instruments on Consolidated Statements of Operations

Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivative	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) Recognized in Earnings (Ineffective Portion)

For the Year Ended December 31, 2011:
Cash flow interest rate swap	Accumulated Other Comprehensive Income	$	(1,553	)	$	(526	)	N/A

		Amount of Gain or (Loss) Recognized in Income on Derivative

		For the Year Ended December 31,
	Location of Gain or (Loss) Recognized in Income on Derivative	For the Year Ended December 31,
Derivatives not Designated in Hedging Relationships		2011		2010			2009
Foreign Exchange Contracts	Other Expense	$	17,406	$	(1,010	)	$	738

Schedule of foreign currency derivatives outstanding

Derivative Type		Notional (USD Equivalent)		Maturity

Sells EUR/Buys USD Forward	€ 141,500	$	183,126	March 2012
Sells GBP/Buys USD Forward	£ 47,960	$	74,380	March 2012
Sells CAD/Buys USD Forward	CAD 50,641	$	49,728	March 2012

Schedule of interest rate swaps outstanding

Derivative Type	Notional Amount					Maturity

Interest rate swap	$	47,731	LIBOR + 4.50%	6.11	%	March 2014
Interest rate swap	$	4,575	LIBOR + 4.50%	5.575	%	June 2014

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Stock-Based Compensation Plans and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2011

Stock-Based Compensation Plans and Employee Benefits

Schedule of changes in options outstanding

	Number of Shares

	Employees			Non-Employee Directors			Other			Weighted Average Strike Price		Aggregate Intrinsic Value
Options Outstanding, December 31, 2010		59			64			20		$	24.87
Forfeited in 2011		(59	)		(30	)		(10	)	$	22.65

Options Outstanding, December 31, 2011		—			34			10		$	29.82	$	—

Schedule of outstanding and exercisable options

Exercise Price		Options Outstanding and Exercisable			Remaining Contractual Life (Years)

$29.82			44			0.41

Schedule of changes in non-vested restricted stock units

Non-Vested Shares			Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value

Non-vested at December 31, 2010	14,333		$	2.89
Granted	2,721		$	6.43
Vested	(2,569	)	$	4.20
Forfeited(1)	(4,500	)	$	2.54

Non-vested at December 31, 2011	9,985		$	4.70	$	52,821

Explanatory Note:

(1): Includes 2,447 Original Units awarded to unit holders on December 19, 2008, reduced as part of the modification to Amended Units on July 1, 2011 as further described below.

Schedule of assumptions used to estimate the fair value of market condition based awards

	Valued as of

	July 1, 2011(1)			May 27, 2009(2)			May 27, 2009(3)
Risk-free interest rate		0.092	%		1.16	%		1.28	%
Expected stock price volatility		57.75	%		152.03	%		145.45	%
Expected annual dividend		—			—			—
Explanatory Notes:

(1): The modified December 19, 2008 market-condition based restricted stock units were measured on July 1, 2011, the date the Company's Board of Directors' approved the modification of the award.
(2): Contingent equity-based restricted stock units awarded on October 9, 2008 were measured on May 27, 2009, the date the Company's shareholders approved the grant of the award.
(3): The units granted on December 19, 2008 were re-measured on May 27, 2009 when they became equity-based awards in accordance with ASC 718-20-55-135 to 138.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations

	For the Years Ended December 31,

	2011			2010			2009
Income (loss) from continuing operations	$	(53,952	)	$	(205,652	)	$	(792,629	)
Net (income) loss attributable to noncontrolling interests		3,629			(523	)		1,071
Income from sales of residential property		5,721			—			—
Preferred dividends		(42,320	)		(42,320	)		(42,320	)

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders and HPU holders	$	(86,922	)	$	(248,495	)	$	(833,878	)

Schedule of earnings per share allocable to common shares and HPU shares

	For the Years Ended December 31,

	2011			2010			2009
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(84,226	)	$	(241,135	)	$	(810,723	)
Income (loss) from discontinued operations		(2,492	)		15,019			10,070
Gain from discontinued operations		24,331			262,395			12,083

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(62,387	)	$	36,279		$	(788,570	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		88,688			93,244			100,071

Basic and diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.94	)	$	(2.58	)	$	(8.10	)
Income (loss) from discontinued operations		(0.03	)		0.16			0.10
Gain from discontinued operations		0.27			2.81			0.12

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.70	)	$	0.39		$	(7.88	)

Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(2,696	)	$	(7,360	)	$	(23,155	)
Income (loss) from discontinued operations		(80	)		457			286
Gain from discontinued operations		779			7,987			343

Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,997	)	$	1,084		$	(22,526	)

Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share		15			15			15

Basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(179.73	)	$	(490.67	)	$	(1,543.67	)
Income (loss) from discontinued operations		(5.33	)		30.47			19.07
Gain from discontinued operations		51.93			532.47			22.87

Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(133.13	)	$	72.27		$	(1,501.73	)

Schedule of anti-dilutive shares

	For the Years Ended December 31,

	2011		2010		2009
Joint venture shares		298		298		298
Stock options		44		143		520

Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2011

Comprehensive Income (Loss)

Statement of comprehensive income (loss) attributable to the entity

	For the Years Ended December 31,

	2011			2010			2009
Net income (loss)	$	(25,693	)	$	80,206		$	(769,847	)
Other comprehensive income/(losses):
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization		—			(4,206	)		2,727
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization		(705	)		(799	)		(4,357	)
Unrealized gains/(losses) on available-for-sale securities		391			445			6,515
Unrealized gains/(losses) on cash flow hedges		(666	)		—			(30	)
Unrealized gains/(losses) on cumulative translation adjustment		(957	)		24			(416	)

Comprehensive income (loss)	$	(27,630	)	$	75,670		$	(765,408	)
Net (income) loss attributable to noncontrolling interests		3,629			(523	)		1,071

Comprehensive income (loss) attributable to iStar Financial Inc.	$	(24,001	)	$	75,147		$	(764,337	)

Accumulated other comprehensive income reflected in the Company's shareholders' equity

	As of December 31,

	2011			2010
Unrealized gains on available-for-sale securities	$	589		$	198
Unrealized gains on cash flow hedges		1,986			3,357
Unrealized losses on cumulative translation adjustment		(2,903	)		(1,946	)

Accumulated other comprehensive income (loss)	$	(328	)	$	1,609

Fair Values (Tables)

12 Months Ended

Dec. 31, 2011

Fair Values

Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels

<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <table style="FONT-SIZE: 10pt; WIDTH: 807px; FONT-FAMILY: 'Times New Roman',times,serif; HEIGHT: 551px"> <tr> <td> <div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 85.27%; PADDING-TOP: 0pt; POSITION: relative; HEIGHT: 354px"> <div align="center"> <table cellspacing="0" cellpadding="0" width="110%" border="0"> <tr style="HEIGHT: 0px"> <td style="FONT-FAMILY: times" align="left"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" align="right" width="6"></td> <td style="FONT-FAMILY: times" width="49"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" align="right" width="6"></td> <td style="FONT-FAMILY: times" width="70"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" align="right" width="6"></td> <td style="FONT-FAMILY: times" width="82"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" align="right" width="6"></td> <td style="FONT-FAMILY: times" width="93"></td> <td style="FONT-FAMILY: times" width="12"></td></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" align="left"> </th> <th style="FONT-FAMILY: times"> </th> <th style="FONT-FAMILY: times" align="left" colspan="2"> </th> <th style="FONT-FAMILY: times"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="8">Fair Value Using </th> <th style="FONT-FAMILY: times"> </th></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" align="left"> </th> <th style="FONT-FAMILY: times"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2">Total </th> <th style="FONT-FAMILY: times"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2">Quoted market prices in active markets (Level 1) </th> <th style="FONT-FAMILY: times"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2">Significant other observable inputs (Level 2) </th> <th style="FONT-FAMILY: times"> </th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center" colspan="2">Significant unobservable inputs (Level 3) </th> <th style="FONT-FAMILY: times"> </th></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> As of December 31, 2011:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Recurring basis:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Financial Assets:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Marketable securities—equity securities</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">483</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">483</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Financial Liabilities:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Derivative liabilities</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">2,373</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">2,373</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Non-recurring basis:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Financial Assets:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Impaired loans</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">271,968</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">271,968</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Non-financial Assets:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Impaired OREO</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">43,660</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">43,660</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> As of December 31, 2010:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Recurring basis:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Financial Assets:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Marketable securities—equity securities</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">699</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">699</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Financial Liabilities:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Derivative liabilities</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">223</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">223</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Non-recurring basis:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Financial Assets:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Impaired loans</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">616,070</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">616,070</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Impaired equity method investment</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">1,535</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">1,535</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom"> Non-financial Assets:</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom"> Impaired OREO</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">54,141</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">—</td> <td style="FONT-FAMILY: times" valign="bottom"> </td> <td style="FONT-FAMILY: times" valign="bottom" align="right">$</td> <td style="FONT-FAMILY: times" valign="bottom" align="right">54,141</td> <td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div> </div></td></tr></table></td></tr></table>

Schedule of book and estimated fair values of financial instruments

	As of December 31, 2011				As of December 31, 2010

	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Loans and other lending investments, net	$	2,860,762	$	2,786,595	$	4,587,352	$	4,256,663
Financial liabilities:
Debt obligations, net	$	5,837,540	$	5,495,197	$	7,345,433	$	6,767,968
Explanatory Note:

(1): The carrying values of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. The fair value of other financial instruments, including derivative assets and liabilities and marketable securities are included in the previous table.

- Definition

This element represents the disclosure related to assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2011

Segment Reporting

Schedule of financial measures for each segment based on which performance is evaluated

	Real Estate Lending			Net Leasing			Real Estate Investment			Corporate/ Other(1)			Company Total

2011
Total revenue(2)	$	230,047		$	165,040		$	35,331		$	2,371		$	432,789
Earnings (loss) from equity method investments		—			2,566			(7,839	)		100,364			95,091
Operating costs		(2,866	)		(18,439	)		(77,282	)		(8,204	)		(106,791	)
Interest expense		(159,339	)		(83,650	)		(79,084	)		(22,715	)		(344,788	)
General and administrative(3)		(17,281	)		(9,194	)		(8,577	)		(40,285	)		(75,337	)

Segment profit (loss)(4)	$	50,561		$	56,323		$	(137,451	)	$	31,531		$	964
Other significant non-cash items:
Provision for loan losses	$	46,412		$	—		$	—		$	—		$	46,412
Impairment of assets	$	—		$	650		$	20,846		$	872		$	22,368
Depreciation and amortization	$	—		$	53,460		$	7,094		$	2,065		$	62,619
Capitalized expenditures	$	—		$	12,174		$	51,995		$	—		$	64,169
Total assets	$	2,892,240		$	1,837,425		$	1,982,420		$	805,752		$	7,517,837
2010
Total revenue(2)	$	377,844		$	165,831		$	23,103		$	2,940		$	569,718
Earnings from equity method investments		—			2,522			—			49,386			51,908
Operating costs		(10,107	)		(14,566	)		(64,694	)		(5,948	)		(95,315	)
Interest expense		(192,010	)		(43,902	)		(45,574	)		(33,382	)		(314,868	)
General and administrative(3)		(28,340	)		(11,149	)		(6,727	)		(43,955	)		(90,171	)

Segment profit (loss)(4)	$	147,387		$	98,736		$	(93,892	)	$	(30,959	)	$	121,272
Other significant non-cash items:
Provision for loan losses	$	331,487		$	—		$	—		$	—		$	331,487
Impairment of assets	$	—		$	—		$	19,089		$	(2,770	)	$	16,319
Depreciation and amortization	$	—		$	52,635		$	5,378		$	3,650		$	61,663
Capitalized expenditures	$	—		$	14,031		$	28,832		$	18		$	42,881
Total assets	$	4,636,777		$	1,915,164		$	1,594,859		$	1,027,714		$	9,174,514
2009
Total revenue(2)	$	563,849		$	172,106		$	5,822		$	17,210		$	758,987
Earnings from equity method investments		—			2,500			—			2,798			5,298
Operating costs		(9,734	)		(15,799	)		(40,866	)		(52,595	)		(118,994	)
Interest expense		(324,558	)		(42,884	)		(18,706	)		(26,943	)		(413,091	)
General and administrative(3)		(37,406	)		(12,782	)		(2,156	)		(48,216	)		(100,560	)

Segment profit (loss)(4)	$	192,151		$	103,141		$	(55,906	)	$	(107,746	)	$	131,640
Other significant non-cash items:
Provision for loan losses	$	1,255,357		$	—		$	—		$	—		$	1,255,357
Impairment of assets	$	—		$	23,556		$	78,564		$	24,765		$	126,885
Depreciation and amortization	$	—		$	54,296		$	2,955		$	4,392		$	61,643
Capitalized expenditures	$	—		$	14,891		$	11,056		$	703		$	26,650
Total assets	$	7,723,280		$	3,149,783		$	1,271,506		$	666,006		$	12,810,575
Explanatory Notes:

(1): Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's equity investment in LNR of $159.8 million and $122.2 million, as of December 31, 2011 and 2010, respectively, and the Company's share of equity in earnings from LNR of $53.9 million and $1.8 million, for the years ended December 31, 2011 and 2010, respectively. See Note 7 for further details on the Company's investment in LNR and summarized financial information of LNR.
(2): Total revenue represents all revenue earned during the period related to the assets in each segment. Revenue from the Real Estate Lending segment primarily represents interest income, revenue from the Net Leasing segment primarily represents operating lease income and revenue from Real Estate Investment primarily represents operating revenues from REHI properties.
(3): General and administrative excludes stock-based compensation expense of $29.7 million, $19.4 million and $23.6 million for the years ended December 31, 2011, 2010 and 2009, respectively.
(4): The following is a reconciliation of segment profit (loss) to income (loss) from continuing operations ($ in thousands):

	For the Years Ended December 31,

	2011			2010			2009
Segment profit (loss)	$	964		$	121,272		$	131,640
Less: Provision for loan losses		(46,412	)		(331,487	)		(1,255,357	)
Less: Impairment of assets		(22,368	)		(16,319	)		(126,885	)
Less: Stock-based compensation expense		(29,702	)		(19,355	)		(23,592	)
Less: Depreciation and amortization		(62,619	)		(61,663	)		(61,643	)
Add: Income tax (expense) benefit		4,719			(7,023	)		(4,141	)
Add: Gain (loss) on early extinguishment of debt, net		101,466			108,923			547,349

Income (loss) from continuing operations	$	(53,952	)	$	(205,652	)	$	(792,629	)

Reconciliation of segment profit (loss) to income (loss) from continuing operations

	For the Years Ended December 31,

	2011			2010			2009
Segment profit (loss)	$	964		$	121,272		$	131,640
Less: Provision for loan losses		(46,412	)		(331,487	)		(1,255,357	)
Less: Impairment of assets		(22,368	)		(16,319	)		(126,885	)
Less: Stock-based compensation expense		(29,702	)		(19,355	)		(23,592	)
Less: Depreciation and amortization		(62,619	)		(61,663	)		(61,643	)
Add: Income tax (expense) benefit		4,719			(7,023	)		(4,141	)
Add: Gain (loss) on early extinguishment of debt, net		101,466			108,923			547,349

Income (loss) from continuing operations	$	(53,952	)	$	(205,652	)	$	(792,629	)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information (Unaudited)

Schedule of selected quarterly financial data for the Company

	For the Quarters Ended

	December 31,			September 30,			June 30,			March 31,
2011(1):
Revenue	$	96,480		$	97,360		$	128,442		$	110,507
Net income (loss)	$	(28,915	)	$	(54,661	)	$	(26,020	)	$	83,902
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(35,202	)	$	(62,231	)	$	(35,525	)	$	67,420
Basic earnings per share	$	(0.43	)	$	(0.71	)	$	(0.38	)	$	0.73
Diluted earnings per share	$	(0.43	)	$	(0.71	)	$	(0.38	)	$	0.71
Weighted average number of common shares—basic		81,769			87,951			92,621			92,458
Weighted average number of common shares—diluted		81,769			87,951			92,621			94,609
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(1,222	)	$	(2,008	)	$	(1,089	)	$	2,070
Basic earnings per share	$	(81.47	)	$	(133.87	)	$	(72.60	)	$	138.00
Diluted earnings per share	$	(81.47	)	$	(133.87	)	$	(72.60	)	$	135.07
Weighted average number of HPU shares—basic and diluted		15			15			15			15
2010(2):
Revenue	$	136,035		$	133,297		$	133,819		$	166,567
Net income (loss)	$	(58,865	)	$	(74,632	)	$	229,851		$	(16,142	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(67,050	)	$	(83,531	)	$	212,275		$	(25,408	)
Basic and diluted earnings per share	$	(0.73	)	$	(0.89	)	$	2.27		$	(0.27	)
Weighted average number of common shares—basic and diluted		92,319			93,370			93,382			93,923
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(2,061	)	$	(2,539	)	$	6,452		$	(768	)
Basic and diluted earnings per share	$	(137.40	)	$	(169.27	)	$	430.13		$	(51.20	)
Weighted average number of HPU shares—basic and diluted		15			15			15			15
Explanatory Notes:

(1): During the quarter ended December 31, 2011, the Company sold a substantial portion of its interests in Oak Hill Advisors, L.P. and related entities which resulted in a net gain of $30.3 million (see Note 7). During the quarter ended June 30, 2011, the Company recorded interest income of $26.3 million related to certain non-performing loans that were resolved, including interest not previously recorded due to the loans being on non-accrual status. During the quarter ended March 31, 2011, the Company recorded a gain on early extinguishment of debt of $109.0 million for the redemption of its $312.3 million remaining principal amount of 10% senior secured notes due June 2014.
(2): During the quarter ended June 30, 2010, the Company recorded gains from discontinued operations of $250.3 million for the sale of a portfolio of 32 net lease assets (see Note 6).

Business and Organization (Details) $ in Billions	12 Months Ended
Business and Organization (Details) $ in Billions	Dec. 31, 2011 USD ($) segment decade	Dec. 31, 2010 segment	Dec. 31, 2009 segment
Business and Organization
Period over which the entity has made the investment across a range of real estate (in decades) \| decade	2
Number of primary business segments \| segment	3	3	3
Minimum
Business and Organization
Investment across a range of real estate sectors over the past two decades \| $	$ 35

Basis of Presentation and Principles of Consolidation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) entity	Dec. 31, 2010 USD ($)
Variable interest entities
Noncontrolling interests	$ 45,248	$ 46,524
OHA SCF
Variable interest entities
Total assets	56,900	45,700
Noncontrolling interests	100	100
Total unfunded commitments	16,900
Total debt
Madison DA
Variable interest entities
Total assets	37,400	58,000
Noncontrolling interests	5,400	8,600
Total debt
Unconsolidated VIEs
Variable interest entities
Total unfunded commitments	$ 7,400
Number of variable interest entities \| entity	28
Carrying value of the investments	$ 220,200

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2011 Y month
Minimum
Real Estate Held for Investment, net
Period for which the entity intends to hold, operate or develop properties to classify them as real estate held for investment (in months) \| month	12
Facilities
Net lease assets and depreciation
Alternate period of time to calculate depreciation on net lease assets (in years)	40
Furniture
Net lease assets and depreciation
Alternate period of time to calculate depreciation on net lease assets (in years)	5
Equipment
Net lease assets and depreciation
Alternate period of time to calculate depreciation on net lease assets (in years)	5

Summary of Significant Accounting Policies (Details 2)	Dec. 31, 2011
Corporation \| Minimum
Equity method investments
Percentage of ownership interest for use of equity method of accounting	20.00%
Corporation \| Maximum
Equity method investments
Percentage of ownership interest for use of equity method of accounting	50.00%
Limited partnership \| Minimum
Equity method investments
Percentage of ownership interest for use of equity method of accounting	5.00%
Limited liability company \| Minimum
Equity method investments
Percentage of ownership interest for use of equity method of accounting	5.00%

Summary of Significant Accounting Policies (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) segment day rating	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Cash and cash equivalents
Maximum original maturity period of cash held in banks or invested in money market funds (in days) \| day	90
Identified intangible assets and goodwill
Unamortized finite lived intangible assets	$ 53,600	$ 42,800
Amortization expense for intangible assets	11,000	9,000	$ 12,200
Estimated future aggregate amortization costs
2012	7,807
2013	6,172
2014	5,720
2015	5,476
2016	5,395
Total	$ 30,570
Revenue recognition
Delinquency period for a loan to be considered as non-performing and on non-accrual status (in days) \| day	90
Cumulative principal balance of loans	$ 74,500	93,600
Cumulative carrying value of loans	$ 59,600	75,900
Reserve for loan losses
Number of loan portfolio segments \| segment	1
Loan ratings risk of loss, low end of range \| rating	1
Loan ratings risk of loss, high end of range \| rating	5
Allowance for doubtful accounts
Allowance for doubtful accounts	$ 3,700	1,400
Carrying value of assets with foreclosure elections	1,380,000
Income Tax Expense
Deferred tax expense (benefit)	(13,729)	4,473	3,772
Total income tax expense (benefit)	(4,719)	7,023	4,141
Deferred tax assets and liabilities
Approximate net operating loss carryforwards		153,700
Taxable REIT Subsidiaries (TRSs)
Income taxes
Company's assets owned by TRS entities	770,700
Income Tax Expense
Current tax expense	9,010	2,550	369
Deferred tax expense (benefit)	(13,729)	4,473	3,772
Total income tax expense (benefit)	(4,719)	7,023	4,141
Income from TRS entities which are subject to tax	75,800
Net operating loss carryforwards utilized	54,800
Reduction in current tax expense due to utilization of net operating loss carryforwards	20,000
Aggregate taxable loss of TRS entities	36,900
Total cash paid for taxes	8,500	7,300	$ 2,900
Deferred tax assets and liabilities
Deferred tax assets	53,625	29,921
Deferred tax liabilities	(2,736)	(13,729)
Valuation allowance	(50,889)	(29,921)
Net deferred tax assets (liabilities)		(13,729)
Approximate net operating loss carryforwards	22,800	21,500
Real estate asset basis differences	$ 30,800	$ 8,400

Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Millions	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010
New Accounting Pronouncements
Recorded investment	$ 255.3		$ 294.3
TDR
New Accounting Pronouncements
Recorded investment		$ 50.9

Loans and Other Lending Investments, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Loans and other lending investments
Total gross carrying value of loans				$ 3,491,596	$ 5,385,550
Reserves for loan losses	$ (814,625)	$ (814,625)	$ (976,788)	(646,624)	(814,625)	$ (1,417,949)	$ (976,788)
Total carrying value of loans				2,844,972	4,570,925
Other lending investments-securities				15,790	16,427
Total loans and other lending investments, net				2,860,762	4,587,352
Unearned income, unamortized discounts and premiums and net unamortized deferred fees and costs				101,700	62,700
Recorded investment in loans				3,504,861	5,406,816
Accrued interest				13,300	21,300
Fundings under existing loan commitments	89,895	356,329	1,224,593
Originations of loans and other lending investments	20,000
Amount received from principal repayments	1,206,461	1,519,653	951,202
Total carrying value of loans sold	144,900
Recognized charge-offs on loans sold	25,000
Mortgage loans gross carrying value				2,449,554	4,012,067	$ 6,662,379	$ 9,088,331
Recorded charge-offs on mortgage loans	563,200
Changes in the Company's reserve for loan losses
Reserve for loan losses at beginning of period	814,625	1,417,949	976,788
Provision for loan losses	46,412	331,487	1,255,357
Charge-offs	(214,413)	(934,811)	(814,196)
Reserve for loan losses at end of period	646,624	$ 814,625	$ 1,417,949
Non-performing Loans
Loans and other lending investments
Mortgage loans gross carrying value				617,800
Recorded charge-offs on mortgage loans	115,300
Senior mortgages
Loans and other lending investments
Total gross carrying value of loans				2,801,213	4,390,770
Recorded investment in loans				2,808,566
Subordinate mortgages
Loans and other lending investments
Total gross carrying value of loans				211,491	305,245
Recorded investment in loans				212,823
Corporate/Partnership loans
Loans and other lending investments
Total gross carrying value of loans				478,892	$ 689,535
Recorded investment in loans				483,472
Participation in the mortgage
Loans and other lending investments
Mortgage loans gross carrying value				$ 74,600
Recorded charge-offs on mortgage loans	$ 29,200

Loans and Other Lending Investments, net (Details 2) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Loans
Individually Evaluated for Impairment	$ 1,525,337	$ 2,296,599
Collectively Evaluated for Impairment	1,919,876	3,034,310
Loans Acquired with Deteriorated Credit Quality	59,648	75,907
Total	3,504,861	5,406,816
Less: Reserve for loan losses
Individually Evaluated for Impairment	(554,131)	(692,610)
Collectively Evaluated for Impairment	(73,500)	(120,200)
Loans Acquired with Deteriorated Credit Quality	(18,993)	(1,815)
Total	(646,624)	(814,625)	$ (1,417,949)	$ (976,788)
Total
Individually Evaluated for Impairment	971,206	1,603,989
Collectively Evaluated for Impairment	1,846,376	2,914,110
Loans Acquired with Deteriorated Credit Quality	40,655	74,092
Total	$ 2,858,237	$ 4,592,191

