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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2013	May 03, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	ISTAR FINANCIAL INC
Entity Central Index Key	0001095651
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		85,053,521
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
ASSETS
Real estate, at cost	$ 3,190,343	$ 3,226,648
Less: accumulated depreciation	(405,539)	(427,625)
Real estate, net	2,784,804	2,799,023
Real estate available and held for sale	599,061	635,865
Total real estate	3,383,865	3,434,888
Loans receivable, net	1,582,656	1,829,985
Other investments	403,759	398,843
Cash and cash equivalents	468,394	256,344
Restricted cash	28,478	36,778
Accrued interest and operating lease income receivable, net	14,253	15,226
Deferred operating lease income receivable	87,414	84,735
Deferred expenses and other assets, net	108,299	93,990
Total assets	6,077,118	6,150,789
Liabilities:
Accounts payable, accrued expenses and other liabilities	117,227	132,460
Debt obligations, net	4,494,637	4,691,494
Total liabilities	4,611,864	4,823,954
Commitments and contingencies	0	0
Redeemable noncontrolling interests	13,162	13,681
iStar Financial Inc. shareholders' equity:
High Performance Units	9,800	9,800
Common Stock, $0.001 par value, 200,000 shares authorized, 143,969 issued and 85,052 outstanding at March 31, 2013 and 142,699 issued and 83,782 outstanding at December 31, 2012	144	143
Additional paid-in capital	4,019,850	3,832,780
Retained earnings (deficit)	(2,403,291)	(2,360,647)
Accumulated other comprehensive income (loss) (see Note 11)	(1,464)	(1,185)
Treasury stock, at cost, $0.001 par value, 58,917 shares at March 31, 2013 and December 31, 2012	(241,969)	(241,969)
Total iStar Financial Inc. shareholders' equity	1,383,096	1,238,944
Noncontrolling interests	68,996	74,210
Total equity	1,452,092	1,313,154
Total liabilities and equity	6,077,118	6,150,789
Series D, E, F, G and I Preferred Stock [Member]
iStar Financial Inc. shareholders' equity:
Preferred Stock	22	22
Series J Preferred Stock
iStar Financial Inc. shareholders' equity:
Preferred Stock	$ 4	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2013	Dec. 31, 2012
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000	200,000
Common Stock, shares issued	143,969	142,699
Common Stock, shares outstanding	85,052	83,782
Treasury stock, par value (in dollars per share)	$ 0.001	$ 0.001
Treasury stock, shares	58,917	58,917
Series J Preferred Stock
Preferred Stock Series, liquidation preference per share (in dollars per share)	$ 50	$ 0
Series D, E, F, G and I Preferred Stock [Member]
Preferred Stock Series, liquidation preference per share (in dollars per share)	$ 25	$ 25

- 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

Mar. 31, 2013

Mar. 31, 2012

Revenues:

Operating lease income

$ 58,473

$ 53,123

Interest income

24,667

37,203

Other income

11,393

10,756

Total revenues

94,533

101,082

Costs and expenses:

Interest expense

71,566

85,344

Real estate expense

37,916

35,068

Depreciation and amortization

17,389

16,168

General and administrative

21,848

22,845

Provision for loan losses

10,206

17,500

Impairment of assets

749

Other expense

5,625

453

Total costs and expenses

164,550

178,127

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

(70,017)

(77,045)

Gain (loss) on early extinguishment of debt, net

(9,541)

1,704

Earnings from equity method investments

21,678

34,786

Income (loss) from continuing operations before income taxes

(57,880)

(40,555)

Income tax expense

(4,075)

(1,271)

Income (loss) from continuing operations(1)

^[1]

(61,955)

(41,826)

Income (loss) from discontinued operations

961

(13,361)

Gain from discontinued operations

5,044

2,406

Income from sales of residential property

23,697

6,733

Net income (loss)

(32,253)

(46,048)

Net (income) loss attributable to noncontrolling interests

189

(25)

Net income (loss) attributable to iStar Financial Inc.

(32,064)

(46,073)

Preferred dividends

(10,580)

Net (income) loss allocable to HPU holders and Participating Security holders(2)(3)

^[2],[3]

1,381

1,861

Net income (loss) allocable to common shareholders

$ (41,263)

$ (54,792)

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

Basic (in dollars per share)

^[1]

$ (0.56)

$ (0.54)

Diluted (in dollars per share)

^[1]

(0.56)

(0.54)

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

Basic (in dollars per share)

(0.49)

(0.66)

Diluted (in dollars per share)

$ (0.49)

$ (0.66)

Weighted average number of common shares—basic

84,824

83,556

Weighted average number of common shares—diluted

84,824

83,556

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

Basic (in dollars per share)

^[1],[2]

$ (105.01)

$ (100.07)

Diluted (in dollars per share)

^[1],[2]

(105.01)

(100.07)

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

Basic (in dollars per share)

^[1],[2]

(92.07)

(124.07)

Diluted (in dollars per share)

^[1],[2]

$ (92.07)

$ (124.07)

Weighted average number of HPU shares—basic and diluted

^[1],[2]

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. for the three months ended March 31, 2013, and 2012 was $(61.8) million and $(41.9) million, respectively. See Note 13 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, restricted stock awards and common stock equivalents granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Note 12 and Note 13).

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income Statement [Abstract]
Income (loss) from continuing operations attributable to iStar Financial Inc.	$ (61.8)	$ (41.9)

- Definition

Amount of income (loss) from continuing operations attributable to the parent. Also 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.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: 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 6: 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 7: 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.

+ Details

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Statement of Other Comprehensive Income [Abstract]
Net income (loss)	$ (32,253)	$ (46,048)
Other comprehensive income (loss):
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization	74	(5)
Unrealized gains/(losses) on available-for-sale securities	225	157
Unrealized gains/(losses) on cash flow hedges	37	(571)
Unrealized gains/(losses) on cumulative translation adjustment	(615)	(391)
Other comprehensive income (loss)	(279)	(810)
Comprehensive income (loss)	(32,532)	(46,858)
Net (income) loss attributable to noncontrolling interests	189	(25)
Comprehensive income (loss) attributable to iStar Financial Inc.	$ (32,343)	$ (46,883)

Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2013 - USD ($)
$ in Thousands

Total

Preferred Stock

^[1]

Series J Preferred Stock

^[1]

HPU's

Common Stock at Par

Additional Paid-In Capital

Retained Earnings (Deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock at cost

Noncontrolling Interests

Balance at Dec. 31, 2012

$ 1,313,154

$ 22

$ 9,800

$ 143

$ 3,832,780

$ (2,360,647)

$ (1,185)

$ (241,969)

$ 74,210

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of Preferred Stock

193,510

$ 4

193,506

Dividends declared—preferred

(10,580)

Issuance of stock/restricted stock amortization, net

(4,691)

(4,692)

Net income (loss) for the period

^[2]

(31,734)

(32,064)

330

Change in accumulated other comprehensive income (loss)

(279)

Additional paid-in capital attributable to redeemable noncontrolling interest

(1,744)

Contributions from noncontrolling interests

^[3]

11,079

Distributions to noncontrolling interests

^[4]

(16,623)

Balance at Mar. 31, 2013

$ 1,452,092

$ 22

$ 4

$ 9,800

$ 144

$ 4,019,850

$ (2,403,291)

$ (1,464)

$ (241,969)

$ 68,996

[1]	See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock.
[2]	For the three months ended March 31, 2013 net loss shown above excludes $519 of net loss attributable to redeemable noncontrolling interests.
[3]	Includes $11.1 million of operating property assets contributed by a noncontrolling partner (see Note 4).
[4]	Includes $8.8 million payment to redeem a noncontrolling member's interest.

Consolidated Statement of Changes in Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2013 USD ($)
Net income (loss) attributable to redeemable noncontrolling interests	$ (519)
Payment to redeem noncontrolling member's interest	8,800
Strategic Venture, Commercial Operating Properties
Land assets contributed by a noncontrolling partner	$ 11,100

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Cash flows from operating activities:

Net income (loss)

$ (32,253)

$ (46,048)

Adjustments to reconcile net income (loss) to cash flows from operating activities:

Provision for loan losses

10,206

17,500

Impairment of assets

17,807

Depreciation and amortization

17,354

17,238

Payments for withholding taxes upon vesting of stock-based compensation

(9,894)

(11,657)

Non-cash expense for stock-based compensation

5,202

4,666

Amortization of discounts/premiums and deferred financing costs on debt

5,000

8,698

Amortization of discounts/premiums and deferred interest on loans

(6,853)

(11,773)

Earnings from equity method investments

(21,678)

(34,786)

Distributions from operations of equity method investments

6,109

11,358

Deferred operating lease income

(3,592)

(2,516)

Income from sales of residential property

(23,697)

(6,733)

Gain from discontinued operations

(5,044)

(2,406)

(Gain) loss on early extinguishment of debt, net

9,541

(1,704)

Repayments and repurchases of debt - debt discount(1)

^[1]

(20,057)

(6,248)

Other operating activities, net

1,537

1,679

Changes in assets and liabilities:

Changes in accrued interest and operating lease income receivable, net

973

1,581

Changes in deferred expenses and other assets, net

(12,420)

(14,326)

Changes in accounts payable, accrued expenses and other liabilities

(4,125)

5,793

Cash flows from operating activities

(83,691)

(51,877)

Cash flows from investing activities:

Investment originations and fundings

(22,111)

(8,376)

Capital expenditures on real estate assets

(16,314)

(11,080)

Contributions to unconsolidated entities

(1,448)

(3,570)

Repayments of and principal collections on loans

193,288

146,242

Net proceeds from sales of loans

37,703

Net proceeds from sales of real estate assets

107,192

57,859

Distributions from unconsolidated entities

13,024

13,655

Changes in restricted cash held in connection with investing activities

(56)

(492,854)

Other investing activities, net

199

Cash flows from investing activities

311,477

(298,067)

Cash flows from financing activities:

Borrowings under secured credit facilities

658,700

864,750

Repayments under secured credit facilities

(844,766)

(88,896)

Repayments under unsecured credit facilities

(244,046)

Repayments under secured term loans

(1,796)

(2,138)

Repayments under unsecured notes

(169,383)

Repurchases and redemptions of secured and unsecured notes

(214,194)

Payments for deferred financing costs

(1,227)

(14,584)

Preferred dividends paid

(10,580)

Net proceeds from issuance of preferred shares

193,510

Other financing activities, net

(9,577)

(952)

Cash flows from financing activities

(15,736)

119,977

Changes in cash and cash equivalents

212,050

(229,967)

Cash and cash equivalents at beginning of period

256,344

356,826

Cash and cash equivalents at end of period

$ 468,394

$ 126,859

[1]

epresents the portion of debt repayments and repurchases made during the period related to the original issue discount ("OID"). Although these amounts do not reflect contractual interest payments made during the period, the OID is considered an operating cash flow in accordance with GAAP. In addition, $17.1 million represents prepayment penalty paid in connection with the October 2012 Secured Credit Facility refinancing.

Consolidated Statements of Cash Flows (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2013 USD ($)
Debt repayments and repurchases related to original issue discount	$ 3.0
February 2013 Secured Credit Facility
Prepayment penalty paid in connection with debt refinancing	$ 17.1

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2013
Business and Organization [Abstract]
Business and Organization	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 past two decades. The Company's primary business segments are real estate finance, net leasing, operating properties and land. 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

3 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying unaudited Consolidated Financial Statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited Consolidated Financial Statements and related Notes should be read in conjunction with the Consolidated Financial Statements and related Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

In the opinion of management, the accompanying Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.

Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related Notes to conform to the 2013 presentation.

During the interim periods ended June 30, 2012 and September 30, 2012, the Company changed the classification within its cash flow statement for certain transactions involving the repurchase of its debt that was initially issued at a discount, as well as certain payments involving the potential acquisition of real estate. The Company believes the new classification is a more meaningful reflection of these transactions (collectively the “Reclassification”) and changed the Company's cash flows from the initially reported amounts as follows:



	As Previously Reported			Change			As Reclassified
Cash flows from operations:
Three months Ended March 31, 2012	$	(35,770	)	$	(16,107	)	$	(51,877	)
Six months Ended June 30, 2012	$	(57,196	)	$	(9,859	)	$	(67,055	)

Cash flows from investing activities:
Three months Ended March 31, 2012	$	(307,926	)	$	9,859		$	(298,067	)
Six months Ended June 30, 2012	$	206,147		$	9,859		$	216,006

Cash flows from financing activities:
Three months ended March 31, 2012	$	113,729		$	6,248		$	119,977

The above changes to the amounts for the six months ended June 30, 2012 will be classified in connection with the Company's filing on Form 10-Q for the six months ended June 30, 2013. These reclassifications were also reflected in the Company's 2012 Form 10-K for the year ended December 31, 2011 to change the presentation for the items previously discussed. As a result, cash flows from operations and financing activities increased by $3.2 million and $7.0 million, while cash flows from investing decreased by $10.2 million. Additionally, within its 2012 Form 10-K, the Company corrected immaterial errors in the amount of $1.5 million in its December 31, 2010 statement of cash flows, which increased cash flows from operations and decreased cash flows from financing activities by $1.5 million.

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—As of March 31, 2013, the Company consolidated five VIEs for which the Company is considered the primary beneficiary. The assets and liabilities of the consolidated VIEs are included in the Company's Consolidated Balance Sheets. The Company's total unfunded commitments related to consolidated VIEs is $62.1 million as of March 31, 2013.

Unconsolidated VIEs—As of March 31, 2013, 27 of the Company's 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 March 31, 2013, the Company's maximum exposure to loss from these investments does not exceed the sum of the $149.5 million carrying value of the investments and $8.2 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
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of March 31, 2013, the Company's significant accounting policies, which are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, have not changed materially. New Accounting Pronouncements In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This guidance is the culmination of the board's redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual reporting periods beginning after December 15, 2012. The Company has adopted this ASU beginning with the reporting period ending March 31, 2013, which did not have a material impact on the financial statements.

Real estate

3 Months Ended

Mar. 31, 2013

Real Estate [Abstract]

Real estate

The Company's real estate assets were comprised of the following ($ in thousands):



	Net Lease Assets			Operating Properties			Land			Total
As of March 31, 2013
Land and land improvements	$	342,221		$	132,028		$	793,356		$	1,267,605
Buildings and improvements	1,285,058			637,680			—			1,922,738
Less: accumulated depreciation and amortization	(318,479		)	(84,504		)	(2,556		)	(405,539		)
Real estate, net	$	1,308,800		$	685,204		$	790,800		$	2,784,804
Real estate available and held for sale	9,766			409,579			179,716			599,061
Total real estate	$	1,318,566		$	1,094,783		$	970,516		$	3,383,865
As of December 31, 2012
Land and land improvements	$	344,239		$	132,028		$	786,114		$	1,262,381
Buildings and improvements	1,295,081			669,186			—			1,964,267
Less: accumulated depreciation and amortization	(315,699		)	(109,634		)	(2,292		)	(427,625		)
Real estate, net	$	1,323,621		$	691,580		$	783,822		$	2,799,023
Real estate available and held for sale	—			454,587			181,278			635,865
Total real estate	$	1,323,621		$	1,146,167		$	965,100		$	3,434,888

Real estate available and held for sale—As of March 31, 2013 and December 31, 2012, the Company had $353.2 million and $374.1 million, respectively, of residential properties available for sale in its operating properties portfolio. The Company is actively marketing and selling condominium units in these projects. During the three months ended March 31, 2013 and 2012, the Company sold condominium units for total net proceeds of $75.2 million and $49.5 million, respectively, and recorded income from sales of residential properties totaling $23.7 million and $6.7 million, respectively.

Real estate assets held for sale included $179.7 million of land assets, $56.4 million of commercial operating properties and $9.8 million of net lease assets as of March 31, 2013 and $181.3 million of land assets and $80.5 million of commercial operating properties as of December 31, 2012.

Acquisitions—During the three months ended March 31, 2013, through a newly formed joint venture, the Company acquired, via foreclosure, title to a property previously serving as collateral on a loan receivable. The Company owns 63% of the newly formed joint venture and based on the control provisions in the partnership agreement consolidates the joint venture and reflects the partner's share of the equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value whereby the assets acquired were $27.2 million which approximated the Company's previous loan balance and non-controlling partner's interest in the venture. No gain or loss was recorded in conjunction with this transaction.

During the three months ended March 31, 2012, the Company acquired title to properties previously serving as collateral on its loan receivables with a total fair value of $140.4 million at the time of foreclosure. These properties included $139.1 million of residential operating properties and $1.3 million of commercial operating properties.

Dispositions—During the three months ended March 31, 2013, the Company sold a net lease asset with a carrying value of $0.9 million for proceeds that approximated carrying value. During the same period the Company sold a commercial operating property with a carrying value of $24.1 million resulting in a net gain of $5.0 million and land assets with a carrying value of $1.9 million for proceeds that approximated carrying value.

During the three months ended March 31, 2012, the Company sold a net lease asset with a carrying value of $4.1 million, resulting in a net gain of $2.4 million. During 2012, the Company also sold a commercial operating property with a carrying value of $1.2 million and land assets with a carrying value of $0.9 million for proceeds that approximated carrying value.

Discontinued Operations—The following table summarizes income (loss) from discontinued operations for the three months ended March 31, 2013 and 2012 ($ in thousands):



	For the Three Months Ended March 31,
	2013			2012
Revenues	$	1,938		$	4,903
Total expenses	(1,009		)	(2,989		)
Impairment of assets	32			(15,275		)
Income (loss) from discontinued operations	$	961		$	(13,361	)

Impairments—During the three months ended March 31, 2013, the Company recorded no impairments on real estate assets. During the three months ended March 31, 2012, the Company recorded impairments on real estate assets totaling $16.1 million. Of this amount, $15.3 million has been reclassified to discontinued operations due to the assets being sold or classified as held for sale as of March 31, 2013.

Intangible assets—As of March 31, 2013 and December 31, 2012 the Company had $56.9 million and $59.9 million, respectively, of unamortized finite lived intangible assets primarily related to the acquisition of real estate assets. The total amortization expense for these intangible assets was $3.0 million and $3.1 million for the three months ended March 31, 2013 and 2012, respectively.

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements for the three months ended March 31, 2013 and 2012 were $7.7 million and $7.5 million, respectively, and are included in “Operating lease income” on the Company's Consolidated Statements of Operations.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 66
-Paragraph 4, 5, 37, 50, 59, 65, 95, 97
-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 Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 22
-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 67
-Paragraph 4, 5, 6, 7
-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 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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-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 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 10
-Subparagraph a, b
-Chapter V
-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 28
-Article 12

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 11
-Chapter V
-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 13: 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 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 9
-Chapter 3
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 04-2
-Paragraph 41, 63, 64
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 75-2
-Paragraph 47, 51, 52
-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 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Paragraph 2, 6, 9-11, 18, 20
-IssueDate 2006-05-01
-Chapter 11
-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 19: 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 20: 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 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 23, 24
-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

Loans Receivable, net

3 Months Ended

Mar. 31, 2013

Receivables [Abstract]

Loans Receivable, net

The following is a summary of the Company's loans receivable by class ($ in thousands):



	As of
Type of Investment	March 31, 2013			December 31, 2012
Senior mortgages	$	1,580,632		$	1,751,256
Subordinate mortgages	113,754			152,737
Corporate/Partnership loans	410,065			450,491
Total gross carrying value of loans(1)	$	2,104,451		$	2,354,484
Reserves for loan losses	(521,795		)	(524,499		)
Total loans receivable, net	$	1,582,656		$	1,829,985

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of March 31, 2013 and December 31, 2012, was $2.11 billion and $2.36 billion, respectively, which consists of total gross carrying value of loans plus accrued interest of $8.5 million and $9.8 million, for the same two periods, respectively.

During the three months ended March 31, 2013, the Company funded $13.3 million of loans and received principal repayments of $193.3 million. During the same period, the Company sold loans with a total carrying value of $38.3 million, for which it recorded net realized losses of $0.6 million. Gains and losses on sales of loans are reported in "Other income" on the Company's Consolidated Statements of Operations.

During the three months ended March 31, 2013, through a newly formed joint venture, the Company acquired, via foreclosure, title to a property previously serving as collateral on a loan receivable. The acquisition was accounted for at fair value whereby the assets acquired were $27.2 million which approximated the Company's previous loan balance and non-controlling partner's interest in the venture. This property was recorded as "Real estate available and held for sale" on the Company's Consolidated Balance Sheets (see Note 4).

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



	For the Three Months Ended March 31,
	2013			2012
Reserve for loan losses at beginning of period	$	524,499		$	646,624
Provision for loan losses	10,206			17,500
Charge-offs	(12,910		)	(96,945		)
Reserve for loan losses at end of period	$	521,795		$	567,179

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



	Individually Evaluated for Impairment(1)			Collectively Evaluated for Impairment(2)			Loans Acquired with Deteriorated Credit Quality(3)			Total
As of March 31, 2013
Loans	$	1,041,847		$	1,055,342		$	15,574		$	2,112,763
Less: Reserve for loan losses	(486,379		)	(30,900		)	(4,516		)	(521,795		)
Total	$	555,468		$	1,024,442		$	11,058		$	1,590,968
As of December 31, 2012
Loans	$	1,095,957		$	1,210,077		$	58,281		$	2,364,315
Less: Reserve for loan losses	(472,058		)	(33,100		)	(19,341		)	(524,499		)
Total	$	623,899		$	1,176,977		$	38,940		$	1,839,816

Explanatory Notes:

_______________________________________________________________________________

(1)

The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $3.5 million and $4.0 million as of March 31, 2013 and December 31, 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.


(2)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.1 million and $3.8 million as of March 31, 2013 and December 31, 2012, respectively.


(3)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.1 million and $0.1 million as of March 31, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $15.9 million and $58.8 million, as of March 31, 2013 and December 31, 2012, respectively.

Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):



	As of
	March 31, 2013			December 31, 2012
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	823,869	2.70	$	840,593	2.75
Subordinate mortgages	61,236		3.07	99,698		2.27
Corporate/Partnership loans	403,016		3.61	444,772		3.69
Total	$	1,288,121	3.00	$	1,385,063	3.01

As of March 31, 2013, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):



	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
Senior mortgages	$	840,666	$	3,138	$	740,800	$	743,938	$	1,584,604
Subordinate mortgages	61,236		—		53,797		53,797		115,033
Corporate/Partnership loans	403,016		—		10,110		10,110		413,126
Total	$	1,304,918	$	3,138	$	804,707	$	807,845	$	2,112,763

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



	As of March 31, 2013							As of December 31, 2012
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	18,711	$	18,591	$	—		$	108,077	$	107,850	$	—
Corporate/Partnership loans	10,110		10,160		—			10,110		10,160		—
Subtotal	$	28,821	$	28,751	$	—		$	118,187	$	118,010	$	—
With an allowance recorded:
Senior mortgages	$	903,190	$	902,077	$	(442,256	)	$	918,975	$	918,496	$	(442,760	)
Subordinate mortgages	53,797		53,260		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	61,556		61,674		(9,060		)	63,096		63,246		(9,060		)
Subtotal	$	1,018,543	$	1,017,011	$	(490,895	)	$	1,036,050	$	1,035,421	$	(491,399	)
Total:
Senior mortgages	$	921,901	$	920,668	$	(442,256	)	$	1,027,052	$	1,026,346	$	(442,760	)
Subordinate mortgages	53,797		53,260		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	71,666		71,834		(9,060		)	73,206		73,406		(9,060		)
Total	$	1,047,364	$	1,045,762	$	(490,895	)	$	1,154,237	$	1,153,431	$	(491,399	)

Explanatory Note:

_______________________________________________________________________________

(1)

All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of March 31, 2013 and December 31, 2012, certain loans modified through troubled debt restructurings with a recorded investment of $222.7 million and $175.0 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 Three Months Ended March 31,
	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	63,394	$	844	$	212,803	$	407
Corporate/Partnership loans	10,110		120		10,110		—
Subtotal	$	73,504	$	964	$	222,913	$	407
With an allowance recorded:
Senior mortgages	$	911,082	$	506	$	1,147,091	$	1,240
Subordinate mortgages	53,888		—		50,345		—
Corporate/Partnership loans	62,326		78		62,959		80
Subtotal	$	1,027,296	$	584	$	1,260,395	$	1,320
Total:
Senior mortgages	$	974,476	$	1,350	$	1,359,894	$	1,647
Subordinate mortgages	53,888		—		50,345		—
Corporate/Partnership loans	72,436		198		73,069		80
Total	$	1,100,800	$	1,548	$	1,483,308	$	1,727

Troubled Debt Restructurings—During the three months ended March 31, 2013 and 2012, 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 Three Months Ended March 31,
	2013					2012
	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages	1	$	72,674	$	65,000	5	$	305,780	$	260,307

During the three months ended March 31, 2013, the Company restructured one non-performing loan with a recorded investment of $72.7 million. The Company received a $13.3 million paydown and accepted a discounted payoff option on this loan, with final payment expected to be made in July 2013, subject to conditional extension options, and the loan was reclassified from non-performing to performing status as the Company believes the borrower can perform under the modified terms of the agreement.

Troubled debt restructurings that occurred during the three months ended March 31, 2012 included the modifications of performing loans with a combined recorded investment of $58.1 million. The modified terms of these loans granted maturity extensions ranging from three months to one year and included conditional extension options in certain cases dependent on borrower-specific performance hurdles. In each case, the Company believes the borrowers can perform under the modified terms of the loans and continues to classify these loans as performing.

Non-performing loans with a combined recorded investment of $247.7 million were also modified during the three months ended March 31, 2012 and continued to be classified as non-performing subsequent to modification. Included in this balance was a loan with a recorded investment of $181.5 million prior to modification, for which the Company agreed to reduce the outstanding principal balance and recorded charge-offs totaling $45.5 million, and also reduced the loan's interest rate. The remaining non-performing loans were granted maturity extensions ranging from one month to seven months and the interest rate was reduced on one loan.

Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by troubled debt restructurings whereby loans that have gone through troubled debt restructurings are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under troubled debt restructurings that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of March 31, 2013, the Company had $21.5 million of unfunded commitments associated with modified loans considered troubled debt restructurings.

Other Investments

3 Months Ended

Mar. 31, 2013

Investments, All Other Investments [Abstract]

Other Investments

The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands):



	Carrying Value as of				Equity in earnings for the Three Months Ended March 31,
	March 31, 2013		December 31, 2012		2013		2012
LNR	$	221,912	$	205,773	$	14,746	$	12,137
Madison Funds	56,245		56,547		2,259		9,498
Oak Hill Funds	26,794		29,840		1,157		3,374
Real estate equity investments	40,560		47,619		1,763		6,771
Other equity method investments	48,489		47,939		1,753		3,006
Total equity method investments	$	394,000	$	387,718	$	21,678	$	34,786
Other	9,759		11,125
Total other investments	$	403,759	$	398,843

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.

Subsequent to quarter end, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds (see Note 16—Subsequent Events), which approximated the carrying value at March 31, 2013.

The following table represents the latest available investee level summarized financial information for LNR ($ in thousands)(1):



	For the Three Months Ended December 31,
	2012			2011
Income Statements
Total revenue(2)	$	77,780		$	77,360
Other Income	$	164,582		$	20,936
Income tax expense	$	279		$	1,837
Net income attributable to LNR	$	189,249		$	50,621
iStar's ownership percentage	24		%	24		%
Subtotal	$	45,420		$	12,137
Basis difference(3)	$	(30,674	)	$	—
iStar's equity in earnings from LNR	$	14,746		$	12,137



	As of December 31,			As of September 30,
	2012			2012
Balance Sheets
Total assets(2)	$	1,610,143		$	1,384,337
Total debt(2)	$	468,355		$	398,912
Total liabilities(2)	$	553,150		$	517,088
Noncontrolling interests	$	1,588		$	1,560
LNR Property LLC equity	$	1,055,405		$	865,689
iStar's ownership percentage	24		%	24		%
iStar's equity in LNR	$	221,912		$	205,773

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 three months ended March 31, 2013 and 2012 are based on balances and results from LNR for the three months ended December 31, 2012 and 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 December 31, 2012 and September 30, 2012, the assets of these trusts, which aggregated approximately $91.06 billion and $97.52 billion, respectively, were the sole source of repayment of the related liabilities, which aggregated approximately $90.74 billion and $97.21 billion, respectively, and are non-recourse to LNR and its equity holders, including the Company. In addition, total revenue presented above includes $29.3 million and $28.7 million for the three months ended December 31, 2012, and 2011, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.


(3)	The Company has limited its recognition of its proportionate share of earnings in LNR for the three months ended March 31, 2013 to the amounts of proceeds it anticipates receiving from the sale.

Madison Funds—As of March 31, 2013, 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 determined that all of these entities are variable interest entities and that the Company is not the primary beneficiary.

Oak Hill Funds—As of March 31, 2013, the Company owned a 5.92% interest in OHA Strategic Credit Master Fund, L.P. ("OHASCF"). OHASCF was formed to acquire and manage a diverse portfolio of assets, investing in distressed, stressed and undervalued loans, bonds, equities and other investments. The Company determined that this entity is a variable interest entity and that the Company is not the primary beneficiary.

Real estate equity investments—As of March 31, 2013, the Company's real estate equity investments included equity interests in real estate ventures ranging from 31% to 70%, comprised of investments of $16.4 million in net lease assets, $20.3 million in operating properties and $3.9 million in land assets. As of December 31, 2012, the Company's real estate equity investments included $16.4 million in net lease assets, $25.7 million in operating properties and $5.5 million in land assets. One of the Company's equity investments in operating properties represents a 33% interest in residential property units. During the three months ended March 31, 2013 and 2012, the Company's earnings from its interest in this property includes income from sales of residential units of $2.5 million and $8.0 million, respectively.

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

Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2013

Other Assets and Other Liabilities [Abstract]

Other Assets and Other Liabilities

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



	As of
	March 31, 2013		December 31, 2012
Deferred financing fees, net(1)	$	23,721	$	26,629
Leasing costs, net(2)	19,322		20,205
Other receivables	12,907		11,517
Derivative asset	10,522		—
Prepaid expenses	10,404		5,218
Corporate furniture, fixtures and equipment, net(3)	7,248		7,537
Other assets	24,175		22,884
Deferred expenses and other assets, net	$	108,299	$	93,990

Explanatory Notes:

_______________________________________________________________________________


(1)	Accumulated amortization on deferred financing fees was $2.6 million and $4.1 million as of March 31, 2013 and December 31, 2012, respectively.


(2)	Accumulated amortization on leasing costs was $5.0 million and $6.6 million as of March 31, 2013 and December 31, 2012, respectively.


(3)	Accumulated depreciation on corporate furniture, fixtures and equipment was $6.0 million and $6.2 million as of March 31, 2013 and December 31, 2012, respectively.

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



	As of
	March 31, 2013		December 31, 2012
Accrued interest payable	$	43,691	$	29,521
Accrued expenses	34,643		50,467
Property taxes payable	10,802		8,206
Unearned operating lease income	10,631		11,294
Security deposits and other investment deposits(1)	4,593		13,717
Derivative liabilities	455		3,435
Other liabilities	12,412		15,820
Accounts payable, accrued expenses and other liabilities	$	117,227	$	132,460

Explanatory Note:

_______________________________________________________________________________


(1)	During the three months ended March 31, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

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



	As of
	March 31, 2013			December 31, 2012
Deferred tax assets(1)	$	50,968		$	40,800
Valuation allowance	(50,968		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________


(1)	Deferred tax assets as of March 31, 2013, include real estate basis differences of $36.3 million, net operating loss carryforwards of $6.7 million and investment basis differences of $7.9 million. Deferred tax assets as of December 31, 2012, include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million.

Debt Obligations, net

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Debt Obligations, net

As of March 31, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	March 31, 2013			December 31, 2012			Stated Interest Rates				Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	60,309		$	169,164		LIBOR + 4.00%		(1	)	March 2016
2012 Tranche A-2 Facility	470,000			470,000			LIBOR + 5.75%		(1	)	March 2017
October 2012 Secured Credit Facility	—			1,754,466			LIBOR + 4.50%		(2	)	—
February 2013 Secured Credit Facility	1,673,414			—			LIBOR + 3.50%		(3	)	October 2017
Term loans collateralized by net lease assets	263,489			264,432			4.851% - 7.68%				Various through 2026
Total secured credit facilities and term loans	$	2,467,212		$	2,658,062
Unsecured notes:
8.625% senior notes	$	96,801		$	96,801		8.625	%			June 2013
5.95% senior notes	448,453			448,453			5.95	%			October 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
3.0% senior convertible notes(4)	200,000			200,000			3.0	%			November 2016
5.85% senior notes	99,722			99,722			5.85	%			March 2017
9.0% senior notes	275,000			275,000			9.0	%			June 2017
7.125% senior notes	300,000			300,000			7.125	%			February 2018
Total unsecured notes	$	1,987,745		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5%				October 2035
Total debt obligations	$	4,554,957		$	4,745,807
Debt discounts, net	(60,320		)	(54,313		)
Total debt obligations, net	$	4,494,637		$	4,691,494

Explanatory Notes:

_______________________________________________________________________________


(1)	These loans each have a LIBOR floor of 1.25%. As of March 31, 2013, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.


(2)	This loan had a LIBOR floor of 1.25%.


(3)	This loan has a LIBOR floor of 1.00%. As of March 31, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.


(4)	The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016.

Future Scheduled Maturities—As of March 31, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2013 (remaining nine months)	$	545,254		$	—		$	545,254
2014	200,601			853			201,454
2015	105,765			—			105,765
2016	461,403			60,309			521,712
2017	374,722			2,143,414			2,518,136
Thereafter	400,000			262,636			662,636
Total principal maturities	$	2,087,745		$	2,467,212		$	4,554,957
Unamortized debt discounts, net	(17,358		)	(42,962		)	(60,320		)
Total long-term debt obligations, net	$	2,070,387		$	2,424,250		$	4,494,637

February 2013 Secured Credit Facility—On February 11, 2013, the Company entered into a $1.71 billion senior secured credit facility due October 15, 2017 (the “February 2013 Secured Credit Facility”) that amended and restated its $1.82 billion senior secured credit facility, dated October 15, 2012 (the “October 2012 Secured Credit Facility”). The February 2013 Credit Facility amended the October 2012 Secured Credit Facility by: (i) reducing the interest rate from LIBOR plus 4.50%, with a 1.25% LIBOR floor, to LIBOR plus 3.50%, with a 1.00% LIBOR floor; and (ii) extending the call protection period for the lenders from October 15, 2013 to December 31, 2013.

Borrowings under the February 2013 Secured Credit Facility are collateralized by a first lien on a fixed pool of assets, with required minimum collateral coverage of not less than 125% of outstanding borrowings. If collateral coverage is less than 137.5% of outstanding borrowings, 100% of the proceeds from principal repayments and sales of collateral will be applied to repay outstanding borrowings under the February 2013 Secured Credit Facility. For so long as collateral coverage is between 137.5% and 150% of outstanding borrowings, 50% of proceeds from principal repayments and sales of collateral will be applied to repay outstanding borrowings under the February 2013 Secured Credit Facility and for so long as collateral coverage is greater than 150% of outstanding borrowings, the Company may retain all proceeds from principal repayments and sales of collateral. The Company retains proceeds from interest, rent, lease payments and fee income in all cases.

In connection with the February 2013 Secured Credit Facility transaction, the Company incurred $17.1 million of lender fees and $3.8 million in third party fees, of which the lender fees were capitalized in "Debt Obligations, net" on the Company's Consolidated Balance Sheets, and $3.6 million of third party fees were recognized in “Other expense” on the Company's Consolidated Statements of Operations, as it related primarily to the portion of lenders from the original facility that modified their debt under the new facility. The remaining $0.2 million of third party fees were recorded in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets, as it related to the new lenders.

The February 2013 Secured Credit Facility contains certain covenants relating to the collateral, among other matters, but does not contain corporate level financial covenants. For so long as the Company maintains its qualification as a REIT, it is permitted to distribute 100% of its REIT taxable income on an annual basis. In addition, the Company may distribute to its stockholders real estate assets, or interests therein, having an aggregate equity value not to exceed $200 million, that are not collateral securing the borrowings under the February 2013 Secured Credit Facility. Except for the distribution of real estate assets described in the preceding sentence, the Company may not pay common dividends if it ceases to qualify as a REIT.

Through March 31, 2013, the Company has made cumulative amortization repayments of $33.6 million on the February 2013 Secured Credit Facility. Repayments of the February 2013 Secured Credit Facility prior to the scheduled maturity date have resulted in losses on early extinguishment of debt of $0.8 million for the three months ended March 31, 2013 related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

October 2012 Secured Credit Facility—On October 15, 2012, the Company entered into a $1.82 billion senior secured credit agreement due October 15, 2017 (the “October 2012 Secured Credit Facility”). The October 2012 Secured Credit Facility bears interest at a rate of LIBOR + 4.50%, with a 1.25% LIBOR floor, and was issued at 99.0% of par. Proceeds from the October 2012 Secured Credit Facility were used to refinance the remaining outstanding balances of the Company’s existing 2011 Secured Credit Facilities.

The October 2012 Secured Credit Facility was refinanced by the February 2013 Secured Credit Facility. Prior to refinancing, through March 31, 2013, the Company made cumulative amortization repayments of $113.0 million on the October 2012 Secured Credit Facility, which resulted in losses on early extinguishment of debt of $0.8 million for the three months ended March 31, 2013 related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

At the time of the refinancing, the Company had $30.5 million of unamortized discounts and financing fees related to the October 2012 Secured Credit Facility. In connection with the refinancing, the Company recorded a loss on early extinguishment of debt of $4.9 million, related primarily to the portion of lenders in the original facility that did not participate in the new facility. The remaining $25.6 million of unamortized fees and discounts will continue to be amortized to interest expense over the remaining term of the February 2013 Secured Credit Facility.