Loans and Other Lending Investments, net (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) rating	Dec. 31, 2010 USD ($) rating
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 3,504,861	$ 5,406,816
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	2,808,566
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	212,823
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	483,472
Performing Loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 2,176,536	$ 3,387,627
Weighted Average Risk Ratings \| rating	3.29	3.51
Performing Loans \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 1,514,016	$ 2,394,270
Weighted Average Risk Ratings \| rating	3.19	3.48
Performing Loans \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 190,342	$ 307,509
Weighted Average Risk Ratings \| rating	3.36	3.20
Performing Loans \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 472,178	$ 685,848
Weighted Average Risk Ratings \| rating	3.61	3.76

Loans and Other Lending Investments, net (Details 4) $ in Thousands	Dec. 31, 2011 USD ($) day	Dec. 31, 2010 USD ($)
Recorded investment in loans, aged by payment status and presented by class
Current	$ 2,384,173
Less Than and Equal to 90 Days	22,481
Greater Than 90 Days	1,098,207
Total Past Due	1,120,688
Total	3,504,861	$ 5,406,816
Nonperforming assets
Recorded investment in loans, aged by payment status and presented by class
Less Than and Equal to 90 Days	$ 22,500
Threshold of past due to be classified as non-performing loans that are on non-accrual status (in days) \| day	90
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	$ 1,721,653
Greater Than 90 Days	1,086,913
Total Past Due	1,086,913
Total	2,808,566
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	190,342
Less Than and Equal to 90 Days	22,481
Total Past Due	22,481
Total	212,823
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	472,178
Greater Than 90 Days	11,294
Total Past Due	11,294
Total	$ 483,472

Loans and Other Lending Investments, net (Details 5) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Investment in impaired loans
Recorded Investment		$ 1,583,631	$ 2,313,444
Unpaid Principal Balance		1,577,370	2,304,355
Related Allowance		(573,124)	(694,425)
Loans modified through troubled debt restructurings		255,300	294,300
Average Recorded Investment		2,013,239	3,242,058	$ 4,288,572
Interest Income Recognized		39,998	27,717	14,223
Nonperforming assets
Investment in impaired loans
Interest Income Recognized	$ 26,300	26,300
Senior mortgages
Investment in impaired loans
Recorded Investment		1,488,450	2,238,869
Unpaid Principal Balance		1,481,807	2,229,276
Related Allowance		(540,670)	(683,948)
Average Recorded Investment		1,917,565	3,070,885	4,091,379
Interest Income Recognized		38,986	25,655	13,827
Subordinate mortgages
Investment in impaired loans
Recorded Investment		22,480
Unpaid Principal Balance		22,558
Related Allowance		(22,480)
Average Recorded Investment		19,477	78,529	67,962
Interest Income Recognized			194	396
Corporate/Partnership loans
Investment in impaired loans
Recorded Investment		72,701	74,575
Unpaid Principal Balance		73,005	75,079
Related Allowance		(9,974)	(10,477)
Average Recorded Investment		76,197	92,644	129,231
Interest Income Recognized		1,012	1,868
With no related allowance recorded
Investment in impaired loans
Recorded Investment		229,598	414,971
Unpaid Principal Balance		228,772	414,286
Average Recorded Investment		319,189	688,080	782,917
Interest Income Recognized		32,479	22,427	10,511
With no related allowance recorded \| Senior mortgages
Investment in impaired loans
Recorded Investment		219,488	404,861
Unpaid Principal Balance		218,612	404,126
Average Recorded Investment		309,079	659,150	751,011
Interest Income Recognized		31,799	20,472	10,115
With no related allowance recorded \| Subordinate mortgages
Investment in impaired loans
Average Recorded Investment			1,404	2,953
Interest Income Recognized			87	396
With no related allowance recorded \| Corporate/Partnership loans
Investment in impaired loans
Recorded Investment		10,110	10,110
Unpaid Principal Balance		10,160	10,160
Average Recorded Investment		10,110	27,526	28,953
Interest Income Recognized		680	1,868
With an allowance recorded
Investment in impaired loans
Recorded Investment		1,354,033	1,898,473
Unpaid Principal Balance		1,348,598	1,890,069
Related Allowance		(573,124)	(694,425)
Average Recorded Investment		1,694,050	2,553,978	3,505,655
Interest Income Recognized		7,519	5,290	3,712
With an allowance recorded \| Senior mortgages
Investment in impaired loans
Recorded Investment		1,268,962	1,834,008
Unpaid Principal Balance		1,263,195	1,825,150
Related Allowance		(540,670)	(683,948)
Average Recorded Investment		1,608,486	2,411,735	3,340,368
Interest Income Recognized		7,187	5,183	3,712
With an allowance recorded \| Subordinate mortgages
Investment in impaired loans
Recorded Investment		22,480
Unpaid Principal Balance		22,558
Related Allowance		(22,480)
Average Recorded Investment		19,477	77,125	65,009
Interest Income Recognized			107
With an allowance recorded \| Corporate/Partnership loans
Investment in impaired loans
Recorded Investment		62,591	64,465
Unpaid Principal Balance		62,845	64,919
Related Allowance		(9,974)	(10,477)
Average Recorded Investment		66,087	$ 65,118	$ 100,278
Interest Income Recognized		$ 332

Loans and Other Lending Investments, net (Details 6) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) Y loan	Dec. 31, 2010 USD ($)
Troubled debt restructurings
Outstanding Recorded Investment \| $	$ 255,300	$ 294,300
Number of loans for which maturity period was extended	6
Number of loans restructured	7
Number of loans for which rate was reduced	3
Recorded investment of loans whose rate was reduced \| $	$ 105,700
Weighted average maturity rate of loans before reduction (as a percent)	8.30%
Weighted average maturity rate of loans after reduction (as a percent)	4.70%
Weighted average maturity period of loans for which rate was reduced \| Y	1.4
Number of loans for which discounted payoff option was extended	1
Number of loans with interest rate unchanged	3
Unfunded commitments \| $	$ 6,100
Senior mortgages
Troubled debt restructurings
Number of Loans	7
Pre-Modification Outstanding Recorded Investment \| $	$ 191,158
Post-Modification Outstanding Recorded Investment \| $	$ 190,893
Senior mortgages
Troubled debt restructurings
Number of Loans	1
Outstanding Recorded Investment \| $	$ 28,005

Real Estate Held for Investment, net and Other Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Real Estate Properties
Aggregate estimated fair value of properties acquired through foreclosure	$ 502,500
Operating property
Real estate held for investment, net	1,228,134	$ 833,060
Other Real Estate Owned
Income from sales of residential property	5,721
Real Estate Held for Investment (REHI)
Real Estate Properties
Aggregate estimated fair value of properties acquired through foreclosure	396,200
Real Estate Held for Investment, net
Land held for investment and development	701,547	606,083
Operating property
Land	143,411	69,807
Buildings and improvements	400,203	165,025
Less: accumulated depreciation and amortization	(17,027)	(7,855)
Real estate held for investment, net	1,228,134	833,060
REHI operating income and expenses
REHI operating income	35,331	23,103	$ 5,822
REHI operating expenses	45,885	31,646	12,455
Other Real Estate Owned (OREO)
Real Estate Properties
Aggregate estimated fair value of properties acquired through foreclosure	106,300
Other Real Estate Owned
Carrying value of OREO assets sold	176,500
Net impairment charges recorded to OREO properties	20,800	19,100	78,600
Net expenses related to holding costs for OREO properties	31,400	$ 33,000	$ 28,400
Income from sales of residential property	$ 5,721

Net Lease Assets, net (Details) $ in Thousands	3 Months Ended	12 Months Ended
Net Lease Assets, net (Details) $ in Thousands	Jun. 30, 2010 USD ($) asset	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($) asset	Dec. 31, 2009 USD ($)
Net Lease Assets
Less: accumulated depreciation		$ (346,316)	$ (322,414)
Net lease assets, net		1,702,764	1,784,509
Aggregate carrying value of assets sold		34,400	1,050,000	$ 52,100
Aggregate carrying value of additional assets sold			119,700
Net gain on additional sale of net lease assets			$ 20,100
Number of net lease assets sold \| asset	32		32
Gross purchase price on sale of net lease assets			$ 1,350,000
Net gain on sale of net lease assets	$ 250,300	2,900	250,300	12,400
Impairment charges on net lease assets			6,100	33,500
Net gain on sale of net lease assets recorded in income from discontinued operations		22,200
Mezzanine loans provided to the purchaser of net lease assets			105,600
Balance at the end of the period of mezzanine loans provided to the purchaser of net lease assets		26,500
Impairment charges on net lease assets included in income from discontinued operations				14,100
Customer expense reimbursements		23,400	29,800	36,400
Customer expense reimbursements included as a reduction of Operating costs-net lease assets		23,400	23,600	24,500
Summarized financial information for discontinued operations related to the sale of the portfolio of net lease assets
Total revenues			55,559	114,575
Income (loss) from discontinued operations		(2,301)	15,580	$ 9,966
Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses
2012		149,937
2013		149,244
2014		151,188
2015		151,714
2016		148,792
Facilities and improvements
Net Lease Assets
Net lease assets, gross		1,601,477	1,651,998
Land and land improvements
Net Lease Assets
Net lease assets, gross		$ 447,603	$ 454,925

Other Investments (Details) $ in Thousands	1 Months Ended		2 Months Ended	9 Months Ended	12 Months Ended
Other Investments (Details) $ in Thousands	Oct. 31, 2011 USD ($)	Jul. 31, 2010 USD ($)	Sep. 30, 2010 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($) entity	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Jul. 29, 2010 USD ($)
Equity method investments
Carrying value					$ 445,835	$ 522,223
Equity in earnings					95,091	51,908	$ 5,298
Other, carrying value					12,000	10,135
Total other investments, carrying value					457,835	532,358
Impairment Charges						1,200	4,700
Additional losses from an equity method investment as a result of additional depreciation expense							9,400
Cash Flows
Cash distributions received by iStar					85,766	32,651	27,973
LNR and certain commercial mortgage backed securities and collateralized debt obligation trusts that are considered VIEs
Income Statement
Servicing fee revenue					119,000	16,800
Balance Sheet
Total assets			$ 142,390,000	$ 126,660,000
Total liabilities			141,990,000	126,640,000
LNR Property LLC ("LNR")
Equity method investments
Carrying value			122,176	159,764	159,764	122,176
Equity in earnings			$ 1,797	$ 53,861	53,861	1,797
Percentage of ownership			24.00%	24.00%				24.00%
Percentage of ownership acquired by the Company and a group of investors								100.00%
Contribution towards principal amount of Holdco Notes		$ 100,000
Amount of cash contributed in exchange for equity interest		100,000
Equity interest in investee								$ 120,000
Principal value loan, discounted payoff								$ 25,000
Proceeds from discounted payoff of principal amount of loan		$ 24,500
Income Statement
Total revenue			$ 40,022	$ 327,032
Income tax expense (benefit)			685	(76,558)
Net income			7,495	225,190
Balance Sheet
Total assets			1,270,912	1,288,923
Total debt			515,495	469,631
Total liabilities			724,311	576,835
Noncontrolling interests			37,092	39,940
Total Equity			509,510	672,147
Cash Flows
Operating cash flows			22,568	170,703
Cash flows from investing and financing (excluding distributions)			(3,272)	(4,102)
Net cash flows (excluding distributions)			$ 19,296	166,601
Cash distributions				73,916
Cash distributions received by iStar				$ 17,722
Oak Hill Funds
Equity method investments
Carrying value					56,817	48,613
Equity in earnings					$ 1,918	11,613	2,078
Oak Hill Funds, group one
Equity method investments
Percentage of ownership					10.43%
Oak Hill Funds, group two
Equity method investments
Percentage of ownership					5.92%
Oak Hill Funds, group three
Equity method investments
Percentage of ownership					9.88%
Madison Funds
Equity method investments
Carrying value					$ 103,305	92,265
Equity in earnings					$ 3,641	9,717	(5,620)
Madison International Real Estate Fund II, LP
Equity method investments
Percentage of ownership					29.52%
Madison International Real Estate Fund III, LP
Equity method investments
Percentage of ownership					32.92%
Madison GP1 Investors, LP
Equity method investments
Percentage of ownership					29.52%
REHI Investments
Equity method investments
Carrying value					$ 52,803
Equity in earnings					$ (7,839)
Cash Flows
Ownership percentage in Entity One that received title to properties					33.00%
Ownership percentage in Entity two that received title to properties					31.00%
Number of entities that received title to a property previously serving as collateral for a loan investment \| entity					2
Oak Hill Advisors
Equity method investments
Carrying value						173,231
Equity in earnings					$ 38,361	22,439	20,588
Cash Flows
Proceeds from sale of ownership interest	$ 183,700
Net gain from sale of ownership interest	$ 30,300
Other Equity Method Investments
Equity method investments
Carrying value					73,146	85,938
Equity in earnings					$ 5,149	6,342	(11,748)
Other Equity Method Investments \| Maximum
Equity method investments
Percentage of ownership					50.00%
Equity method investments excluding LNR
Income Statement
Total revenue					$ 198,340	590,265	129,814
Net income					97,066	342,661	$ (12,237)
Balance Sheet
Total assets					3,079,736	4,486,974
Total liabilities					197,246	1,236,116
Noncontrolling interests					4,139	107,422
Total Equity					$ 2,878,351	$ 3,143,436

Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Deferred expenses and other assets, net
Other receivables	$ 17,273	$ 13,521
Net lease in-place lease intangibles, net	17,013	24,469
Leasing costs, net	12,423	8,267
Corporate furniture, fixtures and equipment, net	9,034	11,016
Prepaid expenses	5,441	5,265
Other assets	29,849	17,463
Deferred expenses and other assets, net	112,476	85,528
Accumulated amortization of deferred financing fees	13,300	21,100
Accumulated amortization on net lease intangibles	33,400	26,600
Amortization expense related to net lease intangibles	6,800	6,400	$ 9,600
Accumulated amortization on leasing costs	5,500	5,300
Accumulated depreciation on corporate furniture, fixtures and equipment	8,100	7,200
Accounts payable, accrued expenses and other liabilities
Accrued expenses	36,332	19,800
Accrued interest payable	30,122	38,143
Security deposits and other investment deposits	12,192	2,874
Unearned operating lease income	9,077	10,423
Property taxes payable	6,495	5,880
Deferred tax liabilities		13,729
Other liabilities	12,475	43,573
Accounts payable, accrued expenses and other liabilities	106,693	134,422
Deferred financing fees
Deferred financing fees, net	21,443	$ 5,527
Secured Credit Facility
Deferred financing fees
Deferred financing fees, net	$ 33,300

Debt Obligations, net (Details)	1 Months Ended			3 Months Ended	12 Months Ended
Debt Obligations, net (Details)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Jan. 31, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($) shares multiple month	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Debt instrument
Carrying Value					$ 5,874,183,000	$ 7,266,137,000
Debt premiums/(discounts), net					(36,643,000)	79,296,000
Total debt obligations, net					5,837,540,000	7,345,433,000
Gains (losses) on early extinguishment of debt					101,466,000	108,923,000	$ 547,349,000
Unencumbered/Encumbered Assets
Unencumbered assets					4,680,000,000
Accumulated depreciation and loan loss reserves					707,300,000
Loans and other lending investments, net					1,786,449,000	2,832,184,000
Net lease assets, net					1,173,978,000	1,021,783,000
Other investments					37,957,000
Total					3,534,986,000	4,114,493,000
Real Estate Held for Investment (REHI)
Unencumbered/Encumbered Assets
Encumbered assets					359,597,000	28,376,000
Other Real Estate Owned (OREO)
Unencumbered/Encumbered Assets
Encumbered assets					177,005,000	232,150,000
Secured Credit Facility
Debt instrument
Carrying Value					2,704,772,000	2,810,508,000
Debt premiums/(discounts), net					$ 22,500,000
Borrowings on debt instrument		$ 2,950,000,000
Debt Covenants
Multiple of the minimum collateral coverage on outstanding borrowings \| multiple					1.25
Percentage of REIT taxable income permitted for distribution under debt covenants					100.00%
Secured Credit Facility \| On or before December 31, 2012
Debt instrument
Minimum aggregate cumulative amortization payment					$ 211,600,000
Secured Tranche A-1 Facility Due 2013
Debt instrument
Carrying Value					$ 961,580,000
Variable interest rate, basis		LIBOR			LIBOR
Variable interest rate, spread (as a percent)		3.75%		3.75%	3.75%
Effective interest rate (as a percent)					5.00%
Borrowings on debt instrument		$ 1,500,000,000
Discount on issuance of debt (as a percent)		1.00%
Repayment of principal amount					$ 538,400,000
Minimum aggregate cumulative amortization payment					200,000,000
Gains (losses) on early extinguishment of debt					(12,000,000)
Secured Tranche A-1 Facility Due 2013 \| On or before June 30, 2012
Debt instrument
Minimum aggregate cumulative amortization payment					450,000,000
Secured Tranche A-1 Facility Due 2013 \| On or before December 31, 2012
Debt instrument
Minimum aggregate cumulative amortization payment after repayment of Tranche A-1 Facility					211,600,000
Minimum aggregate cumulative amortization payment					750,000,000
Secured Tranche A-1 Facility Due 2013 \| On or before June 28, 2013
Debt instrument
Minimum aggregate cumulative amortization payment					$ 1,500,000,000
Secured Tranche A-1 Facility Due 2013 \| Interest rate floor
Debt instrument
Variable interest rate, basis					LIBOR
Variable interest rate, spread (as a percent)					1.25%
Secured Tranche A-2 Facility Due 2014
Debt instrument
Carrying Value					$ 1,450,000,000
Variable interest rate, basis		LIBOR			LIBOR
Variable interest rate, spread (as a percent)		5.75%		5.75%	5.75%
Effective interest rate (as a percent)					7.00%
Borrowings on debt instrument		$ 1,450,000,000
Discount on issuance of debt (as a percent)		1.50%
Minimum aggregate cumulative amortization payment after repayment of Tranche A-1 Facility					$ 150,000,000
Maximum commencement period of amortization after repayment of the Tranche A-1 Facility (in months) \| month					6
Amortization payment due on or before each six month anniversary after the repayment of the Tranche A-1 facility					$ 150,000,000
Periods following the initial payment of amortization that additional amortization payments are due (in months) \| month					6
Secured Tranche A-2 Facility Due 2014 \| Interest rate floor
Debt instrument
Variable interest rate, basis					LIBOR
Variable interest rate, spread (as a percent)					1.25%
Previously Outstanding Secured Credit Facilities
Debt instrument
Gains (losses) on early extinguishment of debt					$ 3,700,000
Proceeds received pursuant to agreement with debtholder in debt extinguishment transaction					9,100,000
Secured Line of credit due June 2011
Debt instrument
Carrying Value						$ 618,883,000
Variable interest rate, basis						LIBOR
Variable interest rate, spread (as a percent)						1.50%
Repayment of principal amount		$ 1,670,000,000
Secured Line of credit due June 2012
Debt instrument
Carrying Value						$ 334,180,000
Variable interest rate, basis						LIBOR
Variable interest rate, spread (as a percent)						1.50%
Repayment of principal amount		900,000,000
Secured Term Loan Collateralized by loans, net lease, REHI and OREO assets due June 2011
Debt instrument
Carrying Value						$ 1,055,000,000
Variable interest rate, basis						LIBOR
Variable interest rate, spread (as a percent)						1.50%
Secured Term Loan Collateralized by loans, net lease, REHI and OREO assets due June 2012
Debt instrument
Carrying Value						$ 612,222,000
Variable interest rate, basis						LIBOR
Variable interest rate, spread (as a percent)						1.50%
Secured Term Loans Collateralized by net lease assets due through 2026
Debt instrument
Carrying Value					$ 293,192,000	$ 190,223,000
Stated interest rate, minimum (as a percent)					5.05%	5.05%
Stated interest rate, maximum (as a percent)					7.68%	7.68%
Secured Term Loan 5.05% due July 2021
Debt instrument
Stated interest rate (as a percent)	5.05%				5.05%
Borrowings on debt instrument	$ 120,000,000
Secured Term Loan LIBOR plus 4.50% due 2014
Debt instrument
Variable interest rate, basis	LIBOR
Variable interest rate, spread (as a percent)	4.50%
Borrowings on debt instrument	$ 4,600,000
Refinanced Secured Term Loan originally due March 2011
Debt instrument
Carrying Value		47,700,000		$ 47,700,000
Unsecured Credit Facilities
Debt instrument
Carrying Value					$ 243,650,000	$ 745,224,000
Debt Covenants
Minimum ratio of unencumbered assets to unsecured indebtedness					1.2
Unsecured Line of credit due June 2011
Debt instrument
Carrying Value						$ 501,405,000
Variable interest rate, basis						LIBOR
Variable interest rate, spread (as a percent)						0.85%
Repayment of principal amount	$ 329,900,000	$ 175,000,000
Unsecured Line of credit due June 2012
Debt instrument
Carrying Value					$ 243,650,000	$ 243,819,000
Variable interest rate, basis					LIBOR	LIBOR
Variable interest rate, spread (as a percent)					0.85%	0.85%
Secured Notes 8.0% senior notes due 2011
Debt instrument
Stated interest rate (as a percent)							8.00%
Borrowings on debt instrument							$ 155,300,000
Secured Notes 10.0% senior notes due 2014
Debt instrument
Carrying Value						$ 312,329,000
Stated interest rate (as a percent)		10.00%	10.00%	10.00%			10.00%
Borrowings on debt instrument							$ 479,500,000
Gains (losses) on early extinguishment of debt			$ 109,000,000	$ 109,000,000
Amount of debt extinguished			$ 312,300,000
Secured Notes 8.0% senior notes due 2011 and Secured Notes 10.0% senior notes due 2014
Debt instrument
Gains (losses) on early extinguishment of debt						71,300,000
Amount of debt extinguished						322,500,000
Non-recourse term loan collateralized by portfolio of net lease assets
Debt instrument
Repayment of principal amount						947,900,000
Other secured term loans with various maturities
Debt instrument
Repayment of principal amount						153,300,000
Non-recourse term loan collateralized by portfolio of net lease assets and other secured term loans with various maturities
Debt instrument
Unamortized deferred financing costs and other expenses incurred in extinguishment of debt						22,100,000
Unsecured Notes
Debt instrument
Carrying Value					$ 2,825,761,000	$ 3,298,076,000
Stated interest rate (as a percent)						10.00%
Gains (losses) on early extinguishment of debt					$ 800,000
Unsecured Notes 5.80% senior notes
Debt instrument
Carrying Value						$ 107,766,000
Stated interest rate (as a percent)					5.80%	5.80%
Repayment of principal amount					$ 107,800,000
Unsecured Notes 5.125% senior notes
Debt instrument
Carrying Value						$ 96,916,000
Stated interest rate (as a percent)					5.125%	5.125%
Repayment of principal amount					$ 96,900,000
Unsecured Notes 5.65% senior notes
Debt instrument
Carrying Value						$ 196,593,000
Stated interest rate (as a percent)					5.65%	5.65%
Repayment of principal amount					$ 170,400,000
Unsecured Notes 5.15% senior notes
Debt instrument
Carrying Value					$ 263,466,000	$ 322,006,000
Stated interest rate (as a percent)					5.15%	5.15%
Unsecured Notes 5.50% senior notes
Debt instrument
Carrying Value					$ 92,845,000	$ 102,345,000
Stated interest rate (as a percent)					5.50%	5.50%
Unsecured Notes LIBOR + 0.50% senior convertible notes
Debt instrument
Carrying Value					$ 784,750,000	$ 787,750,000
Variable interest rate, basis					LIBOR	LIBOR
Variable interest rate, spread (as a percent)					0.50%	0.50%
Number of shares per $1000 of principal amount of convertible notes \| shares					22.2
Principal amount used for debt instrument conversion ratio					$ 1,000
Minimum common stock trading price as a percentage of conversion price under the conditions of the debt instrument's conversion					130.00%
Unamortized discount					$ 10,300,000
Total debt obligations, net					774,500,000
Carrying value of the additional paid-in-capital, or equity component of the convertible notes					37,400,000
Interest expense on the convertible notes recognized					18,000,000	$ 17,500,000	21,000,000
Amortization of the debt discount					11,600,000	10,800,000	10,000,000
Unsecured Notes 8.625% senior notes
Debt instrument
Carrying Value					$ 501,701,000	$ 501,701,000
Stated interest rate (as a percent)					8.625%	8.625%
Unsecured Notes 5.95% senior notes
Debt instrument
Carrying Value					$ 448,453,000	$ 448,453,000
Stated interest rate (as a percent)					5.95%	5.95%
Unsecured Notes 6.5% senior notes
Debt instrument
Carrying Value					$ 67,055,000	$ 67,055,000
Stated interest rate (as a percent)					6.50%	6.50%
Unsecured Notes 5.70% senior notes
Debt instrument
Carrying Value					$ 200,601,000	$ 200,601,000
Stated interest rate (as a percent)					5.70%	5.70%
Unsecured Notes 6.05% senior notes
Debt instrument
Carrying Value					$ 105,765,000	$ 105,765,000
Stated interest rate (as a percent)					6.05%	6.05%
Unsecured Notes 5.875% senior notes
Debt instrument
Carrying Value					$ 261,403,000	$ 261,403,000
Stated interest rate (as a percent)					5.875%	5.875%
Unsecured Notes 5.85% senior notes
Debt instrument
Carrying Value					$ 99,722,000	$ 99,722,000
Stated interest rate (as a percent)					5.85%	5.85%
Senior unsecured notes of various series redeemed
Debt instrument
Amount of debt extinguished							1,010,000,000
Senior unsecured notes with various maturities ranging from January 2009 to March 2017
Debt instrument
Gains (losses) on early extinguishment of debt							439,400,000
Amount of debt extinguished							1,310,000,000
Senior unsecured notes with various maturities ranging from September 2011 to October 2012
Debt instrument
Repayment of principal amount					$ 97,200,000
Senior unsecured notes with various maturities ranging from March 2010 to March 2014
Debt instrument
Gains (losses) on early extinguishment of debt						$ 59,700,000
Amount of debt extinguished						592,800,000
Other debt obligations due in October, 2035
Debt instrument
Carrying Value					$ 100,000,000	$ 100,000,000
Variable interest rate, basis					LIBOR	LIBOR
Variable interest rate, spread (as a percent)					1.50%	1.50%
Senior unsecured notes of various series redeemed and Senior floating rate notes due September 2009
Debt instrument
Gains (losses) on early extinguishment of debt							107,900,000
Closing Costs							11,800,000
Deferred gain on early extinguishment of debt amount							$ 262,700,000