March 2012 Secured Credit Facilities—In March 2012, the Company entered into an $880.0 million senior secured credit agreement providing for two tranches of term loans: a $410.0 million 2012 A-1 tranche due March 2016, which bears interest at a rate of LIBOR + 4.00% (the "2012 Tranche A-1 Facility"), and a $470.0 million 2012 A-2 tranche due March 2017, which bears interest at a rate of LIBOR + 5.75% (the "2012 Tranche A-2 Facility," together the "March 2012 Secured Credit Facilities"). The 2012 A-1 and A-2 tranches were issued at 98.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25%. Proceeds from the March 2012 Secured Credit Facilities were used to repurchase and repay at maturity $606.7 million aggregate principal amount of the Company's convertible notes due October 2012, to fully repay the $244.0 million balance on the Company's unsecured credit facility due June 2012, and to repay, upon maturity, $90.3 million outstanding principal balance of its 5.50% senior unsecured notes.

The March 2012 Secured Credit Facilities are collateralized by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the March 2012 Secured Credit Facilities. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The 2012 Tranche A-1 Facility requires amortization payments of $41.0 million to be made every six months beginning December 31, 2012. After the 2012 Tranche A-1 Facility is repaid, proceeds from principal repayments and sales of collateral will be used to amortize the 2012 Tranche A-2 Facility. The Company may make optional prepayments on each tranche of term loans, subject to prepayment fees.

Through March 31, 2013, the Company made cumulative amortization repayments of $349.7 million on the 2012 Tranche A-1 Facility, which exceeds all required amortization payments through December 31, 2014. Repayments of the 2012 Tranche A-1 Facility prior to scheduled amortization dates have resulted in losses on early extinguishment of debt of $3.0 million for the three months ended March 31, 2013 related to the acceleration of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

2011 Secured Credit Facilities—In March 2011, the Company entered into a $2.95 billion senior secured credit agreement providing for two tranches of term loans: a $1.50 billion 2011 A-1 tranche due June 2013, bearing interest at a rate of LIBOR + 3.75% (the "2011 Tranche A-1 Facility"), and a $1.45 billion 2011 A-2 tranche due June 2014, bearing interest at a rate of LIBOR + 5.75% (the "2011 Tranche A-2 Facility," together the "2011 Secured Credit Facilities"). The 2011 A-1 and A-2 tranches were issued at 99.0% of par and 98.5% of par, respectively, and both tranches include a LIBOR floor of 1.25%. The 2011 Secured Credit Facilities were refinanced by the October 2012 Secured Credit Facility.

Unencumbered/Encumbered Assets—As of March 31, 2013, the carrying value of the Company's unencumbered and encumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2013				December 31, 2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,649,658	$	1,135,146	$	1,794,198	$	1,004,825
Real estate available and held for sale	252,354		346,707		141,673		494,192
Loans receivable, net(1)	1,076,080		537,476		1,197,373		665,712
Other investments	34,130		369,629		43,545		355,298
Cash and other assets	—		706,838		—		487,073
Total	$	3,012,222	$	3,095,796	$	3,176,789	$	3,007,100

Explanatory Note:

_______________________________________________________________________________


(1)	As of March 31, 2013 and December 31, 2012, the amounts presented exclude general reserves for loan losses of $30.9 million and $33.1 million, respectively.

Debt Covenants

The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a restriction on debt incurrence based upon the effect of the debt incurrence on the Company's fixed charge coverage ratio. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. While the Company 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 March 2012 Secured Credit Facilities and February 2013 Secured Credit Facility are collectively defined as the "Secured Credit Facilities." The Company's Secured Credit Facilities contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 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 Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis and the February 2013 Secured Credit Facility permits the Company to distribute to its shareholders real estate assets, or interests therein, having an aggregate equity value not to exceed $200 million, so long as such assets are not collateral for the February 2013 Secured Credit Facility. The Company may not pay common dividends if it ceases to qualify as a REIT (except that the February 2013 Secured Credit Facility permits us to distribute certain real estate assets as described in the preceding sentence).

The Company's Secured Credit Facilities contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

- 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

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Business Risks and Uncertainties—The Company's business continues to recover from the recent economic recession, as commercial real estate values and the availability of liquidity have improved. The Company raised approximately $3.51 billion through secured and unsecured debt transactions in 2012, the proceeds of which were used to repay and/or refinance a significant portion of its debt that was due to mature before 2017. The Company's three unsecured senior notes transactions in 2012 marked the first time that the Company accessed the unsecured debt markets since 2008 and, following an upgrade in the Company's corporate credit ratings, the Company saw a material improvement in the interest rates associated with its unsecured senior notes issued in the latter half of 2012, as compared to the notes issued in the first half of the year. In 2013, the Company was able to further reduce the interest costs associated with its October 2012 Secured Credit Facility by amending and restating that facility to reduce the interest rate and floor. In addition, the Company raised $194.0 million in net proceeds from its Series J Convertible Preferred Stock offering to provide liquidity for new investment originations and general corporate purposes.

While the Company has benefited from generally improving conditions in the economy and real estate markets, it nonetheless continues to be impacted by the effects of the recent financial crisis. Non-performing assets and the carrying costs of owned real estate negatively impact the Company's earnings. The Company continues to work on resolving its remaining non-performing loans and stabilizing and extracting value from its owned real estate. Continued improvement in the Company's financial condition and operating results and its ability to continue to generate sufficient liquidity at market rates are dependent on a sustained economic recovery, which cannot be predicted with certainty.

As of March 31, 2013, the Company had $545.3 million of debt maturities due before December 31, 2013, with a majority of that amount due in October 2013. The Company's capital sources to meet its debt maturities throughout 2013 will primarily include cash on hand, as well as debt refinancings, proceeds from unencumbered asset sales and loan repayments from borrowers, and may include equity capital raising transactions. As of March 31, 2013, the Company had unencumbered assets with a carrying value of approximately $3.10 billion. As further described in Note 16, in April 2013 the Company sold its interest in LNR for net proceeds of $220.3 million.

The Company will adjust its plans as appropriate in response to changes in its expectations and changes in market conditions. However, it is not possible for the Company to predict whether improving economic trends will continue, or to 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—As of March 31, 2013, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):



	Loans		Real Estate		Strategic Investments		Total
Performance-Based Commitments	$	39,411	$	33,064	$	—	$	72,475
Discretionary Fundings	125		—		—		125
Strategic investments	—		—		47,040		47,040
Total	$	39,536	$	33,064	$	47,040	$	119,640

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.

On June 4, 2012, the Company reached an agreement in principle with the plaintiffs' Court-appointed representatives in the previously reported Citiline class action to settle the litigation. Settlement payments will be primarily funded by the Company's insurance carriers, with the Company contributing $2.0 million to the settlement, which was included in "Other expense" on the Consolidated Statement of Operations for the year ended December 31, 2012. On April 5, 2013, the Court approved the settlement, entered a Final Judgment and Order of Dismissal With Prejudice and the Citiline Action was concluded. See "Part II. Item 1. Legal Proceedings" for further details and for other disclosures related to legal proceedings.

The Company evaluates, on a quarterly basis, developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial condition.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 5
-Paragraph 9, 10, 11, 12
-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

Risk Management and Derivatives

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and 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 is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements.

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2013 and December 31, 2012 ($ in thousands):



	Derivative Assets as of						Derivative Liabilities as of
	March 31, 2013			December 31, 2012			March 31, 2013			December 31, 2012
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	$	10,522	N/A	$	—	N/A	$	—	Other Liabilities	$	2,855
Cash flow interest rate swap	N/A	—		N/A	—		Other Liabilities	455		Other Liabilities	580
Total		$	10,522		$	—		$	455		$	3,435

The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 ($ 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 Three Months Ended March 31, 2013
Cash flow interest rate swap	Interest Expense	$	37		$	74		N/A
For the Three Months Ended March 31, 2012
Cash flow interest rate swap	Interest Expense	$	(205	)	$	(5	)	N/A



		Amount of Gain or (Loss) Recognized in Income on Derivative
	Location of Gain or (Loss) Recognized in Income on Derivative	For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships		2013		2012
Foreign Exchange Contracts	Other Expense	$	10,156	$	(8,859	)

The Company utilizes foreign exchange derivatives to limit its exposure to changes in exchange rates on certain assets denominated in foreign currencies. The Company marks its foreign investments to market each quarter based on current exchange rates and records the gain or loss through “Other expense” on its Consolidated Statements of Operations for loan investments or “Accumulated comprehensive income,” on its Consolidated Balance Sheets for net investments in foreign subsidiaries. Gains or losses on the related foreign exchange derivatives are recorded in “Other Expense,” as noted in the table above, and offset the marks taken on the assets. During the three months ended March 31, 2013 and 2012, the Company recorded net losses related to foreign investments of $0.1 million and $0.1 million, respectively, in its Consolidated Statements of Operations.

The following table presents the Company's foreign currency derivatives outstanding as of March 31, 2013 ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells EUR/Buys USD Forward	€	84,400	$	108,222	April 2013
Sells GBP/Buys USD Forward	£	27,900	$	42,396	April 2013
Sells CAD/Buys USD Forward	C$	48,700	$	47,866	April 2013

Qualifying Cash Flow Hedges—In October 2012, the Company entered into an interest rate swap to convert its variable rate debt to fixed rate on a new $28.0 million secured term loan maturing in 2019. The following table presents the Company's interest rate swap outstanding as of March 31, 2013 ($ in thousands).



Derivative Type	Notional Amount		Variable Rate	Fixed Rate	Maturity
Interest Rate Swap	$	28,000	LIBOR + 2.00%	3.75%	November 2019

Over the next 12 months, the Company expects that $0.9 million will be reclassified to interest expense from the existing swap and $0.6 million will be reclassified to income related to terminated cash flow hedges 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 March 31, 2013 and December 31, 2012, the Company has posted collateral of $9.6 million, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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+ Details

Equity

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of March 31, 2013:



				Cumulative Preferential Cash Dividends(1)(2)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference		Rate per Annum		Equivalent to Fixed Annual Rate (per share)
D	4,000	$	0.001	$	25.00	8.000	%	$	2.00
E	5,600	$	0.001	$	25.00	7.875	%	$	1.97
F	4,000	$	0.001	$	25.00	7.8	%	$	1.95
G	3,200	$	0.001	$	25.00	7.65	%	$	1.91
I	5,000	$	0.001	$	25.00	7.50	%	$	1.88
J	4,000	$	0.001	$	50.00	4.50	%	$	2.25
	25,800

Explanatory Notes:

_______________________________________________________________________________

(1)

Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.


(2)	The Company declared and paid dividends of $2.0 million, $2.8 million, $2.0 million, $1.5 million and $2.3 million on its Series D, E, F, G and I preferred stock, respectively, during each of the three months ended March 31, 2013 and 2012, all of which qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

In March 2013, the Company completed a public offering of $200.0 million of its 4.5% Series J Cumulative Convertible Perpetual Preferred Stock, having a liquidation preference of $50.00 per share. Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.

Dividends—In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded net operating losses and may record net operating losses in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2011, the Company had $423.9 million of net operating loss carryforwards at the corporate REIT level that can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2031 if unused. The amount net of operating loss carryforwards as of March 31, 2013 will be subject to finalization of the 2012 and 2013 tax returns. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends or, alternatively, may need to make dividend payments in excess of operating cash flows. The Company's 2013 and 2012 Secured Credit Facilities permit 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 2013 and 2012 Secured Credit Facilities restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the three months ended March 31, 2013 and 2012.

Stock Repurchase Programs—On May 15, 2012, the Company's Board of Directors approved a stock repurchase program that authorized the repurchase of up to $20.0 million of its Common Stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. As of March 31, 2013, the Company had $16.0 million of Common Stock available to repurchase under its Board authorized stock repurchase programs.

Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):



	As of
	March 31, 2013			December 31, 2012
Unrealized gains on available-for-sale securities	$	1,092		$	867
Unrealized gains on cash flow hedges	718			607
Unrealized losses on cumulative translation adjustment	(3,274		)	(2,659		)
Accumulated other comprehensive income (loss)	$	(1,464	)	$	(1,185	)

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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+ Details

Stock-Based Compensation Plans and Employee Benefits

3 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans and Employee Benefits

Stock-based Compensation—The Company recorded stock-based compensation expense of $5.2 million and $4.7 million for the three months ended March 31, 2013 and 2012, respectively, in "General and administrative" on the Company's Consolidated Statements of Operations. As of March 31, 2013, there was $12.8 million of total unrecognized compensation cost related to all unvested restricted stock units that is expected to be recognized over a weighted average remaining vesting/service period of 0.92 years.

As of March 31, 2013, an aggregate of 4.0 million shares remain available for issuance pursuant to future awards under the Company's 2006 and 2009 Long-Term Incentive Plans.

2013 Activity—During the three months ended March 31, 2013, 2,401,141 restricted stock units vested, 1,359,948 net of statutory minimum required tax withholdings. These vested restricted stock units were primarily comprised of 1,719,304 Amended Units which vested on January 1, 2013 (see below), 185,720 service-based restricted stock units granted to employees in February 2011 that cliff vested on February 11, 2013, 164,685 of annual incentive restricted stock units granted and vested to employees in February 2013 (see below) and 313,334 service-based restricted stock units granted to employees in March 2011 that cliff vested on March 20, 2013.

During the quarter ended March 31, 2013, the Company made stock-based compensation awards to certain employees in the form of annual incentive awards and long-term incentive awards.

Effective February 1, 2013, the Company granted 164,685 shares of our Common Stock in connection with annual incentive awards. The shares are fully-vested and were issued to certain employees, net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to two years from the date of grant.

Effective February 1, 2013, the Company also granted 198,364 service-based restricted stock units, or Units, representing the right to receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment three years from the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled.

Effective February 1, 2013, the Company also granted 97,901 target amount of performance-based Units, with vesting date on December 31, 2013, and 195,806 target amount of performance-based Units, with vesting date on December 31, 2014, based on the Company's total shareholder return, or TSR, measured over the one-year and two-year performance periods ending on the vesting dates, respectively. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company's TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award). The Company and any companies not included in the index at the beginning and end of the performance period are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of our Common Stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units, were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these performance-based awards were 0.26% for risk-free interest rate and 50.44% for expected stock price volatility.

As of March 31, 2013, the Company had the following restricted stock awards outstanding:

•

1,200,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer that will vest in two equal installments on June 15 of 2013 and 2014. Upon vesting of these units, the holder will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. 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.

•

1,714,303 restricted stock units originally granted to executives and other officers of the Company on December 19, 2008 (the "Original Units") and subsequently modified in July 2011 (the "Amended Units"). 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 remaining Amended Units will vest on January 1, 2014, so long as the employee remains employed by the Company on the vesting dates, subject to certain accelerated vesting rights in the event of termination of employment without cause. 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. These awards carry dividend equivalent rights that entitle the holders to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

•

140,331 service-based restricted stock units granted to employees with original vesting terms ranging from two years to three years. Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. These awards carry dividend equivalent rights that entitle the holders to receive dividend payments prior to vesting, if and when dividends are paid on shares of the Company's Common Stock.

Directors' Awards—During the three months ended March 31, 2013, the Company issued 51,091 shares to a former director in settlement of previously vested CSE awards. As of March 31, 2013, there were 333,660 CSEs and restricted shares granted to members of the Company's Board of Directors that remained outstanding with an aggregate intrinsic value of $3.6 million.

401(k) Plan—The Company made gross contributions of approximately $0.5 million and $0.6 million for the three months ended March 31, 2013 and 2012, 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 Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: 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 8: 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.

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

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

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



	For the Three Months Ended March 31,
	2013			2012
Income (loss) from continuing operations	$	(61,955	)	$	(41,826	)
Net (income) loss attributable to noncontrolling interests	189			(25		)
Income from sales of residential property	23,697			6,733
Preferred dividends	(10,580		)	(10,580		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(48,649	)	$	(45,698	)



	For the Three Months Ended March 31,
	2013			2012
Earnings allocable to common shares:
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(47,074	)	$	(44,197	)
Income (loss) from discontinued operations	930			(12,922		)
Gain from discontinued operations	4,881			2,327
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(41,263	)	$	(54,792	)
Numerator for diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(47,074	)	$	(44,197	)
Income (loss) from discontinued operations	930			(12,922		)
Gain from discontinued operations	4,881			2,327
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(41,263	)	$	(54,792	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	84,824			83,556
Basic earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.56	)	$	(0.54	)
Income (loss) from discontinued operations	0.01			(0.15		)
Gain from discontinued operations	0.06			0.03
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.49	)	$	(0.66	)
Diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.56	)	$	(0.54	)
Income (loss) from discontinued operations	0.01			(0.15		)
Gain from discontinued operations	0.06			0.03
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.49	)	$	(0.66	)



	For the Three Months Ended March 31,
	2013			2012
Earnings allocable to High Performance Units:
Numerator for basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,575	)	$	(1,501	)
Income (loss) from discontinued operations	31			(439		)
Gain from discontinued operations	163			79
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,381	)	$	(1,861	)
Numerator for diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,575	)	$	(1,501	)
Income (loss) from discontinued operations	31			(439		)
Gain from discontinued operations	163			79
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,381	)	$	(1,861	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15
Basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(105.01	)	$	(100.07	)
Income (loss) from discontinued operations	2.07			(29.27		)
Gain from discontinued operations	10.87			5.27
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(92.07	)	$	(124.07	)
Diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(105.01	)	$	(100.07	)
Income (loss) from discontinued operations	2.07			(29.27		)
Gain from discontinued operations	10.87			5.27
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(92.07	)	$	(124.07	)

For the three months ended March 31, 2013 and 2012, the following shares were anti-dilutive ($ in thousands):



	For the Three Months Ended March 31,
	2013	2012
Joint venture shares	298	298
Stock options	—	44
3% Senior convertible unsecured notes	16,992	—
Series J convertible perpetual preferred stock	15,635	—

Fair Values

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Values

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis.

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



			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of March 31, 2013
Recurring basis:
Derivative assets	$	10,522	$	—	$	10,522	$	—
Derivative liabilities	$	455	$	—	$	455	$	—
Non-recurring basis:
Impaired loans(1)	$	84,800	$	—	$	—	$	84,800
As of December 31, 2012
Recurring basis:
Derivative liabilities	$	3,435	$	—	$	3,435	$	—
Non-recurring basis:
Impaired loans	$	57,201	$	—	$	—	$	57,201
Impaired real estate	$	31,597	$	—	$	7,649	$	23,948

Explanatory Note:

_______________________________________________________________________________


(1)	One loan with a value of $53.0 million was valued based on a letter of intent provided by the borrower, another loan with a value of $30.8 million was valued based on a trade offer in the market and the remaining loan with a value of $1.0 million was valued based on expected net auction proceeds, all of which the Company believes approximates fair value.

Fair values of financial instruments—The Company's estimated fair values of its loans receivable and debt obligations were $1.7 billion and $4.8 billion, respectively, as of March 31, 2013 and $1.9 billion and $4.9 billion, respectively, as of December 31, 2012. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the previous fair value hierarchy 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 three 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. In addition, the Company measures derivative financial instruments subject to master netting agreements on a net basis. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy.

Impaired loans—The Company's loans identified as being impaired are nearly all collateral dependent loans and are evaluated for impairment by comparing the estimated fair value of the underlying collateral, less costs to sell, to the carrying value of each loan. Due to the nature of the individual properties collateralizing the Company's loans, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs and costs of completion and the remaining inventory sell out periods. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy.

Impaired real estate—If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs and costs of completion and the remaining inventory sell out periods. The Company will also consider market comparables if available. In more limited cases, the Company obtains external "as is" appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 2 input under the fair value hierarchy.

Loans receivable—The Company estimates the fair value of its performing loans using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy.

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. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy.

- 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 Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-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 8: 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 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 10: 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 11: 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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 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.

+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting

The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Leasing, Operating Properties and Land. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans. The Net Leasing segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land segment includes the Company's activities related to its developable land portfolio.

The Company evaluates performance based on the following financial measures for each segment, and has conformed the prior periods presentation for the change in composition of its business segments, ($ in thousands):



	Real Estate Finance			Net Leasing			Operating Property			Land			Corporate/ Other(1)			Company Total
For the Three Months Ended March 31, 2013
Operating lease income	$	—		$	37,109		$	21,364		$	—		$	—		$	58,473
Interest income	24,667			—			—			—			—			24,667
Other income	2,208			—			8,112			500			573			11,393
Total revenue	$	26,875		$	37,109		$	29,476		$	500		$	573		$	94,533
Earnings (loss) from equity method investments	—			686			2,657			(1,579		)	19,914			21,678
Income from sales of residential property	—			—			23,697			—			—			23,697
Net operating income from discontinued operations(2)	—			260			734			—			—			994
Gain from discontinued operations	—			29			5,015			—			—			5,044
Revenue and other earnings	$	26,875		$	38,084		$	61,579		$	(1,079	)	$	20,487		$	145,946
Real estate expense	—			(5,677		)	(25,736		)	(6,503		)	—			(37,916		)
Other expense	(1,444		)	—			—			—			(4,181		)	(5,625		)
Direct expenses	$	(1,444	)	$	(5,677	)	$	(25,736	)	$	(6,503	)	$	(4,181	)	$	(43,541	)
Direct segment profit (loss)	$	25,431		$	32,407		$	35,843		$	(7,582	)	$	16,306		$	102,405
Allocated interest expense(3)	(19,952		)	(20,745		)	(14,622		)	(9,288		)	(6,959		)	(71,566		)
Allocated general and administrative(4)	(3,074		)	(3,052		)	(2,231		)	(1,849		)	(6,440		)	(16,646		)
Segment profit (loss)(5)	$	2,405		$	8,610		$	18,990		$	(18,719	)	$	2,907		$	14,193
Other significant non-cash items:
Provision for loan losses	$	10,206		$	—		$	—		$	—		$	—		$	10,206
Impairment of assets(3)	$	—		$	—		$	(32	)	$	—		$	—		$	(32	)
Depreciation and amortization(3)	$	—		$	9,642		$	7,206		$	264		$	342		$	17,454
Capitalized expenditures	$	—		$	3,766		$	4,921		$	7,627		$	—		$	16,314
As of March 31, 2013
Real estate
Real estate, at cost	$	—		$	1,627,279		$	769,708		$	793,356		$	—		$	3,190,343
Less: accumulated depreciation	—			(318,479		)	(84,504		)	(2,556		)	—			(405,539		)
Real estate, net	$	—		$	1,308,800		$	685,204		$	790,800		$	—		$	2,784,804
Real estate available and held for sale	—			9,766			409,579			179,716			—			599,061
Total real estate	$	—		$	1,318,566		$	1,094,783		$	970,516		$	—		$	3,383,865
Loans receivable, net	1,582,656			—			—			—			—			1,582,656
Other investments	—			16,397			20,308			3,854			363,200			403,759
Total portfolio assets	$	1,582,656		$	1,334,963		$	1,115,091		$	974,370		$	363,200		$	5,370,280
Cash and other assets																706,838
Total assets																$	6,077,118



	Real Estate Finance			Net Leasing			Operating Property			Land			Corporate/ Other(1)			Company Total
For the Three Months Ended March 31, 2012
Operating lease income	$	—		$	37,237		$	15,886		$	—		$	—		$	53,123
Interest income	37,203			—			—			—			—			37,203
Other income	67			—			8,883			—			1,806			10,756
Total revenue	$	37,270		$	37,237		$	24,769		$	—		$	1,806		$	101,082
Earnings (loss) from equity method investments	—			646			7,676			(1,552		)	28,016			34,786
Income from sales of residential property	—			—			6,733			—			—			6,733
Net operating income from discontinued operations(2)	—			3,348			436			—			—			3,784
Gain from discontinued operations	—			2,406			—			—			—			2,406
Revenue and other earnings	$	37,270		$	43,637		$	39,614		$	(1,552	)	$	29,822		$	148,791
Real estate expense	—			(5,144		)	(25,730		)	(4,194		)	—			(35,068		)
Other expense	(915		)	—			—			—			462			(453		)
Direct expenses	$	(915	)	$	(5,144	)	$	(25,730	)	$	(4,194	)	$	462		$	(35,521	)
Direct segment profit (loss)	$	36,355		$	38,493		$	13,884		$	(5,746	)	$	30,284		$	113,270
Allocated interest expense(3)	(34,274		)	(18,865		)	(14,958		)	(10,305		)	(7,741		)	(86,143		)
Allocated general and administrative(4)	(4,857		)	(2,514		)	(2,067		)	(1,905		)	(6,836		)	(18,179		)
Segment profit (loss)(5)	$	(2,776	)	$	17,114		$	(3,141	)	$	(17,956	)	$	15,707		$	8,948
Other significant non-cash items:
Provision for loan losses	$	17,500		$	—		$	—		$	—		$	—		$	17,500
Impairment of assets(3)	$	—		$	520		$	16,055		$	—		$	(551	)	$	16,024
Depreciation and amortization(3)	$	—		$	10,205		$	6,023		$	345		$	666		$	17,239
Capitalized expenditures	$	—		$	413		$	8,466		$	2,201		$	—		$	11,080
As of December 31, 2012
Real estate
Real estate, at cost	$	—		$	1,639,320		$	801,214		$	786,114		$	—		$	3,226,648
Less: accumulated depreciation	—			(315,699		)	(109,634		)	(2,292		)	—			(427,625		)
Real estate, net	$	—		$	1,323,621		$	691,580		$	783,822		$	—		$	2,799,023
Real estate available and held for sale	—			—			454,587			181,278			—			635,865
Total real estate	$	—		$	1,323,621		$	1,146,167		$	965,100		$	—		$	3,434,888
Loans receivable, net	1,829,985			—			—			—			—			1,829,985
Other investments	—			16,380			25,745			5,493			351,225			398,843
Total portfolio assets	$	1,829,985		$	1,340,001		$	1,171,912		$	970,593		$	351,225		$	5,663,716
Cash and other assets																487,073
Total assets																$	6,150,789

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 $221.9 million and $205.8 million, as of March 31, 2013 and December 31, 2012, respectively, and the Company's share of equity in earnings from LNR of $14.7 million and $12.1 million for the three months ended March 31, 2013 and 2012, respectively. See Note 6 for further details on the Company's accounting policy for its investment in LNR and summarized financial information of LNR.


(2)	Includes revenue and real estate expense reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(3)	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(4)	General and administrative excludes stock-based compensation expense of $5.2 million and $4.7 million for the three months ended March 31, 2013 and 2012, respectively.


(5)	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):



	For the Three Months Ended March 31,
	2013			2012
Segment profit (loss)	$	14,193		$	8,948
Less: Provision for loan losses	(10,206		)	(17,500		)
Less: Impairment of assets	32			(16,024		)
Less: Stock-based compensation expense	(5,202		)	(4,666		)
Less: Depreciation and amortization	(17,454		)	(17,239		)
Less: Income tax (expense) benefit	(4,075		)	(1,271		)
Add: Gain (loss) on early extinguishment of debt, net	(9,541		)	1,704
Net income (loss)	$	(32,253	)	$	(46,048	)

- 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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: 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

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: 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.

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2013
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 19, 2013, the Company completed the previously announced sale of its 24% equity interest in LNR Property LLC, and received $220.3 million net proceeds at closing.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2013
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This guidance is the culmination of the board's redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual reporting periods beginning after December 15, 2012. The Company has adopted this ASU beginning with the reporting period ending March 31, 2013, which did not have a material impact on the financial statements.

Basis of Presentation and Principles of Consolidation (Tables)

3 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The Company believes the new classification is a more meaningful reflection of these transactions (collectively the “Reclassification”) and changed the Company's cash flows from the initially reported amounts as follows:



	As Previously Reported			Change			As Reclassified
Cash flows from operations:
Three months Ended March 31, 2012	$	(35,770	)	$	(16,107	)	$	(51,877	)
Six months Ended June 30, 2012	$	(57,196	)	$	(9,859	)	$	(67,055	)

Cash flows from investing activities:
Three months Ended March 31, 2012	$	(307,926	)	$	9,859		$	(298,067	)
Six months Ended June 30, 2012	$	206,147		$	9,859		$	216,006

Cash flows from financing activities:
Three months ended March 31, 2012	$	113,729		$	6,248		$	119,977

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References + Details

Real estate (Tables)

3 Months Ended

Mar. 31, 2013

Real Estate [Abstract]

Schedule of Real Estate Assets

The Company's real estate assets were comprised of the following ($ in thousands):



	Net Lease Assets			Operating Properties			Land			Total
As of March 31, 2013
Land and land improvements	$	342,221		$	132,028		$	793,356		$	1,267,605
Buildings and improvements	1,285,058			637,680			—			1,922,738
Less: accumulated depreciation and amortization	(318,479		)	(84,504		)	(2,556		)	(405,539		)
Real estate, net	$	1,308,800		$	685,204		$	790,800		$	2,784,804
Real estate available and held for sale	9,766			409,579			179,716			599,061
Total real estate	$	1,318,566		$	1,094,783		$	970,516		$	3,383,865
As of December 31, 2012
Land and land improvements	$	344,239		$	132,028		$	786,114		$	1,262,381
Buildings and improvements	1,295,081			669,186			—			1,964,267
Less: accumulated depreciation and amortization	(315,699		)	(109,634		)	(2,292		)	(427,625		)
Real estate, net	$	1,323,621		$	691,580		$	783,822		$	2,799,023
Real estate available and held for sale	—			454,587			181,278			635,865
Total real estate	$	1,323,621		$	1,146,167		$	965,100		$	3,434,888

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following table summarizes income (loss) from discontinued operations for the three months ended March 31, 2013 and 2012 ($ in thousands):



	For the Three Months Ended March 31,
	2013			2012
Revenues	$	1,938		$	4,903
Total expenses	(1,009		)	(2,989		)
Impairment of assets	32			(15,275		)
Income (loss) from discontinued operations	$	961		$	(13,361	)

- 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

Loans Receivable, net (Tables)

3 Months Ended

Mar. 31, 2013

Receivables [Abstract]

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

The following is a summary of the Company's loans receivable by class ($ in thousands):



	As of
Type of Investment	March 31, 2013			December 31, 2012
Senior mortgages	$	1,580,632		$	1,751,256
Subordinate mortgages	113,754			152,737
Corporate/Partnership loans	410,065			450,491
Total gross carrying value of loans(1)	$	2,104,451		$	2,354,484
Reserves for loan losses	(521,795		)	(524,499		)
Total loans receivable, net	$	1,582,656		$	1,829,985

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of March 31, 2013 and December 31, 2012, was $2.11 billion and $2.36 billion, respectively, which consists of total gross carrying value of loans plus accrued interest of $8.5 million and $9.8 million, for the same two periods, respectively.

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

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



	For the Three Months Ended March 31,
	2013			2012
Reserve for loan losses at beginning of period	$	524,499		$	646,624
Provision for loan losses	10,206			17,500
Charge-offs	(12,910		)	(96,945		)
Reserve for loan losses at end of period	$	521,795		$	567,179

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

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



	Individually Evaluated for Impairment(1)			Collectively Evaluated for Impairment(2)			Loans Acquired with Deteriorated Credit Quality(3)			Total
As of March 31, 2013
Loans	$	1,041,847		$	1,055,342		$	15,574		$	2,112,763
Less: Reserve for loan losses	(486,379		)	(30,900		)	(4,516		)	(521,795		)
Total	$	555,468		$	1,024,442		$	11,058		$	1,590,968
As of December 31, 2012
Loans	$	1,095,957		$	1,210,077		$	58,281		$	2,364,315
Less: Reserve for loan losses	(472,058		)	(33,100		)	(19,341		)	(524,499		)
Total	$	623,899		$	1,176,977		$	38,940		$	1,839,816

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.1 million and $3.8 million as of March 31, 2013 and December 31, 2012, respectively.


(3)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.1 million and $0.1 million as of March 31, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $15.9 million and $58.8 million, as of March 31, 2013 and December 31, 2012, respectively.

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

The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):



	As of
	March 31, 2013			December 31, 2012
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	823,869	2.70	$	840,593	2.75
Subordinate mortgages	61,236		3.07	99,698		2.27
Corporate/Partnership loans	403,016		3.61	444,772		3.69
Total	$	1,288,121	3.00	$	1,385,063	3.01

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

As of March 31, 2013, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):



	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
Senior mortgages	$	840,666	$	3,138	$	740,800	$	743,938	$	1,584,604
Subordinate mortgages	61,236		—		53,797		53,797		115,033
Corporate/Partnership loans	403,016		—		10,110		10,110		413,126
Total	$	1,304,918	$	3,138	$	804,707	$	807,845	$	2,112,763

Schedule of recorded investment in impaired loans, presented by class

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



	As of March 31, 2013							As of December 31, 2012
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded:
Senior mortgages	$	18,711	$	18,591	$	—		$	108,077	$	107,850	$	—
Corporate/Partnership loans	10,110		10,160		—			10,110		10,160		—
Subtotal	$	28,821	$	28,751	$	—		$	118,187	$	118,010	$	—
With an allowance recorded:
Senior mortgages	$	903,190	$	902,077	$	(442,256	)	$	918,975	$	918,496	$	(442,760	)
Subordinate mortgages	53,797		53,260		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	61,556		61,674		(9,060		)	63,096		63,246		(9,060		)
Subtotal	$	1,018,543	$	1,017,011	$	(490,895	)	$	1,036,050	$	1,035,421	$	(491,399	)
Total:
Senior mortgages	$	921,901	$	920,668	$	(442,256	)	$	1,027,052	$	1,026,346	$	(442,760	)
Subordinate mortgages	53,797		53,260		(39,579		)	53,979		53,679		(39,579		)
Corporate/Partnership loans	71,666		71,834		(9,060		)	73,206		73,406		(9,060		)
Total	$	1,047,364	$	1,045,762	$	(490,895	)	$	1,154,237	$	1,153,431	$	(491,399	)

Explanatory Note:

_______________________________________________________________________________

(1)

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

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



	For the Three Months Ended March 31,
	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	63,394	$	844	$	212,803	$	407
Corporate/Partnership loans	10,110		120		10,110		—
Subtotal	$	73,504	$	964	$	222,913	$	407
With an allowance recorded:
Senior mortgages	$	911,082	$	506	$	1,147,091	$	1,240
Subordinate mortgages	53,888		—		50,345		—
Corporate/Partnership loans	62,326		78		62,959		80
Subtotal	$	1,027,296	$	584	$	1,260,395	$	1,320
Total:
Senior mortgages	$	974,476	$	1,350	$	1,359,894	$	1,647
Subordinate mortgages	53,888		—		50,345		—
Corporate/Partnership loans	72,436		198		73,069		80
Total	$	1,100,800	$	1,548	$	1,483,308	$	1,727

Schedule of troubled debt restructurings, presented by class

The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands):



	For the Three Months Ended March 31,
	2013					2012
	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Senior mortgages	1	$	72,674	$	65,000	5	$	305,780	$	260,307

Other Investments (Tables)

3 Months Ended

Mar. 31, 2013

Equity method investments

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

The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands):



	Carrying Value as of				Equity in earnings for the Three Months Ended March 31,
	March 31, 2013		December 31, 2012		2013		2012
LNR	$	221,912	$	205,773	$	14,746	$	12,137
Madison Funds	56,245		56,547		2,259		9,498
Oak Hill Funds	26,794		29,840		1,157		3,374
Real estate equity investments	40,560		47,619		1,763		6,771
Other equity method investments	48,489		47,939		1,753		3,006
Total equity method investments	$	394,000	$	387,718	$	21,678	$	34,786
Other	9,759		11,125
Total other investments	$	403,759	$	398,843

LNR Property LLC (LNR)

Equity method investments

Schedule of summarized Income Statements

The following table represents the latest available investee level summarized financial information for LNR ($ in thousands)(1):



	For the Three Months Ended December 31,
	2012			2011
Income Statements
Total revenue(2)	$	77,780		$	77,360
Other Income	$	164,582		$	20,936
Income tax expense	$	279		$	1,837
Net income attributable to LNR	$	189,249		$	50,621
iStar's ownership percentage	24		%	24		%
Subtotal	$	45,420		$	12,137
Basis difference(3)	$	(30,674	)	$	—
iStar's equity in earnings from LNR	$	14,746		$	12,137

Schedule of summarized Balance Sheets



	As of December 31,			As of September 30,
	2012			2012
Balance Sheets
Total assets(2)	$	1,610,143		$	1,384,337
Total debt(2)	$	468,355		$	398,912
Total liabilities(2)	$	553,150		$	517,088
Noncontrolling interests	$	1,588		$	1,560
LNR Property LLC equity	$	1,055,405		$	865,689
iStar's ownership percentage	24		%	24		%
iStar's equity in LNR	$	221,912		$	205,773

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 three months ended March 31, 2013 and 2012 are based on balances and results from LNR for the three months ended December 31, 2012 and 2011.

(2)

Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2013

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

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



	As of
	March 31, 2013		December 31, 2012
Deferred financing fees, net(1)	$	23,721	$	26,629
Leasing costs, net(2)	19,322		20,205
Other receivables	12,907		11,517
Derivative asset	10,522		—
Prepaid expenses	10,404		5,218
Corporate furniture, fixtures and equipment, net(3)	7,248		7,537
Other assets	24,175		22,884
Deferred expenses and other assets, net	$	108,299	$	93,990

Explanatory Notes:

_______________________________________________________________________________


(1)	Accumulated amortization on deferred financing fees was $2.6 million and $4.1 million as of March 31, 2013 and December 31, 2012, respectively.