Debt Obligations, net (Details 2) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Aggregate amounts of principal maturities of long-term debt
2012	$ 1,596,290
2013	1,971,049
2014	1,551,824
2015	105,765
2016	261,403
Thereafter	387,852
Total principal maturities	5,874,183	$ 7,266,137
Unamortized debt discounts, net	(36,643)	79,296
Total long-term debt obligations, net	$ 5,837,540	$ 7,345,433

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2011 USD ($) investment	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Commitments and Contingencies
Current debt	$ 1,600,000
Unrestricted cash	$ 356,800
Unfunded Commitments
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Performance-Based Commitments	$ 67,320
Discretionary Fundings	128,029
Other	24,340
Total	219,689
Operating lease expense
Total operating lease expense	7,200	$ 7,300	$ 13,300
Future minimum lease obligations under non-cancelable operating leases
2012	5,522
2013	4,952
2014	4,487
2015	4,254
2016	4,411
Thereafter	13,391
Lease termination expense			$ 42,400
Letters of credit issued
Letters of credit issued	$ 12,700
Number of investments related to which letters of credit have been issued \| investment	6
Loans
Unfunded Commitments
Performance-Based Commitments	$ 53,266
Discretionary Fundings	128,029
Total	181,295
Net Lease Assets
Unfunded Commitments
Performance-Based Commitments	14,054
Total	14,054
Strategic Investments
Unfunded Commitments
Other	24,340
Total	$ 24,340

Commitments and Contingencies (Details 2) $ in Thousands	Dec. 31, 2011 USD ($)
Business Risks and Uncertainties
Unencumbered assets based on their recorded carrying value	$ 3,690,000
On or before December 31, 2012
Business Risks and Uncertainties
Carrying value of assets collateralizing debt	3,080,000
Carrying value of unencumbered assets identified to be used for collateral for secured financings or sold strategically	1,500,000
Secured Credit Facility \| On or before December 31, 2012
Business Risks and Uncertainties
Minimum amortization payment	211,600
Unsecured debt \| On or before December 31, 2012
Business Risks and Uncertainties
Minimum amortization payment	1,380,000
Unsecured debt maturing March 2012
Business Risks and Uncertainties
Minimum amortization payment	263,466
Unsecured debt maturing June 2012
Business Risks and Uncertainties
Minimum amortization payment	336,495
Unsecured debt maturing October 2012
Business Risks and Uncertainties
Minimum amortization payment	$ 784,750

Equity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) month day $ / shares shares	Dec. 31, 2010 USD ($) month day $ / shares shares	Dec. 31, 2009 USD ($)
Equity
Common stock shares, authorized \| shares	200,000	200,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, authorized \| shares	30,000
Common stock shares, issued \| shares	140,028	138,189
Common Stock, shares outstanding \| shares	81,920	92,336
Cumulative Redeemable Preferred Stock
Shares Issued and Outstanding \| shares	21,800	21,800
Preferred stock liquidation preference per share (in dollars per share) \| $ / shares	$ 25.00	$ 25.00
Number of days in year used in the computation of preferred stock dividends for any partial dividend period \| day	360	360
Number of months used in the computation of preferred stock dividends for any partial dividend period \| month	12	12
Number of days in month used in the computation of preferred stock dividends for any partial dividend period \| day	30	30
Dividends paid \| $	$ 42,320	$ 42,320	$ 42,320
Dividends declared \| $	$ 42,320	$ 42,320	$ 42,320
Maximum
Cumulative Redeemable Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date \| day	30	30
Minimum
Cumulative Redeemable Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date \| day	10	10
Series D
Cumulative Redeemable Preferred Stock
Shares Issued and Outstanding \| shares	4,000	4,000
Par Value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Rate per Annum of the $25.00 Liquidation Preference (as a percent)	8.00%	8.00%
Equivalent to Fixed Annual Rate (per share) \| $ / shares	$ 2.00	$ 2.00
Dividends paid \| $	$ 8,000	$ 8,000
Dividends declared \| $	$ 8,000	$ 8,000
Series E
Cumulative Redeemable Preferred Stock
Shares Issued and Outstanding \| shares	5,600	5,600
Par Value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Rate per Annum of the $25.00 Liquidation Preference (as a percent)	7.875%	7.875%
Equivalent to Fixed Annual Rate (per share) \| $ / shares	$ 1.97	$ 1.97
Dividends paid \| $	$ 11,000	$ 11,000
Dividends declared \| $	$ 11,000	$ 11,000
Series F
Cumulative Redeemable Preferred Stock
Shares Issued and Outstanding \| shares	4,000	4,000
Par Value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Rate per Annum of the $25.00 Liquidation Preference (as a percent)	7.80%	7.80%
Equivalent to Fixed Annual Rate (per share) \| $ / shares	$ 1.95	$ 1.95
Dividends paid \| $	$ 7,800	$ 7,800
Dividends declared \| $	$ 7,800	$ 7,800
Series G
Cumulative Redeemable Preferred Stock
Shares Issued and Outstanding \| shares	3,200	3,200
Par Value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Rate per Annum of the $25.00 Liquidation Preference (as a percent)	7.65%	7.65%
Equivalent to Fixed Annual Rate (per share) \| $ / shares	$ 1.91	$ 1.91
Dividends paid \| $	$ 6,100	$ 6,100
Dividends declared \| $	$ 6,100	$ 6,100
Series I
Cumulative Redeemable Preferred Stock
Shares Issued and Outstanding \| shares	5,000	5,000
Par Value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Rate per Annum of the $25.00 Liquidation Preference (as a percent)	7.50%	7.50%
Equivalent to Fixed Annual Rate (per share) \| $ / shares	$ 1.88	$ 1.88
Dividends paid \| $	$ 9,400	$ 9,400
Dividends declared \| $	$ 9,400	$ 9,400

Equity (Details 2)	12 Months Ended
Equity (Details 2)	Dec. 31, 2011 USD ($) Votes / shares Y plan shares
HPU
Stock Performance Award Program
Number of votes per share \| Votes / shares	0.25
High Performance Unit Program \| Employee
Stock Performance Award Program
Number of HPU Plans \| plan	7
Number of plans which have exceeded performance thresholds \| plan	3
Number of plans which did not meet the required performance thresholds \| plan	4
Redemption amount of units in plans which did not meet the required performance thresholds	$ 1,700
Aggregate participant contribution loss due to plans not meeting performance thresholds	2,400,000
High Performance Unit Program \| Executive officers
Stock Performance Award Program
Initial purchase price of high performance units	$ 1,500,000
Valuation period (in years) \| Y	3
Ownership interest in the stock performance award plan (as a percent)	100.00%
High Performance Unit Program \| Chief Executive Officer
Stock Performance Award Program
Aggregate participant contribution loss due to plans not meeting performance thresholds	$ 900,000
High Performance Unit Program \| Former President
Stock Performance Award Program
Aggregate participant contribution loss due to plans not meeting performance thresholds	600,000
High Performance Unit Program 2002 Plan \| Employee
Stock Performance Award Program
Initial purchase price of high performance units	$ 2,800,000
High Performance Unit Program 2002 Plan \| Employee \| HPU
Stock Performance Award Program
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid \| shares	819,254
Number of shares outstanding (in shares) \| shares	5,000
High Performance Unit Program 2003 Plan \| Employee
Stock Performance Award Program
Initial purchase price of high performance units	$ 1,800,000
High Performance Unit Program 2003 Plan \| Employee \| HPU
Stock Performance Award Program
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid \| shares	987,149
Number of shares outstanding (in shares) \| shares	5,000
High Performance Unit Program 2004 Plan \| Employee
Stock Performance Award Program
Initial purchase price of high performance units	$ 1,400,000
High Performance Unit Program 2004 Plan \| Employee \| HPU
Stock Performance Award Program
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid \| shares	1,031,875
Number of shares outstanding (in shares) \| shares	5,000
High Performance Unit Program 2005 Plan \| Employee
Stock Performance Award Program
Initial purchase price of high performance units	$ 600,000
High Performance Unit Program 2006 Plan \| Employee
Stock Performance Award Program
Initial purchase price of high performance units	700,000
High Performance Unit Program 2007 Plan \| Employee
Stock Performance Award Program
Initial purchase price of high performance units	600,000
High Performance Unit Program 2008 Plan \| Employee
Stock Performance Award Program
Initial purchase price of high performance units	$ 800,000

Equity (Details 3)	12 Months Ended
Equity (Details 3)	Dec. 31, 2011
Dividends
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%

Equity (Details 4) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2011	Dec. 31, 2011
Stock Repurchase Program
Repurchase of common stock, authorized amount	$ 65.0	$ 79.1
Number of common stock shares repurchased		12.3
Amount of common stock shares repurchased		$ 78.5
Average cost of shares repurchased (in dollars per share)		$ 6.43
Available repurchase of common stock, authorized amount		$ 0.6
Available repurchase of common stock, remaining authorized amount from previous program		$ 14.1
Secured Credit Facility
Debt instrument
Percentage of REIT taxable income permitted for distribution under debt covenants		100.00%

Risk Management and Derivatives (Details) $ in Thousands	12 Months Ended
Risk Management and Derivatives (Details) $ in Thousands	Dec. 31, 2011 USD ($) component
Risk Management and Derivatives
Number of components of economic risk \| component	3
Investment portfolio
Total	$ 7,000,453
% of Total	100.00%
Performing Loans
Investment portfolio
Total	$ 2,163,066
Non-performing Loans
Investment portfolio
Total	771,196
Land
Investment portfolio
Total	$ 1,375,498
% of Total	19.70%
Land \| Performing Loans
Investment portfolio
Total	$ 206,550
Land \| Non-performing Loans
Investment portfolio
Total	211,164
Apartment/Residential
Investment portfolio
Total	$ 1,286,270
% of Total	18.40%
Apartment/Residential \| Performing Loans
Investment portfolio
Total	$ 549,471
Apartment/Residential \| Non-performing Loans
Investment portfolio
Total	292,740
Retail
Investment portfolio
Total	$ 796,853
% of Total	11.40%
Retail \| Performing Loans
Investment portfolio
Total	$ 356,823
Retail \| Non-performing Loans
Investment portfolio
Total	68,483
Office
Investment portfolio
Total	$ 717,298
% of Total	10.20%
Office \| Performing Loans
Investment portfolio
Total	$ 116,527
Office \| Non-performing Loans
Investment portfolio
Total	36,901
Industrial/R&D
Investment portfolio
Total	$ 623,900
% of Total	8.90%
Industrial/R&D \| Performing Loans
Investment portfolio
Total	$ 87,853
Industrial/R&D \| Non-performing Loans
Investment portfolio
Total	7,836
Entertainment/Leisure
Investment portfolio
Total	$ 583,085
% of Total	8.30%
Entertainment/Leisure \| Performing Loans
Investment portfolio
Total	$ 78,231
Entertainment/Leisure \| Non-performing Loans
Investment portfolio
Total	79,581
Hotel
Investment portfolio
Total	$ 574,147
% of Total	8.20%
Hotel \| Performing Loans
Investment portfolio
Total	$ 352,777
Hotel \| Non-performing Loans
Investment portfolio
Total	68,270
Mixed Use/Mixed Collateral
Investment portfolio
Total	$ 403,455
% of Total	5.80%
Mixed Use/Mixed Collateral \| Performing Loans
Investment portfolio
Total	$ 238,943
Other property types
Investment portfolio
Total	$ 182,112
% of Total	2.60%
Other property types \| Performing Loans
Investment portfolio
Total	$ 175,891
Other property types \| Non-performing Loans
Investment portfolio
Total	6,221
Other Investments
Investment portfolio
Total	$ 457,835
% of Total	6.50%
Net Lease Assets
Investment portfolio
Total	$ 1,702,764
Net Lease Assets \| Land
Investment portfolio
Total	56,014
Net Lease Assets \| Retail
Investment portfolio
Total	158,762
Net Lease Assets \| Office
Investment portfolio
Total	490,106
Net Lease Assets \| Industrial/R&D
Investment portfolio
Total	478,322
Net Lease Assets \| Entertainment/Leisure
Investment portfolio
Total	424,794
Net Lease Assets \| Hotel
Investment portfolio
Total	94,766
REHI
Investment portfolio
Total	1,228,134
REHI \| Land
Investment portfolio
Total	782,766
REHI \| Apartment/Residential
Investment portfolio
Total	41,076
REHI \| Retail
Investment portfolio
Total	154,406
REHI \| Office
Investment portfolio
Total	71,148
REHI \| Industrial/R&D
Investment portfolio
Total	48,789
REHI \| Hotel
Investment portfolio
Total	42,285
REHI \| Mixed Use/Mixed Collateral
Investment portfolio
Total	87,664
OREO
Investment portfolio
Total	677,458
OREO \| Land
Investment portfolio
Total	119,004
OREO \| Apartment/Residential
Investment portfolio
Total	402,983
OREO \| Retail
Investment portfolio
Total	58,379
OREO \| Office
Investment portfolio
Total	2,616
OREO \| Industrial/R&D
Investment portfolio
Total	1,100
OREO \| Entertainment/Leisure
Investment portfolio
Total	479
OREO \| Hotel
Investment portfolio
Total	16,049
OREO \| Mixed Use/Mixed Collateral
Investment portfolio
Total	$ 76,848

Risk Management and Derivatives (Details 2) $ in Thousands	12 Months Ended
Risk Management and Derivatives (Details 2) $ in Thousands	Dec. 31, 2011 USD ($) borrower
Investment portfolio
Carrying Value	$ 7,000,453
% of Total	100.00%
Apartment/Residential
Investment portfolio
Carrying Value	$ 1,286,270
% of Total	18.40%
Land
Investment portfolio
Carrying Value	$ 1,375,498
% of Total	19.70%
Retail
Investment portfolio
Carrying Value	$ 796,853
% of Total	11.40%
Office
Investment portfolio
Carrying Value	$ 717,298
% of Total	10.20%
Customer Concentration Risk
Investment portfolio
Disclosure threshold (as a percent)	8.00%
Number of large borrowers or tenants \| borrower	5
Percentage of aggregate annualized interest and operating lease revenue accounted by large borrowers or tenants	22.40%
California
Investment portfolio
% of Total	15.30%
Florida
Investment portfolio
% of Total	11.00%
Geographic Region
Investment portfolio
Disclosure threshold (as a percent)	10.00%
West
Investment portfolio
Carrying Value	$ 1,657,504
% of Total	23.70%
Northeast
Investment portfolio
Carrying Value	$ 1,303,779
% of Total	18.60%
Southeast
Investment portfolio
Carrying Value	$ 1,052,002
% of Total	15.00%
Southwest
Investment portfolio
Carrying Value	$ 847,141
% of Total	12.10%
Mid-Atlantic
Investment portfolio
Carrying Value	$ 694,654
% of Total	9.90%
Various
Investment portfolio
Carrying Value	$ 545,421
% of Total	7.80%
Central
Investment portfolio
Carrying Value	$ 376,338
% of Total	5.40%
International
Investment portfolio
Carrying Value	$ 279,352
% of Total	4.00%
Northwest
Investment portfolio
Carrying Value	$ 244,262
% of Total	3.50%

Risk Management and Derivatives (Details 3) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Derivative financial instruments on consolidated balance sheets
Derivative Assets	$ 0
Derivative Liabilities	2,373	$ 223
Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative Assets	0
Derivative Liabilities	1,342	$ 223
Cash flow interest rate swap
Derivative financial instruments on consolidated balance sheets
Derivative Assets	0
Derivative Liabilities	$ 1,031

Risk Management and Derivatives (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Foreign exchange contracts \| Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 17,406	$ (1,010)	$ 738
Cash flow interest rate swap \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(1,553)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	$ (526)

- Definition

The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.

+ References + Details

Risk Management and Derivatives (Details 5) - 12 months ended Dec. 31, 2011 € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	USD ($)	EUR (€)	GBP (£)	CAD ($)
Derivatives
Expense related to qualifying cash flow hedges to be reclassified	$ 500
Income related to qualifying cash flow hedges to be reclassified	700
Foreign currency derivatives
Derivatives
Foreign currency derivative collateral included in restricted cash	9,600
Sells EUR /Buys USD Forward
Derivatives
Notional Amount	$ 183,126	€ 141,500
Maturity	March 2012	March 2012	March 2012	March 2012
Sells GBP/Buys USD Forward
Derivatives
Notional Amount	$ 74,380		£ 47,960
Maturity	March 2012	March 2012	March 2012	March 2012
Sells CAD/Buys USD Forward
Derivatives
Notional Amount	$ 49,728			$ 50,641
Maturity	March 2012	March 2012	March 2012	March 2012
Interest rate swap
Derivatives
Notional Amount	$ 47,731
Maturity	March 2014	March 2014	March 2014	March 2014
Variable Rate (as a percent)	4.50%	4.50%	4.50%	4.50%
Fixed Rate (as a percent)	6.11%	6.11%	6.11%	6.11%
Interest rate swap
Derivatives
Notional Amount	$ 4,575
Maturity	June 2014	June 2014	June 2014	June 2014
Variable Rate (as a percent)	4.50%	4.50%	4.50%	4.50%
Fixed Rate (as a percent)	5.575%	5.575%	5.575%	5.575%

Stock-Based Compensation Plans and Employee Benefits (Details)	Dec. 31, 2011 shares
2006 and 2009 Long-Term Incentive Plan
Stock-Based Compensation Plans and Employee Benefits
Number of shares available for grant	3,700,000
2009 Long-Term Incentive Plan
Stock-Based Compensation Plans and Employee Benefits
Maximum number of shares that may be awarded	8,000,000
Maximum additional number of shares that can be awarded provided that previously granted shares under the 1996 Plan either expire, are cancelled or forfeited	500,000
2006 Long-Term Incentive Plan
Stock-Based Compensation Plans and Employee Benefits
Maximum number of shares that may be awarded	4,550,000
Number of shares available for grant designated as incentive stock options	1,000,000

Stock-Based Compensation Plans and Employee Benefits (Details 2) $ / shares in Units, $ in Thousands	1 Months Ended					12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Oct. 31, 2011 shares	Jul. 31, 2011	May 31, 2009	Dec. 31, 2011 USD ($) Y day installment $ / shares shares	Dec. 31, 2011 USD ($) $ / shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 USD ($)
Stock-Based Compensation Plans and Employee Benefits
Stock-based compensation expense \| $						$ 29,702		$ 19,355	$ 23,592
Stock-Based Compensation Plans and Employee Benefits
Unrecognized compensation cost \| $						$ 23,800	$ 23,800
Weighted-average period to recognize the unrecognized compensation cost (in years) \| Y						0.95
Stock Options
Weighted Average Strike Price
Options outstanding at beginning of the period (in dollars per share) \| $ / shares						$ 24.87
Forfeited (in dollars per share) \| $ / shares						22.65	$ 22.65
Options outstanding at end of the period (in dollars per share) \| $ / shares						$ 29.82		$ 24.87
Stock Options \| Employees
Number of Options
Options outstanding at beginning of the period (in shares)						59,000
Forfeited (in shares)						(59,000)
Options outstanding at end of the period (in shares)								59,000
Stock Options \| Non-Employee Directors
Number of Options
Options outstanding at beginning of the period (in shares)						64,000
Forfeited (in shares)						(30,000)
Options outstanding at end of the period (in shares)						34,000		64,000
Stock Options \| Other
Number of Options
Options outstanding at beginning of the period (in shares)						20,000
Forfeited (in shares)						(10,000)
Options outstanding at end of the period (in shares)						10,000		20,000
Restricted Stock Units
Number of Shares
Nonvested at beginning of the period (in shares)						14,333,000
Granted (in shares)						2,721,000
Vested (in shares)						(2,569,000)
Forfeited (in shares)						(4,500,000)
Nonvested at end of the period (in shares)						9,985,000		14,333,000
Weighted-Average Grant Date Fair Value Per Share
Nonvested at beginning of the period (in dollars per share) \| $ / shares						$ 2.89
Granted (in dollars per share) \| $ / shares						6.43
Vested (in dollars per share) \| $ / shares						4.20
Forfeited (in dollars per share) \| $ / shares						2.54	$ 2.54
Nonvested at end of the period (in dollars per share) \| $ / shares						$ 4.70		$ 2.89
Aggregate Intrinsic Value
Aggregate intrinsic value of awards outstanding at period end \| $						$ 52,821	$ 52,821
Additional disclosures
Original units forfeited as part of the July 2011 modification						2,447,000
Total fair value of restricted stock units vested \| $						$ 15,500		$ 1,700	$ 1,400
Service-based restricted stock units \| Employees
Number of Shares
Granted (in shares)						721,257
Nonvested at end of the period (in shares)						718,957
Vesting period, minimum						P2Y
Vesting period, maximum						P3Y
Service-based restricted stock units \| Company's Chairman and Chief Executive Officer
Number of Shares
Granted (in shares)			2,000,000
Vested (in shares)			(800,000)
Additional disclosures
Vesting rights (as a percent)	30.00%	30.00%	40.00%
Service based restricted stock units vesting on February 17, 2012 \| Employees
Number of Shares
Nonvested at end of the period (in shares)						1,340,620
Performance-based restricted stock units \| Company's Chairman and Chief Executive Officer
Number of Shares
Nonvested at end of the period (in shares)						806,518
Market-condition based restricted stock units granted on December 19, 2008, modified and measured on July 1, 2011
Assumptions used to estimate the fair value of awards
Risk-free interest rate (as a percent)				0.092%
Expected stock price volatility (as a percent)				57.75%
Expected annual dividend (as a percent)
Market-condition based restricted stock units granted on December 19, 2008
Assumptions used to estimate the fair value of awards
Risk-free interest rate (as a percent)					1.28%
Expected stock price volatility (as a percent)					145.45%
Expected annual dividend (as a percent)
Market-condition based restricted stock units granted on December 19, 2008 \| Executives and other officers
Number of Shares
Nonvested at end of the period (in shares)						5,857,638
Additional disclosures
Number of installments for units to vest \| installment						1
Minimum common stock price to be achieved for units to vest in one installment (in dollars per share)							$ 10.00
Number of consecutive trading days for calculating average NYSE closing price \| day						20
Percentage of Original Units granted equal to Amended Units							75.00%
Estimated additional non-cash expense expected from amendment \| $						$ 8,100
Contingent equity-based restricted stock units
Assumptions used to estimate the fair value of awards
Risk-free interest rate (as a percent)					1.16%
Expected stock price volatility (as a percent)					152.03%
Expected annual dividend (as a percent)
Restricted stock units awarded October 9, 2008 \| Company's Chairman and Chief Executive Officer
Number of Shares
Granted (in shares)			2,000,000
Additional disclosures
Number of installments for units to vest \| installment						1
Minimum percentage of shareholder return on the Company's common stock per year for units to vest in one installment							25.00%
Vesting period (in years)						3 years
Number of days prior to specified date for calculating common stock average price \| day						20
Total percentage of shareholder return on the Company's common stock during the vesting period							83.00%
Threshold percentage of shareholder return on the Company's common stock during the vesting period							95.00%
Restricted stock units awarded as special retention incentive awarded October 9, 2008 \| Officers
Number of Shares
Vested (in shares)			(1,525,000)
Additional disclosures
Number of installments for units to vest \| installment						1
Service based restricted stock units with specified vesting dates \| Employees
Number of Shares
Nonvested at end of the period (in shares)						61,330
Vesting period, minimum						P3Y
Vesting period, maximum						P5Y
Common Stock Equivalents \| Directors
Number of Shares
Granted (in shares)						61,160
Nonvested at end of the period (in shares)						343,118
Aggregate Intrinsic Value
Aggregate intrinsic value of awards outstanding at period end \| $						$ 1,800	$ 1,800
Additional disclosures
Aggregate grant date fair value \| $						500
Adjustment to Additional paid-in capital on account of modification of liability based awards to equity awards \| $						$ 2,400

Stock-Based Compensation Plans and Employee Benefits (Details 3) - Exercise price $29.82 shares in Thousands	12 Months Ended
	Dec. 31, 2011 Y $ / shares shares
Outstanding and exercisable options
Exercise price (in dollars per share) \| $ / shares	$ 29.82
Options Outstanding and Exercisable (in shares) \| shares	44
Remaining Contractual Life (in years) \| Y	0.41