(2)	Accumulated amortization on leasing costs was $5.0 million and $6.6 million as of March 31, 2013 and December 31, 2012, respectively.


(3)	Accumulated depreciation on corporate furniture, fixtures and equipment was $6.0 million and $6.2 million as of March 31, 2013 and December 31, 2012, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

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



	As of
	March 31, 2013		December 31, 2012
Accrued interest payable	$	43,691	$	29,521
Accrued expenses	34,643		50,467
Property taxes payable	10,802		8,206
Unearned operating lease income	10,631		11,294
Security deposits and other investment deposits(1)	4,593		13,717
Derivative liabilities	455		3,435
Other liabilities	12,412		15,820
Accounts payable, accrued expenses and other liabilities	$	117,227	$	132,460

Explanatory Note:

_______________________________________________________________________________


(1)	During the three months ended March 31, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

Schedule of deferred tax assets and liabilities

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



	As of
	March 31, 2013			December 31, 2012
Deferred tax assets(1)	$	50,968		$	40,800
Valuation allowance	(50,968		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________


(1)	Deferred tax assets as of March 31, 2013, include real estate basis differences of $36.3 million, net operating loss carryforwards of $6.7 million and investment basis differences of $7.9 million. Deferred tax assets as of December 31, 2012, include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million.

Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Schedule of debt obligations

As of March 31, 2013 and December 31, 2012, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of
	March 31, 2013			December 31, 2012			Stated Interest Rates				Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	60,309		$	169,164		LIBOR + 4.00%		(1	)	March 2016
2012 Tranche A-2 Facility	470,000			470,000			LIBOR + 5.75%		(1	)	March 2017
October 2012 Secured Credit Facility	—			1,754,466			LIBOR + 4.50%		(2	)	—
February 2013 Secured Credit Facility	1,673,414			—			LIBOR + 3.50%		(3	)	October 2017
Term loans collateralized by net lease assets	263,489			264,432			4.851% - 7.68%				Various through 2026
Total secured credit facilities and term loans	$	2,467,212		$	2,658,062
Unsecured notes:
8.625% senior notes	$	96,801		$	96,801		8.625	%			June 2013
5.95% senior notes	448,453			448,453			5.95	%			October 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
3.0% senior convertible notes(4)	200,000			200,000			3.0	%			November 2016
5.85% senior notes	99,722			99,722			5.85	%			March 2017
9.0% senior notes	275,000			275,000			9.0	%			June 2017
7.125% senior notes	300,000			300,000			7.125	%			February 2018
Total unsecured notes	$	1,987,745		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.5%				October 2035
Total debt obligations	$	4,554,957		$	4,745,807
Debt discounts, net	(60,320		)	(54,313		)
Total debt obligations, net	$	4,494,637		$	4,691,494

Explanatory Notes:

_______________________________________________________________________________


(1)	These loans each have a LIBOR floor of 1.25%. As of March 31, 2013, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.


(2)	This loan had a LIBOR floor of 1.25%.


(3)	This loan has a LIBOR floor of 1.00%. As of March 31, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.


(4)	The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016.

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

Future Scheduled Maturities—As of March 31, 2013, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2013 (remaining nine months)	$	545,254		$	—		$	545,254
2014	200,601			853			201,454
2015	105,765			—			105,765
2016	461,403			60,309			521,712
2017	374,722			2,143,414			2,518,136
Thereafter	400,000			262,636			662,636
Total principal maturities	$	2,087,745		$	2,467,212		$	4,554,957
Unamortized debt discounts, net	(17,358		)	(42,962		)	(60,320		)
Total long-term debt obligations, net	$	2,070,387		$	2,424,250		$	4,494,637

Schedule of carrying value of encumbered assets by asset type

Unencumbered/Encumbered Assets—As of March 31, 2013, the carrying value of the Company's unencumbered and encumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2013				December 31, 2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,649,658	$	1,135,146	$	1,794,198	$	1,004,825
Real estate available and held for sale	252,354		346,707		141,673		494,192
Loans receivable, net(1)	1,076,080		537,476		1,197,373		665,712
Other investments	34,130		369,629		43,545		355,298
Cash and other assets	—		706,838		—		487,073
Total	$	3,012,222	$	3,095,796	$	3,176,789	$	3,007,100

Explanatory Note:

_______________________________________________________________________________


(1)	As of March 31, 2013 and December 31, 2012, the amounts presented exclude general reserves for loan losses of $30.9 million and $33.1 million, respectively.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments



	Loans		Real Estate		Strategic Investments		Total
Performance-Based Commitments	$	39,411	$	33,064	$	—	$	72,475
Discretionary Fundings	125		—		—		125
Strategic investments	—		—		47,040		47,040
Total	$	39,536	$	33,064	$	47,040	$	119,640

Risk Management and Derivatives (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



	Derivative Assets as of						Derivative Liabilities as of
	March 31, 2013			December 31, 2012			March 31, 2013			December 31, 2012
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	$	10,522	N/A	$	—	N/A	$	—	Other Liabilities	$	2,855
Cash flow interest rate swap	N/A	—		N/A	—		Other Liabilities	455		Other Liabilities	580
Total		$	10,522		$	—		$	455		$	3,435

Schedule of derivative financial instruments on Consolidated Statements of Operations

The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 ($ 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 Three Months Ended March 31, 2013
Cash flow interest rate swap	Interest Expense	$	37		$	74		N/A
For the Three Months Ended March 31, 2012
Cash flow interest rate swap	Interest Expense	$	(205	)	$	(5	)	N/A



		Amount of Gain or (Loss) Recognized in Income on Derivative
	Location of Gain or (Loss) Recognized in Income on Derivative	For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships		2013		2012
Foreign Exchange Contracts	Other Expense	$	10,156	$	(8,859	)

Schedule of foreign currency derivatives outstanding

The following table presents the Company's foreign currency derivatives outstanding as of March 31, 2013 ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells EUR/Buys USD Forward	€	84,400	$	108,222	April 2013
Sells GBP/Buys USD Forward	£	27,900	$	42,396	April 2013
Sells CAD/Buys USD Forward	C$	48,700	$	47,866	April 2013

Schedule of qualifying cash flow hedges

The following table presents the Company's interest rate swap outstanding as of March 31, 2013 ($ in thousands).



Derivative Type	Notional Amount		Variable Rate	Fixed Rate	Maturity
Interest Rate Swap	$	28,000	LIBOR + 2.00%	3.75%	November 2019

- 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

Equity (Tables)

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Schedule of Cumulative Redeemable Preferred Stock outstanding by series

Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of March 31, 2013:



				Cumulative Preferential Cash Dividends(1)(2)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference		Rate per Annum		Equivalent to Fixed Annual Rate (per share)
D	4,000	$	0.001	$	25.00	8.000	%	$	2.00
E	5,600	$	0.001	$	25.00	7.875	%	$	1.97
F	4,000	$	0.001	$	25.00	7.8	%	$	1.95
G	3,200	$	0.001	$	25.00	7.65	%	$	1.91
I	5,000	$	0.001	$	25.00	7.50	%	$	1.88
J	4,000	$	0.001	$	50.00	4.50	%	$	2.25
	25,800

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	The Company declared and paid dividends of $2.0 million, $2.8 million, $2.0 million, $1.5 million and $2.3 million on its Series D, E, F, G and I preferred stock, respectively, during each of the three months ended March 31, 2013 and 2012, all of which qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

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

Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):



	As of
	March 31, 2013			December 31, 2012
Unrealized gains on available-for-sale securities	$	1,092		$	867
Unrealized gains on cash flow hedges	718			607
Unrealized losses on cumulative translation adjustment	(3,274		)	(2,659		)
Accumulated other comprehensive income (loss)	$	(1,464	)	$	(1,185	)

- 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 FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=14643745&loc=d3e177068-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: 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=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5

Reference 14: 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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

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

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



	For the Three Months Ended March 31,
	2013			2012
Income (loss) from continuing operations	$	(61,955	)	$	(41,826	)
Net (income) loss attributable to noncontrolling interests	189			(25		)
Income from sales of residential property	23,697			6,733
Preferred dividends	(10,580		)	(10,580		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(48,649	)	$	(45,698	)

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



	For the Three Months Ended March 31,
	2013			2012
Earnings allocable to common shares:
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(47,074	)	$	(44,197	)
Income (loss) from discontinued operations	930			(12,922		)
Gain from discontinued operations	4,881			2,327
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(41,263	)	$	(54,792	)
Numerator for diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(47,074	)	$	(44,197	)
Income (loss) from discontinued operations	930			(12,922		)
Gain from discontinued operations	4,881			2,327
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(41,263	)	$	(54,792	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	84,824			83,556
Basic earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.56	)	$	(0.54	)
Income (loss) from discontinued operations	0.01			(0.15		)
Gain from discontinued operations	0.06			0.03
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.49	)	$	(0.66	)
Diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.56	)	$	(0.54	)
Income (loss) from discontinued operations	0.01			(0.15		)
Gain from discontinued operations	0.06			0.03
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(0.49	)	$	(0.66	)



	For the Three Months Ended March 31,
	2013			2012
Earnings allocable to High Performance Units:
Numerator for basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,575	)	$	(1,501	)
Income (loss) from discontinued operations	31			(439		)
Gain from discontinued operations	163			79
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,381	)	$	(1,861	)
Numerator for diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,575	)	$	(1,501	)
Income (loss) from discontinued operations	31			(439		)
Gain from discontinued operations	163			79
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(1,381	)	$	(1,861	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15
Basic earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(105.01	)	$	(100.07	)
Income (loss) from discontinued operations	2.07			(29.27		)
Gain from discontinued operations	10.87			5.27
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(92.07	)	$	(124.07	)
Diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(105.01	)	$	(100.07	)
Income (loss) from discontinued operations	2.07			(29.27		)
Gain from discontinued operations	10.87			5.27
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(92.07	)	$	(124.07	)

Schedule of anti-dilutive shares

For the three months ended March 31, 2013 and 2012, the following shares were anti-dilutive ($ in thousands):



	For the Three Months Ended March 31,
	2013	2012
Joint venture shares	298	298
Stock options	—	44
3% Senior convertible unsecured notes	16,992	—
Series J convertible perpetual preferred stock	15,635	—

Fair Values (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

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

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



			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of March 31, 2013
Recurring basis:
Derivative assets	$	10,522	$	—	$	10,522	$	—
Derivative liabilities	$	455	$	—	$	455	$	—
Non-recurring basis:
Impaired loans(1)	$	84,800	$	—	$	—	$	84,800
As of December 31, 2012
Recurring basis:
Derivative liabilities	$	3,435	$	—	$	3,435	$	—
Non-recurring basis:
Impaired loans	$	57,201	$	—	$	—	$	57,201
Impaired real estate	$	31,597	$	—	$	7,649	$	23,948

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: 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=7578670&loc=SL7498348-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 5: 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.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-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 7: 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.

+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

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



	Real Estate Finance			Net Leasing			Operating Property			Land			Corporate/ Other(1)			Company Total
For the Three Months Ended March 31, 2013
Operating lease income	$	—		$	37,109		$	21,364		$	—		$	—		$	58,473
Interest income	24,667			—			—			—			—			24,667
Other income	2,208			—			8,112			500			573			11,393
Total revenue	$	26,875		$	37,109		$	29,476		$	500		$	573		$	94,533
Earnings (loss) from equity method investments	—			686			2,657			(1,579		)	19,914			21,678
Income from sales of residential property	—			—			23,697			—			—			23,697
Net operating income from discontinued operations(2)	—			260			734			—			—			994
Gain from discontinued operations	—			29			5,015			—			—			5,044
Revenue and other earnings	$	26,875		$	38,084		$	61,579		$	(1,079	)	$	20,487		$	145,946
Real estate expense	—			(5,677		)	(25,736		)	(6,503		)	—			(37,916		)
Other expense	(1,444		)	—			—			—			(4,181		)	(5,625		)
Direct expenses	$	(1,444	)	$	(5,677	)	$	(25,736	)	$	(6,503	)	$	(4,181	)	$	(43,541	)
Direct segment profit (loss)	$	25,431		$	32,407		$	35,843		$	(7,582	)	$	16,306		$	102,405
Allocated interest expense(3)	(19,952		)	(20,745		)	(14,622		)	(9,288		)	(6,959		)	(71,566		)
Allocated general and administrative(4)	(3,074		)	(3,052		)	(2,231		)	(1,849		)	(6,440		)	(16,646		)
Segment profit (loss)(5)	$	2,405		$	8,610		$	18,990		$	(18,719	)	$	2,907		$	14,193
Other significant non-cash items:
Provision for loan losses	$	10,206		$	—		$	—		$	—		$	—		$	10,206
Impairment of assets(3)	$	—		$	—		$	(32	)	$	—		$	—		$	(32	)
Depreciation and amortization(3)	$	—		$	9,642		$	7,206		$	264		$	342		$	17,454
Capitalized expenditures	$	—		$	3,766		$	4,921		$	7,627		$	—		$	16,314
As of March 31, 2013
Real estate
Real estate, at cost	$	—		$	1,627,279		$	769,708		$	793,356		$	—		$	3,190,343
Less: accumulated depreciation	—			(318,479		)	(84,504		)	(2,556		)	—			(405,539		)
Real estate, net	$	—		$	1,308,800		$	685,204		$	790,800		$	—		$	2,784,804
Real estate available and held for sale	—			9,766			409,579			179,716			—			599,061
Total real estate	$	—		$	1,318,566		$	1,094,783		$	970,516		$	—		$	3,383,865
Loans receivable, net	1,582,656			—			—			—			—			1,582,656
Other investments	—			16,397			20,308			3,854			363,200			403,759
Total portfolio assets	$	1,582,656		$	1,334,963		$	1,115,091		$	974,370		$	363,200		$	5,370,280
Cash and other assets																706,838
Total assets																$	6,077,118



	Real Estate Finance			Net Leasing			Operating Property			Land			Corporate/ Other(1)			Company Total
For the Three Months Ended March 31, 2012
Operating lease income	$	—		$	37,237		$	15,886		$	—		$	—		$	53,123
Interest income	37,203			—			—			—			—			37,203
Other income	67			—			8,883			—			1,806			10,756
Total revenue	$	37,270		$	37,237		$	24,769		$	—		$	1,806		$	101,082
Earnings (loss) from equity method investments	—			646			7,676			(1,552		)	28,016			34,786
Income from sales of residential property	—			—			6,733			—			—			6,733
Net operating income from discontinued operations(2)	—			3,348			436			—			—			3,784
Gain from discontinued operations	—			2,406			—			—			—			2,406
Revenue and other earnings	$	37,270		$	43,637		$	39,614		$	(1,552	)	$	29,822		$	148,791
Real estate expense	—			(5,144		)	(25,730		)	(4,194		)	—			(35,068		)
Other expense	(915		)	—			—			—			462			(453		)
Direct expenses	$	(915	)	$	(5,144	)	$	(25,730	)	$	(4,194	)	$	462		$	(35,521	)
Direct segment profit (loss)	$	36,355		$	38,493		$	13,884		$	(5,746	)	$	30,284		$	113,270
Allocated interest expense(3)	(34,274		)	(18,865		)	(14,958		)	(10,305		)	(7,741		)	(86,143		)
Allocated general and administrative(4)	(4,857		)	(2,514		)	(2,067		)	(1,905		)	(6,836		)	(18,179		)
Segment profit (loss)(5)	$	(2,776	)	$	17,114		$	(3,141	)	$	(17,956	)	$	15,707		$	8,948
Other significant non-cash items:
Provision for loan losses	$	17,500		$	—		$	—		$	—		$	—		$	17,500
Impairment of assets(3)	$	—		$	520		$	16,055		$	—		$	(551	)	$	16,024
Depreciation and amortization(3)	$	—		$	10,205		$	6,023		$	345		$	666		$	17,239
Capitalized expenditures	$	—		$	413		$	8,466		$	2,201		$	—		$	11,080
As of December 31, 2012
Real estate
Real estate, at cost	$	—		$	1,639,320		$	801,214		$	786,114		$	—		$	3,226,648
Less: accumulated depreciation	—			(315,699		)	(109,634		)	(2,292		)	—			(427,625		)
Real estate, net	$	—		$	1,323,621		$	691,580		$	783,822		$	—		$	2,799,023
Real estate available and held for sale	—			—			454,587			181,278			—			635,865
Total real estate	$	—		$	1,323,621		$	1,146,167		$	965,100		$	—		$	3,434,888
Loans receivable, net	1,829,985			—			—			—			—			1,829,985
Other investments	—			16,380			25,745			5,493			351,225			398,843
Total portfolio assets	$	1,829,985		$	1,340,001		$	1,171,912		$	970,593		$	351,225		$	5,663,716
Cash and other assets																487,073
Total assets																$	6,150,789

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	Includes revenue and real estate expense reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(3)	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(4)	General and administrative excludes stock-based compensation expense of $5.2 million and $4.7 million for the three months ended March 31, 2013 and 2012, respectively.


(5)	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):



	For the Three Months Ended March 31,
	2013			2012
Segment profit (loss)	$	14,193		$	8,948
Less: Provision for loan losses	(10,206		)	(17,500		)
Less: Impairment of assets	32			(16,024		)
Less: Stock-based compensation expense	(5,202		)	(4,666		)
Less: Depreciation and amortization	(17,454		)	(17,239		)
Less: Income tax (expense) benefit	(4,075		)	(1,271		)
Add: Gain (loss) on early extinguishment of debt, net	(9,541		)	1,704
Net income (loss)	$	(32,253	)	$	(46,048	)

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

The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):



	For the Three Months Ended March 31,
	2013			2012
Segment profit (loss)	$	14,193		$	8,948
Less: Provision for loan losses	(10,206		)	(17,500		)
Less: Impairment of assets	32			(16,024		)
Less: Stock-based compensation expense	(5,202		)	(4,666		)
Less: Depreciation and amortization	(17,454		)	(17,239		)
Less: Income tax (expense) benefit	(4,075		)	(1,271		)
Add: Gain (loss) on early extinguishment of debt, net	(9,541		)	1,704
Net income (loss)	$	(32,253	)	$	(46,048	)

- 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

Business and Organization (Details) $ in Billions	3 Months Ended
Business and Organization (Details) $ in Billions	Mar. 31, 2013 USD ($) decades
Business and Organization [Abstract]
Investment across a range of real estate sectors over the past two decades (more than $35 billion at December 31, 2012) \| $	$ 35
Period over which the entity has made the investment across a range of real estate (in decades) \| decades	2

Basis of Presentation and Principles of Consolidation (Details) $ in Millions	Mar. 31, 2013 USD ($) entity investments
Consolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| entity	5
Variable interest entity unfunded commitment	$ 62.1
Unconsolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| investments	27
Variable interest entity unfunded commitment	$ 8.2
Carrying value of the investments	$ 149.5

Basis of Presentation and Principles of Consolidation (Reclassification) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012	Dec. 31, 2011	Dec. 31, 2010
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities	$ (83,691)	$ (51,877)	$ (67,055)
Cash flows from investing activities	311,477	(298,067)	216,006
Cash flows from financing activities	$ (15,736)	119,977
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities		(35,770)	(57,196)
Cash flows from investing activities		(307,926)	206,147
Cash flows from financing activities		113,729
Change
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities		(16,107)	(9,859)	$ 3,200	$ 1,500
Cash flows from investing activities		9,859	$ 9,859	(10,200)
Cash flows from financing activities		$ 6,248		$ 7,000	$ (1,500)

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References + Details

Real estate (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Real Estate Properties [Line Items]
Land and land improvements	$ 1,267,605	$ 1,262,381
Buildings and improvements	1,922,738	1,964,267
Less: accumulated depreciation and amortization	(405,539)	(427,625)
Real estate, net	2,784,804	2,799,023	$ 2,799,023
Real estate available and held for sale	599,061	635,865	635,865
Total real estate	3,383,865	3,434,888	$ 3,434,888
Net Lease Assets
Real Estate Properties [Line Items]
Land and land improvements	342,221	344,239
Buildings and improvements	1,285,058	1,295,081
Less: accumulated depreciation and amortization	(318,479)	(315,699)
Real estate, net	1,308,800	1,323,621
Real estate available and held for sale	9,766	0
Total real estate	1,318,566	1,323,621
Operating Properties
Real Estate Properties [Line Items]
Land and land improvements	132,028	132,028
Buildings and improvements	637,680	669,186
Less: accumulated depreciation and amortization	(84,504)	(109,634)
Real estate, net	685,204	691,580
Real estate available and held for sale	409,579	454,587
Total real estate	1,094,783	1,146,167
Land
Real Estate Properties [Line Items]
Land and land improvements	793,356	786,114
Buildings and improvements	0	0
Less: accumulated depreciation and amortization	(2,556)	(2,292)
Real estate, net	790,800	783,822
Real estate available and held for sale	179,716	181,278
Total real estate	$ 970,516	$ 965,100

Real estate (Details 2) - USD ($) $ in Millions	3 Months Ended
Real estate (Details 2) - USD ($) $ in Millions	Mar. 31, 2013	Mar. 31, 2012
Net Lease Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sale of net lease assets		$ 2.4
Net lease assets sold, carrying value		4.1
Commercial Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value	$ 24.1	1.2
Gain (loss) on disposition of property	5.0
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value	1.9
Net lease assets sold, carrying value		$ 0.9
Portfolio Lease Asset Sale \| Net Lease Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value	$ 0.9

Real estate (Details 3) - USD ($) $ in Millions	3 Months Ended
Real estate (Details 3) - USD ($) $ in Millions	Mar. 31, 2013	Mar. 31, 2012
Real Estate Properties [Line Items]
Properties acquired		$ 140.4
Corporate Joint Venture
Real Estate Properties [Line Items]
Joint venture, venture ownership percentage	63.00%
Fair value of assets acquired	$ 27.2
Residential Operating Properties
Real Estate Properties [Line Items]
Properties acquired		139.1
Commercial Operating Properties
Real Estate Properties [Line Items]
Properties acquired		$ 1.3

Real estate (Details 4) - USD ($) $ in Thousands	3 Months Ended
Real estate (Details 4) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012
Real Estate [Abstract]
Revenues	$ 1,938	$ 4,903
Total expenses	(1,009)	(2,989)
Impairment of assets	32	(15,275)
Income (loss) from discontinued operations	$ 961	$ (13,361)

Real estate (Details 5) - USD ($) $ in Millions	3 Months Ended
Real estate (Details 5) - USD ($) $ in Millions	Mar. 31, 2013	Mar. 31, 2012
Real Estate [Abstract]
Impairment of assets held for use and sale carve-outs		$ 16.1
Impairment of assets to be disposed of	$ 15.3

Real estate (Details 6) - USD ($) $ in Millions	3 Months Ended
Real estate (Details 6) - USD ($) $ in Millions	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Real Estate [Abstract]
Amortization expense related to real estate intangibles	$ 3.0	$ 3.1
Unamortized finite lived intangible assets	$ 56.9		$ 59.9

Real estate (Details 7) - USD ($) $ in Millions	3 Months Ended
Real estate (Details 7) - USD ($) $ in Millions	Mar. 31, 2013	Mar. 31, 2012
Real Estate [Abstract]
Customer reimbursements	$ 7.7	$ 7.5

Real estate (Details 8) - USD ($) $ in Thousands	3 Months Ended
Real estate (Details 8) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 599,061	$ 635,865	$ 635,865
Proceeds from sale of other real estate	75,200	49,500
Income from sales of residential property	23,697	$ 6,733
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	353,200		374,100
Land
Real Estate Properties [Line Items]
Real estate available and held for sale	179,716		181,278
Commercial Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	56,400		80,500
Net Lease Assets
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 9,766		$ 0

Loans Receivable, net (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2012

Loans and other lending investments

Total gross carrying value of loans

^[1]

$ 2,104,451

$ 2,354,484

Reserves for loan losses

$ (524,499)

$ (646,624)

(521,795)

(524,499)

$ (567,179)

Total loans receivable, net

1,582,656

1,829,985

$ 1,829,985

Recorded investment in loans

2,112,763

2,364,315

Accrued interest

8,500

9,800

Fundings under existing loan commitments

13,300

Amount received from principal repayments

(193,300)

Carrying value of loans sold

38,300

Realized Investment Gains (Losses)

600

Allowance for Loan Losses [Roll Forward]

Reserve for loan losses at beginning of period

524,499

646,624

Provision for loan losses

10,206

17,500

Charge-offs

(12,910)

(96,945)

Reserve for loan losses at end of period

521,795

$ 567,179

Senior mortgages

Loans and other lending investments

Total gross carrying value of loans

^[1]

1,580,632

1,751,256

Recorded investment in loans

1,584,604

Subordinate mortgages

Loans and other lending investments

Total gross carrying value of loans

^[1]

113,754

152,737

Recorded investment in loans

115,033

Corporate/Partnership loans

Loans and other lending investments

Total gross carrying value of loans

^[1]

410,065

$ 450,491

Recorded investment in loans

$ 413,126

Corporate Joint Venture

Loans and other lending investments

Fair value of assets acquired

$ 27,200

[1]	The Company's recorded investment in loans as of March 31, 2013 and December 31, 2012, was $2.11 billion and $2.36 billion, respectively, which consists of total gross carrying value of loans plus accrued interest of $8.5 million and $9.8 million, for the same two periods, respectively.

Loans Receivable, net (Details 2) - USD ($)
$ in Thousands

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2012

Dec. 31, 2011

Loans

Individually Evaluated for Impairment(1)

^[1]

$ 1,041,847

$ 1,095,957

Collectively Evaluated for Impairment(2)

^[2]

1,055,342

1,210,077

Loans Acquired with Deteriorated Credit Quality(3)

^[3]

15,574

58,281

Total

2,112,763

2,364,315

Less: Reserve for loan losses

Individually Evaluated for Impairment(1)

^[1]

(486,379)

(472,058)

Collectively Evaluated for Impairment(2)

^[2]

(30,900)

(33,100)

Loans Acquired with Deteriorated Credit Quality(3)

^[3]

(4,516)

(19,341)

Total

(521,795)

(524,499)

$ (567,179)

$ (646,624)

Total

Individually Evaluated for Impairment(1)

^[1]

555,468

623,899

Collectively Evaluated for Impairment(2)

^[2]

1,024,442

1,176,977

Loans Acquired with Deteriorated Credit Quality(3)

^[3]

11,058

38,940

Total

1,590,968

1,839,816

Unamortized discounts, premiums, deferred fees and costs, individually evaluated for impairment, net premium (discount)

3,500

4,000

Unamortized discounts, premiums, deferred fees and costs, collectively evaluated for impairment, net premium (discount)

4,100

3,800

Unamortized discounts, premiums, deferred fees and costs, loans acquired with deteriorated credit quality, net premium (discount)

100

Cumulative principal balances of loans acquired with deteriorated credit quality

$ 15,900

$ 58,800

[1]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $3.5 million and $4.0 million as of March 31, 2013 and December 31, 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.
[2]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.1 million and $3.8 million as of March 31, 2013 and December 31, 2012, respectively.
[3]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.1 million and $0.1 million as of March 31, 2013 and December 31, 2012, respectively. These loans had cumulative principal balances of $15.9 million and $58.8 million, as of March 31, 2013 and December 31, 2012, respectively.

Loans Receivable, net (Details 3) $ in Thousands	3 Months Ended	12 Months Ended
Loans Receivable, net (Details 3) $ in Thousands	Mar. 31, 2013 USD ($) rating	Dec. 31, 2012 USD ($) rating
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 2,112,763	$ 2,364,315
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	1,584,604
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	115,033
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	413,126
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 1,288,121	$ 1,385,063
Weighted Average Risk Ratings \| rating	3.00	3.01
Real Estate Finance \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 823,869	$ 840,593
Weighted Average Risk Ratings \| rating	2.70	2.75
Real Estate Finance \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 61,236	$ 99,698
Weighted Average Risk Ratings \| rating	3.07	2.27
Real Estate Finance \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 403,016	$ 444,772
Weighted Average Risk Ratings \| rating	3.61	3.69

Loans Receivable, net (Details 4) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Recorded investment in loans, aged by payment status and presented by class
Current	$ 1,304,918
Less Than and Equal to 90 Days	3,138
Greater Than 90 Days	804,707
Total Past Due	807,845
Total	2,112,763	$ 2,364,315
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	840,666
Less Than and Equal to 90 Days	3,138
Greater Than 90 Days	740,800
Total Past Due	743,938
Total	1,584,604
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	61,236
Less Than and Equal to 90 Days	0
Greater Than 90 Days	53,797
Total Past Due	53,797
Total	115,033
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	403,016
Less Than and Equal to 90 Days	0
Greater Than 90 Days	10,110
Total Past Due	10,110
Total	$ 413,126

Loans Receivable, net (Details 5) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Dec. 31, 2012

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

$ 1,047,364

$ 1,154,237

Unpaid Principal Balance

^[1]

1,045,762

1,153,431

Related Allowance

^[1]

(490,895)

(491,399)

Loans modified through troubled debt restructurings

222,700

175,000

Average Recorded Investment

1,100,800

$ 1,483,308

Interest Income Recognized

1,548

1,727

Senior mortgages

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

921,901

1,027,052

Unpaid Principal Balance

^[1]

920,668

1,026,346

Related Allowance

^[1]

(442,256)

(442,760)

Average Recorded Investment

974,476

1,359,894

Interest Income Recognized

1,350

1,647

Subordinate mortgages

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

53,797

53,979

Unpaid Principal Balance

^[1]

53,260

53,679

Related Allowance

^[1]

(39,579)

Average Recorded Investment

53,888

50,345

Interest Income Recognized

Corporate/Partnership loans

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

71,666

73,206

Unpaid Principal Balance

^[1]

71,834

73,406

Related Allowance

^[1]

(9,060)

Average Recorded Investment

72,436

73,069

Interest Income Recognized

198

With no related allowance recorded

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

28,821

118,187

Unpaid Principal Balance

^[1]

28,751

118,010

Related Allowance

^[1]

Average Recorded Investment

73,504

222,913

Interest Income Recognized

964

407

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

18,711

108,077

Unpaid Principal Balance

^[1]

18,591

107,850

Related Allowance

^[1]

Average Recorded Investment

63,394

212,803

Interest Income Recognized

844

407

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

10,110

Unpaid Principal Balance

^[1]

10,160

Related Allowance

^[1]

Average Recorded Investment

10,110

Interest Income Recognized

120

With an allowance recorded

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

1,018,543

1,036,050

Unpaid Principal Balance

^[1]

1,017,011

1,035,421

Related Allowance

^[1]

(490,895)

(491,399)

Average Recorded Investment

1,027,296

1,260,395

Interest Income Recognized

584

1,320

With an allowance recorded | Senior mortgages

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

903,190

918,975

Unpaid Principal Balance

^[1]

902,077

918,496

Related Allowance

^[1]

(442,256)

(442,760)

Average Recorded Investment

911,082

1,147,091

Interest Income Recognized

506

1,240

With an allowance recorded | Subordinate mortgages

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

53,797

53,979

Unpaid Principal Balance

^[1]

53,260

53,679

Related Allowance

^[1]

(39,579)

Average Recorded Investment

53,888

50,345

Interest Income Recognized

With an allowance recorded | Corporate/Partnership loans

Financing Receivable, Impaired [Line Items]

Recorded Investment

^[1]

61,556

63,096

Unpaid Principal Balance

^[1]

61,674

63,246

Related Allowance

^[1]

(9,060)

$ (9,060)

Average Recorded Investment

62,326

62,959

Interest Income Recognized

$ 78

$ 80

[1]

Loans Receivable, net (Details 6) $ in Thousands	3 Months Ended
Loans Receivable, net (Details 6) $ in Thousands	Mar. 31, 2013 USD ($) loans	Mar. 31, 2012 USD ($) loans
Troubled debt restructurings
Unfunded commitments	$ 21,500
Senior mortgages
Troubled debt restructurings
Number of Loans \| loans	1	5
Pre-Modification Outstanding Recorded Investment	$ 72,674	$ 305,780
Post-Modification Outstanding Recorded Investment	65,000	260,307
Non-performing senior mortgages
Troubled debt restructurings
Recorded investment of loans whose maturity was extended	72,700
Pre-modification recorded investment		247,700
Financing receivable modification charge offs		45,500
Non-performing first mortgage with recorded chargeoffs and rate reductions
Troubled debt restructurings
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal		181,500
Repayment of debt
Troubled debt restructurings
Recorded investment of loans whose maturity was extended	$ 13,300
Performing senior mortgages
Troubled debt restructurings
Pre-modification recorded investment		$ 58,100

Other Investments (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

Jul. 31, 2010

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2012

Jul. 28, 2010

Equity method investments

Equity method investments

$ 394,000

$ 387,718

Earnings (loss) from equity method investments

21,678

$ 34,786

Other, carrying value

9,759

11,125

Total other investments, carrying value

403,759

398,843

Income Statements

iStar's equity in earnings from LNR

21,678

34,786

LNR Property LLC (LNR)

Equity method investments

Equity method investments

221,912

205,773

Earnings (loss) from equity method investments

14,746

^[1]

12,137

$ 12,137

^[1]

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

Income Statements

Total revenue

^[1],[2]

77,780

77,360

Other Income

^[1]

164,582

20,936

Income tax expense

^[1]

279

1,837

Net income attributable to LNR

^[1]

$ 189,249

$ 50,621

iStar's ownership percentage

24.00%

^[1]

24.00%

^[1]

24.00%

^[1]

24.00%

Subtotal

^[1]

$ 45,420

$ 12,137

Basis difference(3)

^[1]

(30,674)

iStar's equity in earnings from LNR

14,746

^[1]

12,137

^[1]

Balance Sheets

Total assets(2)

^[1],[2]

1,610,143

$ 1,384,337

Total debt(2)

^[1],[2]

468,355

398,912

Total liabilities(2)

^[1],[2]

553,150

517,088

Noncontrolling interests

^[1]

1,588

1,560

LNR Property LLC equity

^[1]

1,055,405

865,689

iStar's equity in LNR

^[1]

221,912

205,773

LNR and certain commercial mortgage backed securities and collateralized debt obligation trusts that are considered VIEs

Balance Sheets

Total VIE trust assets

91,060,000

97,520,000

Total VIE trust liabilities

90,740,000

$ 97,210,000

Servicing fee revenue

29,300

$ 28,700

Madison Funds

Equity method investments

Equity method investments

56,245

56,547

Earnings (loss) from equity method investments

2,259

9,498

Income Statements

iStar's equity in earnings from LNR

$ 2,259

9,498

Madison International Real Estate Fund IILP

Income Statements

iStar's ownership percentage

29.52%

Madison International Real Estate Fund IIILP

Income Statements

iStar's ownership percentage

32.92%

Madison GP1 Investors LP

Income Statements

iStar's ownership percentage

29.52%

Oak Hill Funds

Equity method investments

Equity method investments

$ 26,794

29,840

Earnings (loss) from equity method investments

1,157

3,374

Income Statements

iStar's equity in earnings from LNR

$ 1,157

3,374

Oak Hill Funds Group 2

Income Statements

iStar's ownership percentage

5.92%

Real estate equity investments

Equity method investments

Equity method investments

$ 40,560

47,619

Earnings (loss) from equity method investments

1,763

6,771

Income Statements

iStar's equity in earnings from LNR

1,763

6,771

Other equity method investments

Equity method investments

Equity method investments

48,489

47,939

Earnings (loss) from equity method investments

1,753

3,006

Income Statements

iStar's equity in earnings from LNR

$ 1,753

3,006

Minimum | Real estate equity investments

Income Statements

iStar's ownership percentage

31.00%

Maximum | Real estate equity investments

Income Statements

iStar's ownership percentage

70.00%

Net Lease Assets | Real estate equity investments

Equity method investments

Equity method investments

$ 16,400

16,400

Operating Properties | Real estate equity investments

Equity method investments

Equity method investments

20,300

25,700

Earnings (loss) from equity method investments

$ 2,500

8,000

Income Statements

iStar's ownership percentage

33.00%

iStar's equity in earnings from LNR

$ 2,500

$ 8,000

Land | Real estate equity investments

Equity method investments

Equity method investments

$ 3,900

$ 5,500

[1]

The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three months ended March 31, 2013 and 2012 are based on balances and results from LNR for the three months ended December 31, 2012 and 2011.