Stock-Based Compensation Plans and Employee Benefits (Details 4) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) month	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Stock-Based Compensation Plans and Employee Benefits
Period of continuous completed service required to be eligible to participate in 401(k) Plan (in months) \| month	3
Percentage of matching contribution that the Company may make at the discretion of Board Of Directors, of the first 10% of the participant's annual compensation	50.00%
Maximum percentage of a participant's annual compensation upon which the matching Company contribution is based	10.00%
Gross contributions made by the Company \| $	$ 0.9	$ 1.1	$ 1.3

Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2010

Sep. 30, 2010

Jun. 30, 2010

Mar. 31, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations

Income (loss) from continuing operations

^[1]

$ (53,952)

$ (205,652)

$ (792,629)

Net (income) loss attributable to noncontrolling interests

3,629

(523)

1,071

Income from sales of residential property

5,721

Preferred dividends

(42,320)

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security holders

(86,922)

(248,495)

(833,878)

Numerator for basic earnings per share:

Income (loss) from discontinued operations

(2,572)

15,476

10,356

Gain from discontinued operations

25,110

270,382

12,426

Net income (loss) allocable to common shareholders

$ (35,202)

$ (62,231)

$ (35,525)

$ 67,420

$ (67,050)

$ (83,531)

$ 212,275

$ (25,408)

$ (62,387)

$ 36,279

$ (788,570)

Weighted average common shares outstanding for basic earnings per common share

81,769

87,951

92,621

92,458

92,319

93,370

93,382

93,923

88,688

^[1]

93,244

^[1]

100,071

^[1]

Numerator for diluted earnings per share:

Gain from discontinued operations

$ 25,110

$ 270,382

$ 12,426

Weighted average common shares outstanding for diluted earnings per common share

81,769

87,951

92,621

94,609

92,319

93,370

93,382

93,923

88,688

^[1]

93,244

^[1]

100,071

^[1]

Basic earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share or unit)

^[1]

$ (0.94)

$ (2.58)

$ (8.10)

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

$ (0.43)

$ (0.71)

$ (0.38)

$ 0.73

$ (0.73)

$ (0.89)

$ 2.27

$ (0.27)

(0.70)

^[1]

0.39

^[1]

(7.88)

^[1]

Diluted earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

^[1]

(0.94)

(2.58)

(8.10)

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

$ (0.43)

$ (0.71)

$ (0.38)

$ 0.71

$ (0.73)

$ (0.89)

$ 2.27

$ (0.27)

$ (0.70)

^[1]

$ 0.39

^[1]

$ (7.88)

^[1]

Common shares

Numerator for basic earnings per share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders

$ (84,226)

$ (241,135)

$ (810,723)

Income (loss) from discontinued operations

(2,492)

15,019

10,070

Gain from discontinued operations

24,331

262,395

12,083

Net income (loss) allocable to common shareholders

$ (62,387)

$ 36,279

$ (788,570)

Weighted average common shares outstanding for basic earnings per common share

88,688

93,244

100,071

Numerator for diluted earnings per share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders

$ (84,226)

$ (241,135)

$ (810,723)

Income (loss) from discontinued operations

(2,492)

15,019

10,070

Gain from discontinued operations

24,331

262,395

12,083

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders

$ (62,387)

$ 36,279

$ (788,570)

Weighted average common shares outstanding for diluted earnings per common share

88,688

93,244

100,071

Basic earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share or unit)

$ (0.94)

$ (2.58)

$ (8.10)

Income (loss) from discontinued operations (in dollars per share)

(0.03)

0.16

0.10

Gain from discontinued operations (in dollars per share)

0.27

2.81

0.12

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

(0.70)

0.39

(7.88)

Diluted earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

(0.94)

(2.58)

(8.10)

Income (loss) from discontinued operations (in dollars per share)

(0.03)

0.16

0.10

Gain from discontinued operations (in dollars per share)

0.27

2.81

0.12

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

$ (0.70)

$ 0.39

$ (7.88)

HPU

Numerator for basic earnings per share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders

$ (2,696)

$ (7,360)

$ (23,155)

Income (loss) from discontinued operations

(80)

457

286

Gain from discontinued operations

779

7,987

343

Net income (loss) allocable to common shareholders

$ (1,997)

$ 1,084

$ (22,526)

Weighted average common shares outstanding for basic earnings per common share

Numerator for diluted earnings per share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders

$ (2,696)

$ (7,360)

$ (23,155)

Income (loss) from discontinued operations

(80)

457

286

Gain from discontinued operations

779

7,987

343

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders

$ (1,997)

$ 1,084

$ (22,526)

Weighted average common shares outstanding for diluted earnings per common share

Basic earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share or unit)

$ (179.73)

$ (490.67)

$ (1,543.67)

Income (loss) from discontinued operations (in dollars per share)

(5.33)

30.47

19.07

Gain from discontinued operations (in dollars per share)

51.93

532.47

22.87

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

(133.13)

72.27

(1,501.73)

Diluted earnings per common share:

Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

(179.73)

(490.67)

(1,543.67)

Income (loss) from discontinued operations (in dollars per share)

(5.33)

30.47

19.07

Gain from discontinued operations (in dollars per share)

51.93

532.47

22.87

Net income (loss) attributable to iStar Financial Inc. and allocable to equity holders (in dollars per share)

$ (133.13)

$ 72.27

$ (1,501.73)

[1]	Income (loss) from continuing operations attributable to iStar Financial for the years ended December 31, 2011, 2010 and 2009 was $(50,323), $(206,175) and $(791,558), respectively. See Note 14 for details on the calculation of earnings per share.

Earnings Per Share (Details 2) - shares shares in Thousands	12 Months Ended
Earnings Per Share (Details 2) - shares shares in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Joint venture shares
Anti-dilutive shares
Anti-dilutive shares	298	298	298
Stock options
Anti-dilutive shares
Anti-dilutive shares	44	143	520

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Comprehensive income (loss) attributable to the entity
Net income (loss)	$ (28,915)	$ (54,661)	$ (26,020)	$ 83,902	$ (58,865)	$ (74,632)	$ 229,851	$ (16,142)	$ (25,693)	$ 80,206	$ (769,847)
Other comprehensive income/(losses):
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization										(4,206)	2,727
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization									(705)	(799)	(4,357)
Unrealized gains/(losses) on available-for-sale securities									391	445	6,515
Unrealized gains/(losses) on cash flow hedges									(666)		(30)
Unrealized gains/(losses) on cumulative translation adjustment									(957)	24	(416)
Comprehensive income (loss)									(27,630)	75,670	(765,408)
Net (income) loss attributable to noncontrolling interests									3,629	(523)	1,071
Comprehensive income (loss) attributable to iStar Financial Inc.									(24,001)	75,147	$ (764,337)
Accumulated other comprehensive income reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	589				198				589	198
Unrealized gains on cash flow hedges	1,986				3,357				1,986	3,357
Unrealized losses on cumulative translation adjustment	(2,903)				(1,946)				(2,903)	(1,946)
Accumulated other comprehensive income (loss)	$ (328)				$ 1,609				$ (328)	$ 1,609

Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Recurring basis \| Total
Financial Assets:
Marketable securities-equity securities	$ 483	$ 699
Financial Liabilities:
Derivative liabilities	2,373	223
Recurring basis \| Quoted market prices in active markets (Level 1)
Financial Assets:
Marketable securities-equity securities	483	699
Recurring basis \| Significant other observable inputs (Level 2)
Financial Liabilities:
Derivative liabilities	2,373	223
Non-recurring basis \| Total
Financial Assets:
Impaired loans	271,968	616,070
Impaired equity method investment		1,535
Non-financial Assets:
Impaired OREO	43,660	54,141
Non-recurring basis \| Significant unobservable inputs (Level 3)
Financial Assets:
Impaired loans	271,968	616,070
Impaired equity method investment		1,535
Non-financial Assets:
Impaired OREO	$ 43,660	$ 54,141

Fair Values (Details 2) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Financial assets:
Loans and other lending investments, net	$ 2,860,762	$ 4,587,352
Financial liabilities:
Debt obligations, net	5,837,540	7,345,433
Book Value
Financial assets:
Loans and other lending investments, net	2,860,762	4,587,352
Financial liabilities:
Debt obligations, net	5,837,540	7,345,433
Fair Value
Financial assets:
Loans and other lending investments, net	2,786,595	4,256,663
Financial liabilities:
Debt obligations, net	$ 5,495,197	$ 6,767,968

Segment Reporting (Details) $ in Thousands	2 Months Ended	3 Months Ended								9 Months Ended	12 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2010 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Sep. 30, 2010 USD ($)	Jun. 30, 2010 USD ($)	Mar. 31, 2010 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($) segment	Dec. 31, 2010 USD ($) segment	Dec. 31, 2009 USD ($) segment
Segment Reporting
Number of reportable segments \| segment											3	3	3
Segment Reporting
Total revenue		$ 96,480	$ 97,360	$ 128,442	$ 110,507	$ 136,035	$ 133,297	$ 133,819	$ 166,567		$ 432,789	$ 569,718	$ 758,987
Earnings (loss) from equity method investments											95,091	51,908	5,298
Operating costs											(106,791)	(95,315)	(118,994)
Interest expense											(344,788)	(314,868)	(413,091)
General and administrative											(75,337)	(90,171)	(100,560)
Segment profit (loss)											964	121,272	131,640
Capitalized expenditures		64,169				42,881					64,169	42,881	26,650
Total assets		7,517,837				9,174,514					7,517,837	9,174,514	12,810,575
Equity investment		445,835				522,223					445,835	522,223
Equity in earnings											95,091	51,908	5,298
Stock-based compensation expense											29,702	19,355	23,592
Other significant non-cash items:
Provision for loan losses											46,412	331,487	1,255,357
Impairment of assets											22,368	16,319	126,885
Depreciation and amortization											62,619	61,663	61,643
LNR Property LLC ("LNR")
Segment Reporting
Earnings (loss) from equity method investments	$ 1,797									$ 53,861	53,861	1,797
Equity investment	122,176	159,764	$ 159,764			122,176	$ 122,176			159,764	159,764	122,176
Equity in earnings	$ 1,797									$ 53,861	53,861	1,797
Real Estate Lending
Segment Reporting
Total revenue											230,047	377,844	563,849
Operating costs											(2,866)	(10,107)	(9,734)
Interest expense											(159,339)	(192,010)	(324,558)
General and administrative											(17,281)	(28,340)	(37,406)
Segment profit (loss)											50,561	147,387	192,151
Total assets		2,892,240				4,636,777					2,892,240	4,636,777	7,723,280
Other significant non-cash items:
Provision for loan losses											46,412	331,487	1,255,357
Net Leasing
Segment Reporting
Total revenue											165,040	165,831	172,106
Earnings (loss) from equity method investments											2,566	2,522	2,500
Operating costs											(18,439)	(14,566)	(15,799)
Interest expense											(83,650)	(43,902)	(42,884)
General and administrative											(9,194)	(11,149)	(12,782)
Segment profit (loss)											56,323	98,736	103,141
Capitalized expenditures		12,174				14,031					12,174	14,031	14,891
Total assets		1,837,425				1,915,164					1,837,425	1,915,164	3,149,783
Equity in earnings											2,566	2,522	2,500
Other significant non-cash items:
Impairment of assets											650		23,556
Depreciation and amortization											53,460	52,635	54,296
Real Estate Investment
Segment Reporting
Total revenue											35,331	23,103	5,822
Earnings (loss) from equity method investments											(7,839)
Operating costs											(77,282)	(64,694)	(40,866)
Interest expense											(79,084)	(45,574)	(18,706)
General and administrative											(8,577)	(6,727)	(2,156)
Segment profit (loss)											(137,451)	(93,892)	(55,906)
Capitalized expenditures		51,995				28,832					51,995	28,832	11,056
Total assets		1,982,420				1,594,859					1,982,420	1,594,859	1,271,506
Equity in earnings											(7,839)
Other significant non-cash items:
Impairment of assets											20,846	19,089	78,564
Depreciation and amortization											7,094	5,378	2,955
Corporate/Other
Segment Reporting
Total revenue											2,371	2,940	17,210
Earnings (loss) from equity method investments											100,364	49,386	2,798
Operating costs											(8,204)	(5,948)	(52,595)
Interest expense											(22,715)	(33,382)	(26,943)
General and administrative											(40,285)	(43,955)	(48,216)
Segment profit (loss)											31,531	(30,959)	(107,746)
Capitalized expenditures						18						18	703
Total assets		805,752				1,027,714					805,752	1,027,714	666,006
Equity in earnings											100,364	49,386	2,798
Other significant non-cash items:
Impairment of assets											872	(2,770)	24,765
Depreciation and amortization											2,065	3,650	$ 4,392
Corporate/Other \| LNR Property LLC ("LNR")
Segment Reporting
Earnings (loss) from equity method investments											53,900	1,800
Equity investment		$ 159,800				$ 122,200					159,800	122,200
Equity in earnings											$ 53,900	$ 1,800

Segment Reporting (Details 2) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Reconciliation of segment profit (loss) to income (loss) from continuing operations

Segment profit (loss)

$ 964

$ 121,272

$ 131,640

Less: Provision for loan losses

(46,412)

(331,487)

(1,255,357)

Less: Impairment of assets

(22,368)

(16,319)

(126,885)

Less: Stock-based compensation expense

(29,702)

(19,355)

(23,592)

Less: Depreciation and amortization

(62,619)

(61,663)

(61,643)

Add: Income tax (expense) benefit

4,719

(7,023)

(4,141)

Add: Gain on early extinguishment of debt, net

101,466

108,923

547,349

Income (loss) from continuing operations

^[1]

$ (53,952)

$ (205,652)

$ (792,629)

[1]	Income (loss) from continuing operations attributable to iStar Financial for the years ended December 31, 2011, 2010 and 2009 was $(50,323), $(206,175) and $(791,558), respectively. See Note 14 for details on the calculation of earnings per share.

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References + Details

Quarterly Financial Information (Unaudited) (Details)
$ / shares in Units, shares in Thousands, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Oct. 31, 2011

USD ($)

Jan. 31, 2011

USD ($)

Dec. 31, 2011

USD ($)

$ / shares

Sep. 30, 2011

USD ($)

$ / shares

Jun. 30, 2011

USD ($)

$ / shares

Mar. 31, 2011

USD ($)

$ / shares

Dec. 31, 2010

USD ($)

$ / shares

Sep. 30, 2010

USD ($)

$ / shares

Jun. 30, 2010

USD ($)

asset

$ / shares

Mar. 31, 2010

USD ($)

$ / shares

Dec. 31, 2011

USD ($)

$ / shares

Dec. 31, 2010

USD ($)

asset

$ / shares

Dec. 31, 2009

USD ($)

$ / shares

Quarterly Financial Information (Unaudited)

Revenue

$ 96,480

$ 97,360

$ 128,442

$ 110,507

$ 136,035

$ 133,297

$ 133,819

$ 166,567

$ 432,789

$ 569,718

$ 758,987

Net income (loss)

(28,915)

(54,661)

(26,020)

83,902

(58,865)

(74,632)

229,851

(16,142)

(25,693)

80,206

(769,847)

Earnings per common share data:

Net income (loss) attributable to iStar Financial Inc.

$ (35,202)

$ (62,231)

$ (35,525)

$ 67,420

$ (67,050)

$ (83,531)

$ 212,275

$ (25,408)

$ (62,387)

$ 36,279

$ (788,570)

Basic earnings per share (in dollars per share) | $ / shares

$ (0.43)

$ (0.71)

$ (0.38)

$ 0.73

$ (0.73)

$ (0.89)

$ 2.27

$ (0.27)

$ (0.70)

^[1]

$ 0.39

^[1]

$ (7.88)

^[1]

Diluted earnings per share (in dollars per share) | $ / shares

$ (0.43)

$ (0.71)

$ (0.38)

$ 0.71

$ (0.73)

$ (0.89)

$ 2.27

$ (0.27)

$ (0.70)

^[1]

$ 0.39

^[1]

$ (7.88)

^[1]

Weighted average number of common shares-basic (in shares) | shares

81,769

87,951

92,621

92,458

92,319

93,370

93,382

93,923

88,688

^[1]

93,244

^[1]

100,071

^[1]

Weighted average number of common shares-diluted (in shares) | shares

81,769

87,951

92,621

94,609

92,319

93,370

93,382

93,923

88,688

^[1]

93,244

^[1]

100,071

^[1]

Earnings per HPU share data:

Net income (loss) attributable to iStar Financial Inc.

$ (1,222)

$ (2,008)

$ (1,089)

$ 2,070

$ (2,061)

$ (2,539)

$ 6,452

$ (768)

Basic earnings per share (in dollars per share) | $ / shares

$ (81.47)

$ (133.87)

$ (72.60)

$ 138.00

$ (137.40)

$ (169.27)

$ 430.13

$ (51.20)

$ (133.13)

^[1],[2]

$ 72.27

^[1],[2]

$ (1,501.73)

^[1],[2]

Diluted earnings per share (in dollars per share) | $ / shares

$ (81.47)

$ (133.87)

$ (72.60)

$ 135.07

(137.40)

(169.27)

430.13

(51.20)

$ (133.13)

^[1],[2]

$ 72.27

^[1],[2]

$ (1,501.73)

^[1],[2]

Basic and Diluted (in dollars per share) | $ / shares

$ (137.40)

$ (169.27)

$ 430.13

$ (51.20)

Weighted average number of common shares-basic and diluted | shares

^[1],[2]

Gains from sale of net lease assets

$ 250,300

$ 2,900

$ 250,300

$ 12,400

Number of net lease assets sold | asset

Provision for loan losses

46,412

$ 331,487

1,255,357

Quarterly Financial Information (Unaudited)

Gain on early extinguishment of debt, net

101,466

$ 108,923

$ 547,349

Secured Notes 10.0% senior notes due 2014

Quarterly Financial Information (Unaudited)

Gain on early extinguishment of debt, net

$ 109,000

Stated interest rate (as a percent)

10.00%

Amount of debt extinguished

$ 312,300

Non-performing Loans

Quarterly Financial Information (Unaudited)

Interest income

$ 26,300

Oak Hill Advisors

Quarterly Financial Information (Unaudited)

Net gain from sale of ownership interest of equity investment

$ 30,300

[1]	Income (loss) from continuing operations attributable to iStar Financial for the years ended December 31, 2011, 2010 and 2009 was $(50,323), $(206,175) and $(791,558), respectively. See Note 14 for details on the calculation of earnings per share.
[2]	Participating Security holders are Company employees and directors who hold unvested restricted stock units and common stock equivalents granted under the Company's Long Term Incentive Plans (see Notes 13 and 14).

Subsequent Events (Details) - 2012 Senior Secured Credit Facilities $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) tranche
Subsequent Events
Number of tranches for secured credit facility \| tranche	2
Maximum
Subsequent Events
Syndication for 2012 Senior Secured Credit Facilities \| $	$ 900

Schedule II-Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Changes in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 845,922	$ 1,439,694	$ 992,971
Charged to Costs and Expenses	28,736	332,174	1,256,594
Adjustments to Valuation Accounts	40,936	10,964	8,109
Deductions	(214,413)	(936,910)	(817,980)
Balance at End of Period	701,181	845,922	1,439,694
Reserve for loan losses
Changes in valuation and qualifying accounts and reserves
Balance at Beginning of Period	814,625	1,417,949	976,788
Charged to Costs and Expenses	46,412	331,487	1,255,357
Deductions	(214,413)	(934,811)	(814,196)
Balance at End of Period	646,624	814,625	1,417,949
Allowance for doubtful accounts
Changes in valuation and qualifying accounts and reserves
Balance at Beginning of Period	1,376	2,788	5,335
Charged to Costs and Expenses	2,292	687	1,237
Deductions		(2,099)	(3,784)
Balance at End of Period	3,668	1,376	2,788
Allowance for deferred tax assets
Changes in valuation and qualifying accounts and reserves
Balance at Beginning of Period	29,921	18,957	10,848
Charged to Costs and Expenses	(19,968)
Adjustments to Valuation Accounts	40,936	10,964	8,109
Balance at End of Period	$ 50,889	$ 29,921	$ 18,957