[2]

Other Assets and Other Liabilities (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Deferred expenses and other assets, net

Deferred financing fees, net(1)

^[1]

$ 23,721

$ 26,629

Leasing costs, net(2)

^[2]

19,322

20,205

Other receivables

12,907

11,517

Derivative asset

10,522

Prepaid expenses

10,404

5,218

Corporate furniture, fixtures and equipment, net(3)

^[3]

7,248

7,537

Other assets

24,175

22,884

Deferred expenses and other assets, net

108,299

93,990

Accumulated amortization of deferred financing fees

2,600

4,100

Accumulated amortization on leasing costs

5,000

6,600

Accumulated depreciation on corporate furniture, fixtures and equipment

6,000

6,200

Accounts payable, accrued expenses and other liabilities

Accrued interest payable

43,691

29,521

Accrued expenses

34,643

50,467

Property taxes payable

10,802

8,206

Unearned operating lease income

10,631

11,294

Security deposits and other investment deposits

^[4]

4,593

13,717

Derivative liabilities

455

3,435

Other liabilities

12,412

15,820

Accounts payable, accrued expenses and other liabilities

117,227

$ 132,460

Restricted cash collateralizing a letter of credit, disbursed

$ 8,900

[1]	Accumulated amortization on deferred financing fees was $2.6 million and $4.1 million as of March 31, 2013 and December 31, 2012, respectively.
[2]	Accumulated amortization on leasing costs was $5.0 million and $6.6 million as of March 31, 2013 and December 31, 2012, respectively.
[3]	Accumulated depreciation on corporate furniture, fixtures and equipment was $6.0 million and $6.2 million as of March 31, 2013 and December 31, 2012, respectively.
[4]	During the three months ended March 31, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

Other Assets and Other Liabilities (Details 2) - USD ($)
$ in Thousands

Mar. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Income Taxes [Line Items]

Deferred tax assets(1)

^[1]

$ 50,968

$ 40,800

Valuation allowance

(50,968)

(40,800)

Net deferred tax assets (liabilities)

Operating loss carryforwards

$ 423,900

Taxable REIT Subsidiaries (TRS)

Income Taxes [Line Items]

Real estate asset basis differences

36,300

31,200

Operating loss carryforwards

6,700

10,800

Investment basis differences

$ 7,900

$ (1,200)

[1]

Deferred tax assets as of March 31, 2013, include real estate basis differences of $36.3 million, net operating loss carryforwards of $6.7 million and investment basis differences of $7.9 million. Deferred tax assets as of December 31, 2012, include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million.

Debt Obligations, net (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Oct. 15, 2012

Debt Instrument [Line Items]

Total debt obligations

$ 4,554,957

$ 4,745,807

Debt discounts, net

(60,320)

(54,313)

Total long-term debt obligations, net

4,494,637

4,691,494

Secured 2012 Tranche A-1 Facility Due 2016

Debt Instrument [Line Items]

Total debt obligations

^[1]

$ 60,309

169,164

Variable interest rate, spread

^[2]

4.00%

Variable interest rate, basis

^[2]

LIBOR

Effective interest rate (as a percent)

5.25%

Secured 2012 Tranche A-2 Facility Due 2017

Debt Instrument [Line Items]

Total debt obligations

^[1]

$ 470,000

470,000

Variable interest rate, spread

^[2]

5.75%

Variable interest rate, basis

^[2]

LIBOR

Effective interest rate (as a percent)

7.00%

October 2012 Secured Credit Facility

Debt Instrument [Line Items]

Total debt obligations

^[2]

$ 0

1,754,466

Variable interest rate, spread

^[3]

4.50%

Variable interest rate, basis

^[3]

LIBOR

February 2013 Secured Credit Facility

Debt Instrument [Line Items]

Total debt obligations

^[3]

$ 1,673,414

Variable interest rate, spread

^[3]

3.50%

Variable interest rate, basis

^[3]

LIBOR

Effective interest rate (as a percent)

4.50%

Secured Term Loans Collateralized by net lease assets due through 2026

Debt Instrument [Line Items]

Total debt obligations

$ 263,489

264,432

Stated interest rate, minimum (as a percent)

4.851%

Stated interest rate, maximum (as a percent)

7.68%

Secured Credit Facility

Debt Instrument [Line Items]

Total debt obligations

$ 2,467,212

2,658,062

Unsecured Notes 8.625% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 96,801

96,801

Stated interest rate (as a percent)

8.625%

Unsecured Notes 5.95% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 448,453

448,453

Stated interest rate (as a percent)

5.95%

Unsecured Notes 5.70% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 200,601

200,601

Stated interest rate (as a percent)

5.70%

Unsecured Notes 6.05% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 105,765

105,765

Stated interest rate (as a percent)

6.05%

Unsecured Notes 5.875% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 261,403

261,403

Stated interest rate (as a percent)

5.875%

Senior Convertible 3.0% notes

Debt Instrument [Line Items]

Total debt obligations

^[4]

$ 200,000

200,000

Stated interest rate (as a percent)

^[4]

3.00%

Convertible debt conversion ratio

85.0

Unsecured Notes 5.85% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 99,722

99,722

Stated interest rate (as a percent)

5.85%

Unsecured Notes 9.0% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 275,000

275,000

Stated interest rate (as a percent)

9.00%

Unsecured Notes 7.125% senior notes

Debt Instrument [Line Items]

Total debt obligations

$ 300,000

300,000

Stated interest rate (as a percent)

7.125%

Unsecured Notes

Debt Instrument [Line Items]

Total debt obligations

$ 1,987,745

1,987,745

Other debt obligations due in October, 2035

Debt Instrument [Line Items]

Total debt obligations

$ 100,000

Variable interest rate, spread

1.50%

Variable interest rate, basis

LIBOR

Minimum | Secured 2012 Tranche A-1 Facility Due 2016

Debt Instrument [Line Items]

Variable interest rate, spread

1.25%

Minimum | Secured 2012 Tranche A-2 Facility Due 2017

Debt Instrument [Line Items]

Variable interest rate, spread

1.25%

Minimum | October 2012 Secured Credit Facility

Debt Instrument [Line Items]

Variable interest rate, spread

1.25%

Minimum | February 2013 Secured Credit Facility

Debt Instrument [Line Items]

Variable interest rate, spread

1.00%

[1]	These loans each have a LIBOR floor of 1.25%. As of March 31, 2013, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.
[2]	These loans each have a LIBOR floor of 1.25%. As of March 31, 2013, inclusive of the floors, the 2012 Tranche A-1 Facility and 2012 Tranche A-2 Facility loans incurred interest at a rate of 5.25% and 7.00%, respectively.
[3]	This loan has a LIBOR floor of 1.00%. As of March 31, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.
[4]	The Company's senior convertible fixed rate notes due November 2016 ("Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of Convertible Notes, at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Details 2) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Aggregate amounts of principal maturities of long-term debt
2013 (remaining nine months)	$ 545,254
2014	201,454
2015	105,765
2016	521,712
2017	2,518,136
Thereafter	662,636
Total principal maturities	4,554,957	$ 4,745,807
Unamortized debt discounts, net	(60,320)	(54,313)
Total long-term debt obligations, net	4,494,637	$ 4,691,494
Unsecured Debt
Aggregate amounts of principal maturities of long-term debt
2013 (remaining nine months)	545,254
2014	200,601
2015	105,765
2016	461,403
2017	374,722
Thereafter	400,000
Total principal maturities	2,087,745
Unamortized debt discounts, net	(17,358)
Total long-term debt obligations, net	2,070,387
Secured Debt
Aggregate amounts of principal maturities of long-term debt
2013 (remaining nine months)	0
2014	853
2015	0
2016	60,309
2017	2,143,414
Thereafter	262,636
Total principal maturities	2,467,212
Unamortized debt discounts, net	(42,962)
Total long-term debt obligations, net	$ 2,424,250

Debt Obligations, net (Details 3) - USD ($)
$ in Thousands

Mar. 31, 2013

Dec. 31, 2012

Debt Disclosure [Abstract]

Real estate, net (Encumbered Assets)

$ 1,649,658

$ 1,794,198

Real estate available and held for sale (Encumbered Assets)

252,354

141,673

Loans receivable, net (Encumbered Assets)

^[1]

1,076,080

1,197,373

Other investments (Encumbered Assets)

34,130

43,545

Cash and other assets (Encumbered Assets)

Total (Encumbered Assets)

3,012,222

3,176,789

Real estate, net (Unencumbered Assets)

1,135,146

1,004,825

Real estate available and held for sale (Unencumbered Assets)

346,707

494,192

Loans receivable, net (Unencumbered Assets)

^[1]

537,476

665,712

Other investments (Unencumbered Assets)

369,629

355,298

Cash and other assets (Unencumbered Assets)

706,838

487,073

Total (Unencumbered Assets)

3,095,796

3,007,100

Reserve for loan losses

^[2]

$ 30,900

$ 33,100

[1]	As of March 31, 2013 and December 31, 2012, the amounts presented exclude general reserves for loan losses of $30.9 million and $33.1 million, respectively.
[2]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.1 million and $3.8 million as of March 31, 2013 and December 31, 2012, respectively.

Debt Obligations, net (Details 4) $ in Thousands	1 Months Ended		3 Months Ended
Debt Obligations, net (Details 4) $ in Thousands	Mar. 31, 2012 USD ($) tranches	Mar. 31, 2011 USD ($) tranches	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)	Feb. 11, 2013 USD ($)	Oct. 15, 2012 USD ($)
Debt Instrument [Line Items]
Gain (loss) on early extinguishment of debt, net			$ (9,541)	$ 1,704
February 2013 Secured Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 1,710,000
Line of credit facility, capitalized lender fees			17,100
Line of credit facility, third party fees			3,800
Line of credit facility, third party fees, amount recognized			3,600
Line of credit facility, third party fees, amount capitalized			$ 200
Percentage of REIT taxable income permitted for distribution under debt covenants			100.00%
Debt instrument, amount of real estate assets or interests available to distribute			$ 200,000
Line of credit facility, amortization repayments			33,600
Gain (loss) on early extinguishment of debt, net			800
Debt instrument, unamortized discounts and financing fees			$ 25,600
Effective interest rate (as a percent)			4.50%
October 2012 Secured Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 1,820,000
Debt instrument, covenant, minimum collateral coverage, one					125.00%
Debt instrument, collateral, percent of proceeds from principal repayments and sales applied to repayment, one					100.00%
Debt instrument, collateral, percent of proceeds from principal repayments and sales applied to repayment, two					50.00%
Debt instrument, covenant, minimum collateral coverage, three					150.00%
Line of credit facility, amortization repayments			$ 113,000
Gain (loss) on early extinguishment of debt, net			800
Debt instrument, issued percentage of par						99.00%
Debt instrument, unamortized discounts and financing fees			30,500
2012 Secured Credit Facilities
Debt Instrument [Line Items]
Borrowings on debt instrument	$ 880,000
Number of tranches \| tranches	2
Secured 2012 Tranche A-1 Facility Due 2016
Debt Instrument [Line Items]
Line of credit facility, amortization repayments			(349,700)
Gain (loss) on early extinguishment of debt, net			$ (3,000)
Borrowings on debt instrument	$ 410,000
Percentage of par credit facilities were issued at			98.00%
Effective interest rate (as a percent)			5.25%
Minimum aggregate cumulative amortization payment			$ 41,000
Secured 2012 Tranche A-2 Facility Due 2017
Debt Instrument [Line Items]
Borrowings on debt instrument	470,000
Percentage of par credit facilities were issued at			98.50%
Effective interest rate (as a percent)			7.00%
Unsecured Notes LIBOR plus 0.50% senior convertible notes
Debt Instrument [Line Items]
Repayment of principal amount	606,700
Effective interest rate (as a percent)			5.50%
Unsecured Line of credit due June 2012
Debt Instrument [Line Items]
Repayment of principal amount	$ 244,000
Secured 2011 Tranche A-2 Facility Due 2014
Debt Instrument [Line Items]
Borrowings on debt instrument		$ 1,450,000
Percentage of par credit facilities were issued at			98.50%
Periods following the initial payment of amortization that additional amortization payments are due	6 months
2011 Secured Credit Facilities
Debt Instrument [Line Items]
Borrowings on debt instrument		$ 2,950,000
Number of tranches \| tranches		2
Secured 2011 Tranche A-1 Facility Due 2013
Debt Instrument [Line Items]
Borrowings on debt instrument		$ 1,500,000
Percentage of par credit facilities were issued at			99.00%
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness			1.2
Unsecured Notes 5.50% senior notes
Debt Instrument [Line Items]
Repayment of principal amount			$ 90,300
Secured Credit Facility
Debt Instrument [Line Items]
Percentage of REIT taxable income permitted for distribution under debt covenants			100.00%
Multiple of the minimum collateral coverage on outstanding borrowings			1.25
Minimum \| October 2012 Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, minimum collateral coverage, two					137.50%
Maximum \| October 2012 Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, minimum collateral coverage, two					150.00%
Lenders from Original Credit Facility Not Participating in New Credit Facility
Debt Instrument [Line Items]
Gain (loss) on early extinguishment of debt, net			$ (4,900)

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Apr. 19, 2013
Unfunded Commitments
Proceeds from debt transactions		$ 3,510,000
Issuance of Series J Preferred Stock	$ 193,510
Amount of debt due within the next 12 months	545,254
Total unencumbered assets	$ 3,095,796	$ 3,007,100
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Performance-Based Commitments	$ 72,475
Discretionary Fundings	125
Strategic investments	47,040
Total	119,640
Loans
Unfunded Commitments
Performance-Based Commitments	39,411
Discretionary Fundings	125
Strategic investments	0
Total	39,536
Real Estate
Unfunded Commitments
Performance-Based Commitments	33,064
Discretionary Fundings	0
Strategic investments	0
Total	33,064
Strategic Investments
Unfunded Commitments
Performance-Based Commitments	0
Discretionary Fundings	0
Strategic investments	47,040
Total	47,040
Unsecured Debt
Unfunded Commitments
Amount of debt due within the next 12 months	545,254
Subsequent Event
Unfunded Commitments
Real estate, agreement to sell investment			$ 220,300
Series J Preferred Stock
Unfunded Commitments
Issuance of Series J Preferred Stock	$ 194,000

Commitments and Contingencies (Details 2) $ in Millions	12 Months Ended
Commitments and Contingencies (Details 2) $ in Millions	Dec. 31, 2012 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Legal settlement payment	$ 2.0

Risk Management and Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	$ 10,522	$ 0
Derivative Liabilities, Fair Value	455	3,435
Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	10,522	0
Derivative Liabilities, Fair Value	0	2,855
Cash flow interest rate swap
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	0	0
Derivative Liabilities, Fair Value	$ 455	$ 580

Risk Management and Derivatives (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative financial instruments on consolidated statements of operations
Gain (loss) on foreign investments	$ (100)	$ (100)
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)	37	(205)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	74	(5)
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	$ 10,156	$ (8,859)

- 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 2) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2013 USD ($)	Mar. 31, 2013 CAD ($)	Mar. 31, 2013 EUR (€)	Mar. 31, 2013 GBP (£)	Mar. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Foreign currency derivatives
Derivatives
Foreign currency derivative collateral included in restricted cash					$ 9,600	$ 9,600
Sells EUR/Buys USD Forward
Derivatives
Notional Amount			€ 84,400		108,222
Maturity	Apr. 03, 2013
Sells GBP/Buys USD Forward
Derivatives
Notional Amount				£ 27,900	42,396
Maturity	Apr. 03, 2013
Sells CAD/Buys USD Forward
Derivatives
Notional Amount		$ 48,700			47,866
Maturity	Apr. 03, 2013
Interest rate swap
Derivatives
Notional Amount					$ 28,000
Maturity	Nov. 01, 2019
Variable Rate		2.00%	2.00%	2.00%	2.00%
Fixed Rate		3.75%	3.75%	3.75%	3.75%
Expense related to qualifying cash flow hedges expected to be reclassified to earnings over the next 12 months	$ 900
Income related to previously terminated cash flow hedges expected to be reclassified to earnings over the next 12 months	$ 600

Equity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Dec. 31, 2012

Class of Stock [Line Items]

Shares Issued and Outstanding (in thousands)

25,800

21,800

Number of days in year used in the computation of preferred stock dividends for any partial dividend period

360 days

Number of months used in the computation of preferred stock dividends for any partial dividend period

12 months

Number of days in month, dividends computation of dividends payable for any partial dividend period

30 days

Amount of preferred dividends in arrears

$ 0.0

Maximum

Class of Stock [Line Items]

Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date

30 days

Minimum

Class of Stock [Line Items]

Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date

10 days

Series D

Class of Stock [Line Items]

Shares Issued and Outstanding (in thousands)

4,000

Par Value (in dollars per share)

$ 0.001

Liquidation Preference

$ 25

Rate per Annum of the $25.00 Liquidation Preference

^[1],[2]

8.00%

Equivalent to Fixed Annual Rate (per share)

^[1],[2]

$ 2.00

Dividends declared and paid

$ 2.0

$ 8.0

Series E

Class of Stock [Line Items]

Shares Issued and Outstanding (in thousands)

5,600

Par Value (in dollars per share)

$ 0.001

Liquidation Preference

$ 25

Rate per Annum of the $25.00 Liquidation Preference

^[1],[2]

7.875%

Equivalent to Fixed Annual Rate (per share)

^[1],[2]

$ 1.97

Dividends declared and paid

$ 2.8

$ 11.0

Series F

Class of Stock [Line Items]

Shares Issued and Outstanding (in thousands)

4,000

Par Value (in dollars per share)

$ 0.001

Liquidation Preference

$ 25

Rate per Annum of the $25.00 Liquidation Preference

^[1],[2]

7.80%

Equivalent to Fixed Annual Rate (per share)

^[1],[2]

$ 1.95

Dividends declared and paid

$ 2.0

$ 7.8

Series G

Class of Stock [Line Items]

Shares Issued and Outstanding (in thousands)

3,200

Par Value (in dollars per share)

$ 0.001

Liquidation Preference

$ 25

Rate per Annum of the $25.00 Liquidation Preference

^[1],[2]

7.65%

Equivalent to Fixed Annual Rate (per share)

^[1],[2]

$ 1.91

Dividends declared and paid

$ 1.5

$ 6.1

Series I

Class of Stock [Line Items]

Shares Issued and Outstanding (in thousands)

5,000

Par Value (in dollars per share)

$ 0.001

Liquidation Preference

$ 25

Rate per Annum of the $25.00 Liquidation Preference

^[1],[2]

7.50%

Equivalent to Fixed Annual Rate (per share)

^[1],[2]

$ 1.88

Dividends declared and paid

$ 2.3

$ 9.4

Series J

Class of Stock [Line Items]

Shares Issued and Outstanding (in thousands)

4,000

Par Value (in dollars per share)

$ 0.001

Liquidation Preference

$ 50

$ 0

Rate per Annum of the $25.00 Liquidation Preference

^[1],[2]

4.50%

Equivalent to Fixed Annual Rate (per share)

^[1],[2]

$ 2.25

[1]

[2]

The Company declared and paid dividends of $2.0 million, $2.8 million, $2.0 million, $1.5 million and $2.3 million on its Series D, E, F, G and I preferred stock, respectively, during each of the three months ended March 31, 2013 and 2012, all of which qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

Equity (Details 2) - Series J Preferred Stock - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Class of Stock [Line Items]
Preferred stock issued	$ 200.0
Preferred stock, stated percentage	4.50%
Preferred Stock Series, liquidation preference per share (in dollars per share)	$ 50	$ 0	$ 50
Convertible preferred stock, shares issued upon conversion	3.9087
Convertible preferred stock, conversion price (in dollars per share)	$ 12.79

- Definition

+ References + Details

Equity (Details 3) - USD ($) $ in Millions	3 Months Ended
Equity (Details 3) - USD ($) $ in Millions	Mar. 31, 2013	Dec. 31, 2011
Dividends [Abstract]
Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT	90.00%
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT	100.00%
Operating loss carryforwards		$ 423.9

Equity (Details 4) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Equity (Details 4) - USD ($) $ in Millions	May 31, 2012	Mar. 31, 2013
Stock Repurchase Program
Repurchase of common stock, authorized amount	$ 20.0
Available repurchase of common stock, authorized amount		$ 16.0

Equity (Details 5) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains on available-for-sale securities	$ 1,092	$ 867
Unrealized gains on cash flow hedges	718	607
Unrealized losses on cumulative translation adjustment	(3,274)	(2,659)
Accumulated other comprehensive income (loss)	$ (1,464)	$ (1,185)

- Definition

Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References + Details

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

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=20435746&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-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 133
-Paragraph 45
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 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.