Schedule III-Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) Y
Real Estate and Accumulated Depreciation
Encumbrances	$ 293,192
Initial Cost to Company
Land	1,614,335
Buildings and Improvements	2,400,052
Costs Capitalized Subsequent to Acquisition	(42,688)
Gross Amount Carried at Close of Period
Land	1,569,164
Buildings and Improvements	2,402,535
Total	3,971,699
Accumulated Depreciation	363,343
Properties pledged as collateral, book value	1,260,000
OFFICE FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	122,767
Initial Cost to Company
Land	73,812
Buildings and Improvements	606,335
Costs Capitalized Subsequent to Acquisition	25,307
Gross Amount Carried at Close of Period
Land	72,885
Buildings and Improvements	632,569
Total	705,454
Accumulated Depreciation	141,573
INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	119,202
Initial Cost to Company
Land	141,860
Buildings and Improvements	399,582
Costs Capitalized Subsequent to Acquisition	69,196
Gross Amount Carried at Close of Period
Land	140,787
Buildings and Improvements	469,851
Total	610,638
Accumulated Depreciation	82,429
LAND:
Initial Cost to Company
Land	946,120
Buildings and Improvements	16,453
Costs Capitalized Subsequent to Acquisition	(1,129)
Gross Amount Carried at Close of Period
Land	944,935
Buildings and Improvements	16,509
Total	961,444
Accumulated Depreciation	3,660
ENTERTAINMENT:
Initial Cost to Company
Land	137,683
Buildings and Improvements	258,985
Costs Capitalized Subsequent to Acquisition	88,633
Gross Amount Carried at Close of Period
Land	137,666
Buildings and Improvements	347,635
Total	485,301
Accumulated Depreciation	60,036
RETAIL:
Real Estate and Accumulated Depreciation
Encumbrances	51,223
Initial Cost to Company
Land	104,418
Buildings and Improvements	310,451
Costs Capitalized Subsequent to Acquisition	52,046
Gross Amount Carried at Close of Period
Land	101,807
Buildings and Improvements	365,108
Total	466,915
Accumulated Depreciation	26,789
HOTEL:
Initial Cost to Company
Land	27,232
Buildings and Improvements	172,108
Costs Capitalized Subsequent to Acquisition	(2,373)
Gross Amount Carried at Close of Period
Land	27,232
Buildings and Improvements	169,735
Total	196,967
Accumulated Depreciation	43,867
APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	139,243
Buildings and Improvements	558,205
Costs Capitalized Subsequent to Acquisition	(276,898)
Gross Amount Carried at Close of Period
Land	99,885
Buildings and Improvements	320,665
Total	420,550
Accumulated Depreciation	460
MIXED USE:
Initial Cost to Company
Land	43,967
Buildings and Improvements	77,933
Costs Capitalized Subsequent to Acquisition	2,530
Gross Amount Carried at Close of Period
Land	43,967
Buildings and Improvements	80,463
Total	124,430
Accumulated Depreciation	4,529
Arizona OAZ006 \| OFFICE FACILITIES:
Initial Cost to Company
Land	10,780
Buildings and Improvements	43,120
Gross Amount Carried at Close of Period
Land	10,780
Buildings and Improvements	43,120
Total	$ 53,900
Depreciable Life (in years) \| Y	40.0
Arizona OAZ001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,512
Buildings and Improvements	9,732
Costs Capitalized Subsequent to Acquisition	524
Gross Amount Carried at Close of Period
Land	1,512
Buildings and Improvements	10,256
Total	11,768
Accumulated Depreciation	$ 3,434
Depreciable Life (in years) \| Y	40.0
Arizona OAZ002 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,033
Buildings and Improvements	6,652
Costs Capitalized Subsequent to Acquisition	6
Gross Amount Carried at Close of Period
Land	1,033
Buildings and Improvements	6,658
Total	7,691
Accumulated Depreciation	$ 2,023
Depreciable Life (in years) \| Y	40.0
Arizona OAZ003 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,033
Buildings and Improvements	6,652
Costs Capitalized Subsequent to Acquisition	425
Gross Amount Carried at Close of Period
Land	1,033
Buildings and Improvements	7,077
Total	8,110
Accumulated Depreciation	$ 2,296
Depreciable Life (in years) \| Y	40.0
Arizona OAZ004 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,033
Buildings and Improvements	6,652
Costs Capitalized Subsequent to Acquisition	2,273
Gross Amount Carried at Close of Period
Land	1,033
Buildings and Improvements	8,925
Total	9,958
Accumulated Depreciation	$ 4,068
Depreciable Life (in years) \| Y	40.0
Arizona OAZ005 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 701
Buildings and Improvements	4,339
Costs Capitalized Subsequent to Acquisition	50
Gross Amount Carried at Close of Period
Land	701
Buildings and Improvements	4,389
Total	5,090
Accumulated Depreciation	$ 1,370
Depreciable Life (in years) \| Y	40.0
California OCA002 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 4,139
Buildings and Improvements	5,064
Costs Capitalized Subsequent to Acquisition	840
Gross Amount Carried at Close of Period
Land	4,139
Buildings and Improvements	5,904
Total	10,043
Accumulated Depreciation	$ 1,481
Depreciable Life (in years) \| Y	40.0
Colorado OCO001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,757
Buildings and Improvements	16,930
Costs Capitalized Subsequent to Acquisition	5,506
Gross Amount Carried at Close of Period
Land	1,757
Buildings and Improvements	22,436
Total	24,193
Accumulated Depreciation	$ 5,867
Depreciable Life (in years) \| Y	40.0
Colorado OCO002 \| OFFICE FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 7,470
Initial Cost to Company
Buildings and Improvements	16,752
Costs Capitalized Subsequent to Acquisition	48
Gross Amount Carried at Close of Period
Buildings and Improvements	16,800
Total	16,800
Accumulated Depreciation	$ 4,095
Depreciable Life (in years) \| Y	40.0
Florida OFL001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 2,517
Buildings and Improvements	14,484
Costs Capitalized Subsequent to Acquisition	817
Gross Amount Carried at Close of Period
Land	2,517
Buildings and Improvements	15,301
Total	17,818
Accumulated Depreciation	$ 570
Depreciable Life (in years) \| Y	40.0
Georgia OGA001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 905
Buildings and Improvements	6,744
Costs Capitalized Subsequent to Acquisition	878
Gross Amount Carried at Close of Period
Land	905
Buildings and Improvements	7,622
Total	8,527
Accumulated Depreciation	$ 2,204
Depreciable Life (in years) \| Y	40.0
Georgia OGA002 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 5,709
Buildings and Improvements	49,091
Costs Capitalized Subsequent to Acquisition	16,327
Gross Amount Carried at Close of Period
Land	5,709
Buildings and Improvements	65,418
Total	71,127
Accumulated Depreciation	$ 20,973
Depreciable Life (in years) \| Y	40.0
Illinois OIL001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 6,153
Buildings and Improvements	14,993
Costs Capitalized Subsequent to Acquisition	(14,985)
Gross Amount Carried at Close of Period
Land	6,153
Buildings and Improvements	8
Total	6,161
Accumulated Depreciation	$ 4
Depreciable Life (in years) \| Y	40.0
Maryland OMD001 \| OFFICE FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 14,451
Initial Cost to Company
Land	1,800
Buildings and Improvements	18,706
Costs Capitalized Subsequent to Acquisition	433
Gross Amount Carried at Close of Period
Land	1,800
Buildings and Improvements	19,139
Total	20,939
Accumulated Depreciation	$ 4,530
Depreciable Life (in years) \| Y	40.0
Massachusetts OMA001 \| OFFICE FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 14,930
Initial Cost to Company
Land	1,600
Buildings and Improvements	21,947
Costs Capitalized Subsequent to Acquisition	276
Gross Amount Carried at Close of Period
Land	1,600
Buildings and Improvements	22,223
Total	23,823
Accumulated Depreciation	$ 5,394
Depreciable Life (in years) \| Y	40.0
Michigan OMI001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 5,374
Buildings and Improvements	114,956
Costs Capitalized Subsequent to Acquisition	1,558
Gross Amount Carried at Close of Period
Land	5,374
Buildings and Improvements	116,514
Total	121,888
Accumulated Depreciation	$ 14,305
Depreciable Life (in years) \| Y	40.0
Minnesota OMN001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 4,550
Buildings and Improvements	4,550
Costs Capitalized Subsequent to Acquisition	(6,484)
Gross Amount Carried at Close of Period
Land	2,616
Total	2,616
New Jersey ONJ001 \| OFFICE FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	53,840
Initial Cost to Company
Land	7,726
Buildings and Improvements	74,429
Costs Capitalized Subsequent to Acquisition	10
Gross Amount Carried at Close of Period
Land	7,724
Buildings and Improvements	74,441
Total	82,165
Accumulated Depreciation	$ 16,864
Depreciable Life (in years) \| Y	40.0
New Jersey ONJ002 \| OFFICE FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 11,766
Initial Cost to Company
Land	1,008
Buildings and Improvements	13,763
Costs Capitalized Subsequent to Acquisition	(81)
Gross Amount Carried at Close of Period
Land	1,008
Buildings and Improvements	13,682
Total	14,690
Accumulated Depreciation	$ 2,699
Depreciable Life (in years) \| Y	40.0
New Jersey ONJ003 \| OFFICE FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 20,310
Initial Cost to Company
Land	2,456
Buildings and Improvements	28,955
Costs Capitalized Subsequent to Acquisition	306
Gross Amount Carried at Close of Period
Land	2,456
Buildings and Improvements	29,261
Total	31,717
Accumulated Depreciation	$ 5,746
Depreciable Life (in years) \| Y	40.0
Pennsylvania OPA 001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 690
Buildings and Improvements	26,098
Costs Capitalized Subsequent to Acquisition	(49)
Gross Amount Carried at Close of Period
Land	690
Buildings and Improvements	26,049
Total	26,739
Accumulated Depreciation	$ 6,703
Depreciable Life (in years) \| Y	40.0
Tennessee OTN 001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 2,702
Buildings and Improvements	25,129
Costs Capitalized Subsequent to Acquisition	49
Gross Amount Carried at Close of Period
Land	2,702
Buildings and Improvements	25,178
Total	27,880
Accumulated Depreciation	$ 7,652
Depreciable Life (in years) \| Y	40.0
Texas OTX 001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,364
Buildings and Improvements	10,628
Costs Capitalized Subsequent to Acquisition	8,475
Gross Amount Carried at Close of Period
Land	2,373
Buildings and Improvements	18,094
Total	20,467
Accumulated Depreciation	$ 7,326
Depreciable Life (in years) \| Y	40.0
Texas OTX 002 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,233
Buildings and Improvements	15,160
Costs Capitalized Subsequent to Acquisition	35
Gross Amount Carried at Close of Period
Land	1,233
Buildings and Improvements	15,195
Total	16,428
Accumulated Depreciation	$ 4,336
Depreciable Life (in years) \| Y	40.0
Texas OTX 003 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 2,932
Buildings and Improvements	31,235
Costs Capitalized Subsequent to Acquisition	7,622
Gross Amount Carried at Close of Period
Land	2,932
Buildings and Improvements	38,857
Total	41,789
Accumulated Depreciation	$ 11,613
Depreciable Life (in years) \| Y	40.0
Texas OTX 004 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,230
Buildings and Improvements	5,660
Costs Capitalized Subsequent to Acquisition	469
Gross Amount Carried at Close of Period
Land	1,230
Buildings and Improvements	6,129
Total	7,359
Accumulated Depreciation	$ 1,827
Depreciable Life (in years) \| Y	40.0
Wisconsin OWI 001 \| OFFICE FACILITIES:
Initial Cost to Company
Land	$ 1,875
Buildings and Improvements	13,914
Costs Capitalized Subsequent to Acquisition	(21)
Gross Amount Carried at Close of Period
Land	1,875
Buildings and Improvements	13,893
Total	15,768
Accumulated Depreciation	$ 4,193
Depreciable Life (in years) \| Y	40.0
Arizona IAZ 001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 2,519
Buildings and Improvements	7,481
Gross Amount Carried at Close of Period
Land	2,519
Buildings and Improvements	7,481
Total	10,000
Accumulated Depreciation	$ 389
Depreciable Life (in years) \| Y	40.0
Arizona IAZ 002 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 3,279
Buildings and Improvements	5,221
Costs Capitalized Subsequent to Acquisition	839
Gross Amount Carried at Close of Period
Land	3,279
Buildings and Improvements	6,060
Total	9,339
Accumulated Depreciation	$ 354
Depreciable Life (in years) \| Y	40.0
California ICA 001 \| INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 18,576
Initial Cost to Company
Land	11,635
Buildings and Improvements	19,515
Costs Capitalized Subsequent to Acquisition	5,943
Gross Amount Carried at Close of Period
Land	11,635
Buildings and Improvements	25,458
Total	37,093
Accumulated Depreciation	$ 2,588
Depreciable Life (in years) \| Y	40.0
California ICA 003 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 741
Buildings and Improvements	494
Costs Capitalized Subsequent to Acquisition	3
Gross Amount Carried at Close of Period
Land	741
Buildings and Improvements	497
Total	1,238
Accumulated Depreciation	$ 83
Depreciable Life (in years) \| Y	40.0
California ICA 004 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 1,343
Buildings and Improvements	1,669
Costs Capitalized Subsequent to Acquisition	2
Gross Amount Carried at Close of Period
Land	1,343
Buildings and Improvements	1,671
Total	3,014
Accumulated Depreciation	$ 201
Depreciable Life (in years) \| Y	40.0
California ICA 005 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 654
Buildings and Improvements	4,591
Costs Capitalized Subsequent to Acquisition	2,044
Gross Amount Carried at Close of Period
Land	654
Buildings and Improvements	6,635
Total	7,289
Accumulated Depreciation	$ 1,620
Depreciable Life (in years) \| Y	40.0
California ICA 006 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 1,086
Buildings and Improvements	7,964
Costs Capitalized Subsequent to Acquisition	2,876
Gross Amount Carried at Close of Period
Land	1,086
Buildings and Improvements	10,840
Total	11,926
Accumulated Depreciation	$ 3,069
Depreciable Life (in years) \| Y	40.0
California ICA 007 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 4,880
Buildings and Improvements	12,367
Costs Capitalized Subsequent to Acquisition	3,498
Gross Amount Carried at Close of Period
Land	4,880
Buildings and Improvements	15,865
Total	20,745
Accumulated Depreciation	$ 4,205
Depreciable Life (in years) \| Y	40.0
California ICA 008 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 6,857
Buildings and Improvements	8,378
Costs Capitalized Subsequent to Acquisition	343
Gross Amount Carried at Close of Period
Land	6,856
Buildings and Improvements	8,722
Total	15,578
Accumulated Depreciation	$ 2,376
Depreciable Life (in years) \| Y	40.0
California ICA 009 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 4,095
Buildings and Improvements	8,323
Costs Capitalized Subsequent to Acquisition	1,586
Gross Amount Carried at Close of Period
Land	4,095
Buildings and Improvements	9,909
Total	14,004
Accumulated Depreciation	$ 2,832
Depreciable Life (in years) \| Y	40.0
California ICA 010 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 5,051
Buildings and Improvements	6,170
Costs Capitalized Subsequent to Acquisition	359
Gross Amount Carried at Close of Period
Land	5,051
Buildings and Improvements	6,529
Total	11,580
Accumulated Depreciation	$ 1,795
Depreciable Life (in years) \| Y	40.0
California ICA 011 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 4,119
Buildings and Improvements	5,034
Costs Capitalized Subsequent to Acquisition	17
Gross Amount Carried at Close of Period
Land	4,119
Buildings and Improvements	5,051
Total	9,170
Accumulated Depreciation	$ 1,391
Depreciable Life (in years) \| Y	40.0
California ICA 012 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 3,044
Buildings and Improvements	3,716
Costs Capitalized Subsequent to Acquisition	2,776
Gross Amount Carried at Close of Period
Land	3,044
Buildings and Improvements	6,492
Total	9,536
Accumulated Depreciation	$ 1,294
Depreciable Life (in years) \| Y	40.0
California ICA 013 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 2,633
Buildings and Improvements	3,219
Costs Capitalized Subsequent to Acquisition	290
Gross Amount Carried at Close of Period
Land	2,633
Buildings and Improvements	3,509
Total	6,142
Accumulated Depreciation	$ 969
Depreciable Life (in years) \| Y	40.0
California ICA 014 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 4,600
Buildings and Improvements	5,627
Costs Capitalized Subsequent to Acquisition	1,840
Gross Amount Carried at Close of Period
Land	4,600
Buildings and Improvements	7,467
Total	12,067
Accumulated Depreciation	$ 1,802
Depreciable Life (in years) \| Y	40.0
California ICA 015 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 5,617
Buildings and Improvements	6,877
Costs Capitalized Subsequent to Acquisition	5,501
Gross Amount Carried at Close of Period
Land	5,619
Buildings and Improvements	12,376
Total	17,995
Accumulated Depreciation	$ 4,365
Depreciable Life (in years) \| Y	40.0
California ICA 016 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 15,708
Buildings and Improvements	27,987
Costs Capitalized Subsequent to Acquisition	4,912
Gross Amount Carried at Close of Period
Land	15,708
Buildings and Improvements	32,899
Total	48,607
Accumulated Depreciation	$ 12,160
Depreciable Life (in years) \| Y	40.0
California ICA 017 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 808
Buildings and Improvements	8,306
Costs Capitalized Subsequent to Acquisition	1,140
Gross Amount Carried at Close of Period
Land	808
Buildings and Improvements	9,446
Total	10,254
Accumulated Depreciation	$ 3,103
Depreciable Life (in years) \| Y	40.0
Colorado ICO 001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 645
Buildings and Improvements	684
Costs Capitalized Subsequent to Acquisition	(8)
Gross Amount Carried at Close of Period
Land	645
Buildings and Improvements	676
Total	1,321
Accumulated Depreciation	$ 88
Depreciable Life (in years) \| Y	40.0
Florida IFL 001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 322
Buildings and Improvements	323
Costs Capitalized Subsequent to Acquisition	(5)
Gross Amount Carried at Close of Period
Land	322
Buildings and Improvements	318
Total	640
Accumulated Depreciation	$ 43
Depreciable Life (in years) \| Y	40.0
Florida IFL 002 \| INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 16,092
Initial Cost to Company
Land	3,510
Buildings and Improvements	20,846
Costs Capitalized Subsequent to Acquisition	8,279
Gross Amount Carried at Close of Period
Land	3,510
Buildings and Improvements	29,125
Total	32,635
Accumulated Depreciation	$ 2,611
Depreciable Life (in years) \| Y	40.0
Florida IFL 003 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 2,310
Buildings and Improvements	5,435
Gross Amount Carried at Close of Period
Land	2,310
Buildings and Improvements	5,435
Total	7,745
Accumulated Depreciation	$ 1,653
Depreciable Life (in years) \| Y	40.0
Florida IFL 004 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 3,048
Buildings and Improvements	8,676
Gross Amount Carried at Close of Period
Land	3,048
Buildings and Improvements	8,676
Total	11,724
Accumulated Depreciation	$ 2,639
Depreciable Life (in years) \| Y	40.0
Florida IFL 005 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 1,612
Buildings and Improvements	4,586
Costs Capitalized Subsequent to Acquisition	(1,408)
Gross Amount Carried at Close of Period
Land	1,241
Buildings and Improvements	3,549
Total	4,790
Accumulated Depreciation	$ 462
Depreciable Life (in years) \| Y	40.0
Florida IFL 006 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 1,476
Buildings and Improvements	4,198
Costs Capitalized Subsequent to Acquisition	(4,497)
Gross Amount Carried at Close of Period
Land	450
Buildings and Improvements	727
Total	1,177
Accumulated Depreciation	$ 264
Depreciable Life (in years) \| Y	40.0
Georgia IGA 001 \| INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 14,006
Initial Cost to Company
Land	2,791
Buildings and Improvements	24,637
Costs Capitalized Subsequent to Acquisition	349
Gross Amount Carried at Close of Period
Land	2,791
Buildings and Improvements	24,986
Total	27,777
Accumulated Depreciation	$ 2,614
Depreciable Life (in years) \| Y	40.0
Hawaii IHI 001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 7,477
Buildings and Improvements	23,623
Costs Capitalized Subsequent to Acquisition	238
Gross Amount Carried at Close of Period
Land	7,477
Buildings and Improvements	23,861
Total	31,338
Accumulated Depreciation	$ 1,145
Depreciable Life (in years) \| Y	40.0
Illinois ILI 001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 495
Buildings and Improvements	605
Gross Amount Carried at Close of Period
Land	495
Buildings and Improvements	605
Total	1,100
Indiana IIN001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	462
Buildings and Improvements	9,224
Gross Amount Carried at Close of Period
Land	462
Buildings and Improvements	9,224
Total	9,686
Accumulated Depreciation	$ 1,426
Depreciable Life (in years) \| Y	40.0
Indiana IIN003 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 140
Buildings and Improvements	4,640
Costs Capitalized Subsequent to Acquisition	717
Gross Amount Carried at Close of Period
Land	140
Buildings and Improvements	5,357
Total	5,497
Accumulated Depreciation	$ 1,808
Depreciable Life (in years) \| Y	40.0
Massachusetts IMA001 \| INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 19,271
Initial Cost to Company
Land	7,439
Buildings and Improvements	21,774
Costs Capitalized Subsequent to Acquisition	10,979
Gross Amount Carried at Close of Period
Land	7,439
Buildings and Improvements	32,753
Total	40,192
Accumulated Depreciation	$ 2,935
Depreciable Life (in years) \| Y	40.0
Michigan IMI001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 598
Buildings and Improvements	9,814
Costs Capitalized Subsequent to Acquisition	1
Gross Amount Carried at Close of Period
Land	598
Buildings and Improvements	9,815
Total	10,413
Accumulated Depreciation	$ 1,533
Depreciable Life (in years) \| Y	40.0
Minnesota IMN001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 403
Buildings and Improvements	1,147
Costs Capitalized Subsequent to Acquisition	(344)
Gross Amount Carried at Close of Period
Land	1,206
Total	$ 1,206
Depreciable Life (in years) \| Y	40.0
Minnesota IMN002 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 6,705
Buildings and Improvements	17,690
Gross Amount Carried at Close of Period
Land	6,225
Buildings and Improvements	18,170
Total	24,395
Accumulated Depreciation	$ 3,139
Depreciable Life (in years) \| Y	40.0
North Carolina INC001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 680
Buildings and Improvements	5,947
Gross Amount Carried at Close of Period
Land	680
Buildings and Improvements	5,947
Total	6,627
Accumulated Depreciation	$ 1,085
Depreciable Life (in years) \| Y	40.0
New Jersey INJ001 \| INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 22,350
Initial Cost to Company
Land	8,368
Buildings and Improvements	15,376
Costs Capitalized Subsequent to Acquisition	21,141
Gross Amount Carried at Close of Period
Land	8,368
Buildings and Improvements	36,517
Total	44,885
Accumulated Depreciation	$ 3,346
Depreciable Life (in years) \| Y	40.0
Nevada INV001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 4,137
Buildings and Improvements	2,963
Gross Amount Carried at Close of Period
Land	4,137
Buildings and Improvements	2,963
Total	7,100
Accumulated Depreciation	$ 473
Depreciable Life (in years) \| Y	40.0
New York INY001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 1,796
Buildings and Improvements	5,108
Costs Capitalized Subsequent to Acquisition	4
Gross Amount Carried at Close of Period
Land	1,796
Buildings and Improvements	5,112
Total	6,908
Accumulated Depreciation	$ 1,556
Depreciable Life (in years) \| Y	40.0
Texas ITX001 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 3,213
Buildings and Improvements	4,105
Costs Capitalized Subsequent to Acquisition	9
Gross Amount Carried at Close of Period
Land	3,213
Buildings and Improvements	4,114
Total	7,327
Accumulated Depreciation	$ 488
Depreciable Life (in years) \| Y	40.0
Texas ITX002 \| INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 13,907
Initial Cost to Company
Land	1,631
Buildings and Improvements	27,858
Costs Capitalized Subsequent to Acquisition	(416)
Gross Amount Carried at Close of Period
Land	1,631
Buildings and Improvements	27,442
Total	29,073
Accumulated Depreciation	$ 2,814
Depreciable Life (in years) \| Y	40.0
Texas ITX003 \| INDUSTRIAL FACILITIES:
Initial Cost to Company
Land	$ 1,314
Buildings and Improvements	8,903
Costs Capitalized Subsequent to Acquisition	46
Gross Amount Carried at Close of Period
Land	1,314
Buildings and Improvements	8,949
Total	10,263
Accumulated Depreciation	$ 2,718
Depreciable Life (in years) \| Y	40.0
Virginia IVA001 \| INDUSTRIAL FACILITIES:
Real Estate and Accumulated Depreciation
Encumbrances	$ 15,000
Initial Cost to Company
Land	2,619
Buildings and Improvements	28,481
Costs Capitalized Subsequent to Acquisition	142
Gross Amount Carried at Close of Period
Land	2,619
Buildings and Improvements	28,623
Total	31,242
Accumulated Depreciation	$ 2,993
Depreciable Life (in years) \| Y	40.0
Arizona LAZ001 \| LAND:
Initial Cost to Company
Land	$ 96,700
Gross Amount Carried at Close of Period
Land	96,700
Total	96,700
California LCA007 \| LAND:
Initial Cost to Company
Land	51,083
Buildings and Improvements	13,617
Gross Amount Carried at Close of Period
Land	51,083
Buildings and Improvements	13,617
Total	64,700
Accumulated Depreciation	$ 28
Depreciable Life (in years) \| Y	40.0
California LCA002 \| LAND:
Initial Cost to Company
Land	$ 28,464
Buildings and Improvements	2,836
Gross Amount Carried at Close of Period
Land	28,464
Buildings and Improvements	2,836
Total	31,300
Accumulated Depreciation	705
California LCA008 \| LAND:
Initial Cost to Company
Land	30,500
Gross Amount Carried at Close of Period
Land	30,500
Total	30,500
California LCA003 \| LAND:
Initial Cost to Company
Land	87,300
Costs Capitalized Subsequent to Acquisition	8,247
Gross Amount Carried at Close of Period
Land	95,547
Total	95,547
California LCA004 \| LAND:
Initial Cost to Company
Land	68,155
Costs Capitalized Subsequent to Acquisition	(19,155)
Gross Amount Carried at Close of Period
Land	49,000
Total	49,000
Accumulated Depreciation	2,249
California LCA005 \| LAND:
Initial Cost to Company
Land	84,100
Costs Capitalized Subsequent to Acquisition	2
Gross Amount Carried at Close of Period
Land	84,102
Total	84,102
California LCA006 \| LAND:
Initial Cost to Company
Land	59,100
Gross Amount Carried at Close of Period
Land	59,100
Total	59,100
Florida LFA001 \| LAND:
Initial Cost to Company
Land	7,600
Gross Amount Carried at Close of Period
Land	7,600
Total	7,600
Florida LFA002 \| LAND:
Initial Cost to Company
Land	8,100
Gross Amount Carried at Close of Period
Land	8,100
Total	8,100
Florida LFA003 \| LAND:
Initial Cost to Company
Land	26,600
Gross Amount Carried at Close of Period
Land	26,600
Total	26,600
Florida LFA004 \| LAND:
Initial Cost to Company
Land	25,600
Costs Capitalized Subsequent to Acquisition	56
Gross Amount Carried at Close of Period
Land	25,600
Buildings and Improvements	56
Total	25,656
Florida LFA005 \| LAND:
Initial Cost to Company
Land	9,300
Gross Amount Carried at Close of Period
Land	9,300
Total	9,300
Hawaii LHI001 \| LAND:
Initial Cost to Company
Land	14,800
Gross Amount Carried at Close of Period
Land	14,800
Total	14,800
Illinois LIL001 \| LAND:
Initial Cost to Company
Land	9,500
Gross Amount Carried at Close of Period
Land	9,500
Total	9,500
Maryland LMD001 \| LAND:
Initial Cost to Company
Land	102,938
Gross Amount Carried at Close of Period
Land	102,938
Total	102,938
Maryland LMD002 \| LAND:
Initial Cost to Company
Land	2,486
Gross Amount Carried at Close of Period
Land	2,486
Total	2,486
Accumulated Depreciation	$ 219
Depreciable Life (in years) \| Y	70.0
New Jersey LNJ001 \| LAND:
Initial Cost to Company
Land	$ 43,300
Costs Capitalized Subsequent to Acquisition	8,940
Gross Amount Carried at Close of Period
Land	52,240
Total	52,240
New York LNY002 \| LAND:
Initial Cost to Company
Land	58,900
Gross Amount Carried at Close of Period
Land	58,900
Total	58,900
New York LNY001 \| LAND:
Initial Cost to Company
Land	52,461
Gross Amount Carried at Close of Period
Land	52,461
Total	52,461
Texas LTX001 \| LAND:
Initial Cost to Company
Land	3,375
Gross Amount Carried at Close of Period
Land	3,375
Total	3,375
Texas LTX002 \| LAND:
Initial Cost to Company
Land	3,621
Gross Amount Carried at Close of Period
Land	3,621
Total	3,621
Virginia LVA001 \| LAND:
Initial Cost to Company
Land	72,137
Costs Capitalized Subsequent to Acquisition	781
Gross Amount Carried at Close of Period
Land	72,918
Total	72,918
Accumulated Depreciation	459
Alabama EAL001 \| ENTERTAINMENT:
Initial Cost to Company
Land	277
Buildings and Improvements	359
Gross Amount Carried at Close of Period
Land	277
Buildings and Improvements	359
Total	636
Accumulated Depreciation	$ 70
Depreciable Life (in years) \| Y	40.0
Alabama EAL002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 319
Buildings and Improvements	414
Gross Amount Carried at Close of Period
Land	319
Buildings and Improvements	414
Total	733
Accumulated Depreciation	$ 81
Depreciable Life (in years) \| Y	40.0
Arizona EAZ001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 793
Buildings and Improvements	1,027
Gross Amount Carried at Close of Period
Land	793
Buildings and Improvements	1,027
Total	1,820
Accumulated Depreciation	$ 201
Depreciable Life (in years) \| Y	40.0
Arizona EAZ002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 521
Buildings and Improvements	673
Gross Amount Carried at Close of Period
Land	521
Buildings and Improvements	673
Total	1,194
Accumulated Depreciation	$ 132
Depreciable Life (in years) \| Y	40.0
Arizona EAZ003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 305
Buildings and Improvements	394
Gross Amount Carried at Close of Period
Land	305
Buildings and Improvements	394
Total	699
Accumulated Depreciation	$ 77
Depreciable Life (in years) \| Y	40.0
Arizona EAZ004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 630
Buildings and Improvements	815
Gross Amount Carried at Close of Period
Land	630
Buildings and Improvements	815
Total	1,445
Accumulated Depreciation	$ 160
Depreciable Life (in years) \| Y	40.0
Arizona EAZ005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 590
Buildings and Improvements	764
Gross Amount Carried at Close of Period
Land	590
Buildings and Improvements	764
Total	1,354
Accumulated Depreciation	$ 150
Depreciable Life (in years) \| Y	40.0
Arizona EAZ006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 476
Buildings and Improvements	616
Gross Amount Carried at Close of Period
Land	476
Buildings and Improvements	616
Total	1,092
Accumulated Depreciation	$ 121
Depreciable Life (in years) \| Y	40.0
Arizona EAZ007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 654
Buildings and Improvements	845
Gross Amount Carried at Close of Period
Land	654
Buildings and Improvements	845
Total	1,499
Accumulated Depreciation	$ 166
Depreciable Life (in years) \| Y	40.0
Arizona EAZ008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 666
Buildings and Improvements	862
Gross Amount Carried at Close of Period
Land	666
Buildings and Improvements	862
Total	1,528
Accumulated Depreciation	$ 169
Depreciable Life (in years) \| Y	40.0
Arizona EAZ009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 460
Buildings and Improvements	596
Gross Amount Carried at Close of Period
Land	460
Buildings and Improvements	596
Total	1,056
Accumulated Depreciation	$ 117
Depreciable Life (in years) \| Y	40.0
California ECA001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,097
Buildings and Improvements	1,421
Gross Amount Carried at Close of Period
Land	1,097
Buildings and Improvements	1,421
Total	2,518
Accumulated Depreciation	$ 279
Depreciable Life (in years) \| Y	40.0
California ECA002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 434
Buildings and Improvements	560
Gross Amount Carried at Close of Period
Land	434
Buildings and Improvements	560
Total	994
Accumulated Depreciation	$ 110
Depreciable Life (in years) \| Y	40.0
California ECA003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 332
Buildings and Improvements	429
Gross Amount Carried at Close of Period
Land	332
Buildings and Improvements	429
Total	761
Accumulated Depreciation	$ 84
Depreciable Life (in years) \| Y	40.0
California ECA004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,642
Buildings and Improvements	2,124
Gross Amount Carried at Close of Period
Land	1,642
Buildings and Improvements	2,124
Total	3,766
Accumulated Depreciation	$ 417
Depreciable Life (in years) \| Y	40.0
California ECA005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 676
Buildings and Improvements	876
Gross Amount Carried at Close of Period
Land	676
Buildings and Improvements	876
Total	1,552
Accumulated Depreciation	$ 172
Depreciable Life (in years) \| Y	40.0
California ECA006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 720
Buildings and Improvements	932
Gross Amount Carried at Close of Period
Land	720
Buildings and Improvements	932
Total	1,652
Accumulated Depreciation	$ 183
Depreciable Life (in years) \| Y	40.0
California ECA007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 574
Buildings and Improvements	743
Gross Amount Carried at Close of Period
Land	574
Buildings and Improvements	743
Total	1,317
Accumulated Depreciation	$ 146
Depreciable Life (in years) \| Y	40.0
California ECA008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 392
Buildings and Improvements	508
Gross Amount Carried at Close of Period
Land	392
Buildings and Improvements	508
Total	900
Accumulated Depreciation	$ 100
Depreciable Life (in years) \| Y	40.0
California ECA009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 358
Buildings and Improvements	464
Gross Amount Carried at Close of Period
Land	358
Buildings and Improvements	464
Total	822
Accumulated Depreciation	$ 91
Depreciable Life (in years) \| Y	40.0
California ECA010 \| ENTERTAINMENT:
Initial Cost to Company
Buildings and Improvements	$ 18,000
Gross Amount Carried at Close of Period
Buildings and Improvements	18,000
Total	18,000
Accumulated Depreciation	$ 3,488
Depreciable Life (in years) \| Y	40.0
California ECA011 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 852
Buildings and Improvements	1,101
Gross Amount Carried at Close of Period
Land	852
Buildings and Improvements	1,101
Total	1,953
Accumulated Depreciation	$ 216
Depreciable Life (in years) \| Y	40.0
California ECA012 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,572
Buildings and Improvements	2,034
Gross Amount Carried at Close of Period
Land	1,572
Buildings and Improvements	2,034
Total	3,606
Accumulated Depreciation	$ 399
Depreciable Life (in years) \| Y	40.0
California ECA013 \| ENTERTAINMENT:
Initial Cost to Company
Buildings and Improvements	$ 1,953
Costs Capitalized Subsequent to Acquisition	25,772
Gross Amount Carried at Close of Period
Buildings and Improvements	27,725
Total	27,725
Accumulated Depreciation	$ 1,962
Depreciable Life (in years) \| Y	40.0
California ECA014 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 659
Buildings and Improvements	852
Gross Amount Carried at Close of Period
Land	659
Buildings and Improvements	852
Total	1,511
Accumulated Depreciation	$ 167
Depreciable Life (in years) \| Y	40.0
California ECA015 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 562
Buildings and Improvements	729
Gross Amount Carried at Close of Period
Land	562
Buildings and Improvements	729
Total	1,291
Accumulated Depreciation	$ 143
Depreciable Life (in years) \| Y	40.0
California ECA016 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 896
Buildings and Improvements	1,159
Gross Amount Carried at Close of Period
Land	896
Buildings and Improvements	1,159
Total	2,055
Accumulated Depreciation	$ 227
Depreciable Life (in years) \| Y	40.0
Colorado ECO001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 466
Buildings and Improvements	602
Gross Amount Carried at Close of Period
Land	466
Buildings and Improvements	602
Total	1,068
Accumulated Depreciation	$ 118
Depreciable Life (in years) \| Y	40.0
Colorado ECO002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 640
Buildings and Improvements	827
Gross Amount Carried at Close of Period
Land	640
Buildings and Improvements	827
Total	1,467
Accumulated Depreciation	$ 162
Depreciable Life (in years) \| Y	40.0
Colorado ECO003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 729
Buildings and Improvements	944
Gross Amount Carried at Close of Period
Land	729
Buildings and Improvements	944
Total	1,673
Accumulated Depreciation	$ 185
Depreciable Life (in years) \| Y	40.0
Colorado ECO004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 536
Buildings and Improvements	694
Gross Amount Carried at Close of Period
Land	536
Buildings and Improvements	694
Total	1,230
Accumulated Depreciation	$ 136
Depreciable Life (in years) \| Y	40.0
Colorado ECO005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 412
Buildings and Improvements	533
Gross Amount Carried at Close of Period
Land	412
Buildings and Improvements	533
Total	945
Accumulated Depreciation	$ 105
Depreciable Life (in years) \| Y	40.0
Colorado ECO006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 901
Buildings and Improvements	1,165
Gross Amount Carried at Close of Period
Land	901
Buildings and Improvements	1,165
Total	2,066
Accumulated Depreciation	$ 229
Depreciable Life (in years) \| Y	40.0
Connecticut ECT001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,097
Buildings and Improvements	1,420
Gross Amount Carried at Close of Period
Land	1,097
Buildings and Improvements	1,420
Total	2,517
Accumulated Depreciation	$ 278
Depreciable Life (in years) \| Y	40.0
Connecticut ECT002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 330
Buildings and Improvements	426
Gross Amount Carried at Close of Period
Land	330
Buildings and Improvements	426
Total	756
Accumulated Depreciation	$ 84
Depreciable Life (in years) \| Y	40.0
Delaware EDE001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,076
Buildings and Improvements	1,390
Gross Amount Carried at Close of Period
Land	1,076
Buildings and Improvements	1,390
Total	2,466
Accumulated Depreciation	$ 273
Depreciable Life (in years) \| Y	40.0
Florida EFL001 \| ENTERTAINMENT:
Initial Cost to Company
Buildings and Improvements	$ 41,809
Gross Amount Carried at Close of Period
Buildings and Improvements	41,809
Total	41,809
Accumulated Depreciation	$ 10,567
Depreciable Life (in years) \| Y	27.0
Florida EFL002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 412
Buildings and Improvements	531
Gross Amount Carried at Close of Period
Land	412
Buildings and Improvements	531
Total	943
Accumulated Depreciation	$ 104
Depreciable Life (in years) \| Y	40.0
Florida EFL003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 6,550
Costs Capitalized Subsequent to Acquisition	17,118
Gross Amount Carried at Close of Period
Land	6,533
Buildings and Improvements	17,135
Total	23,668
Accumulated Depreciation	$ 1,996
Depreciable Life (in years) \| Y	40.0
Florida EFL004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,067
Buildings and Improvements	1,382
Gross Amount Carried at Close of Period
Land	1,067
Buildings and Improvements	1,382
Total	2,449
Accumulated Depreciation	$ 271
Depreciable Life (in years) \| Y	40.0
Florida EFL005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 340
Buildings and Improvements	439
Gross Amount Carried at Close of Period
Land	340
Buildings and Improvements	439
Total	779
Accumulated Depreciation	$ 86
Depreciable Life (in years) \| Y	40.0
Florida EFL006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 401
Buildings and Improvements	520
Gross Amount Carried at Close of Period
Land	401
Buildings and Improvements	520
Total	921
Accumulated Depreciation	$ 102
Depreciable Life (in years) \| Y	40.0
Florida EFL007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 507
Buildings and Improvements	655
Gross Amount Carried at Close of Period
Land	507
Buildings and Improvements	655
Total	1,162
Accumulated Depreciation	$ 129
Depreciable Life (in years) \| Y	40.0
Florida EFL008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 282
Buildings and Improvements	364
Gross Amount Carried at Close of Period
Land	282
Buildings and Improvements	364
Total	646
Accumulated Depreciation	$ 71
Depreciable Life (in years) \| Y	40.0
Florida EFL009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 352
Buildings and Improvements	455
Gross Amount Carried at Close of Period
Land	352
Buildings and Improvements	455
Total	807
Accumulated Depreciation	$ 89
Depreciable Life (in years) \| Y	40.0
Florida EFL010 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 404
Buildings and Improvements	524
Gross Amount Carried at Close of Period
Land	404
Buildings and Improvements	524
Total	928
Accumulated Depreciation	$ 103
Depreciable Life (in years) \| Y	40.0
Florida EFL011 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 437
Buildings and Improvements	567
Gross Amount Carried at Close of Period
Land	437
Buildings and Improvements	567
Total	1,004
Accumulated Depreciation	$ 111
Depreciable Life (in years) \| Y	40.0
Florida EFL012 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 532
Buildings and Improvements	689
Gross Amount Carried at Close of Period
Land	532
Buildings and Improvements	689
Total	1,221
Accumulated Depreciation	$ 135
Depreciable Life (in years) \| Y	40.0
Florida EFL013 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 379
Buildings and Improvements	490
Gross Amount Carried at Close of Period
Land	379
Buildings and Improvements	490
Total	869
Accumulated Depreciation	$ 96
Depreciable Life (in years) \| Y	40.0
Florida EFL014 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 486
Buildings and Improvements	629
Gross Amount Carried at Close of Period
Land	486
Buildings and Improvements	629
Total	1,115
Accumulated Depreciation	$ 123
Depreciable Life (in years) \| Y	40.0
Florida EFL015 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 433
Buildings and Improvements	561
Gross Amount Carried at Close of Period
Land	433
Buildings and Improvements	561
Total	994
Accumulated Depreciation	$ 110
Depreciable Life (in years) \| Y	40.0
Florida EFL016 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 497
Buildings and Improvements	643
Gross Amount Carried at Close of Period
Land	497
Buildings and Improvements	643
Total	1,140
Accumulated Depreciation	$ 126
Depreciable Life (in years) \| Y	40.0
Florida EFL017 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 360
Buildings and Improvements	840
Costs Capitalized Subsequent to Acquisition	(722)
Gross Amount Carried at Close of Period
Land	360
Buildings and Improvements	118
Total	478
Florida EFL018 \| ENTERTAINMENT:
Initial Cost to Company
Land	643
Buildings and Improvements	833
Gross Amount Carried at Close of Period
Land	643
Buildings and Improvements	833
Total	1,476
Accumulated Depreciation	$ 163
Depreciable Life (in years) \| Y	40.0
Florida EFL019 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 4,200
Buildings and Improvements	18,272
Gross Amount Carried at Close of Period
Land	4,200
Buildings and Improvements	18,272
Total	22,472
Accumulated Depreciation	$ 3,127
Depreciable Life (in years) \| Y	40.0
Florida EFL020 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 551
Buildings and Improvements	714
Gross Amount Carried at Close of Period
Land	551
Buildings and Improvements	714
Total	1,265
Accumulated Depreciation	$ 140
Depreciable Life (in years) \| Y	40.0
Florida EFL021 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 364
Buildings and Improvements	470
Gross Amount Carried at Close of Period
Land	364
Buildings and Improvements	470
Total	834
Accumulated Depreciation	$ 92
Depreciable Life (in years) \| Y	40.0
Florida EFL022 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 507
Buildings and Improvements	656
Gross Amount Carried at Close of Period
Land	507
Buildings and Improvements	656
Total	1,163
Accumulated Depreciation	$ 129
Depreciable Life (in years) \| Y	40.0
Florida EFL023 \| ENTERTAINMENT:
Initial Cost to Company
Buildings and Improvements	$ 19,337
Gross Amount Carried at Close of Period
Buildings and Improvements	19,337
Total	19,337
Accumulated Depreciation	$ 3,309
Depreciable Life (in years) \| Y	40.0
Georgia EGA001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 510
Buildings and Improvements	660
Gross Amount Carried at Close of Period
Land	510
Buildings and Improvements	660
Total	1,170
Accumulated Depreciation	$ 129
Depreciable Life (in years) \| Y	40.0
Georgia EGA002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 286
Buildings and Improvements	371
Gross Amount Carried at Close of Period
Land	286
Buildings and Improvements	371
Total	657
Accumulated Depreciation	$ 73
Depreciable Life (in years) \| Y	40.0
Georgia EGA003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 474
Buildings and Improvements	613
Gross Amount Carried at Close of Period
Land	474
Buildings and Improvements	613
Total	1,087
Accumulated Depreciation	$ 120
Depreciable Life (in years) \| Y	40.0
Georgia EGA004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 581
Buildings and Improvements	752
Gross Amount Carried at Close of Period
Land	581
Buildings and Improvements	752
Total	1,333
Accumulated Depreciation	$ 147
Depreciable Life (in years) \| Y	40.0
Georgia EGA005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 718
Buildings and Improvements	930
Gross Amount Carried at Close of Period
Land	718
Buildings and Improvements	930
Total	1,648
Accumulated Depreciation	$ 182
Depreciable Life (in years) \| Y	40.0
Georgia EGA006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 546
Buildings and Improvements	706
Gross Amount Carried at Close of Period
Land	546
Buildings and Improvements	706
Total	1,252
Accumulated Depreciation	$ 139
Depreciable Life (in years) \| Y	40.0
Georgia EGA007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 502
Buildings and Improvements	651
Gross Amount Carried at Close of Period
Land	502
Buildings and Improvements	651
Total	1,153
Accumulated Depreciation	$ 128
Depreciable Life (in years) \| Y	40.0
Iowa EIA001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 425
Buildings and Improvements	551
Gross Amount Carried at Close of Period
Land	425
Buildings and Improvements	551
Total	976
Accumulated Depreciation	$ 108
Depreciable Life (in years) \| Y	40.0
Illinois EIL001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 335
Buildings and Improvements	434
Gross Amount Carried at Close of Period
Land	335
Buildings and Improvements	434
Total	769
Accumulated Depreciation	$ 85
Depreciable Life (in years) \| Y	40.0
Illinois EIL002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 481
Buildings and Improvements	622
Gross Amount Carried at Close of Period
Land	481
Buildings and Improvements	622
Total	1,103
Accumulated Depreciation	$ 122
Depreciable Life (in years) \| Y	40.0
Illinois EIL003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 8,803
Buildings and Improvements	57
Costs Capitalized Subsequent to Acquisition	30,479
Gross Amount Carried at Close of Period
Land	8,803
Buildings and Improvements	30,536
Total	39,339
Accumulated Depreciation	$ 3,292
Depreciable Life (in years) \| Y	40.0
Illinois EIL004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 433
Buildings and Improvements	560
Gross Amount Carried at Close of Period
Land	433
Buildings and Improvements	560
Total	993
Accumulated Depreciation	$ 110
Depreciable Life (in years) \| Y	40.0
Illinois EIL005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 431
Buildings and Improvements	557
Gross Amount Carried at Close of Period
Land	431
Buildings and Improvements	557
Total	988
Accumulated Depreciation	$ 109
Depreciable Life (in years) \| Y	40.0
Indiana EIN001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 542
Buildings and Improvements	701
Gross Amount Carried at Close of Period
Land	542
Buildings and Improvements	701
Total	1,243
Accumulated Depreciation	$ 138
Depreciable Life (in years) \| Y	40.0
Kentucky EKY001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 417
Buildings and Improvements	539
Gross Amount Carried at Close of Period
Land	417
Buildings and Improvements	539
Total	956
Accumulated Depreciation	$ 106
Depreciable Life (in years) \| Y	40.0
Kentucky EKY002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 365
Buildings and Improvements	473
Gross Amount Carried at Close of Period
Land	365
Buildings and Improvements	473
Total	838
Accumulated Depreciation	$ 93
Depreciable Life (in years) \| Y	40.0
Maryland EMD001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 428
Buildings and Improvements	554
Gross Amount Carried at Close of Period
Land	428
Buildings and Improvements	554
Total	982
Accumulated Depreciation	$ 109
Depreciable Life (in years) \| Y	40.0
Maryland EMD002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 575
Buildings and Improvements	745
Gross Amount Carried at Close of Period
Land	575
Buildings and Improvements	745
Total	1,320
Accumulated Depreciation	$ 146
Depreciable Life (in years) \| Y	40.0
Maryland EMD003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 362
Buildings and Improvements	468
Gross Amount Carried at Close of Period
Land	362
Buildings and Improvements	468
Total	830
Accumulated Depreciation	$ 92
Depreciable Life (in years) \| Y	40.0
Maryland EMD004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 884
Buildings and Improvements	1,145
Gross Amount Carried at Close of Period
Land	884
Buildings and Improvements	1,145
Total	2,029
Accumulated Depreciation	$ 224
Depreciable Life (in years) \| Y	40.0
Maryland EMD005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 371
Buildings and Improvements	481
Gross Amount Carried at Close of Period
Land	371
Buildings and Improvements	481
Total	852
Accumulated Depreciation	$ 94
Depreciable Life (in years) \| Y	40.0
Maryland EMD006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 399
Buildings and Improvements	518
Gross Amount Carried at Close of Period
Land	399
Buildings and Improvements	518
Total	917
Accumulated Depreciation	$ 101
Depreciable Life (in years) \| Y	40.0
Maryland EMD007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 649
Buildings and Improvements	839
Gross Amount Carried at Close of Period
Land	649
Buildings and Improvements	839
Total	1,488
Accumulated Depreciation	$ 165
Depreciable Life (in years) \| Y	40.0
Maryland EMD008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 366
Buildings and Improvements	473
Gross Amount Carried at Close of Period
Land	366
Buildings and Improvements	473
Total	839
Accumulated Depreciation	$ 93
Depreciable Life (in years) \| Y	40.0
Maryland EMD009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 398
Buildings and Improvements	516
Gross Amount Carried at Close of Period
Land	398
Buildings and Improvements	516
Total	914
Accumulated Depreciation	$ 101
Depreciable Life (in years) \| Y	40.0
Maryland EMD010 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 388
Buildings and Improvements	505
Gross Amount Carried at Close of Period
Land	388
Buildings and Improvements	505
Total	893
Accumulated Depreciation	$ 99
Depreciable Life (in years) \| Y	40.0
Maryland EMD011 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,126
Buildings and Improvements	1,458
Gross Amount Carried at Close of Period
Land	1,126
Buildings and Improvements	1,458
Total	2,584
Accumulated Depreciation	$ 286
Depreciable Life (in years) \| Y	40.0
Massachusetts EMA001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 523
Buildings and Improvements	678
Gross Amount Carried at Close of Period
Land	523
Buildings and Improvements	678
Total	1,201
Accumulated Depreciation	$ 133
Depreciable Life (in years) \| Y	40.0
Massachusetts EMA002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 548
Buildings and Improvements	711
Gross Amount Carried at Close of Period
Land	548
Buildings and Improvements	711
Total	1,259
Accumulated Depreciation	$ 139
Depreciable Life (in years) \| Y	40.0
Massachusetts EMA003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 519
Buildings and Improvements	672
Gross Amount Carried at Close of Period
Land	519
Buildings and Improvements	672
Total	1,191
Accumulated Depreciation	$ 132
Depreciable Life (in years) \| Y	40.0
Massachusetts EMA004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 344
Buildings and Improvements	445
Gross Amount Carried at Close of Period
Land	344
Buildings and Improvements	445
Total	789
Accumulated Depreciation	$ 87
Depreciable Life (in years) \| Y	40.0
Michigan EMI001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 309
Buildings and Improvements	400
Gross Amount Carried at Close of Period
Land	309
Buildings and Improvements	400
Total	709
Accumulated Depreciation	$ 78
Depreciable Life (in years) \| Y	40.0
Michigan EMI002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 516
Buildings and Improvements	667
Gross Amount Carried at Close of Period
Land	516
Buildings and Improvements	667
Total	1,183
Accumulated Depreciation	$ 131
Depreciable Life (in years) \| Y	40.0
Michigan EMI003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 554
Buildings and Improvements	718
Gross Amount Carried at Close of Period
Land	554
Buildings and Improvements	718
Total	1,272
Accumulated Depreciation	$ 141
Depreciable Life (in years) \| Y	40.0
Michigan EMI004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 387
Buildings and Improvements	500
Gross Amount Carried at Close of Period
Land	387
Buildings and Improvements	500
Total	887
Accumulated Depreciation	$ 98
Depreciable Life (in years) \| Y	40.0
Michigan EMI005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 533
Buildings and Improvements	691
Gross Amount Carried at Close of Period
Land	533
Buildings and Improvements	691
Total	1,224
Accumulated Depreciation	$ 135
Depreciable Life (in years) \| Y	40.0
Michigan EMI006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 356
Buildings and Improvements	460
Gross Amount Carried at Close of Period
Land	356
Buildings and Improvements	460
Total	816
Accumulated Depreciation	$ 90
Depreciable Life (in years) \| Y	40.0
Minnesota EMN001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 666
Buildings and Improvements	861
Gross Amount Carried at Close of Period
Land	666
Buildings and Improvements	861
Total	1,527
Accumulated Depreciation	$ 169
Depreciable Life (in years) \| Y	40.0
Minnesota EMN002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 2,962
Costs Capitalized Subsequent to Acquisition	15,307
Gross Amount Carried at Close of Period
Land	2,962
Buildings and Improvements	15,307
Total	18,269
Accumulated Depreciation	$ 1,370
Depreciable Life (in years) \| Y	40.0
Minnesota EMN003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 359
Buildings and Improvements	465
Gross Amount Carried at Close of Period
Land	359
Buildings and Improvements	465
Total	824
Accumulated Depreciation	$ 91
Depreciable Life (in years) \| Y	40.0
Minnesota EMN004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 2,437
Buildings and Improvements	8,715
Costs Capitalized Subsequent to Acquisition	679
Gross Amount Carried at Close of Period
Land	2,437
Buildings and Improvements	9,394
Total	11,831
Accumulated Depreciation	$ 1,234
Depreciable Life (in years) \| Y	40.0
Missouri EMO001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 334
Buildings and Improvements	432
Gross Amount Carried at Close of Period
Land	334
Buildings and Improvements	432
Total	766
Accumulated Depreciation	$ 85
Depreciable Life (in years) \| Y	40.0
Missouri EMO002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 404
Buildings and Improvements	523
Gross Amount Carried at Close of Period
Land	404
Buildings and Improvements	523
Total	927
Accumulated Depreciation	$ 103
Depreciable Life (in years) \| Y	40.0
Missouri EMO003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 462
Buildings and Improvements	597
Gross Amount Carried at Close of Period
Land	462
Buildings and Improvements	597
Total	1,059
Accumulated Depreciation	$ 117
Depreciable Life (in years) \| Y	40.0
Missouri EMO004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 878
Buildings and Improvements	1,139
Gross Amount Carried at Close of Period
Land	878
Buildings and Improvements	1,139
Total	2,017
Accumulated Depreciation	$ 223
Depreciable Life (in years) \| Y	40.0
New Jersey ENJ001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,560
Buildings and Improvements	2,019
Gross Amount Carried at Close of Period
Land	1,560
Buildings and Improvements	2,019
Total	3,579
Accumulated Depreciation	$ 396
Depreciable Life (in years) \| Y	40.0
New Jersey ENJ002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 830
Buildings and Improvements	1,075
Gross Amount Carried at Close of Period
Land	830
Buildings and Improvements	1,075
Total	1,905
Accumulated Depreciation	$ 211
Depreciable Life (in years) \| Y	40.0
Nevada ENV001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 440
Buildings and Improvements	569
Gross Amount Carried at Close of Period
Land	440
Buildings and Improvements	569
Total	1,009
Accumulated Depreciation	$ 112
Depreciable Life (in years) \| Y	40.0
New York ENY001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 603
Buildings and Improvements	779
Gross Amount Carried at Close of Period
Land	603
Buildings and Improvements	779
Total	1,382
Accumulated Depreciation	$ 153
Depreciable Life (in years) \| Y	40.0
New York ENY002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 442
Buildings and Improvements	571
Gross Amount Carried at Close of Period
Land	442
Buildings and Improvements	571
Total	1,013
Accumulated Depreciation	$ 112
Depreciable Life (in years) \| Y	40.0
New York ENY003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 562
Buildings and Improvements	728
Gross Amount Carried at Close of Period
Land	562
Buildings and Improvements	728
Total	1,290
Accumulated Depreciation	$ 143
Depreciable Life (in years) \| Y	40.0
New York ENY004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 385
Buildings and Improvements	499
Gross Amount Carried at Close of Period
Land	385
Buildings and Improvements	499
Total	884
Accumulated Depreciation	$ 98
Depreciable Life (in years) \| Y	40.0
New York ENY005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 350
Buildings and Improvements	453
Gross Amount Carried at Close of Period
Land	350
Buildings and Improvements	453
Total	803
Accumulated Depreciation	$ 89
Depreciable Life (in years) \| Y	40.0
New York ENY006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 326
Buildings and Improvements	421
Gross Amount Carried at Close of Period
Land	326
Buildings and Improvements	421
Total	747
Accumulated Depreciation	$ 83
Depreciable Life (in years) \| Y	40.0
New York ENY007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 494
Buildings and Improvements	640
Gross Amount Carried at Close of Period
Land	494
Buildings and Improvements	640
Total	1,134
Accumulated Depreciation	$ 125
Depreciable Life (in years) \| Y	40.0
New York ENY008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 320
Buildings and Improvements	414
Gross Amount Carried at Close of Period
Land	320
Buildings and Improvements	414
Total	734
Accumulated Depreciation	$ 81
Depreciable Life (in years) \| Y	40.0
New York ENY009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 399
Buildings and Improvements	516
Gross Amount Carried at Close of Period
Land	399
Buildings and Improvements	516
Total	915
Accumulated Depreciation	$ 101
Depreciable Life (in years) \| Y	40.0
New York ENY010 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 959
Buildings and Improvements	1,240
Gross Amount Carried at Close of Period
Land	959
Buildings and Improvements	1,240
Total	2,199
Accumulated Depreciation	$ 243
Depreciable Life (in years) \| Y	40.0
New York ENY011 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 587
Buildings and Improvements	761
Gross Amount Carried at Close of Period
Land	587
Buildings and Improvements	761
Total	1,348
Accumulated Depreciation	$ 149
Depreciable Life (in years) \| Y	40.0
New York ENY012 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 521
Buildings and Improvements	675
Gross Amount Carried at Close of Period
Land	521
Buildings and Improvements	675
Total	1,196
Accumulated Depreciation	$ 132
Depreciable Life (in years) \| Y	40.0
New York ENY013 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 711
Buildings and Improvements	920
Gross Amount Carried at Close of Period
Land	711
Buildings and Improvements	920
Total	1,631
Accumulated Depreciation	$ 180
Depreciable Life (in years) \| Y	40.0
New York ENY014 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 558
Buildings and Improvements	723
Gross Amount Carried at Close of Period
Land	558
Buildings and Improvements	723
Total	1,281
Accumulated Depreciation	$ 142
Depreciable Life (in years) \| Y	40.0
New York ENY015 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 747
Buildings and Improvements	967
Gross Amount Carried at Close of Period
Land	747
Buildings and Improvements	967
Total	1,714
Accumulated Depreciation	$ 190
Depreciable Life (in years) \| Y	40.0
New York ENY016 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 683
Buildings and Improvements	885
Gross Amount Carried at Close of Period
Land	683
Buildings and Improvements	885
Total	1,568
Accumulated Depreciation	$ 173
Depreciable Life (in years) \| Y	40.0
New York ENY017 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,492
Buildings and Improvements	1,933
Gross Amount Carried at Close of Period
Land	1,492
Buildings and Improvements	1,933
Total	3,425
Accumulated Depreciation	$ 379
Depreciable Life (in years) \| Y	40.0
New York ENY018 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,471
Buildings and Improvements	1,904
Gross Amount Carried at Close of Period
Land	1,471
Buildings and Improvements	1,904
Total	3,375
Accumulated Depreciation	$ 373
Depreciable Life (in years) \| Y	40.0
North Carolina ENC001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 397
Buildings and Improvements	513
Gross Amount Carried at Close of Period
Land	397
Buildings and Improvements	513
Total	910
Accumulated Depreciation	$ 101
Depreciable Life (in years) \| Y	40.0
North Carolina ENC002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 476
Buildings and Improvements	615
Gross Amount Carried at Close of Period
Land	476
Buildings and Improvements	615
Total	1,091
Accumulated Depreciation	$ 121
Depreciable Life (in years) \| Y	40.0
North Carolina ENC003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 410
Buildings and Improvements	530
Gross Amount Carried at Close of Period
Land	410
Buildings and Improvements	530
Total	940
Accumulated Depreciation	$ 104
Depreciable Life (in years) \| Y	40.0
North Carolina ENC004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 402
Buildings and Improvements	520
Gross Amount Carried at Close of Period
Land	402
Buildings and Improvements	520
Total	922
Accumulated Depreciation	$ 102
Depreciable Life (in years) \| Y	40.0
North Carolina ENC005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 948
Buildings and Improvements	1,227
Gross Amount Carried at Close of Period
Land	948
Buildings and Improvements	1,227
Total	2,175
Accumulated Depreciation	$ 241
Depreciable Life (in years) \| Y	40.0
North Carolina ENC006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 259
Buildings and Improvements	336
Gross Amount Carried at Close of Period
Land	259
Buildings and Improvements	336
Total	595
Accumulated Depreciation	$ 66
Depreciable Life (in years) \| Y	40.0
North Carolina ENC007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 349
Buildings and Improvements	452
Gross Amount Carried at Close of Period
Land	349
Buildings and Improvements	452
Total	801
Accumulated Depreciation	$ 89
Depreciable Life (in years) \| Y	40.0
North Carolina ENC008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 640
Buildings and Improvements	828
Gross Amount Carried at Close of Period
Land	640
Buildings and Improvements	828
Total	1,468
Accumulated Depreciation	$ 162
Depreciable Life (in years) \| Y	40.0
North Carolina ENC009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 409
Buildings and Improvements	531
Gross Amount Carried at Close of Period
Land	409
Buildings and Improvements	531
Total	940
Accumulated Depreciation	$ 104
Depreciable Life (in years) \| Y	40.0
North Carolina ENC010 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 965
Buildings and Improvements	1,249
Gross Amount Carried at Close of Period
Land	965
Buildings and Improvements	1,249
Total	2,214
Accumulated Depreciation	$ 245
Depreciable Life (in years) \| Y	40.0
North Carolina ENC011 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 475
Buildings and Improvements	615
Gross Amount Carried at Close of Period
Land	475
Buildings and Improvements	615
Total	1,090
Accumulated Depreciation	$ 121
Depreciable Life (in years) \| Y	40.0
North Carolina ENC012 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 494
Buildings and Improvements	638
Gross Amount Carried at Close of Period
Land	494
Buildings and Improvements	638
Total	1,132
Accumulated Depreciation	$ 125
Depreciable Life (in years) \| Y	40.0
Ohio EOH001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 434
Buildings and Improvements	562
Gross Amount Carried at Close of Period
Land	434
Buildings and Improvements	562
Total	996
Accumulated Depreciation	$ 110
Depreciable Life (in years) \| Y	40.0
Ohio EOH002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 967
Buildings and Improvements	1,252
Gross Amount Carried at Close of Period
Land	967
Buildings and Improvements	1,252
Total	2,219
Accumulated Depreciation	$ 245
Depreciable Life (in years) \| Y	40.0