+ Details

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

Reference 1: 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=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Stock-Based Compensation Plans and Employee Benefits (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,202	$ 4,666
Unrecognized compensation cost	$ 12,800
Weighted-average period to recognize the unrecognized compensation cost	11 months 1 day
Long-term Incentive Plan 2006 and 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	4.0

- 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

Stock-Based Compensation Plans and Employee Benefits (Details 2) $ in Millions	3 Months Ended
	Mar. 31, 2013 USD ($) installments shares	Mar. 31, 2012 USD ($)	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Gross contributions made by the Company \| $	$ 0.5	$ 0.6
Amended restricted stock units that vested on January 1, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	1,719,304
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.26%
Expected stock price volatility	50.44%
Company's chairman and chief executive officer \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	313,334
Company's chairman and chief executive officer \| Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,200,000
Vesting installments \| installments	2
Executives and other officers \| Market-condition based restricted stock units granted on December 19, 2008, modified and measured on July 1, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,714,303
Percentage of original units granted equal to amended units			75.00%
Employees \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	2,401,141
Amount RSU's issued net of statuatory minimum required tax witholdings (in shares)	1,359,948
Employees \| Service based restricted stock units that vested on February 17, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	185,720
Employees \| Annual incentive restricted stock units granted and vested to employees in February 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	164,685
Employees \| Performance-based restricted stock units, vesting on December 31, 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	97,901
Employees \| Performance-based restricted stock units, vesting on December 31, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	195,806
Employees \| Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	198,364
Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	140,331
Former director \| CSE and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for settlement (in shares)	51,091
Directors \| CSE and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	333,660
Aggregate intrinsic value for directors \| $	$ 3.6
Minimum \| Employees \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period	1 year
Vesting percentage	0.00%
Minimum \| Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term	2 years
Maximum \| Employees \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period	2 years
Vesting percentage	200.00%
Maximum \| Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term	3 years

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

3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

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

Income (loss) from continuing operations

^[1]

$ (61,955)

$ (41,826)

Net (income) loss attributable to noncontrolling interests

189

(25)

Income from sales of residential property

23,697

6,733

Preferred dividends

(10,580)

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

(48,649)

(45,698)

Numerator for basic earnings per share:

Income (loss) from discontinued operations

961

(13,361)

Gain from discontinued operations

5,044

2,406

Net income (loss) allocable to common shareholders

$ (41,263)

$ (54,792)

Denominator for basic and diluted earnings per share:

Weighted average common shares outstanding for basic earnings per common share

84,824

83,556

Weighted average High Performance Units outstanding for basic and diluted earnings per share (in shares)

^[1],[2]

Basic earnings per common share:

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

^[1]

$ (0.56)

$ (0.54)

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

(0.49)

(0.66)

Diluted earnings per common share:

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

^[1]

(0.56)

(0.54)

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

$ (0.49)

$ (0.66)

Common shares

Numerator for basic earnings per share:

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

$ (47,074)

$ (44,197)

Income (loss) from discontinued operations

930

(12,922)

Gain from discontinued operations

4,881

2,327

Net income (loss) allocable to common shareholders

(41,263)

(54,792)

Numerator for diluted earnings per share:

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

(47,074)

(44,197)

Income (loss) from discontinued operations

930

(12,922)

Gain from discontinued operations

4,881

2,327

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders

$ (41,263)

$ (54,792)

Denominator for basic and diluted earnings per share:

Weighted average common shares outstanding for basic earnings per common share

84,824

83,556

Basic earnings per common share:

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

$ (0.56)

$ (0.54)

Income from discontinued operations (in dollars per share)

0.01

(0.15)

Gain from discontinued operations (in dollars per share)

0.06

0.03

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

(0.49)

(0.66)

Diluted earnings per common share:

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

(0.56)

(0.54)

Income from discontinued operations (in dollars per share)

0.01

(0.15)

Gain from discontinued operations (in dollars per share)

0.06

0.03

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

$ (0.49)

$ (0.66)

HPU's

Numerator for basic earnings per share:

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

$ (1,575)

$ (1,501)

Income (loss) from discontinued operations

(439)

Gain from discontinued operations

163

Net income (loss) allocable to common shareholders

(1,381)

(1,861)

Numerator for diluted earnings per share:

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

(1,575)

(1,501)

Income (loss) from discontinued operations

(439)

Gain from discontinued operations

163

Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders

$ (1,381)

$ (1,861)

Denominator for basic and diluted earnings per share:

Weighted average High Performance Units outstanding for basic and diluted earnings per share (in shares)

Basic earnings per common share:

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

$ (105.01)

$ (100.07)

Income from discontinued operations (in dollars per share)

2.07

(29.27)

Gain from discontinued operations (in dollars per share)

10.87

5.27

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

(92.07)

(124.07)

Diluted earnings per common share:

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

(105.01)

(100.07)

Income from discontinued operations (in dollars per share)

2.07

(29.27)

Gain from discontinued operations (in dollars per share)

10.87

5.27

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

$ (92.07)

$ (124.07)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. for the three months ended March 31, 2013, and 2012 was $(61.8) million and $(41.9) million, respectively. See Note 13 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).

Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended
Earnings Per Share (Details 2) - shares shares in Thousands	Mar. 31, 2013	Mar. 31, 2012
Joint venture shares
Anti-dilutive shares
Anti-dilutive shares	298	298
Stock options
Anti-dilutive shares
Anti-dilutive shares	0	44
3% Senior convertible unsecured notes
Anti-dilutive shares
Anti-dilutive shares	16,992	0
Series J Preferred Stock
Anti-dilutive shares
Anti-dilutive shares	15,635	0

- 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 Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: 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 3: 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 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 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 6: 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 7: 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.

Reference 8: 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.

+ Details

Fair Values (Details) - USD ($)
$ in Thousands

Mar. 31, 2013

Dec. 31, 2012

Recurring basis | Total

Assets and liabilities recorded at fair value

Derivative assets

$ 10,522

Derivative liabilities

455

$ 3,435

Recurring basis | Quoted market prices in active markets (Level 1)

Assets and liabilities recorded at fair value

Derivative assets

Derivative liabilities

Recurring basis | Significant other observable inputs (Level 2)

Assets and liabilities recorded at fair value

Derivative assets

10,522

Derivative liabilities

455

3,435

Recurring basis | Significant unobservable inputs (Level 3)

Assets and liabilities recorded at fair value

Derivative assets

Derivative liabilities

Non-recurring basis | Total

Assets and liabilities recorded at fair value

Impaired loans

84,800

^[1]

57,201

Impaired real estate

31,597

Non-recurring basis | Quoted market prices in active markets (Level 1)

Assets and liabilities recorded at fair value

Impaired loans

^[1]

Impaired real estate

Non-recurring basis | Significant other observable inputs (Level 2)

Assets and liabilities recorded at fair value

Impaired loans

^[1]

Impaired real estate

7,649

Non-recurring basis | Significant unobservable inputs (Level 3)

Assets and liabilities recorded at fair value

Impaired loans

$ 84,800

^[1]

57,201

Impaired real estate

$ 23,948

[1]

One loan with a value of $53.0 million was valued based on a letter of intent provided by the borrower, another loan with a value of $30.8 million was valued based on a trade offer in the market and the remaining loan with a value of $1.0 million was valued based on expected net auction proceeds, all of which the Company believes approximates fair value.

Fair Values (Details 2) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 1,582,656	$ 1,829,985	$ 1,829,985
Debt obligations, net	4,494,637	4,691,494
Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net		1,900,000
Debt obligations, net		$ 4,900,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	1,700,000
Debt obligations, net	4,800,000
Letter of Intent from Borrower
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impaired loans	53,000
Trade Offer in Market
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impaired loans	30,800
Expected Net Proceeds in Auction
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impaired loans	$ 1,000

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

3 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2012

Dec. 31, 2011

^[5]

Segment Reporting

Operating lease income

$ 58,473

$ 53,123

Interest income

24,667

37,203

Other income

11,393

10,756

Total revenues

94,533

101,082

Earnings (loss) from equity method investments

21,678

34,786

Income from sales of residential property

23,697

6,733

Income (loss) from discontinued operations

^[1]

994

3,784

Gain from discontinued operations

5,044

2,406

Revenue and other earnings

145,946

148,791

Real estate expense

(37,916)

(35,068)

Other expense

(5,625)

(453)

Direct expenses

(43,541)

(35,521)

Direct segment profit (loss)

102,405

113,270

Allocated interest expense(3)

^[2]

(71,566)

(86,143)

Allocated general and administrative(4)

^[3]

(16,646)

(18,179)

Segment profit (loss)(5)

^[4]

14,193

8,948

Provision for loan losses

10,206

17,500

Impairment of assets

^[2]

(32)

16,024

Depreciation and amortization

^[2]

17,454

17,239

Capitalized expenditures

16,314

11,080

Real estate, at cost

3,190,343

$ 3,226,648

3,226,648

Less: accumulated depreciation

(405,539)

(427,625)

Real estate, net

2,784,804

2,799,023

Real estate available and held for sale

599,061

635,865

Total real estate

3,383,865

3,434,888

Loans receivable, net

1,582,656

1,829,985

Other investments

403,759

398,843

Total portfolio assets

5,370,280

5,663,716

Cash and other assets

706,838

487,073

Total assets

6,077,118

6,150,789

Equity method investments

394,000

387,718

Stock-based compensation expense

5,202

4,666

LNR Property LLC (LNR)

Segment Reporting

Earnings (loss) from equity method investments

14,746

^[5]

12,137

$ 12,137

Equity method investments

221,912

$ 205,773

Real Estate Finance

Segment Reporting

Operating lease income

Interest income

24,667

37,203

Other income

2,208

Total revenues

26,875

37,270

Earnings (loss) from equity method investments

Income from sales of residential property

Income (loss) from discontinued operations

^[1]

Gain from discontinued operations

Revenue and other earnings

26,875

37,270

Real estate expense

Other expense

(1,444)

(915)

Direct expenses

(1,444)

(915)

Direct segment profit (loss)

25,431

36,355

Allocated interest expense(3)

^[2]

(19,952)

(34,274)

Allocated general and administrative(4)

^[3]

(3,074)

(4,857)

Segment profit (loss)(5)

^[4]

2,405

(2,776)

Provision for loan losses

10,206

17,500

Impairment of assets

^[2]

Depreciation and amortization

^[2]

Capitalized expenditures

Real estate, at cost

Less: accumulated depreciation

Real estate, net

Real estate available and held for sale

Total real estate

Loans receivable, net

1,582,656

1,829,985

Other investments

Total portfolio assets

1,582,656

1,829,985

Net Leasing

Segment Reporting

Operating lease income

37,109

37,237

Interest income

Other income

Total revenues

37,109

37,237

Earnings (loss) from equity method investments

686

646

Income from sales of residential property

Income (loss) from discontinued operations

^[1]

260

3,348

Gain from discontinued operations

2,406

Revenue and other earnings

38,084

43,637

Real estate expense

(5,677)

(5,144)

Other expense

Direct expenses

(5,677)

(5,144)

Direct segment profit (loss)

32,407

38,493

Allocated interest expense(3)

^[2]

(20,745)

(18,865)

Allocated general and administrative(4)

^[3]

(3,052)

(2,514)

Segment profit (loss)(5)

^[4]

8,610

17,114

Provision for loan losses

Impairment of assets

^[2]

520

Depreciation and amortization

^[2]

9,642

10,205

Capitalized expenditures

3,766

413

Real estate, at cost

1,627,279

1,639,320

Less: accumulated depreciation

(318,479)

(315,699)

Real estate, net

1,308,800

1,323,621

Real estate available and held for sale

9,766

Total real estate

1,318,566

1,323,621

Loans receivable, net

Other investments

16,397

16,380

Total portfolio assets

1,334,963

1,340,001

Operating Property

Segment Reporting

Operating lease income

21,364

15,886

Interest income

Other income

8,112

8,883

Total revenues

29,476

24,769

Earnings (loss) from equity method investments

2,657

7,676

Income from sales of residential property

23,697

6,733

Income (loss) from discontinued operations

^[1]

734

436

Gain from discontinued operations

5,015

Revenue and other earnings

61,579

39,614

Real estate expense

(25,736)

(25,730)

Other expense

Direct expenses

(25,736)

(25,730)

Direct segment profit (loss)

35,843

13,884

Allocated interest expense(3)

^[2]

(14,622)

(14,958)

Allocated general and administrative(4)

^[3]

(2,231)

(2,067)

Segment profit (loss)(5)

^[4]

18,990

(3,141)

Provision for loan losses

Impairment of assets

^[2]

(32)

16,055

Depreciation and amortization

^[2]

7,206

6,023

Capitalized expenditures

4,921

8,466

Real estate, at cost

769,708

801,214

Less: accumulated depreciation

(84,504)

(109,634)

Real estate, net

685,204

691,580

Real estate available and held for sale

409,579

454,587

Total real estate

1,094,783

1,146,167

Loans receivable, net

Other investments

20,308

25,745

Total portfolio assets

1,115,091

1,171,912

Land

Segment Reporting

Operating lease income

Interest income

Other income

500

Total revenues

500

Earnings (loss) from equity method investments

(1,579)

(1,552)

Income from sales of residential property

Income (loss) from discontinued operations

^[1]

Gain from discontinued operations

Revenue and other earnings

(1,079)

(1,552)

Real estate expense

(6,503)

(4,194)

Other expense

Direct expenses

(6,503)

(4,194)

Direct segment profit (loss)

(7,582)

(5,746)

Allocated interest expense(3)

^[2]

(9,288)

(10,305)

Allocated general and administrative(4)

^[3]

(1,849)

(1,905)

Segment profit (loss)(5)

^[4]

(18,719)

(17,956)

Provision for loan losses

Impairment of assets

^[2]

Depreciation and amortization

^[2]

264

345

Capitalized expenditures

7,627

2,201

Real estate, at cost

793,356

786,114

Less: accumulated depreciation

(2,556)

(2,292)

Real estate, net

790,800

783,822

Real estate available and held for sale

179,716

181,278

Total real estate

970,516

965,100

Loans receivable, net

Other investments

3,854

5,493

Total portfolio assets

974,370

970,593

Corporate/ Other

Segment Reporting

Operating lease income

^[6]

Interest income

^[6]

Other income

^[6]

573

1,806

Total revenues

^[6]

573

1,806

Earnings (loss) from equity method investments

^[6]

19,914

28,016

Income from sales of residential property

^[6]

Income (loss) from discontinued operations

^[1],[6]

Gain from discontinued operations

^[6]

Revenue and other earnings

^[6]

20,487

29,822

Real estate expense

^[6]

Other expense

^[6]

(4,181)

462

Direct expenses

^[6]

(4,181)

462

Direct segment profit (loss)

^[6]

16,306

30,284

Allocated interest expense(3)

^[2],[6]

(6,959)

(7,741)

Allocated general and administrative(4)

^[3],[6]

(6,440)

(6,836)

Segment profit (loss)(5)

^[4]

2,907

^[6]

15,707

Provision for loan losses

^[6]

Impairment of assets

^[2],[6]

(551)

Depreciation and amortization

^[2],[6]

342

666

Capitalized expenditures

^[6]

Real estate, at cost

^[6]

Less: accumulated depreciation

^[6]

Real estate, net

^[6]

Real estate available and held for sale

^[6]

Total real estate

^[6]

Loans receivable, net

^[6]

Other investments

^[6]

363,200

351,225

Total portfolio assets

^[6]

$ 363,200

$ 351,225

[1]	Includes revenue and real estate expense reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
[2]	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
[3]	General and administrative excludes stock-based compensation expense of $5.2 million and $4.7 million for the three months ended March 31, 2013 and 2012, respectively.
[4]	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2013 2012Segment profit (loss)$14,193 $8,948Less: Provision for loan losses(10,206) (17,500)Less: Impairment of assets32 (16,024)Less: Stock-based compensation expense(5,202) (4,666)Less: Depreciation and amortization(17,454) (17,239)Less: Income tax (expense) benefit(4,075) (1,271)Add: Gain (loss) on early extinguishment of debt, net(9,541) 1,704Net income (loss)$(32,253) $(46,048)
[5]	The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three months ended March 31, 2013 and 2012 are based on balances and results from LNR for the three months ended December 31, 2012 and 2011.
[6]	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 $221.9 million and $205.8 million, as of March 31, 2013 and December 31, 2012, respectively, and the Company's share of equity in earnings from LNR of $14.7 million and $12.1 million for the three months ended March 31, 2013 and 2012, respectively. See Note 6 for further details on the Company's accounting policy for its investment in LNR and summarized financial information of LNR.

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

3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

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

Segment profit (loss)

^[1]

$ 14,193

$ 8,948

Less: Provision for loan losses

(10,206)

(17,500)

Less: Impairment of assets

(16,024)

Less: Stock-based compensation expense

(5,202)

(4,666)

Less: Depreciation and amortization

(17,454)

(17,239)

Less: Income tax (expense) benefit

(4,075)

(1,271)

Add: Gain (loss) on early extinguishment of debt, net

(9,541)

1,704

Net income (loss)

$ (32,253)

$ (46,048)

[1]

The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2013 2012Segment profit (loss)$14,193 $8,948Less: Provision for loan losses(10,206) (17,500)Less: Impairment of assets32 (16,024)Less: Stock-based compensation expense(5,202) (4,666)Less: Depreciation and amortization(17,454) (17,239)Less: Income tax (expense) benefit(4,075) (1,271)Add: Gain (loss) on early extinguishment of debt, net(9,541) 1,704Net income (loss)$(32,253) $(46,048)

- Definition

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591551-111686

Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-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 AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-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

Subsequent Events (Details) - USD ($)
$ in Millions

Apr. 19, 2013

Dec. 31, 2012

^[1]

Sep. 30, 2012

^[1]

Dec. 31, 2011

^[1]

Jul. 28, 2010

Subsequent Event

Subsequent Event [Line Items]

Real estate, agreement to sell investment

$ 220.3

LNR Property LLC (LNR)

Subsequent Event [Line Items]

iStar's ownership percentage

24.00%

LNR Property LLC (LNR) | Subsequent Event

Subsequent Event [Line Items]

iStar's ownership percentage

24.00%

[1]	The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three months ended March 31, 2013 and 2012 are based on balances and results from LNR for the three months ended December 31, 2012 and 2011.