Ohio EOH003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 281
Buildings and Improvements	365
Gross Amount Carried at Close of Period
Land	281
Buildings and Improvements	365
Total	646
Accumulated Depreciation	$ 71
Depreciable Life (in years) \| Y	40.0
Ohio EOH004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 393
Buildings and Improvements	508
Gross Amount Carried at Close of Period
Land	393
Buildings and Improvements	508
Total	901
Accumulated Depreciation	$ 100
Depreciable Life (in years) \| Y	40.0
Oklahoma EOK001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 431
Buildings and Improvements	557
Gross Amount Carried at Close of Period
Land	431
Buildings and Improvements	557
Total	988
Accumulated Depreciation	$ 109
Depreciable Life (in years) \| Y	40.0
Oklahoma EOK002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 954
Buildings and Improvements	1,235
Gross Amount Carried at Close of Period
Land	954
Buildings and Improvements	1,235
Total	2,189
Accumulated Depreciation	$ 242
Depreciable Life (in years) \| Y	40.0
Oregon EOR001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 373
Buildings and Improvements	484
Gross Amount Carried at Close of Period
Land	373
Buildings and Improvements	484
Total	857
Accumulated Depreciation	$ 95
Depreciable Life (in years) \| Y	40.0
Oregon EOR002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 393
Buildings and Improvements	508
Gross Amount Carried at Close of Period
Land	393
Buildings and Improvements	508
Total	901
Accumulated Depreciation	$ 100
Depreciable Life (in years) \| Y	40.0
Pennsylvania EPA001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 407
Buildings and Improvements	527
Gross Amount Carried at Close of Period
Land	407
Buildings and Improvements	527
Total	934
Accumulated Depreciation	$ 103
Depreciable Life (in years) \| Y	40.0
Pennsylvania EPA002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 421
Buildings and Improvements	544
Gross Amount Carried at Close of Period
Land	421
Buildings and Improvements	544
Total	965
Accumulated Depreciation	$ 107
Depreciable Life (in years) \| Y	40.0
Pennsylvania EPA003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 409
Buildings and Improvements	528
Gross Amount Carried at Close of Period
Land	409
Buildings and Improvements	528
Total	937
Accumulated Depreciation	$ 104
Depreciable Life (in years) \| Y	40.0
Pennsylvania EPA004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 407
Buildings and Improvements	527
Gross Amount Carried at Close of Period
Land	407
Buildings and Improvements	527
Total	934
Accumulated Depreciation	$ 103
Depreciable Life (in years) \| Y	40.0
Puerto Rico EPR001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 950
Buildings and Improvements	1,230
Gross Amount Carried at Close of Period
Land	950
Buildings and Improvements	1,230
Total	2,180
Accumulated Depreciation	$ 241
Depreciable Life (in years) \| Y	40.0
Rhode Island ERI 001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 850
Buildings and Improvements	1,100
Gross Amount Carried at Close of Period
Land	850
Buildings and Improvements	1,100
Total	1,950
Accumulated Depreciation	$ 216
Depreciable Life (in years) \| Y	40.0
South Carolina ESC001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 943
Buildings and Improvements	1,220
Gross Amount Carried at Close of Period
Land	943
Buildings and Improvements	1,220
Total	2,163
Accumulated Depreciation	$ 239
Depreciable Life (in years) \| Y	40.0
South Carolina ESC002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 332
Buildings and Improvements	429
Gross Amount Carried at Close of Period
Land	332
Buildings and Improvements	429
Total	761
Accumulated Depreciation	$ 84
Depreciable Life (in years) \| Y	40.0
South Carolina ESC003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 924
Buildings and Improvements	1,196
Gross Amount Carried at Close of Period
Land	924
Buildings and Improvements	1,196
Total	2,120
Accumulated Depreciation	$ 235
Depreciable Life (in years) \| Y	40.0
Tennessee ETN001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 260
Buildings and Improvements	338
Gross Amount Carried at Close of Period
Land	260
Buildings and Improvements	338
Total	598
Accumulated Depreciation	$ 66
Depreciable Life (in years) \| Y	40.0
Texas ETX001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,045
Buildings and Improvements	1,353
Gross Amount Carried at Close of Period
Land	1,045
Buildings and Improvements	1,353
Total	2,398
Accumulated Depreciation	$ 265
Depreciable Life (in years) \| Y	40.0
Texas ETX002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 593
Buildings and Improvements	767
Gross Amount Carried at Close of Period
Land	593
Buildings and Improvements	767
Total	1,360
Accumulated Depreciation	$ 150
Depreciable Life (in years) \| Y	40.0
Texas ETX003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 985
Buildings and Improvements	1,276
Gross Amount Carried at Close of Period
Land	985
Buildings and Improvements	1,276
Total	2,261
Accumulated Depreciation	$ 250
Depreciable Life (in years) \| Y	40.0
Texas ETX004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 838
Buildings and Improvements	1,083
Gross Amount Carried at Close of Period
Land	838
Buildings and Improvements	1,083
Total	1,921
Accumulated Depreciation	$ 213
Depreciable Life (in years) \| Y	40.0
Texas ETX005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 528
Buildings and Improvements	682
Gross Amount Carried at Close of Period
Land	528
Buildings and Improvements	682
Total	1,210
Accumulated Depreciation	$ 134
Depreciable Life (in years) \| Y	40.0
Texas ETX006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 480
Buildings and Improvements	622
Gross Amount Carried at Close of Period
Land	480
Buildings and Improvements	622
Total	1,102
Accumulated Depreciation	$ 122
Depreciable Life (in years) \| Y	40.0
Texas ETX007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 975
Buildings and Improvements	1,261
Gross Amount Carried at Close of Period
Land	975
Buildings and Improvements	1,261
Total	2,236
Accumulated Depreciation	$ 247
Depreciable Life (in years) \| Y	40.0
Texas ETX008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,108
Buildings and Improvements	1,433
Gross Amount Carried at Close of Period
Land	1,108
Buildings and Improvements	1,433
Total	2,541
Accumulated Depreciation	$ 281
Depreciable Life (in years) \| Y	40.0
Texas ETX009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 425
Buildings and Improvements	549
Gross Amount Carried at Close of Period
Land	425
Buildings and Improvements	549
Total	974
Accumulated Depreciation	$ 108
Depreciable Life (in years) \| Y	40.0
Texas ETX010 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 518
Buildings and Improvements	671
Gross Amount Carried at Close of Period
Land	518
Buildings and Improvements	671
Total	1,189
Accumulated Depreciation	$ 132
Depreciable Life (in years) \| Y	40.0
Texas ETX011 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 758
Buildings and Improvements	981
Gross Amount Carried at Close of Period
Land	758
Buildings and Improvements	981
Total	1,739
Accumulated Depreciation	$ 193
Depreciable Life (in years) \| Y	40.0
Texas ETX012 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 399
Buildings and Improvements	517
Gross Amount Carried at Close of Period
Land	399
Buildings and Improvements	517
Total	916
Accumulated Depreciation	$ 101
Depreciable Life (in years) \| Y	40.0
Texas ETX013 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 375
Buildings and Improvements	485
Gross Amount Carried at Close of Period
Land	375
Buildings and Improvements	485
Total	860
Accumulated Depreciation	$ 95
Depreciable Life (in years) \| Y	40.0
Texas ETX014 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 438
Buildings and Improvements	567
Gross Amount Carried at Close of Period
Land	438
Buildings and Improvements	567
Total	1,005
Accumulated Depreciation	$ 111
Depreciable Life (in years) \| Y	40.0
Texas ETX015 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 285
Buildings and Improvements	369
Gross Amount Carried at Close of Period
Land	285
Buildings and Improvements	369
Total	654
Accumulated Depreciation	$ 72
Depreciable Life (in years) \| Y	40.0
Texas ETX016 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 554
Buildings and Improvements	718
Gross Amount Carried at Close of Period
Land	554
Buildings and Improvements	718
Total	1,272
Accumulated Depreciation	$ 141
Depreciable Life (in years) \| Y	40.0
Texas ETX017 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 561
Buildings and Improvements	726
Gross Amount Carried at Close of Period
Land	561
Buildings and Improvements	726
Total	1,287
Accumulated Depreciation	$ 142
Depreciable Life (in years) \| Y	40.0
Texas ETX018 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 753
Buildings and Improvements	976
Gross Amount Carried at Close of Period
Land	753
Buildings and Improvements	976
Total	1,729
Accumulated Depreciation	$ 191
Depreciable Life (in years) \| Y	40.0
Texas ETX019 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 521
Buildings and Improvements	675
Gross Amount Carried at Close of Period
Land	521
Buildings and Improvements	675
Total	1,196
Accumulated Depreciation	$ 132
Depreciable Life (in years) \| Y	40.0
Texas ETX020 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 634
Buildings and Improvements	821
Gross Amount Carried at Close of Period
Land	634
Buildings and Improvements	821
Total	1,455
Accumulated Depreciation	$ 161
Depreciable Life (in years) \| Y	40.0
Texas ETX021 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 379
Buildings and Improvements	491
Gross Amount Carried at Close of Period
Land	379
Buildings and Improvements	491
Total	870
Accumulated Depreciation	$ 96
Depreciable Life (in years) \| Y	40.0
Texas ETX022 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 592
Buildings and Improvements	766
Gross Amount Carried at Close of Period
Land	592
Buildings and Improvements	766
Total	1,358
Accumulated Depreciation	$ 150
Depreciable Life (in years) \| Y	40.0
Utah EUT001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 624
Buildings and Improvements	808
Gross Amount Carried at Close of Period
Land	624
Buildings and Improvements	808
Total	1,432
Accumulated Depreciation	$ 158
Depreciable Life (in years) \| Y	40.0
Virginia EVA001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,134
Buildings and Improvements	1,467
Gross Amount Carried at Close of Period
Land	1,134
Buildings and Improvements	1,467
Total	2,601
Accumulated Depreciation	$ 288
Depreciable Life (in years) \| Y	40.0
Virginia EVA002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 845
Buildings and Improvements	1,094
Gross Amount Carried at Close of Period
Land	845
Buildings and Improvements	1,094
Total	1,939
Accumulated Depreciation	$ 215
Depreciable Life (in years) \| Y	40.0
Virginia EVA003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 884
Buildings and Improvements	1,145
Gross Amount Carried at Close of Period
Land	884
Buildings and Improvements	1,145
Total	2,029
Accumulated Depreciation	$ 224
Depreciable Life (in years) \| Y	40.0
Virginia EVA004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 953
Buildings and Improvements	1,233
Gross Amount Carried at Close of Period
Land	953
Buildings and Improvements	1,233
Total	2,186
Accumulated Depreciation	$ 242
Depreciable Life (in years) \| Y	40.0
Virginia EVA005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 487
Buildings and Improvements	632
Gross Amount Carried at Close of Period
Land	487
Buildings and Improvements	632
Total	1,119
Accumulated Depreciation	$ 124
Depreciable Life (in years) \| Y	40.0
Virginia EVA006 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 425
Buildings and Improvements	550
Gross Amount Carried at Close of Period
Land	425
Buildings and Improvements	550
Total	975
Accumulated Depreciation	$ 108
Depreciable Life (in years) \| Y	40.0
Virginia EVA007 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,151
Buildings and Improvements	1,490
Gross Amount Carried at Close of Period
Land	1,151
Buildings and Improvements	1,490
Total	2,641
Accumulated Depreciation	$ 292
Depreciable Life (in years) \| Y	40.0
Virginia EVA008 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 546
Buildings and Improvements	707
Gross Amount Carried at Close of Period
Land	546
Buildings and Improvements	707
Total	1,253
Accumulated Depreciation	$ 139
Depreciable Life (in years) \| Y	40.0
Virginia EVA009 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 851
Buildings and Improvements	1,103
Gross Amount Carried at Close of Period
Land	851
Buildings and Improvements	1,103
Total	1,954
Accumulated Depreciation	$ 216
Depreciable Life (in years) \| Y	40.0
Virginia EVA010 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 819
Buildings and Improvements	1,061
Gross Amount Carried at Close of Period
Land	819
Buildings and Improvements	1,061
Total	1,880
Accumulated Depreciation	$ 208
Depreciable Life (in years) \| Y	40.0
Virginia EVA011 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 958
Buildings and Improvements	1,240
Gross Amount Carried at Close of Period
Land	958
Buildings and Improvements	1,240
Total	2,198
Accumulated Depreciation	$ 243
Depreciable Life (in years) \| Y	40.0
Virginia EVA012 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 788
Buildings and Improvements	1,020
Gross Amount Carried at Close of Period
Land	788
Buildings and Improvements	1,020
Total	1,808
Accumulated Depreciation	$ 200
Depreciable Life (in years) \| Y	40.0
Virginia EVA013 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 554
Buildings and Improvements	716
Gross Amount Carried at Close of Period
Land	554
Buildings and Improvements	716
Total	1,270
Accumulated Depreciation	$ 141
Depreciable Life (in years) \| Y	40.0
Washington EWA001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,500
Buildings and Improvements	6,500
Gross Amount Carried at Close of Period
Land	1,500
Buildings and Improvements	6,500
Total	8,000
Accumulated Depreciation	$ 1,550
Depreciable Life (in years) \| Y	40.0
Wisconsin EWI001 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 521
Buildings and Improvements	673
Gross Amount Carried at Close of Period
Land	521
Buildings and Improvements	673
Total	1,194
Accumulated Depreciation	$ 132
Depreciable Life (in years) \| Y	40.0
Wisconsin EWI002 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 413
Buildings and Improvements	535
Gross Amount Carried at Close of Period
Land	413
Buildings and Improvements	535
Total	948
Accumulated Depreciation	$ 105
Depreciable Life (in years) \| Y	40.0
Wisconsin EWI003 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 542
Buildings and Improvements	702
Gross Amount Carried at Close of Period
Land	542
Buildings and Improvements	702
Total	1,244
Accumulated Depreciation	$ 138
Depreciable Life (in years) \| Y	40.0
Wisconsin EWI004 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 793
Buildings and Improvements	1,025
Gross Amount Carried at Close of Period
Land	793
Buildings and Improvements	1,025
Total	1,818
Accumulated Depreciation	$ 201
Depreciable Life (in years) \| Y	40.0
Wisconsin EWI005 \| ENTERTAINMENT:
Initial Cost to Company
Land	$ 1,124
Buildings and Improvements	1,455
Gross Amount Carried at Close of Period
Land	1,124
Buildings and Improvements	1,455
Total	2,579
Accumulated Depreciation	$ 285
Depreciable Life (in years) \| Y	40.0
Alabama RAL001 \| RETAIL:
Initial Cost to Company
Land	$ 2,377
Buildings and Improvements	3,978
Costs Capitalized Subsequent to Acquisition	69
Gross Amount Carried at Close of Period
Land	2,408
Buildings and Improvements	4,016
Total	6,424
Accumulated Depreciation	$ 769
Depreciable Life (in years) \| Y	39.0
Arizona RAZ001 \| RETAIL:
Real Estate and Accumulated Depreciation
Encumbrances	$ 22,376
Initial Cost to Company
Land	8,374
Buildings and Improvements	5,394
Costs Capitalized Subsequent to Acquisition	23,038
Gross Amount Carried at Close of Period
Land	8,223
Buildings and Improvements	28,583
Total	36,806
Accumulated Depreciation	$ 4,850
Depreciable Life (in years) \| Y	36.5
Arizona RAZ007 \| RETAIL:
Initial Cost to Company
Land	$ 10,182
Buildings and Improvements	59,200
Costs Capitalized Subsequent to Acquisition	5
Gross Amount Carried at Close of Period
Land	10,031
Buildings and Improvements	59,356
Total	69,387
Accumulated Depreciation	$ 805
Depreciable Life (in years) \| Y	40.0
Arizona RAZ002 \| RETAIL:
Real Estate and Accumulated Depreciation
Encumbrances	$ 6,209
Initial Cost to Company
Land	3,284
Buildings and Improvements	8,258
Costs Capitalized Subsequent to Acquisition	(36)
Gross Amount Carried at Close of Period
Land	3,274
Buildings and Improvements	8,232
Total	11,506
Accumulated Depreciation	$ 1,521
Depreciable Life (in years) \| Y	40.0
Arizona RAZ003 \| RETAIL:
Initial Cost to Company
Land	$ 2,625
Buildings and Improvements	4,875
Costs Capitalized Subsequent to Acquisition	(500)
Gross Amount Carried at Close of Period
Land	2,625
Buildings and Improvements	4,375
Total	7,000
Accumulated Depreciation	$ 41
Depreciable Life (in years) \| Y	40.0
Arizona RAZ004 \| RETAIL:
Initial Cost to Company
Land	$ 2,184
Buildings and Improvements	4,056
Costs Capitalized Subsequent to Acquisition	(1,547)
Gross Amount Carried at Close of Period
Land	2,184
Buildings and Improvements	2,509
Total	4,693
Accumulated Depreciation	$ 27
Depreciable Life (in years) \| Y	40.0
Arizona RAZ005 \| RETAIL:
Initial Cost to Company
Land	$ 756
Buildings and Improvements	1,404
Costs Capitalized Subsequent to Acquisition	(552)
Gross Amount Carried at Close of Period
Land	756
Buildings and Improvements	852
Total	1,608
Arizona RAZ006 \| RETAIL:
Real Estate and Accumulated Depreciation
Encumbrances	9,946
Initial Cost to Company
Land	6,232
Buildings and Improvements	9,271
Costs Capitalized Subsequent to Acquisition	3,470
Gross Amount Carried at Close of Period
Land	6,219
Buildings and Improvements	12,754
Total	18,973
Accumulated Depreciation	$ 2,274
Depreciable Life (in years) \| Y	40.0
California RCA003 \| RETAIL:
Initial Cost to Company
Land	$ 1,920
Buildings and Improvements	480
Gross Amount Carried at Close of Period
Land	1,920
Buildings and Improvements	480
Total	2,400
California RCA001 \| RETAIL:
Initial Cost to Company
Land	2,569
Buildings and Improvements	3,031
Costs Capitalized Subsequent to Acquisition	50
Gross Amount Carried at Close of Period
Land	2,569
Buildings and Improvements	3,081
Total	5,650
Accumulated Depreciation	$ 161
Depreciable Life (in years) \| Y	40.0
California RCA002 \| RETAIL:
Initial Cost to Company
Land	$ 3,100
Gross Amount Carried at Close of Period
Land	3,100
Total	3,100
Colorado RCO001 \| RETAIL:
Initial Cost to Company
Land	2,631
Buildings and Improvements	279
Costs Capitalized Subsequent to Acquisition	5,195
Gross Amount Carried at Close of Period
Land	2,607
Buildings and Improvements	5,498
Total	8,105
Accumulated Depreciation	$ 649
Depreciable Life (in years) \| Y	40.0
Florida RFL004 \| RETAIL:
Initial Cost to Company
Land	$ 4,800
Buildings and Improvements	19,200
Gross Amount Carried at Close of Period
Land	4,800
Buildings and Improvements	19,200
Total	24,000
Florida RFL001 \| RETAIL:
Initial Cost to Company
Land	3,230
Buildings and Improvements	6,865
Costs Capitalized Subsequent to Acquisition	(2,595)
Gross Amount Carried at Close of Period
Land	2,400
Buildings and Improvements	5,100
Total	7,500
Florida RFL002 \| RETAIL:
Initial Cost to Company
Land	2,182
Buildings and Improvements	4,638
Costs Capitalized Subsequent to Acquisition	(600)
Gross Amount Carried at Close of Period
Land	2,182
Buildings and Improvements	4,038
Total	6,220
Florida RFL003 \| RETAIL:
Initial Cost to Company
Land	3,950
Costs Capitalized Subsequent to Acquisition	10,285
Gross Amount Carried at Close of Period
Land	3,908
Buildings and Improvements	10,327
Total	14,235
Accumulated Depreciation	$ 1,395
Depreciable Life (in years) \| Y	40.0
Hawaii RHI001 \| RETAIL:
Initial Cost to Company
Land	$ 3,393
Buildings and Improvements	21,306
Costs Capitalized Subsequent to Acquisition	2,436
Gross Amount Carried at Close of Period
Land	3,393
Buildings and Improvements	23,742
Total	27,135
Accumulated Depreciation	$ 1,640
Depreciable Life (in years) \| Y	40.0
Illinois RIL001 \| RETAIL:
Initial Cost to Company
Buildings and Improvements	$ 18,700
Costs Capitalized Subsequent to Acquisition	533
Gross Amount Carried at Close of Period
Buildings and Improvements	19,233
Total	19,233
Accumulated Depreciation	$ 2,358
Depreciable Life (in years) \| Y	40.0
Louisiana RLA001 \| RETAIL:
Initial Cost to Company
Land	$ 2,193
Buildings and Improvements	3,654
Costs Capitalized Subsequent to Acquisition	64
Gross Amount Carried at Close of Period
Land	2,221
Buildings and Improvements	3,690
Total	5,911
Accumulated Depreciation	$ 725
Depreciable Life (in years) \| Y	38.0
New Hampshire RNH001 \| RETAIL:
Real Estate and Accumulated Depreciation
Encumbrances	$ 4,497
Initial Cost to Company
Land	3,848
Buildings and Improvements	3,909
Costs Capitalized Subsequent to Acquisition	(89)
Gross Amount Carried at Close of Period
Land	3,798
Buildings and Improvements	3,870
Total	7,668
Accumulated Depreciation	$ 837
Depreciable Life (in years) \| Y	27.5
New Jersey RNJ001 \| RETAIL:
Real Estate and Accumulated Depreciation
Encumbrances	$ 8,195
Initial Cost to Company
Buildings and Improvements	18,003
Costs Capitalized Subsequent to Acquisition	(19)
Gross Amount Carried at Close of Period
Buildings and Improvements	17,984
Total	17,984
Accumulated Depreciation	$ 2,097
Depreciable Life (in years) \| Y	40.0
New Jersey RNJ002 \| RETAIL:
Initial Cost to Company
Land	$ 3,520
Buildings and Improvements	880
Gross Amount Carried at Close of Period
Land	3,520
Buildings and Improvements	880
Total	4,400
New Mexico RNM001 \| RETAIL:
Initial Cost to Company
Land	1,733
Costs Capitalized Subsequent to Acquisition	8,370
Gross Amount Carried at Close of Period
Land	1,705
Buildings and Improvements	8,398
Total	10,103
Accumulated Depreciation	$ 1,070
Depreciable Life (in years) \| Y	40.0
New Mexico RNM002 \| RETAIL:
Initial Cost to Company
Land	$ 756
Buildings and Improvements	905
Costs Capitalized Subsequent to Acquisition	422
Gross Amount Carried at Close of Period
Land	762
Buildings and Improvements	1,321
Total	2,083
Accumulated Depreciation	$ 256
Depreciable Life (in years) \| Y	28.0
New Mexico RNM003 \| RETAIL:
Initial Cost to Company
Land	$ 4,178
Buildings and Improvements	8,528
Costs Capitalized Subsequent to Acquisition	(22)
Gross Amount Carried at Close of Period
Land	4,338
Buildings and Improvements	8,346
Total	12,684
Accumulated Depreciation	$ 1,560
Depreciable Life (in years) \| Y	38.0
New York RNY001 \| RETAIL:
Initial Cost to Company
Land	$ 731
Buildings and Improvements	6,073
Costs Capitalized Subsequent to Acquisition	699
Gross Amount Carried at Close of Period
Land	711
Buildings and Improvements	6,792
Total	7,503
Accumulated Depreciation	$ 1,165
Depreciable Life (in years) \| Y	40.0
New York RNY002 \| RETAIL:
Initial Cost to Company
Land	$ 1,760
Buildings and Improvements	3,740
Costs Capitalized Subsequent to Acquisition	(2,200)
Gross Amount Carried at Close of Period
Land	1,056
Buildings and Improvements	2,244
Total	3,300
New York RNY003 \| RETAIL:
Initial Cost to Company
Land	482
Buildings and Improvements	1,024
Costs Capitalized Subsequent to Acquisition	(355)
Gross Amount Carried at Close of Period
Land	482
Buildings and Improvements	669
Total	1,151
Pennsylvania RPA001 \| RETAIL:
Initial Cost to Company
Land	5,687
Buildings and Improvements	65,312
Costs Capitalized Subsequent to Acquisition	1,169
Gross Amount Carried at Close of Period
Land	5,687
Buildings and Improvements	66,481
Total	72,168
Accumulated Depreciation	$ 846
Depreciable Life (in years) \| Y	40.0
South Carolina RSC001 \| RETAIL:
Initial Cost to Company
Land	$ 2,126
Buildings and Improvements	948
Costs Capitalized Subsequent to Acquisition	(790)
Gross Amount Carried at Close of Period
Land	1,337
Buildings and Improvements	947
Total	2,284
Accumulated Depreciation	$ 111
Depreciable Life (in years) \| Y	40.0
Texas RTX001 \| RETAIL:
Initial Cost to Company
Land	$ 3,538
Buildings and Improvements	4,215
Costs Capitalized Subsequent to Acquisition	171
Gross Amount Carried at Close of Period
Land	3,514
Buildings and Improvements	4,410
Total	7,924
Accumulated Depreciation	$ 839
Depreciable Life (in years) \| Y	40.0
Texas RTX002 \| RETAIL:
Initial Cost to Company
Land	$ 1,225
Buildings and Improvements	2,275
Costs Capitalized Subsequent to Acquisition	(395)
Gross Amount Carried at Close of Period
Land	1,225
Buildings and Improvements	1,880
Total	3,105
Texas RTX003 \| RETAIL:
Initial Cost to Company
Land	630
Buildings and Improvements	1,170
Costs Capitalized Subsequent to Acquisition	(205)
Gross Amount Carried at Close of Period
Land	630
Buildings and Improvements	965
Total	1,595
Utah RUT001 \| RETAIL:
Initial Cost to Company
Land	3,502
Costs Capitalized Subsequent to Acquisition	5,975
Gross Amount Carried at Close of Period
Land	3,502
Buildings and Improvements	5,975
Total	9,477
Accumulated Depreciation	$ 793
Depreciable Life (in years) \| Y	40.0
Virginia RVA001 \| RETAIL:
Initial Cost to Company
Land	$ 4,720
Buildings and Improvements	18,880
Gross Amount Carried at Close of Period
Land	4,720
Buildings and Improvements	18,880
Total	$ 23,600
Depreciable Life (in years) \| Y	40.0
California HCA002 \| HOTEL:
Initial Cost to Company
Land	$ 4,394
Buildings and Improvements	27,030
Costs Capitalized Subsequent to Acquisition	(871)
Gross Amount Carried at Close of Period
Land	4,394
Buildings and Improvements	26,159
Total	30,553
Accumulated Depreciation	$ 9,276
Depreciable Life (in years) \| Y	40.0
California HCA003 \| HOTEL:
Initial Cost to Company
Land	$ 3,308
Buildings and Improvements	20,623
Costs Capitalized Subsequent to Acquisition	(664)
Gross Amount Carried at Close of Period
Land	3,308
Buildings and Improvements	19,959
Total	23,267
Accumulated Depreciation	$ 7,064
Depreciable Life (in years) \| Y	40.0
Colorado HCO001 \| HOTEL:
Initial Cost to Company
Land	$ 1,242
Buildings and Improvements	7,865
Costs Capitalized Subsequent to Acquisition	(253)
Gross Amount Carried at Close of Period
Land	1,242
Buildings and Improvements	7,612
Total	8,854
Accumulated Depreciation	$ 2,688
Depreciable Life (in years) \| Y	40.0
Hawaii HHI001 \| HOTEL:
Initial Cost to Company
Land	$ 4,567
Buildings and Improvements	39,815
Costs Capitalized Subsequent to Acquisition	456
Gross Amount Carried at Close of Period
Land	4,567
Buildings and Improvements	40,271
Total	44,838
Accumulated Depreciation	$ 2,553
Depreciable Life (in years) \| Y	40.0
Hawaii HHI002 \| HOTEL:
Initial Cost to Company
Land	$ 3,000
Buildings and Improvements	12,000
Costs Capitalized Subsequent to Acquisition	1,049
Gross Amount Carried at Close of Period
Land	3,000
Buildings and Improvements	13,049
Total	16,049
Utah HUT001 \| HOTEL:
Initial Cost to Company
Land	5,620
Buildings and Improvements	32,695
Costs Capitalized Subsequent to Acquisition	(1,058)
Gross Amount Carried at Close of Period
Land	5,620
Buildings and Improvements	31,637
Total	37,257
Accumulated Depreciation	$ 11,311
Depreciable Life (in years) \| Y	40.0
Washington HWA004 \| HOTEL:
Initial Cost to Company
Land	$ 5,101
Buildings and Improvements	32,080
Costs Capitalized Subsequent to Acquisition	(1,032)
Gross Amount Carried at Close of Period
Land	5,101
Buildings and Improvements	31,048
Total	36,149
Accumulated Depreciation	$ 10,975
Depreciable Life (in years) \| Y	40.0
Arizona AAZ001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	$ 4,480
Buildings and Improvements	17,921
Costs Capitalized Subsequent to Acquisition	(14,278)
Gross Amount Carried at Close of Period
Land	4,480
Buildings and Improvements	3,643
Total	8,123
Arizona AAZ002 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	1,626
Buildings and Improvements	11,174
Costs Capitalized Subsequent to Acquisition	4,765
Gross Amount Carried at Close of Period
Land	1,864
Buildings and Improvements	15,701
Total	17,565
Accumulated Depreciation	$ 460
Depreciable Life (in years) \| Y	40.0
California ACA001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	$ 7,333
Buildings and Improvements	29,333
Costs Capitalized Subsequent to Acquisition	10,916
Gross Amount Carried at Close of Period
Land	7,333
Buildings and Improvements	40,249
Total	47,582
California ACA002 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	10,078
Buildings and Improvements	40,312
Costs Capitalized Subsequent to Acquisition	(29,018)
Gross Amount Carried at Close of Period
Land	4,275
Buildings and Improvements	17,097
Total	21,372
Florida AFL001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	2,394
Buildings and Improvements	24,206
Costs Capitalized Subsequent to Acquisition	(17,867)
Gross Amount Carried at Close of Period
Land	2,394
Buildings and Improvements	6,339
Total	8,733
Florida AFL002 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	6,540
Buildings and Improvements	15,260
Costs Capitalized Subsequent to Acquisition	(1,530)
Gross Amount Carried at Close of Period
Land	6,540
Buildings and Improvements	13,730
Total	20,270
Florida AFL003 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	30,900
Buildings and Improvements	30,900
Costs Capitalized Subsequent to Acquisition	342
Gross Amount Carried at Close of Period
Land	30,900
Buildings and Improvements	31,242
Total	62,142
Florida AFL004 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	760
Buildings and Improvements	3,040
Costs Capitalized Subsequent to Acquisition	(3,747)
Gross Amount Carried at Close of Period
Land	11
Buildings and Improvements	42
Total	53
Hawaii AHI001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	8,080
Buildings and Improvements	12,120
Costs Capitalized Subsequent to Acquisition	(9,623)
Gross Amount Carried at Close of Period
Land	8,080
Buildings and Improvements	2,497
Total	10,577
Hawaii AHI002 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	4,430
Buildings and Improvements	18,170
Costs Capitalized Subsequent to Acquisition	(7,858)
Gross Amount Carried at Close of Period
Land	2,072
Buildings and Improvements	12,670
Total	14,742
Hawaii AHI003 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	3,483
Buildings and Improvements	9,417
Costs Capitalized Subsequent to Acquisition	(3,904)
Gross Amount Carried at Close of Period
Land	2,312
Buildings and Improvements	6,684
Total	8,996
Idaho AID001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	2,275
Buildings and Improvements	15,925
Costs Capitalized Subsequent to Acquisition	(11,963)
Gross Amount Carried at Close of Period
Land	2,275
Buildings and Improvements	3,962
Total	6,237
Nevada ANZ001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	18,117
Buildings and Improvements	106,829
Costs Capitalized Subsequent to Acquisition	(56,432)
Gross Amount Carried at Close of Period
Land	9,934
Buildings and Improvements	58,580
Total	68,514
New Jersey ANJ001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	36,405
Buildings and Improvements	64,719
Costs Capitalized Subsequent to Acquisition	(56,252)
Gross Amount Carried at Close of Period
Land	16,154
Buildings and Improvements	28,718
Total	44,872
New York ANY001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Buildings and Improvements	114,400
Costs Capitalized Subsequent to Acquisition	(58,838)
Gross Amount Carried at Close of Period
Buildings and Improvements	55,562
Total	55,562
Washington AWA001 \| APARTMENT/RESIDENTIAL:
Initial Cost to Company
Land	2,342
Buildings and Improvements	44,479
Costs Capitalized Subsequent to Acquisition	(21,611)
Gross Amount Carried at Close of Period
Land	1,261
Buildings and Improvements	23,949
Total	25,210
Arizona MAZ001 \| MIXED USE:
Initial Cost to Company
Land	15,827
Buildings and Improvements	8,773
Costs Capitalized Subsequent to Acquisition	(404)
Gross Amount Carried at Close of Period
Land	15,827
Buildings and Improvements	8,369
Total	24,196
Accumulated Depreciation	$ 225
Depreciable Life (in years) \| Y	40.0
California MCA001 \| MIXED USE:
Initial Cost to Company
Land	$ 5,870
Buildings and Improvements	629
Costs Capitalized Subsequent to Acquisition	1
Gross Amount Carried at Close of Period
Land	5,870
Buildings and Improvements	630
Total	6,500
Accumulated Depreciation	43
Florida MFL001 \| MIXED USE:
Initial Cost to Company
Land	8,450
Buildings and Improvements	13,251
Costs Capitalized Subsequent to Acquisition	1,642
Gross Amount Carried at Close of Period
Land	8,450
Buildings and Improvements	14,893
Total	23,343
Accumulated Depreciation	$ 4,261
Depreciable Life (in years) \| Y	40.0
Georgia MGA001 \| MIXED USE:
Initial Cost to Company
Land	$ 13,820
Buildings and Improvements	55,280
Costs Capitalized Subsequent to Acquisition	1,291
Gross Amount Carried at Close of Period
Land	13,820
Buildings and Improvements	56,571
Total	$ 70,391

Schedule III-Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of Real Estate:
Balance at January 1	$ 3,694,759	$ 4,690,096	$ 3,498,067
Improvements and additions	64,505	109,479	29,145
Acquisitions through foreclosure	502,482	773,315	1,340,255
Dispositions	(269,402)	(1,858,527)	(71,843)
Impairments	(20,645)	(19,604)	(105,528)
Balance at December 31	3,971,699	3,694,759	4,690,096
Reconciliation of Accumulated Depreciation:
Balance at January 1	(330,462)	(525,113)	(453,256)
Additions	(55,815)	(75,019)	(82,082)
Dispositions	22,934	269,670	10,225
Balance at December 31	$ (363,343)	$ (330,462)	$ (525,113)

Schedule IV-Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) day	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)
Mortgage loans on real estate
Face Amount of Mortgages	$ 3,014,468
Carrying Amount of Mortgages	2,449,554	$ 4,012,067	$ 6,662,379	$ 9,088,331
Asset specific reserves on impaired loans	$ 563,200
Delinquency period for a loan to be considered as non-performing and on non-accrual status (in days) \| day	90
Senior Mortgages
Mortgage loans on real estate
Face Amount of Mortgages	$ 2,787,836
Carrying Amount of Mortgages	$ 2,260,544
Senior Mortgages \| Minimum
Mortgage loans on real estate
Delinquency period for a loan to be considered as non-performing and on non-accrual status (in days) \| day	90
Senior Mortgages - Borrower A
Mortgage loans on real estate
Face Amount of Mortgages	$ 175,570
Carrying Amount of Mortgages	138,700
Principal amount of loan in default that is more than 90 days delinquent	$ 175,600
Senior Mortgages - Borrower A \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Fixed interest rate (as a percent)	9.00%
Senior Mortgages - Borrower A \| Contractual Interest Payment Rates
Mortgage loans on real estate
Fixed interest rate (as a percent)	0.00%
Senior Mortgages - Borrower B
Mortgage loans on real estate
Face Amount of Mortgages	$ 117,348
Carrying Amount of Mortgages	$ 118,629
Senior Mortgages - Borrower B \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	3.50%
Variable rate basis	LIBOR
Senior Mortgages - Borrower B \| Contractual Interest Payment Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	3.50%
Variable rate basis	LIBOR
Senior Mortgages - Borrower C
Mortgage loans on real estate
Face Amount of Mortgages	$ 103,540
Carrying Amount of Mortgages	$ 103,554
Senior Mortgages - Borrower C \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	3.30%
Variable rate basis	LIBOR
Senior Mortgages - Borrower C \| Contractual Interest Payment Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	3.30%
Variable rate basis	LIBOR
Senior Mortgages - Borrower D
Mortgage loans on real estate
Face Amount of Mortgages	$ 103,265
Carrying Amount of Mortgages	$ 103,511
Senior Mortgages - Borrower D \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	4.00%
Variable rate basis	LIBOR
Senior Mortgages - Borrower D \| Contractual Interest Payment Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	4.00%
Variable rate basis	LIBOR
Senior Mortgages - Borrower E
Mortgage loans on real estate
Face Amount of Mortgages	$ 94,787
Carrying Amount of Mortgages	$ 94,788
Senior Mortgages - Borrower E \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Fixed interest rate (as a percent)	7.00%
Senior Mortgages - Borrower E \| Contractual Interest Payment Rates
Mortgage loans on real estate
Fixed interest rate (as a percent)	7.00%
Senior Mortgages - Borrower F
Mortgage loans on real estate
Face Amount of Mortgages	$ 220,059
Carrying Amount of Mortgages	79,580
Principal amount of loan in default that is more than 90 days delinquent	$ 220,100
Senior Mortgages - Borrower F \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Fixed interest rate (as a percent)	17.00%
Senior Mortgages - Borrower F \| Contractual Interest Payment Rates
Mortgage loans on real estate
Fixed interest rate (as a percent)	17.00%
Senior Mortgages - Borrower G
Mortgage loans on real estate
Face Amount of Mortgages	$ 75,000
Carrying Amount of Mortgages	$ 75,001
Senior Mortgages - Borrower G \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	2.75%
Variable rate basis	LIBOR
Senior Mortgages - Borrower G \| Contractual Interest Payment Rates
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	2.75%
Variable rate basis	LIBOR
Senior mortgages individually less than 3 %
Mortgage loans on real estate
Face Amount of Mortgages	$ 1,898,267
Carrying Amount of Mortgages	$ 1,546,781
Senior mortgages individually less than 3 % \| Maximum
Mortgage loans on real estate
Threshold for reporting mortgages individually (as a percent)	3.00%
Senior mortgages individually less than 3 % \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Fixed interest rate, low end of range (as a percent)	4.00%
Fixed interest rate, high end of range (as a percent)	23.00%
Senior mortgages individually less than 3 % \| Contractual Interest Accrual Rates \| Minimum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	1.50%
Variable rate basis	LIBOR
Senior mortgages individually less than 3 % \| Contractual Interest Accrual Rates \| Maximum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	8.00%
Variable rate basis	LIBOR
Senior mortgages individually less than 3 % \| Contractual Interest Payment Rates
Mortgage loans on real estate
Fixed interest rate, low end of range (as a percent)	2.50%
Fixed interest rate, high end of range (as a percent)	20.00%
Senior mortgages individually less than 3 % \| Contractual Interest Payment Rates \| Minimum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	0.50%
Variable rate basis	LIBOR
Senior mortgages individually less than 3 % \| Contractual Interest Payment Rates \| Maximum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	7.00%
Variable rate basis	LIBOR
Subordinate Mortgages
Mortgage loans on real estate
Face Amount of Mortgages	$ 226,632
Carrying Amount of Mortgages	189,010
Subordinate mortgages individually less than 3 %
Mortgage loans on real estate
Face Amount of Mortgages	226,632
Carrying Amount of Mortgages	$ 189,010
Subordinate mortgages individually less than 3 % \| Maximum
Mortgage loans on real estate
Threshold for reporting mortgages individually (as a percent)	3.00%
Subordinate mortgages individually less than 3 % \| Contractual Interest Accrual Rates
Mortgage loans on real estate
Fixed interest rate, low end of range (as a percent)	5.00%
Fixed interest rate, high end of range (as a percent)	14.00%
Subordinate mortgages individually less than 3 % \| Contractual Interest Accrual Rates \| Minimum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	2.50%
Variable rate basis	LIBOR
Subordinate mortgages individually less than 3 % \| Contractual Interest Accrual Rates \| Maximum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	5.06%
Variable rate basis	LIBOR
Subordinate mortgages individually less than 3 % \| Contractual Interest Payment Rates
Mortgage loans on real estate
Fixed interest rate, low end of range (as a percent)	6.50%
Fixed interest rate, high end of range (as a percent)	10.50%
Subordinate mortgages individually less than 3 % \| Contractual Interest Payment Rates \| Minimum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	2.50%
Variable rate basis	LIBOR
Subordinate mortgages individually less than 3 % \| Contractual Interest Payment Rates \| Maximum
Mortgage loans on real estate
Basis spread on variable rate (as a percent)	5.06%
Variable rate basis	LIBOR

Schedule IV-Mortgage Loans on Real Estate (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of Mortgage Loans on Real Estate
Balance at the beginning of the period	$ 4,012,067	$ 6,662,379	$ 9,088,331
Additions:
New mortgage loans	20,000
Additions under existing mortgage loans	82,598	326,093	1,212,299
Other(2)	32,922	48,493	107,922
Deductions(3):
Collections of principal	(1,047,943)	(2,004,129)	(1,329,083)
Provision for loan losses	(93,187)	(291,905)	(1,114,606)
Transfers to REHI, net, OREO and equity investments	(556,753)	(728,559)	(1,300,058)
Amortization of premium	(150)	(305)	(2,426)
Balance at the end of the period	2,449,554	4,012,067	6,662,379
Charge-offs
Charge-offs	$ 214,000	$ 804,700	$ 680,400

Label	Element	Value
Market Condition-based Restricted Stock Units Granted on December 19, 2008 [Member] \| Executive and Other Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber	8,305,000